Financial Performance - For the financial year ended March 31, 2022, the Group's consolidated revenue was approximately HK$183,133,000, an increase of 39.8% from HK$131,120,000 in 2021[9]. - The loss attributable to equity holders of the Company was approximately HK$17,337,000, compared to a loss of HK$4,162,000 in 2021, resulting in a loss per share of HK6.68 cents, up from HK1.6 cents[9]. - The Group's consolidated revenue for the year ended March 31, 2022, was approximately HK$183,133,000, representing a 39.7% increase from HK$131,120,000 in the previous financial year[47]. - The catering business revenue increased by 180.9% to approximately HK$29,988,000, primarily due to the full-year contribution from the first "Gyumai" restaurant[55]. - The Group reported a revenue of HK$183,133,000 for the year ended March 31, 2022, an increase of 39.8% compared to HK$131,120,000 in 2021[106]. - The loss from continuing operations for the year was HK$15,760,000, compared to a loss of HK$3,739,000 in the previous year, indicating a significant decline in profitability[106]. Economic Environment - The economic environment in 2021-22 was impacted by the pandemic, the Russian-Ukraine conflict, and rising inflation, leading to weakened domestic consumption in Hong Kong[10]. - The catering industry in Hong Kong is anticipated to rebound steadily with the easing of social-distancing rules and lifting of travel restrictions[36]. Business Strategy and Operations - Despite challenges, the frozen meats trading business improved revenue by adopting a prudent purchase strategy and optimizing the product mix towards high-quality frozen meat products[16]. - The Group's strategy includes diversifying products towards the high-quality food segment to meet customer needs amid economic uncertainties[11]. - The Group plans to adapt its expansion strategy for opening new restaurants to align with future economic developments in Hong Kong[36]. - The Group opened its first restaurant brand "Gyumai" in Yuen Long, which performed well due to high-quality beef sourced from major regions[21]. - The Group's long-standing reputation and solid customer network helped achieve revenue growth despite the unstable economic environment[11]. Product and Market Development - The Group's exclusive distribution of Japanese wagyu beef brand "Satsuma" and Korean Lotte's Australian wagyu beef brand "L'Grow" met the growing demand for premium food[16]. - New products introduced by FSMHL, such as Japanese ice cream, eggs, milk, tofu, and rice, have gained popularity in the market[33]. - The Group recognizes the importance of brand building and marketing strategies, successfully establishing brands like "Satsuma" and "L'Grow" in the meat trading sector[26]. Financial Position and Investments - The Group's share of profit from Four Seas Mercantile Holdings Limited (FSMHL) for the financial year ended 31 March 2022 was HK$3,789,000, a decrease from HK$9,035,000 in 2021[34]. - FSMHL completed its full acquisition of Miyata Holdings Co., Ltd., which is expected to bring synergy to FSMHL and the Group due to its strong retail and distribution network[33]. - The Group continues to hold approximately 29.98% equity interest in FSMHL as a strategic investment in the food business[32]. - The Group's total banking facilities amounted to approximately HK$200,753,000, with 18% utilized as of March 31, 2022[95]. - Total assets as of March 31, 2022, amounted to HK$685,246,000, an increase from HK$684,036,000 in 2021[108]. - Total liabilities as of March 31, 2022, were HK$80,277,000, compared to HK$59,164,000 in 2021[108]. Operational Challenges - The catering business faced significant challenges due to Covid-19, with a substantial drop in customer numbers and transaction amounts compared to the previous fiscal year[22]. - The overall segment result of the frozen meats trading business recorded a loss of approximately HK$7,118,000, an increase of 290.2% compared to a loss of approximately HK$1,824,000 in the previous year[50]. - The catering segment's loss increased by 23.9% to approximately HK$1,409,000, compared to a loss of approximately HK$1,137,000 in the previous year[55]. Operational Metrics - The gross profit margin improved to 13.9% from 12.2% in the previous year[63]. - Trade receivables turnover days decreased to 24 days from 28 days in the previous year[63]. - Inventory turnover days increased to 106 days from 103 days in the previous year[63]. - Operating expenses to sales ratio increased to 18.4% from 16.0% in the previous year[63]. Future Outlook - The Group plans to open a third "Gyumai" restaurant in the second half of 2022, anticipating a rebound in business as social distancing measures are relaxed[56]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12% for fiscal year 2023[180]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on expanding the product line in the health food sector[180]. - The board of directors emphasized the importance of sustainability in operations, aiming to reduce carbon emissions by 15% over the next three years[180].
香港食品投资(00060) - 2022 - 年度财报