FULUMGPHLDG：INTERIMREPORT2025.pdf

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1、Contents Corporate Information 2 Highlights 3 Management Discussion and Analysis 4 Corporate Governance and Other Information 11 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 18 Condensed Consolidated Statement of Financial Position 20 Condensed Consolidated State

2、ment of Changes in Equity 22 Condensed Consolidated Statement of Cash Flows 23 Notes to the Condensed Consolidated Financial Statements 24FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoRPoRAte InFoRMAtIon 2BOARD OF DIRECTORSExecutive DirectorsMr.YEUNG Wai(Chairman)Mr.YEUNG Ho Wang(Chief Executive

3、 Officer)Mr.YEUNG Yun KeiMr.LEUNG Siu SunMr.YEUNG Chun NinNon-executive DirectorMr.WU Kam On Keith(Vice Chairman)Independent Non-executive DirectorsMr.NG Ngai Man Raymond(retired with effect from 27 September 2024)Mr.WONG Wai Leung JosephMr.CHAN Chun Bong JunbonMs.HUANG Li Mei(appointed with effect

4、from 27 September 2024)COMPANY SECRETARYMr.Chan Yiu KwongAUTHORISED REPRESENTATIVESMr.YEUNG WaiMr.YEUNG Ho WangMEMBERS OF AUDIT COMMITTEEMr.WONG Wai Leung Joseph(Chairman)Mr.NG Ngai Man Raymond(retired with effect from 27 September 2024)Mr.CHAN Chun Bong JunbonMs.HUANG Li Mei(appointed with effect f

5、rom 27 September 2024)MEMBERS OF NOMINATION COMMITTEEMr.CHAN Chun Bong Junbon(Chairman)Mr.NG Ngai Man Raymond(retired with effect from 27 September 2024)Mr.YEUNG WaiMs.HUANG Li Mei(appointed with effect from 27 September 2024)MEMBERS OF REMUNERATION COMMITTEEMr.NG Ngai Man Raymond(retired with effec

6、t from 27 September 2024)Ms.HUANG Li Mei(Chairman)(appointed with effect from 27 September 2024)Mr.WONG Wai Leung JosephMr.YEUNG WaiMEMBERS OF EXECUTIVE COMMITTEEMr.YEUNG Wai(Chairman)Mr.YEUNG Ho WangMr.YEUNG Yun KeiMr.LEUNG Siu SunMr.YEUNG Chun NinREGISTERED OFFICECricket Square,Hutchins DriveP.O.B

7、ox 2681Grand Cayman,KY1-1111Cayman IslandsCORPORATE HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG26/F,Capital Tower,38 Wai Yip Street,Kowloon Bay,Hong KongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEConyers Trust Company(Cayman)LimitedCricket Square,Hutchins DriveP.O.Box 2681Grand Cayma

8、n,KY1-1111Cayman IslandsHONG KONG SHARE REGISTRARTricor Investor Services Limited17/F,Far East Finance Centre16 Harcourt RoadHong KongPRINCIPAL BANKERSHang Seng Bank LimitedStandard Chartered Bank(Hong Kong)LimitedThe Bank of East Asia,LimitedBank of China(Hong Kong)LimitedThe Hongkong and Shanghai

9、Banking Corporation LimitedAUDITORZHONGHUI ANDA CPA LimitedSTOCK CODE01443WEBSITEFULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025HIGHLIGHts 3 Revenue was approximately HK$854.1 million(corresponding period in 2023:approximately HK$893.8 million),representing a decrease of approximately 4.4%Gross pro

10、fit margin1 was at approximately 71.7%(corresponding period in 2023:approximately 72.1%),representing a decrease of approximately 0.4 percentage point Loss attributable to owners of the Company was approximately HK$40.6 million(corresponding period in 2023:Profit attributable to the owners of the Co

11、mpany was approximately HK$2.1 million)Basic loss per share2 was HK3.13 cents(corresponding period in 2023:basis earning per share HK0.16 cents)The Board has resolved not to declare the payment of any interim dividend1 Gross profit equals revenue minus cost of inventories sold.Gross profit margin is

12、 calculated by dividing gross profit by revenue and multiplying the resulting value by 100%.2 The calculation of the basic(loss)/earning per share amounts is based on loss for the period attributable to owners of the Company of approximately HK$40,638,000(profit for the corresponding period in 2023:

13、approximately HK$2,111,000)and the weighted average number of ordinary shares of 1,300,000,000(corresponding period in 2023:1,300,000,000)in issue during the Reporting Period.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 4INDUSTRY OVERVIEWDuring the period under

14、review,the weak economic performance of Hong Kong and the apparent decline in the spending power of both tourists and citizens have continued to exert pressure on the local catering industry.In addition,transportation and supply chains were affected given the continuing geopolitical tension and the

15、uncertainties ahead of the US election,with the prices of raw materials,logistics costs,food and energy remaining high,putting pressure on corporate operations.According to the Hong Kong Census and Statistics Department,Hong Kongs economy continued to record moderate growth in the second quarter of

16、2024,with real GDP increasing by 3.3%year-on-year in the second quarter.However,the performance of different sectors varied,with private consumption expenditure turning to a slight decline.Consumption activities weakened in the second quarter of 2024 due to changes in the spending pattern of citizen

17、s,resulting in a 1.5%drop in private consumption expenditure in the second quarter.The number of visitor arrivals in the third quarter of this year reached 11.43 million,representing a year-on-year growth of 9.6%.However,due to the convenient high-speed rail system and cross-border transportation,a

18、low-cost“no overnight”travel style has become trendy among tourists from Mainland China,which had limited support for Hong Kongs tourism and catering industries.The business atmosphere of large enterprises in most industries has weakened,and people went north to spend money during weekends and holid

19、ays.These have led to a downturn in the local consumer market,especially taking a toll on the local catering industry.In the third quarter of 2024,the provisional estimate of total restaurant receipts by value was HK$26.7 billion,representing a year-on-year decrease of 1.3%.Analysed by type of resta

20、urant,total receipts of Chinese restaurants decreased by 7.7%and 9.8%year-on-year in value and volume,respectively,while total receipts of non-Chinese restaurants also decreased by 0.6%and 1.5%year-on-year in value and volume,respectively,indicating that the catering industry was facing various diff

21、iculties and challenges,particularly for Chinese restaurants.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 5BUSINESS REVIEWIn light of the changing consumption and catering patterns of tourists and citizens in Hong Kong,the Group maintained the branding strategy

22、of full-time catering and further increased the number of brands and categories under its“Concept Line(概念線)”,offering a wide range of cuisines and choices at different price ranges,so that customers with different spending power can cater in the Groups restaurants at different time slots throughout

23、the day.As at 30 September 2024,the Group operated a total of 107 restaurants in Hong Kong,including 14 restaurants under the“Fulum(富臨)”main brand,7 restaurants under the“Sportful Garden(陶源)”main brand,81 restaurants under the“Concept Line(概念線)”main line as well as 5 food courts,and 3 restaurants in

24、 the Mainland China.During the Reporting Period,the Group offered customers a traditional Chinese dining experience under the“Fulum(富臨)”main brand and“Sportful Garden(陶源)”main brand.The“Fulum(富臨)”main brand offers a wide variety of Cantonese delicacies for the mass market,including seafood,dim sum a

25、nd hotpot,as well as luxurious venues with unique decorations and sophisticated catering experiences for wedding banquets and events.Restaurants under the“Sportful Garden(陶源)”main brand focus on mid-to-high-end Cantonese cuisine and attract customers who put a high value on quality with luxurious de

26、corations.Since the dining habits and spending power of both tourists and citizens have changed,during the Reporting Period,the Group actively expanded the presence of its“Concept Line(概念線)”series by introducing a wide variety of restaurant choices and was committed to creating a full-time catering

27、ecosphere at different price ranges to cater to the catering needs of consumers of different age groups and spending power.In recent years,local consumers tastes have changed.When developing new cuisines,the Group adopted the concept of“small shop model,group management”,while providing consumers wi

28、th authentic Korean izakaya food and Korean barbeque restaurants with traditional culture,classy and casual cafes,authentic Thai food and fine dining restaurants,at different price points and different cuisines to cater to the needs of our customers.In addition,the Group continued to expand its food

