01173威高國際 报.ppt

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1、33,34,99,100,Contents 目錄頁次Page,公司資料主席報告書董事會報告書企業管治報告書獨立核數師報告書綜合全面收入表綜合財務狀況表綜合權益變動表綜合現金流量表綜合財務報表附註財務摘要投資物業摘要,Corporate InformationChairmans StatementDirectors ReportCorporate Governance ReportIndependent Auditors ReportConsolidated Statement ofComprehensive IncomeConsolidated Statement of Financial P

2、ositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the ConsolidatedFinancial StatementsFinancial SummarySummary of Investment Properties,2-34-910-1920-3031-3235-3637-3839-98,1,Corporate Information 公司資料,2,董事執行董事鄭鐘文先生（主席）林玉森女士（行政總裁）獨立非執行董事霍錦柱先生楊威德先生楊永基先生審核委

3、員會成員楊永基先生（主席）霍錦柱先生楊威德先生提名委員會成員鄭鐘文先生（主席）霍錦柱先生林玉森女士楊威德先生楊永基先生薪酬委員會成員楊永基先生（主席）鄭鐘文先生霍錦柱先生林玉森女士楊威德先生授權代表鄭鐘文先生林玉森女士公司秘書黃智英女士法律顧問：開曼群島法律Conyers Dill&Pearman,CaymanZephyr HouseGeorge TownGrand CaymanBritish West Indies法律顧問：香港法律趙不渝馬國強律師事務所香港康樂廣場1號怡和大廈40樓,DirectorsExecutive directorsMr.CHENG Chung Man,Johnny(

4、Chairman)Ms.LAM Yuk Sum(Chief Executive Officer)Independent non-executive directorsMr.FOK Kam Chu,JohnMr.YANG Wei TakMr.YEUNG Wing KayAudit Committee MembersMr.YEUNG Wing Kay(Chairman)Mr.FOK Kam Chu,JohnMr.YANG Wei TakNomination Committee MembersMr.CHENG Chung Man,Johnny(Chairman)Mr.FOK Kam Chu,John

5、Ms.LAM Yuk SumMr.YANG Wei TakMr.YEUNG Wing KayRemuneration Committee MembersMr.YEUNG Wing Kay(Chairman)Mr.CHENG Chung Man,JohnnyMr.FOK Kam Chu,JohnMs.LAM Yuk SumMr.YANG Wei TakAuthorised RepresentativesMr.CHENG Chung Man,JohnnyMs.LAM Yuk SumCompany SecretaryMs.WONG Chi YingLegal Advisers as to Cayma

6、n Islands LawConyers Dill&Pearman,CaymanZephyr HouseGeorge TownGrand CaymanBritish West IndiesLegal Advisers as to Hong Kong LawChiu&Partners40th Floor,Jardine House1 Connaught PlaceHong Kong,Corporate Information 公司資料,核數師德勤關黃陳方會計師行執業會計師香港金鐘道88號太古廣場一期35樓註冊辦事處Cricket SquareHutchins DriveP.O.Box 2681G

7、rand Cayman KY1-1111Cayman Islands總辦事處及主要營業地點香港新界葵涌大連排道192-200號偉倫中心二期十樓主要股份登記及過戶處HSBC Trustee(Cayman)LimitedP.O.Box 484HSBC House68 West Bay RoadGrand CaymanKY1-1106Cayman Islands香港股份登記及過戶分處卓佳秘書商務有限公司香港灣仔皇后大道東28號金鐘匯中心26樓主要往來銀行中國銀行（香港）有限公司香港上海滙豐銀行有限公司網址http:/.hkhttp:/,AuditorDeloitte Touche TohmatsuC

8、ertified Public Accountants35th Floor,One Pacific Place88 QueenswayHong KongRegistered OfficeCricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman IslandsHead Office and Principal Place of Business10th Floor,Wyler Centre Phase II192-200,Tai Lin Pai RoadKwai Chung,New TerritoriesHong Ko

9、ngPrincipal Share Registrar and Transfer OfficeHSBC Trustee(Cayman)LimitedP.O.Box 484HSBC House68 West Bay RoadGrand CaymanKY1-1106Cayman IslandsHong Kong Branch Share Registrar and Transfer OfficeTricor Secretaries Limited26th Floor,Tesbury Centre28 Queens Road EastWanchai,Hong KongPrincipal Banker

