Financial Performance - For the six-month period ended September 30, 2023, Pine Care Group recorded a loss of HK$23.6 million due to the ongoing adverse effects of the COVID-19 situation[10]. - Total revenue increased to HK$151.7 million for the six-month period ended 30 September 2023, compared to HK$130.3 million for the same period last year, representing a growth of 16.4%[50]. - Loss before tax for the period was HK$21,363,000, compared to a loss of HK$10,974,000 in the previous year, indicating a deterioration in financial performance[181]. - Loss for the period attributable to owners of the parent was HK$23,586,000, which is an increase of 84.6% from HK$12,767,000 in the same period last year[181]. - Total comprehensive loss for the period was HK$23,586,000, compared to HK$12,499,000 in the previous year, reflecting a significant increase in losses[183]. - The recorded loss increased to HK$23.6 million for the period, compared to a loss of HK$12.8 million for the same period last year, largely due to increased finance costs[59]. - Finance costs rose to HK$21.8 million from HK$5.0 million in the previous year, contributing to the overall loss[59]. - Core EBITDA decreased to HK$19.7 million for the period, down from HK$26.3 million in the same period last year, primarily due to the operating loss of Pine Residence[58]. - Core EBITDA as a percentage of revenue decreased to 13.0% from 20.2% year-on-year, reflecting the impact of operational challenges[64]. Occupancy and Service Demand - The average occupancy rate of the Group's 8 EA1 residential care homes for the elderly was 90.9%, an increase from 88.9% in the same period last year[11]. - The occupancy rate of the Silverage Collection increased by 10.0 percentage points, reaching an average of 78.0% during the period under review[11]. - The average occupancy rate of Pine Care Place and Pine Care Point increased by 10.0 percentage points to 78.0% for the period, compared to 68.0% for the same period last year[56]. - The demand for quality senior care services in Hong Kong is still significantly underserved, presenting an opportunity for the Group to expand its professional services[18]. Strategic Initiatives and Developments - The Group aims to enhance its reputation for quality in senior care, particularly in dementia care, cognitive training, rehabilitation, and skilled nursing care services[17]. - The introduction of Chime Corporation Limited as the new controlling shareholder is expected to optimize the value of Pine Care Group and enhance its healthcare and elderly care business[16]. - The establishment of Pine Residence, operational since December 2022, signifies the company's commitment to quality senior care services, enhancing its brand and providing comprehensive care for residents[25]. - The company is exploring the Continuing Care Retirement Community (CCRC) concept, which integrates various services for seniors, enhancing their quality of life[36]. - The company aims to expand elite services for ageing-in-place senior care and community care development initiatives, leveraging existing properties to meet diverse senior needs[37]. - The company recognizes the market's demand for choice and plans to remain agile in its business strategies to enhance the quality of senior care services[38]. Financial Position and Assets - Net assets decreased to HK$137.0 million as of 30 September 2023, down from HK$160.6 million as of 31 March 2023[92]. - The adjusted consolidated net assets amounted to HK$871.963 million as of September 30, 2023, a decrease from HK$1,012.929 million as of March 31, 2023[97]. - The total value of mortgaged assets as of September 30, 2023, was HK$590.7 million, down from HK$602.4 million as of March 31, 2023[128]. - Total assets decreased from HK$1,108,264,000 on March 31, 2023, to HK$1,074,319,000 on September 30, 2023, representing a decline of approximately 3%[185]. Employee and Operational Costs - Gross staff costs rose by approximately 11.5% to HK$73.8 million from HK$66.2 million, mainly due to the commencement of operations at Pine Residence and general salary increments[72]. - Employee costs for the period were HK$73.8 million, compared to HK$66.2 million for the six-month period ended September 30, 2022, reflecting an increase of approximately 10.4%[132][138]. - Staff costs increased to HK$68,171,000, up from