Financial Performance - The company's revenue for the year ended March 31, 2022, was SGD 24,051,000, an increase of 12.5% compared to SGD 21,451,000 in the previous year[18]. - Sales from specialty and dining stores amounted to SGD 16,030,000, up from SGD 14,477,000, representing an increase of 10.8%[18]. - Franchise and licensed operators contributed SGD 6,470,000 in sales, compared to SGD 5,740,000, marking a growth of 12.7%[18]. - The group's total revenue increased from approximately 21.5 million SGD in 2021 to about 24.1 million SGD in 2022, representing a growth of approximately 12%[5]. - The group's gross profit for the year was approximately 15.0 million SGD, an increase of about 14.5% from approximately 13.1 million SGD in 2021[25]. - The total sales revenue from Singapore's self-operated stores increased due to the nature of takeaway services, with total revenue from Indonesia and the USA rising by approximately 0.9 million SGD (68%) and 0.3 million SGD (136%) respectively[5]. Operational Expansion - The company expanded its operations into East Malaysia through a franchise agreement, reflecting a strategic move to enhance market presence[15]. - The number of specialty and dining stores increased by 6 during the year, attributed to the easing of COVID-19 restrictions[15]. - The company remains optimistic about business prospects in Malaysia and Indonesia, despite ongoing challenges in the restaurant industry[9]. - The company plans to continue expanding both local and overseas markets while enhancing brand strength and shareholder value[40]. Cost Management - The company is focused on managing high costs and maintaining cash flow amid unpredictable COVID-19 conditions[9]. - Employee costs rose from approximately 6.4 million SGD in 2021 to about 7.4 million SGD in 2022, an increase of approximately 1.0 million SGD[27]. - Rental and related expenses increased by approximately 0.5 million SGD (16%) to about 2.4 million SGD due to new store openings and increased warehouse rent in Singapore[28]. - The cost of goods sold increased in line with revenue growth, maintaining a gross margin of approximately 61-63%[24]. Cash Flow and Financial Position - As of March 31, 2022, the group's cash and cash equivalents were approximately 28.4 million SGD, an increase of about 3.0 million SGD from 25.4 million SGD in 2021[29]. - The group recorded a debt-to-equity ratio of approximately 15% as of March 31, 2022, compared to 16% in the previous year[30]. - The net proceeds from the share issuance amounted to approximately 13.0 million SGD, with allocations for new store openings and technology upgrades planned for 2023 and 2024[32]. Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and ensure transparency and accountability[57]. - The board of directors held four meetings and one annual general meeting during the year, with all executive directors attending all meetings[62]. - The independent non-executive director, Mr. Ho, was appointed on August 27, 2021, and has attended three out of three board meetings since his appointment[62]. - The company has adopted and complied with all provisions of the corporate governance code during the year[58]. - The board consists of three independent non-executive directors, meeting the requirement that independent non-executive directors must account for at least one-third of the board members[13]. Risk Management - The group remains cautious about the unpredictable impacts of COVID-19 and other challenges facing the restaurant industry, such as high operating costs[39]. - The company is subject to various risks and uncertainties that could significantly impact its financial condition and operational performance[123]. - The company faces potential adverse impacts on its financial performance due to reliance on rental agreements for its self-operated stores, with rental costs constituting a major part of operational expenses[128]. - The company acknowledges that negative reviews from food critics can adversely affect its business and brand reputation[125]. Shareholder Relations - The board emphasizes the importance of transparent and timely communication with shareholders to build investor confidence[110]. - Shareholders can request a special general meeting if they hold at least 10% of the paid-up capital, and the meeting must be held within two months of the request[111]. - The company has adopted a dividend policy to distribute no less than 40% of net profit as dividends, subject to board discretion and shareholder approval[117]. - The company reported no final dividend for the fiscal year ending March 31, 2022[138]. Audit and Compliance - The independent auditor, Mazars LLP, was appointed to fill the vacancy left by the resignation of the previous auditor and will be proposed for reappointment at the 2022 annual general meeting[183]. - The independent auditor's report confirms that the consolidated financial statements of Fast Food Empire Holdings Limited accurately reflect the group's financial position as of March 31, 2022, in accordance with International Financial Reporting Standards[135]. - The audit committee reviewed the independence of external auditors and the appointment of external auditors[95]. - The audit committee reviewed the internal control review report and found the risk management and internal control systems to be effective and adequate[102].
快餐帝国(01843) - 2022 - 年度财报