香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 CAFÉ DE CORAL HOLDINGS LIMITED 大 家 樂 集 團 有 限 公 司* (於百慕達註冊成立之有限公司) 網址: www.cafedecoral.com （股份代號：341） 中期業績公告 截至二零二三年九月三十日止六個月 撮要 ◆ 集團於二零二三╱二四年度上半年的收入增加 10.8%至 4,318.6 百萬 港元，股東應佔溢利增加 84.4%至 200.6 百萬港元，若撇除去年獲政 府發放的新冠肺炎疫情資助，回顧期內集團股東應佔溢利約為去年 同期三倍。 ◆ 香港業務表現顯著回升，全賴出色的營運策劃、精心設計的產品和餐 單選擇，以及成功的品牌形象企劃及營銷推廣活動，推動香港業務快 速增長。速食餐飲業務的利潤率大幅改善，主要得益於積極控制營運 成本、提升人員生產力、加強供應鏈管理和策略性採購，以及推動數 碼化和自動化取得成效。 ◆ 中國內地業務取得令人鼓舞的業績，尤其在第二季度。 ...

Financial Performance - Revenue for the year ended 31 March 2023 reached HK$8,024.0 million, a 6.9% increase compared to the previous year[7] - Profit attributable to equity holders of the company surged to HK$110.4 million, a 420.2% increase year-over-year[7] - Basic earnings per share rose to HK$0.19, a 375.0% increase from HK$0.04 in the previous year[7] - Total assets increased by 4.4% to HK$7,175.3 million as of 31 March 2023[7] - Net assets per share decreased slightly by 1.2% to HK$4.77[7] - Interim and final dividends per share increased by 35.7% to HK38 cents[7] - Group revenue increased by 6.9% to HK$8,024.0 million for the year ended 31 March 2023, compared to HK$7,508.8 million in FY2021/22[21][30] - Profit attributable to shareholders rose to HK$110.4 million, up from HK$21.2 million in FY2021/22, including HK$40.9 million in COVID-19 subsidies received during the year[21][30] - Revenue increased by 6.9% to HK$8,024.0 million in FY2022/23 compared to HK$7,508.8 million in FY2021/22[35][36] - Gross profit margin rose to 8.8% in FY2022/23 from 7.3% in FY2021/22, driven by better control of food and labor costs[38][39] - Profit attributable to equity holders surged 420.2% to HK$110.4 million in FY2022/23 from HK$21.2 million in FY2021/22, primarily due to business recovery[42] - Adjusted net profit increased by 165.1% to HK$69.5 million in FY2022/23 compared to a loss of HK$106.6 million in FY2021/22[43] - Basic earnings per share surged by 375.0% to HK19 cents in FY2022/23[43] - The Group's dividend payout ratio reached 201.7% for the year, with a final dividend of HK28 cents per share[43] - The company paid an interim dividend of HK10 cents per share and proposed a final dividend of HK28 cents per share, totaling approximately HK$163,997,000[170] - Distributable reserves of the company as of 31 March 2023 amounted to approximately HK$971,586,000[171] COVID-19 Impact and Recovery - The company faced challenges from the fifth wave of COVID-19 and slower-than-anticipated economic recovery in Hong Kong[9] - A nationwide COVID-19 outbreak in Mainland China during the third quarter significantly impacted the company's business[9] - The company achieved a solid return to growth following the worst of the COVID-19 pandemic[9] - Hong Kong business improved from Q2 2023, but H2 results were impacted by slower-than-expected economic recovery and a nationwide COVID-19 outbreak in Mainland China[22][23][30] - Mainland China business experienced a V-shaped recovery in early 2023 following the relaxation of pandemic controls, with healthy overall performance and satisfactory network expansion progress[23][33] - Greater Bay Area business in Mainland China was seriously impacted by COVID-19 outbreaks but returned to normal levels from mid-January 2023[33] - The Group received HK$40.9 million in COVID-19 subsidies in FY2022/23, down from HK$127.8 million in FY2021/22[42] - The Group's business in Hong Kong improved from the second quarter of FY2022/23, despite slower economic recovery and COVID-19 impacts[166] - Mainland China experienced a V-shaped recovery in business from mid-January following the relaxation of pandemic-related controls[167] - Hong Kong business performance improved in the second quarter of the fiscal year, but the recovery pace was slower than expected, impacting overall performance[169] - Mainland China business was severely affected by nationwide COVID-19 outbreaks in the third quarter, but experienced a V-shaped recovery starting mid-January[169] Business Expansion and Market Development - The company is expanding into new markets beyond traditional dining and commercial districts, including residential zones in the Greater Bay Area[15] - The company aims to improve profit margins in Hong Kong and expand its shop network in Mainland China over the next three years, though timelines may need adjustment due to pandemic challenges[16] - The company successfully changed consumer habits in Zhongshan by introducing a new breakfast service, attracting customers who traditionally ate breakfast at home[15] - The company's Club 100 CRM program has built direct relationships with loyal customers and driven repeat visits[15] - The company opened 20 new shops in Mainland China during the fiscal year, with 7 more in the pipeline[58] - The company's CRM membership project attracted over 3 million members, with digital marketing efforts boosting sales[59] - The Group expanded its store network to 376 stores in Hong Kong and 153 stores in Mainland China as of 31 March 2023[44][46] - The Group opened 13 new Café de Coral fast food stores and 6 new Super Super Congee & Noodles stores during the year[49] - The company's digital promotion efforts, including a TikTok campaign, attracted over 70 million online views and contributed to sales growth[60] - The company's CRM membership program has attracted over 3 million members, with a focus on increasing membership and engaging existing members through various activities[60] - The Group expects to accelerate new store openings in Mainland China as the economy recovers, focusing on the Greater Bay Area and Macau[66] - The Group is expanding its Café de Coral fast food network by strategically mapping house brands to suitable locations[66] Operational Efficiency and Digitalization - The company's digitalization and automation efforts are expected to strengthen margins and enhance productivity[12] - The company's marketing campaigns have improved sales and enhanced brand value and reputation as an industry leader[12] - Hong Kong business focused on cost control, digitalization, and automation, leading to improved margins and productivity[22][30] - The Group introduced a new smaller store format to reduce running costs and improve operating margins[49] - Digitalization efforts, including enhanced mobile ordering apps and serving robots, significantly improved customer experience and operational efficiency[49] - Robots have been deployed in 49 stores to improve operational productivity and enhance customer experience[59] - The company has introduced robots in 49 stores in Mainland China to enhance operational efficiency and provide high-tech entertainment for families with children[60] - The Group's digitalization efforts are key to building brand affiliation and integrating customer experiences through an Omni-channel strategy[66] Corporate Governance and Leadership - The company's management transition has been successful, leading to continuous improvement in business fundamentals[9] - The company's management team is focused on building, operating, and optimizing a multi-brand business strategy[15] - The company is experimenting with new ideas to build a stronger and more resilient business as it transitions to a new management team[19] - The Board and management focus on high standards of corporate governance, aiming to safeguard shareholder interests and ensure the Group's long-term sustainability[82] - The Company complied with all provisions of the