10、sBank of China(Hong Kong)LimitedThe Hongkong and Shanghai Banking Corporation LimitedWebsite Addresseshttp:/.hkhttp:/Code1173,3,Chairmans Statement 主席報告書,4,管理層論述與分析業務回顧截至二零一二年三月三十一日止，集團錄得 營 業 額 達1,279,537,000港 元（二 零 一 一年：1,111,421,000港 元），較 去 年 同 期 上升15.1%。營業額中有687,410,000港元（二零一一年：487,622,000港元）是來自化

11、妝品 業 務，較 去 年 同 期 上 升41%，時 裝 業務之營業額達592,127,000港元（二零一一年：623,799,000港 元），較 去 年 同 期 下 跌5.1%。集團整體之毛利率由去年54.6%下降至本年度之51.4%，主要是由於毛利率相對較低之化妝品業務營業額增加所致。而本年度之股東應佔溢利為60,406,000港元（二零一一年：66,736,000港 元），較 去年同期下跌9.5%。本年度之時裝業務分類業 績 錄 得35,465,000港 元 溢 利，與 去 年 之47,774,000港元溢利相比有25.8%之下跌。而化妝品業務分類業績錄得35,537,000港元 之 溢

12、利，與 去 年25,143,000港 元 之 溢 利相比有41.3%的增長。時裝業務截 至 二 零 一 二 年 三 月 三 十 一 日 止，時 裝業 務 之 營 業 額 達592,127,000港 元（二 零一 一 年：623,799,000港 元），較 去 年 下跌5.1%，佔 集 團 總 營 業 額46.3%。至 於分 類 業 績 方 面，時 裝 業 務 之 分 類 業 績 為35,465,000港元溢利，較去年47,774,000港元溢利下跌25.8%。時裝業務的毛利率由去 年66.7%增 加 至 本 年 度67.5%，上 升 了0.8百分點。,Management Discussion

13、 and AnalysisBusiness ReviewAs of 31st March,2012,the Group recorded a turnover of HK$1,279,537,000(2011:HK$1,111,421,000),representing an increase of 15.1%as compared withthe corresponding period last year.Included in the amount of turnover wasHK$687,410,000(2011:HK$487,622,000)generated by the cos

14、metics business,representing an increase of 41%over the same period last year.Turnover of thefashion business reached HK$592,127,000(2011:HK$623,799,000),representinga decrease of 5.1%as compared with the same period in the preceding year.The gross profit margin of the Group as a whole decreased fro

15、m 54.6%oflast year to 51.4%for the current year,which was mainly due to increase ofcosmetics business sales with relatively lower gross profit margin.Profit for theyear attributable to the shareholders was HK$60,406,000(2011:HK$66,736,000),representing a decrease of 9.5%as compared to the same perio

16、d last year.During the year,the segment results of fashion business recorded a profit ofHK$35,465,000,representing a decrease of 25.8%as compared with a profit ofHK$47,774,000 for last year.Cosmetics business recorded a segment profit ofHK$35,537,000 during the year,representing an increase of 41.3%

17、over that ofthe corresponding period last year,which was HK$25,143,000.Fashion BusinessAs of 31st March,2012,turnover of the fashion business amounted toHK$592,127,000(2011:HK$623,799,000),representing a decrease of 5.1%over the previous year,and accounting for 46.3%of the Groups totalturnover.As fo

18、r segment results,that of the fashion business recorded aprofit of HK$35,465,000,representing a decrease of 25.8%as compared withHK$47,774,000 of last year.During the year,the gross profit margin of fashionbusiness increased from 66.7%of last year to 67.5%,representing an increase of0.8 percentage p

19、oint.,Chairmans Statement 主席報告書,時裝業務香港及澳門市場截 至 二 零 一 二 年 三 月 三 十 一 日 止，集團 在 香 港 及 澳 門 共 設 有69間 店 舖（二 零一 一 年：70間）。於 回 顧 期 內，香 港 及 澳門 市 場 之 營 業 額 達374,493,000港 元（二零 一 一 年：367,558,000港 元），較 去 年上 升1.9%，佔 集 團 時 裝 業 務 總 營 業 額 的63.2%。本年度可比較店舖營業額亦錄得4.6%之增長。時裝業務台灣市場本 年 度 台 灣 零 售 錄 得 營 業 額90,654,000港元（二 零 一 一