29、 court business by introducing different restaurant brands from different regions to bring more culinary choices to the local residents.Currently,the Groups food courts cover residential areas such as Yuen Long,Tuen Mun,Kowloon Bay and Kai Tak.In the future,the Group will continue to look for suitab

30、le locations in various districts and open more food courts.During the Reporting Period,the Group set up one new shop in Zhuhai,Mainland China.In the future,the Group will continue to look for suitable opportunities to promote its diversified and quality catering brands across Mainland China and oth

31、er Asian regions.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 6FINANCIAL REVIEWRevenueThe total revenue of the Group decreased by approximately 4.4%,or approximately HK$39.7 million,from approximately HK$893.8 million for the Previous Reporting Period to approxi

32、mately HK$854.1 million for the Reporting Period.The decrease was mainly due to the weak economic performance of Hong Kong and the apparent decline in the spending power of both tourists and citizens during the Reporting Period.The Groups businesses are mainly restaurant operations,sales of food and

33、 other operating items and foodcourt operation.Revenue from restaurant operations decreased by approximately 5.0%,or approximately HK$42.1 million,from approximately HK$838.9 million for the Previous Reporting Period to approximately HK$796.8 million for the Reporting Period.The following table sets

34、 forth the breakdown of our revenue and percentage change from restaurant operations by line of business for the periods indicated.Six months ended 30 September20242023%ChangeHK$000HK$000(unaudited)(unaudited)Restaurant operations“Fulum(富臨)”main brand305,884355,811(14.0)“Sportful Garden(陶源)”main bra

35、nd75,178100,110(24.9)“Concept Line(概念線)”main line415,713382,9998.5Revenue from sales of food and other operating items decreased by approximately 10.8%,or approximately HK$3.5 million from approximately HK$32.3 million for the Previous Reporting Period to approximately HK$28.8 million for the Report

36、ing Period.Revenue from food court operations increased by approximately 26.5%,or approximately HK$6 million from approximately HK$22.6 million for the Previous Reporting Period to approximately HK$28.6 million for the Reporting Period.The increase was mainly due to the increase in food court operat

37、ions.Other Income and Gains,NetOther income and gains,net increased by approximately 70%,or approximately HK$7 million from approximately HK$10.0 million for the Previous Reporting Period to approximately HK$17 million for the Reporting Period.The increase was mainly due to the gain on disposal of a

38、 subsidiary during the Reporting Period.Cost of Inventories SoldThe cost of inventories sold by the Group decreased by approximately 3.2%,or approximately HK$7.9 million from approximately HK$249.4 million for the Previous Reporting Period to approximately HK$241.5 million for the Reporting Period.T

39、he decrease was mainly due to the decrease in revenue during the Reporting Period.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 7Gross ProfitGross profit(gross profit equals revenue minus cost of inventories sold)decreased by approximately 4.9%,or approximately H

40、K$31.9 million from approximately HK$644.5 million for the Previous Reporting Period to approximately HK$612.6 million for the Reporting Period.The decrease was mainly due to the decrease in revenue during the Reporting Period.Gross Profit MarginThe gross profit margin(gross profit margin equals gro

41、ss profit divided by revenue multiplied by 100%)of the Group for the Reporting Period and the Previous Reporting Period were approximately 71.7%and 72.1%,respectively.The decrease was mainly due to the decrease in revenue during the Reporting Period.Staff CostsThe staff costs for the Reporting Perio

42、d and the Previous Reporting Period were approximately HK$307.0 million and HK$304.0 million,respectively,representing approximately 35.9%and 34.0%of the respective periods revenues.The increase in staff costs was mainly due to the Companys effort to retain staff to cope with the competition in the

43、labor market caused by labor shortages.Property Rentals and Related ExpensesThe property rentals and related expenses decreased by approximately 3.7%,or approximately HK$1.2 million,from approximately HK$32.6 million for the Previous Reporting Period to approximately HK$31.4 million for the Reportin

44、g Period.The decrease was mainly due to the decrease in the number of restaurants and short-term leases in the Reporting Period as compared with the Previous Reporting Period.Depreciation expensesDepreciation expenses increased by approximately 8.4%,or approximately HK$13.0 million,from approximatel

45、y HK$155.2 million for the Previous Reporting Period to approximately HK$168.2 million for the Reporting Period.The increase in depreciation was mainly due to the expansion of new restaurants of the Group during the Reporting Period.Other ExpensesOther expenses increased by approximately 5.5%,or app

46、roximately HK$5.3 million,from approximately HK$96.3 million for the Previous Reporting Period to approximately HK$101.6 million for the Reporting Period.The increase was mainly due to increase in impairment of property,plant and equipment and right-of-use assets.Finance CostsThe finance costs amoun

47、ted to approximately HK$12.9 million for the Reporting Period and approximately HK$15.3 million for the Previous Reporting Period.The decrease in finance costs was primarily due to lower interest incurred on bank loans and lease liabilities during the Reporting Period as a result of repayment of ban

48、k loans and lease liabilities.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 8(Loss)/profit attributable to Owners of the CompanyAs a result of the factors discussed above,the Group recorded a loss attributable to owners of the Company of approximately HK$40.6 mil

49、lion for the Reporting Period when compared with a profit attributable to owners of the Company of approximately HK$2.1 million for the Previous Reporting Period.Liquidity and financial resourcesThe Group generally finances its operations with internally generated cash flows and facilities provided

50、by its principal bankers in Hong Kong.The Group had cash and cash equivalent of approximately HK$94.8 million as at 30 September 2024(31 March 2024:approximately HK$121.8 million).The Group had cash and bank balances which were mostly held in Hong Kong dollar and Renminbi.As at 30 September 2024,the

51、 Groups outstanding bank borrowings were approximately HK$273.0 million(31 March 2024:HK$281.4 million),while total assets were approximately HK$1,127.5 million(31 March 2024:HK$1,274.5 million).As at 30 September 2024,the Groups current assets were kept at approximately HK$330.0 million(31 March 20

52、24:approximately HK$329.5 million)whilst current liabilities were approximately HK$744.1 million(31 March 2024:approximately HK$736.8 million).The increase in current liabilities was mainly due to the increase in trade payables.The gearing ratio,calculated as total interest-bearing borrowings divide

53、d by total assets,was approximately 24.2%at 30 September 2024(31 March 2024:approximately 22.1%).The increase was mainly due to the decrease in total assets.Pledge of assetsAs at 30 September 2024,the Group pledged its property,plant and equipment of approximately HK$36.1 million and right-of-use as

54、sets of approximately HK$129.6 million to secure the banking facilities granted to the Group.CONTINGENT LIABILITIESAs at 30 September 2024,the Group had contingent liabilities not provided for in the condensed consolidated financial statements in the amount of approximately HK$18.0 million in relati

55、on to bank guarantees given in lieu of rental and utility deposits(31 March 2024:approximately HK$19.6 million).FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 9FOREIGN CURRENCY EXPOSUREThe Groups exposure to the risk of changes in foreign exchange rates relates pr

56、imarily to the Groups operating activities(to the extent that revenue or expenses are denominated in a currency that is different from the functional currency of the relevant subsidiaries of the Group).Majority of the Groups purchase during the Reporting Period was denominated in the functional curr

57、ency of the relevant subsidiaries.The Groups assets,liabilities and transactions are mainly denominated in Hong Kong dollars.Certain of the Groups bank balances are denominated in Renminbi(“RMB”)which is not freely convertible into other currencies.However,under the Foreign Exchange Control Regulati

58、ons and Administration of Settlement,Sale and Payment of Foreign Exchange Regulations of the PRC,the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.The Directors are of the view that the Groups operating cash flow and liquidity a

59、re not subject to significant foreign exchange rate risks and therefore no hedging arrangements were made.However,the Group will review and monitor the relevant foreign exchange exposure from time to time based on its business development requirements and may enter into foreign exchange hedging arra

60、ngements when appropriate.HUMAN RESOURCES AND REMUNERATION POLICYAs at 30 September 2024,the Group had approximately 1,743 employees.The Group believes that hiring,motivating and retaining qualified employees are crucial to the Groups success as a restaurant operator.During the Reporting Period,the

