佐丹奴国际(00709) - 2021 - 年度财报

Financial Performance - Sales for 2021 were HK$3,380 million, an increase of 8.3$3,122 million in 2020[4] - Gross profit for 2021 was HK$1,930 million, representing a gross margin of 57.1$263 million, compared to an operating loss of HK$105 million in 2020, marking a significant turnaround[4] - EBITDA for 2021 was HK$811 million, with an EBITDA margin of 24.0%, compared to 17.8% in 2020[4] - Profit attributable to shareholders for 2021 was HK$190 million, a recovery from a loss of HK$112 million in 2020[4] - Earnings per share for 2021 were HK$12.00, compared to a loss per share of HK$7.10 in 2020[4] - Profit after income taxes for the year was HK$223 million, compared to a loss of HK$108 million in the previous year[171] - Total comprehensive income for the year was HK$193 million, a turnaround from a loss of HK$84 million in 2020[171] Store Operations - The number of stores worldwide at year-end 2021 was 2,056, with 1,134 directly operated stores and 922 franchised stores[4] - The total number of stores worldwide at year-end was 1,134, with 875 direct-operated stores and 259 franchised stores[6] - The number of stores at year-end in Greater China was 975, down from 1,030 in 2020[28] - The total number of stores in Mainland China at year-end was 739, down from 784 in 2020[33] - The number of franchised stores decreased from 383 in 2020 to 337 in 2021, with a temporary drop of 46 stores across all franchise markets[43] Liquidity and Financial Position - The total assets as of year-end 2021 were HK$4,208 million, while total liabilities were HK$1,645 million[4] - The current ratio for 2021 was 1.9 times, indicating a stable liquidity position[4] - Cash and bank balances, net of bank loans, were HK$875 million, down from HK$1,104 million in 2020[13] - Net current assets improved to HK$960 million in 2021, compared to HK$916 million in 2020[174] Dividends and Shareholder Returns - The dividend payout ratio for 2021 was 137.5%, reflecting a strong commitment to returning value to shareholders[4] - The Board of Directors recommended a final dividend of 10.0 HK cents per share, up from 6.9 HK cents per share in 2020, totaling HK$158 million if approved[13] - Proposed dividends for the year amounted to HK$158 million, an increase from HK$109 million in 2020[174] - The final dividend proposed for the year ended December 31, 2021, is HK$0.10 per share, up from HK$0.069 per share in 2020, totaling HK$0.165 per share for 2021 compared to HK$0.10 per share in 2020[55] Online Sales Performance - Online sales surged by 25.5%, contributing 12.1% to total sales, compared to 10.5% in 2020[13] - Online sales in Mainland China grew by 12.8%, contributing approximately 40% to total sales, up from 36% in 2020[30] - The company experienced a 29% year-over-year increase in online sales, primarily driven by third-party platform growth in Hong Kong and Macau[31] - Online sales in South Korea accounted for 35% of total sales, demonstrating stable performance despite pandemic disruptions[42] Operational Strategies and Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[6] - The Group aims to continue improving its business and profitability despite the unpredictable future[12] - The Group plans to reduce new purchases in 2022 while utilizing existing inventory to navigate ongoing supply chain issues[12] - The Group is focused on upgrading the Giordano brand, achieving higher selling prices and gross margins[56] Corporate Governance - The Board is committed to maintaining the highest standard of corporate governance, emphasizing transparency, accountability, and independence to maximize shareholder value[65] - The Company has adopted the Corporate Governance Code as its governance framework, ensuring compliance with legal and regulatory requirements[65] - The Board plays a crucial role in decision-making regarding annual and interim results, notifiable transactions, and appointments of Directors[65] - The Company emphasizes the importance of maintaining high standards of corporate governance and transparency in its operations[60] Risk Management and Internal Controls - The Group's risk management and internal control systems were evaluated as sufficient and effective on a continuing basis[99] - The Management Committee is responsible for implementing business strategies and managing daily operations, fully accountable to the Board[96] - The internal audit team conducted independent audits covering significant business processes and activities, working with management to address identified control weaknesses[100] - The Company has implemented a "whistle-blowing" mechanism for employees to report misconduct anonymously[88] Financial Reporting and Audit - The independent auditor, PricewaterhouseCoopers, issued an unqualified opinion on the Group's consolidated financial statements for the year ended December 31, 2021, confirming compliance with Hong Kong Financial Reporting Standards[152] - The audit process involved communication with governance regarding the planned scope, timing, and significant audit findings[167] - The overall presentation, structure, and content of the consolidated financial statements were evaluated to ensure they fairly represent underlying transactions[166] - Sufficient and appropriate audit evidence was obtained regarding the financial information of the entities within the Group to express an opinion on the consolidated financial statements[166] Shareholder Engagement - The Company held approximately 7 meetings with institutional investors and research analysts in 2021 to communicate its business strategies and developments[106] - The Company has a diverse shareholder base, including institutional and retail investors, and actively engages with them[106] - The Company utilizes internet and electronic communication to provide timely and transparent information to shareholders[106] - The Company has established a shareholders' communication policy to enhance relationships with shareholders and ensure compliance with relevant rules[106]