Revenue and Profitability - Revenue for the six months ended February 29, 2020, was RMB 791.8 million, an increase of 6.4% from RMB 744.4 million for the same period in 2019[20] - Adjusted net profit decreased by 9.6% to RMB 275.0 million from RMB 304.4 million year-on-year[20] - The company reported a net profit margin of 33.3%, down from 37.8% in the previous year, reflecting challenges during the COVID-19 outbreak[20] - Profit before tax decreased to RMB 272,671 thousand from RMB 296,074 thousand, a decline of 7.9% year-over-year[28] - Net profit for the period was RMB 263,953 thousand, compared to RMB 281,214 thousand in the previous year, representing a decrease of 6.1%[28] - The company reported a total comprehensive income of RMB 257,335 thousand, compared to RMB 278,797 thousand in the previous year, reflecting a decrease of 7.7%[28] - The net profit attributable to the owners for the six months ended February 29, 2020, was RMB 261,674,000, a decrease of 8.0% from RMB 284,270,000 in the prior year[90] - Basic and diluted earnings per share for the six months ended February 29, 2020, were RMB 0.088, compared to RMB 0.096 for the same period in 2019[90] Enrollment and Capacity - Total enrolled students reached 41,076, representing a growth of 13.8% compared to 36,099 students in the prior year[21] - The total capacity of the schools increased by 12.8% to 64,620 from 57,300 in the previous year[21] - The number of schools operated by the company remains at 100, including 16 high schools, 26 middle schools, and 27 primary schools[16] - The overall utilization rate of the schools improved to 63.6%, up from 63.0% in the previous year[21] - The company plans to open new schools in Inner Mongolia, Liaoning, Tianjin, and Hubei, increasing total capacity by 6,370 students[166] Financial Position - Total assets as of February 29, 2020, were RMB 4,783,936 thousand, an increase from RMB 4,504,755 thousand as of August 31, 2019[33] - Non-current assets increased to RMB 3,760,033 thousand from RMB 3,475,273 thousand, indicating growth in long-term investments[30] - Current liabilities decreased significantly to RMB 1,275,627 thousand from RMB 2,018,979 thousand, showing improved liquidity[30] - The total equity attributable to shareholders was RMB 4,364,683,000 as of February 29, 2020, reflecting a growth from RMB 4,245,775,000[43] Cash Flow and Investments - As of February 29, 2020, the company had cash and cash equivalents of RMB 2,094,883,000, a decrease of RMB 664,809,000 compared to the previous period[43] - The net cash used in operating activities was RMB (424,571,000), compared to RMB (289,027,000) in the prior period, indicating a significant increase in cash outflow[43] - The company generated RMB 1,736,525,000 from the sale of financial assets at fair value, a substantial increase from RMB 386,646,000 in the previous period[43] - The company invested RMB (1,650,800,000) in purchasing financial assets at fair value, a significant increase from RMB (280,689,000) in the prior period[43] - Capital expenditures amounted to RMB 140,800,000, primarily for the expansion of the Wuhan campus and the acquisition of a campus in Brockville, Canada[198] Educational Offerings and Initiatives - The company continues to focus on expanding its market presence and enhancing its educational offerings through new product development and strategic initiatives[31] - The company is implementing the Maple World School Curriculum, which has received accreditation from Cognia, marking it as China's first proprietary international curriculum[171] - The company has adopted a light-asset model for new school openings, enhancing operational efficiency and reducing capital expenditure[178] Impact of COVID-19 - The company continues to monitor the risks and uncertainties related to the COVID-19 pandemic and its potential impact on business and financial performance[141] - Revenue from other sources declined by 29.2% or RMB 33,076,000 due to the impact of the COVID-19 pandemic[151] - The impact of COVID-19 led to a 29.2% decrease in other income, primarily due to the cancellation of planned overseas winter camps[179] Shareholder Information - The company declared dividends amounting to RMB (150,656,000) during the period, compared to RMB (129,518,000) in the previous period[43] - The company did not declare an interim dividend for the six months ended February 29, 2020, compared to a dividend of RMB 122,621,000 for the same period in 2019[88] - The company announced a commitment to acquire all shares of Huangqi International Education Group at a price of HKD 0.54 per share, totaling approximately HKD 432 million (equivalent to about RMB 391.34 million) [130] Employee and Management Costs - Employee costs totaled RMB 366,056,000, an increase of 5.6% from RMB 346,563,000 in the previous year[87] - The total compensation for key management personnel for the six months ended February 29, 2020, was RMB 8,150,000, compared to RMB 9,627,000 for the same period in 2019 [136] - The company’s short-term benefits for key management personnel decreased to RMB 5,309,000 from RMB 5,616,000 in the previous year [136] Financial Instruments and Fair Value - The company’s financial instruments measured at fair value include financial assets classified as Level 1 and Level 2, with no transfers between these levels during the reporting period [135] - The fair value of listed equity securities as of February 29, 2020, was RMB 10,451,000, an increase from RMB 9,729,000 as of August 31, 2019 [134]
枫叶教育(01317) - 2020 - 中期财报