Financial Performance - Total revenue for the fiscal year ended March 31, 2022, was approximately HKD 41.9 million, a decrease of about 19.3% compared to HKD 51.9 million in 2021[9]. - The group reported a loss of approximately HKD 15.8 million for the year, an increase from a loss of HKD 13.4 million in 2021[9]. - The decline in revenue was primarily due to the closure of several restaurants and the impact of the COVID-19 pandemic, particularly the fifth wave outbreak in the fourth quarter of the fiscal year[9]. - Revenue from Hong Kong decreased from HKD 46.6 million in 2021 to HKD 37.3 million in 2022, while revenue from China dropped from HKD 2.2 million to HKD 0.6 million, and revenue from Macau increased from HKD 3.1 million to HKD 3.9 million[22][23]. - The group has transitioned all restaurants in China from self-operated to franchised, generating only franchise fees and consulting service income[21]. - The company recorded a loss of approximately HKD 15.8 million for the fiscal year ending March 31, 2022, an increase from a loss of HKD 13.4 million in the previous year[52]. - The expected revenue growth rate for the fiscal year ending March 31, 2022, is projected to be between 0% and 10.2%, with a specific estimate of 3.0% for Y1[43]. - The anticipated gross profit margin range is between 66.2% and 74.9% for the fiscal years 2022 to 2026[43]. - The expected gross profit margin for the fiscal year ending March 31, 2023, is projected to be between 60.5% and 75.0%[45]. Cost Management - The management is focused on identifying new opportunities to expand revenue sources while implementing cost control measures to reduce losses[12]. - The group launched various affordable meal sets to attract cost-conscious customers amid a challenging economic environment[10]. - Inventory costs decreased by approximately 15.8% from about HKD 12.1 million in 2021 to about HKD 10.2 million in 2022, with the cost-to-revenue ratio increasing from 23.3% to 24.3%[25]. - Employee costs decreased by about 9.9% from approximately HKD 22.5 million in 2021 to about HKD 20.2 million in 2022, with employee costs as a percentage of revenue increasing from 43.3% to 48.3%[28]. - Rental and related expenses decreased by approximately 36.0% from about HKD 3.8 million in 2021 to about HKD 2.5 million in 2022 due to the closure of several restaurants[29]. - Depreciation and amortization expenses decreased by approximately 42.6% from about HKD 13.1 million in 2021 to about HKD 7.4 million in 2022, mainly due to impairment losses recognized in the previous year[30]. - Other expenses decreased from approximately HKD 16.4 million for the year ended March 31, 2021, to approximately HKD 14.2 million for the year ended March 31, 2022, representing a reduction of about 13.6%[31]. - The company implemented multiple cost control measures, contributing to the reduction in variable operating expenses[31]. Operational Strategies - Collaboration with independent online delivery platforms has been strengthened to compensate for reduced dine-in revenue[10]. - The group has introduced attractive discounts for takeout and pre-packaged chilled ramen ordered through its website[10]. - The group continues to emphasize the quality of its "Hakata" Japanese ramen and customer service, ensuring a memorable dining experience[12]. - Management will continuously monitor market developments and adapt strategies accordingly to enhance food quality and customer service[78]. - The company is actively seeking potential business opportunities and partnerships to expand revenue sources and improve shareholder returns[79]. Management and Governance - The board is responsible for the group's environmental, social, and governance (ESG) strategy and reporting, ensuring compliance with relevant regulations[18]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, to oversee specific areas of the company's affairs[186]. - The board of directors is responsible for overseeing the company's internal control, financial monitoring, and risk management systems, which are reviewed for effectiveness at least annually[200]. - The company has adopted the corporate governance code as per GEM listing rules and has complied with its provisions, except for a specific deviation noted[157]. - The board consists of at least one independent non-executive director with appropriate professional qualifications or accounting expertise, exceeding one-third of the board members[163]. Employee and Shareholder Information - The group had 76 employees as of March 31, 2022, down from 111 employees in the previous year[74]. - The company reported a distributable reserve of approximately HKD 7.2 million as of March 31, 2022, down from HKD 12.1 million in 2021[122]. - The company has granted a total of 50,000,000 share options to ten employees, with the exercise period from April 26, 2022, to April 25, 2024[62]. - The company has not declared a final dividend for the fiscal year ending March 31, 2022, compared to zero in the previous year[66]. - The company has adopted a general dividend policy aimed at providing shareholders with a share of the group's profits, subject to various considerations[103]. Future Outlook - The management remains optimistic about future opportunities despite ongoing uncertainties related to the COVID-19 pandemic[12]. - The impact of COVID-19 on the group's operations remains uncertain, with ongoing monitoring of the situation[61]. - The company acknowledges ongoing challenges in the restaurant industry due to the COVID-19 pandemic, despite signs of recovery in global travel and economic conditions[78].
赏之味(08096) - 2022 - 年度财报