IHRETAIL：202425INTERIMREPORT.pdf

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1、ContentsInternational Housewares Retail Company Limited 2024/25 Interim Report 1PageCorporate Information2Financial Highlights3Management Discussion and Analysis4Report on Review of Interim Financial Information9Condensed Consolidated Interim Statement of Comprehensive Income10Condensed Consolidated

2、 Interim Balance Sheet11Condensed Consolidated Interim Statement of Changes in Equity12Condensed Consolidated Interim Statement of Cash Flows13Notes to the Condensed Consolidated Interim Financial Information14Other Information30Corporate InformationInternational Housewares Retail Company Limited 20

3、24/25 Interim Report2DIRECTORSExecutive Directors:Ms.Ngai Lai Ha(Chairman and Chief executive officer)Mr.Lau Pak Fai Peter(Honorary Chairman)Mr.Cheng Sing Yuk(Chief financial officer)Independent Non-executive Directors:Mr.Mang Wing Ming ReneMr.Ng Sze Yuen,TerryMr.Yeung Yiu KeungAUDITORPricewaterhous

4、eCoopersCertified Public AccountantsCOMPANY SECRETARYMr.Lee Chung ShingHKICPAREGISTERED OFFICECricket Square,Hutchins DrivePO Box 2681,Grand CaymanKY1-1111,Cayman IslandsHONG KONG HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS20th Floor,Tower B,Southmark,11 Yip Hing Street,Wong Chuk Hang,Hong Kong Tel:

5、(852)3512-3100LEGAL ADVISERDeaconsPRINCIPAL BANKERSBank of China(Hong Kong)LimitedDBS Bank(Hong Kong)LimitedHang Seng Bank LimitedThe Hongkong and Shanghai Banking Corporation LimitedSHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONGComputershare Hong Kong Investor Services LimitedShops 1712-1716,17th

6、 Floor,Hopewell Centre183 Queens Road EastWanchai,Hong KongSTOCK CODE1373COMPANY WEBSITE.hkFinancial HighlightsInternational Housewares Retail Company Limited 2024/25 Interim Report 3The board of directors(the“Board”or“Director(s)”)of International Housewares Retail Company Limited(the“Company”)is p

7、leased to announce the unaudited consolidated interim results of the Company and its subsidiaries(collectively referred to as the“Group”or“We”)for the six months ended 31 October 2024(the“Period”)prepared in accordance with the relevant requirements of the Rules Governing the Listing of Securities o

8、n The Stock Exchange of Hong Kong Limited(the“Listing Rules”and the“Stock Exchange”respectively),together with comparative figures for the six months ended 31 October 2023(“2023/24”).The Groups revenue for the Period was HK$1,270,635,000(2023/24(1):HK$1,322,485,000),representing a 3.9%decline.The pr

9、ofit attributable to owners of the Company for the Period was HK$32,959,000(2023/24:HK$50,764,000),reflecting a decrease of 35.1%.The Board has resolved to declare an interim dividend of 4.0 HK cents per share.Note:1.Comparative figures for the six months ended 31 October 2023 are shown as(“2023/24”

10、)in brackets.Management Discussion and AnalysisInternational Housewares Retail Company Limited 2024/25 Interim Report4Financial PerformanceThe Groups revenue for the Period was HK$1,270,635,000(2023/24:HK$1,322,485,000),representing a 3.9%decline.This decrease indicated Hong Kongs retail market has

11、entered a phase of transition,marked by normalizing of travel abroad and northward consumption.In addition,the strong US dollar and a weakened capital market have further reduced spending within Hong Kongs retail sector.The profit attributable to owners of the Company for the Period was HK$32,959,00

12、0(2023/24:HK$50,764,000),reflecting a decrease of 35.1%.By leveraging favorable procurement costs from our globally renowned suppliers,especially in regions where the exchange rate benefits us due to the strong Hong Kong dollar,we have been actively expanding our product portfolio as well as new cat

13、egories to our product mix with high-quality at favorable prices to ensure close alignment with current trends that are popular among our customers to bolster our revenue.We have also developed our private label by improving quality,introducing new features,enhancing design and packaging,and marketi

14、ng to build a strong brand image and customer loyalty focused on the uniqueness of the products.In addition to diversifying our private label,expanding and enriching the product range in the market is another area where we will increase our efforts to improve our gross profit margin and access addit

15、ional market opportunities and customer segments.The Groups gross profit margin slightly increased to 47.0%of the Period(2023/24:46.8%).Liquidity and Financial ResourcesThe Group has continued to maintain a strong liquidity and cash flow position,which is of paramount importance for its future devel

16、opment,particularly amid such uncertain economic times.As at 31 October 2024,the Group had cash and cash equivalents amounting to HK$308,072,000(31 October 2023:HK$318,775,000).The majority of the Groups cash and bank deposits were denominated in Hong Kong dollars and were deposited with major banks

17、 in Hong Kong,with maturity dates falling within three months.It is the Groups treasury management policy to not engage in any highly leveraged or speculative derivative products and it will continue to place the majority of its surplus cash in Hong Kong dollar bank deposits with appropriate maturit

18、y periods to meet funding requirements in the future.As at 31 October 2024,the current ratio for the Group was 1.6(30 April 2024:1.5).Borrowings amounted to HK$20,348,000(30 April 2024:HK$22,820,000).The Group was in a net cash position as at 31 October 2024.Its gearing ratio as determined by total

19、borrowings and loans due to a non-controlling shareholder divided by total equity was 3.13%(30 April 2024:3.37%).Human ResourcesDespite HKSAR government efforts to alleviate the labour shortage through measures like the Enhanced Supplementary Labour Scheme,businesses continue to struggle with high s

20、taff costs.In addition to following the local market salary requirements,accommodation,training fees,and recruitment fees for imported labor have all contributed to these increased expenses.In response,our Group has implemented stringent cost control measures,including strict budgeting and workforce

21、 optimization.These efforts have successfully mitigated financial pressures,resulting in an 8.1%reduction in total staff costs,from HK$216,886,000 in 2023/24 to HK$199,383,000.In addition,the Group has embraced in-store automation technologies to release manpower and workload to help streamline task

22、s and raise operational efficiencies.Moreover,the Group has made timely adjustments in manpower deployment across different stores to control our total man-hours and the staff cost.The Group regularly reviews its remuneration packages and rewards qualified employees with performance bonuses and shar

23、e awards.The allocation of annual discretionary bonuses and share awards takes into consideration the individuals performance.As at 31 October 2024,the Group had approximately 2,070 employees(at 31 October 2023:2,190 employees).International Housewares Retail Company Limited 2024/25 Interim Report 5

24、Management Discussion and Analysis(Continued)Distribution NetworkEstablished in 1991,the Group offers housewares,trend-based items,health and wellness care,personal care,food and household FMCG through an comprehensive retail network comprising of around 380 stores in Hong Kong,Singapore,Macau,East

25、Malaysia,Cambodia and Australia under renowned brands including JHC(日本城),Japan Home(日本家),123 by ELLA,$MART(多來買),City Life(生活提案)and Day Day Store(日記士多),as well as via the online platforms JHC eshop(日本城網購)and EasyBuy(易購點).Leveraging its extensive sourcing channels and portfolio of private label produc

26、ts,the Group provides a comprehensive range of items at competitive prices.The Group reinforces its position as an omni-channel retail chain of general merchandise stores(“GMS”)while evolving towards a daily convenience store model for customers,with the aim to provide a“one-stop”omnichannel shoppin

27、g experience for customers.As we reflect on the past 33 years,it is evident that our Groups brand awareness,as well as the comprehensive retail network and extensive global supplier network,have been a cornerstone of our steady and sustainable business scale and market share.In light of the HKSAR go

28、vernments initiative to attract talent and increase housing supply in Hong Kong,we must strategically prepare for the development of our store network to align with the demographic shifts and housing availability.The introduction of our service of“Click&Collect”on the online platforms“JHC eshop”and“

29、Easy Buy”,turning our retail stores into a quick service station for online orders,has broadened our product range offering in particular of those bulk items such as plastic boxes,furniture,and large electrical appliances.We believe that these initiatives will facilitate us optimize our retail space

30、 utilization,which in turn,allows for more flexibly selection of retail space and locations and better control over rental expenses.Looking ahead,the Group remains cautiously optimistic about its business prospects in the medium-to long-term.The Groups focus continues to be on Hong Kong,Singapore an

