Revenue Performance - Revenue for the six months ended 30 June 2021 increased by approximately 106.4% to approximately HK$32,081,000 compared to HK$15,545,000 in 2020[2] - Revenue from apparel operations was HK$26,630,000, representing a 168.0% increase from HK$9,936,000 in the corresponding period of 2020[2] - Revenue for the six months ended June 30, 2021, was HK$32,081,000, a significant increase from HK$15,545,000 in the same period of 2020, representing a growth of 106.5%[56] - Revenue from the money lending operation was approximately HK$5,451,000, a decrease of approximately 2.8% compared to HK$5,609,000 in 2020[145] - The Group's revenue from external customers in the United States was HK$22,413,000 for the six months ended June 30, 2021, compared to HK$6,581,000 in 2020, indicating a growth of 240.5%[56] - Customer A contributed HK$19,659,000 to the Group's revenue for the six months ended June 30, 2021, up from HK$2,364,000 in 2020, reflecting a growth of 733.5%[59] Profitability and Loss - Gross profit for the period was approximately HK$2,423,000, a significant recovery from a gross loss of HK$33,000 in 2020[2] - The loss attributable to owners of the Company decreased by approximately 28.2% to HK$20,522,000 from HK$28,586,000 in 2020[2] - Total comprehensive income for the period attributable to the owners of the Company was a loss of HK$20,352,000 compared to a loss of HK$28,975,000 in 2020[9] - Basic and diluted loss per share was HK$1.21, an improvement from HK$1.69 in 2020[9] - The Company reported a loss for the period of HK$20,522,000 for the six months ended June 30, 2021, compared to a loss of HK$28,586,000 for the same period in 2020, showing an improvement in loss by about 28.8%[15] - The Group reported a loss attributable to owners of approximately HK$20,522,000 for the six months ended June 30, 2021, compared to a loss of HK$28,586,000 in the same period of 2020, representing a 28.8% improvement[87] Expenses and Cost Management - Selling and distribution expenses decreased to HK$4,508,000 from HK$5,354,000 in 2020[7] - Administrative expenses decreased to HK$21,391,000 from HK$27,004,000 in 2020[7] - Directors' emoluments for the first half of 2021 were HK$2,245,000, down from HK$3,531,000 in 2020[130] - Total staff costs for the six months ended June 30, 2021, were approximately HK$17,749,000, a slight decrease from HK$17,829,000 for the same period in 2020[183] Assets and Liabilities - Inventories increased by approximately 46.9% from HK$11,971,000 as at 31 December 2020 to HK$17,591,000 as at 30 June 2021[4] - As of June 30, 2021, the net current assets decreased to HK$167,142,000 from HK$187,650,000 as of December 31, 2020, representing a decline of approximately 10.5%[13] - The total equity attributable to the owners of the Company as of June 30, 2021, was HK$218,073,000, down from HK$238,425,000 at the end of 2020, indicating a decrease of about 8.5%[15] - The total assets less current liabilities decreased to HK$219,640,000 as of June 30, 2021, from HK$239,746,000 as of December 31, 2020, indicating a reduction of about 8.4%[13] - The total liabilities as of June 30, 2021, were HK$52,164,000, with segment liabilities for apparels at HK$44,105,000 and for money lending services at HK$8,059,000[42] - Trade receivables, net, decreased to HK$15,126,000 as of June 30, 2021, from HK$19,136,000 as of December 31, 2020, indicating a decline of 21.0%[101] Cash Flow and Financing - For the six months ended June 30, 2021, the net cash used in operating activities was HK$54,961,000, compared to HK$27,996,000 for the same period in 2020, reflecting an increase in cash outflow of approximately 96.5%[19] - Cash and cash equivalents at the end of the period were HK$15,087,000, a significant decrease from HK$74,823,000 at the end of June 2020, representing a decline of approximately 79.9%[19] - The Company’s net cash generated from financing activities was HK$5,054,000 for the six months ended June 30, 2021, compared to a cash outflow of HK$2,143,000 in the same period of 2020, indicating a turnaround in financing cash flow[19] - The Group's loans receivables increased to HK$162,483,000 as of June 30, 2021, up from HK$123,763,000 as of December 31, 2020, reflecting a growth of 31.2%[108] Financial Position and Ratios - The current ratio of the Group was approximately 4.19 as of 30 June 2021, down from 5.27 as of 31 December 2020[161] - The gearing ratio of the Group was approximately 4.7% as of 30 June 2021, compared to 2.1% as of 31 December 2020[167] - Total borrowings and lease liabilities amounted to approximately HK$10,151,000 as of 30 June 2021, an increase from HK$4,975,000 as of 31 December 2020[161] Market and Operational Insights - The Group's products are primarily exported to the United States, which is the principal market for its apparel operation[141] - The Group remains cautiously optimistic about the apparel operation for the second half of 2021 due to uncertainties related to the COVID-19 pandemic[142] - The business showed signs of recovery in the first half of 2021, driven by improving global economic conditions, but remains vulnerable to uncertainties such as the COVID-19 pandemic and China-U.S. relations[191] Other Notable Points - The Company did not recommend the payment of any interim dividend[4] - The Group maintained a healthy liquidity position throughout the reporting period, with a focus on prudent financial management and continuous credit assessments to mitigate credit risk[172] - The Group is open to exploring new business and investment opportunities in other sectors to diversify revenue streams[192]
天机控股(01520) - 2021 - 中期财报