61、Group conducted a series of standardised training and advancement programs for all the Groups staff,from serving staff,cashiers,floor managers,chefs,restaurant managers to district managers.These training programs intend to ensure that all new staff are equipped with the skills required for their po

62、sitions.The Groups internal advancement programs can provide its staff with clear advancement guidelines and promote employee satisfaction.The Group offers competitive remuneration packages to its employees,including basic salary,allowances,insurance and commission/bonuses.MATERIAL ACQUISITION AND D

63、ISPOSAL OF SUBSIDIARIES,ASSOCIATED COMPANIES AND JOINT VENTURESDuring the Reporting Period,there was no material acquisition or disposal of subsidiaries,associated companies and joint ventures by the Group.SIGNIFICANT INVESTMENTS HELD BY THE GROUPThe Group had no significant investments with a value

64、 of 5%or above of the Groups total assets as at 30 September 2024.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025MAnAGeMent DIsCUssIon AnD AnALYsIs 10FUTURE PLANS FOR MATERIAL INVESTMENTSThe Group has no concrete plan for future investments or acquisition of capital assets in place as at the date o

65、f this interim report.PROSPECTS AND OUTLOOKLooking ahead,the Group expects that the changing consumption patterns of tourists and citizens will continue to affect the catering industry.With the Central Government of China launching a series of measures to boost its economy and announcing more measur

66、es to benefit Hong Kong,including further enhancement of the Individual Visit Scheme,as well as the United States entering a rate cut cycle,it is expected to have a positive impact on the outlook for food and beverage consumption.The Hong Kong Government has earlier announced a calendar of mega even

67、ts in Hong Kong for the second half of 2024,covering more than 100 events,which is expected to attract more tourists to Hong Kong and boost local consumption.It is hoped to create synergy with the aforementioned national measures,benefiting the tourism and catering industries.The Group will pay clos

68、e attention to the market environment and consumers preferences,take timely optimization measures to improve operation and production efficiency,and adjust the menu and branch portfolio of each of its brands,with a view to driving business and revenue growth while delivering returns to our sharehold

69、ers.DIVIDENDThe Board has resolved not to declare the payment of any interim dividend for the Reporting Period(corresponding period in 2023:Nil).FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoRPoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 11CORPORATE GOVERNANCE PRACTICESCompliance with the Corporate Go

70、vernance CodeThe Company periodically reviews its corporate governance practices to ensure its continuous compliance with the code provisions of the Corporate Governance Code(the“CG Code”)as set out in Appendix C1 to the Rules Governing the Listing of Securities(the“Listing Rules”)on The Stock Excha

71、nge of Hong Kong Limited(the“Stock Exchange”).For the Reporting Period,the Board considered that the Company has complied with the code provisions set out in the CG Code.The Board is committed to maintaining a high standard of corporate governance practices to safeguard the interests of the Companys

72、 shareholders,and to enhance corporate value and accountability.These objectives can be achieved by an effective Board,segregation of duties with clear responsibility,sound internal controls,appropriate risk assessment procedures and transparency to all the Companys shareholders.MODEL CODE OF SECURI

73、TIES TRANSACTIONS BY DIRECTORSThe Company has adopted a code of conduct(the“Code of Conduct”)regarding Directors securities transactions on terms no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set ou

74、t in Appendix C3 to the Listing Rules.Based on responses of specific enquiries made with the Directors,all of the Directors have confirmed that they have complied with required standards as set out in the Model Code and Code of Conduct throughout the Reporting Period.AUDIT COMMITTEEThe Company estab

75、lished the Audit Committee on 28 October 2014 with the revised written terms of reference adopted on 28 December 2018.The primary duties of the Audit Committee are to make recommendations to the Board on the appointment and removal of the external auditor,to review the financial statements and mater

76、ial advice in respect of financial reporting and to oversee the audit process,risk management system and internal control procedures of the Group.Mr.Wong Wai Leung Joseph,Mr.Chan Chun Bong Junbon and Ms.Huang Li Mei,all being independent non-executive Directors,are members of the Audit Committee wit

77、h Mr.Wong Wai Leung Joseph acting as the chairman.The Groups unaudited condensed consolidated interim financial statements for the Reporting Period have not been audited,but have been reviewed by the Audit Committee.Based on this review and discussions with the management,the Audit Committee was sat

78、isfied that the unaudited condensed consolidated interim financial statements were prepared in accordance with applicable accounting standards and fairly presented the Groups financial position and results for the six months ended 30 September 2024.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoR

79、PoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 12DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATIONAs at 30 September 2024,the interests and short positions of the Directors and the chief executive of the

80、Company in the shares,underlying shares and debentures of the Company or its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(the“SFO”),which had been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(inclu

81、ding interests and short positions in which they were deemed or taken to have under such provisions of the SFO),or as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO,or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Co

82、de,were as follows:Name of DirectorThe Company/name of associated corporationCapacity/nature of interestNumber and class of securities(Note 1)Approximate percentage of shareholding Mr.Yeung WaiThe CompanyInterest held jointly with another person;interest in a controlled corporation;beneficial owner(

83、Note 2)915,375,000 Shares(L)(Note 3)70.41%Mr.Yeung Yun KeiThe CompanyInterest held jointly with another person;beneficial owner(Note 2)915,375,000 Shares(L)(Note 4)70.41%Mr.Leung Siu SunThe CompanyBeneficial owner73,625,000 Shares(L)5.66%Mr.Wu Kam On Keith The CompanyBeneficial Owner (Note 5)4,000,0

84、00 Shares(L)0.31%Mr.Yeung Ho WangThe CompanyBeneficial Owner (Note 5)4,000,000 Shares(L)0.31%Mr.Yeung Chun NinThe CompanyBeneficial Owner (Note 5)1,087,500 Shares(L)0.10%Mr.Wong Wai Leung JosephThe CompanyBeneficial Owner (Note 5)1,360,000 Shares(L)0.10%Mr.Chan Chun Bong JunbonThe CompanyBeneficial

85、Owner (Note 5)1,360,000 Shares(L)0.10%Notes:1.The letter“L”denotes the persons long position in the shares and underlying shares of the Company or the relevant associated corporation.2.Mr.Yeung Wai and Mr.Yeung Yun Kei,being our executive Directors,and Mr.Yeung Yun Chuen,are siblings,associates of e

86、ach other under the Listing Rules and are deemed to be persons acting in concert under The Codes on Takeovers and Mergers and Share Buy-backs issued by the Securities and Futures Commission of Hong Kong.As such,each of Mr.Yeung Wai,Mr.Yeung Yun Chuen and Mr.Yeung Yun Kei is deemed to be interested i

87、n all the shares of the Company(the“Shares”)in which the others are interested.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoRPoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 133.In respect of the 915,375,000 Shares,272,025,000 Shares were held by Mr.Yeung Yun Chuen,184,275,000 Shares were held by Mr.Yeu

88、ng Yun Kei,452,075,000 Shares were held by China Sage International Limited,a company incorporated in the British Virgin Islands,the entire issued share capital of which is beneficially owned by Mr.Yeung Wai,and 7,000,000 Shares are underlying shares of the same number of options granted to Mr.Yeung

89、 Wai on 18 August 2021 under the Share Option Scheme.4.In respect of the 915,375,000 Shares,272,025,000 Shares were held by Mr.Yeung Yun Chuen,184,275,000 Shares were held by Mr.Yeung Yun Kei,452,075,000 Shares were held by China Sage International Limited,a company incorporated in the British Virgi

90、n Islands,the entire issued share capital of which is beneficially owned by Mr.Yeung Wai,and 7,000,000 Shares are underlying shares of the same number of options granted to Mr.Yeung Yun Kei on 18 August 2021 under the Share Option Scheme.5.The relevant Directors were granted options to subscribe for

91、 such number of Shares under the Share Option Scheme.Details of the Directors Interests in Share options are set out in the paragraph headed“Share Option Scheme”in the interim report.Save as disclosed above,as at 30 September 2024,none of the Directors or chief executive of the Company had any inter

92、est or short position in the shares,underlying shares and debentures of the Company or any associated corporations(within the meaning of Part XV of the SFO)as recorded in the register that was required to be kept pursuant to section 352 of the SFO,or as otherwise notified to the Company and the Stoc

