威高国际2024年年报

Contents Page Corporate Information2-4Chairman’s Statement5-11Directors’ Report12-24Corporate Governance Report25-53Independent Auditor’s Report54-61Consolidated Statement of Profit or Lossand Other Comprehensive Income62Consolidated Statement of Financial Position63Consolidated Statement of Changes in Equity64-65Consolidated Statement of Cash Flows66-67Notes to the Consolidated Financial Statements68-175Financial Summary176 C orporate Information Directors Executive directors Mr. CHENG Chung Man, Johnny(Chairman)Ms. LAM Yuk Sum(Chief Executive Officer) Non-executive directorMr. LAM Man Tin Independent non-executive directors Mr. AU-YEUNG Hau CheongMr. CHENG Man Loong, MontyMr. YEUNG Wing Kay Audit Committee Members Mr. YEUNG Wing Kay(Chairman)Mr. AU-YEUNG Hau CheongMr. CHENG Man Loong, Monty Nomination Committee Members Mr. CHENG Chung Man, Johnny(Chairman)Mr. AU-YEUNG Hau CheongMr. CHENG Man Loong, MontyMs. LAM Yuk SumMr. YEUNG Wing Kay Remuneration Committee Members Mr. YEUNG Wing Kay(Chairman)Mr. AU-YEUNG Hau CheongMr. CHENG Chung Man, JohnnyMr. CHENG Man Loong, MontyMs. LAM Yuk Sum Authorised Representatives Mr. CHENG Chung Man, JohnnyMs. LAM Yuk Sum Company SecretaryMs. WONG Chi Ying C orporate Information Legal Adviser as to Cayman Islands Law Conyers Dill & Pearman, CaymanZephyr HouseGeorge TownGrand CaymanBritish West Indies Conyers Dill & Pearman, CaymanZephyr HouseGeorge TownGrand CaymanBritish West Indies Legal Adviser as to Hong Kong Law Chiu & Partners40th Floor, Jardine House1 Connaught PlaceHong Kong •140 Auditor Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27th Floor, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 97927 Registered Office Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Head Office and Principal Place of Business 10th Floor, Wyler Centre Phase II192-200 Tai Lin Pai RoadKwai Chung, New TerritoriesHong Kong 192-200 C orporate Information Principal Share Registrar and Transfer Office Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Hong Kong Branch Share Registrar and Transfer Office Tricor Secretaries Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 Principal Bankers Bank of China (Hong Kong) LimitedChiyu Banking Corporation LimitedCTBC Bank Co., Ltd.The Hongkong and Shanghai Banking Corporation Limited Website Addresses www.veeko.com.hkwww.irasia.com/listco/hk/veeko/index.htm www.veeko.com.hkwww.irasia.com/listco/hk/veeko/index.htm Stock Code 1173 1173 C hairman’s Statement MANAGEMENT DISCUSSION AND ANALYSIS 117ColourmixMORIMORVeekoWanko The Group is a retailer which sells cosmetics products and ladies fashion throughour retail network consisting of 117 points of sale in Hong Kong and Macau,to provide quality and value for money cosmetics products and fashion appareland accessories to a wide range of consumers at cosmetics stores, namelyColourmixandMORIMOR, and ladies fashion stores, namelyVeekoandWanko,respectively. Business Review During the year ended 31st March, 2024 (the “Review Financial Year”), the Grouprecorded revenue of HK$586,710,000 (2023: HK$472,625,000), representing anincrease of 24.1% as compared to the same period last year. During the ReviewFinancial Year, Hong Kong economy continued to face grave challenges. TheGroup recorded a gross profit of HK$259,321,000 for the year ended 31st March,2024, representing an increase of 12.9% as compared with HK$229,763,000 forthe same period last year. The increase in gross profit was mainly driven by theincrease in the revenue of cosmetics business whereas the gross profit marginsof all segments decreased by 4.4 percentage points to 44.2% from 48.6% for theprevious year. The gross profit margin of fashion segment increased in the yearwhen compared with that of the previous year, while the gross profit margin ofcosmetics segment decreased. Since the turnover of cosmetics segment representeda larger portion to the overall turnover than that of fashion segment, the overallgross profit margin decreased in the year when compared with that of the previousyear. 2024331586,710,0002023472,625,00024.1%2024331259,321,000229,763,00012.9%4.448.6%44.2% The Group recorded a loss after tax of HK$40,043,000 (2023: a profit after tax ofHK$5,027,000). Due to the increase in interest rate for bank loans, the finance costfor the year significantly increased by HK$17,569,000 as compared with that forthe previous year. During the Review Financial Year, the increase in fair value ofinvestment properties of the Group dropped from HK$19,881,000 for the previousyear to HK$5,324,000 for the year. In addition, the Group did not receive anyallowances