Financial Performance - For the year ended 31 March 2023, the turnover was HK$2,591 million, a decrease of 6.4% compared to HK$2,768 million in the previous year[16] - The loss attributable to owners of the company for the year was HK$71 million, compared to a profit of HK$16 million in the previous year[16] - The net assets attributable to owners of the company per share decreased to HK$3.59 from HK$4.21 in the previous year[16] - The company did not declare any dividend for the year, compared to HK$0.020 per share in the previous year[16] - The market capitalisation increased to HK$336 million from HK$262 million in the previous year[16] - The net gearing ratio rose significantly to 51% from 17% in the previous year, indicating increased financial leverage[16] - The company reported a loss before tax of HK$47 million, compared to a profit of HK$61 million in the previous year[16] - Cash and cash equivalents decreased slightly to HK$348 million from HK$355 million in the previous year[16] - The Group's loss per share attributable to owners of the Company for the year was 28.7 HK cents[44] - Total interest-bearing liabilities increased from HK$920.4 million to HK$1,173.6 million as of March 31, 2023[79] - The net gearing ratio rose from 17.5% to 51.4% during the year, indicating increased financial leverage[83] - The Group's net debt ratio increased from 17.5% to 51.4% during the year[86] - As of March 31, 2023, the Group's cash, bank balances, and pledged deposits amounted to HKD 714,500,000[86] - As of March 31, 2023, the company's distributable reserves amounted to approximately HK$504,262,000, representing the contributed surplus and retained profits[194] Retail Performance - The Group's retail sales in Mainland China significantly declined in Q3 due to intermittent COVID-19 outbreaks and lockdowns[28] - Retail sales in Hong Kong and Macau have gradually improved since early 2023 following the relaxation of pandemic measures[28] - The Group's retail sales in Malaysia rebounded after the government eased containment measures in April 2022, indicating better consumer sentiment[28] - Retail sales in Mainland China were significantly impacted by declining consumer confidence, leading to a notable year-on-year decrease in turnover and negative same-store sales growth[58] - The Group observed signs of recovery in retail sales in early 2023 following the end of China's zero-COVID policy, but this was insufficient to offset accumulated losses from previous quarters[46] - The Hong Kong and Macau retail business recorded an encouraging increase in turnover, benefiting from the influx of tourists following the resumption of cross-border travel in February 2023[51] - The Group plans to continue adjusting its sales network in Hong Kong and Macau to maximize operational efficiency and return on investment[60] - The Group achieved high double-digit growth in retail turnover in Malaysia following the reopening of borders in April 2022[66] Strategic Initiatives - The Group is focusing on increasing gold inventory and enhancing its gold jewellery business in response to rising demand in the gold market[28] - The Group plans to expand its franchise network in Mainland China as part of its growth strategy[39] - The Group has launched TSL online flagship stores on Pinduoduo and Douyin to accelerate online business expansion[35] - The Group is enhancing its product portfolio across its three brands: TSL | 謝瑞麟, DUO by TSL, and TSL TOSI, to cater to various market segments[34] - The Group is committed to strict cost management to ensure reasonable returns on investment amid ongoing economic challenges[39] - The Group has implemented various IT systems, including a customer relationship management system, to improve efficiency and profitability[35] - The Group plans to enhance its 24 karat gold jewellery assortment to capitalize on rising gold demand[77] - A new DUO by TSL counter was established in Chongqing in January 2023 to strengthen brand presence and market penetration[65] - The Group will continue to expand its retail network and product assortment in Malaysia to bolster sales performance[66] Corporate Governance - The company has a diverse board with members holding qualifications from prestigious institutions, ensuring a high level of financial oversight and governance[118] - The board's composition includes professionals with backgrounds in city planning, accounting, and corporate governance, enhancing strategic decision-making[120] - The independent directors collectively bring a wealth of experience from various industries, which supports the company's market expansion strategies[126] - The company is committed to maintaining high standards of corporate governance through its experienced board members and committees[128] - The Board considers various factors, including financial performance and cash flow position, when declaring dividends[041] Community Engagement and Corporate Social Responsibility - The Company aims to support the local music industry through partnerships, such as sponsoring concerts that raised funds for disadvantaged groups affected by the pandemic[155] - The online and live concerts held in 2022 achieved high hit rates and full attendance, with part of the income allocated for charitable purposes[156] - TSLF has been actively promoting astronomy education despite challenges posed by the pandemic, including sponsoring online sharing sessions to reignite public interest[161] - The establishment of the YouTube channel HK Astroforum in 2022 aims to facilitate knowledge exchange among astronomy enthusiasts[161] - The Group plans to organize or sponsor more sizable events for astronomy promotion in the post-pandemic era[161] - The Company recognizes the importance of adapting its strategies to support community engagement and cultural initiatives during challenging times[159] - There were no charitable donations made by the Group during the year, consistent with the previous year[187] Human Resources - The total number of employees decreased from approximately 2,400 to 2,360 as of March 31, 2023[91] - The Group's human resources policies did not undergo major changes during the year[91] - The Group continues to provide competitive remuneration packages and employee benefits[92] Risk Management - The Group's financial risk management objectives and policies are detailed in note 37 of the consolidated financial statements[177] - The Group's foreign exchange exposure remains minimal, managed through natural hedges[87] - The Group's financial position is closely monitored to manage foreign exchange risks[87] - All borrowings of the Group are denominated in Hong Kong dollars and Renminbi[86] - The Group's banking borrowings are calculated based on interbank offered rates or prime rates[86] Miscellaneous - The principal activity of the Company is investment holding, with details of principal subsidiaries outlined in the consolidated financial statements[166] - The financial position of the Group as of March 31, 2023, is detailed in the consolidated financial statements spanning pages 98 to 235 of the annual report[170] - The Group did not declare any interim dividend during the Year and does not recommend a final dividend for the Year, with the total dividend for 2021/22 being HK$4,984,000[171] - The register of members will be closed from September 22, 2023, to September 27, 2023, for the annual general meeting[179] - The Company did not experience any movements in share capital during the year[180]
谢瑞麟(00417) - 2023 - 年度财报