HK$56,644,000, representing a rise of 20.4% year-on-year[181]. - Depreciation increased by approximately 68.3% to HK$45.5 million from HK$27.0 million, primarily due to the depreciation of right-of-use assets and leasehold improvements at Pine Residence[71]. Governance and Compliance - The company has complied with the Corporate Governance Code during the six months ended September 30, 2023[160]. - All directors confirmed compliance with the Model Code for securities transactions throughout the period[161]. - No incidents of non-compliance with the Employees Written Guidelines were noted during the review period[162]. Future Outlook and Plans - The company plans to expand its services to home care and community care, aligning with the growing demand for senior care services in Hong Kong[50]. - The company did not have any specific future plans for material investments or capital assets as of September 30, 2023[122]. - There were no major future investment or capital asset plans disclosed as of September 30, 2023[129].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Pine Care Group Limited 松 齡 護 老 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1989） 截至2023年9月30日止六個月 未經審核中期業績公告 松 齡 護 老 集 團 有 限 公 司（「 本 公 司 」及 連 同 其 附 屬 公 司 ， 統 稱「 本 集 團 」）之 董 事 會 （「董事會」）謹此 宣佈本集團截至2023年 9月30 日止六個月的未經審 核綜合中期業 績。本公告載有本公司2023中期報告全文，並符合香港聯合交易所有限公司證券 上市規則中有關中期業績初步公告附載資料之相關規定。 刊發中期業績公告及中期報告 本中期業績公告刊載於香港聯合交易所有限公司網站(www.hkexnews.hk)及本公司 網站(www.pinecaregroup.com)。本公司的2023中期報 ...

Financial Performance - For FY2023, Pine Care Group recorded a loss of HK$27.8 million due to the adverse impact of the COVID-19 situation[27]. - The group reported a loss of HKD 27.8 million for the fiscal year 2023, impacted by the COVID-19 pandemic and asset impairment[33]. - The Group's total revenue for FY2023 was HK$265.3 million, a slight decrease of 0.9% from HK$267.7 million in FY2022[63]. - Revenue from the eight EA1 RCHEs decreased by 3.2% to HK$211.8 million in FY2023, primarily due to a drop in average occupancy rate to 88.9% from 92.7% in FY2022[66][68]. - Revenue from the Silverage Collection increased by 17.3% to HK$53.4 million in FY2023, supported by a rise in average occupancy rate from 59.5% to 71.9%[67]. - The total loss for the year increased to HK$27.8 million in fiscal year 2023, compared to a loss of HK$24.0 million in fiscal year 2022, mainly due to increased finance costs and a non-recurring fair value loss on financial assets[76]. - Core EBITDA for FY2023 amounted to HK$47.8 million, a decrease from HK$53.7 million in FY2022, primarily due to losses in Pine Residence[29]. - Core EBITDA decreased to HK$47.8 million in FY2023 from HK$53.7 million in FY2022, mainly due to operating losses at Pine Residence during its initial ramp-up period[73]. - The core EBITDA to revenue ratio decreased to 18.0% in fiscal year 2023 from 20.1% in fiscal year 2022[79]. - Depreciation expenses rose approximately 11.3% to HK$63.7 million in fiscal year 2023 from HK$57.2 million in fiscal year 2022, attributed to the depreciation of right-of-use assets of Pine Residence[84]. - Staff costs increased by approximately 3.7% to HK$134.7 million in fiscal year 2023, influenced by general salary increments due to a tight manpower situation in the healthcare industry[85]. - Finance costs increased significantly to HK$22.7 million in FY2023 from HK$10.5 million in FY2022, due to the surge in interest rates[102]. - Income tax expense decreased to HK$3.1 million in FY2023 from HK$6.3 million in FY2022, primarily due to lower assessable profits[103]. - Loss for the year attributable to equity holders of the Company was approximately HK$27.8 million in FY2023, compared to a loss of HK$20.6 million in FY2022[104]. Occupancy Rates - The average occupancy rate for the Group's 8 EA1 residential care homes for the elderly was 88.9%, down from 92.7% in FY2022[28]. - The occupancy rate for the Silverage Collection increased by 12.4 percentage points, reaching an average of 71.9% for FY2023[28]. - The average occupancy rate for the eight Class A nursing homes was 88.9% in fiscal year 2023, down from 92.7% in fiscal year 2022[33]. - The average occupancy rate of Pine Care Place and Pine Care Point increased by 12.4 percentage points to 71.9% in FY2023[67]. Strategic Initiatives - The introduction of Chime Corporation Limited as the new controlling shareholder