Financial Performance - Revenue for the six months ended June 30, 2020, was $28,945,000, a decrease of 41.8% compared to $49,543,000 for the same period in 2019[16] - Operating profit decreased significantly to $157,000 from $5,874,000, representing a decline of 97.3%[16] - Net profit for the period was $84,000, compared to $5,515,000 in the previous year, a decrease of 98.5%[16] - Basic and diluted earnings per share were 0.1 cents, down from 2.0 cents in the prior year[18] - Total comprehensive income for the period was $80,000, a significant drop from $5,515,000 in the same period last year[18] - The company reported a financial income of $231,000, compared to $83,000 in the previous year, an increase of 178.3%[16] Costs and Expenses - The cost of goods sold was $3,334,000, down from $8,030,000, reflecting a reduction of 58.6%[16] - Employee benefits expenses were $9,345,000, down from $11,834,000, a reduction of 21.0%[16] - The total expenses for the six months ended June 30, 2020, were $28,783 thousand, down from $43,416 thousand in 2019, a decrease of 33.7%[131] - The company incurred a net financial cost of $155 thousand for the six months ended June 30, 2020, compared to $292 thousand in the same period of 2019, a reduction of 46.9%[132] - The group reported a total depreciation expense of $4,364,000 for property, plant, and equipment, with $2,503,000 attributed to the hotel and resort segment[122] Assets and Liabilities - Total assets as of June 30, 2020, amounted to $135,697,000, an increase from $131,187,000 as of December 31, 2019, representing a growth of 3.85%[22] - Non-current liabilities increased to $18,959,000 from $15,476,000, reflecting a rise of 22.5%[24] - Current liabilities rose to $14,082,000, up from $12,125,000, indicating an increase of 16.1%[24] - The total liabilities increased to $33,041,000 from $27,601,000, marking a rise of 19.5%[24] - The company’s equity attributable to owners decreased to $102,656,000 from $103,586,000, a drop of 0.9%[22] Cash Flow - The company reported a net cash outflow from operating activities of $2,716,000 for the six months ended June 30, 2020, compared to a net inflow of $5,104,000 for the same period in 2019[105] - Cash and cash equivalents decreased to $48,541,000 from $56,602,000, a decline of 14.5%[105] - The company incurred a net cash outflow from investing activities of $2,779,000, compared to $630,000 in the previous year, indicating a significant increase in investment expenditures[105] Segment Performance - Total revenue for the hotel and resort segment reached $22,677,000, while the high-end travel retail segment generated $5,916,000, and the destination services segment contributed $392,000, totaling $28,985,000 in revenue[122] - The operating profit for the hotel and resort segment was $3,934,000, while the high-end travel retail segment reported an operating loss of $(2,229,000), and the destination services segment incurred an operating loss of $(363,000), resulting in a total operating profit of $162,000[122] Accounting and Reporting - The group has adopted new accounting standards effective from January 1, 2020, with no significant financial impact on the interim financial data[114] - The group has early adopted the revised Hong Kong Financial Reporting Standard 16 related to COVID-19 rent concessions, which has implications for lease accounting[116] - The group’s management has made significant judgments and estimates in applying accounting policies, which may differ from actual results[116] Inventory and Receivables - The company reported a provision for obsolete inventory of $298 thousand in the first half of 2020, compared to $35 thousand in the same period of 2019, indicating a significant increase in inventory write-downs[131] - Trade receivables from third parties amounted to $12,855,000 as of June 30, 2020, with a provision for impairment of $216,000[159] - The total net value of trade receivables was $12,642,000 as of June 30, 2020, compared to $3,551,000 as of December 31, 2019[159] Shareholder Information - The company declared a final dividend of $0.28 per share for the year ended December 31, 2019, totaling $1,010,000[141] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2020, compared to zero in the same period of 2019[141] - The company issued 90,000,000 shares at a price of HKD 3.54 per share, totaling approximately $40,846,000[173]
海天地悦旅(01832) - 2020 - 中期财报