FUTURE BRIGHT2024年中期报告

CONTENTS 2Financial Highlights3Chairman’s Statement9Management Discussion and Analysis38Condensed Consolidated Statement ofComprehensive Income39Condensed Consolidated Statement ofFinancial Position41Condensed Consolidated Statement ofChanges in Equity 42Condensed Consolidated Statement ofCash Flows44Notes to the Condensed ConsolidatedInterim Financial Statements75List of Restaurants/Food CourtCounters/Stores80List of Food Souvenir Shops/Kiosks81Corporate Information83Definitions Chairman’s Statement The Directors are pleased to present to our Shareholders this interimreport of the Group for the Period. In the Period, the Group has recorded a decrease in turnover of some3.2% from its businesses due to the closure of restaurants in MainlandChina and a decrease in per-capita spending of visitors, although therewas an increase in the level of visitor arrivals to Macau and Hong Kongwith the recovery of tourism. The Group recorded a profit attributableto owners of the Company of some HK$0.5 million in the Period, ascompared to a profit attributable to owners of the Company of HK$24.3million of the same period of last year, representing a period-on-perioddecrease of approximately 97.8%. 3.2%500,00024,300,00097.8% The Group’s profit attributable to the owners of the Company of someHK$0.5 million in the Period has been mainly attributable to (i) a lossattributable to owners of the Group’s food and catering business of someHK$4.2 million, (ii) a profit attributable to owners of the Group’s foodsouvenir business of some HK$3.4 million and (iii) a profit attributable toowners of the Group’s property investment business of some HK$4.0million. 500,000(i)4,200,000(ii)3,400,000(iii)4,000,000 The Group has also recorded for the Period: (i)a decrease of some 3.2% in turnover as compared to that of thesame period of 2023; 3.2% (ii)7.6%11.4%5.7%22.8% (ii)decrease of some 7.6% in cost of sales (food costs), increaseof some 11.4% in direct operating expenses, of some 5.7% inadministrative expenses, and of some 22.8% in finance costs, ascompared to that of the same period of 2023; (iii)22.0% in gross operating profit ratio as compared to that grossoperating profit ratio of 27.8% for the same period of 2023; 22.0%27.8% (iv)a profit attributable to owners of the Company of some HK$0.5million as compared to a profit attributable to owners of theCompany of some HK$24.3 million for the same period of 2023; (iv)500,00024,300,000 (v)a gross margin ratio of some 75.1% with an EBITDA at someHK$44.8 million as against a gross margin ratio of some 73.9%with an EBITDA at some HK$61.6 million for the same period of2023; (v)75.1%EBITDA44,800,00073.9%EBITDA61,600,000 (vi)a decrease of some 1.6% in the same store performance of itsrestaurants and industrial catering business, and an increase ofsome 9.8% in the same store performance of its food souvenirbusiness, as compared to that of the same period of 2023; and (vi)1.6%9.8% (vii)the Net Ordinary Operating Profit of some HK$0.5 million, asagainst a Net Ordinary Operating Profit of some HK$24.3 millionfor the same period of 2023. (vii)500,00024,300,000 As at 30 June 2024, the Group has not recorded any fair value gain/lossin respect of the Key Investment Property which has been valued by anindependent professional valuer at some HK$558.0 million (31 December2023: HK$558.0 million). 558,000,000558,000,000 After considering the Group’s financial position and in order to preservecashflow for the Group’s working capital, the Directors do not propose todeclare and pay out any interim dividend in respect of the Period. Even though the pandemic has passed and despite an increase in thelevel of visitor arrivals to Macau and Hong Kong with the recovery oftourism, the challenges faced by the food and catering industry stillpersist. With sluggish economic recovery and cautious visitors’ spending,and a change in the consumption behaviour of Mainland China visitorsto Macau and Hong Kong, the growth momentum of the Group’s foodand catering business has slowed going into 2024. In addition, withthe implementation of the “Northbound Travel for Hong Kong Vehicles”scheme and normal cross-border travel by Hong Kongers to MainlandChina has created a consumption boom by northbound travel of HongKongers in the Greater Bay Area. This has led to a shift in consumerspending patterns, as more Hong Kongers are choosing to spend theirweekends and holidays in Mainland China. The retail and food andcatering industry in Hong Kong are all facing challenges due to outflow ofconsumer spending. 43.5%16,719,98311,645,87782% In Macau, the “Northbound Travel for Macau Vehicles” scheme andnorthbound travel of Macau residents has led to a noticeable shift inconsumption behavior as many Macau residents are traveling to nearbycities like Zhuhai for shopping and dining with the availability of diversedining options at lower prices. This shift has affected the food andcatering business especially in the reside