Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 98,072,000, a decrease of 10.5% from HKD 108,960,000 for the same period in 2023[3] - The group reported a loss of HKD 2,143,000 for the period, compared to a profit of HKD 1,637,000 in the previous year, representing a significant decline[3] - Basic and diluted loss per share for the period was HKD (0.25), compared to earnings of HKD 0.14 per share in the prior year[5] - The group’s operating loss for the six months ended September 30, 2024, was HKD 1,146,000, compared to a profit of HKD 2,930,000 for the same period in 2023, indicating a significant decline in performance[24][27] - The gross profit for the same period was HKD 72.8 million, down from HKD 78.7 million in the previous period, representing a decrease of 7.5%[65] - The gross profit margin for the period was 74.5%, compared to 72.5% in the previous period, indicating a stable level[65] Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 191,698,000, an increase from HKD 183,838,000 as of March 31, 2024[7] - Non-current assets increased to HKD 171,787,000 from HKD 167,439,000, driven by a rise in right-of-use assets[7] - Current liabilities totaled HKD 115,719,000, up from HKD 111,323,000, reflecting increased financial obligations[7] - The group’s net assets decreased to HKD 27,993,000 from HKD 29,362,000, indicating a decline in equity[9] - As of September 30, 2024, the group's current liabilities exceeded current assets by HKD 95,808,000, raising concerns about liquidity[18] - The group has communicated with banks regarding a breach of covenant on bank borrowings amounting to HKD 41,583,000, and the bank has agreed to allow the group to rectify this by May 17, 2025[18] Revenue Sources - The group reported external customer revenue of HKD 98,072,000 for the six months ended September 30, 2024, compared to HKD 108,960,000 for the same period in 2023, representing a decrease of approximately 10%[24][27] - The group’s total revenue from the bar and restaurant segment was HKD 97,785,000 for the six months ended September 30, 2024, down from HKD 108,564,000 in the previous year[24][27] - Revenue from bar and restaurant operations for the six months ended September 30, 2024, was HKD 97,785,000, a decrease of 10% compared to HKD 108,564,000 for the same period in 2023[37] - Revenue from external customers in Hong Kong was HKD 97,834,000 for the six months ended September 30, 2024, down from HKD 108,960,000 in the same period of 2023, a decrease of 10.2%[35] Operational Developments - The company continues to operate under its established brands, including "Pacific Bar" and "Moon Ocean," focusing on bar and restaurant operations in Hong Kong and mainland China[12] - The company opened two new bars under the "Pacific Bar" brand in Huizhou and Guangzhou, China, expanding its presence in the region[64] - As of September 30, 2024, the company operated a total of 56 bars/restaurants across Hong Kong and mainland China[64] Financing and Cash Flow - The group plans to apply for additional loans under the SME Financing Guarantee Scheme provided by the Hong Kong government, which offers 80% guarantees[18] - The group anticipates maintaining its bank loan financing levels while potentially selling properties to repay bank borrowings if necessary[18] - The group’s management has prepared cash flow forecasts covering a 12-month period to assess the appropriateness of using the going concern basis for preparing financial statements[19] - Cash and cash equivalents increased to HKD 3.5 million from HKD 2.1 million, while bank borrowings rose to HKD 55.8 million from HKD 51.7 million[86] - The debt-to-equity ratio increased to 511% from 458%[86] Employee and Operational Costs - The total employee costs for the period were HKD 32.415 million, down from HKD 35.237 million in the previous period[49] - Employee costs decreased by 8.0% to HKD 32.4 million from HKD 35.2 million, attributed to reduced part-time employee hours due to lower sales[69] - Operating lease payments and related expenses rose by 17.4% to HKD 4.5 million from HKD 3.9 million, mainly due to the expansion of bars and restaurants[72] Share Incentive Plan - A total of 9,632,000 shares were granted as part of the share incentive plan during the period[100] - The fair value of the share incentive granted on the grant date was HKD 0.081 per share[100] - The weighted average closing price of shares prior to the vesting date was HKD 0.06[100] - As of April 1, 2024, the total number of reward shares available for grant under the share plan is 57,104,000[102] - The share rewards will vest in three tranches over 36 months[97] - The share rewards are not subject to any performance targets[99] Other Income and Expenses - The company reported a government grant of HKD 204,000 for the six months ended September 30, 2024, down from HKD 281,000 in the same period of 2023, representing a decrease of 27.5%[40] - Other income increased by 4.3% to HKD 3.6 million from HKD 3.5 million, primarily due to increased sponsorship revenue[67] - Financing costs totaled HKD 2,563,000 for the six months ended September 30, 2024, slightly higher than HKD 2,460,000 for the same period in 2023, indicating a rise of 4.2%[42] Compliance and Governance - The company has complied with all applicable corporate governance codes during the reporting period[103] - There have been no significant subsequent events after the reporting period[108]
太平洋酒吧(08432) - 2025 - 中期业绩