大家乐集团(00341) - 2023 - 中期财报

Financial Performance - The Group's revenue for the first half of FY2022/23 amounted to HK$3,898.2 million, a slight increase from HK$3,870.1 million in 2021[7]. - Profit attributable to shareholders increased to HK$108.7 million, compared to HK$81.2 million in 2021, including government COVID-19 subsidies of HK$40.9 million during the period[7]. - The Group's revenue for the six months ended 30 September 2022 increased by 0.7% to HK$3,898.2 million compared to HK$3,870.1 million in 2021[12]. - Profit attributable to shareholders rose by 33.9% to HK$108.7 million, primarily due to COVID-19 subsidies of HK$40.9 million received from the government during the period[19]. - Profit attributable to equity holders increased by 33.9% to HK$108.7 million for the six months ended 30 September 2022, compared to HK$81.2 million in 2021[21]. - Adjusted net profit decreased by 16.5% to HK$67.8 million, down from HK$81.2 million in the previous year[21]. - Basic earnings per share rose by 34.3% to HK18.8 cents, compared to HK14.0 cents in the same period last year[21]. - The gross profit margin decreased to 8.8% for the six months ended 30 September 2022, down from 9.8% in 2021, mainly due to the adverse impact of the COVID-19 pandemic[15]. Dividends and Shareholder Returns - An interim dividend of HK10 cents was declared for the six months ended 30 September 2022, consistent with the previous year[8]. - The Group declared an interim dividend of HK10 cents per share for the six months ended September 30, 2022, consistent with the previous year[38]. - The company reported a dividend income from listed equity investments of HK$3,062,000 for the six months ended September 30, 2022, compared to HK$6,123,000 in 2021[153]. Cost Management and Operational Efficiency - Administrative expenses decreased by 4.5% to HK$226.9 million during the six months ended 30 September 2022, reflecting effective cost control measures[16]. - The Group continued to focus on cost control and digitalization initiatives to enhance efficiency and productivity during the volatile market conditions[19]. - The Group is addressing rising costs through smart sourcing, menu reengineering, and enhanced business planning[25]. - The Group is focused on improving its cost base, productivity, and efficiency to achieve long-term margin improvement[37]. Market and Business Segments - The Hong Kong business profitability significantly recovered in the second quarter, driven by successful brand and product marketing campaigns, effective cost controls, and digitalisation initiatives[9]. - The Mainland China business faced challenges due to COVID-19 outbreaks in specific cities, but revenue from new shops and cost control measures helped mitigate losses[8]. - Revenue from the Institutional Catering segment increased by 12.3% to HK$378.3 million, while revenue from Quick Service Restaurants and Casual Dining segments saw slight declines[14]. - Revenue from the Institutional Catering division increased by 12.3% to HK$378.3 million (2021: HK$337.1 million) due to successful contract renegotiations and new contracts[27]. - Revenue from Mainland China operations increased by 1.6% to HK$684.2 million (2021: HK$673.5 million), with the South China fast food business experiencing a 5.1% revenue increase to RMB567.8 million despite a 5% decline in same store sales[27]. Digital Transformation and Customer Engagement - Club 100 membership surpassed 1.3 million users, with significant enhancements made to the mobile app to improve user experience[24]. - The Group's online platform, eatCDC.com, recorded significant growth in traffic and sales, aided by partnerships with third-party delivery platforms[24]. - Active customers and sales revenue from digital solutions, including mobile ordering and e-commerce platforms, have seen significant growth[37]. - More than half of all orders are now coming through digital platforms, with up to half of stores using robots for dine-in services[32]. Store Expansion and Development - New store openings were consistent with previous growth trends, despite a more cautious approach due to COVID-related uncertainties[19]. - The number of stores increased to 375 in Hong Kong and 146 in Mainland China as of 30 September 2022[22]. - Café de Coral opened 12 new stores in the first half of the year, reaching a total of 146 stores as of 30 September 2022 (31 March 2022: 136) with 9 new stores planned for the remainder of the financial year[30]. - The rollout of a new store format is being accelerated to enhance productivity and per-square-foot sales[26]. Financial Position and Liquidity - As of September 30, 2022, the Group had cash of approximately HK$1,580.4 million and available banking facilities of HK$875 million[32]. - The Group's current ratio was 0.8 and cash ratio was 0.6 as of September 30, 2022, compared to 1.2 and 0.9 respectively on March 31, 2022[32]. - The Group reported a net current liabilities position of HK$384,731,000 as of 30 September 2022, compared to net current assets of HK$425,513,000 as of 31 March 2022[81]. - The directors believe that the Group will have sufficient working capital to meet its financial obligations in the coming twelve months[81]. - The Group's liquidity risk management involves maintaining sufficient cash and available credit facilities, considering current and expected market conditions, including the impact of COVID-19[93]. Share Award Scheme and Employee Compensation - The Share Award Scheme allows for the awarding of restricted shares, with a total number of shares not exceeding 5% of the total issued shares of the Company[41]. - During the six months ended September 30, 2022, restricted shares were awarded to selected participants under the Share Award Scheme[42]. - A total of 19,924,512 shares have been awarded under the Share Award Scheme, representing approximately 3.40% of the total number of issued shares as of 30 September 2022[46]. - Key management compensation for the six months ended September 30, 2022, totaled HK$21,615,000, slightly down from HK$22,257,000 in 2021[179]. Governance and Compliance - The Audit Committee, comprising four Independent Non-executive Directors and one Non-executive Director, reviewed the unaudited interim results for the six months ended September 30, 2022[61]. - The company complied with all code provisions of the Corporate Governance Code during the six months ended September 30, 2022[57]. - All Directors confirmed compliance with the Model Code regarding securities transactions during the six months ended September 30, 2022[58]. Future Outlook - The Group remains cautiously optimistic about market conditions for the second half of the financial year, anticipating a boost from the reopening of Hong Kong and consumption vouchers[36]. - The Group expects to leverage the festive season in the second half of the financial year to drive additional sales through promotions and marketing activities[37]. - The Group remains confident in achieving its goal of new store openings throughout the Greater Bay Area despite uncertain conditions in Mainland China[37].