麦迪森控股(08057) - 2024 - 中期财报

Interim Report Compliance and Structure - The interim report is prepared in compliance with the GEM Listing Rules of the Stock Exchange of Hong Kong, with the Directors accepting full responsibility for its accuracy and completeness[5] - The interim report includes condensed consolidated financial statements, management discussion and analysis, and corporate governance information[9] - The interim financial statements were reviewed by the Company's audit committee but not audited by the independent auditor[45][48] Company Information - The company's principal place of business in Hong Kong is located at Units 26-28, 8/F, One Island South, 2 Heung Yip Road, Wong Chuk Hang[14] - The company's principal bankers are The Hongkong and Shanghai Banking Corporation Limited and China Construction Bank (Asia) Corporation Limited[15] - The company's stock code on the Stock Exchange of Hong Kong is 08057[15] - The company's website is www.madison-group.com.hk[15] - The company's registered office is located in the Cayman Islands[14] - The company's authorized representatives are Ms. Kuo Kwan and Ms. Chan Yuet Kwai[14] - The company's auditor is Prism Hong Kong and Shanghai Limited, Certified Public Accountants[14] Financial Performance - Revenue for the six months ended 30 September 2023 was HK$34.68 million, a decrease of 32$51.02 million in the same period in 2022[17] - Net profit for the six months ended 30 September 2023 was HK$1.91 million, a significant decline from HK$24.29 million in the same period in 2022[19] - Loan financing services revenue for the six months ended 30 September 2023 was HK$22.06 million, down 25$29.37 million in the same period in 2022[17] - Alcoholic beverages sales revenue for the six months ended 30 September 2023 was HK$12.62 million, a decrease of 42$21.65 million in the same period in 2022[17] - Total comprehensive expense for the six months ended 30 September 2023 was HK$18.37 million, compared to HK$18.89 million in the same period in 2022[19] - Basic loss per share for the six months ended 30 September 2023 was HK$0.22, compared to earnings per share of HK$2.23 in the same period in 2022[19] - Profit for the period was HK$-1.4 million, contributing to a total comprehensive expense of HK$-12.6 million for the six months ended 30 September 2023[24] - Exchange differences arising from translation of foreign operations resulted in a loss of HK$11.2 million for the six months ended 30 September 2023[24] - Revenue for the three months ended 30 September 2023 was HK$15.452 million, a decrease from HK$24.676 million in the same period in 2022[61] - Total segment loss for the three months ended 30 September 2023 was HK$990 thousand, compared to a segment profit of HK$9.865 million in the same period in 2022[61] - Loan financing services generated HK$11.174 million in revenue for the three months ended 30 September 2023, down from HK$13.430 million in 2022[61] - Sales of alcoholic beverages revenue for the three months ended 30 September 2023 was HK$4.278 million, a significant decrease from HK$11.246 million in 2022[61] - Revenue from the PRC for the three months ended 30 September 2023 was HK$9.541 million, down from HK$13.430 million in 2022[73] - Hong Kong revenue for the three months ended 30 September 2023 was HK$5.911 million, compared to HK$11.246 million in 2022[73] - Net loss attributable to the owners of the Company for the three months ended 30 September 2023 was HK$3,505,000, compared to a profit of HK$6,178,000 in the same period in 2022[93] Financial Position - Bank balances and cash decreased to HK$37.85 million as of 30 September 2023 from HK$72.91 million as of 31 March 2023[20] - Loan and interest receivables stood at HK$255.82 million as of 30 September 2023, slightly down from HK$257.40 million as of 31 March 2023[20] - Total current liabilities decreased to HK$254.16 million as of 30 September 2023 from HK$276.74 million as of 31 March 2023[20] - Non-current assets decreased to HK$44.60 million as of 30 September 2023 from HK$58.24 million as of 31 March 2023[20] - Net current assets decreased from HK$97.3 million to HK$89.7 million as of 30 September 2023[22] - Total assets less current liabilities declined from HK$155.5 million to HK$134.3 million as of 30 September 2023[22] - Equity attributable to owners of the company decreased from HK$-12.4 million to HK$-25.0 million as of 30 September 2023[22] - Non-controlling interests decreased from HK$162.0 million to HK$156.2 million as of 30 September 2023[22] - Total segment assets as of 30 September 2023 were HK$328.971 million, a decrease from HK$336.914 million as of 31 March 2023[67] - Total segment liabilities as of 30 