Financial Performance - The group's revenue for the fiscal year ending March 31, 2024, was HKD 2.401 billion, an increase of 12.6% compared to HKD 2.113 billion in the previous year[6]. - Net profit attributable to equity shareholders was HKD 350.8 million, up 38.9% from HKD 252.6 million in the previous year[27]. - The net profit attributable to equity shareholders for the year was HKD 350.08 million, an increase of 38.9% compared to HKD 252.6 million in 2023[39]. - In Taiwan, the group achieved a sales revenue growth of 10.5% in local currency despite weak consumer confidence[8]. - Hong Kong contributed 70.2% to total sales, Taiwan accounted for 24.5%, and other regions made up 5.3%[9]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.35 per share, totaling a dividend yield of 9.15% based on the closing price of HKD 4.92 on March 28, 2024[28]. - The proposed final dividend is HKD 0.35 per ordinary share, compared to HKD 0.27 in 2023[67]. Operational Overview - The group currently operates a retail network of 61 stores, including 5 in Hong Kong, 28 in China, and 28 in Taiwan[30]. - The group plans to continue strict control over operational costs and inventory management[8]. - The group maintains a cautious outlook on the short-term prospects in China due to weak consumer sentiment but remains optimistic about long-term growth opportunities in the market[13]. - The group plans to continue expanding its business in China despite a cautious short-term outlook due to weak consumer sentiment[62]. Financial Position - The group holds a net cash position of HKD 2.67 billion, enabling it to navigate a challenging retail environment and potential economic downturn risks[33]. - As of March 31, 2024, the group's net current financial resources amounted to HKD 2.67 billion, up from HKD 1.26 billion in 2023[54]. - The group maintained a current ratio of 3.3 times as of March 31, 2024, compared to 2.3 times in the previous year[77]. - The group has a zero capital-to-debt ratio, indicating no reliance on bank loans after accounting for cash reserves[77]. Governance and Management - The company’s founder and major shareholder, Sir Pan, has been leading the board since 1992, ensuring effective governance and oversight[82]. - The company’s Chief Operating Officer, Mr. Pan, has been overseeing retail operations in Hong Kong and mainland China since his appointment in September 2022[83]. - The company’s financial reporting is overseen by Mr. Chan, an executive director with extensive auditing experience prior to joining the group in 1983[84]. - The company’s board includes members with extensive backgrounds in finance, retail, and investment, contributing to informed decision-making[85][86][87]. - The company has established governance policies, including anti-corruption and insider trading policies, to ensure compliance with legal and regulatory requirements[186]. - The board has delegated daily management responsibilities to the management team, including the implementation of strategies set by the board[180]. Risk Management - The company has a robust risk management and internal control system in place to monitor and manage performance across different business units[180]. Agreements and Contracts - The company signed a commodity sales renewal agreement with Dunhill Marketing on March 26, 2024, extending the agreement for three years until March 31, 2027, with maximum annual sales receivables of HKD 1 million, HKD 1.3 million, and HKD 1.69 million for the fiscal years ending March 31, 2025, 2026, and 2027 respectively[95]. - The company has a significant relationship with Dickson Investment Holding (PTC) Corporation, which holds substantial equity interests in the company[90]. - The company continues to engage in transactions with Dickson Communications for advertising and marketing services under normal commercial terms[129]. - The company continues to engage in transactions with Harvey Nichols Group Limited, primarily related to sales through its e-commerce platform, which are conducted under normal commercial terms[159]. Compliance and Reporting - The company acknowledges its responsibility to prepare consolidated financial statements that fairly reflect the group's financial position[186]. - The company has fully complied with the listing rules regarding the number of independent non-executive directors and their qualifications for the fiscal year ending March 31, 2024[189]. - The remuneration committee consists of three members, with independent non-executive director Mr. Ma Ching Yuen serving as chairman, and has held 1 meeting[193]. - Independent non-executive director Ms. Lam Shih Wan was appointed effective June 15, 2023, and has confirmed her understanding of her responsibilities as a director[199]. - The company has a clear separation of roles between the chairman and the CEO to ensure distinct responsibilities[187]. - The nomination committee is currently composed of four members, with Sir Pan Tze Sing as chairman[196].
迪生创建(00113) - 2024 - 年度财报