UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of June 2024
Commission file number: 001-41516
TH International Limited
2501 Central Plaza
227 Huangpi North Road
Shanghai, People’s Republic of China,
200003
+86-021-6136-6616
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
INDEX TO EXHIBITS
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
TH International Limited |
| |
|
| |
/s/ Yongchen Lu |
| |
Yongchen Lu |
| |
Chief Executive Officer |
Date: June 10, 2024
Exhibit 99.1
Tims
China Announces First Quarter 2024 Financial Results
Jun
05, 2024
Resilient
Total Revenues Increased 3.1% Year over Year for the First Quarter 2024
System
Sales Increased 7.1% Year-over-Year for the First Quarter 2024
Continuous
Margin Improvement with Seven Consecutive Positive Quarterly Adjusted Store EBITDA
20.3
Million Registered Loyalty Club Members at Quarter-End,
Representing 63.6% Year-over-Year Growth
SHANGHAI
and NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee
shops and Popeyes restaurants in China (“Tims China” or the “Company”) today announced its unaudited financial
results for the first quarter 2024.
FIRST QUARTER 2024 HIGHLIGHTS
| ● | Total
revenues reached RMB346.8 million (USD48.0 million), representing a 3.1% increase
from the same quarter of 2023. |
| ● | System
sales1 reached RMB363.5 million (USD50.3 million), representing a 7.1%
increase from the same quarter of 2023. |
| ● | Net
new store openings totaled 5 (Net closure of 15 company owned and operated stores
for Tims, net opening of 19 franchised stores for Tims, and net opening of one company owned
and operated stores for Popeyes) |
| ● | Adjusted
store EBITDA2 was RMB6.1 million (USD0.8 million), representing a 2.0%
year-over-year growth. |
| ● | Adjusted
store EBITDA margin3 was 2.0%, slightly improved from the same quarter
in 2023. |
| ● | Registered
loyalty club members totaled 20.3 million members as of March 31, 2024, representing
a 63.6% year-over-year growth. |
| 1 | System
sales is calculated as the gross merchandise value of sales generated from both company owned and operated stores and franchised stores. |
| 2 | Adjusted
store EBITDA is calculated as fully burdened gross profit4 of company owned and operated stores excluding depreciation
& amortization and store pre-opening expenses. |
| 3 | Adjusted
store EBITDA margin is calculated as adjusted store EBITDA as a percentage of revenues from company owned and operated stores. |
| 4 | Fully
burdened gross profit of company owned and operated stores, the most comparable GAAP measure to adjusted store EBITDA, was a loss of
RMB33.4 million (USD4.6 million) for the three months ended March 31, 2024, compared to a loss of RMB35.9 million in the same quarter
of 2023. |
COMPANY
MANAGEMENT STATEMENT
Mr.
Yongchen Lu, CEO & Director of Tims China, commented, “In Q1 2024, our system sales grew by 7.1%, and we continued to improve
our bottom-line performance, marching towards achieving our first quarterly adjusted corporate EBITDA breakeven this year. Our registered
loyalty club membership exceeded 20 million as of March 31, 2024, a 63.6% year-over-year growth, serving both as a pivotal catalyst for
growth and a testament to our customers’ support and embrace of Tims China’s loyalty program.
Continuous
product innovation remains a cornerstone of our strategic vision; we launched 14 new beverages and 18 new food products during the quarter.
We just celebrated the meaningful milestones of our 5th anniversary in China as well as the 60th anniversary
of the “Tim Hortons” brand in February. To commemorate both remarkable milestones and double celebrations, Tims China launched
its Chinese version of “Double Double” latte series. Our collaborations with Tangle Angel and Dove Chocolate have also achieved
significant success during the quarter.”
Mr.
Lu added, “Our Popeyes brand maintains its robust growth trajectory. So far, we have successfully launched 14 Popeyes restaurants
and are actively expanding our product offerings beyond the core fried chicken products. Our restaurants represent a solid base for further
growth in Shanghai and beyond.”
Mr.
Dong (Albert) Li, CFO of Tims China, commented, “During the first quarter of 2024, and in the face of headwinds, we continued to
enhance our operational efficiency. We pared back costs at the headquarter level, and we pruned our underperforming stores. These actions
allowed us to deliver year-over-year reductions in food and packaging costs, rental expenses, and labor costs (as a percentage of revenues
from company owned and operated stores) by 1.0 percentage points, 0.9 percentage points, and 1.3 percentage points, respectively. Our
adjusted general and administrative expenses as a percentage of total revenues decreased by 4.1 percentage points year-over-year.”
Mr.
Li continued, “Going forward, and with driving profitable, and capital-efficient growth being front and center of everything we
do, we will continue to optimize our store unit economics, roll out our differentiating made-to-order fresh food preparation model to
drive traffic, enhance our supply chain capabilities and efficiencies, and facilitate our franchisees to manage the growth and profitability
of their stores effectively.”
FIRST QUARTER 2024 FINANCIAL RESULTS
Total
revenues reached RMB346.8 million (USD48.0 million) for the three months ended March 31, 2024, representing an increase of 3.1%
from RMB336.5 million in the same quarter of 2023. Total revenues comprise:
| ● | Revenues
from Company owned and operated store sales were RMB311.0 million (USD43.1 million)
for the three months ended March 31, 2024, representing an increase of 0.2% from RMB310.5
million in the same quarter of 2023. The growth was primarily driven by an increase in the
number of company owned and operated stores from 551 as of March 31, 2023 to 615 as of March
31, 2024, offset by same-store sales growth for company owned and operated stores of negative
11.7% in the first quarter of 2024.
|
| ● | Other
revenues were RMB35.8 million (USD5.0 million) for the three months ended March
31, 2024, representing an increase of 37.5% from RMB26.0 million in the same quarter of 2023.
