Financial Performance - The company's revenue for the nine months ended September 30, 2021, was approximately HKD 153,401,000, a decrease of about 0.26% from HKD 153,798,000 in the same period last year[11]. - EBITDA for the same period was HKD 73,774,000, showing a slight increase of 0.43% compared to HKD 73,456,000[11]. - The net profit for the nine months was HKD 38,966,000, representing a growth of 7.86% from HKD 36,125,000 in the previous year[11]. - For the nine months ended September 30, 2021, the company's revenue was HKD 153,401,000, a slight decrease of 0.3% compared to HKD 153,798,000 in the same period of 2020[73]. - The company reported a net profit of HKD 38,966,000 for the nine months ended September 30, 2021, representing an increase of 7.9% from HKD 36,125,000 in the same period of 2020[73]. - Basic and diluted earnings per share for the nine months ended September 30, 2021, were HKD 8.78, compared to HKD 7.89 for the same period in 2020, reflecting an increase of 11.3%[73]. - The company’s total comprehensive income for the three months ended September 30, 2021, was HKD 14,236,000, compared to HKD 16,771,000 for the same period in 2020, a decrease of 15.1%[73]. - The group’s profit before tax for the nine months ended September 30, 2021, was HKD 35,107,000, compared to HKD 31,545,000 for the same period in 2020, representing an increase of approximately 11.5%[106]. Revenue Sources - The revenue from elderly care services accounted for approximately 74.46% of total revenue, with HKD 114,223,000 generated from sales of related products and services[17]. - The revenue from personal client rentals was HKD 80,893,000, accounting for 52.73% of the total revenue from elderly care services[17]. - Revenue from elderly care services decreased from approximately HKD 115,064,000 to HKD 114,223,000, a decline of about 0.73% compared to the same period last year[20]. - Revenue from the Social Welfare Department's rental of fixed beds under the Improvement Purchase Scheme increased from approximately HKD 28,687,000 to HKD 29,241,000, an increase of about 1.93%[21]. - Revenue from day care services under the Improvement Purchase Scheme surged from approximately HKD 1,645,000 to HKD 3,566,000, an increase of about 116.76% due to nine months of revenue recognition compared to five months last year[22]. - Revenue from individual clients renting beds decreased from approximately HKD 84,069,000 to HKD 80,893,000, a decline of about 3.78%[23]. - Revenue from non-governmental organizations renting beds fell from approximately HKD 663,000 to HKD 523,000, a decline of about 21.17% due to reduced referrals during the pandemic[26]. - Revenue from the sale of elderly-related products and health services increased from approximately HKD 38,734,000 to HKD 39,178,000, an increase of about 1.15%[27]. - Revenue recognized from contracts with customers for services transferred over time was HKD 131,019,000 for the nine months ended September 30, 2021, compared to HKD 132,510,000 in the previous year[87]. Operational Insights - The company operates seven elderly care homes in Hong Kong, including four "Shui On" homes, one "Shui Hing" home, one "Shui Jun" home, and one "Guardian Home"[14]. - The company plans to continue expanding its network of elderly care homes in strategically located areas in Hong Kong to meet the growing demand for elderly care services[14]. - Average occupancy rate for Improvement Purchase Scheme elderly homes was 94.56% compared to 93.02% last year, while non-Improvement Purchase Scheme homes had an occupancy rate of 82.06% compared to 88.17% last year[28]. - The group operates a single reportable segment, which is the operation of elderly care homes, with no further segment analysis provided[82]. - The group’s non-current assets are entirely located in Hong Kong, with all revenue generated from external customers also in Hong Kong[83]. Employee and Operational Costs - Employee costs rose from approximately HKD 55,688,000 to HKD 61,950,000, an increase of about 11.24% due to hiring more staff for health and personal care services[29]. - The company incurred employee costs of HKD 61,950,000 for the nine months ended September 30, 2021, up from HKD 55,688,000 in the same period of 2020, indicating a rise of 11.4%[73]. - Employee benefits expenses, including salaries and wages, totaled HKD 59,909,000 for the nine months ended September 30, 2021, compared to HKD 55,142,000 in 2020, reflecting an increase of approximately 8.5%[97]. - Property rental and related expenses increased from approximately HKD 12,809,000 to HKD 13,934,000, an increase of about 8.78%[30]. - The cost of goods sold for the nine months ended September 30, 2021, was HKD 9,764,000, up from HKD 9,071,000 in 2020, indicating an increase of about 7.6%[97]. Shareholder Information - The company has adopted a share option scheme effective from June 21, 2017, with a total of 40,000,000 shares potentially issuable, representing 10% of the issued shares as of the report date[41]. - As of September 30, 2021, Mr. Yi holds 262,980,000 shares, accounting for 65.75% of the company's equity[43]. - Mr. Lei holds 36,032,000 shares, representing 9.01% of the company's equity[43]. - The company did not grant, exercise, or cancel any share options during the reporting period, and there are no unexercised options as of the report date[41]. - The company is indirectly owned by Mr. Yi through various entities, with a significant ownership structure involving 62.18% equity held by Ruihua Limited[50]. - The ownership structure indicates a concentrated control with Mr. Yi and Mr. Lei holding a significant portion of the shares[45]. - As of September 30, 2021, the major shareholder 瑞樺 holds 248,700,000 shares, representing 62.18% of the total equity[52]. - The combined ownership of 易先生, 萬昌, 恒智發展, and 易女士 accounts for approximately 65.75% of the issued share capital, totaling 262,980,000 shares[58]. - 盈豐國際投資有限公司 and 芮沛實業（上海） each hold 32,000,000 shares, representing 8.00% of the total equity[52]. Government and Regulatory Matters - The crisis response team has been established to monitor the situation regarding COVID-19, ensuring adequate infection control measures are in place[15]. - The company reported no adverse impact on its business operations due to the COVID-19 outbreak as of the report date[15]. - The company is in the process of relocating 瑞臻護老中心 (油塘) due to non-compliance with government lease agreements[63]. - The company has not received any warnings or enforcement actions from the government regarding the property usage issue[63]. - Government subsidies for the nine months ended September 30, 2021, were HKD 19,206,000, an increase of 45.1% from HKD 13,240,000 in the same period of 2020[93]. - The financing cost for lease liabilities was HKD 2,795,000 for the nine months ended September 30, 2021, down 16.3% from HKD 3,335,000 in the previous year[94]. Dividend Information - The company declared an interim dividend of HKD 0.08 per ordinary share for the year ending December 31, 2021[64]. - The company declared an interim dividend to be paid on December 7, 2021, with the record date set for November 24, 2021[66]. - The company declared an interim dividend of HKD 0.08 per ordinary share for the nine months ended September 30, 2021, compared to HKD 0.06 per share in 2020, representing a 33.3% increase[102]. - The total amount of dividends declared by non-wholly owned subsidiaries for the nine months ended September 30, 2021, was HKD 5,279,000, compared to HKD 5,681,000 in 2020, reflecting a decrease of approximately 7.1%[103].
恒智控股(08405) - 2021 Q3 - 季度财报