Corporate Governance Code and adopted recommended best practices for the year ended 31 March 2023[83] - The company's corporate culture emphasizes continuous learning, innovation, and adaptability to changing environments, aiming to bring happiness to customers, employees, and shareholders[85] - The management team upholds high standards of governance, transparency, and integrity, guided by core values such as Pursuit of Excellence, People-Oriented, and Creating Sustainable Value[86] - The Board of Directors consists of ten members, including four Non-executive Directors, four Independent Non-executive Directors, and two Executive Directors, ensuring a balanced composition and diverse expertise[89] - The Chairman, Mr. Lo Hoi Kwong, and the Chief Executive Officer, Mr. Lo Tak Shing, have clearly defined responsibilities outlined in the Board Charter, with the Chairman leading the Board and the CEO overseeing the implementation of the Group's strategies and daily operations[91] - The company has a strong governance framework, disciplined risk management, and effective internal controls, which support long-term value creation for shareholders through sustainable business development[89] - The Board periodically evaluates its performance with the assistance of external professional advisors to enhance effectiveness and corporate governance, focusing on areas such as corporate vision, strategy, and management succession[91] - The Non-executive and Independent Non-executive Directors contribute independent judgment and strategic decision-making, with their independence confirmed annually under the Listing Rules[93] - The Board ensures mechanisms are in place to facilitate independent views and inputs, which are reviewed regularly to maintain effectiveness[94] - The Board maintains a balanced composition with 2 female Directors out of 10, including a newly appointed female Independent Non-executive Director during the year[98][101] - The Group's workforce gender ratio in Hong Kong is 75.8% female and 24.2% male, while in Mainland China it is 65.2% female and 34.8% male[99][102] - The Nomination Committee conducts annual reviews of Independent Non-executive Directors' independence and the Board's structure, size, and composition[96][97] - Directors receive regular updates and presentations on the Group's business developments and regulatory changes to facilitate their responsibilities[107] - Newly appointed Directors receive a comprehensive induction package and meetings with external legal advisers to ensure awareness of their responsibilities[106] - The Board Diversity Policy aims to achieve diversity through measurable objectives in skills, experience, cultural background, gender, and age[97] - Independent Non-executive Directors are remunerated by fixed fees and do not participate in the Company's share schemes[97] - The Board conducts periodic performance evaluations to enhance the operations of the Board and its Committees[97] - The Chairman of the Board meets regularly with Independent Non-executive Directors outside the boardroom[97] - Directors are entitled to seek in-house and independent professional advice at the Company's expense[97] - Ms Fang Suk Kwan, Katherine was appointed as an Independent Non-executive Director on 3 January 2023[111] - The Board is responsible for providing overall strategic direction and effective oversight of management, including approval of strategic and business plans, financial budgets, and significant transactions[112] - The Board has delegated authority to the Management Board for day-to-day operations, including development and implementation of corporate strategy, business plans, and financial budgets[114] - The Board has established the Nomination Committee, Remuneration Committee, and Audit Committee to assist in discharging its functions, with each committee having specific written terms of reference[115] - The Nomination Committee currently comprises five Directors, with the majority being Independent Non-executive Directors[116] - The Nomination Committee held three meetings during the year to review the Board's structure, size, and composition, focusing on diversity and independence of Independent Non-executive Directors[120] - The Remuneration Committee held two meetings to review and recommend remuneration packages for Executive Directors and senior management, with a significant proportion linked to corporate and individual performance[124] - The Audit Committee held four meetings to review financial information, oversee financial reporting systems, and assess risk management and internal control systems[127] - The Remuneration Committee recommended the adoption of a new share option scheme and the grant of share options[125] - The Audit Committee reviewed the independence and engagement of the external auditor, as well as their remuneration for audit and non-audit services[127] - The Nomination Committee prepared and nominated a new Independent Non-executive Director for appointment[120] - The Remuneration Committee considered remuneration policies and strategies for the Group[125] - The Audit Committee reviewed the Company's ESG reporting and internal audit processes[127] - The Audit Committee approved the Company's connected transactions and conducted an annual review of continuing connected transactions[127] - The Remuneration Committee recommended the renewal of Directors' and officers' liability insurance policy[128] - The Board held four regular meetings during the year to review the Group's development directions and strategies[130] - Directors' attendance rates for Board Meetings, Board Committee Meetings, and Annual General Meetings were consistently high, with most directors attending all scheduled meetings[131] - The company paid a total of HK$5,078,000 to its external auditor, PricewaterhouseCoopers, including HK$3,593,000 for audit services and HK$1,485,000 for non-audit services such as taxation and information system advisory services[137] - The Board is responsible for evaluating and determining the nature and extent of risks according to its risk appetite, ensuring the establishment of effective risk management and internal control systems[138] - The company's risk management and internal control systems are based on internationally recognized standards and designed to manage, but not eliminate, the risk of failure to achieve business objectives[139] - The Group's risk governance structure is based on the "3 lines of defence" model, including day-to-day operational management, risk and compliance oversight, and independent assurance[140] - The enterprise risk management (ERM) policy clearly defines the roles and responsibilities of the Board, Audit Committee, Management Board, department and operation heads, and Internal Audit[140] - The Group's ERM approach is a structured mechanism for identifying, evaluating, prioritizing, managing, and monitoring risks, categorized into strategic, operational, financial, and compliance risks[143] - Key risks managed and monitored during the year included food safety, supply chain management, site acquisition, project management, and human resources management[146] - Climate change is considered an emerging risk, and further actions will be taken if it becomes a significant threat to business operations[146] - The Board conducted an annual review of the effectiveness of the Group's risk management and internal control systems for the year ended 31 March 2023, covering