奥传思维控股(08091) - 2021 - 中期财报

Financial Highlights Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Group revenue decreased by 19.9% to HK$26.11 million, with gross profit stable and loss attributable to owners expanding to HK$0.863 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HK$ Thousand) | Metric | For the Six Months Ended September 30, 2020 (HK$ Thousand) | For the Six Months Ended September 30, 2019 (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 26,107 | 32,591 | -19.9% | | Gross Profit | 9,368 | 9,958 | -5.9% | | Loss for the Period | (902) | (750) | +20.3% | | Loss Attributable to Owners of the Company | (863) | (848) | +1.8% | | Basic Loss Per Share (HK Cents) | (0.12) | (0.12) | - | Condensed Consolidated Statement of Financial Position Total assets decreased to HK$92.05 million, with net assets slightly lower at HK$56.97 million, while net current assets improved to HK$35.85 million Condensed Consolidated Statement of Financial Position (HK$ Thousand) | Metric | As of September 30, 2020 (HK$ Thousand) | As of March 31, 2020 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current Assets | 32,621 | 43,434 | | Current Assets | 59,432 | 61,634 | | Total Assets | 92,053 | 105,068 | | Current Liabilities | 23,578 | 29,544 | | Non-current Liabilities | 11,504 | 17,651 | | Total Liabilities | 35,082 | 47,195 | | Net Assets | 56,971 | 57,873 | | Cash and Bank Balances | 54,896 | 54,944 | Condensed Consolidated Statement of Cash Flows Net cash from operating activities significantly increased to HK$10.01 million, while cash and cash equivalents remained stable at HK$54.90 million at period-end Condensed Consolidated Statement of Cash Flows (HK$ Thousand) | Metric | For the Six Months Ended September 30, 2020 (HK$ Thousand) | For the Six Months Ended September 30, 2019 (HK$ Thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 10,010 | 5,886 | | Net Cash Used in Investing Activities | (741) | (10,433) | | Net Cash Used in Financing Activities | (9,317) | (9,633) | | Net Decrease in Cash and Cash Equivalents | (48) | (14,180) | | Cash and Cash Equivalents at End of Period | 54,896 | 47,546 | Management Discussion and Analysis Business Review and Outlook The Group's core outdoor advertising business saw improved minibus ad gross margin, while it plans to diversify into used car trading and adapt sales strategies due to a weak advertising market - Minibus advertising business gross margin increased from approximately 32.7% to 38.1%, driven by concessionary contract fees and improved in-house printing efficiency[56] - The catering business "Mizuma" primarily focuses on takeaways, maintaining stable revenue with minimal impact from dine-in restrictions due to the pandemic[56] - The Group plans to launch a new business in used private car trading, especially vintage and classic cars, having obtained a test drive license and expecting to commence by end of 2020[57][90] - The advertising market is expected to remain weak, prompting the Group to offer more flexible sales packages and competitive pricing to attract clients[88] Financial Performance Analysis Total revenue declined by 19.9% to HK$26.10 million due to business termination and reduced digital media revenue, while gross margin improved to 35.9% and loss attributable to owners remained stable at HK$0.90 million Financial Performance Analysis (HK$ Million) | Metric | 2020 H1 (HK$ Million) | 2019 H1 (HK$ Million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 26.1 | 32.6 | -19.9% | | Cost of Sales | 16.7 | 22.6 | -26.0% | | Gross Margin | 35.9% | 30.6% | +5.3pp | | Selling Expenses | 3.3 | 4.5 | -26.7% | | Administrative Expenses | 7.3 | 7.1 | +2.8% | | Loss Attributable to Owners of the Company | 0.9 | 0.8 | +12.5% | - Revenue decline was primarily due to the termination of digital event management business, reduced digital media revenue, and decreased advertising revenue from private hospitals and clinics[59] - Gross margin improvement was mainly driven by the minibus advertising business, which saw its gross margin increase from 32.7% to 38.1% due to concessionary contract fees and enhanced in-house printing efficiency[64] Capital Structure and Liquidity The Group maintains a robust financial position with total equity of HK$56.97 million, no bank borrowings, and a 0% gearing ratio, supported by HK$54.90 million in cash and HK$36.00 million in net current assets - As of September 30, 2020, the Group had no bank borrowings and a gearing ratio of 0%[71] Capital Structure and Liquidity (HK$ Thousand) | Metric | As of September 30, 2020 (HK$ Thousand) | As of March 31, 2020 (HK$ Thousand) | | :--- | :--- | :--- | | Cash and Bank Balances | 54,900 | 54,900 | | Net