直通电讯(08337) - 2021 - 中期财报

Financial Highlights Summary of Interim Results for 2021 For the six months ended June 30, 2021, the company's revenue decreased by 21.2% year-on-year, while loss attributable to shareholders significantly narrowed by 56.4%, with the Board deciding not to declare an interim dividend Key Interim Financial Indicators for 2021 | Metric | Amount (HKD) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 85,489,000 | -21.2% | | Loss Attributable to Shareholders | 7,280,000 | -56.4% | | Interim Dividend | Not Declared | - | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2021, the company experienced a year-on-year decline in both revenue and gross profit, yet significantly narrowed its operating and period losses due to a substantial reduction in administrative and other operating expenses, leading to a decrease in basic loss per share from 9.02 HK Cents to 3.94 HK Cents Core Profit or Loss Data (For the Six Months Ended June 30) | Item | 2021 (HKD Thousands) | 2020 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 85,489 | 108,516 | -21.2% | | Gross Profit | 835 | 1,494 | -44.1% | | Operating Loss | (7,374) | (16,790) | +56.1% | | Loss Attributable to Shareholders for the Period | (7,280) | (16,682) | +56.4% | | Basic Loss Per Share (HK Cents) | (3.94) | (9.02) | +56.3% | Condensed Consolidated Statement of Financial Position As of June 30, 2021, the company's total assets and net assets slightly decreased compared to the end of 2020, maintaining a healthy net current assets position of HKD 55.95 million, despite a reduction in cash and cash equivalents Core Financial Position Data | Item | June 30, 2021 (HKD Thousands) | December 31, 2020 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 8,375 | 9,163 | -8.6% | | Total Current Assets | 64,236 | 67,181 | -4.4% | | Total Current Liabilities | 8,289 | 4,933 | +68.0% | | Net Assets | 62,836 | 69,860 | -10.1% | | Cash and Cash Equivalents | 28,192 | 37,154 | -24.1% | Condensed Consolidated Statement of Changes in Equity As of June 30, 2021, the company's total equity decreased from approximately HKD 69.86 million at the beginning of the year to approximately HKD 62.84 million, primarily due to a loss of HKD 7.28 million recorded during the period - The total comprehensive loss for the period was HKD 7,024,000, primarily comprising a loss for the period of HKD 7,280,000 and other comprehensive income of HKD 256,000[10] Condensed Consolidated Statement of Cash Flows In the first half of 2021, the Group experienced a net cash outflow from operating activities of HKD 8.53 million, resulting in a net decrease in cash and cash equivalents of HKD 9.16 million, with the period-end cash balance at HKD 28.19 million Core Cash Flow Data (For the Six Months Ended June 30) | Item | 2021 (HKD Thousands) | 2020 (HKD Thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (8,531) | (16,209) | | Net Decrease in Cash and Cash Equivalents | (9,156) | (16,483) | | Cash and Cash Equivalents at End of Period | 28,192 | 39,781 | Notes to the Interim Financial Report Revenue and Segment Information The Group's total revenue is primarily derived from two business segments: distribution business and telecommunications services, accounting for 89.9% and 10.1% of total revenue respectively, both experiencing a decline compared to the prior period, with telecommunications services dropping by 61.6%, and Hong Kong remaining the main revenue source at 55.6% of total revenue Revenue by Business Segment (For the Six Months Ended June 30) | Business Segment | 2021 (HKD Thousands) | 2020 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Telecommunications Services | 8,677 | 22,621 | -61.6% | | Distribution Business | 76,812 | 85,895 | -10.6% | | Total | 85,489 | 108,516 | -21.2% | Revenue by Geographical Region (For the Six Months Ended June 30) | Region | 2021 (HKD Thousands) | 2020 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 47,535 | 49,426 | -3.8% | | Mainland China | 9,267 | 22,798 | -59.4% | | Singapore | 28,687 | 36,292 | -21.0% | | Total | 85,489 | 108,516 | -21.2% | Analysis of Loss Before Tax A key factor in the narrowed loss for the current period is the absence of impairment losses on trade receivables, which amounted to HKD 7.92 million in the corresponding period last year - For the six months ended June 30, 2021, impairment loss on trade