Financial Performance - Total revenue for the three months ended March 31, 2020, decreased by approximately 22.9% to about HKD 26.6 million compared to HKD 34.5 million in the same period of 2019[6] - The number of projects decreased by approximately 13.3%, from 30 projects in 2019 to 26 projects in 2020[6] - Average revenue per project decreased by approximately 11.3%, from HKD 1.15 million in 2019 to HKD 1.02 million in 2020[9] - Gross profit for the three months ended March 31, 2020, was approximately HKD 4.3 million, a decrease of about 19.2% from HKD 5.3 million in 2019[14] - The adjusted EBITDA for the three months ended March 31, 2020, was a loss of HKD 1.8 million compared to a loss of HKD 1.7 million in 2019[11] - The company incurred a loss attributable to owners of the company of HKD 3.9 million for the three months ended March 31, 2020, compared to a loss of HKD 2.9 million in 2019[11] - Adjusted EBITDA for the three months ended March 31, 2020, was approximately -1.8 million HKD, compared to -1.7 million HKD for the same period in 2019, primarily due to a decline in overall gross profit[15] - The company recorded a loss attributable to owners of approximately 3.9 million HKD for the three months ended March 31, 2020, compared to a loss of approximately 2.9 million HKD for the same period in 2019[15] - Basic loss per share for the three months ended March 31, 2020, was (0.65) HKD, compared to (0.49) HKD for the same period in 2019[25] - The net loss attributable to the company's owners for the three months ended March 31, 2020, was HKD 3,856,000, compared to a loss of HKD 2,905,000 in 2019, representing an increase in loss of 32.7%[38] - Basic loss per share for the three months ended March 31, 2020, was HKD (0.65), compared to HKD (0.49) for the same period in 2019, indicating a deterioration in performance[38] Revenue and Income - The group's main service revenue for the three months ended March 31, 2020, was HKD 26,632,000, a decrease of 22.5% compared to HKD 34,304,000 for the same period in 2019[31] - Other income for the same period in 2020 was HKD 91,000, down from HKD 176,000 in 2019, reflecting a decline of 48.7%[32] Expenses and Liabilities - Operating expenses for the three months ended March 31, 2020, were approximately HKD 7.1 million, down from HKD 7.5 million in 2019[14] - Total liabilities as of March 31, 2020, were approximately 118.3 million HKD, compared to 116.5 million HKD as of December 31, 2019[17] - The current ratio as of March 31, 2020, was approximately 1.3 times, down from 1.4 times as of December 31, 2019[17] - The capital-to-debt ratio increased to approximately 2,492.5% as of March 31, 2020, from 688.3% as of December 31, 2019, primarily due to losses reducing the net asset value[17] Project and Client Activity - The company has secured several projects since 2018, with a total project value of approximately HKD 80.9 million, which are expected to contribute to total revenue later in 2020[9] - The company continues to receive projects from existing and new clients, maintaining its competitive advantage in the market[9] Corporate Governance and Structure - The company has a significant shareholder structure, with Mr. Sun Fulin holding 144 million shares, representing 24.2% of the voting rights[46] - Climb Up Limited, controlled by Mr. Huang Yuqi and Mr. Lin Shengwei, holds 115 million shares, accounting for 19.3% of the voting rights[46] - The board believes the company has complied with all corporate governance codes as per GEM listing rules during the three months ending March 31, 2020[51] - The company has adopted a code of conduct for securities trading by directors, which is stricter than the GEM listing rules[52] Acquisitions and Dividends - The company completed the acquisition of YTO Limited for a total consideration of 4,480,000 HKD, paid through the issuance of 112,000,000 shares, representing approximately 15.84% of the enlarged issued share capital[23] - The company did not declare any interim dividend for the three months ended March 31, 2020, consistent with the previous year[22] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended March 31, 2020[23] Stock Options and Trading - The company has a stock option plan effective for 10 years from July 12, 2016, aimed at attracting and retaining competent personnel[40] - As of March 31, 2020, there were no unexercised, granted, canceled, exercised, or expired stock options[41] - No purchases, sales, or redemptions of the company's listed securities occurred during the three months ending March 31, 2020[54] Audit and Financial Review - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited financial information for the three months ending March 31, 2020[55] - The group did not recognize any current tax expense for the three months ended March 31, 2020, compared to HKD 3,000 in 2019[36] - The group reported a fair value loss of HKD (664,000) on financial assets for the three months ended March 31, 2020, compared to a gain of HKD 609,000 in 2019[33] Company Operations - The company’s registered office is located in the Cayman Islands, and it operates in Hong Kong, focusing on interior design and renovation solutions[1] - The group is primarily engaged in providing project management services alongside its design and renovation offerings[1] - The company has not engaged in any competitive business activities that could conflict with its operations during the same period[50] - No new arrangements were made for the acquisition of shares or securities by directors or key executives during the three months ending March 31, 2020[49]
简朴新生活(08360) - 2020 Q1 - 季度财报