FUTURE BRIGHT HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
Future Bright Holdings Limited
佳 景 集 團 有 限 公 司*
(Incorporated in Bermuda with limited liability)
(Stock Code: 703)
LOSS ALERT FOR THE THREE MONTHS ENDED 31 MARCH 2021
AND
BUSINESS UPDATE OF THE GROUP FOR THE FIRST QUARTER OF 2021
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The board ("Board") of directors of Future Bright Holdings Limited ("Company" and together with its subsidiaries "Group") wishes to inform the shareholders of the Company and potential investors of a loss alert for the three months ended 31 March 2021 ("Period or First Quarter"). Based on its unaudited management information currently available, the Group has recorded an unaudited loss attributable to owners of the Company of some HK$29.4 million for the Period, as compared to an unaudited loss attributable to owners of the Company of some HK$63.8 million for the same period of last year.
The Board is also to give an update on the business performance of the Group for the First Quarter herein, based on its unaudited management information currently available.
The Board wishes to remind investors that the information and operational data for the First Quarter contained in this announcement are based on the unaudited management accounts of the Group which have not been confirmed or audited by the Company's auditors, and as such the data may be subject to adjustment and is for investors' reference only.
Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.
This announcement is made by the Company pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
- For identification purpose only
- 1 -
LOSS ALERT FOR THE PERIOD
The Board wishes to inform the shareholders of the Company and potential investors of a loss alert for the Period. Based on its unaudited management information currently available, the Group has recorded the following results attributable to owners of the Company for the Period:
For the three months ended 31 March | |||||
2021 | 2020 | Change | |||
HK$'million | HK$'million | % | |||
(Unaudited) | (Unaudited) | ||||
LOSS ATTRIBUTABLE TO | |||||
OWNERS OF THE COMPANY | (29.4) | ||||
The Period | (63.8) | -53.9% | |||
In the Period, the Group has sustained a drop of some 16.0% in its turnover due to the Covid-19 infection, where its unaudited loss attributable to owners of the Company was some HK$29.4 million for the Period which has been mainly attributable to (i) a loss of HK$26.9 million from its food and catering business, and (ii) a loss of HK$2.5 million from food souvenir business, although the Group has recorded a profit of some HK$2.6 million from the property investment business.
For the Period in respect of the exchange differences on translating foreign operations which relate mainly to the Group's subsidiary companies in Mainland China, the Group has recorded an unaudited other comprehensive loss of some HK$0.6 million for the Period.
During the Period, the Group has not recorded any fair value gain or loss (First quarter of 2020: nil) in respect of its commercial building ("Key Investment Property") located at the prime tourist location near Centro Commercial E Turistico "S. Paulo", Largo da Companha de Jesus N°2, Em Macau (澳門耶穌會紀念廣場2號牌坊廣場購物旅遊中心) in Macau.
Below are the unaudited losses and gains that have material impact on the Group's performance for the Period:
For the three months ended 31 March | ||
2021 | 2020 | Change |
HK$'million | HK$'million | % |
(Unaudited) | (Unaudited) |
Net loss attributable to owners of | (2.5) | ||
the Group's food souvenir business | (3.8) | -34.2% | |
Loss on written off of/impairment loss | |||
on property, plant and equipment | (3.6) | ||
of restaurants | (1.0) | +260.0% |
- 2 -
OPERATIONAL FINANCIALS
The Board is to give an update on the Group's performance for the First Quarter. Based on its unaudited management accounts for the First Quarter, details of the Group's unaudited turnover breakdown for the First Quarter are as follows:
For the three months ended 31 March | |||||
2021 | 2020 | Change | |||
HK$'million | HK$'million | % | |||
(Unaudited) | (Unaudited) | ||||
TURNOVER | |||||
Restaurants: | 30.3 | ||||
Japanese restaurants | 28.0 | +8.2% | |||
Chinese restaurants | 19.4 | 17.6 | +10.2% | ||
Western and other restaurants (note 1) | 11.7 | 8.4 | +39.3% | ||
Food court counters | 12.0 | 31.5 | -61.9% | ||
Franchise restaurants (note 2) | 17.4 | 25.9 | -32.8% | ||
90.8 | 111.4 | -18.5% | |||
Industrial catering | 4.8 | 2.5 | +92.0% | ||
Food wholesale | 3.9 | 4.8 | -18.8% | ||
Food and catering business | 99.5 | 118.7 | -16.2% | ||
Food souvenir business | 6.7 | 8.8 | -23.9% | ||
Property investment business | 4.9 | 4.7 | +4.3% | ||
Total | 111.1 | 132.2 | -16.0% |
Note 1: The turnover of "Western and other restaurants" included turnover from the Group's Western restaurants, and 1 sandwich bar.