receivables was HKD 0, while in the same period of 2020 it was HKD 7,920,000, which is a primary reason for the significant decrease in administrative expenses and the overall narrowed loss[34] Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2021 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2021[36] Share Capital Movements On January 20, 2021, the company completed a share consolidation, merging every 20 ordinary shares of HKD 0.01 par value into 1 ordinary share of HKD 0.20 par value, reducing the number of issued ordinary shares from 3,697,500,000 to 184,875,000 - Pursuant to the resolution passed at the Extraordinary General Meeting on January 18, 2021, the company implemented a "Share Consolidation," consolidating every 20 shares into 1 share, effective January 20, 2021[53] Management Discussion and Analysis Business Review and Outlook The Group's business faces ongoing challenges due to the COVID-19 pandemic, severely impacting Hong Kong's telecommunications services with a 71.5% revenue decline due to reduced tourism, while Mainland China's top-up and distribution businesses also fell by 60.4% and 53.3% respectively, and Singapore's distribution business decreased by 21.0%, prompting the Group to implement cost controls and explore overseas markets with cautious optimism for medium to long-term development - The COVID-19 pandemic led to a significant reduction in overseas tourists, particularly from Mainland China, adversely affecting the Group's sales of prepaid roaming products[68] - The Hong Kong mobile phone and electronic product distribution business performed stably, with revenue slightly increasing by 0.2% to approximately HKD 46.74 million[70] - Revenue from mobile and data top-up services in Mainland China decreased by 60.4% year-on-year due to intense competition and the pandemic's impact[73] - Revenue from mobile and data top-up distribution business in Singapore decreased by 21.0% year-on-year to approximately HKD 28.69 million[76] - Looking ahead, the Group will implement strict cost controls, accelerate business model transformation, and explore the extension of information services centered on MaaS (Mobility as a Service), maintaining cautious optimism for medium to long-term development[78] Financial Review In the first half of 2021, the Group's revenue decreased by 21.2% to HKD 85.49 million, and gross profit declined by 44.1%; however, due to a substantial reduction in administrative expenses (primarily from the absence of a large trade receivables impairment loss present in the prior period) and a decrease in net other losses, the loss attributable to shareholders significantly narrowed by 56.4%, from HKD 16.68 million to HKD 7.28 million - Administrative and other operating expenses decreased by 50.8% year-on-year, mainly due to the absence of impairment loss on trade receivables in the current period, which amounted to HKD 7.92 million in the prior period[83] - Net other losses decreased by 95.0% year-on-year, primarily due to reduced exchange losses and the absence of a HKD 1.90 million fair value change loss on contingent consideration in the prior period[81] - As a result of these factors, loss attributable to shareholders decreased by 56.4% year-on-year[83] Other Information This section covers IPO fund utilization, capital structure, liquidity, shareholders' equity, and corporate governance, noting that HKD 8 million of IPO funds remain unused for RF-SIM business, the company has no bank borrowings and a stable capital structure despite a decreased current ratio, and it complies with corporate governance codes while disclosing director and major shareholder holdings - As of June 30, 2021, approximately HKD 8 million of the approximately HKD 69.2 million IPO proceeds remained unutilized, primarily allocated to the RF-SIM business plan, expected to be fully utilized by the end of 2022[86][88] Liquidity Indicators | Metric | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Net Current Assets | Approx. 55,947,000 HKD | Approx. 62,248,000 HKD | | Cash and Cash Equivalents | Approx. 28,192,000 HKD | Approx. 37,154,000 HKD | | Current Ratio | 7.7 times | 13.6 times | - As of June 30, 2021, the Group had no outstanding loans or borrowings[92] - For the six months ended June 30, 2021, the company complied with the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules[115]