31、d Macau.The following table shows the number of stores that the Group directly manages and licenses worldwide:As at 31 October 2024As at 30 April 2024Net increase/(decrease)The Groups Directly Managed StoresHong Kong314315(1)Singapore48471Macau99The Groups Licensed Stores55 Total376376 Operational R

32、eview by Business NatureThe Groups business segments by nature include retail,wholesale,licensing and others.The retail segment continued to be the primary revenue driver of the Group during the Period.The Group has continued to increase the variety of product offerings to help capture additional ma

33、rket opportunities and expand its customer base.These endeavors contributed to retail revenue reaching HK$1,257,698,000(2023/24:HK$1,318,523,000),which also included consignment sales commission income that accounted for 99.0%(2023/24:99.7%)of the Groups total revenue for the Period.The income from

34、the wholesale,licensing and others together increased to HK$12,937,000 for the Period(2023/24:HK$3,962,000).International Housewares Retail Company Limited 2024/25 Interim Report6Management Discussion and Analysis(Continued)Operational Review by Geographical LocationsOperational Review Hong KongHong

35、 Kongs retail market has undergone significant changes,with a noticeable shift in local consumer behavior.Residents have not returned to their pre-pandemic spending habits,particularly in the evenings.This shift is further intensified by normalizing travel abroad and northward consumption for leisur

36、e and shopping.In addition to the pandemics impact,the strong US dollar and a weakened capital market have further reduced spending within Hong Kongs retail sector.Furthermore,intense competition in both online and offline sales channels has placed additional pressure on our business.Consequently,th

37、e Group recorded a revenue of HK$1,099,958,000 from Hong Kong for the Period(2023/24:HK$1,147,066,000),reflecting a 4.1%decline.Hong Kong remains the Groups key market,accounting for 86.6%(2023/24:86.7%)of its total revenue.The HKSAR governments efforts to alleviate the labour shortage through measu

38、res like the Enhanced Supplementary Labour Scheme have not fully mitigated the challenges businesses face with high staff costs.In addition to following the local market salary requirements,accommodation,training fees,and recruitment fees for imported labor have all contributed to these increased ex

39、penses.Our ongoing cost control measures,including strict budgeting and optimizing our workforce,have yielded positive outcomes in mitigating these financial pressures.Additionally,we are actively negotiating expiring leases with landlords to reduce rental costs.We anticipate that the benefits of th

40、ese efforts will be reflected in our financial results over the next year or two,as most of our leases are for a period of three years.We are confident that these measures are essential for our long-term financial performance and stability.Despite these challenges,we are encouraged by the Central Go

41、vernments continuous rollout of new measures benefiting Hong Kong,including the resumption of the multiple-entry Individual Visit Scheme for Shenzhen residents,to further stimulate the local retail market,coupled with the HKSAR governments initiative to attract talent and increase housing supply in

42、Hong Kong.In response to these positive developments,we are committed to swiftly adjusting our product assortment to align with these new measures,promising to create a convenient shopping experience for our customers as well as new revenue sources for the Group.Operational Review SingaporeSingapore

43、s revenue experienced a 3.7%decline for the Period,amounting to HK$147,986,000(2023/24:HK$153,598,000).We are steadfast in our commitment to position Singapore as a strategic market within our Group,with a focus on maintaining our market presence and brand recognition.Our strategic initiatives will

44、aim at capturing new opportunities while placing significant emphasis on cost control and operational efficiency.By optimizing our operations and boosting productivity,we aim to enhance overall efficiency and profitability.Understanding and meeting customer needs is fundamental to our business.We wi

45、ll continuously adjust our assortment plan to align with the evolving preferences and demands of our customers.This approach aims to maintain customer satisfaction and loyalty,thereby driving sales and profitability.By incorporating the Groups OEM products,we can enrich our product assortment,provid

46、ing a wider range of options to cater to diverse preferences and needs.This strategy will also help differentiate us from competitors in the market.Adhering to the group sourcing plan is important for obtaining competitive purchase prices by utilizing the groups collective buying power,allowing us t

47、o negotiate more favourable terms with suppliers.These savings can be passed on to our customers,enhancing our value proposition.Additionally,leveraging the Groups sourcing and supply chain facilities will streamline our operations,ensuring a more efficient and reliable supply chain,reducing lead ti

48、mes,and improving inventory management.This will enable us to better serve our customers and respond swiftly to market changes.Operational Review MacauThe Groups operations in Macau continued to be profitable,demonstrating satisfactory sales performance during the Period.Revenue reached HK$22,691,00

49、0(2023/24:HK$21,821,000),representing an increase of approximately 4%.International Housewares Retail Company Limited 2024/25 Interim Report 7Management Discussion and Analysis(Continued)ProspectsToward the convenience business model and explore potential business opportunitiesHong Kongs retail mark

50、et has entered a phase of transition,marked by a noticeable shift in local consumer behavior,particularly in the evenings.This change is intensified by normalizing travel abroad and northward consumption for leisure and shopping.Besides the pandemics impact,the strong US dollar and a weakened capita

51、l market have further reduced spending within Hong Kongs retail sector,and we have not been exempted from these challenges.We remain dedicated to staying updated with current market trends and aligning ourselves with new preferential measures that benefit the market.Encouraged by the Central Governm

52、ents continuous to roll out series of new measures benefitting Hong Kong,including the resumption of the multiple-entry Individual Visit Scheme for Shenzhen residents,to further stimulate the local retail market,coupled with the HKSAR governments initiative attract talent and increase housing supply

53、 in Hong Kong,we have been brought many potential business opportunities.Our focus is on enhancing procurement across diverse product categories to seize potential business opportunities for both local and cross-border consumption.In response,we are committed to swiftly adjusting our product assortm

54、ent to align with these new measures,promising to provide customers with convenience in their daily lives,thereby injecting new momentum into our revenue in future.Upgrade J-Fun gold membership plan to enhance customer loyaltyWe are dedicated to improving our service quality and ensuring every custo

55、mer feels welcome.Our adaptable and flexible frontline sales staff are crucial in enhancing service value.Additionally,we aim to upgrade our existing 1 million J-Fun registered members to gold status by 2025.Of these,300,000 members will enjoy exclusive discounts and benefits.This initiative will no

56、t only boost customer loyalty and engagement but also drive increased earnings from retail sales.In an ever-changing online sales landscape,we aim to provide convenience to our customers to set ourselves apart in the competitive online and offline environment.Our self-operated online shopping platfo

57、rm“JHC eshop”has introduced a one-hour“click&collect”service.This enables customers to collect their orders at nearby stores as early as one hour after placing an order on the e-commerce platform.This service leverages Hong Kongs retail network to enhance customer convenience and flexibility,creatin

58、g a one-stop omnichannel shopping experience.Moreover,we intend to broaden our collaboration with third-party e-commerce platforms to generate new value in our e-commerce sector.Moving forward,we will continue to refine our product offerings across multiple online sales channels to address diverse c

59、onsumer needs.Provide high-quality products at favorable pricesIn the current market landscape,we are dedicated to providing high-quality products at competitive prices as a strategic response to market trends.We focus on value for money,ensuring that our offerings are affordable and meet customer n

60、eeds.We aim to expand our product assortment and ensure appropriate stock levels.Continuous improvement and adaptability are central to our business model to meet the evolving demands of the market.In alignment with the latest market development trends,we will respond promptly to customer needs and

61、continuously adjust its procurement strategies.This focus has been a core priority in recent years and is an essential component of our strategic growth plan.By leveraging favorable procurement costs from our globally renowned suppliers,especially in regions where the exchange rate benefits us due t

62、o the strong Hong Kong dollar,we have been actively expanding our product portfolio as well as new categories to our product mix with high-quality at favorable prices to ensure close alignment with current trends that are popular among our customers.The restructuring of our logistics and distributio

63、n center aims to serve as a central hub for global sourcing.This initiative leverages our sourcing strengths,improves product distribution efficiency,and drives future growth.Additionally,we acknowledge the significance of brand loyalty and differentiation in the current competitive retail environme

64、nt.Therefore,we will continue to develop our private label by improving quality,introducing new features,enhancing design and packaging,and marketing to build a strong brand image and customer loyalty focused on the uniqueness of the products.In addition to diversifying our private label,expanding a

