Financial Performance - The group's revenue for the three months ended June 30, 2020, was HKD 98,209,000, a slight decrease of 0.6% compared to HKD 98,798,000 for the same period in 2019[6]. - The group's profit before tax for the period was HKD 9,870,000, down 24.4% from HKD 13,066,000 in the same quarter of 2019[6]. - The total comprehensive income for the period was HKD 8,385,000, compared to HKD 10,923,000 in the previous year, reflecting a decrease of 23.3%[6]. - Basic and diluted earnings per share for the period were both HKD 0.022, down from HKD 0.029 in the same quarter of 2019[6]. - The company reported a profit attributable to shareholders of HKD 8,385,000 for the three months ended June 30, 2020, a decrease of 23.3% compared to HKD 10,923,000 for the same period in 2019[25]. - Adjusted net profit, excluding listing expenses, was approximately HKD 12,085,000, an increase of 10.6%[68]. Revenue and Customer Metrics - For the three months ended June 30, 2020, the total number of customers served was 582,170, a decrease of 79,662 or 12.0% compared to the same period in 2019[38]. - Revenue from existing restaurants dropped by approximately 27.5% to HKD 63,432,000, while revenue from new restaurants opened in FY2020 decreased by 18.6% to HKD 9,168,000[56][57]. - The number of customers at existing restaurants decreased by approximately 28.7% compared to the three months ended June 30, 2019[43]. - Average spending per customer increased from HKD 149.3 in 2019 to HKD 168.7 in 2020, with a higher average of HKD 176.7 when excluding snack and dessert businesses[38]. - The average spending at snack kiosks increased by 6.0% to HKD 41.4, while dessert business spending rose by 12.3% to HKD 74.9 compared to 2019[38]. Expenses and Costs - Employee costs decreased to HKD 25,245,000 from HKD 27,918,000, a reduction of 9.6%[6]. - Material and consumable costs increased by about 5.1% to HKD 28,730,000, representing 29.3% of total revenue, up from 27.7%[62][63]. - Employee costs decreased by approximately 9.6% to HKD 25,245,000, accounting for 25.7% of revenue, down from 28.3%[62][65]. - Depreciation of property, plant, and equipment increased to HKD 4,172,000 from HKD 2,887,000, marking a rise of 44.6%[6]. - Property, plant, and equipment depreciation rose by approximately 44.5% to HKD 4,172,000, while right-of-use asset depreciation increased by 33.1% to HKD 17,590,000[62][65]. Strategic Initiatives - The company continues to focus on expanding its restaurant operations in Hong Kong, leveraging its brand and market presence[14]. - The company opened two new restaurants during the quarter, increasing the total number of restaurants from 28 to 30[31]. - The new restaurant openings included locations in Tung Chung and Tuen Mun, contributing to the company's market expansion strategy[31]. - The company has entered into new lease agreements for upcoming restaurant openings, with expected operating dates in the third and fourth quarters of 2020[32]. - The company plans to utilize unspent funds of approximately HKD 5,000,000 for the lease deposit and renovation costs of the first "Yama" restaurant, reallocating from previous marketing and renovation plans[46]. - The company plans to leverage joint venture partners for fresh food supplies and local market knowledge in its expansion into China[74]. - The company is actively negotiating new potential locations for business expansion beyond the two new leases already committed[74]. Government Support and Compliance - The company received a subsidy of approximately HKD 10,600,000 from the Hong Kong government, with HKD 3,500,000 recognized as other income[58]. - Rental reductions amounted to approximately HKD 2,900,000, recorded as other income under the revised Hong Kong Financial Reporting Standards[60]. - The company has implemented new accounting policies related to rent concessions due to the COVID-19 pandemic, which will be recognized as variable lease payments[20]. - The company has complied with the corporate governance code as per GEM listing rules during the reporting period[86]. Financial Position - As of June 30, 2020, total borrowings amounted to approximately HKD 1,700,000, a decrease of 15.5% compared to March 31, 2020[70]. - Cash and cash equivalents were approximately HKD 84,100,000, primarily denominated in HKD, with no significant foreign exchange risk anticipated in the next 12 months[70]. - The group was in a net cash position as of June 30, 2020, indicating no net debt[71]. - The group had no significant contingent liabilities as of June 30, 2020[72]. - Outstanding capital commitments were approximately HKD 34,572,000, with about HKD 32,880,000 related to investments in joint ventures[73]. Future Outlook - The company expects adverse impacts on revenues for July and August 2020 due to measures taken in the first quarter of FY2021, but aims to control costs and maintain food quality[74]. - The company did not recommend the payment of an interim dividend for the three months ended June 30, 2020[24]. - The estimated tax rate applied for the period was 16.5% for Hong Kong profits tax[24]. - The company has chosen to early adopt the revised Hong Kong Financial Reporting Standards effective from April 1, 2020, which did not have a significant impact on its financial performance[21]. - The revised standards include changes to the definition of materiality, which may affect the presentation and disclosure in the consolidated financial statements[22]. Corporate Governance - Major shareholders, including Mr. Wong and Ms. Chan, each hold 68.549% of the shares, totaling 260,302,000 shares[81]. - The chairman and CEO, Huang Yishan, leads the board, which includes independent non-executive directors[92]. - The board expresses gratitude to all employees and management for their contributions during the period[91].
尝高美集团(08371) - 2021 Q1 - 季度财报