大家乐集团(00341) - 2024 - 年度业绩

Financial Performance - Group annual revenue increased to HKD 8,691.4 million (FY2022/23: HKD 8,024.0 million), with profit attributable to shareholders reaching HKD 330.5 million (FY2022/23: HKD 110.4 million), approximately 4.8 times higher excluding government pandemic subsidies[2] - Gross margin significantly improved to 11.4% (FY2022/23: 8.8%) due to optimized business models and operations[2] - Group revenue increased by 8.3% to HKD 8,691.4 million for the year ended March 31, 2024[7] - Profit attributable to shareholders surged by 199.5% to HKD 330.5 million, compared to HKD 110.4 million in the previous year[7] - Gross profit margin improved significantly to 11.4%, up from 8.8% in the previous year[7] - Revenue for the fiscal year ending March 31, 2024, increased to HKD 8,691,449 thousand, up from HKD 8,024,044 thousand in the previous year[39] - Gross profit rose to HKD 989,286 thousand, compared to HKD 702,649 thousand in the prior year[39] - Net profit attributable to equity holders of the company surged to HKD 330,454 thousand from HKD 110,353 thousand[39] - Profit before tax more than doubled to 389,528 thousand HKD in 2024 from 144,176 thousand HKD in 2023[82] - Basic earnings per share increased to 0.57 HKD in 2024, up 200% from 0.19 HKD in 2023[84] - Net profit attributable to equity holders of the company increased to HKD 330,454 thousand in 2024, up from HKD 110,353 thousand in 2023, representing a significant growth[86] - Diluted earnings per share rose to HKD 0.57 in 2024 compared to HKD 0.19 in 2023[86] Dividend and Shareholder Returns - The company proposed a final dividend of 42 HK cents per share (FY2022/23: 28 HK cents), with a total annual dividend payout ratio of 101.0%[2] - The company proposed a final dividend of 42 HK cents per share for the year ended March 31, 2024, with a full-year payout ratio of 101.0%[18] - Proposed dividends increased to HKD 245,996,000 from HKD 163,997,000[42] - The company proposed a final dividend of 42 HK cents per share for 2024, up from 28 HK cents per share in 2023, with a total dividend of 57 HK cents per share for the year[87][93] Business Segments Performance - China mainland business showed strong recovery with robust same-store sales rebound and steady profit margins, with a record number of new stores opened during the year[2] - The company opened a record 22 new stores in China, maintaining overall profit margins despite challenging operating conditions[5] - The company's fast-food segment in Hong Kong enhanced product design, value-for-money offerings, and brand promotion activities[2] - The company's institutional catering and casual dining segments in Hong Kong also showed improved performance compared to the previous year[2] - Hong Kong fast food business revenue increased by 6.9% to HKD 5,138.1 million[11] - Mainland China business revenue grew by 14.5% to HKD 1,515.3 million[11] - Hong Kong segment profit increased by 32.0% to HKD 618.9 million[17] - Mainland China segment profit rose by 42.2% to HKD 179.4 million[17] - Fast food revenue increased by 6.9% to HK$5,138.1 million (2022/23: HK$4,808.4 million), accounting for 59.1% of total revenue[20] - Casual dining revenue increased by 2.5% to HK$879.2 million (2022/23: HK$857.8 million)[22] - Institutional catering revenue increased by 18.0% to HK$1,019.6 million (2022/23: HK$863.9 million), with 99 operational units as of March 31, 2024 (2023: 94)[24] - Mainland China business revenue increased by 14.5% to HKD 1,515.3 million (FY2022/23: HKD 1,323.5 million), with South China fast food business revenue rising by 20.6% to RMB 1,352.0 million and same-store sales growing by 11%[25] - Total classified revenue for the year ended March 31, 2024, was HK$8,807,626,000, with HK$7,181,814,000 from Hong Kong and HK$1,625,812,000 from Mainland China[69] - External revenue for the year ended March 31, 2024, was HK$8,691,449,000, with HK$7,176,068,000 from Hong Kong and HK$1,515,381,000 from Mainland China[69] - Classified performance for the year ended March 31, 2024, was HK$798,315,000, with HK$618,894,000 from Hong Kong and HK$179,421,000 from Mainland China[69] - Revenue from food and beverage sales increased to 8,603,538 thousand HKD in 2024, up 8.7% from 7,918,008 thousand HKD in 2023[75] Store Expansion and Operations - The company opened 22 new stores in the Greater Bay Area, achieving a record high[7] - The company currently operates nearly 550 stores in Hong Kong and the Greater Bay Area, with significant growth potential in the region[5] - The company operates 219 fast food outlets as of March 31, 2024 (2023: 216), with 8 new outlets in preparation[21] - The company operates 380 stores in Hong