65、nd enriching the product range in the market is another area where we will increase our efforts to improve our gross profit margin and access additional market opportunities and customer segments.International Housewares Retail Company Limited 2024/25 Interim Report8Management Discussion and Analysi

66、s(Continued)Fortify our core business and strict budgetingIn response to various external complex and unstable factors,we are implementing measures to mitigate the impact on our operations and maintain a flexible business strategy.In our pursuit of excellence,we will focus on fortifying our core bus

67、iness operations by conducting a thorough review of each stores performance,aiming to improve the productivity of individual locations while continuing to refine our assortment plan,a tool designed to aid in swiftly formulating the product mix at each of our stores.It will enable us to respond rapid

68、ly to market trends and customer preferences,which often vary across different small regions and districts.By tailoring our product assortment to each of our store to ensure that we stock the right products at the right place and improve store shelf productivity.These initiatives underscore our comm

69、itment to innovation and customer-centricity,and we believe it will play a pivotal role in our future growth and success.Despite HKSAR government efforts to alleviate the labour shortage through measures like the Enhanced Supplementary Labour Scheme,businesses continue to struggle with high staff co

70、sts.In addition to following the local market salary requirements,accommodation,training fees,and recruitment fees for imported labor have all contributed to these increased expenses.It is important to note the results of our ongoing cost control measures in mitigating these financial pressures,whic

71、h include efforts in strict budgeting,as well as optimizing and streamlining our workforce.These measures have yielded positive outcomes.In terms of rental costs,we have also in the progress of our efforts to negotiate expiring leases with landlords,which we anticipate that the benefits of these eff

72、orts during the renewal will unfold in the financial results over the next year or two,as most of our leases are for a period of three years.In this regard,we are confident that these efforts are essential for our long-term financial performance and stability.Looking ahead,2025 presents numerous cha

73、llenges and uncertainties,Hong Kong city is navigating a period of restructuring,marked by both opportunities and obstacles.We must enhance our operational efficiency and enforce stringent cost-control measures to stay competitive in this tough market environment while adapting to new market trends.

74、This approach will position us better to remain competitive and seize new market opportunities aligned with our business development plans,aiming for sustainable growth in the future.Going forward,we are aware of the potential difficulties that lie ahead,but with our experienced management team,quic

75、k market response,and sustained commitment to future development,we are well-positioned to overcome obstacles and prepare for the next phase of development.Report on Review of Interim Financial Information International Housewares Retail Company Limited 2024/25 Interim Report 9TO THE BOARD OF DIRECT

76、ORS OF INTERNATIONAL HOUSEWARES RETAIL COMPANY LIMITED(incorporated in the Cayman Islands with limited liability)IntroductionWe have reviewed the interim financial information set out on pages 10 to 29,which comprises the condensed consolidated interim balance sheet of International Housewares Retai

77、l Company Limited(the“Company”)and its subsidiaries(together,the“Group”)as at 31 October 2024 and the condensed consolidated interim statement of comprehensive income,the condensed consolidated interim statement of changes in equity and the condensed consolidated interim statement of cash flows for

78、the six-month period then ended,and selected explanatory notes.The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounti

79、ng Standard 34“Interim Financial Reporting”issued by the Hong Kong Institute of Certified Public Accountants.The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with Hong Kong Accounting Standard 34“Interim Financial R

80、eporting”issued by the Hong Kong Institute of Certified Public Accountants.Our responsibility is to express a conclusion on this interim financial information based on our review and to report our conclusion solely to you,as a body,in accordance with our agreed terms of engagement and for no other p

81、urpose.We do not assume responsibility towards or accept liability to any other person for the contents of this report.Scope of ReviewWe conducted our review in accordance with Hong Kong Standard on Review Engagements 2410,“Review of Interim Financial Information Performed by the Independent Auditor

82、 of the Entity”issued by the Hong Kong Institute of Certified Public Accountants.A review of interim financial information consists of making inquiries,primarily of persons responsible for financial and accounting matters,and applying analytical and other review procedures.A review is substantially

83、less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly,we do not express an audit opinion.ConclusionBased o

84、n our review,nothing has come to our attention that causes us to believe that the interim financial information of the Group is not prepared,in all material respects,in accordance with Hong Kong Accounting Standard 34“Interim Financial Reporting”.PricewaterhouseCoopersCertified Public AccountantsHon

85、g Kong,20 December 2024Condensed Consolidated Interim Statement of Comprehensive IncomeFor the six months ended 31 October 2024International Housewares Retail Company Limited 2024/25 Interim Report10Unaudited six months ended 31 October20242023NoteHK$000HK$000 Revenue61,270,6351,322,485Cost of sales

86、(673,954)(703,666)Gross profit596,681618,819Other income77,4299,324Other losses,net(966)(1,357)Distribution and advertising expenses(27,492)(27,874)Administrative and other operating expenses(528,794)(531,766)Operating profit846,85867,146 Finance income3,0974,457Finance expenses(12,591)(11,791)Finan

87、ce expenses,net(9,494)(7,334)Profit before income tax37,36459,812Income tax expense9(7,348)(10,892)Profit for the period30,01648,920Other comprehensive income/(loss)Item that may be reclassified to profit or lossCurrency translation differences853(2,667)Total comprehensive income for the period30,86

88、946,253 Profit/(loss)for the period attributable to:Owners of the Company32,95950,764 Non-controlling interests(2,943)(1,844)30,01648,920 Total comprehensive income/(loss)for the period attributable to:Owners of the Company33,67248,282 Non-controlling interests(2,803)(2,029)30,86946,253 Earnings per

89、 share attributable to owners of the Company (expressed in HK cents per share)10 Basic earnings per share4.587.06 Diluted earnings per share4.577.01 The above condensed consolidated interim statement of comprehensive income should be read in conjunction with the accompanying notes.Condensed Consolid

90、ated Interim Balance SheetAs at 31 October 202411International Housewares Retail Company Limited 2024/25 Interim Report UnauditedAuditedAs atAs at31 October30 April20242024NoteHK$000HK$000 AssetsNon-current assetsProperty,plant and equipment12208,266210,895Right-of-use assets13(a)(i)481,320537,890In

91、vestment properties1232,55232,191Intangible assets1230,97626,960Deferred income tax assets5,5415,564Financial assets at fair value through profit or loss5.27,4008,139Prepayments and deposits1455,59461,624 821,649883,263 Current assetsInventories417,031402,599Trade and other receivables,prepayments a

92、nd deposits14122,737117,819Cash and cash equivalents308,072338,501 847,840858,919 Total assets1,669,4891,742,182 EquityCapital and reserves attributable to the owners of the CompanyShare capital and share premium15589,517589,517Reserves294,295299,839 883,812889,356Non-controlling interests1,5494,352

93、 Total equity885,361893,708 LiabilitiesNon-current liabilitiesDeferred income tax liabilities498498Provision for reinstatement costs174,6434,444Lease liabilities13(a)(ii)243,240266,038Borrowings186,7877,304 255,168278,284 Current liabilitiesTrade and other payables17232,130244,867Contract liabilitie

94、s177,0628,443Loans due to a non-controlling shareholder of a subsidiary7,3527,257Borrowings1813,56115,516Lease liabilities13(a)(ii)253,088285,575Current income tax liabilities15,7678,532 528,960570,190 Total liabilities784,128848,474 Total equity and liabilities1,669,4891,742,182 The above condensed

95、 consolidated interim balance sheet should be read in conjunction with the accompanying notes.Condensed Consolidated Interim Statement of Changes in EquityFor the six months ended 31 October 202412International Housewares Retail Company Limited 2024/25 Interim ReportUnaudited Attributable to owners

96、of the Company Share capital and share premiumReservesTotalNon-controlling interestsTotal equityNoteHK$000HK$000HK$000HK$000HK$000 At 1 May 2024(audited)589,517299,839889,3564,352893,708 Comprehensive income/(loss):Profit/(loss)for the period32,95932,959(2,943)30,016Other comprehensive income:Curren

97、cy translation differences713713140853Total comprehensive income/(loss)for the period33,67233,672(2,803)30,869 Transactions with owners:Employee share award scheme:value of employee services161,0891,0891,089Dividends11(40,305)(40,305)(40,305)Total transactions with owners(39,216)(39,216)(39,216)At 3

