Financial Performance - The group recorded revenue of HKD 87 million for the fiscal year ending July 31, 2023, a decrease of 16% compared to HKD 103 million in the previous year[16]. - Gross profit slightly declined by 3% to HKD 73 million, despite an increase in gross margin from 72% to 84%[16]. - The "Garment and Related Accessories" segment's revenue decreased by HKD 10 million (or 21%) to HKD 40 million, primarily due to the absence of HKD 19 million in distribution sales from the "Lacoste" brand[16]. - The total comprehensive expense attributable to owners for the year was HKD 54 million, compared to a loss of HKD 38 million in the previous year[20]. - Revenue from the mainland China operations decreased from HKD 6 million to HKD 3 million due to strategic store closures, reducing self-operated stores from 6 to 4[22]. - The company reported a loss attributable to shareholders of HKD (108,786,000), compared to a loss of HKD (78,385,000) in the prior year[117]. - Total assets as of July 31, 2023, were HKD 2,343,864,000, down from HKD 2,415,390,000 the previous year[117]. - Total liabilities decreased to HKD 862,287,000 from HKD 921,963,000 year-over-year[117]. - The total equity amounted to HKD 1,481,577,000, slightly down from HKD 1,493,427,000 in the previous year[117]. Revenue Sources - Sales of the "Crocodile" brand in Hong Kong and Macau improved significantly, rising 33% from HKD 25 million to HKD 34 million[16]. - Revenue from the traditional brand "CROCODILE" increased by 33% from HKD 25 million to HKD 34 million due to the low comparison base after the relaxation of pandemic measures in Hong Kong and Macau[21]. - Licensing income from the "CROCODILE" brand decreased to HKD 8 million from HKD 10 million, reflecting the downturn in the mainland retail market[25]. - Rental income from investment properties in Hong Kong decreased by HKD 7 million to HKD 45 million, attributed to increased supply and a shift towards remote working[26]. Cost Management and Profitability - The company is actively taking decisive measures to adjust costs and ensure store profitability amid a slow recovery in the Hong Kong retail market[19]. - The treasury management segment recorded a profit of HKD 8 million, a significant improvement from a loss of HKD 25 million in the previous year[20]. - Financing costs increased to HKD 37 million from HKD 11 million due to the rapid interest rate hikes during the year[20]. - The company plans to cautiously expand its retail operations and optimize the product mix for both "CROCODILE" and "CROCO" brands to maintain high gross margins[30]. Investment and Financing - The group raised approximately HKD 42.3 million from a rights issue, with HKD 11.7 million allocated for repaying bank loans and HKD 16.8 million for opening new retail stores and daily operations[38]. - The debt-to-equity ratio was approximately 51% as of July 31, 2023, compared to 56% in the previous year, reflecting a cautious approach to business development[43]. - The group has reduced reliance on debt financing and is strategically allocating funds from the rights issue to manage financial responsibilities effectively[34]. Corporate Governance - The board of directors includes executive, non-executive, and independent non-executive members, with specific roles and responsibilities outlined[56]. - The company has established financial risk management objectives and policies, detailed in note 34 of the financial statements[52]. - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the year, except for the separation of roles between the Chairman and CEO[127]. - The board has established specific committees, including the Executive Committee, Audit Committee, Remuneration Committee, and Nomination Committee, to assist in effectively performing its functions[136]. Shareholder Communication - The company has implemented a shareholder communication policy to ensure timely and unbiased information dissemination to shareholders[191]. - The company allows shareholders to convene a general meeting if the board does not formally call one within 21 days of the request[199]. - Any general meeting convened by shareholders must occur within three months of the original request[199]. Employee and Social Responsibility - The employee count decreased to 108 as of July 31, 2023, from 124 in the previous year, following the closure of several retail stores in mainland China[46]. - The company made charitable donations totaling HKD 174,500, a decrease from HKD 209,000 in the previous year[112]. - The gender ratio among employees is 78 females to 30 males, with women making up 72% of the total workforce[177]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[73]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on expanding the product line in the apparel sector[73]. - Market expansion plans include entering two new international markets, aiming for a 5% market share within the first year of entry[73].
鳄鱼恤(00122) - 2023 - 年度财报