Financial Performance - The company reported a revenue of HKD 368,372,000 for the six months ended June 30, 2024, representing a 6.3% increase compared to HKD 346,382,000 in 2023[5]. - Adjusted gross profit for the same period was HKD 158,146,000, down 6.8% from HKD 169,739,000 in 2023[5]. - Adjusted net profit after tax was HKD 62,285,000, reflecting an 11.6% decrease from HKD 70,483,000 in 2023[5][6]. - The company experienced a significant decline in adjusted EBITDA, which was HKD 46,309,000, a 32.0% decrease compared to HKD 68,111,000 in 2023[5]. - The adjusted net profit margin for the period was approximately 16.9%, down from 20.3% in the previous year[5]. - The company reported a total revenue of HKD 148,013 thousand for the six months ended June 30, 2024, compared to HKD 167,582 thousand in the previous year, reflecting a decline of 11.7%[8]. - The company reported a net profit of HKD 44,154,000 for the six months ended June 30, 2024, compared to a profit of HKD 46,309,000 for the same period in 2023, reflecting a decrease of approximately 4.9%[20]. - The company reported a total comprehensive income of HKD 32,341 for the period, down from HKD 102,201 in the previous year[18]. - The company reported a foreign exchange loss related to global offering proceeds of HKD 323 thousand, compared to a gain of HKD 288 thousand in the previous year[8]. - The company reported a total of HKD 918,397 in non-current assets as of June 30, 2024, compared to HKD 930,878 as of December 31, 2023[47]. Market Expansion and Strategy - The company plans to expand its market presence and invest in new clinic openings to drive future growth[5]. - EuroEyes is focusing on enhancing its product offerings and technology development to improve operational efficiency[5]. - The company has incurred pre-opening expenses related to new clinics, impacting its short-term profitability[6]. - The company plans to open a new clinic in Kiel, Germany, by the end of this year, and satellite clinics in Beijing and Shanghai, enhancing its market presence in high-potential cities[100]. - The company expects three new clinics in Germany and Hong Kong to reach breakeven by the end of 2024 and 2025, contributing to EBITDA and net profit growth from 2025 onwards[99]. - The company is actively pursuing mergers and acquisitions, targeting renowned private ophthalmology clinics in Europe and Asia, with a focus on emerging markets[101]. Financial Management and Risks - EuroEyes aims to mitigate foreign exchange losses associated with global offerings through strategic financial management[6]. - The management emphasizes the importance of non-IFRS financial metrics for evaluating business performance and trends[7]. - The company maintains a cautious liquidity risk management strategy, ensuring sufficient cash and credit facilities to meet funding needs[28]. - The company's credit risk remains low, with expected credit losses based on IFRS 9 being minimal[27]. - The company has not made any significant changes to its risk management policies since year-end[26]. Employee and Operational Expenses - Total employee benefit expenses increased to HKD 123,470,000 from HKD 103,915,000, reflecting a growth of 18.7% year-over-year[56]. - The company's operating expenses increased due to employee benefits and depreciation of property, plant, and equipment, with employee benefits rising by 21.8% to HKD 21.8 million[109]. - Administrative expenses for the six months ended June 30, 2024, were approximately HKD 48.7 million, a 26.5% increase from the same period in 2023, accounting for 13.2% of total revenue[108]. Shareholder Information - The company declared an interim dividend of HKD 0.0349 per share, totaling approximately HKD 11,619,606, a decrease from HKD 17,028,564 in the same period last year[118]. - The total issued share capital as of June 30, 2024, is 332,940,000 shares[122]. - The company repurchased shares amounting to HKD 5,819,000 during the period, compared to no repurchases in the same period last year[21]. - The company repurchased a total of 1,417,000 shares, representing 0.43% of the total issued shares as of the 2024 Annual General Meeting[135]. Revenue Breakdown by Segment - The company has identified five reportable segments: Germany, China, Denmark, and the UK, with Germany contributing the highest revenue of HKD 206,318,000 for the six months ended June 30, 2024[37]. - Revenue from vision correction services reached HKD 364,492 for the six months ended June 30, 2024, representing an increase of 6.3% compared to HKD 342,952 for the same period in 2023[48]. - Revenue from Germany increased by 9.9% to HKD 201.1 million, representing 54.6% of total revenue[94]. - In China, revenue grew by 3.9% to HKD 75.6 million, despite macroeconomic challenges, with lens replacement surgeries achieving a 27.9% increase[94]. - The UK revenue rose by 21.1% to HKD 57.9 million, benefiting from the new flagship clinic in Knightsbridge[95]. Cash Flow and Liquidity - Cash generated from operating activities was HKD 102,999,000, an increase of 11.7% compared to HKD 92,282,000 in the same period last year[21]. - The company incurred a net cash outflow from investing activities of HKD 53,243,000, an improvement from HKD 63,987,000 in the prior year[21]. - The cash and cash equivalents at the end of the period stood at HKD 689,561,000, down from HKD 781,630,000 at the end of June 2023, representing a decrease of approximately 11.8%[21]. Future Outlook - The company maintains a cautious outlook for the remainder of 2024 due to macroeconomic uncertainties but is optimistic about its growth pillars supporting performance through 2026[98]. - The expected revenue growth rate for Vision Clinic Partners is projected to be between 10% and 14% for 2024, compared to 5% to 10% for 2023[33].
德视佳(01846) - 2024 - 中期财报