宏海控股集团(08020) - 2022 - 中期财报

Financial Highlights and Performance Overview Performance Summary The Group's unaudited revenue grew 22.1% year-on-year, with consolidated loss attributable to owners narrowing to HKD 4.49 million, and no interim dividend declared | Metric | Amount (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | | Unaudited Revenue | 4,577 | ▲ 22.1% | | Consolidated Loss Attributable to Owners of the Company | 4,491 | ▼ 13.6% (Loss Reduced) | | Loss Per Share (Continuing Operations) | 0.18 HK cents | - | | Interim Dividend | Not Declared | - | Condensed Consolidated Financial Statements Despite revenue growth, gross profit declined, net loss narrowed due to discontinued operations, but total assets, equity, and operating cash flow decreased, indicating financial pressure Consolidated Statement of Comprehensive Income Revenue from continuing operations increased by 22.1% to HKD 4.577 million, while gross profit slightly decreased, and total comprehensive loss narrowed to HKD 4.491 million | Metric (HKD Thousands) | 2021 (Unaudited) | 2020 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from Continuing Operations | 4,577 | 3,748 | +22.1% | | Gross Profit | 1,740 | 1,858 | -6.3% | | Loss Before Tax (Continuing Operations) | (4,354) | (4,085) | +6.6% (Loss Widened) | | Total Loss for the Period | (4,491) | (5,199) | -13.6% (Loss Narrowed) | | Loss Per Share (Continuing Operations) | 0.18 HK cents | 0.17 HK cents | - | Consolidated Statement of Financial Position Total assets decreased to HKD 27.221 million, net assets (equity) declined to HKD 11.611 million due to period loss, and cash and cash equivalents significantly reduced | Metric (HKD Thousands) | Sep 30, 2021 (Unaudited) | Mar 31, 2021 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 27,221 | 33,263 | ▼ 18.2% | | Total Liabilities | 15,610 | 17,161 | ▼ 9.0% | | Net Assets (Total Equity) | 11,611 | 16,102 | ▼ 27.9% | | Cash and Cash Equivalents | 18,740 | 26,539 | ▼ 29.4% | Consolidated Statement of Changes in Equity Total equity attributable to owners decreased from HKD 16.102 million to HKD 11.611 million, primarily due to the HKD 4.491 million loss incurred - Total comprehensive loss for the period was HKD 4.491 million, causing total shareholders' equity to decrease from HKD 16.102 million to HKD 11.611 million[38] Consolidated Statement of Cash Flows Operating activities resulted in a net cash outflow of HKD 7.799 million, a reversal from prior year's inflow, with cash and cash equivalents decreasing to HKD 18.74 million | Metric (HKD Thousands) | 2021 (Unaudited) | 2020 (Unaudited) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (7,799) | 30,916 | | Net Cash Flow from Investing Activities | – | (469) | | Net Cash Flow from Financing Activities | – | (12,000) | | Net Decrease in Cash and Cash Equivalents | (7,799) | 18,447 | | Cash and Cash Equivalents at End of Period | 18,740 | 18,952 | Notes to the Unaudited Condensed Consolidated Interim Financial Results General Information and Basis of Preparation The Company, an investment holding entity in Cayman Islands, operates dry bulk shipping, logistics, and IP automation/entertainment, with interim financials prepared under HKAS 34 - The Company's main businesses include dry bulk shipping logistics agency and IP automation and entertainment[42] - Interim accounts are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and GEM Listing Rules[43] Revenue and Segment Information All HKD 4.577 million revenue derived from IP automation and entertainment, while dry bulk shipping had no revenue, and the IP segment recorded an operating loss of HKD 1.946 million Segment Revenue and Results (For the six months ended September 30, 2021) | Segment | Revenue (HKD Thousands) | Segment Results (HKD Thousands) | | :--- | :--- | :--- | | IP Automation and Entertainment | 4,577 | (1,946) | | Dry Bulk Shipping and Logistics Agency Services | – | (17) | | Total | 4,577 | (1,963) | Other Key Notes The Board did not recommend a dividend, basic loss per share was from continuing operations, trade receivables significantly increased, and no major capital commitments or contingent liabilities existed - The Board does not recommend the payment of an interim dividend for the six months ended September 30, 2021[62] - Trade receivables significantly increased from HKD 0.657 million to HKD 2.09 million, primarily for amounts due on demand to 30 days[74] - As of September 30, 2021, the Group had no significant commitments or contingent liabilities[80] Management Discussion and Analysis Business Review Dry bulk shipping and logistics had no revenue due to external factors, while IP automation and entertainment generated all HKD 4.58 million revenue from diverse sources but still incurred a loss - The dry bulk shipping and logistics agency services segment generated zero revenue during the period due to macroeconomic environmental impacts[88] - IP automation and entertainment business revenue sources are diversified, including: - "Ganawawa" stores contributed approximately HKD 2.16 million - Medical mask sales and marketing contributed approximately HKD 1.22 million - Mask raw material trading contributed approximately HKD 1.20 million[89] Financial Review Revenue grew 22.1% to HKD 4.577 million, administrative expenses slightly decreased, and loss attributable to owners narrowed, but liquidity weakened with declining assets, net assets, cash, and rising gearing ratio Financial Performance Review (For the six months ended September 30) | Metric (HKD Thousands) | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Revenue | 4,577 | 3,748 | ▲ 22.1% | | Administrative and Operating Expenses | 5,966 | 6,059 | ▼ 1.5% | | Loss Attributable to Owners of the Company | 4,491 | 5,199 | ▼ 13.6% | Liquidity and Capital Structure | Metric (HKD Thousands) | Sep 30, 2021 | Mar 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 27,221 | 33,263 | ▼ 18.2% | | Net Assets | 11,611 | 16,102 | ▼ 27.9% | | Cash and Bank Balances | 18,740 | 26,539 | ▼ 29.4% | | Gearing Ratio | 34% | 31.4% | ▲ | Prospects The Group plans to resume dry bulk shipping and logistics services while diversifying entertainment business into brand management and marketing consulting for cultural and retail sectors - Plans to resume dry bulk shipping and logistics agency services[102] - Seeking diversified entertainment businesses, expanding into brand management and marketing consulting services[102] Other Information Interests and Share Options The report details unexercised share options and share interests of directors and major shareholders, with Chairwoman Ms. Pansy Ho Chiu-king holding approximately 25.68% equity - Chairwoman Ms. Pansy Ho Chiu-king collectively holds approximately 25.68% of the Company's equity through beneficial ownership and controlled corporate interests[107] - Major shareholders Refulgent Sunrise Limited and Mr. Zhao Genlong hold 9.26% and 8.09% of the Company's equity, respectively[110] Corporate Governance and Other Disclosures The Company largely complied with corporate governance, noting a deviation where the Chairwoman missed the AGM, and the Review Committee has reviewed the interim financial statements - The Company complied with the Corporate Governance Code, but with a deviation: the Chairwoman was unable to attend the 2021 Annual General Meeting[117][119] - The Review Committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2021[120] Subscription of New Shares The Company plans to issue 140 million new shares at HKD 0.072 each, raising approximately HKD 10 million for business development and working capital - The Company plans to raise approximately HKD 10 million by issuing 140 million new shares, to be used for business development and working capital[122]