is expected to enhance the value of Pine Care Group through its expertise in property development and asset management[30]. - The company is exploring the Continuing Care Retirement Community (CCRC) concept to provide a sustainable community for elderly care, integrating various services for seniors[48]. - The company aims to expand elite services for ageing-in-place senior care and community care development initiatives[49]. - The Group plans to explore the concept of Continuing Care Retirement Communities to enhance service offerings and meet market demand[52]. - The Group aims to maintain flexibility in business planning and service delivery to provide a wider range of options in the elder care market[52]. - The Group's expansion plans are in place, with confidence in future opportunities and achievements[58]. Leadership and Governance - Mr. Choi Wun Hing Donald was appointed as a non-executive director and Chairman of the Board in October 2022, overseeing corporate development and business strategies[164]. - Mr. Wong Hung Han serves as the Chief Operating Officer, managing property services, human resources, and risk management since joining in 2013[167]. - Mr. Tsang Tin For, appointed in October 2022, is responsible for finance, investment, and treasury functions, bringing over 30 years of experience in finance and risk management[172]. - Mr. Wu Tat Ming Damein, also appointed in October 2022, focuses on investment and business transformation strategies to enhance operations and identify new revenue streams[175]. - The company has a strong leadership team with extensive experience across various sectors, including real estate and finance[181]. - The company has established a robust governance structure with experienced non-executive directors overseeing key functions[164]. - The focus on risk management and crisis management is a priority for the company's operations[167]. - The management team is composed of professionals with significant industry experience and qualifications[199]. - The company is focused on implementing business strategies and executing major projects[187]. - The Group is committed to expanding its elderly care services under Mr. Chan's leadership[184]. Financial Position - Net assets amounted to HK$160.6 million as at 31 March 2023, down from HK$183.5 million as at 31 March 2022[106]. - The adjusted consolidated net assets would have been HK$1,012.9 million as at 31 March 2023, considering the revaluation surplus of HK$852.3 million[107]. - The current ratio remained at approximately 0.2 times as at 31 March 2023, unchanged from 31 March 2022[114]. - Gearing ratio increased to 52.9% as at 31 March 2023 from 50.9% as at 31 March 2022, mainly due to increased debt financing[115]. - Interest-bearing bank borrowings amounted to HK$589.6 million as at 31 March 2023, with various repayment schedules[122]. - Loan from a fellow subsidiary amounted to HK$20.0 million, repayable within one year or on demand[123]. - The carrying amount of pledged assets was HK$599.0 million, down from HK$617.3 million in the previous year[138][140]. - The Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during FY2023[129][133]. - The Group did not have any commitments as of March 31, 2023[131][135]. - There were no material contingent liabilities reported as of March 31, 2023[143][150]. - The Group has not used any interest rate swaps to hedge its exposure to interest rate risk[144][151]. - As of March 31, 2023, the Group had no significant investments held[130][134]. Other Operating Metrics - Other operating expenses decreased by approximately 8.7% in fiscal year 2023, primarily due to lower advertising and marketing expenses[92]. - Property rental and related expenses remained stable at HK$9.4 million in fiscal year 2023, compared to HK$9.5 million in fiscal year 2022[91]. - The group confirmed a non-recurring government grant of HK$7.9 million under the Employment Support Scheme for fiscal year 2023[76].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Pine Care Group Limited 松齡護老集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1989） 截 至2023年3月31日 止 年 度 之 年 度 業 績 公 告 財 務 摘 要： • 與2022財 政 年 度 的267.7百 萬 港 元 相 比，2023財 政 年 度 收 益 維 持 穩 定， 為265.3百 萬 港 元。 • 2023財 政 年 度 虧 損27.8百 萬 港 元 乃 主 要 由 於 財 務 成 本22.7百 萬 港 元 及 計 入 損 益 的 金 融 資 產 的 非 經 常 性 公 允 值 虧 損15.2百 萬 港 元，部 分 由 香 港 特 區 政 府「保 就 業」計 ...

