Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to HKD 1,056.0 million from HKD 1,276.8 million in 2023, representing a decline of approximately 17.3%[3] - The company reported a loss attributable to shareholders of HKD 32.1 million for 2024, compared to a profit of HKD 88.1 million in 2023, indicating a significant downturn in profitability[5] - Basic and diluted loss per share for 2024 was HKD 4.01, a decrease from earnings of HKD 11.01 per share in 2023[5] - The group reported a pre-tax loss of HKD 38,450 for the year ended December 31, 2024, compared to a pre-tax profit of HKD 104,442 in 2023[20][21] - The group’s total segment profit for 2024 was HKD 29,708, compared to HKD 161,072 in 2023, a decrease of 81.6%[20][21] - The pre-tax loss for 2024 was HKD 32,062,000, compared to a profit of HKD 88,065,000 in 2023, indicating a significant downturn[32] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was HKD 1,055,992, a decrease of 17.3% from HKD 1,276,771 in 2023[16] - Restaurant operations revenue decreased to HKD 1,049,503 in 2024 from HKD 1,269,483 in 2023, representing a decline of 17.3%[16] - The revenue from franchised brands decreased by approximately 16.1% or about HKD 149.9 million to approximately HKD 778.2 million, while the number of franchised restaurants increased from 41 to 46[49] - The revenue from owned brands decreased by approximately 20.5% or about HKD 70.1 million to approximately HKD 271.3 million[49] - The group’s external revenue from food sales and others was HKD 6,489 in 2024, down from HKD 7,288 in 2023, a decline of 10.9%[20] Assets and Liabilities - Total assets increased to HKD 786.0 million in 2024 from HKD 759.7 million in 2023, reflecting a growth of approximately 3.5%[6] - The company's current liabilities exceeded current assets by HKD 93.1 million as of December 31, 2024, highlighting liquidity challenges[10] - Non-current liabilities rose to HKD 233.9 million in 2024 from HKD 168.5 million in 2023, an increase of approximately 39%[7] - The total segment assets increased to HKD 581,911 in 2024 from HKD 470,022 in 2023, reflecting a growth of 23.7%[22] - Segment liabilities rose to HKD 473,828 in 2024 from HKD 375,555 in 2023, an increase of 26.2%[22] Cash Flow and Working Capital - Cash and cash equivalents stood at HKD 144.8 million in 2024, slightly down from HKD 147.7 million in 2023, with no external borrowings reported[10] - The company plans to enhance operational cash flow and maintain sufficient working capital to meet financial obligations over the next twelve months[10] - The current assets and current liabilities were approximately HKD 226.1 million and HKD 319.2 million, respectively, resulting in a current ratio of approximately 0.7 times as of December 31, 2024, down from 1.1 times in 2023[56] Operational Highlights - The company operates full-service restaurants primarily serving Asian cuisine, including Japanese and Cantonese dishes, in Hong Kong[8] - The group opened 10 new restaurants and renovated one restaurant within a month, setting a new record for the group[43] - The group operates 17 owned restaurants and 46 franchised restaurants as of December 31, 2024, compared to 16 owned and 41 franchised restaurants in the previous year[48] - The group has actively developed multiple brands, launching new self-operated brands and franchise brands to meet diverse customer needs[43] Cost Management - The food and beverage costs decreased by approximately 18.3% or about HKD 71.6 million to approximately HKD 319.7 million, with food and beverage costs accounting for about 30.3% of revenue[52] - Employee costs decreased by approximately 0.6% or about HKD 2.4 million to approximately HKD 377.9 million, with employee costs accounting for about 35.8% of revenue[53] Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance to protect shareholder interests[74] - The board consists of two executive directors and three independent non-executive directors, ensuring a high level of independence[74] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated annual results for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and regulations[77] Dividend Policy - The company has decided not to recommend a final dividend for the year ending December 31, 2024, compared to a final dividend of HKD 0.0406 per share in 2023[35] - The board has decided not to recommend a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.0406 per share for 2023[71] Employee Information - The group had 1,619 employees as of December 31, 2024, down from 1,667 employees in 2023[65] Future Outlook - The group plans to streamline internal processes and develop new brands while launching innovative products to enhance operational efficiency and market responsiveness[69]
叙福楼集团(01978) - 2024 - 年度业绩