Financial Performance - Revenue for the six months ended September 30, 2023, was approximately HKD 114.2 million, a decrease of about HKD 6.6 million or 5.5% compared to HKD 120.8 million for the same period in 2022[6] - The company recorded a net loss of approximately HKD 1.3 million, compared to a net profit of approximately HKD 5.7 million for the same period in 2022[6] - Gross profit for the six months was approximately HKD 73.8 million, down from HKD 75.6 million in the prior year, reflecting a decrease of about 2.4%[7] - Total revenue from restaurant operations for the six months ended September 30, 2023, was HKD 114,210,000, down 5.3% from HKD 120,785,000 in the same period of 2022[24] - The company reported a basic and diluted loss per share of HKD 0.13 for the six months ended September 30, 2023, compared to earnings of HKD 0.57 per share for the same period in 2022[7] - The company recorded a total comprehensive loss of HKD 1,282,000 for the six months ended September 30, 2023, compared to a total comprehensive income of HKD 5,713,000 for the same period in 2022[11] - The pre-tax profit for the three months ended September 30, 2023, was 421,000 HKD, a decrease of 74.7% compared to 1,660,000 HKD in the same period of 2022[31] Assets and Liabilities - Total assets as of September 30, 2023, were approximately HKD 117.2 million, compared to HKD 133.5 million as of March 31, 2023[8] - Current liabilities decreased to approximately HKD 50.4 million from HKD 57.8 million as of March 31, 2023[9] - Non-current assets decreased to approximately HKD 58.3 million from HKD 77.7 million as of March 31, 2023[8] - The company’s net asset value as of September 30, 2023, was approximately HKD 45.4 million, down from HKD 46.7 million as of March 31, 2023[9] Cash Flow - For the six months ended September 30, 2023, the company reported a net cash inflow from operating activities of HKD 20,768,000, a decrease of 51.5% compared to HKD 42,654,000 for the same period in 2022[13] - Cash and cash equivalents at the end of the period were HKD 45,082,000, a decrease from HKD 47,280,000 at the end of the same period in 2022[13] - The company’s cash inflow from financing activities was HKD (20,452,000) for the six months ended September 30, 2023, compared to HKD (19,444,000) in the same period of 2022[13] Expenses - The cost of goods sold for the six months ended September 30, 2023, was 40,423,000 HKD, down 10.4% from 45,147,000 HKD in the same period of 2022[28] - Employee benefits expenses for the three months ended September 30, 2023, totaled 17,115,000 HKD, a slight decrease of 1.9% from 17,450,000 HKD in the same period of 2022[28] - Employee costs increased by 17.5% to approximately HKD 34.9 million, influenced by the operational impact of new restaurant openings and the absence of prior government subsidies[53] - Rental and related expenses decreased by 9.1% to approximately HKD 7.0 million, attributed to the closure of certain restaurants[56] - Fuel and utility expenses rose by 6.7% to approximately HKD 3.2 million, primarily due to increased electricity costs[57] Dividends and Shareholder Information - The board of directors decided not to declare an interim dividend for this period, consistent with the previous year[6] - The company does not plan to declare an interim dividend for the six months ended September 30, 2023[78] - As of September 30, 2023, the company has 750,000,000 shares held by major shareholders, representing 75% of the total issued shares of 1,000,000,000[82] - The beneficial ownership of Future More, a controlled corporation, is 750,000,000 shares, equating to 75% ownership[83] - The company’s directors and key executives have disclosed their interests in shares, with Mr. Kwan and Ms. Kwan each holding 750,000,000 shares, representing 75%[81] Corporate Governance - The company has adopted and complied with all applicable provisions of the corporate governance code, except for provision C.2.1, which states that the roles of the chairman and CEO should be separate[89] - The chairman and CEO, Mr. Kwong, has been managing the group since the year 2000, and the board believes that his dual role is in the best interest of the group[90] - The company has maintained the public float required by the GEM listing rules as of the report date[91] - The audit committee, composed of independent non-executive directors, has reviewed the unaudited condensed consolidated results for the six months ended September 30, 2023, and believes they are prepared in accordance with applicable accounting standards[96] Operational Outlook - The company plans to continue opening more restaurants in suitable areas despite a conservative outlook on business development due to slower-than-expected economic recovery[46] - The company has adopted a cautious approach towards the restaurant industry, influenced by consumer confidence and overall business environment[46] - As of the report date, the company operates 11 restaurants offering various cuisines, including two under the "Mr. Steak" brand[46] Employment and Compensation - The company employs approximately 189 employees as of September 30, 2023, down from 209 employees on March 31, 2023[85] - The company has established an attractive compensation package for employees, including competitive salaries and internal promotion opportunities[85] - The company’s board of directors is responsible for reviewing and approving director remuneration based on comparable companies and relevant factors[85] Other Information - The company has not disclosed any competitive businesses or conflicts of interest involving its directors or major shareholders as of September 30, 2023[88] - The company has no significant foreign exchange risk as most transactions are denominated in HKD[75] - The company has not granted any stock options under the stock option plan since its adoption, resulting in zero options exercised or canceled as of September 30, 2023[86] - The stock option plan has a total of 100,000,000 options available for grant as of both April 1, 2023, and September 30, 2023, with no options granted since the plan's adoption[86] - No significant events affecting the group have occurred from September 30, 2023, to the report date[97]
MS CONCEPT(08447) - 2024 - 中期财报