Solid growth with strong financial position
The Group reported satisfactory growth with revenue increasing 19.0% to approximately RMB 8,376.1 million in FY2012, up from approximately RMB 7,037.8 million for the year ended March 31, 2011. The Group continued its active expansion of the non-down apparel business that drove revenue growth and revenue contribution. The branded down apparel business remained the largest revenue contributor of the Group and accounted for 73.1% of the Group’s revenue.
The OEM management and non-down apparel businesses accounted for 10.8% and 6.1% respectively, as compared to 10.9% and 8.4%, in the previous year.
During the year, production and operating costs continued to rise; the Group leveraged its strong cash position and made prepayments to secure raw materials and processing costs at favourable levels. This partly offset the cost increases and led to improved gross profit margin by 3.1 percentage points to 50.0%. Profit attributable to equity holders of the Company increased by 12.6% to RMB 1,436.6 million.
The Board has recommended the payment of a final dividend of HKD12.0 cents per ordinary share, together with an interim dividend of RMB3.8 cents per ordinary share, representing a payout ratio of 74.4% of profit attributable to equity holders.
The Group’s financial position remained healthy. As at March 31, 2012, the Group was in a net cash position of RMB 3,722.6 million, with an operating cash inflow amounting to RMB 1,315.8 million compared to 49.5 million last year.
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