20、 年：109,780,000港 元），較去年同期下跌17.4%，佔集團時裝業務總營業額的15.3%。截至二零一二年三月三十一日止，集團在台灣店舖數目有47間店舖（二零一一年：51間）。時裝業務新加坡市場本年度新加坡零售錄得營業額54,169,000港元（二零一一年：55,580,000港元），較去年同期下跌2.5%，佔集團時裝業務總營業額的9.1%。截至二零一二年三月三十一,Fashion Business Hong Kong and Macau MarketAs of 31st March,2012,the Group had altogether 69 outlets in Hong Ko

21、ngand Macau(2011:70 outlets).During the period under review,turnoverfrom the Hong Kong and Macau market amounted to HK$374,493,000(2011:HK$367,558,000),representing an 1.9%increase over last year and accountedfor 63.2%of the total turnover of fashion business of the Group.During theyear,the turnover

22、 of comparable outlets also recorded an increase of 4.6%.Fashion Business Taiwan MarketTurnover of the retail business in Taiwan for the year was HK$90,654,000(2011:HK$109,780,000),representing a decrease of 17.4%over the correspondingperiod last year and amounted to 15.3%of the total turnover of fa

23、shionbusiness of the Group.As of 31st March,2012,the Group had 47 outlets inTaiwan(2011:51 outlets).Fashion Business Singapore MarketDuring the year,turnover of the retail business in Singapore decreased 2.5%over the same period last year,to HK$54,169,000(2011:HK$55,580,000),representing 9.1%of the

24、total turnover of fashion business of the Group.As of31st March,2012,the Group had 15 outlets in Singapore(2011:16 outlets).,日止，集團在新加坡共設有15間店舖（二零一一年：16間）。5,Chairmans Statement 主席報告書,6,時裝業務中國市場於 回 顧 期 內，中 國 市 場 之 營 業 額 達72,811,000港 元（二 零 一 一 年：90,881,000港元），較去年同期下跌19.9%，中國區市場佔集團時裝業務總營業額的12.4%。截至二零一二年

25、三月三十一日止，集團旗下品牌Veeko及Wanko在中國市場共設有87間店舖（二零一一年：108間）。化妝品業務集團旗下Colourmix化妝品專門店截至二零 一 二 年 三 月 三 十 一 日 止，已 設 立 有57間分店（二 零 一 一 年：45間），主 要 位 於香港、澳門及中國。本年度集團之化妝品零售業務錄得營業額687,410,000港元（二零 一 一 年：487,622,000港 元），較 去 年 上升 了41%，而 可 比 較 店 舖 之 營 業 額 亦 較去年上升約14.4%。本年度化妝品業務之毛 利 率 為37.6%，較 去 年 之39.1%下 降1.5個 百 份 點。截 至

26、 二 零 一 二 年 三 月 三 十 一日 止，化 妝 品 業 務 之 分 類 業 績 錄 得 有 約35,537,000港 元 之 溢 利，相 比 於 去 年 同 期之25,143,000港元上升41.3%，化妝品業務繼續為集團業績增長之主要來源。,Fashion Business China MarketDuring the period under review,turnover of the China market amountedto HK$72,811,000(2011:HK$90,881,000),representing a decrease of 19.9%over the

27、 corresponding period last year,and accounted for 12.4%of the totalturnover of fashion business of the Group.As of 31st March,2012,the numberof Veeko and Wanko outlets in China was 87(2011:108 outlets).Cosmetics BusinessAs of 31st March,2012,the Group had established 57 Colourmix cosmeticsoutlets(20

28、11:45 outlets),which were mainly situated in Hong Kong,Macauand China.For the year,cosmetics retail business of the Group recorded aturnover of HK$687,410,000(2011:HK$487,622,000),representing an increaseof 41%over last year.The turnover of comparable outlets also increased byapproximately 14.4%over

29、 the corresponding period last year.The gross profitmargin of cosmetics business for the year was 37.6%,representing a decreaseof 1.5 percentage points as compared to 39.1%of last year.As of 31st March,2012,the cosmetics business recorded a segment profit of approximatelyHK$35,537,000,which represen

