Financial Performance - For the six months ended September 30, 2019, the group recorded revenue of approximately HKD 168.4 million, an increase of about HKD 4.6 million or 2.8% compared to the same period in 2018[3]. - The net profit attributable to the owners of the company for the six months ended September 30, 2019, was approximately HKD 8.0 million, a decrease of about HKD 5.2 million from HKD 13.2 million in the same period of 2018[4]. - Gross profit for the six months ended September 30, 2019, was HKD 21.2 million, compared to HKD 21.5 million for the same period in 2018, reflecting a slight decrease[8]. - The total comprehensive income for the period was HKD 7.96 million, down from HKD 13.17 million in the previous year[8]. - The basic earnings per share for the six months ended September 30, 2019, was HKD 2.84, down from HKD 4.70 in the same period of 2018[8]. - Revenue increased by approximately 2.8% to about HKD 168.4 million for the six months ended September 30, 2019, compared to approximately HKD 163.8 million for the same period in 2018, driven by higher sales of frozen seafood products[94]. - The cost of goods sold rose by approximately 3.4% to about HKD 147.2 million for the six months ended September 30, 2019, compared to approximately HKD 142.4 million for the same period in 2018[95]. - Gross profit decreased to approximately HKD 21.2 million for the six months ended September 30, 2019, from approximately HKD 21.5 million for the same period in 2018, resulting in a gross margin of about 12.6%, down from 13.1%[96]. Cash Flow and Assets - The net cash generated from operating activities for the period ending September 30 was HKD 6,921,000[25]. - The net cash used in investing activities included cash outflows of HKD 50,639,000 for the acquisition of assets and liabilities through the purchase of a subsidiary[25]. - The net cash generated from financing activities included new bank borrowings of HKD 22,000,000 and dividend payments of HKD 18,120,000[25]. - The cash and cash equivalents at the end of the period amounted to HKD 15,749,000, down from HKD 20,853,000 at the beginning of the period[25]. - The company reported a net decrease in cash and cash equivalents of HKD 5,104,000 during the period[25]. - The group’s total assets as of September 30, 2019, were HKD 153.74 million, compared to HKD 153.82 million as of March 31, 2019[11]. - Current assets amounted to HKD 91.23 million, slightly down from HKD 91.31 million as of March 31, 2019[11]. - The group’s current liabilities were HKD 25.10 million, a decrease from HKD 25.52 million as of March 31, 2019[11]. - The net asset value as of September 30, 2019, was HKD 128.59 million, compared to HKD 128.19 million as of March 31, 2019[14]. - Trade receivables as of September 30, 2019, amounted to HKD 37,436,000, up from HKD 28,576,000 as of March 31, 2019, indicating a growth of 31.0%[79]. - The total bank borrowings as of September 30, 2019, were HKD 12,397,000, a decrease from HKD 16,232,000 as of March 31, 2019[84]. - The group’s total equity attributable to owners was approximately HKD 128.6 million as of September 30, 2019, compared to HKD 128.2 million as of March 31, 2019[106]. - As of September 30, 2019, the total bank borrowings of the group amounted to approximately HKD 12.5 million, down from HKD 16.4 million as of March 31, 2019[109]. - The group's debt-to-equity ratio was approximately 9.8% as of September 30, 2019, compared to 12.8% as of March 31, 2019[109]. Expenses and Costs - Sales and distribution costs increased by approximately 35.4% to about HKD 3.5 million for the six months ended September 30, 2019, compared to approximately HKD 2.6 million for the same period in 2018[97]. - Administrative expenses rose significantly from approximately HKD 3.4 million for the six months ended September 30, 2018, to about HKD 7.0 million for the same period in 2019, mainly due to increased legal and professional fees[100]. - The company incurred interest expenses of HKD 104,000 for the three months ended September 30, 2019, compared to HKD 66,000 for the same period in 2018, representing a 57.6% increase[74]. - The company spent HKD 110,000 on the purchase of property, plant, and equipment for the six months ended September 30, 2019, significantly lower than HKD 7,264,000 for the same period in 2018[78]. Dividends and Shareholder Returns - The board of directors does not recommend the payment of a dividend for the six months ended September 30, 2019[5]. - The company declared a final dividend of HKD 0.027 per share, totaling HKD 7,560,000 for the interim period, an increase from HKD 6,160,000 in the previous year[77]. - The board did not recommend any dividend distribution for the six months ended September 30, 2019, consistent with the previous period[111]. Corporate Governance and Compliance - The company is registered as an exempted company in the Cayman Islands and primarily engages in frozen seafood import and wholesale[31]. - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards applicable for the interim period[33]. - The company adopted new accounting standards effective from January 1, 2019, which did not have a significant impact on the financial performance[36]. - The company has maintained good corporate governance practices since its listing on October 19, 2017, in accordance with the GEM Listing Rules[131]. - The Audit Committee was established on September 21, 2017, and consists of three independent non-executive directors, with Mr. Su Yuqi as the chairman[132]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2019, and found the performance to comply with applicable accounting standards and GEM listing rules[134]. - The board of directors includes executive directors Mr. Chen Jianfeng and Ms. Xie Chunxia, along with independent non-executive directors Mr. Su Yuqi, Mr. Li Jinyun, and Dr. Liang Weiping[134]. Business Operations - The company aims to enhance its market position in the frozen seafood import and wholesale industry in Hong Kong by expanding its product range through exclusive agency agreements with new suppliers[92]. - The company has established sales agency arrangements with several new overseas suppliers since its listing, aiming to further expand its product portfolio[92]. - The group operates in a single business segment focused on the import and wholesale of frozen seafood, with no further analysis presented for this segment[64]. - The group recognized lease liabilities of HKD 119,000 and HKD 90,000 as current and non-current liabilities respectively, as of April 1, 2019[61]. - The group does not expect significant impacts from the application of HKFRS 16 on the financial statements for the six months ended September 30, 2019[63].
大洋环球控股(08476) - 2020 - 中期财报