Bossini International : ANNUAL REPORT 2018/19

Annual Report 2018/19 年報

Financial and operational highlights 財務及營運摘要

Financial performance 財務表現

	HK$mn	HK$mn
	港幣百萬元	港幣百萬元
	Year ended	Year ended
	30 June 2019	30 June 2018
	截至二零一九年	截至二零一八年	Change
	六月三十日止年度	六月三十日止年度	轉變
Revenue 收益	1,641	1,958	16%
Gross prot 毛利	846	1,036	18%
Loss from operating activities 營運業務虧損	(135)	(21)	526%
Loss for the year attributable to owners 擁有人應佔年內虧損	(139)	(29)	380%
Basic loss per share (HK cents) 每股基本虧損（港仙）	(8.48)	(1.77)	379%
Interim dividend per share (HK cents) 每股中期股息（港仙）	1.22	1.22	0%
Final dividend per share (HK cents) 每股末期股息（港仙）	1.22	1.22	0%
Gross margin (%) 毛利率（%）	52%	53%	1% pt 個百分點
Operating margin (%) 營運溢利率（%）	-8%	-1%	7% pts 個百分點
Net margin (%) 淨溢利率（%）	-8%	-1%	7% pts 個百分點
EBITDA 未計利息、稅項、折舊及攤銷前盈利	(115)	(2)	6,879%
EBITDA margin (%) 未計利息、稅項、折舊及攤銷前盈利率（%）	-7%	0%	7% pts 個百分點
Capital expenditure 資本開支	30	26	15%

主要財務指標

			30 June 2019	30 June 2018
			二零一九年	二零一八年	Change
			六月三十日	六月三十日	轉變
Inventory turnover* (days) 存貨周轉期*（天）	119	80	39 days天
Inventory level (HK$mn) 存貨水平（港幣百萬元）	259	203	28%
Return on equity (%) 股東權益回報率（%）	-18%	-3%	15% pts 個百分點
Current ratio (times) 流動比率（倍）	3.42	3.10	10%
Net cash	†	(HK$mn) 現金淨額（港幣百萬元）	132	341	61%
	†
Total liabilities to equity ratio (%) 總負債對股東權益比率（%）	34%	29%	5% pts 個百分點

• Inventory held at year end divided by cost of sales times 365 days 年結日之存貨除以銷售成本乘365天
  † Time deposits, cash and bank balances less bank borrowings 定期存款和現金及銀行結餘減銀行貸款

Global distribution network 全球分銷網絡

	30 June 2019	30 June 2018
	二零一九年	二零一八年	Change
	六月三十日	六月三十日	轉變
Hong Kong and Macau 香港及澳門
Directly managed stores	39	40	1
直接管理店舖
Mainland China 中國大陸
Directly managed stores	175	164	11
直接管理店舖
Taiwan 台灣
Directly managed stores	57	64	7
直接管理店舖
Singapore 新加坡
Directly managed stores	15	16	1
直接管理店舖
Other countries 其他國家
Export franchised stores	775	654	121
出口特許經營店舖
Total 合共
Directly managed stores	286	284	2
直接管理店舖
Franchised stores	775	654	121
特許經營店舖
	1,061	938	123

Revenue by geographical market 按區域分類之收益

For the year ended 30 June 2019 截至二零一九年六月三十日止年度

Hong Kong and Macau 香港及澳門				Mainland China 中國大陸
			20%(17%)
65%	(67%)

Taiwan 台灣

9%(9%)

Singapore 新加坡

6%(7%)

( ) Figures for the year ended 30 June 2018 are shown in brackets 截至二零一八年六月三十日止年度之數字以括號表示

Our vision is to be the most preferred

EVERYDAY WEAR BRAND

我們的願景 － 成為顧客首選的

日常服飾品牌

Bossini International Holdings Limited (the "Company"; stock code on The Stock Exchange of Hong Kong Limited ("stock code"): 592) and its subsidiaries (the "Group" or "Bossini") is a renowned apparel brand owner, retailer and franchiser in the region.

Headquartered in Hong Kong, Bossini launched its first retail store in 1987. Over the past three decades, it rapidly established an extensive international operating platform and distribution network that extended to a total of 1,061 stores worldwide. Among these, the Group operated 286 directly managed stores in Hong Kong and Macau, mainland China, Taiwan and Singapore. As for other overseas markets, the Group cooperated with its business partners to establish a total of 775 export franchised stores in 27 countries, spanning from Southeast Asia, the Middle East, Europe to as far as Central America.

Renowned for its comfortable, easy to mix-and-match, colourful and energetic style,	Bossini offers casual wear apparel
products including men's, ladies' and kids' wear, which are designed to fit a wide range	of customer needs.

