Revenue and Profit Growth - Revenue increased by 8.2% to approximately AUD 29.0 million[1] - Gross profit rose by 8.2% to approximately AUD 12.8 million[1] - Annual profit surged by 75.6% to approximately AUD 1.9 million[1] - Revenue from customer contracts in Australia increased to AUD 29,041 thousand in 2024, up from AUD 26,848 thousand in 2023, with tuition fee revenue accounting for AUD 26,967 thousand and other service fee revenue at AUD 2,074 thousand[10][13] - Revenue increased by 8.2% from AUD 26.8 million in FY2023 to AUD 29.0 million in FY2024, driven by higher student enrollment[48] - Gross profit increased by 8.2% to AUD 12.8 million, with a stable gross margin of 43.9%[50] - Net profit grew by 75.6% to AUD 1.9 million in FY2024, up from AUD 1.1 million in FY2023[56] Earnings Per Share and Dividends - Earnings per share (basic) increased to 0.080 AUD cents from 0.046 AUD cents[2] - Earnings per share (diluted) increased to 0.075 AUD cents from 0.044 AUD cents[2] - Proposed final dividend of 0.2 HK cents per ordinary share, up from 0.1 HK cents in 2023[1] - Dividends declared for 2024 totaled 941,000 AUD, including an interim dividend of 473,000 AUD and a proposed final dividend of 468,000 AUD[22] - A final dividend of HKD 0.2 cents per share was proposed, doubling from HKD 0.1 cents in FY2023[60] Assets and Liabilities - Total assets increased to AUD 62.953 million from AUD 61.869 million[3] - Net current assets grew to AUD 32.728 million from AUD 30.226 million[3] - Equity attributable to owners of the company increased to AUD 50.118 million from AUD 48.925 million[3] - Contract liabilities decreased to AUD 4,246 thousand in 2024 from AUD 5,982 thousand in 2023, reflecting prepayments for educational services expected to be recognized within one year[14] - Lease liabilities as of June 30, 2024, amounted to 15,080,000 AUD, with a current portion of 2,562,000 AUD and a non-current portion of 12,518,000 AUD[27] Expenses and Costs - Employee benefit expenses, excluding directors and key management personnel, rose to AUD 9,596 thousand in 2024 from AUD 7,374 thousand in 2023, driven by increased wages, salaries, and retirement plan contributions[17] - Lease liability interest decreased to AUD 725 thousand in 2024 from AUD 786 thousand in 2023[18] - Cost of revenue rose by 8.2% to AUD 16.3 million, primarily due to increased agent commissions, student-related costs, and employment expenses[49] - Total lease-related expenses recognized in the income statement for 2024 were 2,861,000 AUD, including interest on lease liabilities and amortization of right-of-use assets[28] Government Grants and Tax - Government grants decreased significantly to AUD 25 thousand in 2024 from AUD 166 thousand in 2023, reflecting reduced subsidies for international market expansion[15] - Income tax provisions were calculated at a 25% statutory rate for the fiscal years ending June 30, 2024, and 2023, with no provisions for Hong Kong profits tax[19][20] - Total tax expense for the year increased to 804,000 AUD in 2024 from 702,000 AUD in 2023, with an effective tax rate of 29.6% in 2024 compared to 39.2% in 2023[21] Operational and Strategic Developments - The company operates solely in Australia, with all revenue and non-current assets located in the region, and no single customer accounted for 10% or more of total revenue[12] - The company adopted revised International Financial Reporting Standards (IFRS) related to accounting policies, estimates, and deferred taxes, with no material impact on financial statements[8][9][11] - Pre-tax profit adjustments included intangible asset amortization of AUD 2,018 thousand and depreciation of AUD 931 thousand in 2024[17] - The company recognized deferred tax assets and liabilities for lease-related temporary differences, consistent with revised IFRS standards[9] - The company's overall revenue increased by 8.2%, driven by growth in higher education and SCOTS, as well as diversified business segments[39] - SCOTS' overseas student quota was fully occupied by December 2023, with all registered students accommodated in existing facilities[39] - The company expanded its higher education facilities twice during the year to accommodate increased enrollment, offsetting the impact of high living costs on student enrollment at the Sydney campus[39] - The company's new Bachelor of Accounting and Data Analytics degree received professional accreditation in March 2024[40] - The company maintained a favorable low-risk rating from regulatory authorities in June 2024, reaffirming its commitment to quality assurance[40] - The company plans to open new courses for domestic students, launch online courses, and develop transnational education measures in response to the government's cap on international student enrollments starting in 2024[41] - The company has integrated AI into teaching