93、k Exchange pursuant to the Model Code.SUBSTANTIAL SHAREHOLDERS INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES OF THE COMPANYAs at 30 September 2024,the interests or short positions of the persons,other than Directors or chief executive of the Company,in the Shares and underlying Share

94、s of the Company,as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO,were as follows:Name of ShareholderCapacity/nature of interestNumber and class of securities(Note 1)Approximate percentage of shareholding in the Company Ms.Lam Man Ki,ElaneInterest of

95、spouse(Note 2)915,375,000 Shares(L)70.41%Mr.Yeung Yun ChuenInterest held jointly with another person;beneficial owner (Note 3)915,375,000 Shares(L)(Note 4)70.41%Ms.Yung Yuk LingInterest of spouse(Note 5)915,375,000 Shares(L)70.41%Ms.Hui Lin NaInterest of spouse(Note 6)915,375,000 Shares(L)70.41%Chin

96、a Sage International LimitedBeneficial owner(Note 7)452,075,000 Shares(L)34.78%Ms.Leung Siu KuenInterest of spouse(Note 8)73,625,000 Shares(L)5.66%Notes:1.The letter“L”denotes the person or entitys long position in the shares and underlying shares of the Company.2.Ms.Lam Man Ki,Elane was deemed to b

97、e interested in all the Shares in which Mr.Yeung Wai,her spouse,was interested by virtue of the SFO.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoRPoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 143.For details of the capacity/nature of interest of Mr.Yeung Yun Chuen,please refer to note 2 of the sectio

98、n headed“DIRECTORS AND CHIEF EXECUTIVES INTERESTS AND SHORT POSITIONS IN THE SHARES,UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION”above.4.In respect of the 915,375,000 Shares,272,025,000 Shares were held by Mr.Yeung Yun Chuen,184,275,000 Shares were held by Mr.Yeung Y

99、un Kei,452,075,000 Shares were held by China Sage International Limited,a company incorporated in the British Virgin Islands,the entire issued share capital of which is beneficially owned by Mr.Yeung Wai,and 7,000,000 Shares are underlying shares of the same number of options granted to Mr.Yeung Yun

100、 Chuen on 18 August 2021 under the Share Option Scheme.5.Ms.Yung Yuk Ling was deemed to be interested in all the Shares in which Mr.Yeung Yun Chuen,her spouse,was interested by virtue of the SFO.6.Ms.Hui Lin Na was deemed to be interested in all the Shares in which Mr.Yeung Yun Kei,her spouse,was in

101、terested by virtue of the SFO.7.These Shares were held by China Sage International Limited.The entire issued shares of China Sage International Limited are owned by Mr.Yeung Wai.8.Ms.Leung Siu Kuen was deemed to be interested in all the Shares in which Mr.Leung Siu Sun,her spouse,was interested by v

102、irtue of the SFO.Save as disclosed above,as at 30 September 2024,no person,other than the Directors and chief executive of the Company,had registered an interest or short position in the shares or underlying shares of the Company that was recorded in the register required to be kept by the Company p

103、ursuant to section 336 of the SFO.SHARE OPTION SCHEMEThe Company operates a share option scheme(the“Share Option Scheme”)for the purpose of motivating eligible participants to optimise their future contributions to the Group and to reward them for the past contributions and to attract and retain or

104、otherwise maintain ongoing relationships with such eligible participants whose contributions are or will be beneficial to the performance,growth or success of the Group.Eligible participants of the Share Option Scheme include the Companys Directors,including independent non-executive Directors,other

105、 employees of the Group and any consultants,business or joint venture partners,franchisees,contractors,agents,representatives or service providers of any member of the Group.The Share Option Scheme was adopted by the Company on 28 October 2014 and became effective on 13 November 2014,and,unless othe

106、rwise cancelled or amended,will remain in force for 10 years from the effective date.The maximum number of shares in respect of which options may be granted under the Share Option and any other schemes by the Company shall not,in aggregate,exceed 10%of the issued share capital of the Company as at t

107、he Listing Date unless shareholders approval has been obtained.The maximum number of shares issuable under the share options to each eligible participant in the Share Option Scheme within any 12-month period is limited to 1%of the Shares of the Company in issue at any time.Any further grant of share

108、 options in excess of this limit is subject to shareholders approval in advance in a general meeting.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoRPoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 15Share options granted to a director,chief executive or substantial shareholder of the Company,or to any of

109、 their associates,are subject to approval in advance by the independent non-executive Directors.In addition,any share options granted to a substantial shareholder or an independent non-executive Director of the Company,or to any of their associate,in excess of 0.1%of the Shares of the Company in iss

110、ue at any time or with an aggregate value(based on the closing price of the Companys Shares at the date of grant)in excess of HK$5 million,within any 12-month period,are subject to shareholders approval in advance in a general meeting.The offer of a grant of share options may be accepted upon paymen

111、t of a nominal consideration of HK$1 in total by the grantee.The exercise period of the share options granted is determinable by the Directors,and may commence from the date of the offer of the share options and ends on a date which is not later than 10 years from the date of the offer of the share

112、options or the expiry dates of the Share Option Scheme,if earlier.During the six months ended 30 September 2024,no share options were granted and exercised and no shares were issued during the period.The total number of options available for grant under the Share Option Scheme was 9,912,500 Shares a

113、s at 1 April 2024 and 9,912,500 Shares as at 30 September 2024.Particulars of the movement of options granted under the Share Option Scheme during the six months ended 30 September 2024 are as follows:DirectorsNameCapacityDate of GrantExercise PriceOutstanding as at 1 April 2024Granted during the pe

114、riodExercised during the periodLapsed during the periodOutstanding as at 30 September 2024 Mr.Yeung WaiBeneficial Owner18 August 2021HK$0.20567,000,0007,000,000Mr.Yeung Yun KeiBeneficial Owner18 August 2021HK$0.20567,000,0007,000,000Mr.Leung Siu SunBeneficial Owner18 August 2021HK$0.20567,000,0007,0

115、00,000Mr.Wu Kam On KeithBeneficial Owner18 August 2021HK$0.20564,000,0004,000,000Mr.Yeung Ho WangBeneficial Owner18 August 2021HK$0.20564,000,0004,000,000Mr.Yeung Chun NinBeneficial Owner30 November 2022HK$0.2161,087,5001,087,500Ex-Director(Note 4)Beneficial Owner18 August 2021HK$0.20567,000,0007,00

116、0,000Ex-Director(Note 5)Beneficial Owner18 August 2021HK$0.20561,360,0001,360,000Mr.Wong Wai Leung JosephBeneficial Owner18 August 2021HK$0.20561,360,0001,360,000Mr.Chan Chun Bong JunbonBeneficial Owner18 August 2021HK$0.20561,360,0001,360,000EmployeesDate of GrantCapacityExercise PriceOutstanding a

117、s at 1 April 2024Granted during the periodExercised during the periodLapsed during the periodOutstanding as at 30 September 2024 18 August 2021Beneficial OwnerHK$0.205640,127,5005,390,00034,737,50022 March 2023Beneficial OwnerHK$0.22815,000,00015,000,000FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 20

118、25CoRPoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 16Notes:1.As for the share options granted on 18 August 2021,the closing price of the shares quoted on the Stock Exchange immediately before the business day on which the options were granted i.e.17 August 2021 was HK$0.205.The options are exercisable in

119、3 tranches of 33%,33%and 34%,respectively,during 18 August 2023 to 17 August 2026,18 August 2024 to 17 August 2026 and 18 August 2025 to 17 August 2026,respectively,with no performance targets.2.As for the share options granted on 30 November 2022,the closing price of the shares quoted on the Stock

120、Exchange immediately before the business day on which the options were granted i.e.29 November 2022 was HK$0.203.The options are exercisable in 3 tranches of 33%,33%and 34%,respectively,during 30 November 2023 to 29 November 2026,30 November 2024 to 29 November 2026 and 30 November 2025 to 29 Novemb

121、er 2026,respectively,with no performance targets.3.As for the share options granted on 22 March 2023,the closing price of the shares quoted on the Stock Exchange immediately before the business day on which the options were granted i.e.21 March 2023 was HK$0.19.The options are exercisable in 3 tranc