堡獅龍國際集團有限公司（「本公司」；香港聯合交易所有限公司之股份代號（「股份代號」）：592）及其附屬公司（「本集團」或「堡 獅龍」）是區內馳名的服裝品牌擁有人、零售商和特許經營商。

堡獅龍總部設於香港，自一九八七年開設首間零售店舖以來，經過三十年的迅速發展，已建立了一個龐大的國際營運平台及 分銷網絡。本集團全球共設有1,061間店舖，其中286間位於香港及澳門、中國大陸、台灣及新加坡的零售店舖由本集團直接 管理。海外市場方面，本集團與商業夥伴結盟，設有775間出口特許經營店舖，分佈於東南亞、中東、歐洲及遠至中美洲等27 個國家。

堡獅龍供應的休閒服產品包括男士、女士及兒童系列，所有產品設計緊貼不同顧客需要，並因其舒適、易於配襯、色彩豐富 又充滿活力而享譽各地市場。

CONTENTS 目錄

Financial and operational highlights 財務及營運摘要

Corporate profile 企業簡介

Company information	2
公司資料
Chairman's letter to shareholders	3
主席致股東函件
Management discussion and analysis	6
管理層討論及分析

Corporate governance report	20
企業管治報告

Directors' profiles	41
董事簡介
Report of the directors	43
董事局報告書

Five year financial summary	66
五年財務摘要
Financial report	67
財務報告
Particulars of property	212
物業詳情

Global distribution network 全球分銷網絡

review Business 顧 回 務 業

Governance 治 管

information Financial directors the of Report 料 資 務 財書 告 報 局 事 董

COMPANY INFORMATION

公司資料

Business review 業 務 回 顧

Governance 管 治

Financial information Report of the directors 財 務 資 料董 事 局 報 告 書

Executive directors	執行董事
Ms. TSIN Man Kuen Bess (Chairman)	錢曼娟女士（主席）
Mr. MAK Tak Cheong Edmund	麥德昌先生
Mr. CHAN Cheuk Him Paul	陳卓謙先生

Independent non-executive directors	獨立非執行董事
Mr. CHEONG Shin Keong	鄭善強先生
Ms. LEUNG Mei Han	梁美嫻女士
Prof. SIN Yat Ming	冼日明教授

Company secretary	公司秘書
Ms. WONG Suk May	王淑薇女士
Principal bankers	主要往來銀行
Bank of China (Hong Kong) Limited	中國銀行（香港）有限公司
Standard Chartered Bank (Hong Kong) Limited	渣打銀行（香港）有限公司
The Hongkong and Shanghai Banking	香港上海滙豐銀行有限公司
Corporation Limited
Auditor	核數師
Ernst & Young	安永會計師事務所
Principal solicitor	主要律師
Deacons	的近律師行

Principal share registrar and transfer office	主要股份過戶登記處
MUFG Fund Services (Bermuda) Limited	MUFG Fund Services (Bermuda) Limited
4th floor North	4th floor North
Cedar House	Cedar House
41 Cedar Avenue	41 Cedar Avenue
Hamilton HM 12	Hamilton HM 12
Bermuda	Bermuda

Hong Kong branch share registrar	香港股份過戶登記分處
Computershare Hong Kong Investor Services Limited	香港中央證券登記有限公司
Shops 1712-6, 17th Floor	香港灣仔皇后大道東183號
Hopewell Centre	合和中心17樓
183 Queen's Road East, Wanchai	1712-6室
Hong Kong

Registered office	註冊辦事處
Victoria Place, 5th Floor	Victoria Place, 5th Floor
31 Victoria Street	31 Victoria Street
Hamilton HM 10	Hamilton HM 10
Bermuda	Bermuda

Principal office	總辦事處
2/F, PopOffice	香港九龍將軍澳
9 Tong Yin Street	唐賢街9號
Tseung Kwan O	PopOffice 2樓
Kowloon
Hong Kong

Website	網址
www.bossini.com	www.bossini.com

2 ANNUAL REPORT 2018/19 年報

CHAIRMAN'S LETTER TO SHAREHOLDERS

主席致股東函件

Dear Shareholders,

The global economic growth during the 2018/19 financial year has continued to soften. Rising trade barriers, renewed financial stress, and sharper-than-expected slowdowns in several major economies are adding to the downside risks. In Asia, economic growth is decelerating and projected to have the slowest one since the Asian financial crisis. In the Middle East, slower oil sector growth in some countries and geopolitical tensions and civil strife in others are leading to a stagnant economic performance. Mainland China's economic growth sank to its lowest level in at least 26 years. Renminbi weakened and the Trump administration has declared mainland China a currency manipulator - both reflected the growing severity of the trade war with the United States. In Hong Kong, the promulgation of the Outline Development Plan for the Guangdong-HongKong-Macau Greater Bay Area in mid-February 2019 signified a new milestone in the development of the Greater Bay Area. Hong Kong is well-positioned to leverage its advantages to generate new impetus for growth in different sectors in the longer run. However, the city's economy lacked growth momentum in the first half of 2019. External demand was on the wane, and the drop in total goods exports has also further widened in the second quarter. Retail sales growth has also slowed down significantly since July 2018.

