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医汇集团(08161) - 2024 - 年度业绩
MEDINET GROUPMEDINET GROUP(HK:08161)2024-06-25 12:46

Financial Performance - For the fiscal year ending March 31, 2024, the company's revenue was approximately HKD 116.2 million, an increase of about HKD 5.8 million or 5.3% compared to the fiscal year ending March 31, 2023[9]. - The company's loss attributable to owners decreased from approximately HKD 24.9 million for the year ending March 31, 2023, to approximately HKD 8.1 million for the year ending March 31, 2024[9]. - Total revenue for the year ended March 31, 2024, was HKD 3,116,248,000, an increase from HKD 110,392,000 in 2023[10]. - The company reported a loss before tax of HKD 7,999,000, significantly improved from a loss of HKD 25,463,000 in 2023[10]. - Net loss for the year was HKD 8,104,000, compared to a loss of HKD 25,150,000 in the prior year[10]. - Basic loss per share improved to HKD 19.43 from HKD 59.81 in the previous year[10]. - Total comprehensive loss for the year was HKD 8,148,000, down from HKD 25,309,000 in 2023[10]. - The company reported a pre-tax loss of HKD 7,999,000, indicating challenges in profitability during the reporting period[46]. - The company reported a pre-tax loss of HKD 25,463,000 for the period[48]. Revenue Breakdown - Total revenue for the year ending March 31, 2024, reached HKD 116,248,000, with dental business contributing HKD 50,711,000 and medical business contributing HKD 65,537,000[31]. - Revenue from dental services amounted to HKD 45,186,000, while revenue from medical services totaled HKD 25,176,000[31]. - The company generated HKD 30,197,000 from solutions provided to insurance companies and HKD 10,164,000 from solutions provided to enterprises within the medical business segment[31]. - Revenue recognized at a specific point in time was HKD 85,423,000, while revenue recognized over a period amounted to HKD 30,825,000[31]. - The company reported a total of HKD 115,919,000 in revenue from the Hong Kong market, with HKD 329,000 from the China market[31]. - Total revenue for the period ending March 31, 2023, was HKD 110,392,000, with dental services contributing HKD 65,161,000 and medical services contributing HKD 45,231,000[33]. - The dental solutions segment generated HKD 58,048,000 from services, while the medical solutions segment generated HKD 19,717,000 from insurance companies and HKD 7,981,000 from corporate clients[33]. Expenses and Costs - The company experienced a decrease in medical and dental service costs to HKD 50,262,000 from HKD 42,860,000[10]. - Employee costs were reduced to HKD 37,227,000 from HKD 37,793,000[10]. - Rental expenses decreased to HKD 912,000 from HKD 1,866,000[10]. - The company reported a significant reduction in other operating expenses to HKD 13,983,000 from HKD 14,249,000[10]. - Medical and dental professional service expenses increased from approximately HKD 42.9 million in FY2022/23 to about HKD 50.3 million in FY2023/24, representing a growth of approximately 17.2%[80]. - Employee costs slightly decreased from approximately HKD 37.8 million in FY2022/23 to about HKD 37.2 million in FY2023/24, a reduction of approximately 1.6%[81]. - Depreciation of property, plant, and equipment decreased from approximately HKD 2.3 million in FY2022/23 to about HKD 1.7 million in FY2023/24, a decline of approximately 26.1%[82]. - Medical and dental supplies costs decreased by approximately 13.0% from about HKD 10.8 million in FY2022/23 to approximately HKD 9.4 million in FY2023/24[84]. - Rental expenses decreased from approximately HKD 1.9 million in FY2022/23 to about HKD 0.9 million in FY2023/24, a reduction of approximately HKD 1.0 million[85]. - Other expenses slightly decreased from approximately HKD 14.2 million in FY2022/23 to about HKD 14.0 million in FY2023/24, a reduction of approximately 1.4%[86]. Assets and Liabilities - Total assets decreased from HKD 15,189 million in 2023 to HKD 6,255 million in 2024, indicating a significant reduction in net assets[11]. - Current liabilities increased from HKD 27,686 million in 2023 to HKD 35,771 million in 2024, reflecting a rise of approximately 29.2%[12]. - Cash and cash equivalents rose from HKD 15,574 million in 2023 to HKD 17,325 million in 2024, showing an increase of about 11.3%[11]. - Accounts receivable increased from HKD 8,875 million in 2023 to HKD 10,679 million in 2024, representing a growth of approximately 20.3%[11]. - The company reported a net current liability of HKD (6,522) million in 2024, compared to HKD (2,395) million in 2023, indicating a worsening liquidity position[11]. - The total non-current liabilities decreased from HKD 3,860 million in 2023 to HKD 3,074 million in 2024, a decline of about 20.3%[12]. - The company’s equity attributable to owners decreased from HKD 3,632 million in 2023 to HKD 11,758 million in 2024, reflecting a significant change in ownership equity[12]. - The company’s total liabilities increased from HKD 27,686 million in 2023 to HKD 35,771 million in 2024, marking an increase of approximately 29.2%[12]. - The company’s fixed assets decreased from HKD 17,584 million in 2023 to HKD 12,777 million in 2024, indicating a reduction of about 27.8%[11]. - The company’s goodwill decreased from HKD 1,905 million in 2023 to HKD 0 in 2024, indicating a complete write-off of goodwill[11]. Accounting Standards and Compliance - The group has adopted new Hong Kong Financial Reporting Standards (HKFRS) effective from April 1, 2023, with no significant impact on the financial position and performance[17]. - The application of the revised HKFRS 8 clarifies the definition of accounting estimates, focusing on monetary amounts with measurement uncertainty[19]. - The group has implemented the revised HKFRS 12, narrowing the scope of deferred tax liabilities and assets recognition exemptions, effective for transactions occurring after April 1, 2022[20]. - The revised HKFRS 1 and HKFRS Practice Statement 2 have been applied, replacing "significant accounting policy information" with "material accounting policy information" in financial statements[21]. - The revisions to HKFRS Practice Statement 2 provide guidance on applying the "four-step process for assessing materiality" in accounting policy disclosures[24]. - The company anticipates the application of new Hong Kong Financial Reporting Standards and amendments will not have a significant impact on consolidated financial statements in the foreseeable future[26]. - The company expects to apply all other new Hong Kong Financial Reporting Standards and amendments in the future without significant impact on financial reporting[26]. Market and Operational Insights - The company operates six dental clinics and two medical centers in Hong Kong, along with one dental clinic in Shenzhen[72]. - The company provides dental solutions through annual prepaid contracts, allowing clients to access various dental services at predetermined prices[35]. - Medical solutions are also offered through annual prepaid contracts, which include services such as general practitioner consultations and health check-ups[40]. - The company emphasizes its commitment to fulfilling contractual obligations to clients, ensuring that services are delivered as promised[36]. - The dental services segment includes a range of treatments such as orthodontics, dental implants, and routine check-ups[37]. - The medical solutions segment includes comprehensive healthcare services, ensuring clients receive necessary medical attention throughout the contract period[40]. - The group categorizes its business segments into dental solutions and services, and medical solutions and services, with a focus on resource allocation and performance evaluation[45]. - The company aims to enhance its market position through strategic investments and operational improvements in both dental and medical segments[46]. - Future outlook includes a focus on expanding user data and leveraging new technologies to drive growth[46]. Shareholder and Governance Matters - The board of directors does not recommend the payment of any dividends for the fiscal year ending March 31, 2024[9]. - The company does not recommend any dividend payment for the year ending March 31, 2024, consistent with the previous year[56]. - The annual general meeting of shareholders is scheduled for August 9, 2024, with a suspension of share registration from August 6 to August 9, 2024[105]. - The audit committee held four meetings during the fiscal year 2023/24 to review and approve financial reporting matters[113]. - There have been no significant events occurring after March 31, 2024, up to the date of this announcement[114]. - The company emphasized the importance of adhering to accounting standards and GEM listing rules during the review of quarterly, semi-annual, and annual financial statements[118]. - Internal control systems effectiveness was discussed, focusing on financial, operational, compliance controls, and risk management[118].