太平洋酒吧(08432) - 2025 - 年度业绩

Financial Highlights Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2025, the Group turned from profit to loss, recording a net loss of HKD 18.05 million, compared to a profit of HKD 0.79 million in the prior year, primarily due to decreased revenue, asset impairment losses, and fair value losses on investment properties, resulting in a basic loss per share of 2.06 HK cents | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 194,640 | 208,085 | -6.5% | | Loss/Profit Before Income Tax | (18,234) | 623 | Turned from Profit to Loss | | Loss/Profit for the Year | (18,047) | 791 | Turned from Profit to Loss | | Loss/Profit Attributable to Owners of the Company | (17,777) | 604 | Turned from Profit to Loss | | Basic Loss/Earnings Per Share (HK cents) | (2.06) | 0.07 | Turned from Profit to Loss | - This year, impairment losses of HKD 4.44 million on property, plant and equipment and HKD 6.68 million on right-of-use assets were recorded, with no such losses in the prior year[4] - Fair value losses on investment properties expanded from HKD 1.08 million last year to HKD 2.70 million this year[4] Consolidated Statement of Financial Position As of March 31, 2025, the Group's financial position significantly deteriorated, with total assets decreasing by 15.1% to HKD 156.099 million and net assets sharply declining by 58.3% to HKD 12.234 million, while net current liabilities expanded to HKD 96.642 million, indicating severe liquidity pressure | Metric | 2025 (HKD '000) | 2024 (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Assets | 156,099 | 183,838 | -15.1% | | Total Liabilities | 143,865 | 154,476 | -6.9% | | Net Assets | 12,234 | 29,362 | -58.3% | | Net Current Liabilities | (96,642) | (94,924) | +1.8% | - Non-current assets decreased from HKD 167 million to HKD 140 million, primarily due to a reduction in the carrying values of right-of-use assets, property, plant and equipment, and investment properties[6] - Bank borrowings increased from HKD 51.75 million to HKD 54.50 million, increasing the Group's debt burden[6] Management Discussion and Analysis Business and Financial Review This year, the Group's total revenue decreased by 6.4% to HKD 194 million, primarily due to reduced income from the core bar and restaurant business driven by consumption downgrade in Hong Kong, while significant asset impairment provisions totaling approximately HKD 11.1 million were recognized due to a cautious business outlook, leading to the company's turn from profit to loss, despite opening four new bars in Hong Kong and Mainland China - The Group operates 58 bars and restaurants in Hong Kong and Mainland China, with four new 'Pacific Bar' outlets opened this year[47] - Revenue from operating restaurants and bars decreased by 6.4% year-on-year to HKD 194 million, primarily due to consumption downgrade in Hong Kong[48] - Due to negative impacts such as the trend of Hong Kong residents spending in Mainland China, the Group recognized impairment losses of approximately HKD 4.4 million on property, plant and equipment and approximately HKD 6.7 million on right-of-use assets for the 'Bar and Restaurant' segment[56] - Staff costs decreased by 4.8% year-on-year to HKD 65.7 million, mainly due to reduced part-time staff hours following decreased sales[51] Segment Information The Group's business is divided into 'Bar and Restaurant Operations' and 'Property Investment' segments, with the core bar and restaurant segment experiencing revenue decline and turning from profit to a loss of HKD 12.71 million, while the property investment segment's loss expanded, and geographically, Hong Kong remains the primary revenue source with a 7.0% year-on-year decrease, though Mainland China's revenue, despite a low base, grew significantly Performance by Business Segment | Business Segment | 2025 Segment Results (HKD '000) | 2024 Segment Results (HKD '000) | | :--- | :--- | :--- | | Bar and Restaurant Operations | (12,708) | 4,040 | | Property Investment | (2,906) | (430) | Revenue from External Customers by Geographical Region | Region | 2025 Revenue (HKD '000) | 2024 Revenue (HKD '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Hong Kong | 193,589 | 208,030 | -7.0% | | Mainland China | 1,051 | 55 | +1810.9% | - Revenue from the Bar and Restaurant Operations segment primarily derived from sales of food, beverages, and snacks, with this portion of revenue decreasing from HKD 203 million to HKD 189 million[26] Liquidity, Financial Resources and Capital Structure The Group's liquidity position is extremely tight, with the gearing ratio sharply increasing from 458% to 1,026%, indicating very high financial leverage and repayment risk, while cash and cash equivalents remained low at HKD 2 million and bank borrowings increased to HKD 54.5 million, with operating cash flow and bank borrowings being the primary funding sources | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HKD 2.0 million | HKD 2.1 million | | Bank Borrowings | HKD 54.5 million | HKD 51.7 million | | Gearing Ratio | 1,026% | 458% | - Gearing ratio is defined as net debt divided by total equity[69] - The Group had HKD 2.7 million in unutilized bank credit facilities, compared to zero in the prior year[67] Future Prospects Despite current underperformance, management remains confident in business prospects and plans to continue expanding the business network in the coming year, maintaining its core bar business and existing brand strategy, focusing on the mass market to increase market share in Hong Kong - The Group will maintain its core bar business and existing brand strategy, aiming to increase its market share in Hong Kong[71] - Management remains confident in the business and plans to further expand the business network in the coming year[71] Significant Risks and Auditor's Opinion Material Uncertainty Related to Going Concern The auditor explicitly highlighted 'material uncertainty related to going concern' in the report, primarily due to the Group's current liabilities exceeding current assets by HKD 96.64 million and a breach of bank borrowing covenants amounting to HKD 41.75 million at the reporting period end, which cast significant doubt on the Group's ability to continue as a going concern, prompting management to devise countermeasures including bank negotiations, asset disposals if necessary, and seeking shareholder financial support - The auditor's report highlighted that as of March 31, 2025, the Group's current liabilities exceeded current assets by HKD 96.64 million, and it breached bank borrowing covenants amounting to HKD 41.75 million, indicating a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[14][84] - Management's response plan includes communicating with banks and obtaining approval to rectify the default by June 19, 2026; selling properties if necessary to repay loans; and applying for additional loans under the SME Financing Guarantee Scheme[14] - Mr. Chan, a related party of the Group's major shareholder, has committed to providing financial support to the Group to ensure it can meet its financial obligations as they fall due[15] Corporate Governance and Other Information Share Scheme The company adopted a new share scheme in September 2023, granting a total of 28,896,000 award shares to three directors at zero consideration, with these shares vesting in tranches over three years, and as of March 31, 2025, 19,264,000 shares remained unvested - On September 29, 2023, the company granted a total of 28,896,000 award shares to three directors (Ms. Chan Ching, Ms. Chan Tsz Tung, and Ms. Chan Tsz Kiu) at zero consideration[45][73] - The award shares vest in three tranches and become unconditional upon vesting; as of March 31, 2025, 19,264,000 shares remained unvested, representing 2.22% of the issued shares[45][74] - Share-based payment expenses related to share awards amounted to HKD 1.04 million during the current year[45] Corporate Governance Code The company complied with most provisions of the Corporate Governance Code during the year, with one deviation: the roles of Chairman and Chief Executive Officer are not separated, both held by Ms. Chan Ching, which the Board believes ensures leadership consistency and efficient strategy execution - The company deviated from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are both held by Ms. Chan Ching[78] Dividend The Board has decided not to recommend any dividend payment for the year ended March 31, 2025, consistent with the prior year - The Board did not recommend any dividend payment for the current year (2024: nil)[33][62]