122、hes of 33%,33%and 34%,respectively,during 22 March 2024 to 21 March 2027,22 March 2025 to 21 March 2027 and 22 March 2026 to 21 March 2027,respectively,with no performance targets.Among the total of 15,000,000 shares options granted,a total of 5,000,000 share options were granted to Mr.Yeung Yun Leu

123、ng.He is the brother of Mr.Yeung Wai,Mr.Yeung Yun Kei and Mr.Yeung Yun Chuen,and the uncle of Mr.Yeung Ho Wang and Mr.Yeung Chun Nin.Therefore,he is regarded as an associate of the respective Directors,chief executive and substantial shareholders of the Company.4.Mr.Yeung Yun Chuen retired as an Exe

124、cutive Director with effect from 30 June 2022.In accordance with the Share Option Scheme,share options of 7,000,000 granted to him remain effective until the end of the exercise period.5.Mr.Ng Ngai Man Raymond retired as an Executive Director with effect from 27 September 2024.In accordance with the

125、 Share Option Scheme,share options of 1,360,000 granted to him remain effective until the end of the exercise period.6.The number of Shares that may be issued in respect of options granted under the Share Option Scheme during the six months ended 30 September 2024 divided by the weighted average num

126、ber of the Shares in issue for the six months ended 30 September 2024 is 6.99%.7.If as a result of the exercise of the share options,the public float as required under the Listing Rules cannot be maintained,then the share options may only be exercised by the grantees to the extent allowable under th

127、e Listing Rules so that after exercise of such share options,the public float requirements will not be violated.8.Share options of 5,390,000 lapsed during the six months ended 30 September 2024.9.No share options were cancelled during the six months ended 30 September 2024.STATUS UPDATE AS TO THE 34

128、 BUILDING ORDERSReference is made to the 34 unreleased building orders registered against our leased premises in the section headed“Business Building orders and fire safety directions registered against our leased premises”in the prospectus of the Company date 4 November 2014.Among those 34 unreleas

129、ed building orders,17 of them were no longer the leased premises of the Group as at the date of this report,3 of them were released,12 of them have been completed with rectification works and are subject to the release of the building orders while the remaining building orders are still being follow

130、ed up,including those that we are unable to obtain co-operation from the relevant landlord(s)or incorporated owners to carry out the relevant rectification works.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025CoRPoRAte GoVeRnAnCe AnD otHeR InFoRMAtIon 17PURCHASE,SALE OR REDEMPTION OF LISTED SECURIT

131、IESDuring the Reporting Period,neither the Company nor any of its subsidiaries purchased,redeemed or sold any of the Companys listed securities.EVENTS AFTER THE REPORTING PERIODThe Board is not aware of any material event affecting the Group since the end of the Reporting Period and up to the date o

132、f this report.PUBLICATION OF INTERIM REPORTThe electronic version of this interim report will be published on the website of the Stock Exchange(www.hkexnews.hk)and the website of the Company().APPRECIATIONThe Board would like to thank the management and the staff of the Group for their hard work and

133、 dedication,as well as its shareholders,business partners and associates,bankers and auditor for their support to the Group throughout the Reporting Period.By order of the Board ofFulum Group Holdings LimitedYEUNG WAIChairman and Executive DirectorHong Kong,28 November 2024As at the date of this rep

134、ort,the Board comprises Mr.Yeung Wai(Chairman),Mr.Yeung Ho Wang(CEO),Mr.Yeung Yun Kei,Mr.Leung Siu Sun and Mr.Yeung Chun Nin as executive Directors;Mr.Wu Kam On Keith(Vice Chairman)as non-executive Director;and Mr.Wong Wai Leung Joseph,Mr.Chan Chun Bong Junbon and Ms.Huang Li Mei as independent non-

135、executive Directors.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025ConDenseD ConsoLIDAteD stAteMent oF PRoFIt oR Loss AnD otHeR CoMPReHensIVe InCoMeSix months ended 30 September 202418The board(the“Board”)of directors(the“Directors”)of Fulum Group Holdings Limited(the“Company”),together with its su

136、bsidiaries(collectively the“Group”),hereby announces the unaudited condensed consolidated interim results of the Group for the six months ended 30 September 2024(the“Reporting Period”)together with comparative figures for the corresponding period in 2023(the“Previous Reporting Period”).The condensed

137、 consolidated interim financial statements for the Reporting Period have not been audited,but have been reviewed by the audit committee of the Company(the“Audit Committee”).Six months ended 30 September20242023NotesHK$000HK$000(Unaudited)(Unaudited)REVENUE4854,119893,832Other income and gains,net517

138、,02810,060Cost of inventories sold(241,495)(249,367)Staff costs8(306,978)(303,987)Property rentals and related expenses(31,443)(32,602)Depreciation(168,154)(155,247)Fuel and utility expenses(48,133)(48,871)Other expenses(101,569)(96,344)Share of loss in a joint venture(984)Finance costs6(12,911)(15,

139、316)(LOSS)/PROFIT BEFORE TAX(40,520)2,158Income tax expense7(118)(57)(LOSS)/PROFIT FOR THE PERIOD8(40,638)2,101 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025ConDenseD ConsoLIDAteD stAteMent oF PRoFIt oR Loss AnD otHeR CoMPReHensIVe InCoMeSix months ended 30 September 202419Six months ended 30 Sep

140、tember20242023NotesHK$000HK$000(Unaudited)(Unaudited)OTHER COMPREHENSIVE LOSS:Other comprehensive loss that may be reclassified to profit or loss in subsequent periods:Exchange differences on translation of foreign operations(1,958)(210)(1,958)(210)TOTAL COMPREHENSIVE(LOSS)/INCOME FOR THE PERIOD(42,

141、596)1,891 (LOSS)/PROFIT FOR THE PERIOD ATTRIBUTABLE TO:Owners of the Company(40,638)2,111Non-controlling interests(10)(40,638)2,101 TOTAL COMPREHENSIVE(LOSS)/INCOME FOR THE PERIOD ATTRIBUTABLE TO:Owners of the Company(42,596)1,901Non-controlling interests(10)(42,596)1,891 (LOSS)/EARNINGS PER SHARE B

142、asic(HK cents)10(3.13)0.16 Diluted(HK cents)(3.13)0.16 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025ConDenseD ConsoLIDAteD stAteMent oF FInAnCIAL PosItIon30 September 20242030 September 202431 March 2024NotesHK$000HK$000(Unaudited)(Audited)NON-CURRENT ASSETSProperty,plant and equipment11159,14818

143、3,315Right-of-use assets543,509666,942Deposits and other receivables52,97152,837Deferred tax assets41,85541,855 797,483944,949 CURRENT ASSETSInventories1273,97076,448Trade receivables1313,79516,877Prepayments,deposits and other receivables133,827104,585Amount due from a joint venture13,5569,811Tax r

144、ecoverable5Cash and cash equivalents94,839121,790 329,987329,516 CURRENT LIABILITIESTrade payables1480,10354,452Other payables,accruals and deferred income130,447129,470Interest-bearing bank borrowings273,018281,353Lease liabilities246,922261,727Provision3,2753,341Dividend payable3,900Tax payable6,4

145、586,466 744,123736,809 NET CURRENT LIABILITIES(414,136)(407,293)TOTAL ASSETS LESS CURRENT LIABILITIES383,347537,656 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025ConDenseD ConsoLIDAteD stAteMent oF FInAnCIAL PosItIon(ContInUeD)30 September 20242130 September 202431 March 2024NotesHK$000HK$000(Unau

146、dited)(Audited)NON-CURRENT LIABILITIESAccruals and deferred income1,5181,482Lease liabilities223,962335,577Provision6,4287,184 231,908344,243 NET ASSETS151,439193,413 Capital and reservesShare capital151,3001,300Reserves152,284194,693 Equity attributable to owners of the Company153,584195,993Non-con

147、trolling interests(2,145)(2,580)TOTAL EQUITY151,439193,413 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025ConDenseD ConsoLIDAteD stAteMent oF CHAnGes In eQUItYSix months ended 30 September 202422Attributable to owners of the CompanyIssued share capitalShare premium account*Other reserves*Merger res