financial, operational, and compliance controls[146] - The Audit Committee reviewed the adequacy of resources, staff qualifications, experience, training programs, and budget for internal audit, accounting, financial reporting, and ESG performance and reporting[146] - The Group's Internal Audit team, co-sourced with external consultants, provides independent, objective assurance and consulting services on risk management and internal control[143] - Risk owners are required to submit risk alerts with mitigation plans and regular risk reports to the Management Board and Audit Committee for ongoing review and monitoring[146] - The Board received confirmation from the Management Board on the effectiveness of the risk management and internal control systems, with no significant areas of concern identified[146] - The Group has adopted a clear anti-corruption policy and provides ongoing anti-corruption training to ensure compliance and ethical behavior among employees[147] - The Company has established a Protocol on Malpractice Reporting and Investigation, allowing employees and business partners to report concerns confidentially, with reports directly handled by the Head of Internal Audit[147] - The Company adheres to the Model Code for Securities Transactions by Directors of Listed Issuers, with all Directors confirming compliance during the year ended 31 March 2023[147] - The Group's Disclosure Policy ensures timely and equal dissemination of inside information, with a dedicated Disclosure Team responsible for evaluating and approving disclosures[148] - The Company Secretaries provide governance support to the Board and ensure compliance with professional training requirements under the Listing Rules[149] - The Company's Dividend Policy aims to provide regular and stable dividends, with payouts based on profit available for distribution, historical payout ratios, and consideration of business performance and market conditions[153] - The Shareholders' Communication Policy ensures effective communication with shareholders through various channels, including meetings, publications, and conferences, with regular feedback reported to the Board[154] - The Company had 551 registered shareholders as of 31 March 2023[160] - 24.501% of registered shareholders held 0–1,000 shares, totaling 11,012 shares (0.002% of total issued shares)[162] - 44.827% of registered shareholders held 1,001–5,000 shares, totaling 647,245 shares (0.110% of total issued shares)[162] - 11.615% of registered shareholders held 5,001–10,000 shares, totaling 541,800 shares (0.093% of total issued shares)[162] - 14.701% of registered shareholders held 10,001–100,000 shares, totaling 2,593,937 shares (0.443% of total issued shares)[162] - 4.356% of registered shareholders held 100,001 or more shares, totaling 581,910,039 shares (99.352% of total issued shares)[162] - HKSCC Nominees Limited held 403,673,838 shares as of 31 March 2023[163] - The Company maintained the required 25% public float throughout the financial year ended 31 March 2023[163] - The company's sustainability performance is disclosed in four key pillars: Catering to Customers, Empowering Employees, Focusing on Food, and Preserving the Planet[170] - No purchase, sale, or redemption of listed securities by the company or its subsidiaries during the year ended 31 March 2023[172] - No outstanding convertible securities, options, warrants, or similar rights as of 31 March 2023, except for the Share Option Schemes described in the report[172] - The 2012 Share Option Scheme expired on 10 September 2022, with no share options granted under the scheme as of the report date[178] - The company maintains liability insurance to provide appropriate cover for directors and officers of the group[175] - No management contracts for the administration of the company's business were entered into or existed during the year[176] - No arrangements enabling directors to acquire benefits through shares or debentures of the company or any other body corporate during the year ended 31 March 2023[177] - Total number of ordinary shares available for issue is 58,570,403, representing 10% of the issued shares as of the report date[186] - 24,870,000 share options have been granted under the 2022 Scheme as of the report date[187] - The 2022 Scheme will remain in force until 7 September 2032 unless terminated earlier[190] - The exercise price of options granted is determined based on the highest of: (i) the closing price on the grant date, (ii) the average closing price for the five business days preceding the grant date, and (iii) the nominal value of a share[190] - The maximum entitlement for each participant under the 2022 Scheme shall not exceed 1% of the shares in issue in any 12-month period[189] - The vesting period of options granted is determined at the discretion of the Board[190] - The amount payable on acceptance of the options is HK$1.00[190] - The 2012 Scheme expired on 10 September 2022[182] - The purpose of the share option schemes is to attract and retain high-quality personnel and align the interests of grantees with shareholders[184] - The 2022 Scheme was adopted on 8 September 2022 following a shareholders' resolution[187] - 24,870,000

Financial Performance - The group's total revenue increased to HKD 8,024.0 million for the year ended March 31, 2023, compared to HKD 7,508.8 million in the previous year, representing a growth of approximately 6.9%[2] - Shareholders' profit attributable to the group was HKD 110.4 million, a significant increase from HKD 21.2 million in the previous year, marking a growth of over 419%[2] - The gross profit margin improved to 8.8%, up from 7.3% in the previous year, mainly due to effective control of food and labor costs[14] - Profit attributable to shareholders rose by 420.2% to HKD 110.4 million, up from HKD 21.2 million in the previous year, primarily due to economic recovery[17] - The operating profit for the same period was HKD 203,837, up 55.2% from HKD 131,174 in the previous year[38] - The group reported a total segment profit of HKD 594,991 for the year ended March 31, 2023, compared to HKD 514,220 for the previous year, reflecting a growth of approximately 15.7%[73] - The company reported a pre-tax profit of HKD 144,176,000 for 2023, compared to HKD 50,789,000 in 2022, showing a significant increase of approximately 184%[83] Dividends and Shareholder Returns - The group plans to distribute a final dividend of HKD 0.28 per share, up from HKD 0.18 per share in the previous year, resulting in a total dividend payout ratio of 201.7%[2] - The board proposed a final dividend of HKD 0.28 per share, up from HKD 0.18 per share in the previous year, resulting in a total payout ratio of 201.7% for the year[20] - The proposed final dividend for the year is HKD 0.28 per share, up from HKD 0.18 per share in 2022, representing a 55.6% increase[88] - The total dividend for the year, including an interim dividend of HKD 0.10 per share, amounts to HKD 0.38 per share, up from HKD 0.28 per share in the previous year, reflecting a 35.7% increase[94] Market Expansion and Strategy - The management team is focused on enhancing multi-brand business strategies and improving profitability through digitalization and automation[5] - The group has successfully expanded into new markets beyond traditional dining areas, particularly in residential zones, despite facing challenges during the expansion[5] - The group aims to increase