Financial Performance - The company reported a revenue decline of approximately 7.8% due to the impact of the COVID-19 pandemic, with a significant drop in student numbers and course fee income[8]. - Revenue for the year ended June 30, 2021, was approximately AUD 24.8 million, a decrease of about 18.4% from approximately AUD 30.4 million for the year ended June 30, 2020[68]. - Course fee income decreased by 17.2% to AUD 23.4 million from AUD 28.3 million in the previous year[68]. - Annual net profit decreased by approximately 95.9% from about AUD 4.5 million to AUD 0.2 million due to the aforementioned factors and the impact of COVID-19[78]. - Adjusted net profit decreased by approximately AUD 1.7 million or about 29.1% from AUD 5.9 million to AUD 4.2 million for the year ended June 30, 2021[81]. - Gross profit fell by 28.6% from AUD 15.4 million to AUD 11.0 million, with the gross margin decreasing from approximately 50.7% to about 44.4% due to the impact of COVID-19 on revenue[71]. - Total EFTSL for higher education services decreased by approximately 7.5% compared to the previous fiscal year as of June 30, 2021[53]. Cash Position and Investments - As of June 30, 2021, the company maintained a strong cash position of approximately AUD 30 million with no debt, supporting its market competitiveness during the pandemic[8]. - As of June 30, 2021, the company had cash on hand of approximately AUD 29.6 million, down from AUD 34.4 million in the previous year, with a debt-to-equity ratio of 0%[83]. - Capital expenditures for the year ended June 30, 2021, were approximately AUD 4.3 million, primarily for property, plant, and equipment[82]. - No significant investments, acquisitions, or disposals were authorized by the board during the year ended June 30, 2021[84]. Strategic Initiatives - The company is implementing a two-phase strategy to navigate the challenges posed by the pandemic, with a focus on both short-term survival and long-term strategic goals[15]. - The company has emphasized innovation as a key strategy since 2019, which has improved its financial and operational resilience during the pandemic[11]. - The company is focusing on local market expansion and creating job opportunities for local students as part of its cost-saving measures in response to the pandemic[15]. - The group has actively sought to diversify its international student base, with significant growth in students from Vietnam, Brazil, and Mongolia[35]. - The group is exploring opportunities to attract domestic students and is conducting market research to analyze current trends[35]. Educational Offerings and Quality - The company is committed to providing high-quality education and practical skills needed in emerging markets, positioning itself as a leading innovative education institution[2]. - The group has established a digital innovation master's program recognized by the Australian Institute of Chartered Accountants, focusing on big data, artificial intelligence, and fintech[27]. - The institution continues to provide high-quality education through fully online courses, ensuring students receive the necessary support during challenging times[50]. - The institution is focused on developing courses that meet future demands of students, employers, and the community, enhancing overall learning and teaching experiences[50]. - New short courses in high-demand areas, such as Graduate Certificate in Data Analytics and Graduate Certificate in Digital Financial Technologies, were launched to attract domestic students and professionals[46]. Government Support and Grants - The company successfully secured 684 short course places from the Australian government, which will help diversify its income structure and mitigate risks associated with prolonged border closures[11]. - The company received a grant of AUD 150,000, representing 99.6% of the maximum funding available, to support the development of online courses at Scots English College Pty Ltd[10]. Cost Management - The group has implemented ongoing cost management measures, including a freeze on executive salaries until international students return[34]. - Cost management measures will be implemented across the group to enhance financial capacity during challenging times[64]. - The group aims to develop and offer more practical courses within the SAA scope while pursuing regulatory approvals for courses outside this scope[64]. Shareholder Information - As of June 30, 2021, Dr. Zhu Minsheng held 977,478,000 shares, representing 40.22% of the company[142]. - Mr. Li Guiping held 857,158,000 shares, representing 35.27% of the company[142]. - Major shareholders include Ms. Huang Xing Shi with 977,478,000 shares (40.22%) and Mr. Yang Qing Quan with 857,158,000 shares (35.27%)[152]. - The company did not recommend a final dividend for the year ended June 30, 2021, compared to a dividend of HKD 0.3 per share in 2020[125]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[94]. - The company plans to increase investment in innovative courses to enhance employment opportunities for students[64]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[95]. - Market expansion efforts include entering three new international markets, expected to contribute an additional $30 million in revenue[96].
澳洲成峰高教(01752) - 2021 - 年度财报