The growth was primarily attributable to revenues from other franchise support activities,
which was attributable to an increase in the number of franchised stores from 97 as of March
31, 2023 to 302 as of March 31, 2024. |
Company
owned and operated store costs and expenses were RMB334.1 million (USD46.3 million) for the three months ended March 31, 2024,
representing a decrease of 0.7% from RMB336.5 million in the same quarter of 2023. Company owned and operated store costs and expenses
comprise:
| ● | Food
and packaging costs were RMB108.5 million (USD15.0 million), representing a
decrease of 2.5% from RMB111.3 million, as we continue to benefit from greater economies
of scale and higher efficiencies in supply chains. Accordingly, food and packaging costs
as a percentage of revenues from company owned and operated stores decreased by 1.0 percentage
points from 35.9% in the first quarter of 2023 to 34.9% in the same quarter of 2024. |
| ● | Rental
and property management fee was RMB68.6 million (USD9.5 million), representing
a decrease of 4.0% from RMB71.4 million, mainly due to the closure of certain underperforming
stores during the first quarter 2024. As a result, rental and property management fee as
a percentage of revenues from company owned and operated stores decreased by 0.9 percentage
points from 23.0% in the first quarter of 2023 to 22.1% in the same quarter of 2024. |
| ● | Payroll
and employee benefits expenses were RMB69.0 million (USD9.6 million), representing
a decrease of 5.4% from RMB73.0 million. Payroll and employee benefits as a percentage of
revenues from company owned and operated stores decreased by 1.3 percentage points from 23.5%
in the first quarter of 2023 to 22.2% in the same quarter of 2024, primarily due to the continuous
refinement of staffing arrangement and optimization of store managerial efficiencies. |
| ● | Delivery
costs were RMB28.6 million (USD4.0 million), representing an increase of 25.7%
from RMB22.8 million, due to an increased proportion of home-delivery orders. Delivery costs
as a percentage of revenues from company owned and operated stores increased by 1.9 percentage
points to 9.2% in the first quarter of 2024 compared to 7.3% in the same quarter of 2023. |
| ● | Other
operating expenses were RMB25.3 million (USD3.5 million), representing an increase
of 1.0% from RMB25.1 million, in line with our revenue growth and store network expansion.
Other operating expenses as a percentage of revenues from company owned and operated stores
remained flat at 8.1% in the first quarter of 2023 and 2024. |
| ● | Store
depreciation and amortization expenses were RMB34.0 million (USD4.7 million),
representing an increase of 3.2% from RMB33.0 million, driven by an increase in the number
of company owned and operated stores from 551 as of March 31, 2023 to 615 as of March 31,
2024. Store depreciation and amortization as a percentage of revenues from company owned
and operated stores increased by 0.3 percentage points from 10.6% in the first quarter of
2023 to 10.9% in the same quarter of 2024. |
Costs
for other revenues were RMB25.0 million (USD3.5 million) for the three months ended March 31, 2024, representing an increase
of 32.6% from RMB18.9 million in the same quarter of 2023, which was primarily driven by an increase in the number of franchised stores
from 97 as of March 31, 2023 to 302 as of March 31, 2024. Costs for other revenues as a percentage of other revenues decreased by 2.6
percentage points from 72.5% in the first quarter of 2023 to 69.9% in the same quarter of 2024 due to higher margin contribution from
our franchised business being realized during the first quarter of 2024.
Marketing
expenses were RMB20.7 million (USD2.9 million) for the three months ended March 31, 2024, representing an increase of 13.4%
from RMB18.3 million in the same quarter of 2023, which was primarily driven by the increase in the number of our system-wide stores
from 648 as of March 31, 2023 to 917 as of March 31, 2024. Marketing expenses as a percentage of total revenues increased by 0.6 percentage
points from 5.4% in the first quarter of 2023 to 6.0% in the same quarter of 2024.
General
and administrative expenses were RMB58.7 million (USD8.1 million) for the three months ended March 31, 2024, representing a
decrease of 16.9% from RMB70.6 million in the same quarter of 2023, which was primarily due to a reduction of our headquarter headcount. Adjusted
general and administrative expenses, which excludes share-based compensation expenses of RMB1.0 million (USD0.1 million), and impairment
losses of rental deposits of RMB2.5 million (USD0.3 million), were RMB55.2 million (USD7.6 million), representing a decrease of 18.1%
from RMB67.5 million in the same quarter of 2023. Adjusted general and administrative expenses as a percentage of total revenues decreased
by 4.1 percentage points from 20.0% in the first quarter of 2023 to 15.9% in the same quarter of 2024. For more information
on the Company’s non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table
captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this
earnings release.
Franchise
and royalty expenses were RMB14.1 million (USD2.0 million) for the three months ended March 31, 2024, representing an increase
of 18.7% from RMB11.9 million in the same quarter of 2023, which was primarily driven by the increase in the number of our system-wide
stores from 648 as of March 31, 2023 to 917 as of March 31, 2024. Franchise and royalty expenses as a percentage of total revenues increased
by 0.6 percentage points, from 3.5% in the first quarter of 2023 to 4.1% in the same quarter of 2024.
Impairment
losses of long-lived assets were RMB19.0 million (USD2.6 million) for the three months ended March 31, 2024, compared to RMB4.4
million in the same quarter of 2023, which was primarily because of planned closings of underperforming company owned and operated stores.
As
a result of the foregoing, operating loss was RMB129.4 million (USD17.9 million) for the three months ended March 31,
2024, compared to RMB130.4 million in the same quarter of 2023.
Adjusted
Corporate EBITDA was a loss of RMB53.6 million (USD7.4 million) for the three months ended March 31, 2024, compared to a loss
of RMB74.6 million in the same quarter of 2023. Adjusted Corporate EBITDA margin was negative 15.4% in the first quarter
of 2024, representing an improvement of 6.8 percentage points from negative 22.2% in the same quarter of 2023.
Net
loss was RMB142.8 million (USD19.8 million) for the three months ended March 31, 2024, compared to RMB174.5 million for the
same quarter of 2023. Adjusted net loss was RMB97.8 million (USD13.6 million) for the three months ended March 31, 2024,
compared to RMB117.1 million for the same quarter of 2023. Adjusted net loss margin was negative 28.2% in the first quarter of 2024,
representing an improvement of 6.6 percentage points from negative 34.8% in the same quarter of 2023.