Current Assets | 36,000 | 32,100 | Use of Proceeds from Listing Of the HK$29.90 million net proceeds from listing, HK$13.00 million remains unutilized, with the Group considering reallocating funds due to slow progress in some expansion plans Use of Proceeds from Listing (HK$ Million) | Purpose | Estimated Amount (HK$ Million) | Actual Utilized (HK$ Million) | Unutilized (HK$ Million) | | :--- | :--- | :--- | :--- | | Expanding coverage in minibus media | 20.9 | 14.1 | 6.8 | | Expanding coverage in other transport media | 5.4 | 2.7 | 2.7 | | Expanding coverage in healthcare-related advertising | 2.9 | 0 | 2.9 | | Enhancing information management system | 0.7 | 0.1 | 0.6 | | Total | 29.9 | 16.9 | 13.0 | - Due to the unstable economic environment, the Group has suspended in-vehicle LCD screen advertising services and is considering reallocating resources from the healthcare-related advertising segment[83][86] Business Segment Performance Transport Business Transport business, the primary revenue source, contributed HK$25.36 million (97% of total revenue), with minibus ad revenue slightly down but taxi ad revenue surging by 400% to HK$1.20 million Transport Business Financial Performance (For the Six Months Ended September 30, 2020) | Metric | Amount (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 25,358 | -1.1% | | Gross Profit | 9,555 | +14.2% | - Taxi advertising revenue increased by 400% from HK$0.30 million to HK$1.20 million, primarily due to election advertising campaigns originally scheduled for September[60] Healthcare Business Healthcare business revenue significantly declined by 75.5% to HK$0.125 million, reflecting continued underperformance in private hospital and clinic advertising Healthcare Business Financial Performance (For the Six Months Ended September 30, 2020) | Metric | Amount (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 125 | -75.5% | | Gross Profit | 81 | -76.3% | Digital Media Business Digital media business generated no revenue for the six months ended September 30, 2020, compared to HK$3.665 million last year, due to the resignation of its sales director - For the six months ended September 30, 2020, digital media business revenue was zero (compared to HK$3.665 million in the prior period) due to the resignation of the sales director[29][31][61] Logistics Advertising Business Logistics advertising revenue significantly decreased to HK$0.111 million, primarily due to tighter advertiser budgets and cautious ad review policies by operators Logistics Advertising Business Financial Performance (For the Six Months Ended September 30, 2020) | Metric | Amount (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 111 | -67.4% | | Gross Profit | 57 | -61.2% | Catering Business Catering business revenue grew significantly to HK$0.513 million, but incurred a gross loss of HK$0.325 million as it is still in its early operational stages - Catering business revenue increased by approximately 16 times from HK$0.036 million to HK$0.513 million, primarily because operations commenced in August 2019[61] - The business recorded a gross loss of HK$0.325 million[29] Corporate Governance and Other Disclosures Shareholding Structure As of September 30, 2020, the company's shareholding is relatively concentrated, with key shareholders including Goldcore Global Investments Limited (38.70%), AL Capital Limited (19.44%), and Silver Pro Investments Limited (13.05%) Shareholding Structure | Shareholder Name/Individual | Capacity/Nature of Interest | Number of Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Goldcore (Ms. Chau Wai Chu) | Beneficial Owner/Interest in Controlled Corporation | 278,640,000 | 38.70% | | AL Capital (Mr. Lau Chi Shing) | Beneficial Owner/Interest in Controlled Corporation | 139,968,000 | 19.44% | | Silver Pro (Mr. Sze Kwun Ku) | Beneficial Owner/Interest in Controlled Corporation | 93,960,000 | 13.05% | Corporate Governance The Group generally complies with corporate governance codes, with the only deviation being the combined roles of Chairman and CEO held by Ms. Chau Wai Chu, while an audit committee oversees financial reporting and internal controls - During the reporting period, the Company complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer were not segregated, both held by Ms. Chau Wai Chu[107] - The Audit Committee, comprising three independent non-executive directors, is responsible for overseeing the financial reporting system, internal controls, and risk management[109] Dividend Policy The Board does not recommend an interim dividend for the six months ended September 30, 2020, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended September 30, 2020 (prior period 2019: nil)[40][91]