Financial Performance - Revenue for the period was approximately HKD 565.6 million, a decrease of about 47.8% compared to HKD 1,083.8 million in the same period of 2019[6] - Loss attributable to owners of the company was approximately HKD 95.9 million, compared to a loss of HKD 63.8 million in the same period of 2019[6] - Basic loss per share was HKD 0.0738, compared to HKD 0.0490 in the same period of 2019[6] - The total revenue of the group decreased by approximately 47.8% or about HKD 518.2 million to approximately HKD 565.6 million for the reporting period, primarily due to a weak market atmosphere in Hong Kong and the outbreak of COVID-19[21] - Restaurant operation revenue decreased by approximately 49.3% or about HKD 514.7 million to approximately HKD 529.1 million, with the "富臨" brand declining by 53.5%, "陶源" brand by 65.5%, and "富臨概念" series by 28.6%[22] - The company reported a loss before tax of HKD 95,338,000, compared to a loss of HKD 74,646,000 in the previous year, reflecting a deterioration in performance[88] - The net loss for the period was HKD 95,907,000, compared to a net loss of HKD 63,866,000 in the same period last year, indicating a significant increase in losses[88] - The company reported a total comprehensive loss of HKD 94,305,000 for the period, compared to a loss of HKD 63,866,000 in the previous period[104] Operational Changes - The company operated 80 restaurants in Hong Kong as of September 30, 2020, an increase from 78 restaurants in the previous year[18] - The "Fulum" series brand restaurants decreased from 28 to 24, while the "Fulum Concept" series increased from 41 to 48[18] - The company plans to close underperforming restaurants and implement cost control measures to improve operational efficiency[117] Government Support and Subsidies - Other income and net gains increased by approximately 499.3% or about HKD 67.8 million to approximately HKD 81.4 million, mainly due to government subsidies of HKD 68.6 million received during the reporting period[23] - The company received wage subsidies of HKD 35.4 million under the Hong Kong government's Employment Support Scheme during the reporting period[81] - The group received government subsidies of HKD 68,624,000 during the six months ended September 30, 2020, compared to none in 2019[133] Cost Management - Employee costs decreased to approximately HKD 184.1 million, accounting for about 32.6% of revenue, down from 34.5% in the previous period, due to effective cost control measures[29] - Property rental and related expenses decreased by approximately 72.2% or about HKD 81.3 million to approximately HKD 31.4 million, primarily due to accounting treatment under HKFRS 16 for certain renewed leases[30] - The company’s employee costs decreased to HKD 184,127,000 from HKD 373,829,000, reflecting a reduction in workforce expenses[88] Liquidity and Financial Position - As of September 30, 2020, the group had cash and cash equivalents of approximately HKD 171.5 million, an increase from HKD 116.4 million as of March 31, 2020[38] - The total liabilities exceeded current assets by HKD 361,012,000 as of September 30, 2020, raising concerns about liquidity[117] - The company is focusing on enhancing liquidity through various funding sources, including government subsidies and potential asset liquidation[117] Corporate Governance - The company has maintained compliance with the corporate governance code, with the exception of the separation of roles between the Chairman and CEO, which is currently held by Mr. Yang Wei[49] - The company emphasizes high levels of corporate governance to protect shareholder interests and enhance corporate value[49] - The Audit Committee was established on October 28, 2014, and is responsible for overseeing the audit process and risk management systems[51] Shareholder Information - As of September 30, 2020, Mr. Yang Wei holds 908,375,000 shares, representing approximately 69.88% of the company's equity[56] - Major shareholders, including Mr. Yang Wei and related parties, collectively hold 908,375,000 shares, equating to 69.88% of the total shares[65] - The total equity attributable to owners decreased to HKD 192,589,000 from HKD 286,894,000, a drop of approximately 33%[101] Asset and Liability Management - Total non-current assets increased to HKD 942,384,000 from HKD 671,626,000, representing a growth of approximately 40%[99] - Current assets rose to HKD 414,682,000, up from HKD 339,731,000, indicating an increase of about 22%[99] - Total current liabilities surged to HKD 775,694,000, compared to HKD 483,498,000, reflecting a significant increase of approximately 60%[99] - The company's net assets decreased to HKD 192,589,000 from HKD 286,894,000, a decline of approximately 33%[101] Cash Flow and Financing Activities - The company reported a cash flow from operating activities of HKD 147,735,000 for the six months ended September 30, 2020, compared to a cash outflow of HKD 22,320,000 in the same period of 2019[109] - The company experienced a net cash inflow from financing activities of HKD 50,530,000, compared to a net outflow of HKD 187,403,000 in the previous year[113] Trade and Receivables - Trade receivables amounted to HKD 16,803,000, an increase from HKD 8,928,000 as of March 31, 2020, representing an increase of 88.5%[154] - Trade payables as of September 30, 2020, totaled HKD 58,273,000, up from HKD 36,996,000 as of March 31, 2020, indicating a growth of 57.5%[157]
富临集团控股(01443) - 2021 - 中期财报