Basic
and diluted net loss per ordinary share was RMB0.90 (USD0.12) in the first quarter of 2024, compared to RMB1.25 in the same
quarter of 2023. Adjusted basic and diluted net loss per ordinary share was RMB0.62 (USD0.10) in the first quarter of
2024, compared to RMB0.84 in the same quarter of 2023.
Liquidity
As
of March 31, 2024, the Company’s total cash and cash equivalents and time deposits were RMB218.2 million (USD30.2 million), compared
to RMB220.8 million as of December 31, 2023. The change was primarily attributable to the cash disbursements on the back of the expansion
of our business and store network nationwide, repayment of bank borrowings, offset by the US$20.0 million junior promissory notes financing
provided by Cartesian Capital Group, our existing shareholder.
KEY
OPERATING DATA
| | |
For the three months ended or as of | | |
| |
| | |
Mar 31, | | |
Jun 30, | | |
Sep 30, | | |
Dec 31, | | |
Mar 31, | |
| | |
2023 | | |
2023 | | |
2023 | | |
2023 | | |
2024 | |
| | |
| | |
| | |
| | |
| | |
| |
| Total stores | |
| 648 | | |
| 700 | | |
| 763 | | |
| 912 | | |
| 917 | |
| Company owned and operated stores | |
| 551 | | |
| 571 | | |
| 589 | | |
| 629 | | |
| 615 | |
| Franchised stores | |
| 97 | | |
| 129 | | |
| 174 | | |
| 283 | | |
| 302 | |
| Same-store sales growth for system-wide stores | |
| 7.5 | % | |
| 19.9 | % | |
| 0.1 | % | |
| 2.6 | % | |
| -13.6 | % |
| Same-store sales growth for company owned and operated stores | |
| 8.0 | % | |
| 20.4 | % | |
| -0.4 | % | |
| 2.5 | % | |
| -11.7 | % |
| Registered loyalty club members (in thousands) | |
| 12,386 | | |
| 14,721 | | |
| 16,898 | | |
| 18,714 | | |
| 20,264 | |
| Adjusted store EBITDA (Renminbi in thousands) | |
| 6,002 | | |
| 18,244 | | |
| 29,310 | | |
| 15,859 | | |
| 6,124 | |
| Adjusted store EBITDA margin | |
| 1.9 | % | |
| 5.0 | % | |
| 7.5 | % | |
| 4.6 | % | |
| 2.0 | % |
KEY
DEFINITIONS
| ● | Same-store
sales growth. The percentage change in the sales of stores that have been operating for 12
months or longer during a certain period compared to the same period from the prior year.
The same-store sales growth for any period of more than a month equals to the arithmetic
average of the same-store sales growth of each month covered in the period. If a store was
closed for seven days or more during any given month, its sales during that month and the
same month in the comparison period are excluded for purposes of measuring same-store sales
growth. |
| ● | Net
new store openings. The gross number of new stores opened during the period minus the
number of stores permanently closed during the period. |
| ● | System
sales. Gross merchandise value of sales generated from both company owned and operated
stores and franchised stores. |
| ● | Adjusted
store EBITDA. Calculated as fully burdened gross profit of company owned and operated stores
excluding depreciation and amortization, and store pre-opening expenses. |
| ● | Adjusted
store EBITDA margin. Calculated as adjusted store EBITDA as a percentage of revenues from
company owned and operated stores. |
| ● | Adjusted
general and administrative expenses. Calculated as general and administrative expenses excluding
share-based compensation expenses, expenses related to the issuance of certain ordinary shares
to CF Principal Investments LLC in November 2022 (the “Commitment Shares”), offering
costs related to the ESA (the “ESA Offering Costs”), expenses related to 200,000
of our ordinary shares that may be purchased from our controlling shareholder by a holder
of our convertible notes at its option pursuant to the terms of an Option Agreement dated
September 28, 2022 (the “Option Shares”), and professional fees related to warrant
exchange and other financing programs. |
| ● | Adjusted
corporate EBITDA. Calculated as operating loss excluding store pre-opening expenses, and
certain non-cash expenses consisting of depreciation and amortization, share-based compensation
expenses, expenses related to the Commitment Shares, the ESA Offering Costs, expenses related
to the Option Shares, professional fees related to warrant exchange and other financing programs,
impairment losses of long-lived assets and loss on disposal of property and equipment. |
| ● | Adjusted
corporate EBITDA margin. Calculated as adjusted corporate EBITDA as a percentage of total
revenues. |
| ● | Adjusted
net loss. Calculated as net loss excluding store pre-opening expenses, share-based compensation
expenses, expenses related to the Commitment Shares, the ESA Offering Costs, expenses related
to the Option Shares, professional fees related to warrant exchange and other financing programs,
impairment losses of long-lived assets, loss on disposal of property and equipment, changes
in fair value of convertible notes, changes in fair value of warrant liabilities; and changes
in fair value of ESA derivative liabilities. |
| ● | Adjusted
net loss margin. Calculated as adjusted net loss as a percentage of total revenues. |
| ● | Adjusted
basic and diluted net loss per ordinary share. Calculated as adjusted net loss attributable
to the Company’s ordinary shareholders divided by weighted-average number of basic
and diluted ordinary shares. |
USE
OF NON-GAAP FINANCIAL MEASURES
The
Company uses non-GAAP financial measures, namely adjusted store EBITDA, adjusted store EBITDA margin, adjusted general and administrative
expenses, adjusted corporate EBITDA, adjusted corporate EBITDA margin, adjusted net loss, adjusted net loss margin, and adjusted basic
and diluted net loss per ordinary share in evaluating its operating results and for financial and operational decision-making purposes.
