PICO FAR EAST(00752) - 2021 - 中期财报

Financial Performance - Revenue for the six months ended April 30, 2021, was HKD 1,875,768, a slight increase from HKD 1,868,010 in the same period of 2020, representing a growth of 0.5%[2] - Gross profit decreased to HKD 536,347 from HKD 616,133, reflecting a decline of approximately 13%[2] - Core operating profit increased to HKD 92,087, up from HKD 84,300, marking a growth of about 9.5%[2] - Net profit for the period was HKD 43,867, compared to HKD 25,177 in the previous year, indicating a significant increase of 74.3%[3] - Basic and diluted earnings per share rose to 4.65 cents from 1.95 cents, an increase of 138.5%[2] - Total comprehensive income for the period amounted to HKD 136,515, a substantial recovery from a loss of HKD 22,161 in the prior year[3] - The total segment profit for the six months ended April 30, 2021, was HKD 98,547, compared to HKD 94,637 for the same period in 2020, reflecting an increase of 4.3%[24] - The company reported a net profit of HKD 51,278 for the six months ended April 30, 2021, compared to HKD 31,345 in 2020, marking an increase of 63.8%[24] Assets and Liabilities - Non-current assets increased to HKD 1,771,918 from HKD 1,779,571, showing a slight decrease of 0.4%[4] - Current liabilities rose to HKD 2,097,210 from HKD 1,975,037, reflecting an increase of approximately 6.2%[5] - The company's total assets less current liabilities stood at HKD 2,814,606, a marginal increase from HKD 2,789,903[6] - Shareholders' equity increased to HKD 2,077,645 from HKD 1,957,974, representing a growth of about 6.1%[7] - Total equity amounted to HKD 2,155,303 thousand, a decrease of HKD 22,161 thousand compared to the previous period[9] - Retained earnings were HKD 1,574,894 thousand, reflecting an increase of HKD 24,123 thousand during the period[9] - Cash and cash equivalents at the end of the period were HKD 1,184,559 thousand, down from HKD 1,242,008 thousand in the previous year[12] - Trade receivables amounted to approximately HKD 703,438,000 as of April 30, 2021, up from HKD 660,632,000 as of October 31, 2020, reflecting an increase of 6.5%[38] - Trade payables were approximately HKD 317,531,000 as of April 30, 2021, down from HKD 381,629,000 as of October 31, 2020, indicating a decrease of 16.8%[39] Cash Flow and Financing - Net cash used in operating activities was HKD (101,930) thousand, compared to HKD 118,349 thousand generated in the previous year[11] - The company reported a net cash outflow from financing activities of HKD (29,479) thousand, a significant decrease from HKD (106,139) thousand in the prior period[11] - The foreign exchange rate effect on cash and cash equivalents was HKD 24,517 thousand, contrasting with a loss of HKD (32,322) thousand in the previous year[11] - Total borrowings increased to HKD 680 million as of April 30, 2021, compared to HKD 666 million on October 31, 2020[63] - The current ratio was 1.50 times as of April 30, 2021, slightly down from 1.51 times on October 31, 2020, while the debt ratio decreased to 9.79% from 11.47%[64] Segment Performance - Revenue from the Greater China region was HKD 1,132,181 for the six months ended April 30, 2021, up from HKD 801,918 in 2020, indicating a significant growth of 41.2%[25] - Revenue from the exhibition, project, and brand activation segment decreased by 3.4% to HKD 1.431 billion from HKD 1.481 billion[49] - Revenue from visual brand activation increased by 25.0% to HKD 200 million from HKD 160 million[49] - Revenue from museums and themed entertainment rose by 15.7% to HKD 228 million from HKD 197 million[49] - Revenue from conference planning activation decreased by 43.3% to HKD 17 million from HKD 30 million[49] Government Support and Subsidies - The company recognized government subsidies amounting to HKD 42,784 during the period, compared to HKD 8,591 in the previous year, indicating a substantial increase[31] Corporate Governance and Shareholder Information - The company has adhered to the corporate governance code as per the listing rules, with a noted deviation where the roles of Chairman and CEO are held by the same individual[84] - The company confirmed that all directors complied with the standards set out in the code of conduct for securities transactions during the period ending April 30, 2021[85] - The largest shareholder, Pine Asset Management Limited, holds 462,167,186 shares, representing 37.33% of the issued share capital[81] - FMR LLC is the second-largest shareholder with 123,789,010 shares, accounting for 10.00% of the issued share capital[81] Future Outlook and Strategic Initiatives - The company anticipates continued challenges in 2021 due to ongoing lockdowns and travel restrictions in its operating markets[66] - The company has been appointed as the designated service provider for several major exhibitions in China for the second half of 2021, indicating a recovery in event activities[66] - The company is set to activate brands for the Arabian Travel Market in Dubai, marking a reopening of the UAE market post-pandemic[67] - The company is preparing for its role in the Tokyo Olympics, which is scheduled to open in July 2021, despite rising COVID-19 cases in Japan[67] - The company is involved in approximately 20 pavilions at the Dubai Expo, marking the largest scale of participation in its history[68] Cost Management and Operational Efficiency - The group has implemented cost-saving measures, significantly reducing fixed overhead costs, maintaining operational flexibility[48] - The company is adopting a cautious approach to cost control due to uncertainties from the COVID-19 pandemic while remaining optimistic about future events[71] Digital and Technological Investments - The company continues to invest in digital capabilities to quickly regain momentum post-COVID-19[71]