148、erves*Share options reserve*Exchange fluctuation reserve*Accumulated losses*Sub-totalNon-controlling interestsTotalHK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000 At 1 April 2023(audited)1,300540,140(2,011)31,0734,990(2,872)(424,769)147,851(2,570)145,281Profit/(loss)for the period(unaud

149、ited)2,1112,111(10)2,101Other comprehensive loss for the period(unaudited)(210)(210)(210)Total comprehensive(loss)/income for the period(unaudited)(210)2,1111,901(10)1,891Share-based payments(unaudited)1,9571,9571,957Share option forfeited(unaudited)(1,439)(1,439)(1,439)Special dividend(unaudited)(3

150、,900)(3,900)(3,900)At 30 September 2023(unaudited)1,300540,140(2,011)31,0735,508(3,082)(426,558)146,370(2,580)143,790 At 1 April 2024(audited)1,300540,140(2,011)31,0736,727(3,151)(378,085)195,993(2,580)193,413Loss for the period(unaudited)(40,638)(40,638)(40,638)Other comprehensive loss for the peri

151、od(unaudited)(1,958)(1,958)(1,958)Total comprehensive loss for the period(unaudited)(1,958)(40,638)(42,596)(42,596)Share-based payments(unaudited)1,0241,0241,024Share option forfeited(unaudited)(837)(837)(837)Capital contribution from non-controlling shareholders435435 At 30 September 2024(unaudited

152、)1,300540,140(2,011)31,0736,914(5,109)(418,723)153,584(2,145)151,439 *These reserve accounts comprise the consolidated reserves of HK$152,284,000(31 March 2024:HK$194,693,000)in the condensed consolidated statement of financial position.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 2025ConDenseD Conso

153、LIDAteD stAteMent oF CAsH FLoWsSix months ended 30 September 202423Six months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Net cash generated from operating activities143,548166,891 CASH FLOWS FROM INVESTING ACTIVITIESPurchases of items of property,plant and equipment(8,830)(38,618)Ne

154、t cash used in investing activities(8,830)(38,618)CASH FLOWS FROM FINANCING ACTIVITIESNew bank loans8,043Repayment of bank loans(16,378)(11,327)Interest paid(12,911)(15,316)Principal portion of lease payments(138,900)(134,962)Capital contribution from non-controlling shareholders435 Net cash used in

155、 financing activities(159,711)(161,605)NET DECREASE IN CASH AND CASH EQUIVALENTS(24,993)(33,332)Cash and cash equivalents at the beginning of the period121,790169,757Effect of foreign exchange rate changes,net(1,958)(1,560)CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD94,839134,865 ANALYSIS OF C

156、ASH AND CASH EQUIVALENTSBank and cash balances94,839134,865 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202524notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMentsSix months ended 30 September 20241.GENERAL INFORMATIONThe Company is an exempted company with limited liability incorporated in the C

157、ayman Islands on 24 February 2014.The address of the registered office of the Company is Cricket Square,Hutchins Drive,P.O.Box 2681,Grand Cayman,KY1-1111,Cayman Islands.The principal place of business of the Company is located at 26/F,Capital Tower,38 Wai Yip Street,Kowloon Bay,Hong Kong.The Company

158、 is an investment holding company and the Companys subsidiaries were principally engaged in restaurant operations in Hong Kong and the Peoples Republic of China(the“PRC”or“Mainland China”).The shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited(the“Sto

159、ck Exchange”)since 13 November 2014.2.BASIS OF PREPARATIONThese unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34“Interim Financial Reporting”issued by the Hong Kong Institute of Certified Public Accountants(the“HKICPA”)and t

160、he applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.These unaudited condensed consolidated financial statements should be read in conjunction with the 2024 annual financial statements.The accounting policies and methods of co

161、mputation used in the preparation of these unaudited condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended 31 March 2024.Going concern basisAs at 30 September 2024,the Group had net current liabilities of approximately HK$414

162、,136,000.This condition indicates the existence of a material uncertainty which may cast significant doubt on the Groups ability to continue as a going concern.Therefore,the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.The directors of the

163、Company are of the opinion that the Group will have sufficient working capital to meet its financial liabilities as and when they fall due given that(i)the Group will be able to raise fund to meet a level sufficient to finance the working capital requirements of the Group;(ii)the Group is negotiatin

164、g with the landlords of the Groups leased properties for rent concessions;and(iii)the Group is actively implementing cost-control measures to improve operating cash flows and its financial position and the directors of the Company believe that the performance of the Group will be significantly impro

165、ved in the forthcoming year.Accordingly,the directors of the Company are of the opinion that it is appropriate to prepare the consolidated financial statements on the going concern basis.Should the Group be unable to continue as a going concern,adjustments would have to be made to the consolidated f

166、inancial statements,to write down the value of assets to their recoverable amounts,to provide for further liabilities which might arise and to reclassify non-current assets and non-current liabilities as current assets and current liabilities,respectively.The effect of these adjustments has not been

167、 reflected in the consolidated financial statements.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202525notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 20243.ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDSIn the current period,the Gr

168、oup has adopted all the new and revised Hong Kong Financial Reporting Standards(“HKFRSs”)issued by the HKICPA that are relevant to its operations and effective for its accounting period beginning on 1 April 2024.HKFRSs comprise Hong Kong Financial Reporting Standards(“HKFRS”);Hong Kong Accounting St

169、andards(“HKAS”);and Interpretations.The adoption of these new and revised HKFRSs did not result in significant changes to the Groups accounting policies,presentation of the Groups consolidated financial statements and amounts reported for the current period and prior years.The Group has not applied

170、the new HKFRSs that have been issued but are not yet effective.The application of these new HKFRSs will not have material impact on the unaudited condensed consolidated financial statements of the Group.4.REVENUE AND SEGMENT INFORMATIONThe Group is principally engaged in restaurant operations in Hon

171、g Kong and Mainland China.Information reported to the Groups management for the purpose of resources allocation and performance assessment focuses on the operating results of the Group as a whole as the Groups resources are integrated and no discrete operating segment financial information is availa

172、ble.Accordingly,no operating segment information is presented.Revenue represents the gross revenue from restaurant operations,net invoiced value of food and other operating items sold and income from food court operations,after allowances for returns and trade discounts.An analysis of revenue is as

173、follows:Six months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Restaurant operations796,775838,920Sale of food and other operating items28,78332,315Food court operations5,4046,058 Revenue from contracts with customers830,962877,293Rental income from food court operations23,15716,539

174、854,119893,832 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202526notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 20244.REVENUE AND SEGMENT INFORMATION(Continued)Information about Timing of Revenue RecognitionSix months ended 30 September20242023HK$000

175、HK$000(Unaudited)(Unaudited)At a point in time825,558872,021Over time5,4045,272 Revenue from contracts with customers830,962877,293Rental income from food court operations23,15716,539 854,119893,832 Information about Geographical AreasThe following tables present revenue from external customers for

176、the six months ended 30 September 2024 and 2023,and certain non-current assets information as at 30 September 2024 and 31 March 2024,by geographical areas.(a)Revenue from external customersSix months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Hong Kong826,926854,771Mainland China27,

177、19339,061 854,119893,832 The revenue information above is based on the locations of the customers.(b)Non-current assets30 September 202431 March 2024HK$000HK$000(Unaudited)(Audited)Hong Kong654,921798,309Mainland China47,73651,948 702,657850,257 The non-current assets information above is based on t

178、he locations of the assets and excludes financial assets and deferred tax assets.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202527notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 20244.REVENUE AND SEGMENT INFORMATION(Continued)Information about Major

179、CustomersSince no single customer of the Group has contributed over 10%of the Groups total revenue during the period,no information about major customers in accordance with HKFRS 8 Operating Segments is presented.5.OTHER INCOME AND GAINS,NETSix months ended 30 September20242023HK$000HK$000Note(Unaud

180、ited)(Unaudited)Interest income on bank deposits29141Interest income on rental deposits52Licensing income233173Rent concessions related to COVID-19150Gain on lease modification and termination5,5715,868Sponsorship income1,0021,028Gain on disposal of a subsidiary5,517Others4,6762,748 17,02810,060 Not

