Financial Performance - For the six months ended December 31, 2018, the Group's revenue was approximately HK$116.4 million, representing an increase of approximately 3.8% compared to the same period last year[9]. - The loss attributable to owners of the Company during the period was approximately HK$168.9 million, an improvement from approximately HK$186.6 million for the same period last year[10]. - The basic loss per share was approximately HK1.53 cents[9]. - Revenue from the Club for the same period was approximately HK$115.7 million, reflecting a 3.2% increase compared to the previous year[18]. - Loss from operations for the period was HK$101,428,000, an improvement from a loss of HK$150,107,000 in the previous year, indicating a reduction of about 32.4%[37]. - Total comprehensive expense for the period was HK$184,222,000, compared to HK$181,582,000 in the previous year, showing a slight increase of about 0.9%[37]. - Loss per share attributable to owners of the Company was HK$1.53 for the period, an improvement from HK$2.78 in the same period last year[37]. - The Company reported a share of loss from a joint venture of HK$46,000, compared to HK$89,000 in the previous year, indicating a decrease in losses[37]. Revenue Streams - The revenue streams of the Club included match day receipts, broadcasting revenue, and commercial income[11]. - Revenue for the six months ended December 31, 2018, was HK$116,420,000, compared to HK$112,138,000 for the same period in 2017, representing an increase of approximately 3.1%[37]. - Revenue from contracts with customers for the six months ended 31 December 2018 was HK$116,420,000, compared to HK$112,138,000 for the same period in 2017, representing a growth of 3.1%[65]. - Revenue from commercial income and match day receipts recognized at a point in time was HK$34,830,000 for the six months ended 31 December 2018, compared to HK$35,900,000 in 2017[65]. - Revenue recognized over time from broadcasting and match day receipts was HK$71,891,000 for the six months ended 31 December 2018, compared to HK$66,708,000 in 2017, reflecting an increase of 7.3%[65]. Operating Expenses - Operating expenses for the period were approximately HK$217.8 million, a decrease of about 16.9% from the previous year, primarily due to reduced staff costs[18]. - Administrative and other expenses rose by approximately 31.2% to HK$25.0 million, primarily driven by depreciation, professional fees, and staff costs[20]. - Finance costs increased by approximately 70.5% to HK$14.0 million, attributed to a rise in average borrowings compared to the same period last year[20]. Assets and Liabilities - Total non-current assets increased to HK$907,205,000 as of December 31, 2018, up from HK$803,012,000 as of June 30, 2018, reflecting a growth of approximately 13%[38]. - Current liabilities decreased significantly to HK$176,394,000 from HK$214,492,000, marking a reduction of about 17.8%[38]. - Net current liabilities improved to HK$(34,358,000) from HK$(67,689,000), indicating a positive change in liquidity[38]. - Total assets less current liabilities amounted to HK$872,847,000, up from HK$735,323,000, representing an increase of approximately 18.7%[38]. - The Group's current ratio improved to 80.5% from 68.4% as of June 30, 2018, while the gearing ratio increased to 42.7% from 22.2%[22]. Share Capital and Financing - The Company issued 832,610,000 shares at HK$0.0947 per share, raising approximately HK$86.6 million as part of the 2018 Long Term Lease Agreement[26]. - The total issued shares of the company as of December 31, 2018, were 11,806,681,672 shares, up from 10,974,071,672 shares as of June 30, 2018[28]. - The company issued a total of 832,610,000 shares at a price of HK$0.0947 per share, raising approximately HK$86,614,000 to settle part of the long-term lease obligations[28]. - The Group's total borrowings included amounts due within one year of approximately HK$4,000[116]. - The outstanding principal amount under the standby loan facility as of December 31, 2018, was approximately HK$146,000,000, with interest payable of approximately HK$6,211,000[115]. Employee and Management - As of December 31, 2018, the group employed approximately 283 full-time employees and approximately 587 temporary staff members, an increase from 280 full-time and 500 temporary staff in the previous year[33][34]. - The company recognizes the importance of high-caliber staff and continues to provide remuneration packages based on industry practices and individual performance[33][34]. - The management remains optimistic about improving the Club's performance both on and off the field this season[16]. Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code throughout the six months ended December 31, 2018, except for one deviation regarding the attendance of the chairman at the annual general meeting[170]. - The audit committee of the company comprises three Independent Non-executive Directors, with Mr. To Yan Ming, Edmond serving as the chairman[172]. - The company emphasizes that good corporate governance is crucial for improving efficiency and safeguarding shareholder interests[170]. Legal and Contingent Liabilities - As of 31 December 2018, the Group had net current liabilities of HK$34,358,000, indicating material uncertainty regarding the Group's ability to continue as a going concern[58]. - The Group had contingent liabilities related to player transfer costs amounting to approximately HK$64,478,000 (equivalent to approximately GBP6,490,000)[144]. - The litigation case filed by Mr. Lee Yiu Tung against the Company involves claims totaling approximately HK$1,484,000[147]. - The Company made a counterclaim against Mr. Lee for wages totaling HK$240,000 and reimbursement of approximately HK$2,000,000 for expenses[147].
大象未来集团(02309) - 2019 - 中期财报