profitability in Hong Kong and expand its store network in mainland China over the next three years, although timelines may need adjustment due to pandemic challenges[7] - The company plans to continue expanding its network in mainland China, anticipating sustained growth as pandemic restrictions ease[11] - The group plans to expand its store network in mainland China, particularly in the Greater Bay Area, despite a cautious approach to market opportunities[36] Operational Improvements and Innovations - The group implemented a digital transformation strategy, enhancing customer dining experiences through self-service kiosks and a new mobile app, which significantly increased mobile orders and membership[23] - The group introduced a new store format with smaller sizes and lower operating costs to improve profit margins in a competitive market[23] - The group is preparing to launch a fully automated rice production line to improve production efficiency in the institutional dining sector[26] - The group is committed to improving food quality and safety in response to supply chain issues affecting one of its brands, Vital Lunch[7] - The group has established a cross-business task force to address rising food and supply chain costs through strategic procurement and menu redesign[35] Employee and Labor Management - The company has a total of 19,555 employees as of March 31, 2023, up from 17,954 the previous year[33] - The group is actively recruiting and training staff to address industry-wide labor shortages and meet long-term business needs[35] Financial Position and Assets - As of March 31, 2023, the company recorded cash of approximately HKD 1,672 million and available bank credit of HKD 873 million[29] - The company's capital expenditure for the review year was HKD 465 million, a decrease from HKD 507 million in the previous year[30] - Total assets as of March 31, 2023, amounted to HKD 7,175,340, an increase from HKD 6,871,846 in the previous year[41] - The group's total liabilities related to lease liabilities were HKD 68,375 for the year ended March 31, 2023, compared to HKD 76,846 in the previous year, reflecting a decrease of approximately 11.0%[72] Government Support and Subsidies - The group received government subsidies related to COVID-19 amounting to HKD 40.9 million during the year, down from HKD 127.8 million in the previous year[2] - Government grants received amounted to HKD 45,201, a decrease from HKD 130,360 in the previous year, primarily due to reduced subsidies related to the COVID-19 pandemic[77] Sustainability and Environmental Initiatives - The company aims to reduce waste by phasing out single-use plastic utensils and adopting more environmentally friendly alternatives[34] - The company has received an "AA" rating in the Hang Seng Sustainable Development Index for eight consecutive years[34] Customer Engagement and Loyalty - The customer relationship management (CRM) program attracted over 3 million members, focusing on increasing member engagement and activities[28] - The number of active members in the "Club 100" program increased threefold to over 1.4 million, enhancing customer engagement and brand loyalty[35]

Financial Performance - The Group's revenue for the first half of FY2022/23 amounted to HK$3,898.2 million, a slight increase from HK$3,870.1 million in 2021[7]. - Profit attributable to shareholders increased to HK$108.7 million, compared to HK$81.2 million in 2021, including government COVID-19 subsidies of HK$40.9 million during the period[7]. - The Group's revenue for the six months ended 30 September 2022 increased by 0.7% to HK$3,898.2 million compared to HK$3,870.1 million in 2021[12]. - Profit attributable to shareholders rose by 33.9% to HK$108.7 million, primarily due to COVID-19 subsidies of HK$40.9 million received from the government during the period[19]. - Profit attributable to equity holders increased by 33.9% to HK$108.7 million for the six months ended 30 September 2022, compared to HK$81.2 million in 2021[21]. - Adjusted net profit decreased by 16.5% to HK$67.8 million, down from HK$81.2 million in the previous year[21]. - Basic earnings per share rose by 34.3% to HK18.8 cents, compared to HK14.0 cents in the same period last year[21]. - The gross profit margin decreased to 8.8% for the six months ended 30 September 2022, down from 9.8% in 2021, mainly due to the adverse impact of the COVID-19 pandemic[15]. Dividends and Shareholder Returns - An interim dividend of HK10 cents was declared for the six months ended 30 September 2022, consistent with the previous year[8]. - The Group declared an interim dividend of HK10 cents per share for the six months ended September 30, 2022, consistent with the previous year[38]. - The company reported a dividend income from listed equity investments of HK$3,062,000 for the six months ended September 30, 2022, compared to HK$6,123,000 in 2021[153]. Cost Management and Operational Efficiency - Administrative expenses decreased by 4.5% to HK$226.9 million during the six months ended 30 September 2022, reflecting effective cost control measures[16]. - The Group continued to focus on cost control and digitalization initiatives to enhance efficiency and productivity during the volatile market conditions[19]. - The Group is addressing rising costs through smart sourcing, menu reengineering, and enhanced business planning[25]. - The Group is focused on improving its cost base, productivity, and efficiency to achieve long-term margin improvement[37]. Market and Business Segments - The Hong Kong business profitability significantly recovered in the second quarter, driven by successful brand and product marketing campaigns, effective cost controls, and digitalisation initiatives[9]. - The Mainland China business faced challenges due to COVID-19 outbreaks in specific cities, but revenue from new shops and cost control measures helped mitigate losses[8]. - Revenue from the Institutional Catering segment increased by 12.3% to HK$378.3 million, while revenue from Quick Service Restaurants and Casual Dining segments saw slight declines[14]. - Revenue from the Institutional Catering division increased by 12.3% to HK$378.3 million (2021: HK$337.1 million) due to successful contract renegotiations and new contracts[27]. - Revenue from Mainland China operations increased by 1.6% to HK$684.2 million (2021: HK$673.5 million), with the South China fast food business experiencing a 5.1% revenue increase to RMB567.8 million despite a 5% decline in same store sales[27]. Digital Transformation and Customer Engagement - Club 100 membership surpassed 1.3 million users, with significant enhancements made to the mobile app to improve user experience[24]. - The Group's online platform, eatCDC.com, recorded significant growth in traffic and sales, aided by partnerships with third-party delivery platforms[24]. - Active customers and sales revenue from digital solutions, including mobile ordering and e-commerce platforms, have seen significant growth[37]. - More than half of all orders are now coming through digital platforms, with up to half of stores using robots for dine-in services[32]. Store Expansion and Development - New store openings were consistent with previous growth trends, despite a more cautious approach due to COVID-related uncertainties[19]. - The number of stores increased to 375 in Hong Kong and 146 in Mainland China as of 30 September 2022[22]. - Café de Coral opened 12 new stores in