181、e 1:The Group has applied the practical expedient not to assess whether a rent concession occurring as a direct consequence of the COVID-19 pandemic is a lease modification.6.FINANCE COSTSSix months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Interest on bank overdrafts and bank loan

182、s4,8506,159Interest on lease liabilities8,0619,157 12,91115,316 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202528notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 20247.INCOME TAX EXPENSESix months ended 30 September20242023HK$000HK$000(Unaudited)(Unau

183、dited)Hong Kong Profits Tax:Current tax118 Deferred tax57 11857 Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands,the Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands.For the six months ended 30 September 2024 and 20

184、23,Hong Kong Profit Tax is calculated under two-tier profit tax system where the first HK$2 million of estimated assessable profit is taxed at rate of 8.25%and remaining estimated assessable profit is taxed at 16.5%.The Group should elect one of the Hong Kong subsidiaries to apply the two-tier profi

185、t tax rate.The subsidiaries of the Company established in Mainland China are subject to the PRC corporate income tax at a standard rate of 25%(six months ended 30 September 2023:25%)during the current period.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202529notes to tHe ConDenseD ConsoLIDAteD FInAnC

186、IAL stAteMents(ContInUeD)Six months ended 30 September 20248.(LOSS)/PROFIT FOR THE PERIODThe Groups(loss)/profit before tax is arrived at after charging/(crediting):Six months ended 30 September20242023HK$000HK$000(Unaudited)(Unaudited)Lease payments not included in the measurement of lease liabilit

187、ies1,8553,288Impairment of property,plant and equipment*782Impairment of right-of-use assets*5,545Depreciation of property,plant and equipment32,21526,738Depreciation of right-of-use assets135,939128,509Employee benefit expenses(including directors remuneration):Salaries,bonuses and other allowances

188、296,823293,848Share-based payments187518Retirement benefit scheme contributions(defined contribution scheme)9,9689,621306,978303,987 *These items were included in“Other expenses”in the unaudited condensed consolidated statement of profit or loss and other comprehensive income.9.DIVIDENDThe Directors

189、 do not recommend the payment of any interim dividends in respect of the period(six months ended 30 September 2023:Nil).FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202530notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202410.(LOSS)/EARNINGS PER SHAREB

190、asic(loss)/earnings per shareThe calculation of basic(loss)/earnings per share attributable to owners of the Company is based on loss for the period attributable to owners of the Company of approximately HK$40,638,000(profit for the six months ended 30 September 2023:approximately HK$2,111,000)and t

191、he weighted average number of ordinary shares of 1,300,000,000(six months ended 30 September 2023:1,300,000,000)in issue during the period.Diluted(loss)/earnings per shareThe effects of all potential ordinary shares are anti-dilutive for the six months ended 30 September 2024.The calculation of dilu

192、ted earnings per share attributable to owners of the Company for the period 30 September 2023 is based on profit for the period attributable to owners of the Company of approximately HK$2,111,000 and the weighted average number of ordinary shares of 1,300,462,323,being the weighted average number of

193、 ordinary shares of 1,300,000,000 in issue during the period used in the basic earnings per share calculation plus the weighted average number of ordinary shares of 462,323 assumed to have been issued at no consideration on the deemed exercise of the share options outstanding at the end of the repor

194、ting period.11.PROPERTY,PLANT AND EQUIPMENTDuring the period,the Group acquired items of property,plant and equipment of HK$8,830,000(six months ended 30 September 2023:HK$38,618,000).12.INVENTORIES30 September 202431 March 2024HK$000HK$000(Unaudited)(Audited)Food and beverages70,04472,314Other oper

195、ating items for restaurant operations3,9264,134 73,97076,448 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202531notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202413.TRADE RECEIVABLES30 September 202431 March 2024HK$000HK$000(Unaudited)(Audited)Credit

196、 card receivables6,5473,520Others21,01227,121 27,55930,641Impairment(13,764)(13,764)13,79516,877 The Groups trading terms with its customers are mainly on cash and credit card settlement while trading terms for sale of food are on credit with credit periods ranging from 30 to 60 days(31 March 2024:3

197、0 to 60 days).The Group seeks to maintain strict control over its outstanding receivables to minimise credit risk.Overdue balances are reviewed regularly by senior management.The Group does not hold any collateral or other credit enhancements over its trade receivable balances.Trade receivables are

198、non-interest-bearing.An ageing analysis of the trade receivables as at the end of the reporting period,based on the invoice date and net of provision,is as follows:30 September 202431 March 2024HK$000HK$000(Unaudited)(Audited)Within 1 month10,19112,8991 to 3 months3,6043,6203 to 12 months358 13,7951

199、6,877 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202532notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202414.TRADE PAYABLESThe trade payables are non-interest-bearing and generally have payment terms of 45 to 90 days(31 March 2024:45 to 90 days).An

200、ageing analysis of the trade payables as at the end of the reporting period,based on the invoice date,is as follows:30 September 202431 March 2024HK$000HK$000(Unaudited)(Audited)Within 1 month43,69550,4311 to 3 months32,1543,2083 to 12 months3,950809Over 12 months3044 80,10354,452 15.SHARE CAPITAL30

201、 September202431 March2024HK$000HK$000(unaudited)(audited)Authorised:2,000,000,000 shares of HK$0.001 each2,0002,000 Issued and fully paid:1,300,000,000 shares of HK$0.001 each1,3001,300 16.SHARE OPTION SCHEMESThe Company operates a share option scheme(the“Schemes”)for the purpose of motivating elig

202、ible participants to optimise their future contributions to the Group and to reward them for the past contributions and to attract and retain or otherwise maintain ongoing relationships with such eligible participants whose contributions are or will be beneficial to the performance,growth or success

203、 of the Group.Eligible participants of the Schemes include the Companys directors,including independent non-executive directors,other employees of the Group and any consultants,business or joint venture partners,franchisees,contractors,agents,representatives or service providers of any member of the

204、 Group.The share option scheme became effective on 13 November 2014,and,unless otherwise cancelled or amended,will remain in force for 10 years,from the respective effective dates.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202533notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six

205、 months ended 30 September 202416.SHARE OPTION SCHEMES(Continued)The maximum number of shares in respect of which options may be granted under the Schemes and any other schemes by the Company shall not,in aggregate,exceed 10%of the issued share capital of the Company as at the listing date unless sh

206、areholders approval has been obtained.The maximum number of shares issuable under the share options to each eligible participant in the Schemes within any 12-month period is limited to 1%of the shares of the Company in issue at any time.Any further grant of share options in excess of this limit is s

207、ubject to shareholders approval in advance in a general meeting.Share options granted to a director,chief executive or substantial shareholder of the Company,or to any of their associates,are subject to approval in advance by the independent non-executive directors.In addition,any share options gran

208、ted to a substantial shareholder or an independent non-executive director of the Company,or to any of their associate,in excess of 0.1%of the shares of the Company in issue at any time or with an aggregate value(based on the closing price of the Shares at the date of grant)in excess of HK$5 million,

209、within any 12-month period,are subject to shareholders approval in advance in a general meeting.The offer of a grant of share options may be accepted upon payment of a nominal consideration of HK$1 in total by the grantee.The exercise period of the share options granted is determinable by the direct

210、ors,and may commence from the date of the offer of the share options and ends on a date which is not later than 10 years from the date of the offer of the share options or the expiry dates of the Schemes,if earlier.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202534notes to tHe ConDenseD ConsoLIDAteD

211、 FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202416.SHARE OPTION SCHEMES(Continued)The following tables disclose the movements in the Companys number of share options during the periods ended 30 September 2024 and 2023:2024Name of granteeBatch of OptionDate of grant Exercisable peri

212、odExercisable priceOutstanding as at 1 April 2024Lapsed during the periodOutstanding as at 30 September 2024(unaudited)(unaudited)Executive DirectorMr.Yeung Wai2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Wai2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,3

213、10,000Mr.Yeung Wai2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380,000Mr.Yeung Yun Kei2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Yun Kei2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Yun Kei2022 Option18.8.2021 18.8.2025-17

214、.8.2026HK$0.20562,380,0002,380,000Mr.Leung Siu Sun2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Mr.Leung Siu Sun2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Mr.Leung Siu Sun2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380,000Mr.Wu Kam On Keit

