Financial Performance - For the year ended December 31, 2023, the company's revenue increased by 3% to HKD 604,223,000 compared to HKD 585,155,000 in 2022[11] - Gross profit rose by 12% to HKD 304,914,000, up from HKD 273,224,000 in the previous year[11] - The loss attributable to the company's owners increased by 69% to HKD 223,368,000, compared to HKD 132,254,000 in 2022[11] - The adjusted EBITDA loss improved by 44%, decreasing to HKD 68,170,000 from HKD 122,312,000[11] - The operating loss for the group was HKD 213 million, representing a 75% increase from a loss of HKD 122 million in 2022[26] - The operating loss for 2023 was HKD 222,263,000, compared to a loss of HKD 131,883,000 in 2022[40] - The net loss for the year was HKD 223,368,000, increasing from HKD 132,254,000 in 2022[47] - The basic loss per share for 2023 was HKD 0.073, compared to HKD 0.053 in 2022[47] - The company reported a loss attributable to owners of HKD 223 million for the year, compared to a loss of HKD 132 million in the previous year, with a net profit margin of -37% (previous year: -23%)[92] Revenue and Sales Performance - For the year ended December 31, 2023, the group's revenue was HKD 604 million, an increase of 3% from HKD 585 million in 2022[19] - The same-store sales increased by 5% in 2023, recovering from a decline of 7% in 2022[19] - The same-store gross profit rose by 12% in 2023, compared to a decline of 10% in 2022[19] - The revenue contribution from Hong Kong and Macau was 65% in 2023, up from 60% in 2022, with a growth of 12%[23] - The revenue from mainland China accounted for 25% of total sales, down from 28% in 2022, reflecting a 7% decline[26] - The Singapore market saw a 16% decrease in revenue, contributing 10% to total sales in 2023, down from 12% in 2022[26] - In Hong Kong and Macau, revenue from retail and export franchising businesses was HKD 392 million, up from HKD 350 million in the previous year, with same-store sales increasing by 5%[103] - In mainland China, revenue was HKD 154 million, down from HKD 166 million in the previous year, but same-store sales increased by 46%[104] Assets and Liabilities - Non-current assets decreased to HKD 108,441,000 from HKD 155,571,000 year-on-year[6] - Current assets increased to HKD 431,712,000 from HKD 358,220,000, reflecting improved liquidity[6] - Total liabilities increased slightly to HKD 333,511,000 from HKD 393,488,000, indicating a focus on cost control[6] - The company's net asset value rose to HKD 206,642,000 from HKD 120,303,000, showing a significant improvement in financial health[6] - Total assets as of December 31, 2023, were HKD 540,153,000, up from HKD 513,791,000 in 2022[41] - Total liabilities decreased to HKD 333,511,000 in 2023 from HKD 393,488,000 in 2022[41] - The total liabilities to equity ratio was 161%, down from 327% in 2022[120] Expenses and Costs - The total operating expenses decreased by 10% to HKD 545 million in 2023, down from HKD 608 million in 2022[26] - Total operating expenses as a percentage of sales decreased to 90% from 104% in the previous year, despite a non-cash impairment of HKD 55 million recognized during the year[100] - Total employee costs for the year amounted to HKD 209 million, down from HKD 221 million in 2022[106] - The company’s operating expenses included a significant decrease in government grants received, dropping to HKD 0.712 million in 2023 from HKD 6.015 million in 2022[62] Strategic Plans and Initiatives - The company plans to enhance its sales network in Hong Kong and Macau and increase sales points for the "bossini.X" brand to boost exposure[9] - The company is focusing resources on the rebranding of "bossini.X," with new products expected to launch in the second half of 2024[13] - The company plans to allocate HKD 310 million for capital expenditures in mainland China, brand marketing activities, and brand restructuring from May 2023 to April 2025[88] - The company plans to allocate approximately HKD 31 million for capital expenditures in mainland China and HKD 63 million for marketing activities related to the "bossini.X" brand[109] - The company aims to enhance its sales network in Hong Kong and Macau while integrating the "bossini" and "bossini.X" brands[126] - The company will continue to seek partnerships in emerging economies to expand its business footprint[127] Market and Economic Conditions - The market in mainland China, Hong Kong, and Macau is expected to stabilize and recover, providing more opportunities and growth space for the retail industry[133] - The company is focusing on cost control and optimizing sales channels in response to the cautious consumer sentiment in mainland China[97] - The average length of stay for travelers decreased compared to 2021 and 2022, impacting local consumer spending in Singapore[86] Compliance and Governance - The Audit Committee has reviewed the financial performance for the year ending December 31, 2023, in accordance with the Hong Kong Stock Exchange listing rules[136] - The company has adopted the standard code of conduct for securities trading by directors, and all directors have complied with these standards during the year ending December 31, 2023[139] - The annual performance announcement for the year ending December 31, 2023, has been published on the Hong Kong Stock Exchange website[140]
BOSSINI INT'L(00592) - 2023 - 年度业绩