Financial Performance - Revenue for the six months ended 30 September 2019 was HK$14,151,000, an increase of 13.2% compared to HK$12,498,000 for the same period in 2018[10] - Gross profit for the six months ended 30 September 2019 was HK$936,000, a decrease of 75.8% from HK$3,874,000 in the previous year[10] - Loss before tax for the six months ended 30 September 2019 was HK$12,862,000, compared to a loss of HK$11,498,000 for the same period in 2018, representing an increase in loss of 11.9%[10] - Total comprehensive expenses for the period attributable to owners of the Company were HK$12,892,000, compared to HK$11,611,000 in the previous year, indicating a 11% increase[12] - The company reported a loss for the period of HK$12,862,000 for the six months ended September 30, 2019, compared to a loss of HK$11,498,000 for the same period in 2018, reflecting a worsening of approximately 11.9%[19] - The basic and diluted loss per share for the six months ended 30 September 2019 was HK$2.95, compared to HK$3.17 for the same period in 2018, indicating a decrease of approximately 6.94%[154] - The Group did not recommend the payment of an interim dividend for the six months ended 30 September 2019, consistent with the previous year where no dividend was paid[156] Assets and Liabilities - Non-current assets as of 30 September 2019 amounted to HK$79,982,000, up from HK$57,700,000 as of 31 March 2019[14] - Current assets decreased to HK$36,837,000 as of 30 September 2019 from HK$58,388,000 as of 31 March 2019, a decline of 37%[14] - As of September 30, 2019, net current assets decreased to HK$21,856,000 from HK$50,635,000 as of March 31, 2019, representing a decline of approximately 57.3%[16] - Total equity as of September 30, 2019, was HK$91,521,000, down from HK$104,413,000 as of March 31, 2019, indicating a decrease of about 12.3%[16] - Total liabilities as of September 30, 2019, were HK$25,298,000, with current liabilities accounting for HK$8,874,000[130] Cash Flow - Net cash from operating activities for the six months ended September 30, 2019, was HK$4,622,000, a significant improvement compared to a net cash outflow of HK$11,993,000 for the same period in 2018[21] - Cash and cash equivalents at the end of the period were HK$18,379,000, down from HK$22,293,000 at the end of September 2018, representing a decrease of about 17.4%[21] - Cash and bank balances were HK$18,379,000 as of 30 September 2019, down from HK$27,009,000 as of 31 March 2019, a decrease of 31.9%[14] Expenses - Administrative expenses for the six months ended 30 September 2019 were HK$14,127,000, a reduction of 13.5% from HK$16,327,000 in the previous year[10] - The company reported a significant increase in finance costs, which rose to HK$411,000 for the six months ended 30 September 2019 from HK$84,000 in the previous year, an increase of 388.1%[10] - The cost of inventories sold for the six months ended September 30, 2019, was HK$10,065,000, compared to HK$3,951,000 in 2018[139] - Depreciation of plant and equipment for the six months ended September 30, 2019, was HK$2,045,000, up from HK$1,104,000 in 2018[139] Revenue Segments - For the three months ended September 30, 2019, revenue from fitting out and engineering services was HK$1,465,000, a decrease of 26.8% compared to HK$2,002,000 in the same period of 2018[116] - Revenue from the sale of fine and rare wines for the three months ended September 30, 2019, was HK$6,211,000, significantly up from HK$90,000 in the same period of 2018, representing a growth of 6,790%[116] - The Group's revenue from design and procurement of furnishings and related products services for the six months ended September 30, 2019, was HK$600,000, down from HK$4,823,000 in the same period of 2018, indicating a decline of 87.5%[117] - The Group's rental income from leasing construction equipment for the six months ended September 30, 2019, was HK$327,000, compared to no income in the same period of 2018[117] Accounting Policies - The Group has adopted HKFRS 16 for the first time, which supersedes HKAS 17 "Leases" and related interpretations[33] - The Group's accounting policies for the six months ended September 30, 2019, are consistent with those for the year ended March 31, 2019, except for the new standards adopted[32] - The Group's financial statements have been prepared on a historical cost basis, except for investment property measured at fair value[31] - The Group's accounting policies have been updated to reflect the changes in lease accounting under HKFRS 16, ensuring compliance with the latest standards[103] Lease Liabilities and Assets - The Group recognized additional lease liabilities and right-of-use assets amounting to HK$17,987,000 as of April 1, 2019, following the application of HKFRS 16[91] - Lease liabilities are measured at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit rate is not determinable[60] - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less accumulated depreciation and impairment losses[45] - The Group applies short-term lease recognition exemption for leases of office premises with a term of 12 months or less[44] Credit Risk and Receivables - The Group's maximum exposure to credit risk is the carrying value of the receivables, which remained stable across reporting dates[164] - Total trade receivables decreased to HK$8,582,000 from HK$12,952,000, a decline of 33.5%[172] - The allowance for expected credit losses decreased to HK$69,000 from HK$184,000, indicating a reduction of 62.5%[168] - The average credit period allowed to trade customers ranges from 30 to 180 days[173] Other Information - The company recognized a gain on the disposal of subsidiaries, selling its 100% equity interest in Wonder Express for a cash consideration of HK$450,000, while also assigning a shareholder's loan of approximately HK$26.3 million[200] - The total issued and fully paid share capital increased to HK$168,887,000 as of September 30, 2019, from HK$154,851,000 as of April 1, 2018, reflecting the issuance of 72,600,000 new shares[198]
中新控股(08125) - 2020 - 中期财报