欧化2023/2024年报

CONTENTS CORPORATE INFORMATION AND KEY DATES2MANAGEMENT DISCUSSION AND ANALYSIS4BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT13DIRECTORS’ REPORT17CORPORATE GOVERNANCE REPORT28INDEPENDENT AUDITOR’S REPORT58CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME65CONSOLIDATED STATEMENT OF FINANCIAL POSITION66CONSOLIDATED STATEMENT OF CHANGES IN EQUITY68CONSOLIDATED STATEMENT OF CASH FLOWS69NOTES TO FINANCIAL STATEMENTS71FIVE-YEAR FINANCIAL SUMMARY136 CORPORATE INFORMATION AND KEY DATES Directors ****** Yeung Ching Loong, Alexander(Chairman)Chan Chuen YinMok Fung Lin, IvyWong Chi FaiFan 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)Yeung Ching Loong, AlexanderChan 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 Yeung Ching Loong, Alexander(Chairman)Chan Chuen YinMok Fung Lin, IvyWong Chi FaiFan Man Seung, Vanessa Ulferts International LimitedAnnual Report 2023/2024 CORPORATE INFORMATION AND KEY DATES Investor Relations Contact ir1711@EmperorGroup.com Luk Man Ching, AnnaEmail: ir1711@EmperorGroup.com https://www.UlfertsIntl.com Websitehttps://www.UlfertsIntl.com 1711 Stock CodeHong Kong Stock Exchange: 1711 Registered Office and Principal Place of Business 288191905-07 Units 1905-07, 19th FloorEmperor Group Centre288 Hennessy RoadWanchaiHong Kong Share Registrar 3382333301-04 Union Registrars UnitedSuites 3301-04, 33/FTwo Chinachem Exchange Square338 King's RoadNorth PointHong Kong Auditor 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27th Floor, One Taikoo Place979 King's RoadQuarry Bay, Hong Kong Principal Bankers The Bank of East Asia, LimitedChong Hing Bank LimitedThe Hongkong and Shanghai Banking Corporation Limited Key Dates 20246272024202482210302024816430 27 June 202422 August 202410:30 a.m.16 August 2024(before 4:30 p.m.) Annual Results Announcement2024 Annual General Meeting – Last Time to Lodge Transfers MANAGEMENT DISCUSSION AND ANALYSISMANAGEMENT DISCUSSION AND ANALYSIS Theboard of directors(“Board”or“Directors”)of UlfertsInternational Limited (“Company”) presents the consolidated resultsofthe Company and its subsidiaries(collectively referred to as“Group”) for the year ended 31 March 2024 (“Year”). 2024331 RESULTS 171,600,0002023216,100,00099,700,0002023133,200,000 Inthe face of market challenges,the Group’s total revenueinevitably decreased to HK$171.6 million (2023: HK$216.1 million)during the Year. Gross profit was HK$99.7 million (2023: HK$133.2million). Revenuefrom the retail segment amounted to HK$155.1 million(2023: HK$195.0 million), accounting for 90.4% (2023: 90.2%) of theGroup’s total revenue. Aggregate retail sales revenue of “Ulferts”and“Ulferts Signature”amounted to HK$78.0 million(2023:HK$110.0million),and remained the key revenue contributor,accountingfor 50.3%(2023:56.4%)of total retail revenue.Aggregateretail sales revenue of“Slumberland”and“Ulfenbo”was HK$41.9 million (2023: HK$48.2 million), accounting for 27.0%(2023: 24.7%) of total retail revenue. The retail sales revenue of“at•home”was HK$35.2 million(2023:HK$36.8 million),accounting for 22.7% (2023: 18.9%) of total retail revenue. 155,100,0002023195,000,00090.4%202390.2%78,000,0002023110,000,00050.3%202356.4%41,900,000202348,200,00027.0%202324.7%at•home35,200,000202336,800,00022.7%202318.9% 25,000,000202321,000,0003.1320232.63 Due to the decline in its total revenue, the Group recorded a netloss of HK$25.0 million (2023: HK$21.0 million) during the Year.Basic loss per share was HK3.13 cents (2023: HK2.63 cents). MARKET REVIEW Although the macroeconomic data showed signs of recovery duringtheYear,the foundations of economic recovery remained weak.While overall consumption sentiment has regained momentum, thevalue index of retails sales of furniture has not yet fully returned tonormal levels. Facing the complex situation of accelerated marketdemanddifferentiation,deepening competition patterns andincreasing challenges along with the gloomy property market, thedemand for furniture was sluggish during the Year. BUSINESS REVIEW The Group is a leading retailer of high quality home furniture mainlyimported from Europe. The Company’s shares have been listed onthe Main Board of The Stock Exchange of Hong Kong Limited sinceJanuary 2018. 20181 MANAGEMENT DISCUSSION AND ANALYSIS The Group has been established for over 45 years, and takes pridein providing superior quality stylish furniture in Hong Kong. As at 31March 2024, the Group operated a total of 24 points-of-sale (“POS”)inHong Kong under