Kong (2023: 376) and 171 stores in mainland China (2023: 153)[19] - The company opened 22 new stores in the Greater Bay Area, with a net increase of 18 stores, bringing the total store network to 171 (March 31, 2023: 153)[26] - The company expanded its store network in Hong Kong, leveraging the current property market adjustments for growth opportunities[36] - In mainland China, the company focused on sustainable expansion, particularly in Guangdong, aiming to strengthen its presence in the Greater Bay Area[36] Digitalization and Automation - The company's focus on digitalization and automation has contributed to improved profit margins and cost control[2] - The "Club 100" app reached 1.6 million registered members, and 95% of stores have installed self-ordering kiosks[21] - Digital ordering accounts for approximately 60% of total orders, and the company has upgraded its mobile ordering system to improve user experience[26] - The company has accumulated over 4.6 million members in Mainland China since launching its membership program in 2022, contributing significantly to sales revenue[26] - The company's "Club 100" membership strategy significantly enhanced customer relationships and brand loyalty, with plans to further improve the VIP program[36] Financial Position and Capital Management - As of March 31, 2024, the company held cash of approximately HKD 1,261 million and had available bank credit facilities of HKD 1,081 million[28] - The company's capital expenditure (excluding right-of-use assets) for the year was HKD 318 million (FY2022/23: HKD 465 million), with outstanding capital commitments of HKD 516 million as of March 31, 2024[29] - The company provided guarantees of approximately HKD 1,920 million for bank credit facilities granted to its subsidiaries as of March 31, 2024 (March 31, 2023: HKD 2,226 million)[30] - Total assets decreased to HKD 6,513,924,000 from HKD 7,175,340,000 year-over-year[42] - Cash and cash equivalents dropped to HKD 1,260,948,000 from HKD 1,671,978,000[42] - Property, plant, and equipment decreased to HKD 1,552,675,000 from HKD 1,617,702,000[42] - Investment properties declined to HKD 440,300,000 from HKD 559,200,000[42] - Total liabilities decreased to HKD 3,603,411,000 from HKD 4,383,277,000[44] - Net current liabilities improved to HKD (200,827,000) from HKD (652,197,000)[44] - Lease liabilities in current liabilities increased to HKD 774,067,000 from HKD 760,629,000[44] - Lease liabilities in non-current liabilities decreased to HKD 1,289,060,000 from HKD 1,508,455,000[44] - Total equity increased to HKD 2,910,513,000 from HKD 2,792,063,000[42] - The company's total bank credit facilities amounted to HKD 1,627,459,000 as of March 31, 2024, with HKD 546,783,000 utilized, leaving HKD 1,080,676,000 available[61] - The company's net cash position was HKD 875,948,000 as of March 31, 2024, compared to HKD 692,028,000 as of March 31, 2023, indicating low capital risk[65] - The company's total undiscounted cash outflows for non-derivative financial liabilities were HKD 3,392,292,000 as of March 31, 2024, with HKD 1,711,698,000 due within one year[62] - The company's listed equity investments under fair value through other comprehensive income (FVTOCI) were valued at HKD 74,499,000 as of March 31, 2024[64] - The company's capital management strategy includes adjusting dividend payments, returning capital to shareholders, issuing new shares, or selling assets to reduce debt[63] - The company's liquidity is primarily supported by internal resources and borrowings from financial institutions, with cash mainly used to pay trade payables, other payables, and operating expenses[61] - Capital commitments for the acquisition of property, plant, and equipment stood at HKD 516,052 thousand in 2024, down from HKD 531,428 thousand in 2023[92] Risk Management and Financial Instruments - The company's profit would decrease/increase by HKD 1,607,000 (2023: HKD 4,091,000) and increase/decrease by HKD 2,493,000 (2023: HKD 2,750,000) if interest rates increase/decrease by 0.5% as of March 31, 2024[52] - A 10% increase/decrease in listed equity securities (financial assets at fair value through other comprehensive income) would result in an increase/decrease of HKD 7,450,000 (2023: HKD 8,675,000) in the company's investment reserve as of March 31, 2024[54] - The company's trade receivables as of March 31, 2024, totaled HKD 89,513,000, with a loss provision of HKD 83,000[57] - The company's trade receivables as of March 31, 2023, totaled HKD 75,944,000, with a loss provision of HKD 76,000[57] - The company's financial assets subject to expected credit loss models are categorized into cash and cash equivalents, trade receivables, and