Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 715,682,000, a slight increase of 0.2% compared to HKD 714,289,000 in 2023[3] - Gross profit decreased by 14.6% to HKD 286,593,000 from HKD 335,521,000 in the previous year[3] - Adjusted gross profit for 2024 was HKD 298,506,000, down 12.1% from HKD 339,412,000 in 2023[3] - Net profit for the year fell by 36.7% to HKD 84,359,000 compared to HKD 133,254,000 in 2023[3] - Adjusted net profit after tax decreased by 29.2% to HKD 100,334,000 from HKD 141,717,000 in the previous year[3] - Operating profit for the year was HKD 115,779,000, down from HKD 193,514,000 in 2023[7] - Basic earnings per share for 2024 were HKD 24.929, compared to HKD 39.544 in 2023[8] - Total comprehensive income for the year was HKD 22,354,000, a decrease from HKD 165,848,000 in 2023[8] - EBITDA for 2024 was HKD 227,993,000, compared to HKD 280,864,000 in 2023, reflecting a decline of 18.8%[24] - The net profit for the year ended December 31, 2024, was HKD 84,359,000, down from HKD 133,254,000 in 2023, a decrease of 36.7%[24] - Basic earnings per share decreased to HKD 24.929 in 2024 from HKD 39.544 in 2023, reflecting a decline of approximately 37%[37] Revenue Breakdown - Revenue from vision correction services for 2024 was HKD 710,875,000, slightly up from HKD 707,897,000 in 2023, showing an increase of 0.3%[25] - The revenue from training services decreased to HKD 3,613,000 in 2024 from HKD 5,407,000 in 2023, a decline of 33.1%[25] - The revenue from the German segment for 2024 was HKD 395,996,000, an increase from HKD 386,162,000 in 2023, representing a growth of 2.1%[24] - The Chinese segment reported revenue of HKD 145,468,000 in 2024, slightly up from HKD 144,316,000 in 2023, an increase of 0.8%[24] - The UK segment's revenue increased to HKD 113,431,000 in 2024 from HKD 101,486,000 in 2023, reflecting a growth of 11.8%[24] - The Danish segment's revenue decreased to HKD 71,638,000 in 2024 from HKD 87,919,000 in 2023, a decline of 18.5%[24] - Revenue from lens replacement surgeries reached HKD 390.8 million, marking a 5.1% increase from the previous year[51] - The proportion of revenue from lens replacement surgeries increased from 52.8% in 2023 to 54.6% in 2024[51] - Total revenue from presbyopia treatment increased from 56.6% in 2023 to 58.8% in 2024[51] Assets and Liabilities - Total assets decreased from HKD 1,753,598 thousand in 2023 to HKD 1,599,435 thousand in 2024, representing a decline of approximately 8.8%[9] - Non-current assets decreased from HKD 965,716 thousand in 2023 to HKD 885,835 thousand in 2024, a reduction of about 8.3%[9] - Current assets decreased from HKD 787,882 thousand in 2023 to HKD 713,600 thousand in 2024, reflecting a decline of approximately 9.4%[9] - Total liabilities decreased from HKD 588,090 thousand in 2023 to HKD 473,721 thousand in 2024, a decrease of about 19.4%[10] - Non-current liabilities decreased from HKD 417,624 thousand in 2023 to HKD 321,546 thousand in 2024, a reduction of approximately 23%[10] - Current liabilities decreased from HKD 170,466 thousand in 2023 to HKD 152,175 thousand in 2024, reflecting a decline of about 10.7%[10] - Equity attributable to owners decreased from HKD 1,134,776 thousand in 2023 to HKD 1,092,965 thousand in 2024, a decrease of approximately 3.7%[9] - Cash and cash equivalents decreased from HKD 720,216 thousand in 2023 to HKD 653,232 thousand in 2024, a decline of about 9.3%[9] Expenses and Costs - Total expenses for the year increased to HKD 625,565,000 in 2024 from HKD 540,989,000 in 2023, marking an increase of approximately 15.6%[31] - Employee benefits expenses increased to HKD 246,932,000 in 2024 from HKD 222,728,000 in 2023, representing an increase of approximately 10.9%[31] - Administrative expenses rose by 29.6% to HKD 115.7 million, driven by increases in employee benefits, consulting fees, and depreciation costs[74] - Sales expenses increased by 10.8% to approximately HKD 80.8 million, representing 11.3% of total revenue, up from 10.2% in the previous year[72] Strategic Initiatives - The company plans to open satellite clinics to support existing high-traffic locations, enhancing operational efficiency and expanding into high-potential cities[64] - The company is pursuing a merger and acquisition strategy, targeting well-known private ophthalmology clinics in Europe and potential strategic acquisitions in the Americas[65] - The group aims for a compound annual growth rate (CAGR) of 10% for revenue and EBITDA by 2028, with a focus on identifying suitable acquisition opportunities to enhance growth over the next two to three years[61] - The company anticipates announcing more acquisition deals by 2025 as part of its strategy to expand its clinic network and enhance its ophthalmic treatment capabilities[65] Shareholder Returns - The company declared an interim dividend of HKD 0.0349 per share, totaling HKD 11,570,153 for the six months ending June 30, 2024, compared to HKD 17,028,564 for the same period in 2023[50] - The company plans to propose a final dividend of HKD 0.0297 per share, totaling HKD 9,524,968 for the year ending December 31, 2024[50] - The board proposed a final dividend of HKD 0.0297 per ordinary share, totaling approximately HKD 9,524,968, pending shareholder approval[98] Financial Position - The current ratio was approximately 4.7 as of December 31, 2024, compared to 4.6 in 2023[89] - The group had cash and cash equivalents of approximately HKD 653.2 million as of December 31, 2024[88] - The group’s contingent liabilities amounted to approximately HKD 39.2 million as of December 31, 2024, down from HKD 64.4 million in 2023[82] - As of December 31, 2024, the group had outstanding borrowings of approximately HKD 0.9 million, unchanged from 2023[77] Audit and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, overseeing the group's financial reporting and risk management for the year ending December 31, 2024[92] Share Repurchase - The company repurchased a total of 300,000 shares in May 2024, representing 0.09% of the total issued shares as of the 2023 annual general meeting[93] - A total of 7,023,000 shares were repurchased under the 2024 buyback authorization, accounting for 2.1% of the total issued shares as of the 2024 annual general meeting[95] - The total cost for the shares repurchased from June to December 2024 was approximately HKD 32,103,610[95] - The company confirmed that all repurchased shares have been canceled as of the specified dates[95][100]
德视佳(01846) - 2024 - 年度业绩