Financial Performance - For the six months ended June 30, 2021, the company's revenue increased by 4.6% to approximately HKD 422.9 million, compared to HKD 404.2 million in the same period last year[11]. - The profit attributable to shareholders rose by 5.7% to HKD 25.6 million, up from HKD 24.3 million year-on-year[11]. - The earnings per share increased to HKD 3.20, a 5.7% rise from HKD 3.03 in the previous year[11]. - Revenue for the six months ended June 30, 2021, was HKD 422,881,000, an increase of 4.1% compared to HKD 404,234,000 in 2020[85]. - The company's profit before tax increased to HKD 28,824,000, up 9.8% from HKD 26,245,000 in the previous year[85]. - Net profit attributable to shareholders rose to HKD 25,638,000, compared to HKD 24,255,000, reflecting a growth of 5.7%[85]. - Basic and diluted earnings per share improved to HKD 3.20, up from HKD 3.03, indicating a 5.6% increase[85]. - Profit for the period increased by approximately 5.7% from about HKD 24.3 million to about HKD 25.6 million, with core profit rising significantly by approximately 140.2% to about HKD 17.6 million from about HKD 7.3 million in the previous period[31]. Revenue Sources - The number of Asian cuisine restaurants operated increased to 39, up from 36 in the previous year, with a notable rise in franchise brands[15][18]. - Revenue from Asian cuisine restaurants under franchise brands grew by 14.0% to approximately HKD 304.1 million, accounting for 71.9% of total revenue[22][25]. - Revenue from self-owned Asian cuisine restaurants increased by 4.5% to approximately HKD 98.9 million, while revenue from self-owned Cantonese restaurants decreased to HKD 18.1 million from HKD 40.4 million[23][25]. - The overall restaurant operations accounted for 99.6% of total revenue, with minimal contributions from other sales[25]. - Restaurant operations generated revenue of HKD 421,092,000, up from HKD 401,832,000 in 2020, indicating a growth of about 4.8%[113]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 2.40 per share, which is a new introduction as there was no dividend declared in the previous year[11]. - The interim dividend declared for the period is HKD 0.024 per share, totaling HKD 19.2 million, compared to no dividend in the same period last year[59]. - The company paid dividends totaling HKD 105,280,000 during the period[101]. Costs and Expenses - Food and beverage costs increased by approximately 6.9% from about HKD 125.1 million to about HKD 133.7 million, representing about 31.6% of revenue, up from approximately 30.9% in the previous period[29]. - Employee costs rose by approximately 5.9% from about HKD 128.3 million to about HKD 135.8 million, with employee costs accounting for about 32.1% of revenue, slightly up from approximately 31.7% in the previous period[30]. - Other income and gains decreased by approximately 63.9% from about HKD 42.3 million to about HKD 15.3 million due to the absence of net gains from lease modifications recorded in the previous period[28]. Liquidity and Financial Position - As of June 30, 2021, the group had short-term bank deposits of approximately HKD 102.7 million and cash and cash equivalents of about HKD 182.9 million, indicating a stable liquidity position[34]. - The group maintained a current ratio of approximately 1.4 times as of June 30, 2021, down from about 1.8 times at the end of the previous year[34]. - Total assets decreased to HKD 676,892,000 from HKD 747,497,000, a decline of 9.4%[89]. - Cash and cash equivalents at the end of the period were HKD 182,942,000, slightly up from HKD 179,148,000[101]. - The total equity attributable to shareholders decreased to HKD 334,959,000 from HKD 414,601,000, a drop of 19.2%[92]. Management Outlook and Strategy - The company continues to focus on expanding its franchise operations and enhancing its market presence in the Asian cuisine sector[22]. - Management expects significant business growth opportunities due to the large-scale vaccination program and the recently launched consumption voucher scheme[49]. - Management remains optimistic about recovery in the restaurant industry as COVID-19 restrictions ease in Hong Kong[22]. - Management remains optimistic about the financial performance for the second half of 2021, expecting to achieve better results under stable pandemic conditions in Hong Kong[50]. - The board believes that the change in the use of proceeds will allow for more agile and flexible business expansion in developing its restaurant network and brand portfolio[54]. Shareholding Structure - As of June 30, 2021, the directors and key executives collectively hold 600,000,000 shares, representing 75% of the company's equity[71]. - Mr. Huang Jielong and Ms. Gao Xiuzhi each hold 600,000,000 shares, accounting for 75% of the equity in the controlled corporation[71]. - The major shareholders, including 叙福樓控股, collectively own 600,000,000 shares, which is 75% of the equity[80]. - The company is controlled by a group of individuals, including Mr. Huang Jielong and Ms. Gao Xiuzhi, who are considered acting in concert under the takeover code[83]. Compliance and Governance - The company has adopted the corporate governance code and believes it has complied with all significant aspects of the code during the reporting period[61]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the period[67]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[66].
叙福楼集团(01978) - 2021 - 中期财报