Shareholding Structure - Mr. Ma Kai Cheung, the Honorary Chairman, holds a 39.93% shareholding interest, while Mr. Ma Kai Yum, the Chairman, holds 19.67%, committing to maintain at least 42% of the shares collectively[2]. - As of September 30, 2023, Regent World owned 184,121,625 shares and Bond Well owned 75,007,400 shares of the Company[3]. - Ma Kai Cheung and Ma Kai Yum are beneficiaries of discretionary trusts owning 70% of Bond Well and the entire issued share capital of Grand Wealth Investments Limited and Peaceful World Limited[3]. - Ma Kai Cheung holds 15 shares in Ginza Development Company Limited, representing 0.68% of the subsidiary's issued share capital[192]. - Ma Kai Yum holds 66 shares in Ginza Development Company Limited, representing 3% of the subsidiary's issued share capital[192]. - Ma Kai Cheung and Ma Kai Yum each hold 500,000 non-voting deferred shares in Gartrend Development Limited[192]. - As of September 30, 2023, no other directors or chief executives had registered interests or short positions in the shares of the Company[194]. - Real Potential Limited, wholly owned by Peaceful World, held 7,500,000 shares of the Company at the end of the reporting period[3]. Financial Performance - Revenue for the six months ended September 30, 2023, was HK$366,316,000, a decrease of 3.4% from HK$379,115,000 in the same period of 2022[36]. - Gross profit for the same period was HK$217,084,000, down from HK$230,101,000, reflecting a decline of approximately 5.7%[36]. - Loss before tax for the period was HK$152,972,000, compared to a loss of HK$181,709,000 in the previous year, indicating an improvement of 15.8%[36]. - Loss for the period attributable to owners of the parent was HK$135,216,000, a reduction from HK$157,586,000, representing a decrease of 14.2%[36]. - Basic loss per share for the period was HK$8.61, compared to HK$10.03 in the same period last year, showing an improvement of 14.1%[36]. - Total comprehensive loss for the period was HK$352,517,000, down from HK$444,453,000, indicating a decrease of 20.7%[39]. - Other comprehensive loss for the period amounted to HK$212,335,000, compared to HK$295,084,000, reflecting a reduction of 28.0%[39]. - The company reported net other income and gains of HK$3,321,000 for the period, compared to HK$46,438,000 in the previous year[36]. - Selling and distribution expenses increased to HK$123,900,000 from HK$116,457,000, marking an increase of 6.5%[36]. Assets and Liabilities - Total non-current assets decreased to HK$4,566,390, down from HK$4,827,642, representing a decline of approximately 5.4%[41]. - Total current assets decreased to HK$1,540,901, down from HK$1,661,429, reflecting a decrease of about 7.2%[41]. - Total current liabilities decreased to HK$1,822,270, down from HK$1,947,085, indicating a reduction of approximately 6.4%[44]. - Net current liabilities improved slightly to HK$281,369 from HK$285,656, showing a positive trend[44]. - Total liabilities decreased to HK$4,285,021 from HK$4,541,986, a reduction of about 5.6%[44]. - Net assets decreased to HK$3,218,998 from HK$3,585,202, reflecting a decline of approximately 10.2%[44]. - Equity attributable to owners of the parent decreased to HK$3,075,812 from HK$3,434,828, a decrease of about 10.5%[44]. - Cash and cash equivalents decreased to HK$259,282 from HK$287,707, a decline of approximately 9.9%[41]. - The company reported a decrease in properties held for sale to HK$421,951 from HK$449,774, a reduction of about 6.2%[41]. - The company’s interest-bearing bank borrowings increased to HK$1,075,060 from HK$1,189,482, indicating a rise of approximately 6.4%[44]. Cash Flow and Investments - For the six months ended September 30, 2023, net cash flows from operating activities were HK$49,069,000, an increase from HK$26,997,000 in the same period of 2022[48]. - The company reported a net cash outflow of HK$16,866,000 from investing activities, compared to HK$17,440,000 in the previous year[48]. - New bank loans amounted to HK$195,338,000, while repayments of bank loans were HK$145,255,000 during the period[48]. - Cash and cash equivalents at the end of the period were HK$259,282,000, slightly down from HK$262,926,000 in the previous year[48]. - The total equity as of September 30, 2023, was HK$4,086,673,000, compared to HK$3,591,964,000 as of September 30, 2022[46]. - Retained profits increased to HK$2,360,060,000 from HK$2,163,802,000 year-over-year[46]. - The fair value reserve decreased to HK$141,335,000 from HK$125,848,000 in the previous year[46]. - The company experienced a net decrease in financial assets at fair value through profit or loss of HK$34,545,000 during the period[48]. Operational Highlights - The company continues to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[32]. - The Group's operating segments include restaurant, food and hotel, and property investment and development, with performance monitored separately for resource allocation[61]. - The geographical breakdown shows that revenue from Hong Kong was HK$108,602,000 and from Mainland China was HK$215,004,000, highlighting a significant contribution from the Mainland market[78]. - The restaurant segment turnover increased by 33% to HK$168,395,000, benefiting from the post-COVID-19 economic recovery[155]. - The food business turnover decreased by 30% to HK$129,333,000, primarily due to a decline in moon cake sales[156]. - The bakery business in Hong Kong recorded a 1% increase in sales to HK$64,836,000, while Profit Smart group’s profit decreased by 55% to HK$2,697,000[157]. - The Group's 50% owned Haitan Street redevelopment project has completed construction and commenced pre-sales, with over 40 residential units sold to date[148]. - The Castle Peak Road redevelopment project has begun construction, with site investigation and demolition works initiated in Q2 2023, expected to complete by mid-2026[149]. - The Guangzhou South Station Property achieved 100% occupancy, contributing to the Group's rental income[147]. Governance and Compliance - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended 30 September 2023[4]. - The Board conducted semi-annual reviews of the internal control and risk management system, finding all material controls adequate and effective during the year[20]. - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the six months ended 30 September 2023[20]. - The Remuneration Committee aims to establish competitive remuneration levels to attract and retain key executives[10]. - The Nomination Committee is responsible for recommending suitable individuals for director appointments to enhance the Board's expertise[12]. - The Company has adopted the Model Code for securities transactions by directors, confirming compliance for the six months ended 30 September 2023[20]. - The Audit Committee comprises three independent non-executive directors, ensuring oversight of financial reporting and internal controls[3]. - The Board is responsible for maintaining effective risk management and internal control systems to safeguard the Group's assets[13]. Future Outlook - The group anticipates that high interest rates will persist, significantly increasing operating costs, and will implement stringent cost control measures[168]. - The group plans to expand its restaurant business in the Greater Bay Area, leveraging its established branding[163]. - Management believes the food business will become a key driver of profitability and growth in the coming years[168]. - The group remains cautiously optimistic about the economic outlook despite ongoing uncertainties in the market[162]. - The Group's financial strategy includes a focus on expanding its restaurant and bakery operations while managing costs effectively to improve profitability in the future[76].
佳宁娜(00126) - 2024 - 中期财报