the first half of the year, reaching a total of 146 stores as of 30 September 2022 (31 March 2022: 136) with 9 new stores planned for the remainder of the financial year[30]. - The rollout of a new store format is being accelerated to enhance productivity and per-square-foot sales[26]. Financial Position and Liquidity - As of September 30, 2022, the Group had cash of approximately HK$1,580.4 million and available banking facilities of HK$875 million[32]. - The Group's current ratio was 0.8 and cash ratio was 0.6 as of September 30, 2022, compared to 1.2 and 0.9 respectively on March 31, 2022[32]. - The Group reported a net current liabilities position of HK$384,731,000 as of 30 September 2022, compared to net current assets of HK$425,513,000 as of 31 March 2022[81]. - The directors believe that the Group will have sufficient working capital to meet its financial obligations in the coming twelve months[81]. - The Group's liquidity risk management involves maintaining sufficient cash and available credit facilities, considering current and expected market conditions, including the impact of COVID-19[93]. Share Award Scheme and Employee Compensation - The Share Award Scheme allows for the awarding of restricted shares, with a total number of shares not exceeding 5% of the total issued shares of the Company[41]. - During the six months ended September 30, 2022, restricted shares were awarded to selected participants under the Share Award Scheme[42]. - A total of 19,924,512 shares have been awarded under the Share Award Scheme, representing approximately 3.40% of the total number of issued shares as of 30 September 2022[46]. - Key management compensation for the six months ended September 30, 2022, totaled HK$21,615,000, slightly down from HK$22,257,000 in 2021[179]. Governance and Compliance - The Audit Committee, comprising four Independent Non-executive Directors and one Non-executive Director, reviewed the unaudited interim results for the six months ended September 30, 2022[61]. - The company complied with all code provisions of the Corporate Governance Code during the six months ended September 30, 2022[57]. - All Directors confirmed compliance with the Model Code regarding securities transactions during the six months ended September 30, 2022[58]. Future Outlook - The Group remains cautiously optimistic about market conditions for the second half of the financial year, anticipating a boost from the reopening of Hong Kong and consumption vouchers[36]. - The Group expects to leverage the festive season in the second half of the financial year to drive additional sales through promotions and marketing activities[37]. - The Group remains confident in achieving its goal of new store openings throughout the Greater Bay Area despite uncertain conditions in Mainland China[37].

Financial Performance - Revenue for the year ended March 31, 2022, was HK$7,508,753, an increase of 11.8% from HK$6,714,255 in 2021[6] - Profit attributable to equity holders decreased significantly to HK$21,214, down 94.1% from HK$359,130 in the previous year[6] - Total assets decreased by 4.0% to HK$6,871,846 from HK$7,154,673[6] - Basic earnings per share fell to HK$0.04, a decline of 93.5% compared to HK$0.62 in 2021[6] - Proposed final dividend is HK$0.18 per share, down 26.3% from HK$0.38 per share in the previous year[6] - Net assets per share decreased to HK$4.83, down 6.8% from HK$5.18[6] - The Group's revenue for the year reached HK$7,508.8 million, an increase from HK$6,714.3 million in the previous year[16] - Profit attributable to shareholders decreased to HK$21.2 million, down from HK$359.1 million in the previous year[16] - COVID-19 relief and subsidies from the government amounted to HK$127.8 million, compared to HK$638.9 million in the previous financial year[16] - Revenue for the year ended March 31, 2022, increased by 11.8% to HK$7,508.8 million compared to HK$6,714.3 million in FY2020/21[29] - Profit attributable to shareholders for FY2021/22 decreased to HK$21.2 million from HK$359.1 million in FY2020/21[18] - Revenue from Hong Kong operations increased by 12.0% due to successful new product launches and growth in takeaway and delivery services[17] - Revenue from Mainland China operations increased by 11.0%, supported by a broad shop network across the Greater Bay Area[17] - The Group recorded COVID-19 relief and subsidies of HK$127.8 million during the year, down from HK$638.9 million in the previous fiscal year[18] - A final dividend of HK$0.18 per share is recommended, with a total dividend payout ratio of 773.6% for the year[17] - The Group's basic earnings per share decreased by 93.5% to HK4 cents from HK62 cents in FY2020/21[36] - The Group's distributable reserves as of March 31, 2022, amounted to approximately HK$844.2 million[156] Operational Challenges - During the peak of the fifth wave of COVID-19, 109 stores were closed, resulting in a cumulative loss of 2,755 business days, approximately 17% of capacity[9] - The Group experienced a cumulative loss of 2,755 shop operating days in Hong Kong due to the fifth wave of COVID-19[25] - The fifth wave of COVID-19 led to the temporary closure of 70 shops and a cumulative loss of 1,539 shop operating days in February and March 2022[43] - The fifth wave of COVID-19 led to the temporary closure of 26 Casual Dining shops and a cumulative loss of 746 shop operating days[46] - The Institutional Catering business faced a cumulative loss of 470 shop operating days due to the fifth wave of COVID-19[47] - The South China fast food business recorded negative same store sales growth of 1% for the year due to strict pandemic restrictions[48] Strategic Initiatives - The company plans to continue expanding its market presence and enhancing its product offerings[8] - The company is focused on new product development and technological advancements to drive future growth[8] - The Group aims to improve profit margins from low to high single digits within the next three years[11] - The Group plans to grow its retail network to 280 stores in the Greater Bay Area over the next three years while maintaining healthy profitability[11] - The Group's strategic focus includes consolidating operations and increasing investment in digital infrastructure[11] - The Group plans to enhance margins in Hong Kong and expand its network throughout the Greater Bay Area over the next three years[28] - The Group is focusing on digitalization and automation to improve manpower productivity and customer experience[43] - The Group plans to take advantage of market weakness to open new stores and build brand awareness[50] - The Group's digital platform expansion aims to unlock extra value and meet three-year financial objectives[57] - The Group's commitment to enhancing shareholder interests is reflected in its corporate governance practices and management strategies[75] Governance and Management - The company has a strong governance structure with multiple committees including Audit, Remuneration, and Nomination, ensuring oversight and strategic direction[63][64] - The leadership team includes professionals with advanced degrees from reputable institutions, enhancing the company's strategic capabilities[62][64] - The company is focused on maintaining high standards of corporate governance and transparency through its independent directors[63][64] - The Board consists of ten members, including four Non-executive Directors, four Independent Non-executive