other financial assets measured at amortized cost[56] - The company's credit risk is managed collectively, with most bank balances and deposits held in institutions with investment-grade credit ratings[55] - The company does not use any hedging arrangements to mitigate foreign exchange risk, as it primarily operates in Hong Kong and Mainland China[51] - The company's financial risk management focuses on minimizing potential adverse effects on financial performance due to market unpredictability[50] - The company is evaluating the impact of new and revised accounting standards and interpretations, but the effect on its operating performance and financial position is not yet determinable[49] - The company's financial assets at fair value through other comprehensive income are subject to price risk, with fair value determined based on market conditions and assumptions[53] - Cash and cash equivalents are subject to impairment provisions under HKFRS 9, but the identified impairment losses are not significant due to the investment-grade credit ratings of all financial institutions[58] - The expected loss rate for trade receivables was assessed to be close to zero as of March 31, 2024, and March 31, 2023, with no significant impairment provisions made[58] - Trade receivables increased to HKD 89,513 thousand in 2024 from HKD 75,944 thousand in 2023[88] - Other receivables, including recoverable VAT and receivables from security logistics companies, amounted to HKD 63,080 thousand in 2024, slightly up from HKD 62,168 thousand in 2023[89] - Trade payables decreased to HKD 210,767 thousand in 2024 from HKD 225,881 thousand in 2023[91] ESG and Sustainability - The company achieved a 40% food waste recycling rate in Hong Kong, up from 27%, recycling 2,643 tons of food waste[34] - The company's ESG efforts were recognized with multiple awards, including the "ESG Benchmark Awards" and the "Green Kitchen" certification[34] - The company's "Let's Eat Together" food assistance program provided HKD 12 million in aid to 4,000 caregivers[35] Corporate Governance and Management - The company has transitioned from family management to a sustainable professional management model, with senior management succession completed[32] - The company has been awarded the "Happy Workplace" title for five consecutive years and received the "Best HR Awards 2023" for the third year[33] - The company maintained high standards of corporate governance, complying with all code provisions of the Corporate Governance Code of the Hong Kong Stock Exchange[95] - The audit committee, along with management and external auditors PwC, reviewed the company's financial reporting process and internal controls, confirming the accuracy of the financial statements[96] - No purchase, sale, or redemption of the company's listed securities occurred during the year ended March 31, 2024[97] Expenses and Costs - Administrative expenses rose by 3.5% to HKD 503.2 million[13] - Income tax expense increased by 70.7% to HKD 56.3 million[15] - Employee benefits expenses rose to 2,877,765 thousand HKD in 2024, a 7.3% increase from 2,681,659 thousand HKD in 2023[77] - Net finance costs increased to (63,288) thousand HKD in 2024, up 6.1% from (59,661) thousand HKD in 2023[79] - Tax expenses surged to 56,313 thousand HKD in 2024, a 70.7% jump from 32,989 thousand HKD in 2023[81] - The company implemented a cross-departmental task force to address rising food and supply chain costs, aiming to improve profit margins[36] Non-Current Assets and Investments - Non-current assets (excluding financial instruments and deferred tax assets) in Hong Kong as of March 31, 2024, were HK$3,861,999,000, compared to HK$4,117,381,000 in 2023[73] - Non-current assets (excluding financial instruments and deferred tax assets) in Mainland China as of March 31, 2024, were HK$803,946,000, compared to HK$780,659,000 in 2023[73] - Total classified assets as of March 31, 2024, were HK$6,372,499,000, with HK$5,231,695,000 from Hong Kong and HK$1,140,804,000 from Mainland China[73] - Total assets decreased to 6,513,924 thousand HKD in 2024 from 7,175,340 thousand HKD in 2023, a decline of 9.2%[74] - Investment property fair value loss widened to (31,900) thousand HKD in 2024 from (20,100) thousand HKD in 2023[76] - Depreciation and amortization (excluding depreciation of right-of-use assets - properties) for the year ended March 31, 2024, was HK$394,190,000[69] - Fair value loss on investment properties for the year ended March 31, 2024, was HK$31,900,000[69] - Impairment loss reversal on property, plant, and equipment for the year ended March 31, 2024, was HK$4,320,000[69] - Financial income for the year ended March 31, 2024, was HK$45,304,000[69]