快餐帝国(01843) - 2024 - 年度业绩

Financial Highlights A concise overview of the company's key financial performance indicators Financial Highlights For the fiscal year ended March 31, 2024, Fast Food Empire Holdings experienced slight declines in revenue and gross profit, while profit attributable to equity holders plummeted by 90.2% to 0.18 million SGD, resulting in near-zero earnings per share Financial Performance Summary | Metric | FY2024 (Ended March 31) | FY2023 (Ended March 31) | | :--- | :--- | :--- | | Revenue | 25.16 million SGD | 26.405 million SGD | | Gross Profit | 15.603 million SGD | 16.116 million SGD | | Profit Attributable to Equity Holders | 0.18 million SGD | 1.843 million SGD | | Basic and Diluted Earnings Per Share | 0.0 SGD cents | 0.2 SGD cents | Consolidated Financial Statements A comprehensive overview of the company's financial position, performance, and cash flows for the reporting period Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2024, total revenue decreased by 4.7% to 25.16 million SGD, with administrative expenses surging by 24.3% to 9.51 million SGD, significantly impacting pre-tax profit which plummeted from 2.39 million SGD to 0.23 million SGD, leading to a substantial net profit reduction Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item | 2024 (thousand SGD) | 2023 (thousand SGD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 25,160 | 26,405 | -4.7% | | Gross Profit | 15,603 | 16,116 | -3.2% | | Administrative Expenses | (9,506) | (7,646) | +24.3% | | Profit Before Income Tax | 226 | 2,388 | -90.5% | | Profit for the Year | 180 | 1,843 | -90.2% | Consolidated Statement of Financial Position As of March 31, 2024, total assets slightly increased to 33.92 million SGD, driven by property, plant, and equipment, while total liabilities rose to 9.58 million SGD, leading to a marginal decrease in total equity and a 1.4 million SGD reduction in cash and cash equivalents to 22.13 million SGD Consolidated Statement of Financial Position | Item | March 31, 2024 (thousand SGD) | March 31, 2023 (thousand SGD) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Property, Plant and Equipment | 8,000 | 6,153 | +30.0% | | Cash and Cash Equivalents | 22,134 | 23,493 | -5.8% | | Total Assets | 33,921 | 32,904 | +3.1% | | Liabilities | | | | | Borrowings | 1,950 | 2,080 | -6.3% | | Lease Liabilities | 3,496 | 2,415 | +44.8% | | Total Liabilities | 9,578 | 8,410 | +13.9% | | Equity | 24,343 | 24,494 | -0.6% | Notes to the Consolidated Financial Statements Detailed explanations and breakdowns of the figures presented in the consolidated financial statements Segment Information The Group manages all operations as a single segment, with Singapore and Malaysia as core markets contributing over 85% of revenue, both experiencing declines this fiscal year, while a single Indonesian customer accounts for 11.7% of total revenue, posing customer concentration risk Revenue by Geographical Market | Geographical Market | 2024 Revenue (thousand SGD) | 2023 Revenue (thousand SGD) | YoY Change | | :--- | :--- | :--- | :--- | | Singapore | 10,757 | 11,106 | -3.1% | | Malaysia | 10,793 | 11,587 | -6.9% | | Indonesia | 2,954 | 2,901 | +1.8% | | United States | 518 | 748 | -30.7% | | Others | 138 | 63 | +119.0% | | Total | 25,160 | 26,405 | -4.7% | - A single external customer from Indonesia contributed 2.954 million SGD in revenue, representing 11.7% of total revenue[28] Revenue Analysis Total revenue decreased by 4.7% this fiscal year, with all major income streams declining, most notably an 0.88 million SGD reduction in sales to franchisees/licensees, alongside slight decreases in retail outlet sales and high-margin franchise and royalty fees Revenue by Source | Revenue Source | 2024 (thousand SGD) | 2023 (thousand SGD) | YoY Change | | :--- | :--- | :--- | :--- | | Retail Outlet Sales | 16,626 | 16,718 | -0.5% | | Sales to Franchisees/Licensees | 6,960 | 7,837 | -11.2% | | Franchise Fees | 521 | 636 | -18.1% | | Royalty Fees | 841 | 937 | -10.2% | | Advertising and Promotion Fees | 212 | 277 | -23.5% | | Total | 25,160 | 26,405 | -4.7% | Dividends Unlike the previous fiscal year's special, interim, and final dividends, the Board decided not to declare any dividends for the fiscal year ended March 31, 2024, reflecting reduced profitability and a potential shift towards cash retention for business development - The Board did not declare any dividends for the fiscal year ended March 31, 2024[40] - In contrast, for FY2023, the company declared special, interim, and final dividends totaling approximately 6.181 million SGD[40] Management Discussion and Analysis Management's perspective on the company's financial