Financial Performance - The group recorded unaudited revenue of approximately HKD 6,000,000 for the six months ended June 30, 2023, an increase of about 150% compared to HKD 2,400,000 for the same period in 2022[4] - The group reported an unaudited profit attributable to owners of approximately HKD 10,500,000 for the six months ended June 30, 2023, compared to an unaudited loss of HKD 2,900,000 for the same period in 2022[4] - For the three months ended June 30, 2023, the group recorded unaudited revenue of approximately HKD 2,300,000, representing a 28.4% increase from HKD 1,800,000 in the same period of 2022[4] - The group incurred an unaudited loss attributable to owners of approximately HKD 1,200,000 for the three months ended June 30, 2023, a decrease from a loss of HKD 2,000,000 in the same period of 2022[4] - The total comprehensive income for the six months ended June 30, 2023, was HKD 10,272,000, compared to a total comprehensive loss of HKD 3,285,000 for the same period in 2022[6] - The company reported a net loss of HKD 15,952,000 for the six months ended June 30, 2023, compared to a loss of HKD 2,893,000 in the previous year, reflecting a significant increase in losses[14] - The company achieved a profit of approximately HKD 10,200,000 for the six months ended June 30, 2023, compared to a loss of approximately HKD 3,300,000 for the same period in 2022[81] Revenue Breakdown - Revenue from restaurant services for the six months ended June 30, 2023, was HKD 5,813,000, an increase from HKD 2,392,000 in the same period of 2022[32] - Online wine sales revenue increased to HKD 181,000 for the six months ended June 30, 2023, compared to HKD 20,000 in the same period of 2022[32] - The total revenue for the six months ended June 30, 2023, was HKD 5,994,000, up from HKD 2,412,000 in the same period of 2022[32] - Revenue from continuing operations for the first half of 2023 was HKD 5,994,000, compared to HKD 2,412,000 in the same period of 2022, representing a growth of 148%[39] Costs and Expenses - The group’s employee costs for the six months ended June 30, 2023, were HKD 2,685,000, an increase from HKD 2,053,000 in the same period of 2022[5] - The company’s total comprehensive income for the period was HKD (2,869,000), compared to HKD (3,285,000) in the previous year, indicating a slight improvement in overall financial performance[14] - Employee costs increased from approximately HKD 2,100,000 for the six months ended June 30, 2022, to approximately HKD 2,700,000 for the same period in 2023, reflecting the hiring of new staff for the new restaurants[77] - Depreciation expenses rose to approximately HKD 1,000,000 for the six months ended June 30, 2023, compared to HKD 300,000 for the same period in 2022, primarily due to property and equipment acquisitions for new restaurants[79] Assets and Liabilities - As of June 30, 2023, non-current assets increased to HKD 7,438,000 from HKD 7,101,000 in December 2022, representing a growth of approximately 4.73%[11] - Current assets decreased significantly to HKD 1,491,000 from HKD 3,011,000, a decline of about 50.54%[11] - Total liabilities decreased to HKD 11,208,000 from HKD 21,553,000, indicating a reduction of approximately 48.00%[12] - The total liabilities of the group exceeded total assets by HKD 5,001,000 as of June 30, 2023, down from HKD 15,773,000 as of December 31, 2022[27] - The company’s total assets were approximately HKD 8,900,000, down from approximately HKD 10,100,000 as of December 31, 2022[85] Cash Flow - The net cash from operating activities for the six months ended June 30, 2023, was HKD 1,963,000, down from HKD 7,415,000 in the same period of 2022, a decrease of about 73.51%[17] - Cash and cash equivalents decreased to HKD 293,000 from HKD 4,563,000, a decline of approximately 93.58%[19] - Cash and cash equivalents were HKD 331,000 as of June 30, 2023, significantly down from HKD 1,179,000 as of December 31, 2022, insufficient to cover current liabilities[27] - The company’s cash and bank balances decreased to approximately HKD 300,000 as of June 30, 2023, from approximately HKD 1,200,000 as of December 31, 2022[85] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules, except for the dual role of the chairman and CEO[117] - The Audit and Risk Management Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending June 30, 2023[119] - The board of directors did not recommend the payment of an interim dividend for the six months ending June 30, 2023[95] Business Strategy and Outlook - The group is actively restructuring its business to reduce the financial burden of underperforming subsidiaries, having terminated several operations as of December 31, 2022[27] - The group is exploring alternative financing solutions and/or restructuring to address its financial difficulties[31] - The board believes that the group will have sufficient working capital to meet its financial obligations for the next twelve months, contingent on achieving its plans and obtaining external financial support[28] - The company remains optimistic about the recovery of the restaurant industry as Hong Kong and the world return to normalcy post-COVID-19, while continuing to explore new business opportunities[102] Shareholder Information - As of June 30, 2023, Mr. Zhu Jiafei holds a 33.41% interest in the company through JSS Group Corporation[105] - As of June 30, 2023, Lazarus Securities Pty Ltd and JSS Group each hold 461,888,000 shares, representing approximately 33.41% of the company's holdings[110] - Axis Motion Limited holds 230,400,000 shares, accounting for 16.67% of the company's holdings[110] - Focus Dynamics Group Berhad owns 192,000,000 shares, which is about 13.89% of the company's holdings[110] Legal and Regulatory Matters - The company has received several lawsuits and claims related to unpaid rent and salaries, with potential additional interest and penalties due to delayed settlements[93] - No significant post-reporting date events or major litigations against the company during the reporting period[67][68] - No significant events requiring disclosure occurred after June 30, 2023, up to the report date[120]
TOPSTANDARDCORP(08510) - 2023 - 中期财报