Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 1,324,088,000, representing an increase of 4.6% compared to HKD 1,266,410,000 in the same period of 2018[3] - Gross profit decreased to HKD 184,924,000, down 17.0% from HKD 222,534,000 year-on-year[3] - The company reported a loss before tax of HKD 9,810,000, compared to a profit of HKD 39,968,000 in the previous year[3] - Net loss for the period was HKD 10,822,000, a significant decline from a profit of HKD 34,069,000 in the same period last year[3] - Basic and diluted earnings per share were both HKD (1.47), compared to HKD 8.11 in the previous year[3] - The total comprehensive loss for the period was HKD (12,349,000), compared to HKD (18,608,000) in the previous year, showing a decrease in losses[15] - Adjusted profit before tax for the group was HKD 39,968, while the total profit before tax was reported as a loss of HKD 9,810[55][58] - The group reported a pre-tax loss of HKD 6,786,000 for the six months ended September 30, 2019, compared to a profit of HKD 37,434,000 in the same period of 2018[72] - The total tax expense for the period was HKD 1,012,000, significantly lower than HKD 5,899,000 in the previous year[69] Assets and Liabilities - Total non-current assets as of September 30, 2019, amounted to HKD 4,465,189,000, slightly up from HKD 4,446,496,000 as of March 31, 2019[9] - Current assets totaled HKD 880,658,000, compared to HKD 861,547,000 as of March 31, 2019[9] - Current liabilities increased to HKD 2,081,340,000 from HKD 2,078,161,000 in the previous period[12] - Total equity decreased to HKD 2,234,868,000 from HKD 2,269,710,000 as of March 31, 2019[12] - The total liabilities increased by HKD 69,685 thousand due to the implementation of HKFRS 16[39] - The group’s total outstanding debt as of September 30, 2019, was approximately HKD 2,006 million, with a debt-to-equity ratio of about 89.8%[117] Cash Flow - The net cash flow from operating activities for the six months ended September 30, 2019, was HKD 235,081,000, compared to HKD 149,743,000 for the same period in 2018, representing a 57% increase[18] - The net cash flow used in investing activities for the six months ended September 30, 2019, was HKD (158,637,000), an improvement from HKD (376,926,000) in the previous year[18] - The net cash flow used in financing activities for the six months ended September 30, 2019, was HKD (76,125,000), compared to HKD 171,509,000 in the same period of 2018, indicating a significant reduction in cash outflow[18] - The cash and cash equivalents at the end of the period were HKD 291,863,000, a decrease from HKD 311,157,000 at the end of the previous year[18] Revenue Breakdown - Revenue from non-patented bus services was HKD 1,080,549,000, up 6.6% from HKD 1,013,741,000 year-on-year[62] - Revenue from local luxury car services decreased to HKD 80,389,000, down 16.0% from HKD 95,661,000 in the previous year[62] - Revenue from mainland China bus services was HKD 12,450,000, slightly down from HKD 13,387,000 in the previous year[62] - Revenue from joint venture bus rental, advertising, and administrative services amounted to HKD 57,828,000 for the six months ended September 30, 2019, down from HKD 63,759,000 in the previous year, a decrease of approximately 9%[88] - Revenue from cross-border services between mainland China and Hong Kong was HKD 646.5 million, an increase from HKD 600.1 million in the previous year[105] - Revenue from local regular services was HKD 395.6 million, up from HKD 369.0 million year-on-year[105] Operational Highlights - The company experienced a significant decline in net profit for its non-patented bus services due to ongoing social unrest in Hong Kong and a decrease in tourist arrivals since July 2019[103] - The company has implemented stricter cost control measures to mitigate the adverse effects of the economic downturn[104] - The group is focusing on expanding its operations in mainland China, including hotel services and designated route bus services[46] - Future strategies include enhancing service offerings and exploring potential mergers and acquisitions to strengthen market position[46] - The group remains the largest non-patented bus operator in Hong Kong by fleet size[103] - The group operates 27 patented bus routes in Lantau Island, an increase from 23 routes in 2018, with a total fleet of 156 buses[109] Shareholder Information - The company reported a total issued share capital of HKD 47,678,000 as of September 30, 2019[15] - The group issued 15,090,842 shares as part of a scrip dividend plan, raising HKD 54,689,000 to settle the final dividend for the year ended March 31, 2019[82] - As of September 30, 2019, the major shareholder, Ms. Wu Li-yi, holds 241,535,555 shares, representing 50.66% of the issued share capital[132] - Cathay International Corporation holds 105,118,768 shares, accounting for 22.05% of the issued share capital[132] Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim consolidated financial information of the group[139] - The company has complied with the corporate governance code throughout the reporting period[137] - No arrangements were made for directors to acquire rights to purchase shares or bonds of the company during the reporting period[125] - The company expressed gratitude to its business partners, shareholders, and dedicated employees in its report[140]
冠忠巴士集团(00306) - 2020 - 中期财报