快餐帝国(01843) - 2025 - 年度业绩

Financial Overview Financial Highlights The Group's revenue increased by 17.5% to SGD 29.57 million and gross profit by 19.7% to SGD 18.68 million this fiscal year; however, increased expansion costs led to a net loss of SGD 0.483 million, reversing last year's profit of SGD 0.18 million | Metric | Year Ended March 31, 2025 | Year Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | 29,568,000 SGD | 25,160,000 SGD | | Gross Profit | 18,684,000 SGD | 15,603,000 SGD | | (Loss)/Profit Attributable to Equity Holders of the Company | (483,000) SGD | 180,000 SGD | | Basic and Diluted (Loss)/Earnings Per Share | (0.06) SGC | 0.02 SGC | Consolidated Financial Statements The consolidated financial statements show increased revenue and gross profit, but significantly higher selling, distribution, and administrative expenses led to a pre-tax loss, while non-current assets like property, plant, and equipment increased, and cash and cash equivalents decreased Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue grew 17.5% to SGD 29.57 million this year, but a 36.7% surge in selling and distribution expenses to SGD 9.21 million and a 9.9% rise in administrative expenses to SGD 10.08 million resulted in a pre-tax loss of SGD 0.124 million, reversing last year's pre-tax profit of SGD 0.226 million | Item (SGD thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 29,568 | 25,160 | +17.5% | | Gross Profit | 18,684 | 15,603 | +19.7% | | Selling and Distribution Expenses | (9,214) | (6,740) | +36.7% | | Administrative Expenses | (10,084) | (9,170) | +9.9% | | (Loss)/Profit Before Income Tax | (124) | 226 | From Profit to Loss | | (Loss)/Profit for the Year | (483) | 180 | From Profit to Loss | Consolidated Statement of Financial Position Total assets slightly increased to SGD 34.30 million at year-end, with non-current assets growing 34% to SGD 10.92 million due to property, plant, and equipment investments, while current assets decreased by SGD 4.11 million due to reduced cash and cash equivalents, and total liabilities slightly rose to SGD 10.17 million | Item (SGD thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 10,916 | 8,149 | +2,767 | | Current Assets | 23,385 | 25,772 | -2,387 | | Of which: Cash and Cash Equivalents | 18,024 | 22,134 | -4,110 | | Total Assets | 34,301 | 33,921 | +380 | | Equity and Liabilities | | | | | Equity Attributable to Equity Holders of the Company | 24,132 | 24,343 | -211 | | Total Liabilities | 10,169 | 9,578 | +591 | | Total Equity and Liabilities | 34,301 | 33,921 | +380 | Notes to the Consolidated Financial Statements Segment Information and Revenue Analysis The Group operates as a single segment, with primary revenue from Singapore and Malaysia specialty store sales and franchising, totaling SGD 29.57 million this year, with specialty store sales being the largest contributor at SGD 20.57 million, up 23.7% year-on-year Revenue by Geographical Market (SGD thousands) | Geographical Market | 2025 | 2024 | | :--- | :--- | :--- | | Singapore | 12,769 | 10,757 | | Malaysia | 13,082 | 10,793 | | Indonesia | 2,980 | 2,954 | | United States | 711 | 518 | | Others | 26 | 138 | | Total | 29,568 | 25,160 | Revenue by Nature of Business (SGD thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Specialty Store Sales | 20,571 | 16,626 | | Sales to Franchisees | 7,455 | 6,960 | | Royalty Fees | 922 | 841 | | Franchise Fees | 350 | 521 | | Advertising and Promotion Fees | 270 | 212 | | Total | 29,568 | 25,160 | - Annual revenue from a single external customer in Indonesia was approximately SGD 2.98 million, accounting for about 10% of total revenue[21] Analysis of Expenses and Statement of Financial Position Items Significant expense increases this year, including employee benefits to SGD 8.40 million and depreciation to SGD 2.98 million, reflect cost pressures from business expansion, while property, plant, and equipment net book value substantially increased due to additions, and cash balances decreased with reduced bank borrowings - Key expense items all increased, with employee benefits costs (+22.6%), advertising and promotion expenses (+56.1%), and depreciation (+33.5%) showing particularly significant growth, reflecting increased investment during the expansion phase[28] - The net book value of property, plant, and equipment increased from SGD 8.0 million to SGD 10.8 million, primarily due to SGD 5.79 million in asset additions during the year[37] - The Group's cash and cash equivalents decreased by SGD 4.11 million from SGD 22.13 million to SGD 18.02 million[43] - Total bank borrowings decreased from SGD 1.95 million to SGD 1.32 million, with SGD 0.13 million due within one year[50][52] Chairman's Statement and Management Discussion Chairman's Statement The Chairman noted this year as one of continued expansion with increased self-operated specialty stores driving revenue growth, but the Group recorded a net loss due to central kitchen operational costs, higher labor expenses, and new Eat Pizza brand-related expenditures, with future plans including Philippine franchising, new menu items, and digitalization amidst challenging operating conditions - The Group is in a continuous expansion phase, with an increase in the number of Shihlin and Eat Pizza self-operated stores in Singapore and Malaysia, driving specialty store revenue growth of approximately 24%[57] - Key reasons for the shift from profit to loss include: expenses incurred for the operationalization of the