Financial Performance - Wan Leader International Limited reported unaudited condensed consolidated financial results for the six months ended September 30, 2019[18]. - The financial results include comparative unaudited figures for the six months ended September 30, 2018[19]. - Revenue for the three months ended September 30, 2019, was HK$50,322,000, an increase of 19.4% compared to HK$42,059,000 in the same period of 2018[20]. - Gross profit for the six months ended September 30, 2019, was HK$7,866,000, down 47.9% from HK$14,811,000 in the same period of 2018[20]. - Loss for the period attributable to owners of the Company for the six months ended September 30, 2019, was HK$8,740,000, compared to HK$9,033,000 in the same period of 2018, representing a decrease of 3.2%[22]. - Total comprehensive expense for the period was HK$4,822,000 for the three months ended September 30, 2019, compared to HK$10,252,000 in the same period of 2018, indicating a significant reduction[22]. - Basic loss per share for the six months ended September 30, 2019, was HK$1.04, compared to HK$1.45 in the same period of 2018, indicating an improvement[22]. - The Company reported a total comprehensive expense for the period of HK$9,232,000, which includes a loss of HK$8,740,000 and other comprehensive expenses of HK$493,000[26]. - The Group reported a loss before taxation of HK$9,634,000 for the six months ended September 30, 2019, compared to a loss of HK$8,130,000 in the same period of 2018[121]. - The Group's total revenue increased by approximately 10.0% from approximately HK$84.7 million in the Previous Period to approximately HK$93.2 million in the Review Period[190]. Assets and Liabilities - Trade and other receivables increased to HK$43,640,000 as of September 30, 2019, from HK$32,991,000 as of March 31, 2019, reflecting a growth of 32.2%[23]. - Non-current assets increased to HK$25,041,000 as of September 30, 2019, compared to HK$8,518,000 as of March 31, 2019, showing a substantial rise[23]. - Net assets decreased to HK$61,148,000 as of September 30, 2019, down from HK$69,240,000 as of March 31, 2019, reflecting a decline of 11.6%[23]. - Trade receivables increased to HK$37,778,000 as of September 30, 2019, from HK$27,538,000 as of March 31, 2019, reflecting a growth of approximately 37%[156]. - Trade payables rose to HK$22,867,000 as of September 30, 2019, up from HK$16,151,000 as of March 31, 2019, indicating a 42% increase[159]. - Contract liabilities related to freight forwarding and logistics services amounted to HK$1,903,000 as of September 30, 2019, compared to HK$420,000 at the beginning of the year[162]. Cash Flow - For the six months ended September 30, 2019, the net cash used in operating activities was HK$9,917,000, a decrease from HK$7,100,000 in the same period of 2018[32]. - The net cash used in investing activities amounted to HK$3,526,000, compared to HK$2,130,000 in the previous year, indicating an increase in investment outflows[32]. - The net cash used in financing activities was HK$2,742,000, a significant decrease from HK$62,464,000 in the prior period, primarily due to the absence of proceeds from share issuance[32]. - The total cash and cash equivalents at the end of the period were HK$27,322,000, down from HK$74,478,000 at the beginning of the period, reflecting a net decrease of HK$16,185,000[32]. Share Capital and Equity - The Company issued 2,520 new shares upon listing, resulting in a share premium of HK$66,780,000[24]. - The Company issued 252,000,000 shares at HK$0.275 each, raising gross proceeds of HK$69,300,000[170]. - As of September 30, 2019, the total equity attributable to owners of the Company was HK$60,407,000, a decrease from HK$69,240,000 as of April 1, 2019, reflecting a loss for the period of HK$8,740,000[26]. - The capital contribution by non-controlling interest amounted to HK$1,140,000 during the period, increasing total equity to HK$61,148,000[26]. Operational Highlights - The company’s subsidiaries are primarily involved in freight forwarding and related logistics services, as well as warehousing and related value-added services[33]. - The Group's services include freight forwarding and logistics, as well as warehousing and value-added services such as labeling and packaging[176]. - The Group launched security screening services in August 2019, aiming to diversify its offerings and drive long-term revenue growth[178]. - The Group established a subsidiary in Shenzhen and a branch in Taipei during the Review Period to widen its customer base[182]. Market Conditions - The economic environment in Hong Kong remains challenging due to ongoing trade disputes between China and the USA, affecting order stability for the Group's customers[177]. - The Group's ultimate customers are facing difficulties in production workflows in China, leading to uncertainties in order volumes[177]. - The Group anticipates that increased purchase costs for air cargo space and higher staff costs will continue to affect its financial performance in the next half of the financial year[184]. Accounting Policies - The company has applied HKFRS 16 "Leases" for the first time, which supersedes HKAS 17, impacting the accounting policies related to leases[41]. - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and applicable GEM Listing Rules[34]. - The Group recognized lease liabilities of approximately HK$12,644,000 and right-of-use assets of approximately HK$13,223,000 at the date of initial application, April 1, 2019[86].
万励达(08482) - 2020 - 中期财报