Revenue and Profitability - During the six months ended 30 September 2020, Bingo Group Holdings Limited generated revenue of HK$1.3 million from its Cinema Business, a decline from HK$15.5 million in the corresponding period of 2019[21] - The gross profit from the Cinema Business for the Period was HK$0.7 million, down from HK$9 million in the same period last year[21] - The Group recorded total turnover of approximately HK$1.2 million, a decrease of approximately HK$14.3 million compared to HK$15.5 million in the corresponding period[28] - Revenue and gross profit from cinema operations were approximately HK$1.3 million and HK$0.7 million, respectively, showing a decline compared to HK$15.5 million and HK$9 million in the same period last year[28] - For the six months ended September 30, 2020, the Group reported a turnover of HK$1,264,000, a decrease of 92.8% compared to HK$15,467,000 for the same period in 2019[54] - The gross profit for the six months ended September 30, 2020, was HK$680,000, down 92.5% from HK$9,045,000 in the previous year[54] - The loss for the period was approximately HK$15.8 million, an increase of approximately HK$3.3 million from the loss of HK$12.5 million in the corresponding period[30] - The loss for the period was HK$15,838,000, compared to a loss of HK$12,512,000 for the same period in 2019, representing a 26.3% increase in losses[54] - The total comprehensive loss for the period amounted to HK$9,015,000, up from HK$8,013,000 in the prior year, indicating a year-over-year increase of 12.5%[55] - The total comprehensive loss for the period ended September 30, 2020, was HK$17,330,000, compared to HK$14,204,000 in the previous year, indicating a worsening financial performance[66] Impact of COVID-19 - The outbreak of COVID-19 led to the closure of cinemas in Hangzhou and Shanghai since late January 2020, impacting revenue generation significantly[21] - Cinemas in certain low-risk areas of the PRC were allowed to reopen in July 2020, with the Group's cinemas in Shanghai and Hangzhou reopening in August 2020[21] - The coronavirus outbreak has significantly impacted the cinema industry, with many cinemas in China only reopening in late July 2020[42] Assets and Liabilities - As of 30 September 2020, the Group's total assets were approximately HK$50.9 million, down from HK$82.3 million as of 31 March 2020[35] - Cash and cash equivalents amounted to approximately HK$21.2 million as of 30 September 2020, compared to HK$38.1 million as of 31 March 2020[35] - The debt ratio was approximately 0.66 as of 30 September 2020, compared to approximately 0.62 as of 31 March 2020[35] - Net current assets decreased to HK$13,010,000 as of September 30, 2020, down from HK$21,215,000 as of March 31, 2020, reflecting a decline of 38.7%[63] - Total assets less current liabilities were HK$36,796,000, down from HK$57,624,000, indicating a reduction of 36.2%[63] - Non-current liabilities, including convertible bonds and lease liabilities, totaled HK$19,466,000, compared to HK$26,030,000 in the previous period, a decrease of 25.2%[63] - The company reported a total equity of HK$17,330,000 as of September 30, 2020, down from HK$31,594,000, a decline of 45%[63] Cash Flow - For the six months ended September 30, 2020, the net cash used in operating activities was HK$6,005,000, compared to HK$13,621,000 in the same period of 2019, indicating an improvement[68] - The net cash generated from investing activities for the same period was HK$2,201,000, a significant decrease from HK$14,470,000 in 2019[68] - The net cash used in financing activities increased to HK$11,900,000 in 2020 from HK$2,048,000 in 2019, reflecting higher financing costs[68] - As of September 30, 2020, cash and cash equivalents decreased to HK$21,189,000 from HK$61,023,000 at the end of the same period in 2019[68] - The company experienced a net decrease in cash and cash equivalents of HK$15,704,000 for the six months ended September 30, 2020, compared to a decrease of HK$1,199,000 in 2019[68] Staff and Employee Costs - Total staff costs, including directors' remuneration, were approximately HK$5.4 million during the period, down from approximately HK$6.9 million in the corresponding period[38] - The Group employed 76 staff as of September 30, 2020, a slight decrease from 78 staff as of March 31, 2020[40] - Employee costs totaled approximately HK$5,400,000 for the period, down 21.0% from HK$6,900,000 in the previous year[40] - Key management personnel remuneration for the six months ended September 30, 2020, was HK$943,000, an increase from HK$500,000 in the same period of 2019[176] Business Operations and Future Plans - The Group continues to focus on Filmed Entertainment, New Media Exploitations, Licensing Businesses, and Cinema Business[19] - The management is actively seeking suitable business opportunities in the Filmed Entertainment sector[22] - The Group plans to focus on new business opportunities, including consultancy services and online game development, in addition to its existing cinema investments[46] - The Group has entered into a joint venture agreement in November 2020 to establish a company focused on brand management and film-related products in Huzhou City, Zhejiang Province[47] - The joint venture company will be 51% owned by the WOFE Subsidiary and will focus on brand management, film and television product development, and e-commerce[187] Share Options and Awards - The number of share options granted in 2020 was 25,500,000, a decrease of 43.8% compared to 45,000,000 in 2019[96] - The fair value of share options granted in 2020 was HK$892,500, significantly lower than HK$2,181,000 in 2019, indicating a decline in perceived value[96] - Share-based payments recognized for directors amounted to HK$556,000, while employees received HK$432,000, and advisors received HK$578,000, totaling HK$1,566,000 for the six months ended September 30, 2020[114] - The total number of awarded shares for employees was 12,780,000, with 50% vesting on the first anniversary and the remaining 50% on the second anniversary of the grant date[105] - The company adopted a share award scheme on August 14, 2019, with awards granted up to September 30, 2020, indicating a strategic move to incentivize key personnel[107] Losses and Impairments - The Group recorded a loss on the termination of a cinema operation of approximately HK$3,456,000 during the six months ended September 30, 2020[135] - The Group terminated the operation of a cinema in Hangzhou, resulting in a loss of approximately HK$3,456,000, which includes impairment losses of HK$369,000 on receivables and HK$7,144,000 on right-of-use assets[137] - Impairment of right-of-use assets for the six months ended September 30, 2020, was HK$7,144,000[91] Government Grants and Taxation - The group received government grants totaling HK$596,000 for the six months ended September 30, 2020, compared to HK$536,000 in the same period of 2019[76] - The Group did not derive any assessable profits in Hong Kong for the six months ended September 30, 2020, and thus no provision for Hong Kong Profits Tax was made[126] - The PRC subsidiaries are subject to a 25% Enterprise Income Tax for the six months ended September 30, 2020, and 2019[124]
比高集团(08220) - 2021 - 中期财报