Note 2: The turnover of "Franchise restaurants" included turnover from the Group's Pacific Coffee shops, Pepper Lunch, Bari-Uma,Fu-Un-Maru, Mad for Garlic and Bistro Seoul restaurants.
- 3 -
Based on its unaudited management accounts for the First Quarter, details of the Group's unaudited turnover breakdown by geographical locations for the First Quarter are as follows:
For the three months ended 31 March | |||||
2021 | 2020 | Change | |||
HK$'million | HK$'million | % | |||
(Unaudited) | (Unaudited) | ||||
TURNOVER | 73.7 | ||||
Macau | 80.4 | -8.3% | |||
Mainland China | 14.5 | 9.1 | +59.3% | ||
Hong Kong | 20.1 | 38.7 | -48.1% | ||
Taiwan | 2.8 | 4.0 | -30.0% | ||
Total | 111.1 | 132.2 | -16.0% | ||
A summary of the Group's unaudited operational financials for the First Quarter is as follows:
For the three months ended 31 March | |||||
2021 | 2020 | Change | |||
HK$'million | HK$'million | % | |||
(Unaudited) | (Unaudited) | ||||
Turnover | 111.1 | 132.2 | -16.0% | ||
Cost of sales | (34.0) | (40.5) | -16.0% | ||
Gross margin | 77.1 | 91.7 | -15.9% | ||
Direct operating expenses | (83.8) | (109.9) | -23.7% | ||
Gross operating loss | (6.7) | (18.2) | -63.2% | ||
Gross operating loss margin (%) | (6.0)% | (13.8)% | +7.8% |
- 4 -
Details of the Group's same store performance (note 3) of restaurants, industrial catering business and food souvenir business in term of turnover for the First Quarter are as follows:
For the three months ended 31 March | |||||
2021 | 2020 | Change | |||
HK$'million | HK$'million | % | |||
(Unaudited) | (Unaudited) | ||||
SAME STORE TURNOVER | |||||
Restaurants: | 30.3 | ||||
Japanese restaurants | 26.2 | +15.6% | |||
Chinese restaurants | 19.4 | 14.8 | +31.1% | ||
Western and other restaurants | 11.7 | 7.7 | +51.9% | ||
Food court counters | 12.0 | 30.2 | -60.3% | ||
Franchise restaurants | 17.4 | 14.1 | +23.4% | ||
90.8 | 93.0 | -2.4% | |||
Industrial catering | 4.8 | 1.5 | +220.0% | ||
Restaurants and industrial catering business | 95.6 | 94.5 | +1.2% | ||
Food souvenir business | 6.7 | 7.6 | -11.8% | ||
Total | 102.3 | 102.1 | +0.2% | ||
Note 3: Same store performance is compared on the basis of those restaurants/shops/outlets which were in place in the same periods of 2021 and 2020 only.
Based on its unaudited management accounts for the First Quarter, details of the Group's unaudited results attributable to owners of the Company for the First Quarter are as follows:
For the three months ended 31 March | |||||
2021 | 2020 | Change | |||
HK$'million | HK$'million | % | |||
(Unaudited) | (Unaudited) | ||||
PROFIT/(LOSS) ATTRIBUTABLE TO | |||||
OWNERS OF THE COMPANY | (26.9) | ||||
Food and catering business | (59.0) | -54.4% | |||
Food souvenir business | (2.5) | (3.8) | -34.2% | ||
Property investment business | 2.6 | 1.9 | +36.8% | ||
Other revenue, corporate payroll and | (2.6) | ||||
unallocated expenses | (2.9) | -10.3% | |||
Total | (29.4) | (63.8) | -53.9% | ||
- 5 -
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Future Bright Holdings Limited published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 15:22:03 UTC.