The Group's revenue fell 16% to HK$1,641 million in the year under review. Gross profit decreased by 18% to HK$846 million and gross profit margin dropped by 1% point to 52%. The Group's same-store sales and same-store gross profit also decreased by 9% and 11% respectively. Inventory turnover days was 119 days, as compared to 80 days in 2018. The Group optimised its international presence for export franchising business with the addition of 121 stores net with its geographical footprint across 27 countries. Loss for the year attributable to owners was HK$139 million, resulting in basic loss per share of HK8.48 cents. Net cash totalled HK$132 million as of 30 June 2019. Also, the Group held an investment fund of HK$232 million. The board of directors recommended a final dividend of HK1.22 cents per share for the year under review.

The Group collaborated with popular brands to enhance brand awareness and continued customer loyalty in various markets. We continued to introduce new collections with regional and international licensing partners to ignite customers' aspiration for a happy and fun lifestyle. The《Taste It, Make Bold》campaign of the bossini x Coca-Cola collection offered apparels that seamlessly weaved the iconic Coca-Cola logo and its signature palette of red, white and black with our reinvented styles. bossini x Mickey 90《Beyond Classic》collection celebrated Mickey's 90th Anniversary and incorporated the signature styles of the classic characters. Our collaborative capsule collection with Winnie The Pooh,《Sweet As Can Bee》was inspired by The Hundred Acre Wood, the fictional land that Pooh lives and exhibited a bright and carefree personality. Bossini's latest collaborative Toy Story 4 collection《Disney • Pixar: It's Play Time!》featured well-loved characters and the new ones. This collection offered Toy Story apparels for adults and kids across graphic tees, bottoms and dresses. bossini x QEE collection

《QEE my way》carried a whimsy, capricious and colourful life attitude that sparked off people's creativity. The cute, stylish pattern, fuelled with vitality, presented the fashionable QEE on adults and kids' wear.

致各位股東：

在二零一八╱一九財政年度，全球經濟增長繼續放緩。由於貿易壁壘 飆升，財政壓力捲土重來，以及部分主要經濟體經濟放緩速度超出預 期，增加了經濟下行風險。在亞洲，經濟增長正在減速，預期將出現 亞洲金融危機以來最緩慢的增長。在中東，一些國家的石油銷售增長 放緩，而另一些則受到地緣政治緊張局勢和內亂的困擾，導致了整個 地區的經濟停滯不前。在中國大陸，經濟增長速度降至二十六年來的 最低水平，人民幣持續疲弱，美國特朗普政府將中國大陸列為貨幣操 縱國，這些都反映了中美貿易戰有愈演愈烈之勢。香港方面，中國大 陸在二零一九年二月中旬頒布《粵港澳大灣區發展規劃綱要》，是區內 發展進程中的一個新的里程碑。香港蓄勢待發，可利用其優勢在各個 領域作長遠發展，創造新的動力。然而香港在二零一九年上半年的經 濟增長缺乏動力，外需持續減弱，第二季貨物出口總額下降，自二零 一八年七月以來零售業銷貨額增長出現顯著放緩。

本集團於回顧年內的收益下跌16%至港幣16.41億元，毛利減少18%至 港幣8.46億元，毛利率減少1個百分點至52%，同店銷售額及同店毛利 分別減少9%及11%，存貨周轉期由二零一八年的80天增加至119天。 本集團持續優化出口特許經營業務的國際版圖，淨新增121間店舖， 足跡遍佈27個國家。擁有人應佔年內虧損為港幣1.39億元，每股基本 虧損為8.48 港仙。於二零一九年六月三十日，本集團現金淨額為港幣 1.32億元。同時，本集團持有一項投資基金港幣2.32億元。董事局建 議於回顧年內派發末期股息每股1.22港仙。

本集團與備受歡迎的品牌合作，以在多個市場提升我們的品牌知名度 及持續的客戶忠誠度。我們繼續與不同地區及國際授權合作夥伴推出 全新系列，以激發顧客追求快樂和有趣的生活方式。bossini x Coca- Cola 系列以《Taste It, Make Bold》為主題，將可口可樂標誌性的商標 及紅、白和黑三色設計與我們重塑的風格完美結合。為慶祝米奇90週 年，本集團推出bossini x Mickey 90《Beyond Classic》系列，演繹經典 角色多年來的標誌性形象。我們與小熊維尼合作的精品系列《Sweet As Can Bee》，靈感來自於小熊維尼生活的那片虛擬樂園The Hundred Acre Wood，展現開朗無憂的性格。堡獅龍最新推出的反斗奇兵4聯乘 系列《Disney • Pixar: It's Play Time!》活現深受大眾喜愛的卡通角色和新 角色，這個系列提供反斗奇兵成人和童裝服飾，包括圖案T恤、下裝和 連衣裙。bossini x QEE 系列《QEE my way》以奇思妙想、多姿多彩的生 活態度開啓大腦創造力，透過萌趣活力及時尚圖案，在成人和童裝服 飾上展現QEE的潮流感。

review Business 顧 回 務 業

Governance 治 管

information Financial directors the of Report 料 資 務 財書 告 報 局 事 董

BOSSINI INTERNATIONAL HOLDINGS LIMITED 堡獅龍國際集團有限公司 3