奥传思维控股(08091) - 2022 - 中期财报

Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's revenue slightly decreased, but gross profit increased, turning a pre-tax loss into profit, with a significant narrowing of loss attributable to owners and basic loss per share Performance Overview for the Six-Month Period (As of September 30) | Metric | 2021 (HK$ thousand) | 2020 (HK$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 25,278 | 26,107 | -3.2% | | Gross Profit | 10,151 | 9,368 | +8.4% | | Profit/(Loss) Before Income Tax Expense | 552 | (630) | Turnaround to Profit | | Loss Attributable to Owners of the Company for the Period | (337) | (863) | Loss narrowed by 60.9% | | Basic and Diluted Loss Per Share (HK cents) | (0.05) | (0.12) | Loss narrowed | Condensed Consolidated Statement of Financial Position The Group maintained stable total assets and net assets, demonstrating healthy liquidity with substantial net current assets and cash balances Financial Position Overview | Metric | As of September 30, 2021 (HK$ thousand) | As of March 31, 2021 (HK$ thousand) | | :--- | :--- | :--- | | Total Assets | 93,346 | 97,067 | | Total Liabilities | 40,616 | 44,330 | | Net Assets | 52,730 | 52,737 | | Net Current Assets | 30,191 | 30,916 | | Cash and Bank Balances | 35,463 | 38,858 | Condensed Consolidated Statement of Changes in Equity Total equity slightly decreased from HK$52.737 million to HK$52.730 million, primarily due to a minor comprehensive loss during the period - Total equity remained largely stable during the period, slightly decreasing from HK$52.737 million to HK$52.730 million[4] Condensed Consolidated Statement of Cash Flows Operating cash flow decreased, investing activities generated net cash from reduced deposits, financing activities had a net outflow for lease repayments, resulting in an overall net increase in cash and cash equivalents Cash Flow Overview for the Six-Month Period (As of September 30) | Metric | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 7,553 | 10,010 | | Net Cash From/(Used in) Investing Activities | 7,179 | (741) | | Net Cash Used in Financing Activities | (10,916) | (9,317) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 3,816 | (48) | Notes to the Condensed Consolidated Financial Statements 1. General Information and Basis of Preparation The Company, an investment holding entity listed on GEM, primarily provides advertising display services, with financial statements prepared under Hong Kong Financial Reporting Standards - The Group's principal business is providing advertising display services, with its main place of business in Hong Kong[9] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and comply with the disclosure requirements of the GEM Listing Rules[10] 4. Revenue All revenue originates from Hong Kong, primarily from advertising display services, with minibus advertising slightly decreasing while taxi and hospital/clinic advertising increased Revenue Breakdown by Service Type for the Six-Month Period (As of September 30) | Service Type | 2021 (HK$ thousand) | 2020 (HK$ thousand) | | :--- | :--- | :--- | | Advertising display services - Minibus | 23,185 | 24,079 | | Advertising display services - Taxi | 1,245 | 1,160 | | Advertising display services - Hospital and Clinic | 386 | 125 | | Advertising display services - Others | 318 | 230 | | Catering services | 144 | 513 | | Total | 25,278 | 26,107 | - The Group segments its business into four operating segments based on advertising platforms: transportation business, healthcare business, logistics advertising business, and catering business[21] 8. Earnings/(loss) per share & 9. Dividend Basic and diluted loss per share improved to HK$0.0005, and the Board did not recommend an interim dividend for the period - For the six months ended September 30, 2021, basic and diluted loss per share was HK$0.0005 (2020: loss of HK$0.0012)[32] - The Board of Directors does not recommend the payment of an interim dividend for the six months ended September 30, 2021[33] Management Discussion and Analysis Business Review The Group improved minibus advertising gross margin, secured an exclusive agreement with New Lantao Bus, transitioned catering to a franchise model, and diversified into used car trading - Minibus advertising business gross profit margin increased from 38.1% in the same period last year to 40.2%, primarily due to preferential contract fees and improved internal printing efficiency[44] - An exclusive advertising space cooperation agreement was reached with New Lantao