98、1 October 2024(unaudited)589,517294,295883,8121,549885,361 At 1 May 2023(audited)589,517307,446896,9637,440904,403 Comprehensive income:Profit/(loss)for the period50,76450,764(1,844)48,920Other comprehensive loss:Currency translation differences(2,482)(2,482)(185)(2,667)Total comprehensive income/(l

99、oss)for the period48,28248,282(2,029)46,253 Transactions with owners:Change in equity interests in a subsidiary without change of control114114(865)(751)Employee share award scheme:value of employee services162,0002,0002,000Dividend paid to a non-controlling interest(800)(800)Dividends(71,925)(71,92

100、5)(71,925)Total transactions with owners(69,811)(69,811)(1,665)(71,476)At 31 October 2023(unaudited)589,517285,917875,4343,746879,180 The above condensed consolidated interim statement of changes in equity should be read in conjunction with the accompanying notes.Condensed Consolidated Interim State

101、ment of Cash FlowsFor the six months ended 31 October 202413International Housewares Retail Company Limited 2024/25 Interim Report Unaudited six months ended 31 October20242023HK$000HK$000 Cash flows from operating activitiesCash generated from operations204,232259,338Income tax paid,net(90)(53,207)

102、Net cash generated from operating activities204,142206,131 Cash flows from investing activitiesPurchase of property,plant and equipment(13,482)(46,858)Purchase of intangible assets(5,888)Prepayment for purchase of intangible assets(135)Down payment of motor vehicle(287)Proceeds from disposal of prop

103、erty,plant and equipment21365Dividend received from financial assets at fair value through profit or loss370297Interest received3,5484,863 Net cash used in investing activities(15,566)(41,620)Cash flows from financing activitiesRepayments of lease liabilities(175,733)(182,393)(Repayment of)/proceeds

104、 from bank borrowings,net(2,472)8,815Interest paid(478)(434)Dividends paid(40,305)(71,925)Dividend paid to a non-controlling interest(800)Consideration paid for increase in equity interest in a subsidiary without change of control(751)Net cash used in financing activities(218,988)(247,488)Net decrea

105、se in cash and cash equivalents(30,412)(82,977)Cash and cash equivalents at beginning of the period338,501402,310Currency translation differences(17)(558)Cash and cash equivalents at end of the period308,072318,775 Analysis of balances of cash and cash equivalents:Cash at banks and on hand195,812185

106、,189 Short-term bank deposits with original maturity within three months112,260133,586 308,072318,775 The above condensed consolidated interim statement of cash flows should be read in conjunction with the accompanying notes.Notes to the Condensed Consolidated Interim Financial Information14Internat

107、ional Housewares Retail Company Limited 2024/25 Interim Report1 General informationInternational Housewares Retail Company Limited(the“Company”)and its subsidiaries(together the“Group”)are principally engaged in retail sales and trading of housewares,trend-based items,personal care,food and househol

108、d FMCG.The Company is a limited liability company incorporated in the Cayman Islands.The address of its registered office is Cricket Square,Hutchins Drive,PO Box 2681,Grand Cayman,KY1-1111,Cayman Islands.The Group is controlled by Hiluleka Limited(incorporated in the British Virgin Islands).The ulti

109、mate controlling parties of the Group are Ms.Ngai Lai Ha and Mr.Lau Pak Fai,Peter.This condensed consolidated interim financial information is presented in HK dollars(“HK$”)and rounded to the nearest thousand HK$(“HK$000”),unless otherwise stated.This interim financial information has been approved

110、for issue by the Board of Directors on 20 December 2024.This condensed consolidated interim financial information has been reviewed,but not audited.2 Basis of presentationThis condensed consolidated interim financial information for the six months ended 31 October 2024 has been prepared in accordanc

111、e with Hong Kong Accounting Standard(“HKAS”)34“Interim Financial Reporting”issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”).This condensed consolidated interim financial information does not include all the notes of the type of normally included in annual consolidated fina

112、ncial statements.Accordingly,this condensed consolidated interim financial information should be read in conjunction with the annual consolidated financial statements for the year ended 30 April 2024,which have been prepared in accordance with Hong Kong Financial Reporting Standards(“HKFRSs”).3 Acco

113、unting policiesThe accounting policies applied are consistent with those of the annual consolidated financial statements for the year ended 30 April 2024,as described in those annual consolidated financial statements,except for estimation of income tax and the adoption of the new and amended standar

114、ds as set out below.Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.(a)New and amended standards adopted by the GroupThe Group has applied the following new and amended standards and revised interpretation for the first

115、 time for the financial year beginning on 1 May 2024:HKAS 1(Amendments)Classification of Liabilities as Current or Non-currentHKAS 1(Amendments)Non-current Liabilities with CovenantsHKFRS 16(Amendments)Lease Liability in a Sale and LeasebackHong Kong Interpretation 5(Revised)Presentation of Financia

116、l Statements Classification by the Borrower of a Term Loan that Contains a Repayment on Demand ClauseHKAS 7 and HKFRS 7(Amendments)Supplier Finance ArrangementsThe adoption of these new and amended standards did not have significant impact on the amounts recognised in prior or current periods.15Inte

117、rnational Housewares Retail Company Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial Information(Continued)3 Accounting policies(Continued)(b)New and amended standards not yet adopted by the GroupThe following new and amended standards and revised interpretation w

118、hich have been issued but are not effective for the Groups financial year beginning on 1 May 2024 and have not been early adopted by the Group:Effective for accounting periods beginning on or after HKAS 21 and HKFRS 1(Amendments)Lack of Exchangeability1 May 2025HKFRS 9 and HKFRS 7(Amendments)Amendme

119、nts to the Classification and Measurement of Financial Instruments1 May 2026HKFRS 18Presentation and Disclosure in Financial Statements1 May 2027HKFRS 19Subsidiaries without Public Accountability:Disclosures1 May 2027Hong Kong Interpretation 5(Amendments)Presentation of Financial Statements Classifi

120、cation by the Borrower of a Term Loan that Contains a Repayments on Demand Clause1 May 2027HKFRS10 and HKAS28(Amendments)Sale or Contribution of Assets Between an Investor and its Associate or Joint VentureTo be determinedThe Group is in process of making an assessment of the impact of the above new

121、 and amended standards upon initial application,and has concluded on a preliminary basis that these are not expected to have a significant impact on the Groups results of operations or financial position.4 EstimatesThe preparation of this condensed consolidated interim financial information requires

122、 management to make judgements,estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,income and expense.Actual results may differ from these estimates.In preparing this condensed consolidated interim financial information,the

123、significant judgements made by management in applying the Groups accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 30 April 2024.5 Financial risk management5.1 Financial risk factorsThe Groups

124、activities expose it to a variety of financial risks:market risk(including foreign exchange risk,cash flow and fair value interest rate risk),credit risk,liquidity risk and price risk.The Groups overall risk management procedures focus on the unpredictability of financial markets and seek to minimis

125、e potential adverse effects on the Groups financial performance.This condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual consolidated financial statements,and should be read in conjunction with the Gro

126、ups annual consolidated financial statements for the year ended 30 April 2024.There have been no significant changes in the risk management policies since 30 April 2024.5.2 Fair value estimationThe carrying amounts of the financial asset including financial asset at fair value through profit or loss

127、,trade and other receivables,deposits,cash and cash equivalents;financial liabilities including loans due to a non-controlling shareholder of a subsidiary,trade and other payables,borrowings and lease liabilities approximate their fair value.The fair values of investment properties that are not trad

128、ed in an active market are determined by using valuation techniques.The disclosure of the investment properties that are measured at fair value is set out in Note 12.16International Housewares Retail Company Limited 2024/25 Interim ReportNotes to the Condensed Consolidated Interim Financial Informat

129、ion(Continued)5 Financial risk management(Continued)5.2 Fair value estimation(Continued)Financial instruments carried at fair value are analysed by valuation method.The different levels have been defined as follows:(i)Level 1:quoted prices(unadjusted)in active markets for identical assets or liabili

130、ties.(ii)Level 2:inputs other than quoted prices that are observable for the asset or liability,either directly(for example,as prices)or indirectly(for example,derived from prices).(iii)Level 3:inputs for the asset or liability that are not based on observable market data(that is,unobservable inputs