Directors, and two Executive Directors[79] - The Company has a structured process for the appointment and re-election of Directors, ensuring compliance with Listing Rules and internal regulations[89] - The Board is responsible for providing overall strategic direction and effective oversight of management, including approval of strategic and business plans and financial budgets[93] - The Company encourages Directors to participate in external continuous improvement programs, with related expenses covered by the Company[90] - The Company has adhered to all provisions of the corporate governance code effective during the year ending March 31, 2022[78] Shareholder Engagement - The Company actively communicates with shareholders through various channels, including meetings and corporate publications[143] - Management meets with institutional investors and analysts to provide updates on business progress and developments[147] - The Company did not convene any other Shareholders' meetings during the year ended 31 March 2022, except for the annual general meeting[146] Risk Management - The Group's risk management and internal control systems are based on internationally recognized standards and are designed to manage risks rather than eliminate them[120] - The risk governance structure follows a "3 lines of defense" model, which includes operational management, risk and compliance oversight, and independent assurance[121] - The Audit Committee provides oversight and review on risk management, financial reporting, and internal control systems[124] - Key risks identified during the year include food safety, supply chain management, site acquisition, project management, and human resources management[129] - Climate change is recognized as an emerging risk, with further actions planned if it poses a significant threat to business operations[129] Corporate Social Responsibility - The Group donated HK$500,000 worth of dining vouchers to support families impacted by COVID-19 through the Share for Good platform[56] - The pilot run of the "Bon Appétit Café" Food Assistance Programme provided HK$2 million of short-term food assistance to 500 beneficiaries, expanding to a total of HK$12 million for 3,000 eligible recipients in its first year[56] - The Group made charitable and other donations totaling HK$259,000 during the year[156] Future Outlook - The Group remains cautiously optimistic about the prospects for the coming year, anticipating a gradual return to normal market conditions from the second quarter onwards[28] - The Group remains confident in leveraging its market leadership to quickly recapture growth opportunities when the pandemic situation is under control[47] - The Group's business is well positioned to build revenue and accelerate growth over the coming years[59]

Financial Performance - The Group's revenue for the first half of FY2021/22 increased to HK$3,870.1 million, up 20.0% from HK$3,225.7 million in 2020[7]. - Profit attributable to shareholders amounted to HK$81.2 million, a decrease of 50.0% compared to HK$162.3 million in the previous year, which included government COVID-19 subsidies of HK$338.9 million[7]. - Revenue from Hong Kong operations increased by 19.7% compared to the same period last year, driven by strategies to boost takeaway and delivery sales and the launch of new products[7]. - Business growth in Mainland China saw a revenue increase of 21.2%, despite disruptions from isolated COVID-19 outbreaks[9]. - The Group recorded revenue of HK$3,870.1 million for the six months ended 30 September 2021, representing a 20% increase from HK$3,225.7 million in 2020[11]. - Profit attributable to equity holders decreased by 50.0% to HK$81.2 million, compared to HK$162.3 million in the same period last year, primarily due to the absence of COVID-19 subsidies[23]. - Gross profit margin increased to 9.8% for the six months ended 30 September 2021, up from 4.3% in 2020, attributed to improved business recovery[15]. - The Group's basic earnings per share decreased 50.0% to HK14.0 cents for the six months ended 30 September 2021[27]. - Profit for the period decreased to HK$81,983,000, down 49.7% from HK$162,818,000 in the same period last year[90]. - Total comprehensive income for the period was HK$85,830,000, a decline of 49.3% compared to HK$169,515,000 in the previous year[90]. Revenue Segmentation - Revenue from the Quick Service Restaurants segment rose by 15.5% to HK$2,370.0 million, while Casual Dining increased by 35.5% to HK$415.9 million[13]. - Revenue from the Casual Dining business increased by 35.5% to HK$415.9 million compared to HK$306.9 million in the same period last year[39]. - Institutional Catering revenue increased by 37.5% to HK$337.1 million from HK$245.1 million in the previous year, despite being heavily affected by pandemic-related restrictions[41]. - Revenue from Mainland China increased by 21.2% to HK$673.5 million, compared to HK$555.9 million in 2020[43]. - The South China fast food business experienced a 12.1% increase in revenue to RMB540.5 million, with same store sales growth of 7%[43]. Cost and Expenses - Administrative expenses increased by 4.4% to HK$237.7 million during the six months ended 30 September 2021[16]. - Staff costs accounted for 32.4% of revenue, increasing to HK$1,254.3 million from HK$1,146.0 million in the previous year[19]. - Overall food costs have surged due to global supply chain disruptions, placing additional pressure on margins[31]. - Employee benefit expenses (excluding share-based compensation) rose to HK$1,240,002, compared to HK$1,127,387 in the previous year, marking a 9.9% increase[186]. - Total administrative expenses increased to HK$237,653 from HK$227,620 in the previous year, reflecting a 0.5% increase[186]. Dividends and Shareholder Returns - An interim dividend of HK10 cents was declared for the six months ended 30 September 2021, consistent with the previous year[9]. - The Board declared an interim dividend of HK10 cents per share for the six months ended 30 September 2021, unchanged from the previous year[28]. - The Company declared a dividend of HK$162,756,000 during the period, impacting retained earnings significantly[92]. Strategic Initiatives and Future Outlook - The Group plans to expedite its network expansion in the Greater Bay Area in the second half of the year[9]. - The Group plans to continue enhancing productivity and efficiency through manpower deployment and digitalization initiatives[12]. - The Group is actively looking to expand its casual dining brand outlets and introduce more automated processes at retail outlets to improve productivity and operational efficiency[40]. - The Group aims to increase market penetration in the Greater Bay Area by prioritizing network development[52]. - The Group is cautiously optimistic about future growth as it adapts to the new normal[52]. Digitalization and Technology - The Group is implementing an integrated Online-Merge-Offline (OMO) approach to enhance distribution and convenience, leveraging both its own online channels and third-party aggregators[36]. - Digitalisation efforts included a new e-coupon system to drive repeat purchases and improve promotion effectiveness[43]. - The application of digital solutions, including mobile ordering and self-ordering kiosks, has significantly increased active customer numbers and sales[50]. - The Group plans to accelerate digitalization efforts and implement a comprehensive OMO strategy to enhance