Financial Performance - Revenue for the year ended December 31, 2023, was HKD 1,276.8 million, an increase of 20.1% from HKD 1,063.2 million in 2022[4] - Profit attributable to shareholders for the year was HKD 88.1 million, up 13.5% from HKD 77.7 million in the previous year[4] - Basic and diluted earnings per share increased to HKD 11.01, compared to HKD 9.71 in 2022, reflecting a growth of 13.4%[4] - The company reported a pre-tax profit of HKD 104.4 million, compared to HKD 84.4 million in 2022, reflecting a growth of 23.7%[4] - The company reported a net profit attributable to shareholders of HKD 88,065,000 for 2023, up from HKD 77,705,000 in 2022, resulting in a basic earnings per share of 11.01 HK cents[52] - Core profit before tax for the year ended December 31, 2023, was approximately HKD 116.2 million, representing a growth of about 141.2% from approximately HKD 48.2 million for the year ended December 31, 2022[108] - The profit for the year ended December 31, 2023, increased by approximately 13.3% or about HKD 10.4 million to approximately HKD 88.1 million compared to HKD 77.7 million for the year ended December 31, 2022[118] Assets and Liabilities - The total equity attributable to shareholders decreased to HKD 297.4 million from HKD 409.5 million in 2022, a decline of 27.3%[8] - Total assets as of December 31, 2023, were HKD 759.7 million, down from HKD 846.6 million in 2022, representing a decrease of 10.3%[10] - Non-current liabilities increased to HKD 168.5 million from HKD 149.0 million in 2022, an increase of 13.5%[12] - The company's total liabilities were reported at HKD 372,681,000, with a breakdown of segment liabilities including trade payables and lease liabilities[41] - Total liabilities for the company were HKD 462,244,000 as of December 31, 2023, compared to HKD 437,090,000 in the previous year[61] - As of December 31, 2023, the group's current assets and current liabilities were approximately HKD 325.2 million and HKD 293.7 million, respectively, resulting in a current ratio of about 1.1 times, down from 1.5 times in 2022[150] Costs and Expenses - Food and beverage costs rose to HKD 391.3 million, up 16.8% from HKD 334.8 million in the previous year[4] - Employee costs increased significantly to HKD 380.3 million, a rise of 28.1% from HKD 296.8 million in 2022[4] - The company's food and beverage costs rose by approximately 16.9% or about HKD 56.5 million to approximately HKD 391.3 million for the year ended December 31, 2023[115] - Depreciation of right-of-use assets and related rental expenses increased by approximately 12.8% or about HKD 21.9 million to approximately HKD 192.9 million for the year ended December 31, 2023, due to an increase in the number of restaurants from 53 to 57[116] Dividends - The company proposed a final dividend of HKD 4.06 per share, with a total payout ratio of approximately 194% including interim and special dividends[17] - The company plans to distribute a final dividend of HKD 0.0406 per share, totaling HKD 32,480,000, subject to shareholder approval[70] - The total dividend payout for the year, including an interim dividend of HKD 0.0475 and a special dividend of HKD 0.125, amounts to HKD 0.2131 per share, representing a total payout ratio of approximately 194%[135] - The proposed final dividend is subject to approval at the annual general meeting and, if approved, will be paid on June 27, 2024[175] Operational Highlights - The segment profit for the restaurant operations was HKD 30,625,000, compared to HKD 8,136,000 in the previous year, reflecting a significant improvement[39] - Revenue from self-owned brands increased by approximately HKD 68.5 million or 25.1% to HKD 341.4 million for the year ended December 31, 2023, compared to HKD 273.0 million in the previous year[87] - Revenue from franchised brands increased by approximately HKD 143.2 million or about 18.2% to approximately HKD 928.1 million for the year ended December 31, 2023, driven by an increase in the number of franchised restaurants from 37 to 41[112] - The company operated 16 self-owned restaurants and 41 franchised restaurants, catering to a diverse customer base[84] - The number of restaurants operated increased from 53 to 57 during the year ended December 31, 2023[142] - The company plans to launch a new franchise brand restaurant in Central in Q2 2024, expanding its presence in the fast-casual dining sector[132] Strategic Focus - The management is focused on strategic resource allocation based on performance evaluations of different business segments[35] - The company plans to continue expanding its restaurant operations and enhancing its product offerings in the coming year[33] - The management team aims to enhance operational efficiency and market responsiveness through improved internal processes and effective operational strategies[157] - The group plans to focus on brand revitalization, launching new brands through various collaboration models, and expanding its store network while introducing innovative products[157] - The company is actively communicating with suppliers to mitigate rising food costs and is introducing automation and AI systems to alleviate labor pressures in restaurants[173] Market Outlook - The group anticipates a more challenging market for the Hong Kong restaurant industry in 2024 due to weak consumer demand and a sluggish local property and stock market[157] - The company has shown strong adaptability in response to market changes despite challenges in the business environment, particularly in the restaurant sector[82] Compliance and Governance - The audit committee, along with the management, reviewed the consolidated annual results for the year ending December 31, 2023, and confirmed compliance with applicable accounting standards and regulations[181] - The company did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[124] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the year ending December 31, 2023[180] - The company has no significant contingent liabilities as of December 31, 2023[129]
叙福楼集团(01978) - 2023 - 年度业绩