The Company defines (i) adjusted store EBITDA as fully burdened gross profit of company owned and operated stores excluding depreciation
and amortization, and store pre-opening expenses; (ii) adjusted store EBITDA margin as adjusted store EBITDA as a percentage of revenues
from company owned and operated stores; (iii) adjusted general and administrative expenses as general and administrative expenses excluding
share-based compensation expenses, expenses related to the Commitment Shares, the ESA Offering Costs, and expenses related to the Option
Shares, and professional fees related to warrant exchange and other financing programs; (iv) adjusted corporate EBITDA as operating loss
excluding store pre-opening expenses, and certain non-cash expenses consisting of depreciation and amortization, share-based compensation
expenses, expenses related to the Commitment Shares, the ESA Offering Costs, expenses related to the Option Shares, professional fees
related to warrant exchange and other financing programs, impairment losses of long-lived assets, and loss on disposal of property and
equipment; (v) adjusted corporate EBITDA margin as adjusted corporate EBITDA as a percentage of total revenues; (vi) adjusted net loss
as net loss excluding store pre-opening expenses, share-based compensation expenses, expenses related to the Commitment Shares, the ESA
Offering Costs, expenses related to the Option Shares, professional fees related to warrant exchange and other financing programs, impairment
losses of long-lived assets, loss on disposal of property and equipment, changes in fair value of convertible notes, changes in fair
value of warrant liabilities; and changes in fair value of ESA derivative liabilities; (vii) adjusted net loss margin as adjusted net
loss as a percentage of total revenues; and (viii) adjusted basic and diluted net loss per ordinary share as adjusted net loss attributable
to the Company’s ordinary shareholders divided by weighted-average number of basic and diluted ordinary share. The Company believes
adjusted store EBITDA, adjusted store EBITDA margin, adjusted general and administrative expenses, adjusted corporate EBITDA, adjusted
corporate EBITDA margin, adjusted net loss, adjusted net loss margin, and adjusted basic and diluted net loss per ordinary share enhance
investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its
management in its financial and operational decision-making.
These
non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial
measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable
to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP
financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance.
For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section
of the accompanying tables titled, “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures.” The
Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.
EXCHANGE
RATE INFORMATION
This
earnings release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the
convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2203 to USD1.00, the
exchange rate in effect on March 29, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no
representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or
at all.
CONFERENCE
CALL
The
Company will hold a conference call today, on Wednesday, June 5, 2024, at 8:00 am Eastern Time (on Wednesday, June 5, 2024, at 8:00 pm
Beijing Time) to discuss the financial results.
Participants
are strongly encouraged to pre-register for the conference call, by using the weblink provided below.
https://register.vevent.com/register/BI94870283e9124554bcb820c11f01f505
Participants
may also view the live webcast by registering through below weblink:
https://edge.media-server.com/mmc/p/srctfy6e
The
webcast features a ’Submit Your Question’ tab at the top, where you will have the opportunity to submit your questions before and during
the call.
A
live and archived webcast of the conference call will also be available at the Company’s Investor Relations website at https://ir.timschina.com under
“Events and Presentations”.
FORWARD-LOOKING
STATEMENTS
Certain
statements in this earnings release may be considered forward-looking statements within the meaning of the “safe harbor”
provisions of the United States Private Securities Litigation Reform Act of 1995, such as the Company’s ability to further grow
its business and store network, optimize its cost structure, improve its operational efficiency, and achieve profitable growth. Forward-looking
statements are statements that are not historical facts and generally relate to future events or the Company’s future financial
or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,”
“may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,”
“intend,” “could,” “would,” “project,” “target,” “plan,” “expect,”
or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking
statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case
may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current
expectations include various factors beyond management’s control, including, but not limited to, general economic conditions and
other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement
Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, and other filings it makes with the Securities
and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.
You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made
and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly
disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein
to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances
on which any statement is based.
ABOUT
TH INTERNATIONAL LIMITED
TH
International Limited (Nasdaq: THCH) (“Tims China”) is the parent company of the exclusive master franchisees of Tim Hortons
coffee shops in mainland China, Hong Kong and Macau and Popeyes restaurants in mainland China and Macau. Tims China was founded by Cartesian
Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International (TSX: QSR) (NYSE: QSR).
The
Company’s philosophy is rooted in world-class execution and data-driven decision making and centered around true local relevance,
continuous innovation, genuine community, and absolute convenience. For more information, please visit https://www.timschina.com.