Financial Performance - The company achieved a revenue of HKD 150 million for the interim period, reflecting a 15% increase compared to the previous year[4]. - Total revenue for the six-month period ended September 30, 2022, was HK$130.3 million, a slight decrease of 0.2% from HK$130.6 million in the same period last year[35]. - The company reported a revenue of HK$130,345,000 for the six-month period ended September 30, 2022, compared to a profit of HK$635,000 in the same period of 2021[199]. - The loss before tax for the period was HK$10,974,000, with a total loss for the period amounting to HK$12,767,000[199][200]. - The company recorded a loss of HK$12.8 million for the six-month period ended September 30, 2022, compared to a profit of HK$0.6 million for the same period last year[44]. - The company experienced a total comprehensive loss of HK$12,499,000 for the period, compared to a comprehensive income of HK$658,000 in the previous year[200]. - The basic and diluted loss per share attributable to owners of the parent was HK$1.41[199]. User Growth and Market Expansion - As of November 28, 2022, Pine Care Group reported a significant increase in user data, with a total of 5,000 active users, representing a growth of 25% year-over-year[4]. - Pine Care Group is focusing on market expansion, targeting a 30% increase in service locations by the end of 2023[4]. - Future guidance indicates an expected revenue growth of 20% for the next fiscal year, driven by new product launches and service enhancements[4]. - Pine Care Group plans to introduce two new service lines in the next quarter, projected to contribute an additional HKD 30 million in revenue[4]. Operational Efficiency and Technology Development - The company has allocated HKD 20 million for the development of new technologies aimed at enhancing user experience and operational efficiency[4]. - The management highlighted a strategic shift towards digital services, aiming for a 40% increase in online service adoption by 2024[4]. Financial Health and Assets - Net assets amounted to HK$173.1 million as at September 30, 2022, down from HK$183.5 million as at March 31, 2022[58]. - The current ratio was approximately 0.15 times as of September 30, 2022, compared to 0.21 times as of March 31, 2022, indicating a decline in liquidity[89]. - The gearing ratio increased to 55.7% as of September 30, 2022, up from 50.9% as of March 31, 2022, primarily due to lower total assets from the disposal of a subsidiary[90]. - Cash and bank balances decreased to HK$13.3 million as of September 30, 2022, from HK$29.1 million as of March 31, 2022, a reduction of approximately 54.3%[89]. Corporate Governance and Compliance - The company is committed to enhancing corporate governance, with new policies implemented to ensure compliance and transparency[4]. - The company has adopted the Model Code for securities transactions by directors and confirmed compliance by all directors during the review period[185]. - The company has complied with the corporate governance code provisions during the six-month period ended September 30, 2022[176]. Impact of COVID-19 - The company recorded a loss of HK$12.8 million for the six-month period ended 30 September 2022, primarily due to the adverse impact of the COVID-19 situation[12]. - The unexpected outbreak of the fifth wave of COVID-19 has adversely impacted the elderly population and the occupancy rate of RCHEs[36]. - The average occupancy rate of the eight EA1 RCHEs decreased to 88.9%, down from 93.3% in the same period last year, primarily due to the adverse impact of the COVID-19 pandemic[38]. Shareholding and Director Changes - As of September 30, 2022, Diamond Ridge Holdings Limited holds 506,974,000 shares, representing approximately 56.15% of the company's total shareholding[136]. - The company has undergone changes in its board of directors, with resignations noted after the review period[127]. - Following the review period, on October 28, 2022, several directors, including Mr. Tang Yiu Sing, resigned from the company[161]. Future Plans and Investments - The company plans to use capital expenditure mainly for renovation works of Pine Residence, its upcoming new care home[94]. - The Group plans to expand elite services to ageing-in-place senior care services and community care development initiatives[34]. - The Group recognizes the increasing demand for quality senior care services driven by an ageing population and rising health awareness[34].

