Financial Performance - The group recorded an operating loss of AUD 1.3 million for the fiscal year 2022, but expects improvement in the coming years[26]. - Revenue decreased by approximately 24.7% from about AUD 24.8 million in the year ended June 30, 2021, to about AUD 18.7 million in the year ended June 30, 2022, primarily due to the impact of COVID-19 on tuition fee income[64]. - Gross profit fell by 31.3% from AUD 11.0 million in 2021 to AUD 7.6 million in 2022, with the gross profit margin decreasing from approximately 44.4% to about 40.5%[66]. - The group recorded a net loss after tax of approximately AUD 1.3 million for the year ended June 30, 2022, compared to a profit of AUD 0.2 million in the previous year[73]. - Adjusted net profit increased by approximately 10.7% from AUD 4.154 million in 2021 to AUD 4.599 million in 2022[77]. - Operating expenses decreased by 22.5% to approximately AUD 7.3 million in 2022, down from AUD 9.4 million in 2021[70]. - The company reported a significant increase in revenue, achieving AUD 150 million for the fiscal year, representing a 20% growth compared to the previous year[88]. - The company anticipates a revenue growth forecast of 10% for the next fiscal year, driven by new program offerings and market expansion strategies[97]. Student Enrollment and Demand - The total number of new students enrolled in higher education courses increased by approximately 37% in the first semester of 2022 compared to the same period in 2021[27]. - The number of students enrolled in the first semester of 2022 increased by approximately 51% compared to the same period in 2021, with EFTSL numbers rising by about 37%[38]. - International students from over 35 different countries were enrolled, with non-Chinese international students accounting for approximately 67% of the total, an increase of about 4% from the previous year[41]. - The shift towards a blended learning model combining face-to-face and online teaching is anticipated to be a major part of future student demand[30]. - The group maintains a high student retention rate, supported by the CMRF model, which enhances student experience and adaptation during the COVID-19 pandemic[54]. Course Offerings and Development - The group aims to transition the Australian National Institute of Management and Commerce (IMC) to a university college and eventually to a university, although the pandemic may slow this process[30]. - The group has launched new courses based on digital education principles and is preparing to expand these offerings[31]. - The company aims to optimize its course structure by focusing on best-selling courses and replacing traditional units with more digital economy units[39]. - The company has transitioned selected degree programs to an online format through collaboration with high-end educational design firms, implementing a digital learning plan as a core course delivery model[48]. - The company received recognition for its English Language Intensive Courses for Overseas Students (ELICOS) programs, securing innovation funds of AUD 149,500 and AUD 145,500 for course diversification[42]. Financial Management and Investments - The overall condition of the group remains stable with sufficient cash reserves and streamlined operations for future growth[26]. - The group had cash on hand of approximately AUD 33.2 million as of June 30, 2022, compared to AUD 29.6 million in the previous year, with no bank borrowings[79]. - Capital expenditures for the year ended June 30, 2022, were approximately AUD 0.1 million, primarily for facilities and equipment[78]. - The company has invested in enhancing its student learning management system to develop online asynchronous learning, promoting student interaction and community building[43]. - Investment in new technology and product development increased by 30%, focusing on enhancing online learning platforms and student engagement tools[97]. Strategic Initiatives and Future Plans - The board is actively seeking opportunities outside Sydney to establish student centers, similar to the successful model in Hobart[30]. - The group plans to expand into more target locations to enhance competitiveness and reduce risks, focusing on both international and local markets[62]. - The group aims to strengthen quality control and develop industry-relevant innovative courses to improve students' employability and market competitiveness[62]. - The company is exploring potential acquisitions to expand its market presence, with a target of identifying at least two strategic opportunities in the next 12 months[97]. - The company continues to prioritize diversifying into other countries and regions to rebuild the international market while increasing local enrollment rates[62]. Governance and Shareholder Information - The board of directors has approved a dividend payout of AUD 0.10 per share, reflecting a commitment to returning value to shareholders[97]. - The board does not recommend a final dividend for the year ending June 30, 2022, consistent with the previous year[115]. - The company has established a governance framework in accordance with the listing rules and corporate governance code[130]. - The total number of issued shares as of June 30, 2022, is 2,433,332,000 shares[138]. - The company has no arrangements allowing directors to acquire shares or debentures during the year[135]. Regulatory and Market Challenges - The group’s operations are subject to various legal and regulatory constraints, particularly regarding education and immigration policies in Australia and overseas[112]. - The group’s revenue is highly dependent on the number of enrollments, which is limited by regulatory caps and the international education market in Australia[112].
澳洲成峰高教(01752) - 2022 - 年度财报