Financial Performance - Gross margin increased to 65.2%, up by 6.8 percentage points from 58.4% in the previous year[4] - Net profit margin improved to -22.0%, a 1.2 percentage point increase from -23.2%[4] - Average return on equity rose to -16.4%, an increase of 11.5 percentage points from -27.9%[4] - Average return on assets improved to -9.6%, up by 9.7 percentage points from -19.3%[4] - Basic loss per share decreased by 60.6% to HKD 10.2 from HKD 25.9[4] - The group reported a loss attributable to equity holders of the parent of HKD 37,573,000 for the six months ended September 30, 2020, compared to a loss of HKD 95,196,000 in the prior year[56] - The group reported a pre-tax loss of HKD 37,573,000 for the six months ended September 30, 2020, compared to a loss of HKD 95,196,000 in the same period of 2019[181] Revenue and Sales - The group's revenue decreased by approximately 58.5% to about HKD 170.6 million for the six months ended September 30, 2020, compared to HKD 410.8 million in 2019[28] - Same-store sales growth recorded a decline of about 45% during the review period, worsening from a decline of 19% in 2019[28] - The retail business in Hong Kong and Macau accounted for approximately 86.9% of the group's revenue, up from 71.7% in 2019[21] - The Hong Kong and Macau segment's revenue fell by about 49.7% to approximately HKD 148.2 million, down from HKD 294.4 million in 2019[21] - The non-Hong Kong and Macau segment's revenue dropped by approximately 80.8% to about HKD 22.4 million, down from HKD 116.4 million in 2019[27] - Revenue for the six months ended September 30, 2020, was HKD 170,647,000, a decrease of 58.4% compared to HKD 410,803,000 in the same period of 2019[56] - Revenue from Hong Kong and Macau was HKD 148,215,000, down from HKD 294,411,000 in the previous year, indicating a decrease of about 49.7%[163] - Revenue from non-Hong Kong and Macau markets was HKD 22,432,000, compared to HKD 116,392,000 in the prior year, reflecting a decline of approximately 80.7%[163] Operating Expenses and Cost Management - The group's total operating expenses were reduced by approximately 51.8% to about HKD 163,500,000 for the six months ended September 30, 2020, compared to HKD 339,200,000 in 2019[32] - Rental expenses decreased significantly by approximately 57.8% to about HKD 56,500,000, accounting for approximately 34.6% of total operating expenses[32] - Employee costs further declined by approximately 53.3% to about HKD 46,200,000, down from HKD 99,000,000 in 2019, with total employees reduced to 356 from 543[33] - Marketing and advertising expenses were reduced by approximately 76.5% to about HKD 3,200,000, representing about 1.9% of the group's revenue[33] - The group recognized a rental reduction of HKD 18,204,000 due to COVID-19, which was accounted for as a negative variable lease payment[149] - The group implemented COVID-19 related rent concessions, resulting in a reduction of employee benefits expenses by HKD 18,204,000[173] Cash Flow and Liquidity - Cash and bank balances were approximately HKD 203,500,000 as of September 30, 2020, down from HKD 322,200,000 on March 31, 2020[39] - The net cash flow from operating activities was approximately HKD 41,600,000, down from HKD 76,500,000 in 2019, primarily due to a continuous reduction in inventory[42] - The total cash and cash equivalents decreased by HKD 122,647,000, compared to a decrease of HKD 58,721,000 in the previous year, reflecting a worsening liquidity position[140] - The cash and cash equivalents at the end of the period were HKD 203,512,000, up from HKD 136,525,000 in the previous year, indicating a year-over-year increase of 49.0%[140] - Cash and cash equivalents as of September 30, 2020, amounted to HK$187,912,000, a decrease from HK$322,159,000 as of March 31, 2020[59] Asset Management - Total assets as of September 30, 2020, were valued at HKD 677,922,000, compared to HKD 888,722,000 as of March 31, 2020[157] - Total non-current assets decreased to HK$342,929,000 as of September 30, 2020, from HK$418,783,000 as of March 31, 2020[59] - The group's net asset value was approximately HKD 376,900,000 as of September 30, 2020, down from HKD 536,000,000 on March 31, 2020[38] - The group had no bank borrowings as of September 30, 2020, maintaining an asset-liability ratio of 0%[39] Strategic Focus and Future Outlook - The group plans to maintain a streamlined operation and focus resources on familiar markets such as Hong Kong and Macau due to ongoing challenges from the COVID-19 pandemic[52] - The group expects limited capital expenditure until a clear economic recovery is evident, with current cash sufficient to meet operational needs[52] - The group will continue to streamline and consolidate underperforming retail stores and businesses[52] - The company continues to focus on the design and retail of trendy apparel, bags, and fashion accessories across various retail channels in Hong Kong, Macau, Taiwan, and mainland China[143] Government Support and Grants - The group received approximately HKD 13 million in government subsidies during the review period, which helped narrow the net loss to about HKD 37.6 million, compared to HKD 95.2 million in 2019[18] - The company recognized government grants amounting to HKD 12,951,000 during the period, which were not present in the previous year[166] Shareholder Information - The group declared an interim dividend of HKD 0.025 per share, compared to no interim dividend in the previous year[189] - The average number of ordinary shares in issue during the period remained stable at 367,380,000 shares[183] - As of September 30, 2020, the company had issued and fully paid 367,380,000 shares, maintaining the same number as on March 31, 2020[12] - The company has not granted any share options under its share option scheme since its adoption in August 2015, with a total of 36,738,000 shares available for issuance, representing 10% of the issued shares[195]
包浩斯国际(00483) - 2021 - 中期财报