长江制衣2022/2023年度年报

For the Year Ended 31stMarch, 20232022/23ANNUAL REPORT CONTENTS目 錄Corporate Information2Chairman’s Statement3Management Discussion and Analysis4Report of the Directors11Corporate Governance Report18Directors and Management30Independent Auditor’s Report34Consolidated Statement of Profit or Loss43Consolidated Statement of Profit or Loss and Other Comprehensive Income44Consolidated Statement of Financial Position45Consolidated Statement of Changes in Equity47Consolidated Cash Flow Statement48Notes to the Financial Statements49Group Properties127Five-Year Summary128 CORPORATE INFORMATION公 司 資 料 BOARD OF DIRECTORSExecutive Directors Chan Wing Fui, Peter, MA(Chairman)Chan Suk Man, MSc(Managing Director)Chan Wing To, PhD(Deputy Managing Director)Chan Wing Kee, GBM, GBS, OBE, JPChan Wing Sun, SamuelChan Suk Ling, Shirley, BBS, JP Independent Non-executive DirectorsChoi Ting KiSo Stephen Hon CheungLi Guangming AUDIT COMMITTEESo Stephen Hon Cheung(Chairman)Choi Ting KiLi Guangming REMUNERATION COMMITTEELi Guangming(Chairman)Chan Wing Fui, PeterChan Wing KeeChoi Ting KiSo Stephen Hon Cheung NOMINATION COMMITTEEChoi Ting Ki(Chairman)Chan Wing Fui, PeterChan Wing KeeSo Stephen Hon CheungLi Guangming RISK MANAGEMENT COMMITTEEChan Wing Fui, Peter(Chairman)Chan Wing KeeChan Suk Man PRINCIPAL BANKERSThe Hongkong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) Limited Loeb & Loeb LLP SOLICITORSLoeb & Loeb LLP AUDITORSKPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting Council Ordinance COMPANY SECRETARYHui Sau Ling, FCCA, CPA REGISTERED OFFICE22 Tai Yau StreetSan Po KongKowloon 1712 – 1716 SHARE REGISTRAR AND TRANSFER OFFICEComputershare Hong Kong Investor Services LimitedShops 1712 – 171617th Floor, Hopewell CentreHong Kong WEBSITEwww.ygm.com.hk www.ygm.com.hk CHAIRMAN’S STATEMENT主 席 報 告 GROUP RESULTS 3 6 5 , 7 6 1 , 0 0 0390,446,00023,249,00030,274,000 Revenueof the Group for the current year of 2022/23 wasHK$365,761,000 (2021/22: HK$390,446,000) and the overall result wasa loss of HK$23,249,000 (2021/22: a profit of HK$30,274,000). BUSINESS REVIEW AND PROSPECTS 6%13,064,00018,738,000Lavender Although our revenue for the year under review was 6% less, theoperating result from our core garment business had improved to aprofit of HK$18,738,000 as compared to a loss of HK$13,064,000 inthe previous year. This was the result of cutting the losses incurred byLavender, our Bangladesh factory, and the reduction of our overheadexpenses. 23,249,000 However, our overall profit showed a loss of HK$23,249,000 which wascaused by the losses of our investment in Wuxi. This was announced inour earlier profit warning and explained in the Management Discussionand Analysis. OUTLOOK Due to economic and political uncertainties, consumer sentimentespecially in wearing apparel in all our major markets in Europe andthe U. S are not at its best. The management is of the opinion that thecoming year for our core garment business would remain challenging.However we expect the losses from our Wuxi investment should besignificantly reduced which should bring improvement to our overallresults. APPRECIATION I would like, on behalf of the Board and shareholders, to express ourappreciation to the Company’s employees for their hard work and loyalservice to the Company during the past year. By Order of the BoardChan Wing Fui, PeterChairman Hong Kong, 29 June 2023 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 與 分 析 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 與 分 析 RESULTS OF OPERATIONS 3 6 5 , 7 6 1 , 0 0 0390,446,0006%13,064,00018,738,00023,249,00030,274,000 TheGroup’s revenue for the year ended 31 March 2023 wasHK$365,761,000 a decrease of 6% as compared with HK$390,446,000of the year before. The operation profit for the year was HK$18,738,000a significant improvement from the loss of HK$13,064,000 from theprevious year. However the losses of our Wuxi investment negativelyaffected our overall performance to a loss of HK$23,249,000 (2021/22: aprofit of HK$30,274,000). GARMENT BUSINESS poloT YangtzekiangGarment Limited and Hong Kong Knitters Limitedare the two names that we use to operate our garment business.We manufacture a wide variety of products that include men’s andladies’ shirts, trousers, shorts, polo shirts, T-shirts, jackets and knittedouterwear, etc. Hong Kong is our Group’s headquarters that handlesour core garment businesses including manufacturing, trading andsourcing. In addition to our fully owned factory in China (Panyu), we arealso working in partnership with many factories in Myanmar, Bangladesh,Vietnam, Indonesia and Cambodia serving the needs of our customersworldwide. Besides Panyu where we have factory, we also have officein Hangzhou China. This office not only provides supports to our ownfactory, but also monitors and collaborates with our subcontractors andbusiness partners around the area. Covid-19