Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
YGM TRADING LIMITED
(incorporated in Hong Kong with limited liability)
(Stock Code: 00375)
ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31 MARCH 2022
The Board of Directors (the "Board") of YGM Trading Limited (the "Company") hereby announces the consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 March
2022 together with comparative figures for the corresponding year and selected explanatory notes as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Expressed in Hong Kong dollars)
Note | 2022 | 2021 | ||||
$'000 | $'000 | |||||
Revenue | 3, 4 | 211,489 | 216,181 | |||
Cost of sales and direct costs | (77,021) | (80,003) | ||||
Gross profit | 134,468 | 136,178 | ||||
Other net gain | 7,317 | 26,462 | ||||
Distribution costs | (106,656) | (100,290) | ||||
Administrative and other operating expenses | (50,518) | (69,310) | ||||
Loss from operations | (15,389) | (6,960) | ||||
Net valuation gains on investment properties | 6,405 | 3,178 | ||||
Net gain on disposal of investment properties | 13,336 | - | ||||
Finance costs | 5(a) | (2,379) | (3,182) | |||
Profit/(loss) before taxation | 5 | 1,973 | (6,964) | |||
Income tax credit/(expenses) | 6 | 167 | (4,718) | |||
Profit/(loss) for the year | 2,140 | (11,682) | ||||
Attributable to: | ||||||
Equity shareholders of the Company | 3,284 | (11,740) | ||||
Non-controlling interests | (1,144) | 58 | ||||
Profit/(loss) for the year | 2,140 | (11,682) | ||||
Earnings/(loss) per share | 8 | |||||
Basic and diluted | $ | 0.02 | $ | (0.07) |
Details of dividends payable to equity shareholders of the Company are set out in note 7.
1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Expressed in Hong Kong dollars)
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
$'000 | $'000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Profit/(loss) for the year | 2,140 | (11,682) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income for the year | |||||||||||||||||||||||||||||||||||||||||||||||||
(after tax and reclassification adjustment of $Nil) | |||||||||||||||||||||||||||||||||||||||||||||||||
Item that may be reclassified subsequently to profit or loss: | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchange differences on translation of financial | |||||||||||||||||||||||||||||||||||||||||||||||||
statements of subsidiaries outside Hong Kong | (5,884) | 12,813 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income for the year | (5,884) | 12,813 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income for the year | (3,744) | 1,131 | |||||||||||||||||||||||||||||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity shareholders of the Company | (2,835) | 791 | |||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | (909) | 340 | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income for the year | (3,744) | 1,131 |
2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Expressed in Hong Kong dollars)
Note | 2022 | 2021 | ||
$'000 | $'000 | |||
Non-current assets | ||||
Investment properties | 186,806 | 265,024 | ||
Other property, plant and equipment | 53,042 | 48,532 | ||
239,848 | 313,556 | |||
Intangible assets | 133,442 | 133,442 | ||
Rental deposits | 4,415 | 7,950 | ||
Deferred tax assets | 281 | 243 | ||
377,986 | 455,191 | |||
Current assets | ||||
Trading securities | 17,119 | 16,475 | ||
Inventories | 38,917 | 35,443 | ||
Trade and other receivables | 9 | 41,801 | 40,476 | |
Current tax recoverable | 317 | 654 | ||
Cash and cash equivalents | 132,788 | 142,423 | ||
230,942 | 235,471 | |||
Current liabilities | ||||
Bank overdrafts | 7,049 | 8,864 | ||
Trade and other payables and contract liabilities | 10 | 36,904 | 37,579 | |
Lease liabilities | 26,657 | 39,766 | ||
Current tax payable | 319 | 602 | ||
Provisions | 11 | - | 9,570 | |
70,929 | 96,381 | |||
Net current assets | 160,013 | 139,090 | ||
Total assets less current liabilities | 537,999 | 594,281 | ||
Non-current liabilities | ||||
Lease liabilities | 29,325 | 33,990 | ||
Deferred tax liabilities | 1,004 | 1,363 | ||
30,329 | 35,353 | |||
NET ASSETS | 507,670 | 558,928 | ||
CAPITAL AND RESERVES | ||||
Share capital | 383,909 | 383,909 | ||
Reserves | 115,089 | 154,977 | ||
Total equity attributable to equity shareholders of the Company | 498,998 | 538,886 | ||
Non-controlling interests | 8,672 | 20,042 | ||
TOTAL EQUITY | 507,670 | 558,928 |
3
NOTES:
(Expressed in Hong Kong dollars unless otherwise indicated)
-
Basis of preparation of the financial statements
The financial information relating to the years ended 31 March 2022 and 2021 included in this preliminary announcement of annual results does not constitute the Company's statutory annual consolidated financial statements for these years but is extracted from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance is as follows:
The financial statements for the year ended 31 March 2022 have yet to be reported on by the Company's auditor and will be delivered to the Registrar of Companies in due course.