INVESTOR
AND MEDIA CONTACTS
Investor
Relations
Gemma
Bakx
IR@timschina.com, or gemma.bakx@cartesiangroup.com
Public
and Media Relations
Patty
Yu
Patty.Yu@timschina.com
 |
|
| TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Amounts in thousands of RMB and US$, except for number of shares) |
| | |
| | |
| | |
| |
| | |
As of | |
| | |
December 31,
2023 | | |
March 31,
2024
(Unaudited) | |
| | |
RMB | | |
RMB | | |
US$ | |
| | |
| | |
| | |
| |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | |
| | |
| |
| Cash and cash equivalents | |
| 203,587 | | |
| 196,890 | | |
| 27,269 | |
| Time deposits | |
| 17,165 | | |
| 21,285 | | |
| 2,948 | |
| Accounts receivable, net | |
| 27,562 | | |
| 27,703 | | |
| 3,837 | |
| Inventories | |
| 50,719 | | |
| 40,252 | | |
| 5,575 | |
| Prepaid expenses and other current assets | |
| 159,587 | | |
| 164,645 | | |
| 22,803 | |
| Total current assets | |
| 458,620 | | |
| 450,775 | | |
| 62,432 | |
| | |
| | | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property and equipment, net | |
| 691,876 | | |
| 640,123 | | |
| 88,656 | |
| Intangible assets, net | |
| 147,448 | | |
| 145,747 | | |
| 20,186 | |
| Operating lease right-of-use assets | |
| 849,079 | | |
| 737,614 | | |
| 102,158 | |
| Other non-current assets | |
| 68,416 | | |
| 65,172 | | |
| 9,026 | |
| Total non-current assets | |
| 1,756,819 | | |
| 1,588,656 | | |
| 220,026 | |
| Total assets | |
| 2,215,439 | | |
| 2,039,431 | | |
| 282,458 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Bank borrowings, current | |
| 538,233 | | |
| 422,641 | | |
| 58,535 | |
| Accounts payable | |
| 224,849 | | |
| 256,046 | | |
| 35,462 | |
| Contract liabilities | |
| 40,715 | | |
| 43,238 | | |
| 5,988 | |
| Amount due to related parties | |
| 53,004 | | |
| 208,933 | | |
| 28,937 | |
| Operating lease liabilities | |
| 200,878 | | |
| 205,103 | | |
| 28,406 | |
| Other current liabilities | |
| 338,154 | | |
| 319,829 | | |
| 44,297 | |
| Total current liabilities | |
| 1,395,833 | | |
| 1,455,790 | | |
| 201,625 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Bank borrowings, non-current | |
| 5,266 | | |
| 2,890 | | |
| 400 | |
| Convertible notes, at fair value | |
| 420,712 | | |
| 435,633 | | |
| 60,334 | |
| Contract liabilities | |
| 5,272 | | |
| 5,051 | | |
| 700 | |
| Amount due to related parties | |
| 94,200 | | |
| 96,492 | | |
| 13,364 | |
| Operating lease liabilities | |
| 707,689 | | |
| 602,500 | | |
| 83,445 | |
| Other non-current liabilities | |
| 8,896 | | |
| 8,447 | | |
| 1,170 | |
| Total non-current liabilities | |
| 1,242,035 | | |
| 1,151,013 | | |
| 159,413 | |
| Total liabilities | |
| 2,637,868 | | |
| 2,606,803 | | |
| 361,038 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ equity: | |
| | | |
| | | |
| | |
| Ordinary shares | |
| 10 | | |
| 10 | | |
| 1 | |
| Additional paid-in capital | |
| 1,807,715 | | |
| 1,812,164 | | |
| 250,982 | |
| Accumulated losses | |
| (2,256,424 | ) | |
| (2,400,468 | ) | |
| (332,461 | ) |
| Accumulated other comprehensive income | |
| 21,492 | | |
| 14,928 | | |
| 2,068 | |
| Treasury shares | |
| - | | |
| - | | |
| - | |
| Total (deficit) equity attributable to shareholders of the Company | |
| (427,207 | ) | |
| (573,366 | ) | |
| (79,410 | ) |
| Non-controlling interests | |
| 4,778 | | |
| 5,994 | | |
| 830 | |
| Total shareholders’ (deficit) equity | |
| (422,429 | ) | |
| (567,372 | ) | |
| (78,580 | ) |
| | |
| | | |
| | | |
| | |
| Commitments and Contingencies | |
| - | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | |
| Total liabilities and shareholders’ equity (deficit) | |
| 2,215,439 | | |
| 2,039,431 | | |
| 282,458 | |
|
|
| TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) |
| (Amounts in thousands of RMB and US$,
except for per share data) |
| | |
| | |
| | |
| |
| | |
For
the three months ended March 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Revenues: | |
| | |
| | |
| |
| Company owned
and operated stores | |
| 310,451 | | |
| 311,037 | | |
| 43,078 | |
| Other
revenues | |
| 26,028 | | |
| 35,778 | | |
| 4,955 | |
| Total
revenues | |
| 336,479 | | |
| 346,815 | | |
| 48,033 | |
| | |
| | | |
| | | |
| | |
| Costs
and expenses, net: | |
| | | |
| | | |
| | |
| Company owned and operated
stores | |
| | | |
| | | |
| | |
| Food and packaging | |
| 111,326 | | |
| 108,523 | | |
| 15,030 | |
| Rental and property management
fee | |
| 71,410 | | |
| 68,586 | | |
| 9,499 | |
| Payroll and employee benefits | |
| 72,960 | | |
| 69,038 | | |
| 9,562 | |
| Delivery costs | |
| 22,782 | | |
| 28,637 | | |
| 3,966 | |
| Other operating expenses | |
| 25,088 | | |
| 25,329 | | |
| 3,508 | |
| Store
depreciation and amortization | |
| 32,974 | | |
| 34,021 | | |
| 4,712 | |
| Company
owned and operated store costs and expenses | |
| 336,540 | | |
| 334,134 | | |
| 46,277 | |
| | |
| | | |
| | | |
| | |
| Costs of other revenues | |
| 18,868 | | |
| 25,024 | | |
| 3,466 | |
| Marketing expenses | |
| 18,303 | | |
| 20,748 | | |
| 2,874 | |
| General and administrative
expenses | |
| 70,620 | | |
| 58,698 | | |
| 8,128 | |
| Franchise and royalty expenses | |
| 11,905 | | |
| 14,132 | | |
| 1,957 | |
| Other operating costs and
