Financial Performance - Revenue for 2021 reached HKD 632,931,000, representing a 33.6% increase from HKD 473,818,000 in 2020[10] - Gross profit for the year was HKD 312,545,000, with a gross margin of 49.4%, up from 45.2% in the previous year[10] - Net profit for the year was HKD 132,384,000, compared to HKD 64,073,000 in 2020, reflecting a significant growth of 106.5%[10] - Adjusted net profit after tax was HKD 137,278,000, an increase from HKD 70,614,000 in 2020, indicating a growth of 94.4%[10] - Total assets increased to HKD 1,369,022,000 from HKD 1,314,181,000 in 2020, marking a growth of 4.2%[10] - The company’s equity attributable to owners rose to HKD 1,005,552,000, up from HKD 953,292,000 in 2020, a growth of 5.5%[10] - Basic earnings per share for 2021 was HKD 40.673, compared to HKD 19.935 in 2020, representing a 103.7% increase[10] - The adjusted earnings per share was HKD 42.163, up from HKD 21.859 in the previous year, reflecting a growth of 92.7%[10] Revenue Sources - Revenue from crystal replacement surgeries and ICL procedures grew by 39.7%, with prices for both types of surgeries increasing by 8.4%[27] - Revenue from Germany was approximately HKD 404.0 million, accounting for 63.8% of total revenue, and increased by 32.6% year-on-year[33] - Revenue from China was approximately HKD 149.0 million, representing 23.6% of total revenue, with a year-on-year increase of 37.8%[34] Expansion and Acquisitions - The company plans to continue expanding its market presence and invest in new technologies to enhance service offerings[20] - The acquisition of the London Vision Clinic in the UK was completed, enhancing the company's market position in refractive surgery[27] - The company plans to continue its expansion strategy to meet future demand for ophthalmic surgical treatments in Europe and China[28] - The acquisition of London Vision Clinic was completed for £13,130,000 (approximately HKD 138,211,632), with a potential maximum consideration of about £34,327,985 (approximately HKD 361,350,101) depending on adjustments and profit terms[43] - The company is actively pursuing acquisitions, particularly targeting renowned private ophthalmology clinics in Europe to expand its clinic network and enter new regions, focusing on emerging markets[87] Operational Efficiency - Future guidance indicates a focus on increasing operational efficiency and exploring potential acquisitions to drive growth[20] - The gross profit margin improved to 49.4% in 2021 from 45.2% in 2020, attributed to increased surgery volume and enhanced capacity utilization[54] - Adjusted gross profit rose by approximately 48.2% from HKD 214.1 million in 2020 to HKD 317.4 million in 2021, with an adjusted gross profit margin of about 50.1%[59] Employee and Administrative Expenses - Employee benefits accounted for approximately 34.1% of total sales costs in 2021, up from 31.5% in 2020, reflecting the increase in personnel due to business growth[50] - Sales expenses were approximately HKD 53.8 million in 2021, an increase of about 16.8% from the previous year, but the sales expense ratio decreased to 8.5% of total revenue[63] - Total administrative expenses increased by 14.0% to HKD 69,000,000 in 2021, up from HKD 60,491,000 in 2020[66] Future Projections - The company anticipates continued growth, projecting a revenue increase of 25% for the upcoming fiscal year, aiming for €187.5 million[101] - The company is expanding its market presence, with plans to open three new clinics in Germany and one in Denmark by the end of 2022[101] Research and Development - The company has invested €5 million in research and development for innovative ophthalmic solutions[101] - New product development includes the launch of advanced laser technology, expected to enhance surgical outcomes and patient satisfaction[101] Leadership and Governance - The company has a strong leadership team, including Jørn Slot Jørgensen as CEO and Markus Braun as CFO, focusing on overall strategic development and financial management[122] - The company has established a comprehensive compliance and governance framework to support its operational integrity[137] Risks and Challenges - Economic instability may affect the demand for vision correction services, potentially leading to a loss of customers unwilling to pay for premium services[153] - The company's success is significantly dependent on its brand and reputation, with risks associated with treatment errors and service defects[155] Dividend Policy - The company reported a final dividend of HKD 0.09932 per share, totaling approximately HKD 33,097,397, subject to approval at the upcoming annual general meeting[142] - The company has adopted a dividend policy where future annual dividends will not exceed 20% of the distributable net profits attributable to equity shareholders[146]
德视佳(01846) - 2021 - 年度财报