Financial Performance - The Group recorded an unaudited revenue of approximately HK$37.8 million for the three months ended 31 March 2022, representing a decrease of approximately 13.2% compared to HK$43.6 million for the same period in 2021[31]. - The Group's unaudited loss was approximately HK$11.8 million for the three months ended 31 March 2022, an increase of approximately 62.7% compared to a loss of approximately HK$7.2 million for the same period in 2021[32]. - Loss per share for the period was HK$0.87, compared to HK$0.67 for the same period in 2021, reflecting a deterioration in financial performance[31]. - Total comprehensive expense for the period attributable to owners of the Company was HK$10.1 million, compared to HK$6.9 million for the same period in 2021[36]. - The Group's loss before taxation was HK$11.8 million, compared to HK$7.2 million for the same period in 2021[36]. - The loss for the period was HK$1,865,000, compared to a loss of HK$2,200,000 in the previous year, indicating an improvement of about 15.2%[42]. - The company's total comprehensive expense for the period was HK$10,091,000, a decrease from HK$11,771,000 in the prior year, reflecting a reduction of approximately 14.3%[42]. - Loss attributable to owners of the Company was approximately HK$10.1 million for the three months ended 31 March 2022, representing an increase in loss of approximately HK$3.2 million compared to a loss of approximately HK$6.9 million for the three months ended 31 March 2021[109]. Revenue and Expenses - Other income for the three months ended 31 March 2022 was HK$1.9 million, compared to HK$1.7 million for the same period in 2021, indicating a slight increase[36]. - Staff costs for the period were HK$19.5 million, slightly decreased from HK$19.8 million in the previous year[36]. - The Group's total operating expenses increased, with significant costs in raw materials and consumables used amounting to HK$10.9 million[36]. - Raw materials and consumables used amounted to approximately HK$10.9 million for the period ended March 31, 2022, accounting for approximately 28.7% of total revenue, compared to HK$12.4 million and 28.4% in the previous year[104]. - Property rentals and related expenses increased by approximately HK$0.1 million from approximately HK$1.9 million for the three months ended 31 March 2021 to HK$2.0 million for the three months ended 31 March 2022[109]. Corporate Governance - The company is committed to maintaining high corporate governance standards and has complied with the CG Code during the review period, except for a deviation regarding the roles of chairman and CEO[172]. - Ms. Wong Pui Yain serves as both the chairperson and CEO, which the Board believes is in the best interest of effective management and business development[172]. - The new Corporate Governance Code effective from January 1, 2022, will apply to the company's corporate governance report for the financial year starting on that date[177]. Strategic Initiatives - The financial results indicate a challenging market environment, necessitating strategic adjustments moving forward[32]. - The company is currently exploring new strategies for market expansion and product development to enhance its competitive position[50]. - The Group continues to focus on enhancing food quality and service to build a stronger brand during challenging times[99]. - The Group is actively seeking new potential locations for business expansion and plans to update menus and launch new brands[99]. - Investment in food technology is a highlight, with the Group subscribing to convertible promissory notes from Kin Shun Information Technology Holdings Limited to enhance customer experience through smart logistics and SaaS solutions[95]. - The Group expects that the expansion of Zeek's business will create potential synergies and reasonable financial returns in the growing food and delivery logistics market[95]. - The Group's management believes that business will continue to recover as the pandemic is brought under control and customers return to dining out[99]. - The Board will proactively seek potential business opportunities to broaden income sources and enhance shareholder value[99]. - The Group aims to facilitate effective implementation of business objectives to generate profits[99]. Share Capital and Ownership - As of March 31, 2022, the company had total assets of HK$11,600,000 and total liabilities of HK$100,807,000, resulting in a negative equity position[42]. - The total of 1,210,000 shares repurchased in November and December 2021 were cancelled on 10 January 2021, resulting in an issued share capital of 1,159,980,000 shares[117]. - As of March 31, 2022, the issued share capital of the company is 1,159,980,000 shares[131]. - Wong Pui Yain holds 409,670,000 shares, representing approximately 44.86% of the issued share capital[129]. - The company has granted share options to directors and associates under the share option scheme adopted on January 23, 2018[134]. - The total interests of Wong Pui Yain include 79,766,000 shares and 1,850,000 equity derivatives[129]. - The company has 11,350,000 options outstanding under the share option scheme, representing approximately 0.98% of the company's issued shares[146]. - Giant Mind holds 409,670,000 shares, representing approximately 35.32% of the issued share capital of the company[153]. - The spouse of a director has an interest of 29,130,000 shares[155]. Operational Challenges - The company has faced significant operational challenges due to COVID-19 restrictions, which have adversely affected its business operations[50]. - The Group has technically breached the loan covenant due to failure to fulfill certain financial criteria, but lenders have not demanded immediate loan repayment as of the approval date of the financial statements[112]. - The Group has sufficient working capital from existing bank balances, internally generated funds, and available banking facilities as of the report date[113]. - There has been no change in the capital structure of the Group during the three months ended 31 March 2022[113]. - The company operates solely in Hong Kong, with no geographical expansion reported during the period[64]. - The group has only one operating segment, which is the management of restaurants in Hong Kong, with no further segment analysis provided[63]. Miscellaneous - The unaudited financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and have not been audited by the independent auditor[45]. - The financial information is presented in Hong Kong Dollars (HK$), which is the functional currency of the company[50]. - The company has consistently adopted HKFRS effective for its financial year beginning January 1, 2022[50]. - There have been no significant events requiring disclosure from March 31, 2022, to the date of this report[182]. - Ms. Wan Suet Yee Cherry's remuneration has been changed to HK$864,000 per annum effective from March 1, 2022[179].
佳民集团(08519) - 2022 Q1 - 季度财报