Bus, covering no less than 88 buses, with cooperation commencing on September 1, 2021[44] - The catering business transitioned to a franchise model, with the Group collecting franchise fees; concurrently, a new business of trading used private cars, especially classic cars, was developed[45] Financial Review Total revenue slightly decreased, but a significant reduction in cost of sales led to an improved gross profit margin and a substantial narrowing of loss attributable to owners Financial Performance Review for the Six-Month Period (As of September 30) | Metric | 2021 | 2020 | Reason for Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. HK$25.3 million | Approx. HK$26.1 million | Decreased minibus advertising and catering revenue | | Cost of Sales | Approx. HK$15.1 million | Approx. HK$16.7 million | Decreased revenue and preferential contract fees | | Gross Profit Margin | Approx. 40.2% | Approx. 35.9% | Improved minibus and taxi advertising gross profit margin | | Loss Attributable to Owners | Approx. HK$0.3 million | Approx. HK$0.9 million | Improved gross profit margin | Liquidity and Financial Resources The Group maintains a robust financial position, funding operations through internal capital and listing proceeds, with substantial cash, net current assets, and zero gearing Liquidity Indicators | Metric | As of September 30, 2021 | | :--- | :--- | | Cash and Bank Balances | Approx. HK$35.5 million | | Net Current Assets | Approx. HK$30.2 million | | Gearing Ratio | 0% | Use of Net Proceeds from Listing Of the HK$29.9 million listing proceeds, HK$17.8 million was used for advertising network expansion, with remaining funds potentially reallocated due to slow progress on certain initiatives Use of Net Proceeds from Listing (As of September 30, 2021) | Purpose | Estimated Amount (HK$ million) | Actual Usage (HK$ million) | Unutilized Amount (HK$ million) | | :--- | :--- | :--- | :--- | | Expand coverage in minibus media | 20.9 | 14.9 | 6.0 | | Expand coverage in other transportation vehicles | 5.4 | 2.8 | 2.6 | | Expand coverage in healthcare-related advertising | 2.9 | 0 | 2.9 | | Enhance information management system | 0.7 | 0.1 | 0.6 | | Total | 29.9 | 17.8 | 12.1 | - The Group has successfully expanded advertising space on minibuses, taxis, and buses, notably with the new cooperation with New Lantao Bus, but faced difficulties in expanding in-minibus LCD screens and healthcare-related advertising platforms, prompting consideration for resource reallocation[66][70] Outlook Management anticipates Hong Kong's economic recovery will benefit the advertising industry, with new bus partnerships strengthening market position and fan club outdoor advertising emerging as a new revenue stream - Hong Kong's gradual economic recovery and consumption voucher scheme are expected to stimulate consumer spending, supporting the retail and advertising industries[69] - The cooperation with New Lantao Bus will expand the Group's advertising coverage in the Tung Chung and Lantau Island areas, which are considered core business districts in western Hong Kong's future development[71] - A new emerging revenue source has been identified: outdoor media advertisements placed by music fan clubs to support their idols, demonstrating the strong communication effect of outdoor media combined with social media[72] Other Disclosures Directors' and Substantial Shareholders' Interests This section details director and substantial shareholder equity, including Ms. Chau Wai Chu's 38.70% via Goldcore, Mr. Sze Kwun Kui's 13.05% via Silver Pro, and AL Capital Limited's 19.44% Substantial Shareholders' Shareholdings (As of September 30, 2021) | Shareholder Name/Name | Capacity | Approximate Percentage of Shareholding | | :--- | :--- | :--- | | Goldcore (wholly-owned by Ms. Chau Wai Chu) | Beneficial owner | 38.70% | | AL Capital Limited (wholly-owned by Mr. Lau Chi Shing) | Beneficial owner | 19.44% | | Silver Pro (wholly-owned by Mr. Sze Kwun Kui) | Beneficial owner | 13.05% | Corporate Governance The Company adheres to high corporate governance standards, with the only deviation being the combined Chairman and CEO roles, which the Board believes enhances efficiency while maintaining power balance - The Company has complied with most provisions of the Corporate Governance Code, with one deviation[90] - The deviation is that the roles of Chairman and Chief Executive Officer are not segregated and are both held by Ms. Chau Wai Chu; the Board believes this arrangement helps maintain management efficiency[90]