131、).The following table presents the Groups financial assets that are measured at fair value at 31 October 2024 and 30 April 2024.UnauditedLevel 1Level 2Level 3TotalHK$000HK$000HK$000HK$000 At 31 October 2024Financial asset at fair value through profit or loss Hong Kong listed equity securities7,4007,

132、400 AuditedLevel 1Level 2Level 3TotalHK$000HK$000HK$000HK$000 At 30 April 2024Financial asset at fair value through profit or loss Hong Kong listed equity securities8,1398,139 The financial asset was denominated in HK$.During the six months ended 31 October 2024,there were no transfers between level

133、s 1,2 and 3,and no change in recurring fair value measurements(during the six months ended 31 October 2023:same).6 Segment informationThe chief operating decision-maker has been identified as the executive directors of the Company.The executive directors review the Groups internal reporting in order

134、 to assess performance and allocate resources and have determined the operating segments based on these reports.The executive directors considered the nature of the Groups business and determined that the Group has the following reportable operating segments:(i)Retail Hong Kong and Macau*Retail Sing

135、apore*(ii)Wholesales,licencing and othersThe executive directors assess the performance of the operating segments based on revenue and gross profit percentage of each segment.*Including consignment sales commission income.17International Housewares Retail Company Limited 2024/25 Interim Report Notes

136、 to the Condensed Consolidated Interim Financial Information(Continued)6 Segment information(Continued)The segment information provided to the executive directors for the reportable segments for the six months ended 31 October 2024 is as follows:(Unaudited)RetailWholesales,Hong Konglicencingand Maca

137、uSingaporeand othersTotalHK$000HK$000HK$000HK$000 Segment revenue(all from external customers)1,109,712147,98612,9371,270,635Cost of sales(581,867)(83,720)(8,367)(673,954)Segment results527,84564,2664,570596,681Gross profit%*47.57%43.43%35.33%46.96%Other income7,429Other losses,net(966)Distribution

138、and advertising expenses(27,492)Administrative and other operating expenses(528,794)Operating profit46,858Finance income3,097Finance costs(12,591)Profit before income tax37,364Income tax expense(7,348)Profit for the period30,016 The segment information provided to the executive directors for the rep

139、ortable segments for the six months ended 31 October 2023 is as follows:(Unaudited)RetailWholesales,Hong Konglicencingand MacauSingaporeand othersTotalHK$000HK$000HK$000HK$000 Segment revenue(all from external customers)1,164,925153,5983,9621,322,485Cost of sales(613,202)(87,669)(2,795)(703,666)Segm

140、ent results551,72365,9291,167618,819Gross profit%*47.36%42.92%29.45%46.79%Other income9,324Other losses,net(1,357)Distribution and advertising expenses(27,874)Administrative and other operating expenses(531,766)Operating profit67,146Finance income4,457Finance costs(11,791)Profit before income tax59,

141、812Income tax expense(10,892)Profit for the period48,920*Gross profit%is calculated by gross profit(segment results)divided by revenue(segment revenue).Segment revenue reported above represents revenue generated from external customers.There were no inter-segment sales in the six months ended 31 Oct

142、ober 2024 and 2023.The accounting policies of the reportable segments are the same as the Groups accounting policies.18International Housewares Retail Company Limited 2024/25 Interim ReportNotes to the Condensed Consolidated Interim Financial Information(Continued)6 Segment information(Continued)Dur

143、ing the six months ended 31 October 2024,revenues include sales of goods of HK$1,269,460,000(during the six months ended 31 October 2023:HK$1,321,365,000),revenue arising from customer loyalty programme of HK$593,000(during the six months ended 31 October 2023:HK$569,000)and consignment sales commis

144、sion of HK$582,000(during the six months ended 31 October 2023:HK$551,000).The revenue from the Groups largest customer accounted for less than 10%of the Groups total revenue for the six months ended 31 October 2024 and 2023.All of the Groups revenues are recognised at a point in time for the six mo

145、nths ended 31 October 2024 and 2023.The following tables present segment assets and liabilities as at 31 October 2024 and 30 April 2024 respectively:UnauditedAs at 31 October 2024RetailWholesales,Hong Konglicencingand MacauSingaporeand othersTotalHK$000HK$000HK$000HK$000 Segment assets1,120,462186,9

146、848,4781,315,924 Segment liabilities633,094120,8696,548760,511 AuditedAs at 30 April 2024RetailWholesales,Hong Konglicencingand MacauSingaporeand othersTotalHK$000HK$000HK$000HK$000 Segment assets1,178,804171,7197,2641,357,787 Segment liabilities701,077124,4556,655832,187 Segment assets include inta

147、ngible assets,property,plant and equipment,right-of-use assets,trade and other receivables,prepayments and deposits and inventories.Segment liabilities include provision for reinstatement costs,lease liabilities,borrowings,trade and other payables and contract liabilities.A reconciliation of segment

148、 assets to total assets is provided as follows:UnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Segment assets1,315,9241,357,787Investment properties32,55232,191Financial assets at fair value through profit or loss7,4008,139Deferred income tax assets5,5415,564Cash and cash equiva

149、lents308,072338,501 Total assets1,669,4891,742,182 19International Housewares Retail Company Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial Information(Continued)6 Segment information(Continued)A reconciliation of segment liabilities to total liabilities is prov

150、ided as follows:UnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Segment liabilities760,511832,187Deferred income tax liabilities498498Loans due to non-controlling shareholders of a subsidiary7,3527,257Current income tax liabilities15,7678,532 Total liabilities784,128848,474 Reve

151、nue from external customers in Hong Kong,Singapore and Macau are as follows:UnauditedSix months ended 31 October20242023HK$000HK$000 Hong Kong1,099,9581,147,066Singapore147,986153,598Macau22,69121,821 1,270,6351,322,485 Non-current assets,other than intangible assets and deferred income tax assets,o

152、f the Group are located as follows:UnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Hong Kong579,732639,502Mainland China40,11539,898Singapore108,674118,609Macau56,61152,730 785,132850,739 20International Housewares Retail Company Limited 2024/25 Interim ReportNotes to the Conden

153、sed Consolidated Interim Financial Information(Continued)7 Other incomeUnauditedSix months ended 31 October20242023HK$000HK$000 Advertising and promotion income4,8034,535Sub-leasing rental income187156Rental income304442Dividend income370297Government grant(Note)1,6271,880Sundry income1382,014 7,429

154、9,324 Note:These primarily represented government subsidies in relation to subsidies of approximately HK$1,438,000 received under the Progressive Wage Credit Scheme of the Government of Singapore during the six months ended 31 October 2024(during the six months ended 31 October 2023:HK$1,767,000).8

155、Operating profitThe following items have been charged to the operating profit during the six months ended 31 October 2024 and 2023:UnauditedSix months ended 31 October20242023HK$000HK$000 Employee benefit expenses(including directors emoluments)199,383216,886Short-term lease expenses(Notes 13(b)48,3

156、1530,649Depreciation of property,plant and equipment(Note 12)16,74216,424Depreciation of right-of-use assets(Note 13(b)164,962170,553Amortisation of intangible assets(Note 12)2,2581,998Provision for slow moving and near-expiry inventories900901Loss on disposal of property,plant and equipment226369Fa

157、ir value loss on financial asset at fair value through profit or loss7391,110Net exchange losses/(gains)1,068(149)21International Housewares Retail Company Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial Information(Continued)9 Income tax expenseDuring the six-mo

158、nths ended 31 October 2024 and 2023,Hong Kong profits tax has been provided at the rate of 16.5%on the estimated assessable profit.Overseas profits tax has been provided at the standard tax rate of the respective entities according to local tax laws.(Unaudited)Six months ended 31 October20242023HK$0

159、00HK$000 Hong Kong profits tax Current year7,33010,598Overseas taxation Current year7107 Over-provision in prior years(12)7,32510,705Deferred income tax23187 Income tax expense7,34810,892 10 Earnings per share(a)BasicThe calculation of basic earnings per share is based on the consolidated profit att

160、ributable to owners of the Company and on the weighted average number of shares in issue during the period.(Unaudited)Six months ended 31 October20242023 Profit attributable to owners of the Company(HK$000)32,95950,764 Weighted average number of ordinary shares in issue(in thousands)(Note)719,718719

161、,292 Basic earnings per share attributable to owners of the Company (HK cents per share)4.587.06 Note:Weighted average number of ordinary shares in issues are adjusted by the treasury shares held for share award scheme as such shares are not available in the market.22International Housewares Retail

