Financial Performance - Revenue for the six months ended September 30, 2022, was approximately HKD 25 million, down from HKD 36 million in the same period last year, resulting in a loss of approximately HKD 9.4 million[5]. - The group recorded a pre-tax loss of approximately HKD 9.5 million for the six months ended September 30, 2022, compared to a pre-tax profit of approximately HKD 0.2 million in 2021, primarily due to a decrease in revenue of about HKD 10.5 million[14]. - Total revenue decreased by approximately 29.3% to about HKD 25.3 million from approximately HKD 35.8 million for the same period in 2021[18]. - The company recorded a loss before tax of HKD 9,470,000 for the six months ended September 30, 2022, compared to a profit of HKD 220,000 for the same period in 2021[51]. - The company experienced a net loss of HKD 9,373,000 for the six months ended September 30, 2022, compared to a profit of HKD 165,000 for the same period in 2021[51]. - The company reported a loss attributable to owners of HKD (5,641) thousand for the six months ended September 30, 2022, compared to a profit of HKD 3,655 thousand for the same period in 2021, representing a significant decline[53]. - Basic loss per share was HKD (3.96) for the six months ended September 30, 2022, compared to earnings of HKD 2.58 per share in the same period of 2021[53]. - The company incurred a loss of HKD (6,827,000) from corporate finance consulting services, compared to a profit of HKD 2,290,000 in the same period last year[82]. Revenue Breakdown - Revenue from financial advisory and independent financial advisory services was approximately HKD 12.8 million, down from HKD 24.1 million in 2021, accounting for about 50.6% of total revenue[18]. - Revenue from compliance advisory services increased slightly to approximately HKD 12.2 million from HKD 11.7 million in 2021, representing about 48.2% of total revenue[18]. - For the six months ended September 30, 2022, the total revenue from corporate finance consulting services was HKD 25,278,000, a decrease of 29.2% compared to HKD 35,765,000 for the same period in 2021[82]. - Revenue from corporate finance advisory services for the six months ended September 30, 2022, was HKD 25,278,000, a decline of 29.2% compared to HKD 35,765,000 for the same period in 2021[93]. Economic Environment - The overall economic environment for corporate finance in Hong Kong has been unfavorable, with the Hang Seng Index declining approximately 21% during the recent quarter, marking the worst performance since 2011[5]. - The outlook for the second half of the fiscal year ending March 31, 2023, is exceptionally difficult to assess, with a continued low level of corporate finance transaction activity[9]. - The corporate finance consulting division has been adversely affected by weak market conditions, rising interest rates, and tightened acquisition financing supply[12]. - The competitive landscape in the corporate finance industry has intensified, impacting the company's consulting business negatively[12]. Cost and Expenses - Total costs for the six months ended September 30, 2022, reached approximately HKD 34 million, primarily consisting of salaries and related expenses of about HKD 25 million[6]. - Employee benefit costs slightly decreased to approximately HKD 24.6 million from HKD 24.8 million in the previous period, mainly due to government subsidies of about HKD 0.9 million recognized under the employment support scheme[22]. - Depreciation and other operating expenses decreased by approximately 1.0% to about HKD 9.8 million from approximately HKD 9.9 million in the previous period[26]. Cash and Assets - Cash and cash equivalents as of September 30, 2022, were approximately HKD 66 million, with no bank borrowings or similar liabilities[7]. - The group has no bank financing or borrowings as of March 31, 2022, and September 30, 2022[29]. - Current assets totaled HKD 82,862 thousand as of September 30, 2022, down from HKD 93,508 thousand as of March 31, 2022, indicating a decrease of about 11.4%[56]. - Non-current assets decreased to HKD 17,107 thousand as of September 30, 2022, from HKD 22,664 thousand as of March 31, 2022, reflecting a reduction of approximately 24.5%[56]. - Total assets as of September 30, 2022, amounted to HKD 99,969,000, a decrease from HKD 116,172,000 as of March 31, 2022[85]. Liabilities and Equity - The company’s total liabilities decreased to HKD 8,259 thousand as of September 30, 2022, from HKD 11,143 thousand as of March 31, 2022, representing a reduction of approximately 25.7%[59]. - The company’s equity attributable to owners decreased to HKD 82,240 thousand as of September 30, 2022, from HKD 95,157 thousand as of March 31, 2022, reflecting a decline of approximately 13.6%[59]. - Total liabilities as of September 30, 2022, were HKD 17,532,000, down from HKD 20,758,000 as of March 31, 2022[85]. Operational Developments - The company plans to renew its Beijing office lease starting January 1, 2023, for three years, involving annual rental payments of approximately RMB 700,000[7]. - The company is increasing marketing efforts and engaging clients through ideas and transaction proposals despite travel obstacles to China[9]. - The company is exploring opportunities in digital finance and looking for chances within its fund management department[9]. - The company is in the process of upgrading its IT infrastructure, which is a continuous requirement[43]. Shareholder Information - The significant shareholders include Sabine Martin Nevil, holding 58.97% of the issued shares, and other directors with varying percentages of ownership[179]. - The company holds 83,949,350 ordinary shares, representing approximately 58.97% of the total issued shares[189]. - The company has a stock option plan aimed at rewarding key employees and retaining talent[194]. - The stock option plan allows for the granting of options to no more than 35 participants during the plan period[194]. Compliance and Governance - The company maintained compliance with corporate governance codes and has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[176]. - The board of directors confirmed adherence to trading regulations throughout the reporting period[174]. - The company has not identified any competition or conflict of interest with its major shareholders during the reporting period[175].
新百利融资(08439) - 2023 - 中期财报