Financial Performance - The Group's revenue for the nine months ended 28 February 2022 was approximately HK$43.8 million, representing an increase of approximately 256.9% compared to the corresponding period in 2021[19]. - The Group recorded a loss and total comprehensive income for the nine months ended 28 February 2022 of approximately HK$7.4 million, compared to a loss of HK$11.3 million in 2021[20]. - The Group's performance indicates significant revenue growth, highlighting potential market expansion opportunities[19]. - For the nine months ended February 28, 2022, the company reported a revenue of HK$10,291,000, a decrease from HK$43,820,000 in the same period of 2021, representing a decline of approximately 76.5%[32]. - The total comprehensive loss decreased from approximately HKD 11.3 million for the nine months ended February 28, 2021, to approximately HKD 7.4 million for the nine months ended February 28, 2022, primarily due to strong performance from new stores and relaxed operating hour restrictions[135]. Dividends and Share Issuance - The Board does not recommend payment of any dividend for the nine months ended 28 February 2022, consistent with the previous year[20]. - The company issued 1,600,000 ordinary shares during the period, raising HK$20,334,000[36]. - No dividends were paid, declared, or proposed by the Company during the nine months ended February 28, 2021, and 2022[91]. Financial Health and Monitoring - The Group's financial health is being closely monitored to mitigate risks associated with market volatility[4]. - The Group's financial resources are expected to be sufficient to meet its obligations in the foreseeable future based on estimated future cash flows[53]. - The Group reported net liabilities of approximately HK$12.8 million as of February 28, 2022, but continues to prepare financial statements on a going concern basis[49]. Operational Focus and Strategy - The company is focused on enhancing its product offerings and exploring new technologies to drive growth[19]. - The company continues to focus on its core operations in the clubhouse, entertainment, and restaurant sectors in Hong Kong[40]. - The Group's principal activities include operating clubs, entertainment venues, and restaurants in Hong Kong[58]. - The company plans to expand its outlet network by establishing more sports-themed bars and restaurants in Hong Kong, facing significant competition in the food and beverage and entertainment industry[140]. Impact of COVID-19 - The Group's financial condition and operating performance were adversely affected by the COVID-19 pandemic, prompting the adoption of cost control measures and adjustments to business strategies[103]. - The ongoing COVID-19 pandemic has led to a significant decrease in sales, which may adversely impact the company's financial performance for the years 2021 and 2022[151]. - The company is closely monitoring the COVID-19 situation and implementing cost control measures to mitigate its impact on business operations and financial position[151]. - The Hong Kong government has implemented tightened social distancing measures since January 7, 2022, which are expected to adversely impact the financial results of the Group due to disruptions in operations of nightclubs and entertainment venues[193]. Governance and Compliance - The directors collectively accept full responsibility for the report, confirming no misleading or deceptive information is present[7]. - The Company has complied with the Corporate Governance Code except for a deviation regarding the roles of chairman and chief executive officer[183]. - Following the resignation of Mr. Wong Kui Shing Danny, Mr. Wong Chi Yung serves as both chairman and chief executive officer, leading to a deviation from the CG Code[184]. - All Directors confirmed compliance with the required standard of dealings regarding securities transactions during the nine months ended February 28, 2022[175]. Cost and Expense Management - The cost of inventories sold for the same period was HK$3,384,000, compared to HK$11,833,000 in the previous year, indicating a decrease of about 71.3%[32]. - Other income decreased by approximately HK$12.8 million compared to the corresponding period in 2021, primarily due to a reduction in government subsidies and rent concessions received[117]. - Employee benefits expenses increased by approximately HK$3.0 million, or approximately 38.7%, from approximately HK$7.8 million for the nine months ended February 28, 2021, to approximately HK$10.9 million for the nine months ended February 28, 2022[123]. - Other expenses increased by approximately HK$6.2 million, or approximately 81.6%, from approximately HK$7.5 million for the nine months ended February 28, 2021, to approximately HK$13.7 million for the nine months ended February 28, 2022[128].
新爱德集团(08412) - 2022 Q3 - 季度财报