162、Company Limited 2024/25 Interim ReportNotes to the Condensed Consolidated Interim Financial Information(Continued)10 Earnings per share(Continued)(b)DilutedDiluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dil

163、utive potential ordinary shares.The Company has two categories of dilutive potential ordinary share:share options and share awards.The number of shares that would have been issued assuming the vesting of share awards and exercise of the share options less the number of shares that could have been is

164、sued at fair value(determined as the average market price per share for the year)for the same total proceeds is the number of shares issued for no consideration.The resulting number of shares issued for no consideration is included in the weighted average number of ordinary shares as the denominator

165、 for calculating diluted earnings per share.(Unaudited)Six months ended 31 October20242023 Profit attributable to owners of the Company(HK$000)32,95950,764 Weighted average number of shares for diluted earnings per share (in thousands)720,668724,002 Diluted earnings per share attributable to owners

166、of the Company (HK cents per share)4.577.01 11 DividendsDuring the six months ended 31 October 2024,a final dividend totaling HK$40,305,000 in relation to the year ended 30 April 2024 was declared and paid.On 20 December 2024,the Board resolved to declare an interim dividend of 4.0 HK cents(2023/24:

167、interim dividend paid of HK5.6 cents)per share,totaling HK$28,800,000(2023/24:HK$40,315,000).The proposed dividend has not been recognised as a liability in this interim financial information but will be reflected as an appropriation of retained profits for the year ending 30 April 2025.23Internatio

168、nal Housewares Retail Company Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial Information(Continued)12 Property,plant and equipment,investment properties and intangible assetsIntangible assets Property,plant andequipmentInvestment propertiesTrademarkGoodwillCompu

169、ter softwareSub TotalTotalHK$000HK$000HK$000HK$000HK$000HK$000HK$000 Six months ended 31 October 2024Net book valueAs at 1 May 2024(audited)210,89532,19117,4025,9313,62726,960270,046Additions13,9165,8885,88819,804Disposals(247)(247)Depreciation and amortization (Note 8)(16,742)(320)(1,938)(2,258)(19

170、,000)Exchange difference4443613863861,191 As at 31 October 2024(unaudited)208,26632,55217,4685,9317,57730,976271,794 Six months ended 31 October 2023Net book valueAs at 1 May 2023(audited)182,34037,24518,4375,9314,93729,305248,890Additions51,00451,004Disposals(733)(733)Depreciation and amortization

171、(Note 8)(16,424)(317)(1,681)(1,998)(18,422)Exchange difference(777)(2,036)(472)(472)(3,285)As at 31 October 2023(unaudited)215,41035,20917,6485,9313,25626,835277,454 The Groups investment properties were revaluated at 30 April 2024.No valuation was performed during the six months ended 31 October 20

172、24 as there was no indication of significant changes in the values since previous annual reporting date.13 Leases(a)Amounts recognised in the condensed consolidated interim balance sheetThe condensed consolidated interim balance sheet shows the following amounts relating to right-of-use assets:(i)Ri

173、ght-of-use assetsUnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Properties477,744534,207Land use rights2,7212,739Others855944 481,320537,890 Additions to the right-of-use assets during the six months ended 31 October 2024 were approximately HK$106,897,000(for the year ended 30

174、April 2024:HK$326,999,000).24International Housewares Retail Company Limited 2024/25 Interim ReportNotes to the Condensed Consolidated Interim Financial Information(Continued)13 Leases(Continued)(a)Amounts recognised in the condensed consolidated interim balance sheet(Continued)(ii)Lease liabilities

175、UnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Non-current243,240266,038Current253,088285,575 496,328551,613 During the six months ended 31 October 2024 and 2023,the Group received other rent concession from landlords for certain leased properties which has been accounted for a

176、s lease modifications.(b)Amounts recognised in the condensed consolidated interim statement of comprehensive incomeThe condensed consolidated interim statement of comprehensive income shows the following amounts relating to leases:UnauditedSix months ended 31 October20242023HK$000HK$000 Depreciation

177、 of right-of-use assets(Note 8)Properties164,803170,467 Land use rights4848 Others11138Interest on lease liabilities12,01811,261Expense relating to short-term leases(Note 8)48,31530,649Gain on lease modification122 The total cash outflow for leases for the six months ended 31 October 2024 was HK$224

178、,048,000(six months ended 31 October 2023:HK$213,042,000).(c)The Groups leasing activities and how these are accounted forAs a lesseeThe Group leases various land,offices,warehouses,retail stores,apartments,office equipment and vehicle.Rental contracts are typically made for fixed periods of 1 to 5

179、years(2023:1 to 5 years),but may have extension and termination options as described in(d)below.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.(d)Extension and termination optionsExtension and termination options are included in a number

180、of land leases and property leases across the Group.These terms are used to maximise operational flexibility in terms of managing contracts.The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.25International Housewares Retail Comp

181、any Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial Information(Continued)14 Trade and other receivables,prepayments and depositsUnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Trade receivables,net8,9838,264Prepayments21,15621,673Deposits an

182、d other receivables148,192149,506 178,331179,443 Less:non-current portionDeposits(55,459)(61,624)Prepayments(135)(55,594)(61,624)Current portion122,737117,819 The Group conducts sales to customers on a cash-on-delivery basis for retail sales.At 31 October 2024 and 30 April 2024,the ageing analysis o

183、f trade receivables based on invoice date is as follows:UnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 Up to 3 months8,9128,2553 to 6 months719 8,9838,264Less:provision for impairment of trade receivables 8,9838,264 15 Share capital and share premiumNumber of shares Share capit

184、alShare premiumTotal(thousands)HK$000HK$000HK$000 As at 1 May 2023(audited),31 October 2023(unaudited),1 May 2024(audited)and 31 October 2024(unaudited)724,02372,402517,115589,517 16 Share award schemeOn 24 July 2015,a new share award scheme(“the Share Award Scheme”)was approved and adopted by the B

185、oard of directors of the Company.Unless otherwise cancelled or amended,the Share Award Scheme will remain valid and effective for 10 years from the date of adoption.The number of shares to be awarded under the Share Award Scheme throughout its duration is limited to 5%of the issued share capital of

186、the Company from time to time.The maximum number of shares which may be granted to a selected employee under the scheme shall not exceed 1%of the issued share capital from time to time.During the six months ended 31 October 2024,no shares granted to selected participants pursuant to the Share Award

187、Scheme(during the year ended 30 April 2024:784,000).As at 31 October 2024,4,287,000 shares were outstanding(30 April 2024:4,573,000,which include 3,623,000 shares require the holders to pay HK$1.68).26International Housewares Retail Company Limited 2024/25 Interim ReportNotes to the Condensed Consol

188、idated Interim Financial Information(Continued)16 Share award scheme(Continued)During the six months ended 31 October 2024,no treasury shares were distributed to the participants whose share awards have been vested(during the year ended 30 April 2024:689,000).During the six months ended 31 October 2

189、024,the trustee of the Share Award Scheme has not purchased any shares of the Company on the Stock Exchange(during the year ended 30 April 2024:the trustee of the Share Award Scheme has purchased 200,000 shares of the Company on the Stock Exchange with the total amount paid to acquire the shares was

190、 HK$431,000 and has been deducted from shareholders equity).Treasury shares held uncancelled are accounted for as a deduction of shareholders equity.As at 31 October 2024,4,287,000 treasury shares were held by the Group(30 April 2024:4,287,000).For the six months ended 31 October 2024,total expenses

191、 recognised in the condensed consolidated interim statement of comprehensive income for share award granted is approximately HK$1,089,000(for the six months ended 31 October 2023:HK$2,000,000).The weighted average fair value of shares granted on 20 October 2021,20 August 2022 and 24 October 2022 det

192、ermined using the Binomial Option Pricing Model was HK$0.66,HK$0.91 and HK$0.69 per share respectively.The significant inputs into the model were as following:20 October 202120 August 202224 October 2022Risk-free rate0.48%2.88%4.88%Volatility(Note a)25.74%23.52%22.4%Dividend yield7.35%8.73%9.77%Forf

193、eit ratio0%0%0%Close prices of the underlying shares at respective grant datesHK$2.72HK$2.97HK$2.66Note:(a)The volatility measured at the standard deviation of continuously compounded share returns is based on statistical analysis of daily share prices of the Companys comparable companies over the l

