Revenue Performance - Revenue for the three months ended February 28, 2023, was HKD 2,272,000, a decrease of 38.7% compared to HKD 3,719,000 for the same period in 2022[5] - Revenue for the six months ended February 28, 2023, was HKD 4,361,000, down 36.3% from HKD 6,846,000 in the same period last year[5] - Total revenue for the six months ended February 28, 2023, was SGD 4,361,000, a decrease of 36.2% from SGD 6,846,000 in the same period of 2022[26] - Revenue from restaurant operations for the six months ended February 28, 2023, was SGD 4,330,000, down 36.5% from SGD 6,837,000 in the same period of 2022[26] - Revenue from Singapore for the six months ended February 28, 2023, was SGD 4,361,000, a decrease of 36.3% compared to SGD 6,838,000 for the same period in 2022[29] - Revenue from Indonesia for the six months ended February 28, 2023, was SGD 8,000, down from SGD 4,000 in the same period of 2022[29] - Other income for the six months ended February 28, 2023, totaled SGD 139,000, a significant decrease of 84.8% from SGD 912,000 in the same period of 2022[30] - The group's revenue from restaurant operations decreased by approximately 36.8%, generating about 4.3 million SGD compared to 6.8 million SGD in the same period last year[57] Financial Losses - The net loss for the three months ended February 28, 2023, was HKD 168,000, compared to a loss of HKD 119,000 for the same period in 2022[6] - The net loss for the six months ended February 28, 2023, was HKD 878,000, significantly higher than the loss of HKD 58,000 in the same period last year[6] - For the six months ended February 28, 2023, the company reported a loss attributable to equity holders of SGD 792,000, compared to a loss of SGD 20,214,000 for the same period in 2022[17] - The group reported a pre-tax loss of SGD 1,895,000 for the six months ended February 28, 2023, compared to a loss of SGD 2,109,000 in the same period of 2022[35] - The group reported a loss of approximately 878,000 SGD this period, compared to a loss of about 58,000 SGD in the same period last year, primarily due to a decline in demand and new customer numbers[67] Assets and Liabilities - Total assets as of February 28, 2023, amounted to HKD 3,454,000, an increase from HKD 1,307,000 as of August 31, 2022[8] - Current liabilities increased to HKD 12,106,000 as of February 28, 2023, compared to HKD 8,502,000 as of August 31, 2022[8] - Non-current assets totaled HKD 1,811,000 as of February 28, 2023, up from HKD 1,559,000 as of August 31, 2022[8] - The company’s total equity as of February 28, 2023, was HKD (7,347,000), a decline from HKD (6,498,000) as of August 31, 2022[9] - As of February 28, 2023, the company had total liabilities of SGD 7,347,000, indicating significant uncertainty regarding its ability to continue as a going concern[17] - As of February 28, 2023, the group recorded a net current liability of approximately 8.7 million SGD, compared to 7.2 million SGD on August 31, 2022[69] Cash Flow and Financing - The cash flow from operating activities for the six months ended February 28, 2023, was a net outflow of SGD 356,000, compared to a net inflow of SGD 1,917,000 in the previous year[13] - The company has a net cash outflow from financing activities of SGD 779,000 for the six months ended February 28, 2023, compared to SGD 2,143,000 in the same period of 2022[13] - The company’s cash and bank balances decreased to HKD 49,000 as of February 28, 2023, from HKD 108,000 as of August 31, 2022[8] - The cash and cash equivalents decreased to SGD 49,000 as of February 28, 2023, from SGD 185,000 in the previous year[13] - The group has secured a revolving loan financing of HKD 40,000,000 (approximately SGD 7,119,000) from an independent third party[18] - The group plans to use proceeds from a rights issue to potentially acquire a restaurant, with estimated costs ranging from approximately 20 million HKD to 24 million HKD, pending successful subscription of the rights issue[75] Operational Changes and Strategies - The company plans to expand profitable restaurant operations by increasing distribution channels and eliminating underperforming restaurants[18] - The group plans to expand its network into other Southeast Asian countries and aims to become a leading restaurant operator in Singapore[53] - The group has obtained exclusive franchise rights to open new restaurants under the "Chir Chir" and "Masizzim" brands in Singapore[51] - The group plans to continue developing its business by acquiring new franchise brands and opening restaurants outside the central areas of Singapore[53] - The group has identified the need to eliminate underperforming restaurants and implement tighter cost controls to address significant uncertainties regarding its ongoing viability[53] - The group aims to enhance its brand image and explore business opportunities that align with its operational model for future growth[55] Cost Management - Cost of goods sold decreased from approximately 1.8 million SGD in the same period last year to about 1.1 million SGD this period, a reduction of approximately 38.9%[61] - Employee costs decreased from approximately 2.5 million SGD in the same period last year to about 2.1 million SGD this period, a decline of approximately 16.0%[62] - Rental and related expenses increased from approximately 368,000 SGD in the same period last year to about 577,000 SGD this period, an increase of approximately 56.8%[63] - Other expenses decreased from approximately 1.3 million SGD in the same period last year to about 0.9 million SGD this period, a reduction of approximately 30.8%[64] - Financial costs decreased from approximately 400,000 SGD in the same period last year to about 176,000 SGD this period, a decline of approximately 56.0%[65] Shareholder and Governance Information - Canola Investment Holdings Limited holds approximately 33.69% of the shares, with other key shareholders owning 23.17%, 16.85%, 12.64%, and 1.01% respectively[79] - As of February 28, 2023, Canola holds 3,049,900 shares, representing 6.93% of the total issued shares of 44,000,000[83] - The company has not repurchased any of its listed securities during the reporting period[89] - No stock options have been granted or exercised under the stock option plan since its adoption on July 23, 2018[90] - The company has confirmed compliance with the GEM Listing Rules regarding securities trading by all directors during the reporting period[92] - The company has adopted and complied with all applicable corporate governance codes as per GEM Listing Rules Appendix 15 during the period[94] - There were no competitive business interests held by directors or controlling shareholders during the period[95] - The Audit Committee, established on July 23, 2018, consists of three independent non-executive directors and is responsible for reviewing financial reporting and internal control systems[96] - The unaudited condensed consolidated financial statements have been reviewed by the Audit Committee and are deemed to comply with applicable accounting standards and legal requirements[98] - The company expresses gratitude to shareholders, business partners, and customers for their continued support during the period[99] - The executive directors include the chairman and four other members, with three independent non-executive directors[100]
千盛集团控股(08475) - 2023 - 中期财报