September 2023 were HK$26.977 million, a decrease from HK$34.727 million as of 31 March 2023[70] - Non-current assets in Hong Kong as of 30 September 2023 were HK$15.438 million, down from HK$17.920 million as of 31 March 2023[74] - Non-current assets in the PRC as of 30 September 2023 were HK$712 thousand, a decrease from HK$1.378 million as of 31 March 2023[74] - Trade receivables increased to HK$2,074,000 as of 30 September 2023, up from HK$1,862,000 as of 31 March 2023[108] - Net trade receivables rose to HK$1,601,000 as of 30 September 2023, compared to HK$1,389,000 as of 31 March 2023[108] - Total other receivables and deposits grew to HK$33,804,000 as of 30 September 2023, up from HK$28,556,000 as of 31 March 2023[108] - Trade and other receivables and deposits increased to HK$35,405,000 as of 30 September 2023, compared to HK$29,945,000 as of 31 March 2023[108] - The Group's right-of-use assets decreased to HK$5,007,000 as of 30 September 2023, down from HK$7,932,000 as of 31 March 2023[116] - Lease liabilities reduced to HK$10,292,000 as of 30 September 2023, compared to HK$15,055,000 as of 31 March 2023[122] - The Group recognized finance lease receivables of approximately HK$1,270,000 during the six months ended 30 September 2023[117] - The Group did not enter into new lease agreements during the six months ended 30 September 2023, resulting in no new lease liabilities being recognized[123] - The carrying amount of lease liabilities was HK$10,292,000 as of 30 September 2023, down from HK$15,055,000 as of 31 March 2023[124] - Net investment in the lease decreased from HK$10,654,000 as of March 31, 2023, to HK$7,382,000 as of September 30, 2023, reflecting a reduction in lease receivables[128] - The Group's sublease arrangements for office space have an average effective interest rate of 9.21% per annum, unchanged from March 31, 2023[131] - Trade payables increased from HK$3,831,000 as of March 31, 2023, to HK$5,203,000 as of September 30, 2023, indicating higher outstanding payments[138] - The Group's loan from a non-controlling shareholder decreased from HK$80,838,000 as of March 31, 2023, to HK$77,100,000 as of September 30, 2023, with a fixed interest rate of 2% per annum[142] - Other borrowings as of 30 September 2023 amounted to HK$39,992,000, with a fixed interest rate of 12.0$6,231,000[161] - Interest expenses on the loan from SRA Holdings amounted to HK$6,625,000 for the six months ended 30 September 2023[164] - The Group's secured loans amounted to HK$74,758,000 as of 30 September 2023, a decrease from HK$90,207,000 as of 31 March 2023[97] - Unsecured loans as of 30 September 2023 totaled HK$189,215,000, up from HK$180,465,000 as of 31 March 2023[97] - The Group held collaterals valued at approximately HK$238,926,000 as of 30 September 2023, down from HK$291,216,000 as of 31 March 2023[102] - Loans secured by real estate in the PRC amounted to HK$72,319,000 as of 30 September 2023, a decrease from HK$86,458,000 as of 31 March 2023[101] - Loans secured by motor vehicles totaled HK$2,438,000 as of 30 September 2023, down from HK$3,749,000 as of 31 March 2023[101] - Loans guaranteed by guarantors (including related parties) amounted to HK$68,458,000 as of 30 September 2023, compared to HK$76,760,000 as of 31 March 2023[101] - Net loans and interest receivables within 90 days as of 30 September 2023 were HK$101,700,000, up from HK$44,007,000 as of 31 March 2023[106] - Net loans and interest receivables over 365 days as of 30 September 2023 were HK$126,812,000, down from HK$137,524,000 as of 31 March 2023[106] Cash Flow - The Group's net cash used in operating activities was HK$27.4 million for the six months ended 30 September 2023, compared to HK$7.7 million in the same period of 2022[31] - Net cash from investing activities decreased to HK$4.7 million for the six months ended 30 September 2023, down from HK$6.0 million in the same period of 2022[31] - Net cash used in financing activities increased to HK$7.7 million for the six months ended 30 September 2023, compared to HK$6.9 million in the same period of 2022[31] - The Group's cash and cash equivalents decreased by HK$30.5 million to HK$37.9 million as of 30 September 2023, compared to HK$45.4 million as of 30 September 2022[31] Shareholder and Share Option Information - Royal Spectrum Holding Company Limited directly holds approximately 31.44% of the Company's issued share capital as of 30 September 2023[33] - Mr. Ting Pang Wan Raymond holds approximately 41.55% of the Company's issued share capital as of 30 September 2023 and controls Royal Spectrum[33] - The company granted 18,100,000 share options on 17 December 2015, with an exercise price of HK$8.00 per