Financial Performance - For the six months ended December 31, 2024, the Group's revenue was approximately HK$172.6 million, representing an increase of approximately 19.6% compared to HK$144.3 million for the same period last year [14]. - The Group recorded a loss attributable to owners of the Company of approximately HK$117.1 million, an increase of approximately 217.4% compared to a loss of approximately HK$36.9 million for the corresponding period last year [15]. - The basic loss per share for the six months ended December 31, 2024, was approximately HK14.36 cents, compared to approximately HK4.78 cents for the same period last year [16]. - The significant increase in loss was mainly due to a decrease in broadcasting income following the relegation of BCFC to the EFL League One, a decline in profit on sales of players' registration, and increased finance costs due to higher borrowings [15]. - Operating expenses rose due to higher match day and commercial expenses, as well as increased depreciation on property, plant, and equipment following infrastructure upgrades [15]. - Loss before taxation for the period was HK$207,338,000, significantly higher than the loss of HK$56,337,000 reported in the previous year [92]. - Total comprehensive expense for the period amounted to HK$198,101,000, compared to HK$58,837,000 in the same period last year [92]. Revenue Segments - The Group is engaged in three reportable business segments: operation of a professional football club in the UK, new energy automobiles, and investment in properties [17]. - BCFC recorded broadcasting income of approximately HK$26.4 million, a decrease of approximately 48.2% due to relegation to EFL League One, but total revenue increased to approximately HK$145.8 million, up by approximately 18.4% [23]. - Revenue from the football club segment increased to approximately HK$145.8 million, up 18.4% from HK$123.1 million in the prior year [45]. - Revenue from the new energy automobiles and related business segment surged by approximately 128.0%, reaching HK$12.7 million compared to HK$5.6 million in the same period last year [40]. - Total external sales for the six months ended December 31, 2024, amounted to HK$172,647,000, with football club sales contributing HK$145,811,000 [136]. Operating Expenses and Costs - Operating expenses for the six months ended December 31, 2024, were approximately HK$352.8 million, reflecting a 36.0% increase from HK$259.4 million in the previous year [42]. - Total staff costs for the Group amounted to approximately HK$198.4 million for the six months ended December 31, 2024, compared to approximately HK$173.8 million for the same period in 2023 [81]. - Interest expenses for the six months ended December 31, 2024, totaled HK$55,145,000, a significant increase from HK$22,207,000 in the same period of 2023, primarily due to higher borrowing costs [172]. - The amortization of intangible assets increased to HK$33,321,000 for the six months ended December 31, 2024, up from HK$20,137,000 in 2023, reflecting a rise of approximately 65% [181]. - The Group incurred depreciation of property, plant, and equipment amounting to HK$31,781,000 for the period, compared to HK$4,512,000 in the same period of 2023, representing a significant increase of approximately 604% [181]. Investment and Capital Expenditure - The Group's capital expenditure for the six months ended December 31, 2024, was approximately HK$184.1 million, compared to approximately HK$204.8 million for the same period in 2023 [68]. - A joint venture, ZO Motors North America LLC, was established with a capital contribution of approximately HK$15.6 million for new energy automobiles and related business [62]. - The Group acquired property, plant, and equipment amounting to approximately HK$184,127,000 during the period, compared to approximately HK$99,443,000 in the same period of 2023, indicating an increase of about 85% [194]. - Capital commitments for product development fees contracted but not provided for were approximately HK$17.8 million as of December 31, 2024 [61]. Financial Position and Ratios - The current ratio as of December 31, 2024, was approximately 113.2%, down from approximately 129.5% as of June 30, 2024 [70]. - The gearing ratio increased to approximately 70.6% as of December 31, 2024, compared to approximately 53.8% as of June 30, 2024 [70]. - Total borrowings as of December 31, 2024, were approximately HK$877.5 million, up from approximately HK$532.8 million as of June 30, 2024 [71]. - The total carrying amount of borrowings under loan facilities was approximately HK$1,524,000,000 as of December 31, 2024 [115]. - The Group has approximately HK$646,694,000 undrawn borrowing facilities available as of December 31, 2024 [115]. Cash Flow and Liquidity - Net cash flows used in operating activities for the six months ended December 31, 2024, were HK$140,493,000, an increase from HK$113,741,000 in the prior year, representing a 23.5% rise in cash outflow [105]. - Net cash flows used in investing activities surged to HK$228,118,000 in the first half of 2024, compared to HK$29,970,000 in the same period of 2023, marking a substantial increase of over 660% [105]. - Financing activities generated net cash flows of HK$390,291,000 for the six months ended December 31, 2024, up from HK$207,956,000 in the previous year, reflecting an increase of approximately 88% [105]. - Cash and cash equivalents at the end of the period increased to HK$166,751,000 from HK$79,950,000 year-over-year, representing a growth of approximately 108.5% [105]. Strategic Initiatives - The management aims to accelerate the delivery of zero-emission vehicles and boost revenue in the second half of the financial year 2024/25 [26]. - The Group is establishing its presence under the business names "ZO MOTORS" and "ZM TRUCKS" in strategic markets, including Asia Pacific, the Middle East, and North America [29]. - The Group has not executed any agreements for material investments or capital assets as of December 31, 2024 [87]. - The company plans to explore profitable investment opportunities to diversify its business and enhance revenue sources [89].
大象未来集团(02309) - 2025 - 中期财报