Financial Performance - Revenue for the fiscal year ended March 31, 2024, was HKD 7,016,802, a decrease of 10.9% from HKD 7,879,287 in the previous year[2] - Gross profit for the same period was HKD 1,583,567, representing a gross margin of 22.6%, down from 24.1% in the prior year[2] - Adjusted profit attributable to the company's owners was HKD 316,471, a decrease of 24.2% compared to HKD 417,387 in the previous year[2] - Basic and diluted earnings per share were HKD 11.7, down from HKD 31.3 in the previous year[5] - The net profit for the period was HKD 143,175,000, reflecting a decrease compared to the previous fiscal year, where the net profit was HKD 383,258,000[24] - Overall gross profit decreased from approximately HKD 1,902.1 million in fiscal year 2023 to approximately HKD 1,583.6 million in fiscal year 2024, with the gross profit margin declining by 1.5 percentage points to 22.6%[63] - The company reported a total of HKD 24,257,000 in other income for the fiscal year ending March 31, 2024[22] - Other income fell from approximately HKD 38.0 million in fiscal year 2023 to approximately HKD 24.3 million in fiscal year 2024, primarily due to a reduction in government subsidies[63] - The company reported a total tax expense of HKD 9,002,000 for 2024, a decrease of 87.7% from HKD 72,963,000 in 2023[34] - The income tax expense for FY2024 is approximately HKD 9.0 million, a significant decrease from HKD 73.0 million in FY2023[66] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 2.2 per share, compared to HKD 1.8 in the previous year[2] - The board proposed a final dividend of HKD 2.2 cents per share for the fiscal year 2024, compared to HKD 1.8 cents per share in fiscal year 2023[39] - The company has proposed a final dividend of HKD 0.022 per share, totaling approximately 48.7% of the group's net profit for the year ended March 31, 2024[92] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 8,602,750, a slight decrease from HKD 8,682,290 in the previous year[11] - Total liabilities increased to HKD 5,232,275 from HKD 5,135,028 in the previous year[11] - Cash and cash equivalents decreased to HKD 623,117 from HKD 675,028 in the previous year[10] - The company’s current assets net value was approximately HKD 1,489.8 million for fiscal year 2024, down from HKD 1,585.6 million in 2023[47] - As of March 31, 2024, the net debt is approximately HKD 3,530.5 million, an increase from HKD 3,283.5 million as of March 31, 2023[67] Operational Segments - For the fiscal year ending March 31, 2024, total revenue from the five business segments amounted to HKD 7,016,802,000, with the highest contribution from the intimate apparel segment at HKD 4,121,437,000[22] - The intimate apparel segment generated approximately HKD 4,121.4 million in revenue for FY2024, a decrease of 6.9% from HKD 4,424.8 million in FY2023, accounting for 58.7% of total revenue[48] - The sports products segment contributed revenue of about HKD 2,311.5 million in FY2024, down 5.1% from HKD 2,436.3 million in FY2023, representing 32.9% of total revenue[49] - The consumer electronics accessories segment saw revenue decline by 23.1% to approximately HKD 285.6 million in FY2024, down from HKD 371.5 million in FY2023, making up 4.1% of total revenue[51] - Revenue from the cups and other accessories segment fell by 25.0% to approximately HKD 241.9 million in FY2024, compared to HKD 322.6 million in FY2023, accounting for 3.5% of total revenue[52] - The footwear segment reported revenue of approximately HKD 56.3 million in FY2024, a significant drop from HKD 324.0 million in FY2023, contributing only 0.8% to total revenue[53] Research and Development - Research and development expenses rose to HKD 267,463, compared to HKD 235,765 in the previous year[5] - Research and development costs for the fiscal year were HKD 267,463,000, indicating a focus on innovation and product development[22] - Research and development costs increased from approximately HKD 235.8 million in fiscal year 2023 to approximately HKD 267.5 million in fiscal year 2024, representing 3.8% of total revenue, up from 3.0% in the previous year[64] Financial Costs and Expenses - Total financial costs for 2024 amounted to HKD 334,615,000, compared to HKD 290,335,000 in 2023, indicating an increase of 15.3%[31] - Financial costs rose from approximately HKD 293.5 million in fiscal year 2023 to approximately HKD 337.0 million in fiscal year 2024, with the percentage of financial costs to total revenue increasing from 3.7% to 4.8% due to global interest rate hikes[65] - Total distribution and selling expenses were HKD 152,270,000, while general and administrative expenses were HKD 561,126,000, indicating significant operational costs[22] Corporate Governance - The company has established five board committees to ensure effective corporate governance and transparency for all shareholders[85] - The board consists of five executive directors and three independent non-executive directors, ensuring a high level of independence[86] - The audit committee, chaired by Dr. Ko Ching Fai, is responsible for overseeing the financial and accounting policies of the group[88] - The company has adopted the standard code for securities trading by directors, confirming compliance as of March 31, 2024[90] Strategic Initiatives - The company aims to enhance its market presence through strategic decisions made by the primary operating decision-maker, focusing on performance evaluation and resource allocation[21] - The company’s strategy focuses on strengthening core operations amidst macroeconomic uncertainties and exploring growth opportunities in the Chinese market[45] - The company aims to enhance asset turnover and precisely plan capital expenditures to support product innovation and maintain competitive advantages[80] - The company plans to actively reduce debt from fiscal years 2026 to 2028, targeting a healthy net debt ratio to optimize financial conditions and enhance shareholder returns[81] Sustainability Efforts - The company’s new production base in Zhaoqing has received LEED Gold certification, demonstrating its commitment to sustainable development and meeting international green production expectations[83] - The company plans to submit science-based emission reduction targets to the Science Based Targets initiative in fiscal year 2025, further promoting the application of clean energy[83] - The company has been recognized as one of the "Top 100 Sustainable Enterprises in Vietnam" for three consecutive years, highlighting its ongoing efforts in sustainability[83] Future Outlook - The company expects a recovery in order demand entering FY2025, driving overall revenue growth[74] - The intimate apparel segment is projected to achieve low single-digit revenue growth in FY2025[74] - The sports products segment is expected to see double-digit growth, becoming a major growth driver for the company[74] - The consumer electronics accessories segment is expected to recover revenue growth in FY2025 as market demand stabilizes and brand partners' products undergo initial market validation[75]
维珍妮(02199) - 2024 - 年度业绩