Financial Performance - The Group recorded an unaudited revenue of approximately HK$5.8 million for the nine months ended 28 February 2021, representing a decrease of approximately 87.4% compared to HK$45.6 million for the corresponding period in 2020[6]. - The Group's unaudited loss was approximately HK$27.6 million for the nine months ended 28 February 2021, an increase from a loss of approximately HK$9.4 million for the same period in 2020, primarily due to the cancellation and postponement of shows and events[6]. - For the three months ended 28 February 2021, the Group reported a revenue of HK$2.4 million, compared to HK$12.1 million for the same period in 2020, indicating a significant decline[11]. - The gross loss for the nine months ended 28 February 2021 was HK$17.8 million, compared to a gross profit of HK$12.1 million for the same period in 2020[11]. - The operating loss for the nine months ended 28 February 2021 was HK$27.1 million, compared to an operating loss of HK$9.2 million for the same period in 2020[11]. - Loss before income tax for the three months ended 28 February 2021 was HK$8,886,000, compared to a loss of HK$3,678,000 for the same period in 2020, representing a 141% increase in loss[12]. - Loss for the period attributable to owners of the Company for the nine months ended 28 February 2021 was HK$27,573,000, compared to HK$9,361,000 for the same period in 2020, indicating a 195% increase in loss[12]. - Basic and diluted loss per share attributable to the owners of the Company for the three months ended 28 February 2021 was HK$1.11, compared to HK$0.45 for the same period in 2020, reflecting a 146% increase in loss per share[12]. - Total comprehensive expenses for the period were HK$8,886,000 for the three months ended 28 February 2021, compared to HK$3,677,000 for the same period in 2020, marking a 141% increase[12]. - Retained earnings decreased to HK$12,226,000 as of 28 February 2021 from HK$54,734,000 as of 29 February 2020, a decline of 78%[15]. - The total equity attributable to owners of the Company decreased to HK$78,028,000 as of 28 February 2021 from HK$120,589,000 as of 29 February 2020, a decline of 35%[15]. - The Group's total loss for the nine months ended 28 February 2021 was approximately HK$27.6 million, compared to a loss of approximately HK$9.4 million for the corresponding period in 2020, primarily due to decreased revenue[141]. Revenue Sources - Revenue from visual display solution services for the three months ended 28 February 2021 was HK$2,351,000, a decrease of 80.4% compared to HK$11,985,000 for the same period in 2020[36]. - Total revenue for the nine months ended 28 February 2021 was HK$5,769,000, a decline of 87.4% compared to HK$45,619,000 for the same period in 2020[36]. - Revenue from pop concerts accounted for approximately 28.6% of total revenue for the nine months ended 28 February 2021, down from approximately 65.5% in the same period in 2020[79]. - Total revenue from pop concerts for the nine months ended 28 February 2021 was HK$1,636,000, compared to HK$29,859,000 for the same period in 2020, representing a decrease of approximately 94.5%[115]. - Revenue from other live events for the nine months ended 28 February 2021 was HK$4,077,000, compared to HK$15,448,000 for the same period in 2020, indicating a decline of approximately 73.6%[137]. Impact of COVID-19 - The Group's performance was significantly impacted by the COVID-19 pandemic, leading to venue closures and related epidemic prevention measures[6]. - The outbreak of COVID-19 has significantly impacted the operating environment for concerts and events, leading to postponements and rescheduling[179]. - The management is actively monitoring market conditions and adjusting business strategies in response to the challenges posed by COVID-19[179]. - The Group recognized HK$45,354 as negative variable lease payments due to COVID-19-related rent concessions during the period ended 28 February 2021[31]. - The Group applied the practical expedient for rent concessions related to COVID-19, affecting lease payments due on or before 30 June 2021[30]. Corporate Governance and Compliance - The Company has established an audit committee to review financial reports and internal control procedures, comprising three independent non-executive Directors[156]. - The Company has adopted a code of conduct for Directors' securities transactions in compliance with GEM Listing Rules[159]. - The Company confirms that all Directors complied with the required standards of dealings regarding securities transactions during the nine months ended 28 February 2021[159]. - The Company is committed to high corporate governance standards and has complied with the CG Code, except for a deviation regarding the roles of chairman and chief executive officer[176]. Employee and Operational Metrics - The Group engaged a total of 88 employees as of February 28, 2021, a decrease from 96 employees as of February 29, 2020[154]. - The Group's total staff costs for the nine months ended February 28, 2021, amounted to approximately HK$10.1 million, down from approximately HK$15.1 million for the same period in 2020[154]. - The number of pop concert shows increased from 295 in the nine months ended 29 February 2020 to 46 in the nine months ended 28 February 2021, reflecting a shift in focus towards more cost-effective events[115]. - The number of other live events increased from 541 for the nine months ended 29 February 2020 to 877 for the nine months ended 28 February 2021[112]. Financial Position and Ratios - As of February 28, 2021, the Group recorded net current liabilities/assets of approximately HK$2.2 million, a decrease from approximately HK$25.9 million as of February 29, 2020[144]. - The current ratio as of February 28, 2021, was approximately 0.9, down from approximately 2.2 as of February 29, 2020, indicating a decline in liquidity[144]. - The gearing ratio increased to approximately 15.6% as of February 28, 2021, compared to approximately 3.7% as of February 29, 2020, primarily due to increased bank borrowings[144]. Shareholder Information - As of 28 February 2021, Mr. Yeung holds 600,000,000 shares, representing a 75.0% shareholding in the Company[164]. - Next Vision holds 600,000,000 shares, representing 75.0% of the total shareholding[173]. - The company has not granted any share options since the adoption of the share option scheme on May 19, 2017, and there were no outstanding share options as of February 28, 2021[176].
耀星科技集团(08446) - 2021 Q3 - 季度财报