Financial Performance - Total revenue for the six months ended September 30, 2021, was HKD 46,727,000, an increase of 21.8% compared to HKD 38,351,000 for the same period in 2020[8] - The company reported a loss before tax of HKD 3,762,000 for the six months ended September 30, 2021, compared to a loss of HKD 6,088,000 for the same period in 2020, representing a 38.2% improvement[8] - The company’s net loss attributable to owners for the six months ended September 30, 2021, was HKD 4,103,000, compared to HKD 5,857,000 for the same period in 2020, a decrease of 30%[8] - The company reported a net loss of HKD 4,103,000 for the six months ended September 30, 2021, compared to a net loss of HKD 5,857,000 for the same period in 2020, indicating a reduction in losses[16] - The basic and diluted loss per share for the six months ended September 30, 2021, was HKD 0.48, an improvement from HKD 0.68 in the same period of 2020[8] - Revenue for the period was HKD 46.4 million, an increase of 21.5% compared to HKD 38.2 million for the previous period[69] - Gross profit for the period was HKD 33.9 million, up 14.9% from HKD 29.5 million in the previous period, with a gross margin of 73.1%[69] Assets and Liabilities - The total assets as of September 30, 2021, amounted to HKD 93,994,000, an increase from HKD 86,926,000 as of March 31, 2021[10] - Non-current assets increased to HKD 162,765,000 as of September 30, 2021, from HKD 145,750,000 as of March 31, 2021, representing an increase of 11.7%[10] - The company’s total liabilities increased to HKD 103,925,000 as of September 30, 2021, compared to HKD 89,674,000 as of March 31, 2021, reflecting a 16% increase[10] - The company’s current liabilities exceeded its current assets by HKD 86,598,000 as of September 30, 2021, raising significant doubts about its ability to continue as a going concern[16] - The group violated a covenant requiring a net asset value of HKD 30,000,000, with a net asset value of HKD 17,800,000 as of September 30, 2021[58] Cash Flow and Financing - Cash generated from operating activities was HKD 9,572,000 for the six months ended September 30, 2021, a significant improvement from cash used of HKD 2,451,000 in the previous year[13] - The company had a cash and cash equivalents balance of HKD 5,119,000 at the end of the reporting period, compared to HKD 8,012,000 at the end of the previous year[13] - The company is in communication with banks to address covenant breaches amounting to HKD 58,028,000 to maintain existing bank loan financing[16] - Total bank borrowings reached HKD 58,028,000 as of September 30, 2021, up from HKD 52,680,000 as of March 31, 2021, with new loans of HKD 17,106,000 obtained during the period[57] - Financing costs increased by 25% to HKD 2.0 million, up from HKD 1.6 million in the previous period due to higher costs of new borrowings[78] Employee Costs - Employee costs decreased to HKD 18,094,000 for the six months ended September 30, 2021, down from HKD 19,755,000 in 2020, a reduction of 8.4%[8] - The total employee costs for the six months ended September 30, 2021, were HKD 18,094,000, down from HKD 19,755,000 in the same period of 2020, representing a decrease of 8%[38] - The group employed approximately 390 staff as of September 30, 2021, compared to 380 staff as of September 30, 2020, with total employee costs around HKD 18.1 million, down from HKD 19.8 million in the previous period[91] Government Support and Grants - The company received government subsidies of HKD 7,800,000 during the reporting period, compared to HKD 13,135,000 in the previous year[13] - Government grants received amounted to HKD 8,100,000 for the six months ended September 30, 2021, down from HKD 15,242,000 in the same period of 2020, reflecting a decrease of 47%[34] Corporate Governance - The company has adopted and complied with all applicable corporate governance codes as per GEM Listing Rules Appendix 15, except for the separation of the roles of Chairman and CEO, which the company believes is in its best interest[101] - The company is actively seeking suitable candidates to separate the roles of Chairman and CEO as per corporate governance guidelines[101] - The Audit Committee, consisting of four independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021, and found them to be prepared in accordance with applicable accounting standards[111] Operational Developments - The company plans to enhance its revenue base through various legal and regulatory measures related to social distancing for dining establishments, as set by the Hong Kong government[16] - The group opened 12 new outlets since the listing date, with plans to open 2 more in 2021 to further expand its network[67] - The group has adopted a share option scheme to reward directors, employees, and eligible participants[92] Investments and Acquisitions - The company is considering the sale of properties estimated at a fair value of approximately HKD 70 million to strengthen its liquidity position[16] - The group acquired properties, plants, and equipment amounting to approximately HKD 6,249,000 during the period, compared to HKD 6,743,000 for the six months ended September 30, 2020[47] Miscellaneous - The company did not declare any interim dividend for the six months ended September 30, 2021, consistent with the previous year[41] - The company has not repurchased any of its listed securities during the period[103] - There were no changes in the information of directors as of September 30, 2021, except for the appointment of Mr. Chan Chun Yeung as an independent non-executive director on July 7, 2021[108]
太平洋酒吧(08432) - 2022 - 中期财报