大快活集团(00052) - 2022 - 年度财报

Financial Performance - Annual revenue increased by 8.9% to HK$2,881.9 million (2021: HK$2,646.5 million) [22] - Profit attributable to equity shareholders dropped by 72.2% to HK$42.6 million (2021: HK$153.6 million) [21] - Basic earnings per share decreased by 72.2% to HK32.91 cents (2021: HK118.59 cents) [23] - Gross profit margin decreased to 7.7%, compared to 12.4% in the previous year [43] - The Group's return on average equity fell to 5.7% in 2022 from 20.5% in 2021, indicating a significant decline in profitability [111] Financial Position - The group maintained a healthy financial position with cash and cash equivalents of HK$557.1 million as of March 31, 2022 [22] - The group had no bank borrowings and a nil gearing ratio as of March 31, 2022 [23] - Total assets as of March 31, 2022, were HKD 2.3373 billion, down from HKD 2.4480 billion in 2021 [99] - Current liabilities net amount was HKD 12.8 million, an increase from HKD 9.6 million in 2021 [99] - Cash and cash equivalents decreased by 10.5$51,821,000, down from HK$77,720,000 in the previous year [190] Impact of COVID-19 - The company faced unprecedented challenges in the last quarter due to the "fifth wave" of COVID-19 [21] - The group reported a significant decline in profit due to the impact of the pandemic on the food and beverage sector [21] - The final quarter of the year was severely impacted by the fifth wave of the pandemic, affecting overall performance despite satisfactory results in the earlier quarters [51] - Fairwood's Same Store Sales Growth (SSSG) fell from +17$99 for three dishes campaign launched in January 2022 [58] - The "Click-and-Collect" online ordering platform saw steady growth, with over 260,000 members recruited for the loyalty program [60] - The Group adapted to COVID-19 restrictions by launching new meal sets and improving product quality to attract younger diners [54] - The Group's focus on takeaway sales and digital enhancements helped counteract the negative impacts of pandemic measures on business performance [72] Cost Management - The Group faced steady rises in food and labor costs, prompting initiatives to optimize menus and enhance productivity in the central food processing plant [64] - Employee costs rose to approximately HK$1,004.5 million in 2022 from HK$734.3 million in 2021, an increase of 36.7% primarily due to government subsidies [127] - Food and staff costs are expected to rise further, but improvements in the rental market may help offset these increases [90] Expansion and Growth - The Group opened 11 new stores during the year, with 6 in Hong Kong and 5 in Mainland China, while closing 6 underperforming stores [77] - The Group's expansion plans in Mainland China continued, with 5 new stores opened despite the closure of one, resulting in a total of 20 stores [76] - The group plans to establish a profitable network of 30 stores in Mainland China by the end of 2022 [91] - The store model in Mainland China is smaller and allows for quicker openings at lower costs compared to Hong Kong [91] Corporate Governance - The company emphasizes corporate governance with a well-structured board comprising various committees including Audit and Remuneration Committees [144] - The management team has extensive experience across different sectors, enhancing the company's strategic direction and operational efficiency [139] - The board includes members with significant academic qualifications, ensuring informed decision-making and strategic oversight [147] Community Engagement - The Fairwood Care For Seniors Card membership increased to approximately 323,000, reflecting the community engagement efforts [83] - The Group is committed to supporting environmental protection and complying with relevant regulations, with detailed information to be provided in the Environmental, Social and Governance Report [166] Leadership - Mr. Dennis Lo Hoi Yeung has been with the company since its listing in 1991 and has held various leadership roles, including Executive Chairman since January 2000 [133] - Mr. Lo Fai Shing Francis, appointed as CEO on April 1, 2020, has over four years of experience in the food and beverage industry prior to joining the company [134] - The company has maintained a stable leadership structure, with key executives having long tenures and deep industry knowledge [133][134]