The Company has delivered the financial statements for the year ended 31 March 2021 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance.
The Company's auditor has reported on the statutory financial statements of the Company for the year ended 31 March 2021. The auditor's report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Hong Kong Companies Ordinance.
The Company's statutory annual financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards ("HKFRSs"), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards ("HKASs") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The measurement basis used in the preparation of the statutory annual financial statements is the historical cost basis except that investment properties and trading securities are stated at their fair values. - Changes in accounting policies
The HKICPA has issued a number of amendments to HKFRSs that are first effective for the current accounting period of the Group. None of these developments has had a material effect on how the Group's results and financial position for the current or prior periods have been prepared or presented in this financial report.
The Group has not applied any new standard or interpretation issued by HKICPA that is not yet effective for the current accounting period. - Revenue
The principal activities of the Group are garment wholesaling and retailing, trademark ownership and licensing, property investment and provision of security printing, general business printing and trading of printing products. - Disaggregation of revenue
Disaggregation of revenue from contracts with customers by significant category of revenue is as follows:
- Disaggregation of revenue
4
2022 | 2021 | ||
$'000 | $'000 | ||
Revenue from contracts with customers | |||
within the scope of HKFRS 15 | |||
Sales of garments | 158,844 | 160,402 | |
Royalty and related income | 18,518 | 17,820 | |
Income from printing and related services | 28,689 | 30,403 | |
206,051 | 208,625 | ||
Revenue from other sources | |||
Gross rentals from investment properties - lease payments that are | |||
fixed or depend on an index or a rate | 5,438 | 7,556 | |
211,489 | 216,181 |
The Group's customer base is diversified and no individual customer with whom transactions have exceeded 10% of the Group's revenue for the years ended 31 March 2022 and 2021.
- Revenue expected to be recognised in the future arising from contracts with customers in existence at the reporting date
The Group has applied the practical expedient in paragraph 121 of HKFRS 15 and therefore the information about the remaining performance obligation is not disclosed for contracts that have an original expected duration of one year or less and also for those performance obligations which are regarded as satisfied as invoiced.
4. Segment reporting
-
Segment results, assets and liabilities
The Group manages its businesses by divisions, which are organised by business lines. In a manner consistent with the way in which information is reported internally to the Group's most senior executive management for the purposes of resources allocation and performance assessment, the Group has presented the following four reportable segments. No operating segments have been aggregated to form the following reportable segments. - Sales of garments: wholesaling and retailing of garments
- Licensing of trademarks: management and licensing of trademarks for royalty income
- Printing and related services: provision of security printing and sale of printed products
- Property rental: leasing of properties to generate rental income
Information regarding the Group's reportable segments as provided to the Group's most senior executive management for the purposes of resource allocation and assessment of segment performance for the years ended 31 March 2022 and 2021 is set out below:
Licensing | Printing and | |||||||||||||||||||
Sales of garments | of trademarks | related services | Property rental | Total | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |||||||||||
Revenue from external customers | 158,844 | 160,402 | 18,518 | 17,820 | 28,689 | 30,403 | 5,438 | 7,556 | 211,489 | 216,181 | ||||||||||
Inter-segment revenue | - | - | 2,100 | 4,331 | 136 | 188 | 2,433 | 2,433 | 4,669 | 6,952 | ||||||||||
Reportable segment revenue | 158,844 | 160,402 | 20,618 | 22,151 | 28,825 | 30,591 | 7,871 | 9,989 | 216,158 | 223,133 | ||||||||||
Reportable segment (loss)/profit | ||||||||||||||||||||
(adjusted EBITDA) | (4,422) | 22,071 | 6,282 | 1,338 | 3,325 | 8,431 | 390 | 8,627 | 5,575 | 40,467 | ||||||||||
Reportable segment assets | 498,612 | 447,093 | 140,228 | 141,126 | 14,190 | 14,197 | 199,729 | 278,327 | 852,759 | 880,743 | ||||||||||
Reportable segment liabilities | 455,622 | 427,319 | 11,522 | 15,065 | 4,336 | 5,939 | 16,223 | 15,037 | 487,703 | 463,360 |
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
YGM Trading Ltd. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 11:57:11 UTC.