215、h2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20561,320,0001,320,000Mr.Wu Kam On Keith2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20561,320,0001,320,000Mr.Wu Kam On Keith2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20561,360,0001,360,000Mr.Yeung Ho Wang2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.2

216、0561,320,0001,320,000Mr.Yeung Ho Wang2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20561,320,0001,320,000Mr.Yeung Ho Wang2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20561,360,0001,360,000Mr.Yeung Chun Nin2023 Option A30.11.2022 30.11.2023-29.11.2026HK$0.216358,875358,875Mr.Yeung Chun Nin2023 Option

217、A30.11.2022 30.11.2024-29.11.2026HK$0.216358,875358,875Mr.Yeung Chun Nin2023 Option A30.11.2022 30.11.2025-29.11.2026HK$0.216369,750369,750Ex-Director2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Ex-Director2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Ex-Di

218、rector2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380,000Independent non-executive DirectorMr.Wong Wai Leung Joseph2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.2056448,800448,800Mr.Wong Wai Leung Joseph2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.2056448,800448,800Mr.Wong Wai Leung J

219、oseph2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.2056462,400462,400Mr.Chan Chun Bong Junbon2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.2056448,800448,800Mr.Chan Chun Bong Junbon2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.2056448,800448,800Mr.Chan Chun Bong Junbon2022 Option18.8.2021 18.8.2025-17.

220、8.2026HK$0.2056462,400462,400Ex-Director2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.2056448,800448,800Ex-Director2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.2056448,800448,800Ex-Director2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.2056462,400462,400Employees2022 Option18.8.2021 18.8.2023-17.8.2026

221、HK$0.205613,242,075(1,778,700)11,463,375Employees2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.205613,242,075(1,778,700)11,463,375Employees2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.205613,643,350(1,832,600)11,810,750Employees2023 Option B22.3.2023 22.3.2024-21.3.2027HK$0.2284,950,0004,950,000Emplo

222、yees2023 Option B22.3.2023 22.3.2025-21.3.2027HK$0.2284,950,0004,950,000Employees2023 Option B22.3.2023 22.3.2026-21.3.2027HK$0.2285,100,0005,100,000 96,295,000(5,390,000)90,905,000 Exercisable at the end of the period54,688,425 Weighted average exercise priceHK$0.2094 FULUM GROUP HOLDINGS LIMITED I

223、NTERIM REPORT 202535notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202416.SHARE OPTION SCHEMES(Continued)2023Name of granteeBatch of OptionDate of grant Exercisable periodExercisable priceOutstanding as at 1 April 2023Lapsed during the periodOutstand

224、ing as at 30 September 2023(unaudited)(unaudited)Executive DirectorMr.Yeung Wai2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Wai2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Wai2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380

225、,000Mr.Yeung Yun Kei2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Yun Kei2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Mr.Yeung Yun Kei2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380,000Mr.Leung Siu Sun2022 Option18.8.2021 18.8.2023-

226、17.8.2026HK$0.20562,310,0002,310,000Mr.Leung Siu Sun2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Mr.Leung Siu Sun2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380,000Mr.Wu Kam On Keith2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20561,320,0001,320,000Mr.Wu Kam On

227、Keith2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20561,320,0001,320,000Mr.Wu Kam On Keith2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20561,360,0001,360,000Mr.Yeung Ho Wang2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20561,320,0001,320,000Mr.Yeung Ho Wang2022 Option18.8.2021 18.8.2024-17.8.2026HK$0

228、.20561,320,0001,320,000Mr.Yeung Ho Wang2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20561,360,0001,360,000Mr.Yeung Chun Nin2023 Option A30.11.2022 30.11.2023-29.11.2026HK$0.216358,875358,875Mr.Yeung Chun Nin2023 Option A30.11.2022 30.11.2024-29.11.2026HK$0.216358,875358,875Mr.Yeung Chun Nin2023 Opti

229、on A30.11.2022 30.11.2025-29.11.2026HK$0.216369,750369,750Ex-Director2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.20562,310,0002,310,000Ex-Director2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.20562,310,0002,310,000Ex-Director2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.20562,380,0002,380,000Independ

230、ent non-executive DirectorMr.Ng Ngai Man Raymond2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.2056448,800448,800Mr.Ng Ngai Man Raymond2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.2056448,800448,800Mr.Ng Ngai Man Raymond2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.2056462,400462,400Mr.Wong Wai Leung J

231、oseph2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.2056448,800448,800Mr.Wong Wai Leung Joseph2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.2056448,800448,800Mr.Wong Wai Leung Joseph2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.2056462,400462,400Mr.Chan Chun Bong Junbon2022 Option18.8.2021 18.8.2023-17.

232、8.2026HK$0.2056448,800448,800Mr.Chan Chun Bong Junbon2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.2056448,800448,800Mr.Chan Chun Bong Junbon2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.2056462,400462,400Employees2022 Option18.8.2021 18.8.2023-17.8.2026HK$0.205616,187,325(2,400,750)13,786,575Employee

233、s2022 Option18.8.2021 18.8.2024-17.8.2026HK$0.205616,187,325(2,400,750)13,786,575Employees2022 Option18.8.2021 18.8.2025-17.8.2026HK$0.205616,677,850(2,473,500)14,204,350Employees2023 Option B22.3.2023 22.3.2024-21.3.2027HK$0.2284,950,0004,950,000Employees2023 Option B22.3.2023 22.3.2025-21.3.2027HK

234、$0.2284,950,0004,950,000Employees2023 Option B22.3.2023 22.3.2026-21.3.2027HK$0.2285,100,0005,100,000 105,220,000(7,275,000)97,945,000 Exercisable at the end of the period27,012,975 Weighted average exercise priceHK$0.2067 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202536notes to tHe ConDenseD Cons

235、oLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202417.CONTINGENT LIABILITIESAt the end of the reporting period,contingent liabilities not provided for in the condensed consolidated financial statements are as follows:30 September 202431 March 2024HK$000HK$000(Unaudited)(Audite

236、d)Bank guarantees given in lieu of rental and utility deposits17,98219,635 18.CAPITAL COMMITMENTSThe Groups capital commitments at the end of the reporting period are as follows:30 September 202431 March 2024HK$000HK$000(Unaudited)(Audited)Property,plant and equipment Contracted but not provided for

237、3,768 FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202537notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202419.RELATED PARTY TRANSACTIONSRelated party transactionsIn addition to the transactions and balances detailed elsewhere in these unaudited conde

238、nsed consolidated interim financial statements,the Group had the following material transactions with related parties during the period:For the six months ended 30 September20242023HK$000HK$000(unaudited)(unaudited)Purchase of food(note)135 Note:These related companies were controlled by the control

239、ling shareholders and/or their family members.The transactions were conducted at terms and conditions mutually agreed between the relevant parties.The Directors are of the opinion that those related party transactions were conducted in the ordinary course of business of the Group.As at 30 September

240、2024,the right-of-use assets related to certain restaurants leased from related companies controlled by the controlling shareholders and/or their family members amounted to HK$153,186,000(as at 31 March 2024:HK$205,860,000)and lease liabilities of HK$156,539,000(as at 31 March 2024:HK$208,921,000)ar

241、e due to these related companies of the Group.Depreciation and impairment of right-of-use assets related to these restaurants amounted to HK$51,599,000(year ended 31 March 2024:HK$103,386,000)and interest on lease liabilities to these related companies of the Group amounted to HK$2,554,000(for year

242、ended 31 March 2024:HK$3,219,000)during the six months ended 30 September 2024.FULUM GROUP HOLDINGS LIMITED INTERIM REPORT 202538notes to tHe ConDenseD ConsoLIDAteD FInAnCIAL stAteMents(ContInUeD)Six months ended 30 September 202419.RELATED PARTY TRANSACTIONS(Continued)Compensation of key management

243、 personnel of the Group is as follows:For the six months ended 30 September20242023HK$000HK$000(unaudited)(unaudited)Short term employee benefits3,5703,570Share-based payments3231,690Post-employment benefits8181 3,9745,341 20.APPROVAL OF INTERIM FINANCIAL STATEMENTSThe Interim Financial Statements were approved and authorised for issue by the Board of Directors on 28 November 2024.