Revenue and Financial Performance - For the six months ended September 30, 2022, Bingo Group Holdings Limited generated revenue of HK$1.8 million and gross profit of HK$1.1 million from its Cinema Business, a decrease from HK$3.4 million and HK$1.9 million respectively in the corresponding period of 2021[20]. - The ongoing challenges from COVID-19 have led to a significant decrease in revenue compared to previous periods, affecting overall financial performance[20]. - The Group recorded a total turnover of approximately HK$1.8 million, representing a decrease of approximately HK$1.6 million compared to approximately HK$3.4 million in the corresponding period[37]. - Revenue for the three months ended September 30, 2022, was HK$1,414,000, a decrease of 8.2% compared to HK$1,540,000 for the same period in 2021[76]. - Total revenue for the six months ended September 30, 2022, was HK$1,815,000, down 46.1% from HK$3,370,000 for the same period in 2021[96]. - Loss for the period was approximately HK$5.9 million, a decrease of approximately HK$2.3 million from the loss of HK$8.2 million in the corresponding period, primarily due to tightened cost control measures[37]. - The loss before taxation for the six months ended September 30, 2022, was HK$5,899,000, compared to a loss of HK$8,153,000 for the same period in 2021[103]. - The company reported a total comprehensive loss for the period of HK$4,606,000, compared to a loss of HK$5,899,000 in the previous year[92]. Cinema Business Operations - The Cinema Business has become the prime revenue generator for the Group during the Period, despite the significant impact of COVID-19 on operations, including closures in Shanghai from early March 2022 to late July 2022[20]. - The cinema operations faced significant disruptions due to COVID-19, with cinemas in Shanghai and Hangzhou closed from early March 2022 to late July 2022, leading to a substantial decline in revenue[23]. - The Group's cinemas in Hangzhou and Shanghai were reopened in August 2020, but faced further disruptions due to COVID-19 outbreaks[20]. - The Group plans to focus on investment opportunities in cinemas and popular films, as well as online game development, intellectual property licensing, and the cultural industry in China[62]. Filmed Entertainment and New Ventures - No revenue was generated from the Filmed Entertainment Business during the Period as no suitable business opportunities were identified[21]. - The management is actively seeking suitable business opportunities in the Filmed Entertainment sector, although no targets were identified during the Period[21]. - The Group continues to focus on Filmed Entertainment, New Media Exploitations, Licensing Businesses, and Cinema Business as its core operations[18]. - A joint venture with Lechuang Holdings was established for VR and MR project development, with Bingo Movie providing a loan of between HK$25 million and HK$35 million for investment[26]. - The company remains optimistic about the long-term development of VR and MR projects despite the adverse impact of COVID-19 on the business environment[26]. - The company aims to leverage its film production and licensing experience to explore new entertainment forms, particularly in the growing LARP market[32]. - The LARP market has rapidly developed and is popular among younger consumers in China, presenting a significant opportunity for the company[32]. Financial Position and Assets - As of 30 September 2022, total assets were approximately HK$28.0 million, down from HK$35.4 million as of 31 March 2022, with cash and cash equivalents of approximately HK$26.7 million[38]. - Current assets as of September 30, 2022, totaled HK$27,314,000, a decrease from HK$34,285,000 as of March 31, 2022[80]. - Net current assets as of September 30, 2022, were HK$15,054,000, down from HK$19,541,000 as of March 31, 2022[85]. - Total consolidated assets as of September 30, 2022, were HK$27,968,000, down from HK$35,407,000 as of March 31, 2022[103]. - Total consolidated liabilities as of September 30, 2022, were HK$27,833,000, compared to HK$30,760,000 as of March 31, 2022[103]. Cost Management and Expenses - Administrative expenses decreased from approximately HK$8.4 million in the corresponding period to approximately HK$7.0 million for the period[37]. - The company reported a significant reduction in administrative expenses, which were HK$3,493,000 for the three months ended September 30, 2022, compared to HK$4,052,000 in the same period of 2021[76]. - Total staff costs, including directors' remuneration, were approximately HK$3.2 million during the period, down from approximately HK$4.9 million in the corresponding period[53]. - The company incurred staff costs of HK$1,633,000 for the six months ended 30 September 2022, compared to a credit of HK$222,000 in 2021[133]. Joint Ventures and Strategic Partnerships - A framework agreement was signed with Guangzhou Jiu De Cultural and Technology Company for a joint venture to develop augmented reality digital live action role-playing game (LARP) projects[30]. - The joint venture with Jiu De was established in May 2022, but business operations have not yet commenced[36]. - A joint venture agreement was signed on October 27, 2022, with a total share capital of HKD 2,000,000, involving High Art, Memorigin, and Topping Mark[68]. - High Art will contribute HKD 1,200,000, while Memorigin and Topping Mark will contribute HKD 400,000 each to the joint venture[69]. - The joint venture aims to establish a brand focused on manufacturing tourbillon watches, marking a strategic market expansion[181]. - The joint venture agreement is part of the Company's strategy to enhance its market presence and product offerings in the luxury watch segment[180]. Share Capital and Equity - The total number of issued ordinary shares remained at 102,645,000 as of 30 September 2022, with a par value of HK$0.1 each[170]. - The share consolidation on 16 March 2022 combined every ten existing shares of HK$0.01 into one consolidated share of HK$0.1[171]. - As of September 30, 2022, the total issued share capital of the Company was 102,644,466 shares[188]. - Convertible bonds with a principal amount of HK$19,000,000 were issued to Mr. Chiau, which can be converted into 69,090,090 shares upon full exercise[188]. - The company’s total equity attributable to owners of the company was HK$4,647,000 as of September 30, 2022[86]. Risks and Market Conditions - The Group's performance highlights the volatility and risks associated with operating in the entertainment sector, particularly under pandemic conditions[20]. - The financial report indicates a need for strategic adjustments in response to market conditions and ongoing pandemic challenges[20]. - The company did not derive any assessable profits in Hong Kong or taxable profits in its PRC subsidiaries for the six months ended 30 September 2022[134].
比高集团(08220) - 2023 - 中期财报