Restaurant Expansion - The company opened three new restaurants in the first half of the fiscal year 2020/2021, increasing the total number of restaurants from 28 to 31[12]. - As of September 30, 2020, the number of restaurants under the brand "牛氣" increased from 6 to 8[13]. - The company plans to open additional restaurants, including locations in 沙田新城市廣場 and 上海恒隆廣場, with expected opening dates in Q4 2020 and Q2 2021 respectively[16]. - The company plans to open its first restaurant in Shanghai's Hang Lung Plaza in December 2020, leveraging local partnerships for fresh food supplies[72]. Financial Performance - Total revenue for the six months ended September 30, 2020, was approximately HKD 179,136,000, a decrease of 10.9% compared to the same period last year[48]. - The company reported a loss before tax of HKD 5,133,000 for the six months ended September 30, 2020, compared to a profit of HKD 26,760,000 in the same period of 2019[103]. - The total comprehensive loss for the period was HKD 4,459,000, compared to a comprehensive income of HKD 22,294,000 for the same period last year[105]. - Net profit for the six months ended September 30, 2020, was approximately HKD 4,419,000, a decrease of about 80.2% from approximately HKD 22,294,000 in the same period last year[65]. - Basic loss per share for the six months ended September 30, 2020, was HKD (1.0 cents), down from HKD 3.0 cents in the same period of 2019[105]. Customer Metrics - The total number of customers served by the restaurants was 1,055,279 for the six months ending September 30, 2020, a decrease of 294,881 customers or 21.8% compared to the same period in 2019[21]. - Average spending per customer increased from HKD 148.9 in 2019 to HKD 169.8 in 2020, while excluding snack and dessert businesses, the average spending rose to HKD 178.0[21]. - The average daily revenue per restaurant in April 2020 was 59% of the June 2020 baseline, with a significant rebound to 92% in September 2020[53]. Government Support - The group received government subsidies totaling HKD 10,600,000 in June 2020 and another HKD 10,600,000 in October 2020, with an expected additional subsidy of approximately HKD 3,400,000 in November 2020[54]. - The group received a total of HKD 21,218,000 in government subsidies to cover salary expenses for the periods from June to November 2020 due to the impact of the COVID-19 pandemic[120]. Cost Management - Material and consumables costs accounted for 30.4% of revenue, an increase of 3.2% compared to the previous year, primarily due to higher food costs at newly opened restaurants[57]. - Employee costs decreased to 27.0% of revenue from 28.3% in the previous year, attributed to fewer staff needed and management of employee scheduling during social distancing measures[58]. - Property rental and related expenses increased by 27.3% compared to the previous year, now accounting for 6.0% of revenue due to more restaurants in operation[60]. Capital and Financing - A placement and subscription agreement was established on November 3, 2020, for the sale of 7,200,000 shares at a price of HKD 1.33 per share, strengthening the company's capital base[42]. - The net proceeds from the subscription were approximately HKD 9,326,000 after deducting applicable costs and expenses[44]. - The company has identified multiple funding sources to support its operations, with undrawn available bank financing amounting to HKD 29,500,000[118]. Assets and Liabilities - Non-current assets increased to HKD 289,030,000 as of September 30, 2020, up from HKD 249,400,000 as of March 31, 2020, representing a growth of approximately 15.9%[107]. - Current liabilities rose significantly to HKD 35,473,000 as of September 30, 2020, up from HKD 18,747,000 as of March 31, 2020, indicating an increase of about 89.1%[110]. - The total liabilities increased to HKD 148,985,000 as of September 30, 2020, compared to HKD 124,653,000 as of March 31, 2020, indicating an increase of about 19.5%[110]. Corporate Governance - The company has complied with the corporate governance code as set out in Appendix 15 of the GEM Listing Rules for the six months ended September 30, 2020[92]. - The company established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards[97]. - The external auditor, Deloitte, reviewed the financial statements and found no issues that would lead them to believe the statements were not prepared in accordance with the relevant accounting standards[102]. Stock Options - As of September 30, 2020, the company had 4,470,000 unexercised stock options, representing approximately 1.2% of the company's issued share capital[87]. - The stock option plan was adopted on December 20, 2017, and is effective for 10 years, allowing options to be exercised within a specified period not exceeding 10 years from the grant date[84]. - The company did not grant any stock options during the six months ended September 30, 2020[90].
尝高美集团(08371) - 2021 - 中期财报