欧化2022/2023年报

CONTENTS CORPORATE INFORMATION AND KEY DATES2MANAGEMENT DISCUSSION AND ANALYSIS4BIOGRAPHIES OF DIRECTORS AND SENIOR EXECUTIVES13DIRECTORS’ REPORT16CORPORATE GOVERNANCE REPORT27INDEPENDENT AUDITOR’ S REPORT59CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME66CONSOLIDATED STATEMENT OF FINANCIAL POSITION67CONSOLIDATED STATEMENT OF CHANGES IN EQUITY69CONSOLIDATED STATEMENT OF CASH FLOWS70NOTES TO FINANCIAL STATEMENTS72FIVE-YEAR FINANCIAL SUMMARY140 CORPORATE INFORMATION AND KEY DATES Directors ****** Wong Chi Fai(Chairman)Chan Chuen YinMok Fung Lin, IvyFan Man Seung, VanessaChan Yee Man**Chiu Kin Fai**Ng Hoi Yue** **Independent Non-executive Directors Company Secretary Mok Fung Lin, Ivy Audit Committee Chan Yee Man(Chairperson)Chiu Kin FaiNg Hoi Yue Remuneration Committee Ng Hoi Yue(Chairman)Wong Chi FaiChan Yee Man Nomination Committee Chiu Kin Fai(Chairman)Chan Chuen YinChan Yee Man Corporate Governance Committee Fan Man Seung, Vanessa(Chairperson)Chiu Kin FaiNg Hoi YueA representative from company secretarial functionA representative from finance and accounts function Executive Committee Wong Chi Fai(Chairman)Chan Chuen YinMok Fung Lin, IvyFan Man Seung, Vanessa Investor Relations Contact ir1711@EmperorGroup.com Luk Man Ching, AnnaEmail: ir1711@EmperorGroup.com Ulferts International LimitedAnnual Report 2022/2023 CORPORATE INFORMATION AND KEY DATES https://www.UlfertsIntl.com Websitehttps://www.UlfertsIntl.com 1711 Stock CodeHong Kong Stock Exchange: 1711 Auditor Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor Principal Bankers The Bank of East Asia, LimitedChong Hing Bank LimitedThe Hongkong and Shanghai Banking Corporation Limited Registered Office and Principal Place of Business 288191905-07 Units 1905-07, 19th FloorEmperor Group Centre288 Hennessy RoadWanchai, Hong Kong Share Registrar 1617 Tricor Secretaries Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Key Dates 20236292023202382211302023816430 29 June 202322 August 202311:30 a.m.16 August 2023(before 4:30 p.m.) Annual Results Announcement2023 Annual General Meeting – Last Time to Lodge Transfers MANAGEMENT DISCUSSION AND ANALYSIS RESULTS 2023331216,100,0002022225,500,000133,200,0002022142,600,000 Due to a tough business operating environment, the total revenue oftheCompany and its subsidiaries(collectively referred to as“Group”) inevitably decreased to HK$216.1 million (2022: HK$225.5million) during the year ended 31 March 2023 (“Year”). Gross profitwas HK$133.2 million (2022: HK$142.6 million). 195,000,0002022212,200,00090.2%202294.1%110,000,0002022136,400,00056.4%202264.3%48,200,000202231,600,00024.7%202214.9%at•home36,800,000202244,200,00018.9%202220.8% Revenuefrom the retail segment amounted to HK$195.0 million(2022: HK$212.2 million), accounting for 90.2% (2022: 94.1%) of theGroup’s total revenue. Aggregate retail sales revenue of “Ulferts”and“Ulferts Signature”amounted to HK$110.0 million(2022:HK$136.4million),and remained the key revenue contributor,accountingfor 56.4%(2022:64.3%)of total retail revenue.Aggregateretail sales revenue of“Slumberland”and“Ulfenbo”increased to HK$48.2 million (2022: HK$31.6 million), accountingfor24.7%(2022:14.9%)of total retail revenue.The retail salesrevenueof“at•home”was HK$36.8 million(2022:HK$44.2million), accounting for 18.9% (2022: 20.8%) of total retail revenue. 21,000,00020224,100,0002.6320220.52 With a decline in the Group’s total revenue and the recognition of asignificant amount of impairment allowance relating to the right-of-use assets and property, plant and equipment after the impairmentassessment,the Group recorded a net loss of HK$21.0 million(2022: net profit of HK$4.1 million) during the Year. Basic loss pershare was HK2.63 cents (2022: basic earnings of HK0.52 cent pershare). MANAGEMENT DISCUSSION AND ANALYSIS MARKET REVIEW 20222022 With a number of macroeconomic issues such as on-going interestrate hikes, tightened monetary policies and geopolitical tensions,the local property market generally remained weak in 2022, and thevalueindex of retail sales of furniture declined during 2022,according to the Hong Kong monthly retail sales figures publishedby the Census and Statistics Department of Hong Kong. Althoughthe border was fully reopened in the last quarter of the Year andpromptedproperty developers to accelerate the launch of newproperties, it would take time for the catalyst to drive the furnituremarket; the furniture market remained gloomy over the Year. BUSINESS REVIEW 20181 The Group is a leading retailer of high quality home furniture mainlyimported from Europe. The Company has been listed on the MainBoard of The Stock Exchange of Hong Kong Limited since January2018. 452023331at•home26 The Group has been established for over 45 years, and takes pridein providing superior quality stylish furniture in Hong Kong. As at 31March 2023, the Group operated 26 points-of