194、ast 2-3 years.17 Trade and other payables,provision for reinstatement costs and contract liabilitiesUnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 CurrentTrade payables180,791192,185Other payables and accruals44,24645,478Deposits received4541Provision for employee benefits7,048

195、7,163 232,130244,867 Non-currentProvision for reinstatement cost4,6434,444 236,773249,311 Contract liabilitiesReceipts in advance and cash coupons4,4215,555Deferred revenue arising from customer loyalty programs2,6412,888 7,0628,443 The carrying values of trade and other payables approximate their f

196、air values as at 31 October 2024 and 30 April 2024.27International Housewares Retail Company Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial Information(Continued)17 Trade and other payables,provision for reinstatement costs and contract liabilities(Continued)The

197、 ageing analysis of trade payables based on invoice date are as follows:UnauditedAuditedAs at 31 October 2024As at 30 April 2024HK$000HK$000 0-30 days114,713135,19831-60 days38,64233,75361-90 days23,23522,74591-120 days4,201489 180,791192,185 18 BorrowingsUnauditedAuditedAs at 31 October 2024As at 3

198、0 April 2024HK$000HK$000 Non-currentMortgage loan,secured6,7877,304 CurrentTrust receipt loans,secured and contain a repayment on demand clause12,56814,566Mortgage loan,secured993950 13,56115,516 20,34822,820 Interest expenses on the above borrowings for the six months ended 31 October 2024 are appr

199、oximately HK$475,000(during the six months ended 31 October 2023:HK$434,000).As at 31 October 2024 and 30 April 2024,trust receipt loans are secured by corporate guarantees by the Company and its subsidiaries.As at 31 October 2024 and 30 April 2024,mortgage loan is secured by properties in Hong Kong

200、 held by a subsidiary of the Company and also secured by corporate guarantees by the Company and one of its subsidiaries.The Group has the following undrawn banking facilities:As at31 October 202430 April 2024HK$000HK$000 Floating rates expiring within one year226,302284,274 The facilities expiring

201、within one year are annual facilities subject to review at various dates.19 Contingent liabilitiesThe Groups banks have given guarantees in lieu of deposits of approximately HK$27,132,000 as at 31 October 2024(30 April 2024:HK$20,696,000)to the Groups landlords and utility providers.These guarantees

202、 are counter indemnified by corporate guarantees and pledged deposits provided by certain subsidiaries.28International Housewares Retail Company Limited 2024/25 Interim ReportNotes to the Condensed Consolidated Interim Financial Information(Continued)20 Significant related party transactionsOther th

203、an those transactions or balances disclosed elsewhere in this condensed consolidated interim financial information,the following transactions were carried out with related parties in the normal course of the Groups business during the six months ended 31 October 2024 and 2023.Ms.Ngai Lai Ha is a dir

204、ector of the related companies of the Group mentioned in(a)(i)and(b)(i)below during the six months ended 31 October 2024 and 2023.(a)Sales of goods and servicesUnauditedSix months ended 31 October20242023NoteHK$000HK$000 (i)Management fee income:JHC Investment Limited(i)1313 Mulans Garden(HK)Limited

205、(i)2525 Hong Sing Investment Limited(i)1313(ii)Sub-leasing rental income:Radha Exports Pte.Ltd.(ii)7864 (b)Purchase of goods and servicesUnauditedSix months ended 31 October20242023NoteHK$000HK$000 (i)Short-term lease expenses in respect of certain premises to related companies:Mulans Garden(HK)Limi

206、ted(iii)2,7542,754 JHC Investment Limited(iii)1,2661,402 Hong Sing Investment Limited(iii)10,57810,503 Charm Rainbow Limited(iii)1,0081,008 Beauty Delight Limited(iii)786768 Hugo Grand Limited(iii)3,2293,235 Beauty Wellness Limited(iii)636(ii)Purchase of goods from a related company Radha Exports Pt

207、e.Ltd.(i)33,62440,536(iii)Interest expense to a non-controlling interest of a subsidiary Union Way Trading Limited(i)9596 Notes:(i)Management fee income,purchase of goods and interest expense were charged based on terms mutually agreed between the relevant parties.(ii)Sub-leasing rental income was c

208、harged based on terms mutually agreed between the relevant parties.(iii)Short-term lease expenses were charged based on terms mutually agreed between the relevant parties.29International Housewares Retail Company Limited 2024/25 Interim Report Notes to the Condensed Consolidated Interim Financial In

209、formation(Continued)20 Significant related party transactions(Continued)(c)Acquisition in equity interest in a subsidiaryFor the period from 1 May 2023 to 5 October 2023,the Groups shareholding in JHC Property Management Limited(formerly known as JHC(Plastics)Limited)(“JPM”),one of the subsidiaries

210、of the Group,was 60%.On 6 October 2023,the Group acquired additional 40%equity interest in this subsidiary at the consideration of approximately HK$751,000.After completion of the acquisition,JPM becomes a wholly-owned subsidiary of the Group.(d)Key management compensationKey management includes dir

211、ectors and senior managements.The compensation paid or payable to key management for employee services is shown below:UnauditedSix months ended 31 October20242023HK$000HK$000 Short-term employee benefits4,7596,806Post-employment benefits defined contribution plans3051Other long-term benefits129800 4

212、,9187,657 Other InformationInternational Housewares Retail Company Limited 2024/25 Interim Report30Directors and Chief Executives Interests and Short Positions in Shares,Underlying Shares and DebenturesAs at 31 October 2024,the interests or short positions of the Directors and chief executives of th

213、e Company in the shares,underlying shares and debentures of the Company or any of its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(“SFO”)which were notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(incl

214、uding interests or short positions which they were taken or deemed to have under such provisions of the SFO),or which were recorded in the register required to be kept by the Company under Section 352 of the SFO,or which were required to be notified to the Company and the Stock Exchange pursuant to

215、the Model Code,were as follows:Name and CategoryCapacity/Nature of InterestNumber of shares of the CompanyNumber of underlying shares of the Company Share OptionNumber of underlying shares of the Company Share AwardTotal interestApproximate percentage of shareholding as at 31 October 2024*(Note 3)(N

216、ote 5)(Note 1)DirectorsMs.Ngai Lai HaInterest in a controlled corporation324,000,000(Note 2)361,902,00049.98%Personal interest37,902,000Mr.Lau Pak Fai PeterInterest in a controlled corporation324,000,000(Note 4)357,980,00049.44%Personal interest33,980,000Mr.Cheng Sing YukPersonal interest1,551,00012

217、7,0001,678,0000.23%Mr.Mang Wing Ming RenePersonal interest424,000424,0000.06%*The percentage was calculated based on 724,023,000 shares in issue as at 31 October 2024.Notes:1.All the above shares and underlying shares are long position.2.Ms.Ngai Lai Ha is deemed to have interests in 324,000,000 shar

218、es beneficially owned by Hiluleka Limited,by virtue of her controlling shareholding(i.e.50%)in Hiluleka Limited.3.The Company adopted a share option scheme for a period of 10 years commencing on 4 September 2013(the“Share Option Scheme”).It has been expired and no further options can be granted.At t

219、he date of this report,there were no shares of the Company available for issue under the Share Option Scheme.There were no outstanding options granted pursuant to the Share Option Scheme to subscribe for shares of the Company.4.Mr.Lau Pak Fai Peter is deemed to have interests in 324,000,000 shares b

220、eneficially owned by Hiluleka Limited,by virtue of his controlling shareholding(i.e.50%)in Hiluleka Limited.5.These represent the shares granted by the Company under the Share Award Scheme(as defined in the section headed“Share Award Scheme”of this report).Save as disclosed above,none of the Directo

221、rs or chief executives of the Company had,as at 31 October 2024,any interests or short positions in the shares,underlying shares and debentures of the Company or any of its associated corporations which would have to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of

222、Part XV of the SFO(including interests or short positions which they were taken or deemed to have under such provisions of the SFO),or which were recorded in the register required to be kept by the Company under Section 352 of the SFO,or which were required to be notified to the Company and the Stoc

223、k Exchange pursuant to the Model Code.International Housewares Retail Company Limited 2024/25 Interim Report 31Other Information(Continued)Substantial Shareholders Interests in Shares and Underlying SharesAs at 31 October 2024,shareholders(other than Directors or chief executives of the Company)who

