Financial Performance - The group recorded revenue of approximately HKD 200,000, a decrease of 92.6% compared to HKD 2,700,000 in the same period last year due to COVID-19 and the temporary closure of casinos in Cambodia[6]. - The net loss for the period was approximately HKD 20,800,000, an increase of 235% from HKD 6,200,000 in the previous year, primarily due to delays in reopening the Dara Sakor casino[6]. - For the six months ended September 30, 2021, the group's revenue was HKD 200,000, a decrease of 92.6% compared to HKD 2,709,000 for the same period in 2020[55]. - The gross profit for the same period was HKD 160,000, down 92.4% from HKD 2,109,000 in the previous year[55]. - The group reported a loss before tax of HKD 20,808,000, compared to a loss of HKD 6,566,000 in the prior year, representing a 216.5% increase in losses[55]. - The basic and diluted loss per share was HKD 16.22, compared to HKD 4.81 for the same period last year, indicating a significant increase in loss per share[55]. - The company recorded a net loss attributable to owners of approximately HKD 20,808,000 for the six months ended September 30, 2021[23]. - The total loss before tax for the six months ended September 30, 2021, was HKD 20,808,000, compared to a loss of HKD 6,566,000 for the same period in 2020[77]. Financial Position - As of September 30, 2021, the total number of issued shares was 128,247,561, with a net debt of approximately HKD 43,800,000, an increase of about HKD 20,800,000 from HKD 23,000,000 as of March 31, 2021[7]. - The group's total assets and net liabilities were approximately HKD 104,900,000 and HKD 43,800,000 respectively, with a debt-to-asset ratio of approximately 141.8%[13]. - Non-current assets were approximately HKD 58,500,000, while current assets were about HKD 46,500,000 as of September 30, 2021[13]. - The net current liabilities as of September 30, 2021, were approximately HKD 102,156,000, with total liabilities of about HKD 43,803,000[23]. - The total equity showed a decline, with total losses reaching HKD 43,803,000 as of September 30, 2021, compared to HKD 22,995,000 as of March 31, 2021[59]. - The company’s accumulated losses increased to HKD (3,077,554,000) as of September 30, 2021, compared to HKD (3,019,915,000) at the end of the previous period[70]. - The company’s total liabilities included approximately HKD 102,156,000 in net current liabilities as of September 30, 2021, primarily due to loans and convertible bonds[70]. Cash Flow and Financing - The company issued convertible bonds amounting to HKD 50,000,000, which will mature on March 30, 2023, providing financial support despite the challenging operating environment[9]. - The net cash used in operating activities for the six months ended September 30, 2021, was HKD (8,258,000), compared to HKD (8,021,000) for the same period in 2020, indicating a deterioration of 2.95%[63]. - The company recorded a net cash generated from financing activities of HKD 8,435,000 for the six months ended September 30, 2021, slightly up from HKD 8,422,000 in the previous year[63]. - The company’s investment activities generated a net cash inflow of HKD 6,000 for the six months ended September 30, 2021, down from HKD 32,000 in the previous year[63]. - The company issued a promissory note with a principal balance of HKD 6,000,000, which is due on September 29, 2022[104]. - The company recorded an estimated interest expense of approximately HKD 494,000 related to the promissory note for the six months ended September 30, 2021[105]. Operational Developments - The new casino in Dara Sakor, Koh Kong Province commenced operations on November 4, 2021, and is expected to be fully operational by February 2022[18]. - The company anticipates that the reopening of casinos will lead to an upward trend in its table game business[20]. - The company is optimistic about its business outlook following the reopening of casinos, indicating potential revenue improvement[20]. - The company is exploring the feasibility of its AR and VR entertainment business despite challenges from the COVID-19 pandemic[21]. - The group is committed to improving its gaming business and seizing more market opportunities to regain growth momentum, supported by the government's comprehensive economic recovery plan[27]. Market and Economic Environment - Total number of tourists in Cambodia decreased from 1.18 million in H1 2020 to 108,000 in H1 2021, a decline of 90.8%[15]. - As of October 31, 2021, over 16 million people in Cambodia have been vaccinated, representing nearly 86% of the total population, which is expected to boost the recovery of the tourism and gaming sectors[27]. - The Cambodian government announced the reopening of popular beach destinations on November 30, 2021, welcoming vaccinated tourists for quarantine-free holidays, laying a solid foundation for economic recovery[27]. - The group will continue to closely monitor the COVID-19 situation and implement strict preventive measures to ensure a safe environment for employees and customers as casinos resume operations[27]. Corporate Governance - The company continues to emphasize high levels of corporate governance and accountability, despite deviations from certain governance codes[49]. - The board will regularly review the effectiveness of the arrangement where the chairman also serves as the CEO, which is currently in place[49]. - The company has maintained strict guidelines for employee trading of its securities, ensuring adherence to the established code of conduct[47]. - The company confirmed that all directors complied with the standards set forth in the code of conduct during the entire review period[47]. Shareholder Information - Major shareholders include Zheng Huimin with 9,621,212 shares (7.50%) and Huang Weiqiang with 8,690,000 shares (6.78%) as of September 30, 2021[40]. - The total issued and paid-up ordinary shares as of September 30, 2021, was 128,247,000 shares[113]. - The company reported no significant transactions with related parties during the six months ended September 30, 2021[119]. - The total remuneration for key management personnel was HKD 897,000 for the six months ended September 30, 2021, unchanged from the previous period[119].
世纪娱乐国际(00959) - 2022 - 中期财报