30、ted an increase of 41.3%when compared withthat of HK$25,143,000 for the same period last year,which continued to be themajor source for the growth in the Groups results.,Chairmans Statement 主席報告書,展望時裝業務時裝業務方面，集團在過去一年繼續透過增加先進生產機器設備的投資，提升整體生產成本效益，以減輕生產工人工資及其他生產成本上漲之影響。此外，集團亦透過加強產品設計，提供受歡迎及較高利潤之貨品，促使本年

31、度時裝業務之毛利率得以維持且輕微上升0.8個百分點至67.5%。店舖網絡發展方面，有見於香港市場之銷售增長以致毛利率都比其他海外市場表現優勝，故此未來會積極增加香港店舖數目，惟集團會採取審慎的開店策略，物色優質且租金相宜的位置開店。至於海外市場方面，未來集團會將一些效益不佳之店舖結束，以提升營運效益。未來會致力於同店銷售增長，以及透過減低生產成本及減少減價促銷使毛利率作進一步提升，以減輕租金成本上漲之壓力。化妝品業務化妝品業務持續為集團增長之主要動力，本年度營業額比去年增長41%，而可比較店舖營業額亦錄得14.4%之增長。分類業績之盈利比去年躍升了41.3%至35,537,000港元，平均每宗

32、銷售金額按年升12.8%，而交易宗數亦增加了25.4%。店舖數目至本年度年結日已達57間，主要位於香港、澳門及中國。於二零一二年一月份，本集團 在 中 國 開 設 了 首 間Colourmix店 舖，以測試中國市場反應，業務表現符合預期。本年度化妝品業務之毛利率為37.6%，比去年之39.1%下降1.5個百份點，主要是由於期內Colourmix陸續在具備影響力之遊客 區 開 設 店 舖，令Colourmix化 妝 品 專 門店在市場地位及形象不斷提升，更廣為中國內地遊客熟悉，知名度不斷增加，但在開業初期，此等遊客區店舖之毛利率會略為低，待遊客漸漸熟識獨家代理貨品後，毛利率會逐步提升。年內店舖數

33、目由二零一一年三月三十一日之45間增加至本期末之57間，在 此 淨 增 加 之12間 店 舖 中，有8間是位於遊客區。在過去兩年，集團每年都以十多間店舖不斷擴展，需要調動經驗豐富的員工去支援新開店舖，庫存規劃方面亦要作出特別調整以配合此快速增長，故此在此調整期穩定後有信心化妝 品業務,ProspectsFashion BusinessIn respect of fashion business,through increased investment in advancedproduction machinery equipment in the previous year,the overa

34、ll productioneffectiveness was enhanced to offset the rise in salaries of the productionworkforce and other production costs.In addition,through strengtheningproduct designs,and providing popular products with higher profitability,thegross profit margin of fashion business for the year managed to ma

35、intain andslightly increased 0.8 percentage point to 67.5%.Regarding the outlet networkexpansion,given the growth of sales and gross profit margin in Hong Kongmarket resulting in an outstanding performance as compared to other overseasmarkets,the Group will actively increase the number of outlets in

36、 Hong Kongin the future.However,the Group will formulate a prudent strategy on theopening of outlets by identifying prime locations with competitive rents.As tothe overseas markets,the Group will close down underperforming outlets inorder to enhance operational effectiveness.In the future,the Group

37、will focuson the growth of sales of comparable outlets,and further raise the gross profitmargin by reducing production cost and markdowns,so as to mitigate thepressure from the increase in rental cost.Cosmetics BusinessCosmetics business continued to be the main growth driver for the Group.The turno

38、ver for the year increased 41%over last year,and turnover fromcomparable outlets also recorded an increase of 14.4%.Segment profitincreased by 41.3%to HK$35,537,000.Average sales amount per transactionwas up 12.8%year-on-year,while the number of transactions also increased25.4%.As at the end of this

39、 financial year,the number of outlets reached 57,principally located at Hong Kong,Macau and China.In January 2012,the Groupopened its first Colourmix store in China in order to test the response of Chinamarket and the performance is up to our expectation.For the year,grossprofit margin of cosmetics

40、business was 37.6%,representing a decrease of 1.5percentage points from 39.1%of last year,which was mainly due to opening ofoutlets in influential tourist attractions,since which Colourmix has enhancedits position and image gradually in the market and become well known amongtourists from Mainland Ch