expenses | |
| 5,572 | | |
| 4,183 | | |
| 579 | |
| Loss on disposal of property
and equipment | |
| 896 | | |
| 2,004 | | |
| 278 | |
| Impairment losses of long-lived
assets | |
| 4,418 | | |
| 18,965 | | |
| 2,627 | |
| Other
income | |
| 226 | | |
| 1,675 | | |
| 232 | |
| Total
costs and expenses, net | |
| 466,896 | | |
| 476,213 | | |
| 65,954 | |
| | |
| | | |
| | | |
| | |
| Operating
loss | |
| (130,417 | ) | |
| (129,398 | ) | |
| (17,921 | ) |
| | |
| | | |
| | | |
| | |
| Interest income | |
| 2,023 | | |
| 992 | | |
| 137 | |
| Interest expenses | |
| (4,336 | ) | |
| (5,591 | ) | |
| (774 | ) |
| Foreign currency transaction
loss | |
| (1,788 | ) | |
| 3,950 | | |
| 547 | |
| Changes in fair value of
Deferred Contingent consideration | |
| - | | |
| (2,130 | ) | |
| (295 | ) |
| Changes in fair value of
convertible notes | |
| (14,272 | ) | |
| (10,651 | ) | |
| (1,475 | ) |
| Changes in fair value of
warrant liabilities | |
| (58,184 | ) | |
| - | | |
| - | |
| Changes
in fair value of ESA derivative liabilities | |
| 32,523 | | |
| - | | |
| - | |
| | |
| | | |
| | | |
| | |
| Loss before
income taxes | |
| (174,451 | ) | |
| (142,828 | ) | |
| (19,781 | ) |
| Income
tax expenses | |
| - | | |
| - | | |
| - | |
| Net
loss | |
| (174,451 | ) | |
| (142,828 | ) | |
| (19,781 | ) |
| | |
| | | |
| | | |
| | |
| Less:
Net (income) loss attributable to non-controlling interests | |
| 433 | | |
| 1,217 | | |
| 169 | |
| Net
Loss attributable to shareholders of the Company | |
| (174,884 | ) | |
| (144,045 | ) | |
| (19,950 | ) |
| Basic
and diluted loss per Ordinary Share | |
| (1.25 | ) | |
| (0.90 | ) | |
| (0.12 | ) |
| | |
| | | |
| | | |
| | |
| Net loss | |
| (174,451 | ) | |
| (142,828 | ) | |
| (19,781 | ) |
| | |
| | | |
| | | |
| | |
| Other
comprehensive income (loss) | |
| | | |
| | | |
| | |
| Unrealized gain on short-term
investment, net of nil income taxes | |
| 700 | | |
| - | | |
| - | |
| Fair value changes of convertible
notes due to instrument-specific credit risk, net of nil income taxes | |
| (2,607 | ) | |
| (3,550 | ) | |
| (492 | ) |
| Foreign
currency translation adjustment, net of nil income taxes | |
| 1,029 | | |
| (3,033 | ) | |
| (420 | ) |
| | |
| | | |
| | | |
| | |
| Total comprehensive loss | |
| (175,329 | ) | |
| (149,411 | ) | |
| (20,693 | ) |
| | |
| | | |
| | | |
| | |
| Less:
Comprehensive loss attributable to non- controlling interests | |
| 433 | | |
| 1,217 | | |
| 169 | |
| Comprehensive
loss attributable to shareholders of the Company | |
| (175,762 | ) | |
| (150,628 | ) | |
| (20,862 | ) |
| TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (Amounts in thousands of RMB and US$) |
| | |
| | |
| | |
| |
| | |
For the three months ended March 31, | |
| | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net cash used in operating activities | |
| (85,360 | ) | |
| (26,746 | ) | |
| (3,704 | ) |
| Net cash provided by/(used in) investing activities | |
| 50,238 | | |
| (7,264 | ) | |
| (1,006 | ) |
| Net cash provided by financing activities | |
| 163,983 | | |
| 25,975 | | |
| 3,597 | |
| Effect of foreign currency exchange rate changes on cash | |
| (3,368 | ) | |
| 1,338 | | |
| 185 | |
| Net increase/(decrease) in cash | |
| 125,493 | | |
| (6,697 | ) | |
| (928 | ) |
| Cash at beginning of the period | |
| 239,077 | | |
| 203,587 | | |
| 28,196 | |
| Cash at end of the period | |
| 364,570 | | |
| 196,890 | | |
| 27,268 | |
|
|
| TH INTERNATIONAL LIMITED AND SUBSIDIARIES |
| RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES |
| (Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data) |
| | |
| | |
| | |
| | |
| |
| A. Adjusted store EBITDA and adjusted store EBITDA margin | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
For the three months ended March 31, 2024 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Revenues - company owned and operated stores | |
| 296,375 | | |
| 14,662 | | |
| 311,037 | | |
| 43,078 | |
| Food and packaging costs - company owned and operated stores | |
| (102,709 | ) | |
| (5,814 | ) | |
| (108,523 | ) | |
| (15,030 | ) |
| Rental expenses - company owned and operated stores | |
| (64,608 | ) | |
| (3,978 | ) | |
| (68,586 | ) | |
| (9,499 | ) |
| Payroll and employee benefits - company owned and operated stores | |
| (65,179 | ) | |
| (3,859 | ) | |
| (69,038 | ) | |
| (9,562 | ) |
| Delivery costs - company owned and operated stores | |
| (27,534 | ) | |
| (1,103 | ) | |
| (28,637 | ) | |
| (3,966 | ) |
| Other operating expenses - company owned and operated stores | |
| (24,217 | ) | |
| (1,112 | ) | |
| (25,329 | ) | |
| (3,508 | ) |
| Store depreciation and amortization | |
| (33,227 | ) | |
| (794 | ) | |
| (34,021 | ) | |
| (4,712 | ) |
| Franchise and royalty expenses - company owned and operated stores | |
| (9,839 | ) | |
| (455 | ) | |
| (10,294 | ) | |
| (1,426 | ) |
| Fully-burdened gross loss - company owned and operated stores | |
| (30,938 | ) | |
| (2,453 | ) | |
| (33,391 | ) | |
| (4,625 | ) |
| Store depreciation and amortization | |
| 33,227 | | |
| 794 | | |
| 34,021 | | |
| 4,712 | |
| Store pre-opening expenses | |
| 4,952 | | |
| 542 | | |
| 5,494 | | |
| 761 | |
| Adjusted Store EBITDA | |