performance, operational highlights, and future outlook Business Review and Outlook FY2024 marked the start of the Group's transformation, focusing on digitalization and expansion, including ERP system implementation, introducing 'Eat Pizza,' and acquiring a central kitchen; despite rising labor costs, inflation, and increased competition impacting Shilin brand revenue, management remains optimistic, planning continued store network expansion, brand rebranding, and new revenue stream exploration for long-term value growth - The Group initiated digital transformation by establishing an ERP system to streamline processes and enhance operational efficiency[67] - Secured master franchise rights for Korean pizza brand 'Eat Pizza' in Singapore and Malaysia, with successful store openings and positive market reception[68] - Acquired a central kitchen in Singapore to expand menu offerings, extend catering services, and optimize store operations[68] - Key challenges include rising store labor costs, manpower shortages, and increased food ingredient and rental costs due to inflation[70] - Future outlook includes continued digitalization, expansion of the retail outlet network, menu improvements, and exploration of additional revenue streams such as catering/events[68][103] Financial Review Total revenue decreased by 4.5% to 25.2 million SGD this fiscal year, primarily due to reduced sales from Singapore Shilin brand outlets amid increased competition and lower sales/fee income from fewer Malaysian franchisees; while gross margin remained stable at 61-63%, administrative expenses surged 21% due to increased staffing and new brand setup costs, significantly eroding profits - Total revenue decreased by 4.5%, primarily due to a 0.6 million SGD decline in Singapore Shilin brand outlet sales and a 0.5 million SGD reduction in sales to Malaysian franchisees[77][78] - Gross margin remained stable at approximately 61–63%, indicating relatively effective cost control at the sales level[82] - Staff costs increased by 1.2 million SGD, and administrative expenses rose by 21%, mainly due to increased headcount for new brand and central kitchen expansion, along with annual salary adjustments[84][86] Liquidity, Financial Resources and Capital Structure The Group maintains a sound financial position despite tightening liquidity, with cash and cash equivalents decreasing by 1.4 million SGD to 22.1 million SGD; the current ratio declined from 5.7x to 4.8x, remaining healthy, while the debt-to-equity ratio (interest-bearing and lease liabilities/equity) increased from 18% to 22% due to higher lease liabilities Key Liquidity and Capital Metrics | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 22.1 million SGD | 23.5 million SGD | | Current Ratio | 4.8 times | 5.7 times | | Debt-to-Equity Ratio | 22% | 18% | Use of Proceeds from Share Offer As of March 31, 2024, approximately 2.48 million SGD of the 13 million SGD net IPO proceeds remain unutilized; due to pandemic-induced expansion delays, the Board extended the fund utilization timeline, with remaining funds allocated for store expansion in Singapore and Malaysia, human resource enhancement, and IT infrastructure upgrades, phased between 2025 and 2027 - As of March 31, 2024, 2.476 million SGD of the net proceeds from the share offer remain unutilized[91] - Due to delays in expansion plans, the Board decided to extend the expected timeline for utilizing the proceeds to align with future 2-3 year business strategies[91] Corporate Governance and Other Information Information regarding the company's governance practices, dividend policy, and audit review processes Dividend Policy This fiscal year, the company adopted a conservative dividend policy, with the Board neither declaring nor recommending any final dividends, a stark contrast to the previous year's multiple dividend payouts, indicating a current preference for cash retention for reinvestment and operational challenges - The Board did not declare any dividends and does not recommend any final dividends for the current fiscal year[109] Review of Annual Results This annual results announcement has been reviewed by the company's Audit Committee, and independent auditor Forvis Mazars LLP confirmed that the financial statement figures in the announcement align with the Group's draft consolidated financial statements, ensuring accuracy of disclosed information - This annual results announcement has been reviewed by the Audit Committee[116] - Independent auditor Forvis Mazars LLP has confirmed that the financial statement figures contained in this announcement are consistent with the amounts in the Group's draft consolidated financial statements for the current year[117]