Financial Performance - The group's revenue for the six months ended September 30, 2020, was approximately HKD 25.0 million, a decrease of about 45.6% compared to the same period in 2019[6]. - The profit for the six months ended September 30, 2020, was approximately HKD 0.8 million, compared to a loss of approximately HKD 6.4 million in the same period of 2019[6]. - The total revenue for the six months ended September 30, 2020, was HKD 25,047,000, a decline of 45.4% from HKD 46,063,000 in the same period of 2019[24]. - The company reported a pre-tax loss of HKD 5,102,000 for the three months ended September 30, 2020, compared to a profit of HKD 8,949,000 in 2019[29]. - The company recorded a total comprehensive income of HKD 799,000 for the six months ended September 30, 2020, compared to a total comprehensive loss of HKD 6,323,000 in the same period of 2019, showing a turnaround in performance[11]. - For the six months ended September 30, 2020, the company reported a profit attributable to owners of HKD 805,000, compared to a loss of HKD 6,398,000 for the same period in 2019, representing a significant turnaround[33]. Revenue Breakdown - Revenue from Hong Kong operations for the three months ended September 30, 2020, was HKD 10,663,000, a decrease of 41.1% compared to HKD 18,139,000 in 2019[22]. - Revenue from China operations for the three months ended September 30, 2020, was HKD 501,000, down 84% from HKD 3,132,000 in 2019[22]. - Revenue from franchisees for the three months ended September 30, 2020, was HKD 669,000, a decrease of 39.6% from HKD 1,106,000 in 2019[22]. - Revenue from external customers for the six months ended September 30, 2020, included HKD 22.855 million from Hong Kong, HKD 1.379 million from China, and HKD 0.813 million from Macau[51]. Cost Management - The group’s employee costs for the six months ended September 30, 2020, were HKD 10.657 million, down from HKD 17.760 million in the same period of 2019[8]. - The cost of inventory decreased by approximately 47.0% from about HKD 10.1 million for the six months ended September 30, 2019, to about HKD 5.4 million for the same period in 2020[53]. - Other expenses decreased from approximately HKD 9.7 million for the six months ended September 30, 2019, to approximately HKD 7.5 million for the same period in 2020, representing a reduction of about 22.7% due to revenue decline and cost control measures[59]. - Rental and related expenses for the six months ended September 30, 2020, decreased by approximately HKD 0.6 million or 24.6% compared to the same period in 2019, primarily due to a reduction in contingent rent payments related to restaurant revenues[57]. Assets and Liabilities - The total assets less current liabilities as of September 30, 2020, were HKD 44.55 million, down from HKD 47.72 million as of March 31, 2020[9]. - The net asset value as of September 30, 2020, was HKD 35.625 million, compared to HKD 34.826 million as of March 31, 2020[9]. - The total non-current assets as of September 30, 2020, were HKD 20,878,000, down from HKD 23,040,000 as of March 31, 2020[25]. - The company’s total liabilities as of September 30, 2020, were HKD 10,456,000, compared to HKD 6,679,000 as of March 31, 2020[41]. Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of HKD 3,579,000 for the six months ended September 30, 2020, compared to a net outflow of HKD 5,234,000 in the same period of 2019, indicating a significant improvement[12]. - The total cash and cash equivalents decreased by HKD 3,058,000 during the period, down from a decrease of HKD 27,322,000 in the previous year, reflecting better cash management[12]. - As of September 30, 2020, the company's cash and cash equivalents stood at HKD 34,675,000, down from HKD 57,213,000 at the beginning of the period, indicating a need for continued focus on liquidity[12]. - The company’s bank borrowings decreased from HKD 2,638 million as of March 31, 2020, to HKD 2,246 million as of September 30, 2020[15]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal control processes[100]. - The interim financial results for the six months ending September 30, 2020, were unaudited but reviewed by the audit committee and comply with applicable accounting standards[100]. - The company has maintained good corporate governance practices and complied with the GEM Listing Rules during the reporting period[99]. - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[100]. Strategic Initiatives - The company is primarily engaged in the operation of Japanese ramen restaurants in Hong Kong, indicating a focused business strategy[14]. - The company has been actively negotiating rent concessions and adjusting business strategies in response to the COVID-19 pandemic[47]. - The company plans to shift its revenue model to charge franchisees for royalties and consulting fees instead of directly operating restaurants in China[71]. - The company has initiated promotional activities and other marketing efforts to enhance brand awareness, with an allocation of approximately 5.2% of the net proceeds (HKD 2,400,000) for this purpose[68].
赏之味(08096) - 2021 - 中期财报