| 7,241 | | |
| (1,117 | ) | |
| 6,124 | | |
| 848 | |
| Adjusted Store EBITDA Margin | |
| 2.4 | % | |
| -7.6 | % | |
| 2.0 | % | |
| 2.0 | % |
| | |
For the three months ended March 31, 2023 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Revenues - company owned and operated stores | |
| 310,451 | | |
| - | | |
| 310,451 | | |
| 45,205 | |
| Food and packaging costs - company owned and operated stores | |
| (111,326 | ) | |
| - | | |
| (111,326 | ) | |
| (16,210 | ) |
| Rental expenses - company owned and operated stores | |
| (71,410 | ) | |
| - | | |
| (71,410 | ) | |
| (10,398 | ) |
| Payroll and employee benefits - company owned and operated stores | |
| (72,960 | ) | |
| - | | |
| (72,960 | ) | |
| (10,624 | ) |
| Delivery costs - company owned and operated stores | |
| (22,782 | ) | |
| - | | |
| (22,782 | ) | |
| (3,318 | ) |
| Other operating expenses - company owned and operated stores | |
| (25,088 | ) | |
| - | | |
| (25,088 | ) | |
| (3,653 | ) |
| Store depreciation and amortization | |
| (32,974 | ) | |
| - | | |
| (32,974 | ) | |
| (4,801 | ) |
| Franchise and royalty expenses - company owned and operated stores | |
| (9,823 | ) | |
| - | | |
| (9,823 | ) | |
| (1,430 | ) |
| Fully-burdened gross loss - company owned and operated stores | |
| (35,912 | ) | |
| - | | |
| (35,912 | ) | |
| (5,229 | ) |
| Store depreciation and amortization | |
| 32,974 | | |
| - | | |
| 32,974 | | |
| 4,801 | |
| Store pre-opening expenses | |
| 8,940 | | |
| - | | |
| 8,940 | | |
| 1,302 | |
| Adjusted Store EBITDA | |
| 6,002 | | |
| - | | |
| 6,002 | | |
| 874 | |
| Adjusted Store EBITDA Margin | |
| 1.9 | % | |
| | | |
| 1.9 | % | |
| 1.9 | % |
| B. Adjusted general and administrative expenses | |
| | |
| | |
| |
| | |
| | |
| | |
| |
| | |
For the three months ended March 31, 2024 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| General and administrative expenses | |
| (54,467 | ) | |
| (4,231 | ) | |
| (58,698 | ) | |
| (8,128 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expenses | |
| 1,014 | | |
| - | | |
| 1,014 | | |
| 140 | |
| Impairment losses of rental deposits | |
| 2,457 | | |
| - | | |
| 2,457 | | |
| 340 | |
| Adjusted General and administrative expenses | |
| (50,996 | ) | |
| (4,231 | ) | |
| (55,227 | ) | |
| (7,648 | ) |
| Adjusted General and administrative expenses as a % of total revenue | |
| 15.4 | % | |
| 28.8 | % | |
| 15.9 | % | |
| 15.9 | % |
| | |
For the three months ended March 31, 2023 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| General and administrative expenses | |
| (70,620 | ) | |
| - | | |
| (70,620 | ) | |
| (10,286 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Share-based compensation expenses | |
| 3,161 | | |
| - | | |
| 3,161 | | |
| 460 | |
| Adjusted General and administrative expenses | |
| (67,459 | ) | |
| - | | |
| (67,459 | ) | |
| (9,826 | ) |
| Adjusted General and administrative expenses as a % of total revenue | |
| 20.0 | % | |
| | | |
| 20.0 | % | |
| 20.0 | % |
| C. Adjusted corporate EBITDA and adjusted corporate EBITDA margin | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
For the three months ended March 31, 2024 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Operating loss | |
| (121,262 | ) | |
| (8,136 | ) | |
| (129,398 | ) | |
| (17,921 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Store pre-opening expenses | |
| 4,952 | | |
| 542 | | |
| 5,494 | | |
| 761 | |
| Depreciation and amortization | |
| 42,225 | | |
| 1,415 | | |
| 43,640 | | |
| 6,044 | |
| Share-based compensation expenses | |
| 1,014 | | |
| - | | |
| 1,014 | | |
| 140 | |
| Impairment losses of rental deposits | |
| 2,457 | | |
| - | | |
| 2,457 | | |
| 340 | |
| One-off expense of store closure | |
| 2,265 | | |
| - | | |
| 2,265 | | |
| 314 | |
| Impairment losses of long-lived assets | |
| 18,965 | | |
| - | | |
| 18,965 | | |
| 2,627 | |
| Loss on disposal of property and equipment | |
| 2,004 | | |
| - | | |
| 2,004 | | |
| 278 | |
| Adjusted Corporate EBITDA | |
| (47,380 | ) | |
| (6,179 | ) | |
| (53,559 | ) | |
| (7,417 | ) |
| Adjusted Corporate EBITDA Margin | |
| -14.3 | % | |
| -42.1 | % | |
| -15.4 | % | |
| -15.4 | % |
| | |
For the three months ended March 31, 2023 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Operating loss | |
| (130,417 | ) | |
| - | | |
| (130,417 | ) | |
| (18,992 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Store pre-opening expenses | |
| 8,940 | | |
| - | | |
| 8,940 | | |
| 1,302 | |
| Depreciation and amortization | |
| 38,357 | | |
| - | | |
| 38,357 | | |
| 5,585 | |
| Share-based compensation expenses | |
| 3,161 | | |
| - | | |
| 3,161 | | |
| 460 | |
| Impairment losses of long-lived assets | |
| 4,418 | | |
| - | | |
| 4,418 | | |
| 643 | |
| Loss on disposal of property and equipment | |
| 896 | | |
| - | | |
| 896 | | |
| 130 | |
| Adjusted Corporate EBITDA | |
| (74,645 | ) | |
| - | | |
| (74,645 | ) | |
| (10,872 | ) |
| Adjusted Corporate EBITDA Margin | |
| -22.2 | % | |
| | | |
| -22.2 | % | |
| -22.2 | % |
| D. Adjusted net loss and adjusted net loss margin | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
