Financial Performance - The Group's revenue for the six months ended 30 November 2020 was approximately HK$11.9 million, representing a decrease of approximately 60.3% compared to the corresponding period in 2019[20]. - The Group recorded a loss and total comprehensive income for the six months ended 30 November 2020 of approximately HK$4.2 million, compared to a loss of approximately HK$11.2 million for the same period in 2019[21]. - Revenue for the six months ended November 30, 2020, was HK$6,514,000, a decrease of 51.0% compared to HK$13,265,000 for the same period in 2019[29]. - The company reported a loss of HK$6,242,000 for the period, compared to a loss of HK$6,667,000 in the prior year, representing a 6.4% improvement[29]. - The total comprehensive loss for the period was HK$4,094,000, compared to a loss of HK$10,908,000 in the previous period[35]. - For the six months ended 30 November 2020, the loss attributable to owners of the Company was HK$4,094,000, compared to HK$10,908,000 for the same period in 2019, indicating a significant improvement of approximately 62.49%[70]. Dividends - The Board did not recommend payment of any dividend for the six months ended 30 November 2020[22]. - No dividends were paid, declared, or proposed during the six months ended 30 November 2020 and 2019[66]. Assets and Liabilities - Current assets as of November 30, 2020, totaled HK$26,983,000, an increase of 125.5% from HK$11,983,000 as of May 31, 2020[31]. - Current liabilities increased to HK$47,322,000, up 34.6% from HK$35,143,000 as of May 31, 2020[31]. - Net current liabilities were HK$16,092,000, an improvement from HK$20,562,000 as of May 31, 2020[33]. - Total assets less current liabilities amounted to HK$10,891,000, compared to a deficit of HK$8,579,000 previously[33]. - The company’s equity attributable to owners was HK$9,600,000, a decrease from HK$13,248,000 as of May 31, 2020[33]. - The company has a total deficiency in assets of HK$6,343,000, an improvement from HK$22,457,000 previously reported[33]. Cash Flow - For the six months ended November 30, 2020, the company reported a net cash used in operating activities of HK$10,604,000, compared to a net cash generated of HK$6,631,000 for the same period in 2019[38]. - The company experienced a net decrease in cash and cash equivalents of HK$2,547,000, with cash and cash equivalents at the end of the period amounting to HK$3,877,000, down from HK$15,231,000 in the previous year[38]. - The Group's cash and cash balances decreased to HK$3,384,493 as of November 30, 2020, down 42.7% from HK$5,930,494 as of May 31, 2020[100]. Revenue Breakdown - Revenue from clubbing and entertainment operations for the three months ended 30 November 2020 was HK$5,173,000, a decline of 55.6% from HK$11,665,000 in 2019[52]. - Restaurant operation revenue for the three months ended 30 November 2020 was HK$1,341,000, compared to HK$1,600,000 in the same period of 2019, reflecting a decrease of 16.2%[52]. - The revenue from the clubbing and entertainment business decreased by approximately HK$16.5 million, or approximately 63.3%, from approximately HK$26.1 million for the six months ended 30 November 2019 to approximately HK$9.6 million for the six months ended 30 November 2020[129]. - The revenue generated from the restaurant business decreased by approximately HK$1.6 million, or approximately 39.7%, from approximately HK$3.9 million for the six months ended 30 November 2019 to approximately HK$2.3 million for the six months ended 30 November 2020[134]. Cost Management - The Group is implementing various cost-tightening and control measures to enhance its cost-competitive advantage[46]. - Advertising and marketing expenses decreased by approximately HK$3.4 million, or 71.2%, from approximately HK$4.8 million for the six months ended 30 November 2019 to approximately HK$1.4 million for the six months ended 30 November 2020[157]. - Employee benefits expenses decreased by approximately HK$4.2 million, or 42.7%, from approximately HK$9.9 million for the six months ended 30 November 2019 to approximately HK$5.7 million for the six months ended 30 November 2020[158]. - Other expenses decreased by approximately HK$2.3 million, or about 30.9% to approximately HK$5.2 million for the six months ended 30 November 2020, mainly due to fewer restaurant operations and temporary closures of venues[165]. Future Outlook - The Group expects that after the coronavirus pandemic is under control, revenue will improve[135]. - The Group plans to upgrade club facilities as needed, refine business strategies, negotiate with partners for mitigative measures, and enhance operational efficiency to cope with ongoing challenges[136]. Share Capital - The Group issued 160,000,000 new shares at a price of HK$0.13 per share on 18 August 2020, increasing the total issued shares to 960,000,000[122]. - The Group's total issued and fully paid ordinary shares were 800,000,000 as of 31 May 2020, increasing to 960,000,000 by 30 November 2020[120]. Compliance and Governance - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[42]. - The Group has not adopted or early adopted new and revised HKFRSs that are relevant but not yet effective[48].
新爱德集团(08412) - 2021 - 中期财报