methods, research, and management processes to enhance student experience and operational efficiency, with a high-level AI policy statement approved in 2023[42] - A comprehensive digital empowerment plan based on the 5P framework (Projects, People, Practices, Policy, Promotion) has been implemented to leverage generative AI responsibly and ethically[43] - The company has maintained tuition fees unchanged for both international and domestic students in 2024 compared to 2023, with annual tuition increases capped at 15% and no more than 30% over three years[46] - The company is preparing to submit a re-registration application to the Tertiary Education Quality and Standards Agency by March 4, 2025, based on its low-risk status over the past five years[45] - The company is exploring diversified course offerings, including innovative courses tailored for domestic students, enhanced online teaching capabilities, and transnational education opportunities to strengthen its global market position[47] - The company has submitted a comprehensive report to regulators on the use of AI in teaching, learning, and research, outlining a blueprint for maintaining academic integrity and educating future business leaders on ethical AI use[43] - The Australian government announced a cap on new overseas student enrollments, potentially impacting the company's higher education business starting January 1, 2025[59] Financial Position and Investments - Interest income significantly increased to AUD 1.962 million from AUD 513,000[2] - The company held AUD 44.1 million in cash as of June 30, 2024, with no bank borrowings[57] - Capital expenditures for FY2024 totaled AUD 0.8 million, allocated to course development, facilities, and equipment[56] - 41.0% of the total funds (HKD 70.4 million) are allocated for acquiring or investing in education groups/institutions in China and Australia, with HKD 21.0 million already utilized and HKD 49.4 million remaining, expected to be used by the end of 2024[67] - 27.8% of the total funds (HKD 47.8 million) are allocated for developing "smart education," including digital education solutions in course content, campus infrastructure, and teaching methods, with the full amount already utilized[67] - 9.4% of the total funds (HKD 16.1 million) are allocated for upgrading TOP campuses, with the full amount already utilized[67] - 5.5% of the total funds (HKD 9.5 million) are allocated for expanding TOP campuses, with the full amount already utilized[67] - 3.1% of the total funds (HKD 5.3 million) are allocated for expanding TOP's research, academic activities, and professional development to achieve strategic goals, with the full amount already utilized[67] - 4.4% of the total funds (HKD 7.6 million) are allocated for expanding TOP's marketing activities, with the full amount already utilized[67] - 8.2% of the total funds (HKD 14.0 million) are allocated for working capital and general corporate purposes, with the full amount already utilized[67] - The total funds raised amount to HKD 171.7 million, with HKD 122.3 million already utilized and HKD 49.4 million remaining[67] - The remaining funds are expected to be used by the end of 2024, delayed due to additional time needed for detailed investigations, feasibility studies, and negotiations in the current complex international environment[68] Trade Receivables and Payables - The company's trade receivables aged over two months amounted to 2,655 thousand AUD in 2024, compared to 2,615 thousand AUD in 2023[33] - The impairment loss allowance for trade receivables was 107,000 AUD in 2024, compared to 16,000 AUD in 2023[34] - The company's trade receivables aged one to three months decreased to 197 thousand AUD in 2024 from 344 thousand AUD in 2023[32] - The company's trade payables are typically settled within a 60-day period and are non-interest bearing[35] Property, Plant, and Equipment - Property, plant, and equipment had a net book value of 8,407,000 AUD as of June 30, 2024, with additions of 447,000 AUD during the year[24] - Right-of-use assets for office properties had a net book value of 11,123,000 AUD as of June 30, 2024, with additions of 2,637,000 AUD and amortization of 2,053,000 AUD during the year[27] Governance and Leadership - The audit committee reviewed the group's annual performance for the year ending June 30, 2024, including accounting principles and practices, with figures agreed upon by the auditor, Ernst & Young[70] - The company's executive directors include Dr. Xu Rongning, and non-executive directors include Mr. Li Guiping, Mr. Dai Yi, Mr. Jiang Fucheng, Ms. Huang Xingshi, and Mr. Yang Qingquan[77] - Independent non-executive directors are Mr. Wang Tianye, Professor Steven Schwartz, and Mr. Jonathan Richard O'Dea[77] - The company's secretary is Ying Min, based in Sydney, Australia[77]
澳洲成峰高教(01752) - 2024 - 年度业绩