Financial Performance - Pine Care Group reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year 2022, representing a growth of 15% compared to the previous year[2]. - For FY2022, Pine Care Group recorded a loss of HK$24.0 million due to the absence of non-recurring subsidies and the adverse impact of COVID-19[31]. - The Group's revenue for FY2022 was HK$267.7 million, representing a 9.0% increase from HK$245.7 million in FY2021[74]. - Core EBITDA for FY2022 was HK$53.7 million, remaining stable compared to HK$53.8 million in FY2021[31]. - The Group recorded a loss of HK$24.0 million in FY2022 compared to a profit of HK$3.2 million in FY2021, primarily due to the absence of non-recurring subsidies and asset impairments[79][80]. - Core EBITDA remained stable at HK$53.7 million in FY2022, slightly down from HK$53.8 million in FY2021, with a core EBITDA to revenue ratio of 20.1%[76][84]. Operational Expansion - The company expanded its service offerings, now operating 12 elderly care centers across Hong Kong, with a total capacity of 1,200 places[13]. - Future outlook indicates a projected revenue growth of 20% for the next fiscal year, driven by the introduction of new wellness programs and enhanced care services[22]. - The company plans to open two new elderly care centers in Kowloon and New Territories, adding approximately 300 places by the end of 2023[22]. - Pine Residence, a new upscale care home, is set to open in Q4 2022, with a total floor area of approximately 35,400 square feet[32][35]. - The establishment of Pine Residence is expected to enhance the Group's branding and provide comprehensive care for residents[35]. - The Group's upscale segment continues to grow, with a focus on quality senior care services that are currently underserved in Hong Kong[31]. Customer Satisfaction and Service Quality - Pine Care Group reported a customer satisfaction rate of 92%, indicating strong performance in service delivery and resident care[22]. - The average occupancy rate for the core business was 92.7%, a slight decrease from 94.0% in FY2021, while upscale residential care homes saw occupancy increases of 17.6% and 19.2%[31]. - The occupancy level for serviced apartments exceeded 80% and for residential care homes (RCHE) surpassed 90% in FY2022, indicating strong demand and customer satisfaction[45][47]. Strategic Partnerships and Technology Investment - Pine Care Group has initiated a strategic partnership with local healthcare providers to enhance service integration, aiming to increase patient referrals by 30% over the next year[22]. - The company is investing in technology to improve care delivery, with plans to implement a new digital health monitoring system by Q3 2023[22]. - The company has allocated HKD 50 million for research and development in senior care technologies over the next three years[22]. Challenges and Market Focus - The Group's operations in Zhejiang and the joint venture with Patina Wellness Limited faced challenges, leading to asset impairment and operating losses[31]. - The company is shifting its focus towards the Guangdong-Hong Kong-Macao Greater Bay Area to leverage growth opportunities, retreating from underperforming operations in Zhejiang[48]. - The Group's investment in the joint venture Patina Wellness Limited resulted in a share of loss of HK$4.5 million in FY2022 due to COVID-19 impacts[67]. Financial Management and Costs - Staff costs increased by approximately 11.6% to HK$130.0 million in FY2022 from HK$116.5 million in FY2021, primarily due to revenue growth[93]. - Other operating expenses rose by approximately 48.7% to HK$16.8 million in FY2022 from HK$11.3 million in FY2021, driven by higher legal and professional fees[94]. - Finance costs decreased by approximately 28.0% to HK$10.5 million in FY2022 from HK$14.5 million in FY2021, attributed to lower interest rates[94]. - Income tax expense decreased by approximately 15.3% to HK$6.3 million in FY2022 from HK$7.5 million in FY2021, due to a decrease in assessable profits[94]. Leadership and Governance - The company has a diverse board of directors with expertise in various sectors, enhancing its strategic decision-making capabilities[184]. - The Company emphasizes the importance of good corporate governance for maintaining corporate transparency and accountability[198]. - The Board formulates appropriate policies and implements corporate governance practices to support the Group's business growth[198]. - The Company has adopted the principles outlined in the Corporate Governance Code as per the Listing Rules on The Stock Exchange of Hong Kong Limited[199].