share[170][173] - After a share subdivision on 8 November 2016, the number of shares to be issued increased to 181,000,000 with an adjusted exercise price of HK$0.80 per share[173] - On 3 April 2018, the company granted 219,000,000 share options with an exercise price of HK$1.89 per share[176] - On 17 August 2018, the company refreshed the scheme mandate limit, allowing the issuance of up to 428,330,871 shares, representing 10.0$1.12 per share[178] - On 6 December 2019, the company granted 355,400,000 share options with an exercise price of HK$0.207 per share[179] - On 31 July 2020, the company refreshed the scheme mandate limit again, allowing the issuance of up to 519,272,689 shares, representing 10.0$1.03 per share, which expired on 30 September 2023 without any options being exercised[188][189] - As of 30 September 2023, 50,370,000 share options remained outstanding under the Share Option Scheme, representing 8.1% of the total issued shares, unchanged from 31 March 2023[189] - The 85,922,330 option shares granted under the Specific Mandate expired on 30 September 2023, reducing the outstanding options from 13.8% to 0% of the total issued shares[189] - No share-based payment expenses were recognized for the six months ended 30 September 2023 and 2022 related to the share options granted by the company[192] - Shareholders held 2,100,000 outstanding share options as of 30 September 2023, with an exercise price of HK$8.00 per share[194] - Consultants held 16,000,000 outstanding share options as of 30 September 2023, with an exercise price of HK$8.00 per share[194] - Directors held 560,000 outstanding share options as of 30 September 2023, with an exercise price of HK$18.90 per share[194] - Employees held 570,000 outstanding share options as of 30 September 2023, with an exercise price of HK$18.90 per share[194] - Directors were granted 750,000 share options on 6 December 2019, with an exercise price of HK$2.07 per share, and all options remain outstanding as of 30 September 2023[197] - Consultants were granted 2,595,000 share options on 6 December 2019, with an exercise price of HK$2.07 per share, and all options remain outstanding as of 30 September 2023[197] - Employees were granted 625,000 share options on 6 December 2019, with an exercise price of HK$2.07 per share, and 600,000 options remain outstanding as of 30 September 2023[197] - The ultimate holding company of a non-controlling shareholder was granted 85,922,330 share options on 23 August 2022, with an exercise price of HK$1.03 per share, and all options remain outstanding as of 30 September 2023[197] Business Segments and Operations - The Group's major operating subsidiaries are engaged in alcoholic beverage sales, loan financing services, and financial services[34] - The Group's reportable segments include sales of alcoholic beverages, loan financing services, and financial services[58] - Revenue from alcoholic beverage sales decreased to HK$12.62 million for the six months ended 30 September 2023, compared to HK$21.65 million in the same period in 2022[51] - Loan referral services income decreased to HK$5.29 million for the six months ended 30 September 2023, compared to HK$6.55 million in the same period in 2022[51] - Interest income from micro loans decreased to HK$13.52 million for the six months ended 30 September 2023, compared to HK$18.49 million in the same period in 2022[51] - Total revenue decreased to HK$34.68 million for the six months ended 30 September 2023, compared to HK$51.02 million in the same period in 2022[51] - Revenue recognized at a point in time decreased to HK$17.91 million for the six months ended 30 September 2023, compared to HK$28.21 million in the same period in 2022[54] Regulatory and Compliance - The statutory reserve transfer requirement in the PRC mandates at least 10.0% of statutory annual profits after tax to be transferred until the reserve reaches 50.0% of registered capital[27] - The application of new and amended Hong Kong Financial Reporting Standards had no material impact on the Group's financial performance and positions[44][46] Miscellaneous - Approximately HK$76.2 million was capitalized as the share capital of Bartha International Limited, with HK$33.4 million and HK$42.9 million recognized in merger reserves and non-controlling interests respectively[29] - The companies listed on GEM are generally small and mid-sized, which may result in higher market volatility and lower liquidity compared to the Main Board[3] - No dividend was paid, declared, or proposed for the six months ended 30 September 2023[89] - For the six months ended 30 September 2023, the Company acquired plant and equipment worth approximately HK$91,000, compared to HK$