41、ina and hence increased its popularity.However,thegross profit margin of those outlets in the tourist attractions would be lowerin the starting period of their businesses,and the gross profit margin of suchwill rise after the tourists becoming familiar to the products with exclusivedistributorship.D

42、uring the year,the number of outlets had increased to 57from 45 as of 31st March,2011,and of such 12 net increase outlets,8 outletsare situated in tourist attractions.In the past two years,the Group has beenexpanding by opening more than 10 outlets each year.The Group needs todeploy experienced staf

43、f to support the newly opened outlets,and madespecial adjustments in inventory planning to cope with such rapid increase.It is confident that the cosmetics business will achieve improvement aftersuch consolidation stage becomes stabilized.Currently,sales of exclusivelydistributed branded products ac

44、counted for about 40%of total sales of,7,Chairmans Statement 主席報告書,8,更勝現時。現時獨家代理品牌佔化妝品業務總銷售額約40%。未來集團會繼續致力豐富產品系列、增加獨家經銷及潮流之美容產品、培訓員工提供優質專業之服務。管理層對未來化妝品業務之發展充滿信心，會按現時速度繼續擴展店舖網絡。流動資金及財務資源本年度，集團之營運資金由截至二零一一年三月三十一日止之359,212,000港元增加至359,708,000港元。於 二 零 一 二 年 三 月 三 十 一 日，本 集 團之現金及銀行結餘（主 要 為 港 元 及 人 民幣）為10

45、7,413,000港 元（二 零 一 一 年：119,081,000港 元）。未 償 還 銀 行 借 貸（主要 為 港 元）為61,316,000港 元（二 零 一 一年：17,388,000港元包括銀行透支），而借貸 總 額 為61,717,000港 元（二 零 一 一 年：18,062,000港元）。借貸總額增加，主要由於在香港及澳門擴充化妝品零售網絡所致。於本年度內，化妝品店舖淨增加了12間，以致就該等新開店舖之資本開支、租金 按 金 及 存 貨 採 購 有 所 上 升。本 年 度 資本 開 支 為45,858,000港 元（二 零 一 一 年：22,745,000港元）。本年度資本開支

46、增加主要由於化妝品業務新增店舖裝修，時裝業務旗下品牌Veeko推出新店舖設計形象，於本年度內陸續將一些現有Veeko店舖以新形象重新裝修，以及本集團投資於時裝業務之國內廠房的先進生產機器設備所致。於二零一二年三月三十一日，本集團之流動比率為3.71倍（二零一一年：5.97倍），而 負 債 比 率 為0.10倍（二 零 一 一 年：0.03倍），乃 按 本 集 團 借 貸 總 額61,717,000港元（二 零 一 一 年：18,062,000港 元）以 及總 權 益594,925,000港 元（二 零 一 一 年：560,536,000港元）計算。於二零一二年三月三十一日，本集團之銀行融資設施

47、為158,739,000港元（二零一一年：164,318,000港 元），當 中 本 集 團 已 動用之融資金額為88,799,000港元（二零一一年：37,123,000港元）。管理層相信現有之財務資源足以應付日後之擴展計劃。如有需要時，本集團亦可以優惠條款取得額外融資。,the cosmetics business.In the future,the Group will keep on enriching theproduct portfolio,increasing the variety of cosmetics products with exclusivedistributors

48、hip and trendy cosmetics products,and training employees toprovide quality and professional services.The management is confident aboutthe future development of the cosmetics business and will expand outletnetwork according to existing pace.Liquidity&Financial ResourcesThe Groups working capital incr

49、eased from HK$359,212,000 as at 31st March,2011 to HK$359,708,000 for the year end.At 31st March,2012,the Groups cash and bank balances(mainly in Hong Kongdollar and Renminbi)amounted to HK$107,413,000(2011:HK$119,081,000).The outstanding bank borrowings(mainly in Hong Kong Dollar)amountedto HK$61,3

50、16,000(2011:HK$17,388,000 including bank overdrafts)whereasthe total borrowings was HK$61,717,000(2011:HK$18,062,000).The increasein bank borrowings was mainly attributable to the continuing expansion ofcosmetics retail network in Hong Kong and Macau.During the year,the netincrease in number of cosm