Singapore central kitchen, increased labor costs for offices and specialty stores, and expenses related to the new Eat Pizza brand[57][59] - Future initiatives include: exploring new master franchise opportunities in the Philippines, and launching new menu items supported by the central kitchen to enhance revenue and profitability[58][60] Management Discussion and Analysis Management detailed this year's operations, noting an 18% revenue increase driven by Shihlin and Eat Pizza self-operated store expansion and franchise network growth, stable gross margins, but significantly higher selling and administrative expenses due to expansion, with plans for continued expansion using IPO proceeds, focusing on digitalization, network growth, and menu innovation Business and Financial Review Total revenue grew 18% to SGD 29.60 million, primarily driven by increased revenue from Shihlin self-operated stores (+SGD 2.5 million) and Eat Pizza self-operated stores (+SGD 1.4 million), with gross margin stable between 61%-63%, but selling and distribution expenses surged 37% and administrative expenses rose 10% to support new store openings and personnel expansion - Revenue growth primarily stemmed from: (i) an increase of approximately SGD 2.5 million in Shihlin self-operated store revenue; (ii) an increase of approximately SGD 1.4 million in Eat Pizza self-operated store revenue; and (iii) increased revenue from the expansion of the franchise network[67] - Selling and distribution expenses increased by 37% (approximately SGD 2.5 million), mainly due to higher labor costs and depreciation from opening new specialty stores[72] - Administrative expenses increased by 10% (approximately SGD 0.9 million), primarily due to office expansion, staff salary increments, and legal professional fees related to the acquisition of a warehouse in Malaysia[73] Liquidity, Capital, and Acquisitions The Group's cash and cash equivalents decreased by SGD 4.1 million to SGD 18.0 million, maintaining a healthy current ratio of 4.0 times and a stable debt-to-equity ratio of 23%, while undertaking two significant property acquisitions in Malaysia (MYR 9.0 million) and Singapore (SGD 7.79 million) during the year, with SGD 1.674 million of IPO proceeds remaining unutilized - The Group's cash and cash equivalents are approximately SGD 18.0 million, a decrease of SGD 4.1 million from last year, with a current ratio of approximately 4.0 times[75] - The debt-to-equity ratio (total interest-bearing bank borrowings and lease liabilities/equity) is approximately 23%, consistent with last year[76] - Two significant acquisitions occurred during the year: the purchase of a property in Malaysia for MYR 9.0 million and the acquisition of a property in Singapore for SGD 7.79 million[77] Summary of Use of Proceeds from Share Offer (SGD thousands) | Purpose | Revised Net Proceeds Allocation | Amount Utilized During the Year | Balance as at March 31, 2025 | | :--- | :--- | :--- | :--- | | Establishment of New Self-Operated Specialty Stores in Singapore | 1,280 | (288) | — | | Establishment of New Self-Operated Specialty Stores in West Malaysia | 1,228 | (18) | 233 | | Expansion of Non-Self-Operated Network | 720 | (80) | 402 | | Renovation of Self-Operated Stores | 752 | (22) | 414 | | Upgrade of IT Infrastructure | 1,060 | (204) | 625 | | Total | 13,000 | (802) | 1,674 | Outlook and Risks The Group faces foreign currency risk from cash, revenue, and expenses denominated in MYR, HKD, and USD, and plans to enhance efficiency through digitalization and automation, expand its specialty store network, improve menus, and explore additional revenue streams to create shareholder value - The Group faces foreign currency risk due to cash denominated in MYR and HKD, and monetary assets and liabilities denominated in USD and HKD, with no derivative instruments currently used for hedging[80] - Future outlook includes: (i) achieving digitalization and automation; (ii) expanding the specialty store network; (iii) improving the menu; and (iv) exploring additional revenue streams[87] Corporate Governance and Other Information Dividends and Share Information The Board resolved not to recommend any final dividend for the current year, compared to SGD 0.136 million paid last year, and the company and its subsidiaries did not purchase, redeem, or sell any listed securities during the year, maintaining sufficient public float - The Board resolved not to recommend any final dividend for the current year, whereas SGD 0.136 million was distributed for the 2023/2024 financial year[92] - Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the year[93] - As of the date of this announcement, the Company has maintained a sufficient public float (not less than 25%) as required by the Listing Rules[96] Audit and Compliance The Audit Committee reviewed the full-year results announcement, and the Company confirmed compliance with all applicable provisions of the Corporate Governance Code throughout the reporting period, with all Directors also confirming adherence to the Model Code for securities transactions - This full-year results announcement has been reviewed by the Audit Committee[98] - Independent auditor Forvis Mazars LLP has concurred that the financial statement figures contained in this announcement are consistent with the draft financial statements[99] - During the year, the Company has complied with all mandatory disclosure requirements and provisions of the Corporate Governance Code[88]