customer experience[50]. Shareholder Information and Governance - The Company complied with all code provisions set out in the Corporate Governance Code during the six months ended 30 September 2021[74]. - All Directors confirmed compliance with the required standards set out in the Model Code regarding securities transactions during the six months ended 30 September 2021[75]. - The Group's financial reporting process and internal control were supervised by the Audit Committee during the reporting period[76]. - The Company adopted the recommended best practices of the Corporate Governance Code as relevant and practicable during the reporting period[74]. Cash Flow and Liquidity - As of September 30, 2021, the Group had cash of approximately HK$1,940.6 million and external borrowings of HK$1,130 million[44]. - Net cash generated from operating activities for the six months ended September 30, 2021, was HK$690,795, a decrease of 6.5% compared to HK$739,177 for the same period in 2020[97]. - Cash and cash equivalents at the end of the period were HK$1,940,598, up from HK$1,200,397 at the end of the previous period[97]. - The Group's liquidity risk management involves maintaining sufficient cash and available credit facilities, considering current and expected market conditions, including the impact of COVID-19[112]. Asset Management - Total assets as of September 30, 2021, were HK$7,055,635, a decrease from HK$7,154,673 as of March 31, 2021[84]. - Non-current assets increased to HK$4,656,487 from HK$4,639,142, showing a slight growth[83]. - The total number of issued shares of the Company as of September 30, 2021, was 585,704,033[72]. - The Group's total trade payables as of September 30, 2021, were HK$229,529,000, an increase from HK$178,183,000 as of March 31, 2021[158].

Financial Performance - The Group's revenue for the first half of FY2020/21 decreased by 24.3% to HK$3,225.7 million compared to the same period last year[9]. - Profit attributable to shareholders slightly increased by 8.4% to HK$162.3 million during the period[9]. - For the six months ended 30 September 2020, the Group recorded revenue of HK$3,225.7 million, a decrease of 24.3% compared to HK$4,263.8 million in 2019[15]. - The gross profit margin decreased to 4.3% for the six months ended 30 September 2020, down from 11.7% in 2019, primarily due to weak market sentiment and social distancing measures[18]. - Profit attributable to equity holders rose by 8.4% to HK$162.3 million for the six months ended September 30, 2020 (2019: HK$149.7 million) due to government monetary relief[25]. - Basic earnings per share increased by 8.5% to HK28.0 cents (2019: HK25.8 cents) for the same period[25]. - Total comprehensive income for the period reached HK$169,515,000, compared to HK$107,864,000 in the previous year, representing a 56.9% increase[77]. - Profit for the period increased to HK$162,818, up from HK$150,344 in the previous year, reflecting a growth of 8.3%[75]. Government Support and Subsidies - The Group received HK$322.5 million in subsidies under the Employment Support Scheme, accounting for approximately 31.6% of the Group's staff cost in Hong Kong during the period[9]. - The Group received pandemic relief and subsidies totaling HK$338.9 million from the Hong Kong and PRC governments, which included HK$322.5 million under the Employment Support Scheme[12]. - Government grants received during the six months ended September 30, 2020, amounted to HK$338,864, primarily due to COVID-19 subsidies[170]. Cost Management - Administrative expenses decreased by 12.4% to HK$227.6 million during the six months ended 30 September 2020, down from HK$259.9 million in 2019, due to stringent cost control[19]. - The Group implemented various cost-saving measures, particularly negotiating rental concessions with landlords to reduce rental expenses[13]. - Stringent cost control measures were implemented, including negotiating rental concessions and simplifying the menu to maintain food costs[29]. - Employee benefit expenses (excluding share-based compensation) totaled HK$1,127,387, down 18.1% from HK$1,376,599 in 2019[173]. - The cost of raw materials and packing was HK$960.931 million, a decrease of 19.2% from HK$1,188.573 million in the previous year[173]. Business Operations and Strategy - Business operations in Mainland China began to recover to pre-pandemic levels by the end of the reporting period[10]. - The Group plans to expedite network expansion in the Greater Bay Area during the latter half of the financial year[10]. - The Group shifted focus to takeaway and delivery services in response to changing consumer preferences during the COVID-19 pandemic[28]. - The Group's marketing focus shifted to promote takeaway and delivery services, including new dinner takeaway promotions targeting individuals and families[32]. - The Group is focusing on speed, takeaway/delivery services, and value-focused promotions to adapt to changing consumer preferences[40]. - The Group's business in Mainland China experienced a V-shaped rebound, returning to pre-pandemic levels by the end of the review period[13]. Shareholder Information - An interim dividend of HK10 cents was declared for the six months ended 30 September 2020, down from HK19 cents in 2019[10]. - The Group declared an interim dividend of HK10 cents per share for the six months ended September 30, 2020, down from HK19 cents in 2019[42]. - The total number of shares to be awarded under the share award scheme shall not exceed 5% of the total number of issued shares of the Company[44]. - A total of 17,467,695 shares have been awarded under the Share Award Scheme, representing approximately 2.98% of the total number of issued shares as of 30 September 2020[49]. - The maximum number of shares that can be granted to individual selected participants under the Share Award Scheme is capped at 1% of the total issued shares[47]. Financial Position - As of 30 September 2020, the Group had cash of approximately HK$1,200.4 million and available banking facilities of HK$1,289.1 million[37]. - The Group's current ratio improved to 1.1 as of 30 September 2020, up from 0.5 on 31 March 2020[37]. - Total assets as of 30 September 2020 increased to HK$6,643,059, up from HK$6,220,758 as of 31 March 2020, representing a growth of approximately 6.8%[71]. - Total liabilities as of 30 September 2020 were HK$3,809,081, an increase from HK$3,549,446 as of 31 March 2020, marking a rise of approximately 7.3%[73]. - Cash and cash equivalents increased to HK$1,200,397 from HK$345,072, representing a significant rise of 247.5%[73]. Employee and Management Compensation - Salaries and allowances for key management increased to HK$19,170,000 in 2020 from HK$17,664,000 in 2019, a rise of 8.5%[197]. - Discretionary bonuses for key management decreased significantly to HK$759,000 in 2020 from HK$6,670,000 in 2019, reflecting a decline of 88.6%[197]. - Share-based compensation expenses for key management were HK$2,049,000 in 2020, down from HK$2,453,000 in 2019, a decrease of 16.5%[197]. Corporate Governance - The Company complied with all code provisions of the Corporate Governance Code during the six months ended 30 September 2020[62]. - The Audit Committee reviewed the unaudited interim results of the Group for the six months ended 30 September 2020[64]. - All Directors confirmed compliance with the Model Code regarding securities transactions during the six months ended 30 September 2020[63].