224、had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO,or which were recorded in the register required to be kept by the Company under Section 336 of the SFO we

225、re as follows:NameCapacity/Nature of InterestNumber of shares of the CompanyApproximate percentage of shareholding as at 31 October 2024*(Note 1)Hiluleka LimitedBeneficial owner324,000,000(Note 2)44.75%Webb David MichaelBeneficial owner/Interest of corporation controlled by the substantial sharehold

226、er57,984,0008.01%Preferable Situation Assets LimitedBeneficial owner 36,223,700(Note 3)5.00%*The percentage was calculated based on 724,023,000 shares in issue as at 31 October 2024.Notes:1.All the above shares are long position.2.The shares are taken to have a duty of disclosure as described in Not

227、es(2)and(4)under the section headed“Directors and chief executives interests and short positions in shares,underlying shares and debentures”.3.Mr.Webb David Michael is deemed to have interests in 36,223,700 shares beneficially owned by Preferable Situation Assets Limited,which is wholly owned by him

228、.Save as disclosed above,as at 31 October 2024,the Company had not been notified by any persons(other than Directors or chief executives of the Company)who had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the pro

229、visions of Divisions 2 and 3 of Part XV of the SFO,or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.International Housewares Retail Company Limited 2024/25 Interim Report32Other Information(Continued)Share Award SchemeThe Share Award Scheme was a

230、dopted by the Board on 24 July 2015(the“Adoption Date”and the“Share Award Scheme”respectively)to recognise the contributions by the Groups employees(including without limitation any Director)and to provide them with incentives in order to retain them for their continual operation and development of

231、the Group;and to attract suitable personnel for further development of the Group.Subject to any early termination as may be determined by the Board pursuant to the rules and trust deed of the Share Award Scheme,the Share Award Scheme shall be valid and effective for a term of 10 years commencing on

232、the Adoption Date.The nominal value of the shares of the Company to be awarded under the Share Award Scheme throughout its duration is limited to 5%of the issued share capital of the Company from time to time.The maximum number of shares of the Company which may be granted to selected employee under

233、 the Share Award Scheme shall not exceed 1%of the issued share capital of the Company from time to time.Details of which have been set out in the Companys announcement dated 24 July 2015.The following table discloses movements of the awarded shares of the Company held by the Companys Director or emp

234、loyees during the Period:Name and Category of participantsDate of grantClosing priceVestingprices ofawardedsharesHK$per shareVesting periodNumber of awarded shares Unvested as at 1 May 2024Granted during the PeriodForfeited during the PeriodVested during the PeriodUnvested as at 31 October 2024 Dire

235、ctorsMs.NGAI Lai Ha20/08/20222.971.6816/10/2024 to 31/10/2024800,000(800,000)Sub-total800,000(800,000)Mr.CHENG Sing Yuk20/08/20222.971.6816/10/2024 to 31/10/2024500,000(500,000)14/11/20222.6324/10/2023 to 07/11/202442,00042,00010/10/20232.1810/10/2023 to 10/10/202585,00085,000 Sub-total627,000(500,0

236、00)127,000Employees In aggregate20/10/20212.691.6816/10/2024 to 31/10/20246,626,000(6,626,000)24/10/20222.6924/10/2023 to 07/11/2024293,000293,00024/10/20222.691.6816/10/2024 to 31/10/2024235,000(235,000)10/10/20232.1810/10/2023 to 10/10/2025699,000699,000 Sub-total7,853,000(6,861,000)992,000 Total9

237、,280,000(8,161,000)1,119,000 International Housewares Retail Company Limited 2024/25 Interim Report 33Other Information(Continued)Notes:The number of shares available to be awarded under the Share Award Scheme as at the beginning of the Period,the end of the Period and the date of this report were 1

238、0,437,150 shares,18,598,150 shares and 18,598,150 shares respectively,representing approximately 1.4%,2.6%and 2.6%of the issued shares of the Company respectively as at the dates thereof.No awarded shares were granted during the Period.Details of their fair value at the time of grant and the account

239、ing policy adopted are set out in note 16 to the consolidated financial statement.The vesting of the awarded shares shall be conditional upon the achievement of certain performance targets in respect of the financial results of the Group and the performance ratings of the grantees.Bank of Communicat

240、ions Trustee Limited has been appointed as the trustee of the Share Award Scheme(“Trustee”).Pursuant to the scheme rules and the trust deed entered into with the Trustee,the Trustee shall purchase from the market or subscribe for the relevant number of awarded shares out of the Companys resources.Th

241、e Trustee of the Share Award Scheme,pursuant to the rules and trust deed of the Share Award Scheme,had not repurchased any shares of the Company on the Stock Exchange during the Period.Compliance with Corporate Governance CodeThe Company has adopted the code provisions as set out in the Corporate Go

242、vernance Code and Corporate Governance Report(the“CG Code”)contained in Appendix C1 to the Listing Rules.The Directors recognise the importance of good corporate governance in the management of the Group.The Board will review and monitor the corporate governance practices of the Company for the purp

243、ose of complying with the CG Code and maintaining a high standard of corporate governance practices.The Board is of the view that the Company has met the code provisions set out in the CG Code,except for the separation of the roles of Chairman and Chief Executive Officer as stipulated in the code pr

244、ovision C.2.1 of the CG Code.Currently,Ms.Ngai Lai Ha is both the Chairman and the Chief Executive Officer of the Company.As Ms.Ngai is one of the founders of the Group,the Board believes that it is in the best interest of the Group to have Ms.Ngai taking up both roles for continuous effective manag

245、ement of the Board and the business development of the Group.Review of Financial StatementsThe audit committee of the Company(the“Audit Committee”)comprises three independent non-executive Directors with written terms of reference in accordance with the requirements of the Listing Rules,and reports

246、to the Board.The Audit Committee has reviewed and discussed with the management the unaudited interim results of the Group for the Period.In addition,PricewaterhouseCoopers as the Companys auditor has reviewed the unaudited interim results of the Group for the Period in accordance with Hong Kong Sta

247、ndard on Review Engagements 2410“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”issued by the Hong Kong Institute of Certified Public Accountants.Compliance with the Model Code for Securities TransactionsThe Company has adopted the Model Code for Securitie

248、s Transactions by Directors of Listed Issuers(the“Model Code”)contained in Appendix C3 to the Listing Rules as the Companys code of conduct for dealings in securities of the Company by the Directors.Having made a specific enquiry with all of the Directors,the Directors confirmed that they had been i

249、n compliance with the required standard set out in the Model Code throughout the Period.Purchase,Sale or Redemption of the Companys Listed SecuritiesNeither the Company nor any of its subsidiaries had purchased,sold or redeemed any of the Companys securities(including sale of treasury shares of the

250、Company)during the Period.As of 31 October 2024,the Company did not hold any treasury shares of the Company.International Housewares Retail Company Limited 2024/25 Interim Report34Other Information(Continued)Interim DividendThe Board has resolved to declare an interim dividend of 4.0 HK cents(2023/2

251、4:an interim dividend of 5.6 HK cents)per share,representing a total payout of approximately HK$28,800,000(2023/24:approximately HK$40,315,000).Shareholders whose names appear on the register of members of the Company on Friday,10 January 2025 will be entitled to the interim dividend which will be p

252、aid on or around Wednesday,5 February 2025.Closure of Register of MembersThe register of members of the Company will be closed from Wednesday,8 January 2025 to Friday,10 January 2025,(both days inclusive),during which period no transfer of shares will be effected.In order to qualify for an interim d

253、ividend,all transfers accompanied by the relevant share certificates must be lodged with the Companys Share Registrar and Transfer Office in Hong Kong,Computershare Hong Kong Investor Services Limited,at Shops 17121716,17th Floor,Hopewell Centre,183 Queens Road East,Wan Chai,Hong Kong not later than

254、 4:30 p.m.on Tuesday,7 January 2025.AppreciationOn behalf of the Board,I would like to thank all of our management team members and staff for their commitment and contributions.I also greatly appreciate the constant support of our customers,business partners and shareholders.We shall be grateful for your continuing trust and support in the years to come.By Order of the Board ofInternational Housewares Retail Company LimitedNGAI Lai HaChairman and Executive DirectorHong Kong,20 December 2024