Financial Performance - The Group reported a turnover of HK$233.8 million for the six months ended June 30, 2021, representing an increase of 16.8% compared to HK$200.2 million in the same period of 2020[5]. - Gross margin increased by 17.8% to HK$162.9 million from HK$138.3 million year-on-year[5]. - The loss attributable to owners of the Company was HK$46.9 million, a decrease of 57.5% compared to a loss of HK$110.4 million in the same period last year[8]. - The Group's net ordinary operating loss was HK$46.9 million, down from HK$104.2 million, reflecting a reduction of 55.0%[5]. - Basic loss per share improved to HK(6.76) cents from HK(15.89) cents, a decrease of 57.5%[5]. - The Group recorded a loss attributable to shareholders of approximately HK$40.1 million during the Period, compared to a loss of HK$110.3 million for the same period in 2020[15]. - The Group's turnover increased by approximately 16.8% compared to the same period in 2020, largely due to improved restaurant performance following the relaxation of social distancing measures[15]. - The Group recorded a net ordinary operating loss of approximately HK$46.9 million, compared to a net ordinary operating loss of approximately HK$104.1 million for the same period in 2020[15]. - The Group's EBITDA for the Period was approximately HK$17.7 million, compared to a negative EBITDA of approximately HK$21.7 million in the same period of 2020, reflecting an improvement due to increased turnover and gross operating profit[82][83]. Business Segments Performance - The Group's industrial catering business achieved a total turnover of approximately HK$8.8 million, representing an increase of approximately 131.6% compared to HK$3.8 million for the same period in 2020[20]. - The food wholesale business recorded a total turnover of approximately HK$8.5 million, an increase of approximately 19.7% compared to HK$7.1 million for the same period in 2020[20]. - The Group's food souvenir business experienced considerable turnover growth but reported a loss during the Period[22]. - The food and catering business turnover for the first half of 2021 was HK$209.2 million, up 15.6% from HK$180.9 million in the same period of 2020[53]. - The food souvenir business reported a turnover of HK$14.7 million for the first half of 2021, a 50.0% increase from HK$9.8 million in 2020[53]. - The gross margin for the food and catering business was approximately HK$142.6 million, which is a 16.5% increase compared to HK$122.4 million in the previous year[127]. - The gross margin for the food souvenir business improved to HK$10.9 million, a 65.2% increase from HK$6.6 million in 2020[148]. Operational Efficiency - The Group managed to reduce direct operating expenses by 17.4%, administrative expenses by 27.2%, and finance costs by 40.5% compared to the same period in 2020[10]. - The Group operates a central kitchen in Hong Kong and a central food and logistic processing center in Macau to enhance operational efficiency[150]. - The Group plans to continue enhancing its logistic support, including food sourcing and processing facilities[150]. Assets and Liabilities - Total assets decreased by 6.4% to HK$1,212.2 million from HK$1,294.6 million[5]. - Net assets decreased by 11.1% to HK$437.7 million from HK$492.1 million[5]. - The gearing ratio increased to 161.5% from 149.7%, reflecting an increase of 11.8%[5]. - The net current liabilities of the group as at 30 June 2021 were approximately HK$156.0 million, impacted by total lease liabilities of approximately HK$162.1 million[116]. - The Group's cash and bank balances totaled approximately HK$57.7 million as of June 30, 2021, up from HK$43.7 million as of December 31, 2020[153]. - Interest-bearing bank loans amounted to approximately HK$396.0 million as of June 30, 2021, compared to HK$384.4 million as of December 31, 2020[154]. Market Conditions and Future Outlook - Management expects the operating environment to remain challenging in the second half of 2021 due to ongoing COVID-19 uncertainties[31]. - The Macau government issued electronic consumption vouchers of MOP5,000, and the Hong Kong government issued HK$2,000 electronic consumption vouchers to stimulate spending[28]. - The Group has launched promotional programs with electronic payment platforms to boost revenue through discount coupons for dining[28]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code as set out in Appendix 14 of the Listing Rules during the period[192]. - All directors confirmed compliance with the code of conduct regarding securities transactions[193]. - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and critical estimates[191]. - The risk committee is responsible for recommending risk management frameworks and monitoring the company's risks[191]. Employment and Staff - As of June 30, 2021, the Group employed a total of 1,048 full-time staff, a decrease of 25.9% from 1,417 staff as of June 30, 2020[176]. - The remuneration packages for employees are regularly reviewed with reference to market terms and individual qualifications[176].
FUTURE BRIGHT(00703) - 2021 - 中期财报