For the three months ended March 31, 2024 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Net loss | |
| (134,689 | ) | |
| (8,139 | ) | |
| (142,828 | ) | |
| (19,781 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Store pre-opening expenses | |
| 4,952 | | |
| 542 | | |
| 5,494 | | |
| 761 | |
| Share-based compensation expenses | |
| 1,014 | | |
| - | | |
| 1,014 | | |
| 140 | |
| Impairment losses of long-lived assets | |
| 18,965 | | |
| - | | |
| 18,965 | | |
| 2,627 | |
| Impairment losses of rental deposits | |
| 2,457 | | |
| - | | |
| 2,457 | | |
| 340 | |
| One-off expense of store closure | |
| 2,265 | | |
| - | | |
| 2,265 | | |
| 314 | |
| Loss on disposal of property and equipment | |
| 2,004 | | |
| - | | |
| 2,004 | | |
| 278 | |
| Changes in fair value of Deferred Contingent consideration | |
| 2,130 | | |
| - | | |
| 2,130 | | |
| 295 | |
| Changes in fair value of convertible notes | |
| 10,651 | | |
| - | | |
| 10,651 | | |
| 1,475 | |
| Adjusted Net loss | |
| (90,251 | ) | |
| (7,597 | ) | |
| (97,848 | ) | |
| (13,551 | ) |
| Adjusted Net loss Margin | |
| -27.2 | % | |
| -51.8 | % | |
| -28.2 | % | |
| -28.2 | % |
| | |
For the three months ended March 31, 2023 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Net loss | |
| (174,451 | ) | |
| - | | |
| (174,451 | ) | |
| (25,402 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Store pre-opening expenses | |
| 8,940 | | |
| - | | |
| 8,940 | | |
| 1,302 | |
| Share-based compensation expenses | |
| 3,161 | | |
| - | | |
| 3,161 | | |
| 460 | |
| Impairment losses of long-lived assets | |
| 4,418 | | |
| - | | |
| 4,418 | | |
| 643 | |
| Loss on disposal of property and equipment | |
| 896 | | |
| - | | |
| 896 | | |
| 130 | |
| Changes in fair value of convertible notes | |
| 14,272 | | |
| - | | |
| 14,272 | | |
| 2,078 | |
| Changes in fair value of warrant liabilities | |
| 58,184 | | |
| - | | |
| 58,184 | | |
| 8,472 | |
| Changes in fair value of ESA derivative liabilities | |
| (32,523 | ) | |
| - | | |
| (32,523 | ) | |
| (4,736 | ) |
| Adjusted Net loss | |
| (117,103 | ) | |
| - | | |
| (117,103 | ) | |
| (17,053 | ) |
| Adjusted Net loss Margin | |
| -34.8 | % | |
| | | |
| -34.8 | % | |
| -34.8 | % |
|
|
| E. Adjusted basic and diluted net loss per Ordinary Share | |
| | |
| | |
| |
| | |
| | |
| | |
| | |
| |
| | |
For the three months ended March 31, 2024 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Net Loss attributable to shareholders of the Company | |
| (135,906 | ) | |
| (8,139 | ) | |
| (144,045 | ) | |
| (19,950 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Store pre-opening expenses | |
| 4,952 | | |
| 542 | | |
| 5,494 | | |
| 761 | |
| Share-based compensation expenses | |
| 1,014 | | |
| - | | |
| 1,014 | | |
| 140 | |
| Impairment losses of long-lived assets | |
| 18,965 | | |
| - | | |
| 18,965 | | |
| 2,627 | |
| Impairment losses of rental deposits | |
| 2,457 | | |
| - | | |
| 2,457 | | |
| 340 | |
| One-off expense of store closure | |
| 2,265 | | |
| - | | |
| 2,265 | | |
| 314 | |
| Loss on disposal of property and equipment | |
| 2,004 | | |
| - | | |
| 2,004 | | |
| 278 | |
| Changes in fair value of Deferred Contingent consideration | |
| 2,130 | | |
| - | | |
| 2,130 | | |
| 295 | |
| Changes in fair value of convertible notes | |
| 10,651 | | |
| - | | |
| 10,651 | | |
| 1,475 | |
| Adjusted Net loss attributable to shareholders of the Company | |
| (91,468 | ) | |
| (7,597 | ) | |
| (99,065 | ) | |
| (13,720 | ) |
| Weighted average shares outstanding used in calculating basic and diluted loss per share | |
| 160,633,868 | | |
| 160,633,868 | | |
| 160,633,868 | | |
| 160,633,868 | |
| Adjusted basic and diluted net loss per Ordinary Share | |
| (0.57 | ) | |
| (0.05 | ) | |
| (0.62 | ) | |
| (0.09 | ) |
| | |
For the three months ended March 31, 2023 | |
| | |
Tims | | |
Popeyes | | |
Total | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Net Loss attributable to shareholders of the Company | |
| (174,884 | ) | |
| - | | |
| (174,884 | ) | |
| (25,465 | ) |
| Adjusted for: | |
| | | |
| | | |
| | | |
| | |
| Store pre-opening expenses | |
| 8,940 | | |
| - | | |
| 8,940 | | |
| 1,302 | |
| Share-based compensation expenses | |
| 3,161 | | |
| - | | |
| 3,161 | | |
| 460 | |
| Impairment losses of long-lived assets | |
| 4,418 | | |
| - | | |
| 4,418 | | |
| 643 | |
| Loss on disposal of property and equipment | |
| 896 | | |
| - | | |
| 896 | | |
| 130 | |
| Changes in fair value of convertible notes | |
| 14,272 | | |
| - | | |
| 14,272 | | |
| 2,078 | |
| Changes in fair value of warrant liabilities | |
| 58,184 | | |
| - | | |
| 58,184 | | |
| 8,472 | |
| Changes in fair value of ESA derivative liabilities | |
| (32,523 | ) | |
| - | | |
| (32,523 | ) | |
| (4,736 | ) |
| Adjusted Net loss attributable to shareholders of the Company | |
| (117,536 | ) | |
| - | | |
| (117,536 | ) | |
| (17,116 | ) |
| Weighted average shares outstanding used in calculating basic and diluted loss per share | |
| 139,612,628 | | |
| - | | |
| 139,612,628 | | |
| 139,612,628 | |
| Adjusted basic and diluted net loss per Ordinary Share | |
| (0.84 | ) | |
| - | | |
| (0.84 | ) | |
| (0.12 | ) |
15
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