Financial Performance - Revenue for the financial year ended 31 March 2022 was HK$1,983,526, an increase of 21.8% from HK$1,627,891 in 2021[5] - Gross profit for the same period was HK$667,654, representing a gross margin of 33.6%[5] - Operating profit increased to HK$141,493, up 39.1% from HK$101,668 in the previous year[5] - Profit attributable to owners of the Company was HK$109,912, a rise of 35.1% compared to HK$81,449 in 2021[5] - Earnings per share increased to 11.0 HK cents, up from 8.1 HK cents in the previous year[5] - The Group recorded revenue of approximately HK$1,983,526,000, representing a year-on-year increase of approximately 21.8%[17] - Profit attributable to owners of the Company was approximately HK$109,804,000, reflecting a significant increase of approximately 34.8%, and a 121.0% increase when excluding government subsidies from the previous year[17] - The Group's gross profit for the year ended March 31, 2022, was approximately HK$667,654,000, up from approximately HK$520,154,000 for the previous year[42] - The Group's profit for the year amounted to approximately HK$109,804,000, reflecting an increase of approximately 34.8% from HK$81,449,000 in the prior year[69] - The net profit margin for the financial year ended March 31, 2022, was approximately 5.5%, up from 5.0% in the previous financial year[69] Store Expansion and Market Presence - The Company launched a new retail brand "FoodVille" targeting the medium-to-high-end market, offering a diverse range of products[10] - Two new "Best Mart 360" stores were opened in Shenzhen to expand into the Greater Bay Area market[10] - The total number of retail stores in Hong Kong increased from 120 to 130 during the financial year[19] - The total number of retail stores in Macau increased from 4 to 6 during the financial year, marking a successful extension of the Group's business model[21] - The Group opened 2 retail stores in Shenzhen, establishing its first presence in Mainland China and laying the foundation for expansion in the Greater Bay Area[21] - The Group's retail network consists of 138 stores across Hong Kong, Macau, and Mainland China, with a focus on shopping districts and major transportation hubs[27] - The Group opened a net total of 14 new stores during the financial year, contributing to the overall sales increase[42] - The Group opened 24 new retail stores during the financial year, including 20 in Hong Kong, 2 in Macau, and 2 in Mainland China, while closing 10 stores due to lease expirations[45] Product and Operational Strategy - The Group actively optimized its product mix, strengthening the supply of leisure and basic food products, daily necessities, and anti-epidemic supplies[19] - The Group achieved a significant increase in private label sales, rising approximately 130.2% compared to the previous financial year, with revenue contribution increasing to about 16.3%[21] - The Group plans to continue developing its private label products to enhance customer loyalty and overall sales, while also exploring opportunities in different markets[22] - The Group aims to expand its new global gourmet brand, "FoodVille," targeting the medium-to-high-end market with diversified food products[22] - The Group is committed to maintaining "Best Quality" and "Best Price" while optimizing its product mix to meet market demands[22] - The increase in revenue was primarily due to a significant rise in demand for household foodstuffs and grocery items as consumers reduced dining out during the pandemic[42] Financial Position and Cash Flow - Total assets increased to HK$900,153, while total liabilities were HK$462,110, resulting in total equity of HK$438,043[5] - As of March 31, 2022, the Group's total cash and bank balances were approximately HK$130,076,000, an increase of approximately HK$38,764,000 from HK$91,312,000 in 2021[79] - The Group's total bank borrowings as of March 31, 2022 were approximately HK$82,981,000, a decrease of approximately 22.8% from HK$107,496,000 in the previous year[81] - Net cash generated from operating activities for the financial year ended 31 March 2022 was HK$305,876,000, compared to HK$247,557,000 in 2021[80] - The Group maintained a strong financial position with working capital amounting to HK$74,550,000 as of 31 March 2022[83] Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance to improve accountability and transparency in operations[143] - The company has adopted and complied with all applicable code provisions in the Corporate Governance Code during the financial year under review[144] - The roles of the Chairman and the Chief Executive Officer are separate to ensure a balance of power and authority within the company[145] - The Company has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each with specific duties and sufficient resources[159] - The Company adheres to the corporate governance principles outlined in the Listing Rules, enhancing accountability and transparency[150] - The Board comprises five Directors, including two Executive Directors and three Independent Non-Executive Directors, ensuring a balanced distribution of power[154] Employee and Staff Management - Total employee count as of March 31, 2022, was 937, with staff costs (excluding Directors' emoluments) amounting to approximately HK$181,335,000, representing an increase of approximately 19.6% from HK$151,633,000 in the previous year[48] - Staff costs represented approximately 9.1% of the Group's revenue for the financial year, slightly down from 9.3% in the previous year[48] - The Group's employer contributions to the Mandatory Provident Fund Scheme are 5% of relevant payroll, matched by employees[103] - For the year ended 31 March 2022, the Group made contributions to retirement plans at rates ranging from 14% to 15% of eligible employees' salaries[106] Shareholder Information and Dividends - A final dividend of HK8.0 cents per share was recommended for the year ended 31 March 2022[13] - The proposed final dividend is expected to be paid on or around 7 September 2022, subject to shareholder approval[116] - The register of members will be closed from 25 August 2022 to 29 August 2022 for determining entitlement to the final dividend[116] - The Company has no fixed dividend policy, and any dividends declared will depend on the Group's operational results, available cash flows, and financial condition, among other factors[188] Risk Management and Internal Controls - The Company has adopted internal control policies and risk management policies to address operational, credit, market, financial, and legal risks, with the Board conducting thorough examinations of material risks before approving business decisions[185] - The Company does not have an internal audit function but will review the need for one annually, opting instead to engage an independent external professional party for annual reviews of internal control systems[185] - The Company has established procedures for handling inside information to ensure confidentiality until appropriate disclosure is approved, and the Board believes the risk management and internal control systems were adequate and effective during the financial year[187]
优品360(02360) - 2022 - 年度财报