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澳洲成峰高教(01752) - 2021 - 中期财报
TOP EDUCATIONTOP EDUCATION(HK:01752)2021-03-29 01:08

Financial Performance - Total revenue for the six months ended December 31, 2020, was AUD 727.2 million, a slight decrease of 1.4% compared to AUD 737.6 million in the same period of 2019[21]. - The Bachelor of International Business program generated AUD 116.8 million in revenue, down 34.1% from AUD 177.3 million in the previous year[21]. - The Master of Professional Accounting and Business program reported revenue of AUD 185.1 million, an increase of 2.1% from AUD 181.1 million in 2019[21]. - Revenue decreased by approximately 7.8% from about AUD 14.5 million for the six months ended December 31, 2019, to about AUD 13.4 million for the six months ended December 31, 2020, primarily due to the impact of COVID-19 on tuition fee income[35]. - Tuition fee income accounted for over 94.7% of total revenue, while other service fees represented about 5.3%[35]. - Gross profit fell by approximately 17.3% from AUD 7.7 million for the six months ended December 31, 2019, to AUD 6.3 million for the six months ended December 31, 2020, with the gross margin decreasing from about 52.8% to approximately 47.3%[39]. - Net profit after tax decreased by approximately 51.8% from about AUD 2.0 million to approximately AUD 0.9 million for the reporting period[45]. - The company reported a net profit of AUD 10,805 thousand for the six months ended December 31, 2020, compared to AUD 8,491 thousand for the same period in 2019, representing a growth of 27.4%[115]. - The company reported a profit attributable to owners of AUD 912,000 for the six months ended December 31, 2020, compared to AUD 1,944,000 for the same period in 2019, reflecting a decrease of approximately 53%[148]. Cash Flow and Financial Position - TOP reported a cash inflow of approximately AUD 30 million as of December 31, 2020, maintaining a strong balance sheet with zero bank debt, providing significant business flexibility during the pandemic[11]. - As of December 31, 2020, the company had cash on hand of AUD 29.8 million, with no bank borrowings[47]. - The company experienced a decrease in cash and cash equivalents, ending the period with AUD 29,830 thousand, down from AUD 37,789 thousand at the end of 2019[119]. - The total equity as of December 31, 2020, was AUD 49,757 thousand, a decrease from AUD 51,798 thousand as of December 31, 2019[115]. - The company declared dividends of AUD 1,300 thousand for the six months ended December 31, 2020, compared to AUD 1,902 thousand in the same period of 2019, reflecting a reduction of 31.7%[119]. Operational Efficiency and Cost Management - The company has implemented ongoing cost management measures, including rationalizing campus and office property portfolios, which contributed to operational efficiency[11]. - Administrative expenses rose by 21.0% from about AUD 4.1 million to approximately AUD 5.0 million, driven by increased depreciation and employee costs[41]. - Advertising and marketing expenses increased by approximately 29.8% from about AUD 0.9 million to approximately AUD 1.2 million, primarily due to higher recruitment and marketing expenditures[42]. Strategic Initiatives and Partnerships - The strategic partnership with PwC Australia, established in 2016, continues to support various initiatives, including career development programs and digital education solutions[10]. - New courses were approved, including MBA programs in Digital Business Applications, Data Analytics, FinTech Management, and Professional Accounting, enhancing the curriculum offerings[14]. - The company signed a memorandum of understanding with the UK Chartered Institute of Management Accountants to integrate their curriculum with Australian accounting practices, enhancing student qualifications[19]. - The company is actively seeking mergers and acquisitions opportunities to diversify its business and expand in the domestic market[34]. Student Enrollment and Capacity - The total EFTSL (Equivalent Full-Time Student Load) for Top Education Institute slightly decreased by 1.4% compared to the same period last fiscal year, as of December 31, 2020[20]. - The company received approval to increase student capacity at its Hobart campus from 150 to 340 students, enhancing growth potential[107]. Digital Education and Online Learning - The company has successfully transitioned to online teaching methods during the pandemic, ensuring that student learning experiences were not compromised[16]. - The company is committed to developing digital education resources for both on-campus and remote learning, reflecting trends in the digital economy[32]. - The company aims to enhance its online teaching capabilities and attract domestic students through the full-fee paying higher education loan program[34]. - The company will continue to evaluate online learning technologies and potential collaborations with institutions in other countries to support internationalization strategies[34]. Shareholder and Equity Information - The company’s major shareholders hold approximately 40.05% and 35.11% of the shares, respectively[68]. - As of December 31, 2020, the total number of issued shares was 2,436,150,000[80]. - The company has adopted performance rights plans, stock option plans, and share incentive plans to motivate eligible participants[88]. - The company granted a total of 25,781,938 stock options under the stock option plan, with the exercise price set at HKD 0.560 per share[95]. - The company has not purchased any shares under the share award plan as of December 31, 2020[102]. Challenges and Future Outlook - The company anticipates facing significant challenges due to the ongoing pandemic but remains focused on innovative educational approaches[32]. - The company plans to increase tuition fees by a maximum of 15% annually, with a total increase not exceeding 30% over three years, based on market conditions[27].