Revenue and Profit Performance - The Group's revenue for the first half of FY2019/20 amounted to HK$4,263.8 million, a 1.6% increase compared to the corresponding period last year[9]. - Profit attributable to shareholders declined 34.5% to HK$149.7 million due to weak revenue growth in Hong Kong amidst a challenging market environment[9]. - Revenue growth of the quick service restaurant business in Hong Kong was impacted by weak market sentiment, with profit margins affected by more value meals and promotions[10]. - The casual dining business recorded a decline in revenue during the period, influenced by adverse market conditions at key locations[10]. - The Mainland China business continued to grow with strong momentum, recording positive same store sales growth and accelerating network expansion in strategic cities in Southern China[10]. - The Group's profit attributable to equity holders decreased by 34.5% to HK$149.7 million for the six months ended 30 September 2019, compared to HK$228.7 million in 2018[20]. - Basic earnings per share decreased by 34.5% to HK25.81 cents for the six months ended 30 September 2019, compared to HK39.41 cents in 2018[20]. - Revenue from the casual dining business decreased by 4.1% to HK$442.8 million, impacted by adverse market conditions[23]. - Revenue from Mainland China increased by 3.6% to HK$611.9 million, despite a 4.5% decrease in Renminbi against Hong Kong dollars[24]. - The Southern China fast food business achieved a 9.6% increase in revenue to RMB516.0 million, with same store sales growth of 6%[24]. Cost Management and Efficiency - The Group is focusing on implementing short-term and long-term measures to control costs and drive efficiency to protect margins[10]. - The Group is focused on cost control and efficiency improvements to safeguard margins and return to sustainable growth[11]. - The Group is implementing decisive actions to protect margins by controlling costs and driving efficiency[35]. - The group is focusing on cost control, reviewing and restructuring regular expenses, and enhancing efficiency and productivity to safeguard profit margins[37]. - The Group is focusing on enhancing efficiency and productivity through new kitchen management systems and best-in-class equipment[35]. Dividends and Shareholder Returns - An interim dividend of HK19 cents per share was declared, consistent with the previous year[10]. - The Group declared an interim dividend of HK19 cents per share for the six months ended 30 September 2019, consistent with the dividend declared in 2018[20]. - The company proposed an interim dividend of HK$111,284, slightly up from HK$111,253 in the previous year[80]. - The Company declared dividends amounting to HK$377,011,000 during the period[84]. Business Expansion and Opportunities - The Group is allocating additional resources to capitalize on business opportunities in the Greater Bay Area[11]. - Café de Coral fast food opened 7 new shops during the first half of FY2019/20, ending the period with 165 outlets, compared to 162 outlets as of 31 March 2019[21]. - The Group opened 5 new shops in Mainland China, bringing the total number of outlets to 107 as of 30 September 2019[24]. - An additional 16 shops are planned to open during the second half of the fiscal year[24]. - Asia Pacific Catering gained 3 new major contracts, ending the period with 90 operating units, up from 87 as of 31 March 2019[22]. Financial Position and Cash Flow - The Group's net cash was approximately HK$553 million, with available banking facilities of HK$785 million as of September 30, 2019[30]. - The Group's current ratio was 0.6 and cash ratio was 0.3 as of September 30, 2019[30]. - Cash and cash equivalents decreased to HK$552,693 from HK$835,537, a decline of 34%[70]. - For the six months ended September 30, 2019, net cash generated from operations was HK$922,215,000, compared to HK$990,009,000 for the same period in 2018, representing a decrease of approximately 6.9%[88]. - Net cash used in investing activities was HK$272,624,000, significantly higher than HK$65,206,000 in the previous year, indicating increased investment expenditures[88]. - Net cash used in financing activities totaled HK$888,982,000, a decrease from HK$1,047,435,000 in the prior year, reflecting a reduction in dividend payments and share purchases[88]. Shareholder Equity and Share Options - The total number of issued shares as of September 30, 2019, was 585,704,033[62]. - The total number of shares awarded under the Share Award Scheme shall not exceed 5% of the total issued shares of the company[45]. - The Share Award Scheme allows selected participants to receive restricted and/or performance shares, aiming to attract and retain talent[44]. - The Group's total shareholders' equity was impacted by the acquisition of shares, which was deducted from the equity[174]. - The number of shares lapsed during the period was 1,186,615, with 36,868 shares lapsed from the total[183]. Financial Risks and Accounting Policies - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[128]. - The preparation of condensed consolidated interim financial information requires management to make significant judgments and estimates, which may differ from actual results[127]. - The Group's financial statements have been prepared on a going concern basis, reflecting confidence in future cash inflows[96]. - The adoption of new accounting policies, including HKFRS 16, does not have a significant impact on the Group's financial performance and position[99]. Segment Performance - Total segment revenue for the six months ended September 30, 2019, was HK$4,322,516, with external revenue contributing HK$4,263,787[140]. - Segment results showed an operating profit of HK$371,901 before depreciation and amortization, with Hong Kong contributing HK$298,158 and Mainland China HK$73,743[140]. - The Group operates primarily in quick service restaurants and institutional catering, with a focus on geographic segments including Hong Kong and Mainland China[137].