Financial Performance - For the six months ended June 30, 2023, the company's revenue increased by approximately 65.1% to HKD 660.5 million, compared to HKD 400.0 million in the same period last year[12][23]. - The profit attributable to shareholders for the same period was HKD 47.6 million, a significant increase from HKD 6.8 million in the previous year[12]. - Basic and diluted earnings per share for the period were HKD 5.94, compared to HKD 0.85 in the previous year[12]. - The group reported a pre-tax profit of HKD 56,207 thousand, compared to only HKD 930 thousand in the previous year, indicating a substantial improvement in profitability[87]. - Net profit attributable to shareholders for the period was HKD 47,550 thousand, up from HKD 6,788 thousand in the same period last year, reflecting a growth of approximately 600%[87]. - Operating cash flow for the period was HKD 154,073 thousand, compared to HKD 50,170 thousand in the previous year, showing a strong increase in cash generation[95]. Revenue Breakdown - Franchise brand revenue rose by approximately 64.6% to HKD 483.4 million, accounting for about 73.2% of total revenue[24]. - Revenue from self-owned brands increased by approximately 67.9% to HKD 174.0 million[24]. - Restaurant operations generated revenue of HKD 657,367,000, up from HKD 397,354,000, indicating a growth of 65.4%[114]. - The company's external revenue from self-owned brands was HKD 103,658,000, while franchise brands generated HKD 293,696,000[124]. Operational Expansion - The number of restaurants operated by the company increased from 50 to 55, with 16 under its own brands and 39 under franchise brands[16][19]. - The increase in revenue was primarily driven by the recovery from the COVID-19 pandemic and the expansion of the restaurant network[23]. - The company has introduced new brands, including "The Matcha Tokyo" and "好呷台灣火鍋," which have shown stable performance and are aimed at enhancing customer dining experiences[55]. Cost and Expenses - The group's food and beverage costs rose by approximately 55.7% or about HKD 72.0 million to approximately HKD 201.2 million, with food and beverage costs accounting for about 30.5% of revenue, down from approximately 32.3% in the same period last year[35]. - Employee costs increased by approximately 55.1% or about HKD 72.2 million to approximately HKD 203.2 million, with employee costs as a percentage of revenue decreasing by 1.9 percentage points to approximately 30.8%[35]. - The group's depreciation, rent, and related expenses for right-of-use assets increased by approximately 30.1% or about HKD 22.8 million to approximately HKD 98.4 million due to an increase in the number of restaurants from 50 to 55[36]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 4.75 per share and a special dividend of HKD 12.50 per share[12]. - The board has declared an interim dividend of HKD 0.0475 per share, totaling HKD 38 million, and a special dividend of HKD 0.125 per share, totaling HKD 100 million, to reward shareholders[59]. - The company maintains over HKD 200 million in reserves for operations and future development after the dividend payouts, with no financial debt impacting its operations[59]. Governance and Management - The company has established a professional management team to navigate future challenges and drive the next phase of development[58]. - The audit committee has been established, consisting of three independent non-executive directors, to oversee financial reporting and internal controls[72]. - The company maintains a strong governance structure with an independent audit committee overseeing financial practices[72]. Market Outlook - The Hong Kong government has lifted entry restrictions and mask mandates, which is expected to boost local consumption and tourism, leading to increased business opportunities for the company in the second half of 2023[54]. - The management team is optimistic about the economic recovery in Hong Kong despite challenges such as inflation and geopolitical instability, and is focused on strengthening brand presence and expanding store networks[58]. Assets and Liabilities - The group's cash and cash equivalents were approximately HKD 147.5 million as of June 30, 2023, down from approximately HKD 196.5 million as of December 31, 2022[39]. - The company's total assets as of June 30, 2023, amounted to HKD 869,885 thousand, up from HKD 846,592 thousand at the end of 2022[99]. - The company's total liabilities increased to HKD 474,993,000 as of June 30, 2023, compared to HKD 437,090,000 as of December 31, 2022[126]. Employee and Workforce - The group had 1,919 employees as of June 30, 2023, an increase from 1,768 employees as of December 31, 2022[48]. - The company's short-term employee benefits for the six months ended June 30, 2023, were HKD 4,806,000, compared to HKD 7,778,000 for the same period in 2022, indicating a decrease of approximately 38.3%[177].
叙福楼集团(01978) - 2023 - 中期财报