Financial Performance - Revenue decreased by 13.6% to HKD 620.3 million[3] - Profit attributable to equity holders decreased by 15.4% to HKD 140.8 million[3] - Basic earnings per share were HKD 11.2 cents[3] - Operating profit was HKD 158.5 million, down from HKD 201.9 million[5] - Total comprehensive income for the period was HKD 160.3 million, compared to HKD 142.5 million in the previous year[7] - EBITDA decreased by 19.9% to HKD 193.9 million, with an EBITDA margin of 31.3%, down from 33.7% in the previous year[69] - The net financial income for the six months ended September 30, 2024, was HKD 1,442,000, compared to HKD 1,834,000 in the same period of 2023[28] - The total income tax expense for the six months ended September 30, 2024, was HKD 28,576,000, a decrease of 23.5% from HKD 37,374,000 in the same period of 2023[30] - Basic earnings per share for the six months ended September 30, 2024, was HKD 11.2, down from HKD 13.2 in the same period of 2023, reflecting a decrease of 15.2%[33] Dividends - Proposed interim dividend and special dividend of HKD 11.2 cents and HKD 0.1 cents, total dividend of HKD 11.3 cents[3] - Dividend payout ratio was 100.9%, maintaining over 100% for ten consecutive years[3] - The company proposed a mid-term dividend of HKD 13.2 per share, totaling HKD 165,810,000, and a special dividend of HKD 1.0 per share, totaling HKD 12,513,000[35] - The group plans to pay an interim dividend of HKD 0.112 per share and a special dividend of HKD 0.001 per share[70] - The board proposed an interim dividend of HKD 0.112 per share and a special dividend of HKD 0.001 per share, to be paid on or around December 31, 2024[93] Assets and Liabilities - Total assets decreased to HKD 1,076.9 million from HKD 1,221.8 million[9] - Cash and cash equivalents decreased to HKD 289.8 million from HKD 567.4 million[9] - Non-controlling interests decreased to HKD 452.2 million from HKD 497.5 million[11] - Non-current assets in Hong Kong totaled HKD 329,040,000, down from HKD 397,502,000 as of March 31, 2024[24] - Non-current assets outside Hong Kong amounted to HKD 73,224,000, an increase from HKD 50,974,000[24] - As of September 30, 2024, the total equity amounted to HKD 321,246 thousand, down from HKD 389,081 thousand on April 1, 2024, reflecting a decrease of approximately 17.4%[46] - The company's net book value of property, plant, and equipment as of September 30, 2024, was HKD 136,550,000, down from HKD 151,275,000 as of September 30, 2023[38] - Trade payables as of September 30, 2024, totaled HKD 1,541 thousand, an increase from HKD 1,070 thousand as of March 31, 2024, reflecting a rise of about 43.8%[52] Revenue Breakdown - Revenue from Hong Kong was HKD 497,803,000, down 9.4% from HKD 549,616,000 in the previous year[21] - Revenue from regions outside Hong Kong was HKD 122,469,000, a decrease of 27.3% from HKD 168,533,000 in the prior year[21] - Revenue from mainland China decreased by 19.3%, impacted by a sluggish business environment and weak consumer confidence[76] - The medical beauty business contributed 73.3% of total sales, while non-medical beauty accounted for the remaining portion[66] - Average spending per medical beauty service customer dropped by 36.6% to HKD 17,243, reflecting a shift towards more value-for-money options[66] - The overall average spending per individual customer decreased by 26.2% to HKD 20,311[66] Operational Highlights - The group expanded its service area in Hong Kong to approximately 202,000 square feet by adding two new locations in strategic areas[72] - Employee benefits expenses fell by 8.6% to HKD 217.6 million, indicating efforts to maintain efficiency and reduce indirect costs[68] - The group continues to focus on optimizing its market presence in Australia and Singapore despite facing challenges from high inflation and reduced consumer spending[76] - The company is adopting a cautious approach to market fluctuations by implementing various store formats, including flagship and small community stores, to better serve customers[60] - The integrated service approach combines non-invasive medical beauty services with non-medical beauty services, aiming to meet a broader range of consumer needs and preferences[61] Cash Flow and Financial Position - As of September 30, 2024, the group's cash and bank balance was HKD 479.6 million, down from HKD 575.3 million as of March 31, 2024, with no external bank borrowings[77] - The net cash generated from operating activities during the period was HKD 203.4 million, compared to HKD 288.0 million in the previous fiscal year[77] - Capital expenditures for the six months ended September 30, 2024, totaled HKD 26.1 million, primarily for lease renovations and equipment to expand the service network[78] - The company maintains a strong financial position with a debt-to-equity ratio of zero as of September 30, 2024[77] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the separation of roles between the Chairman and CEO[116] - The Audit Committee, established on December 5, 2011, reviewed the unaudited interim results for the six months ended September 30, 2024[118] - The Remuneration Committee is responsible for recommending remuneration policies for all directors and senior management, including compensation for loss of office[119] - The Nomination Committee evaluates the independence of independent non-executive directors and reviews board diversity policies[121] - The company emphasizes strong leadership by having the same individual serve as both Chairman and CEO, which is believed to benefit business management[116] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[122] Future Outlook - The management highlighted the ongoing economic challenges, including high interest rates and inflation, impacting consumer confidence and retail performance in Hong Kong[59] - The group anticipates gradual improvement in business fundamentals and customer spending in the coming months, barring unforeseen external factors[89] - The company is committed to sustainability and aims to create a positive environmental and social impact while enhancing brand reputation[92] - The company plans to integrate AI-driven customer service tools into operations to enhance customer engagement and satisfaction[90]
完美医疗(01830) - 2025 - 中期业绩