Financial Performance - For FY2023, Pine Care Group recorded a loss of HK$27.8 million due to the adverse impact of the COVID-19 situation[27]. - The group reported a loss of HKD 27.8 million for the fiscal year 2023, impacted by the COVID-19 pandemic and asset impairment[33]. - The Group's total revenue for FY2023 was HK$265.3 million, a slight decrease of 0.9% from HK$267.7 million in FY2022[63]. - Revenue from the eight EA1 RCHEs decreased by 3.2% to HK$211.8 million in FY2023, primarily due to a drop in average occupancy rate to 88.9% from 92.7% in FY2022[66][68]. - Revenue from the Silverage Collection increased by 17.3% to HK$53.4 million in FY2023, supported by a rise in average occupancy rate from 59.5% to 71.9%[67]. - The total loss for the year increased to HK$27.8 million in fiscal year 2023, compared to a loss of HK$24.0 million in fiscal year 2022, mainly due to increased finance costs and a non-recurring fair value loss on financial assets[76]. - Core EBITDA for FY2023 amounted to HK$47.8 million, a decrease from HK$53.7 million in FY2022, primarily due to losses in Pine Residence[29]. - Core EBITDA decreased to HK$47.8 million in FY2023 from HK$53.7 million in FY2022, mainly due to operating losses at Pine Residence during its initial ramp-up period[73]. - The core EBITDA to revenue ratio decreased to 18.0% in fiscal year 2023 from 20.1% in fiscal year 2022[79]. - Depreciation expenses rose approximately 11.3% to HK$63.7 million in fiscal year 2023 from HK$57.2 million in fiscal year 2022, attributed to the depreciation of right-of-use assets of Pine Residence[84]. - Staff costs increased by approximately 3.7% to HK$134.7 million in fiscal year 2023, influenced by general salary increments due to a tight manpower situation in the healthcare industry[85]. - Finance costs increased significantly to HK$22.7 million in FY2023 from HK$10.5 million in FY2022, due to the surge in interest rates[102]. - Income tax expense decreased to HK$3.1 million in FY2023 from HK$6.3 million in FY2022, primarily due to lower assessable profits[103]. - Loss for the year attributable to equity holders of the Company was approximately HK$27.8 million in FY2023, compared to a loss of HK$20.6 million in FY2022[104]. Occupancy Rates - The average occupancy rate for the Group's 8 EA1 residential care homes for the elderly was 88.9%, down from 92.7% in FY2022[28]. - The occupancy rate for the Silverage Collection increased by 12.4 percentage points, reaching an average of 71.9% for FY2023[28]. - The average occupancy rate for the eight Class A nursing homes was 88.9% in fiscal year 2023, down from 92.7% in fiscal year 2022[33]. - The average occupancy rate of Pine Care Place and Pine Care Point increased by 12.4 percentage points to 71.9% in FY2023[67]. Strategic Initiatives - The introduction of Chime Corporation Limited as the new controlling shareholder is expected to enhance the value of Pine Care Group through its expertise in property development and asset management[30]. - The company is exploring the Continuing Care Retirement Community (CCRC) concept to provide a sustainable community for elderly care, integrating various services for seniors[48]. - The company aims to expand elite services for ageing-in-place senior care and community care development initiatives[49]. - The Group plans to explore the concept of Continuing Care Retirement Communities to enhance service offerings and meet market demand[52]. - The Group aims to maintain flexibility in business planning and service delivery to provide a wider range of options in the elder care market[52]. - The Group's expansion plans are in place, with confidence in future opportunities and achievements[58]. Leadership and Governance - Mr. Choi Wun Hing Donald was appointed as a non-executive director and Chairman of the Board in October 2022, overseeing corporate development and business strategies[164]. - Mr. Wong Hung Han serves as the Chief Operating Officer, managing property services, human resources, and risk management since joining in 2013[167]. - Mr. Tsang Tin For, appointed in October 2022, is responsible for finance, investment, and treasury functions, bringing over 30 years of experience in finance and risk management[172]. - Mr. Wu Tat Ming Damein, also appointed in October 2022, focuses on investment and business transformation strategies to enhance operations and identify new revenue streams[175]. - The company has a strong leadership team with extensive experience across various sectors, including real estate and finance[181]. - The company has established a robust governance structure with experienced non-executive directors overseeing key functions[164]. - The focus on risk management and crisis management is a priority for the company's operations[167]. - The management team is composed of professionals with significant industry experience and qualifications[199]. - The company is focused on implementing business strategies and executing major projects[187]. - The Group is committed to expanding its elderly care services under Mr. Chan's leadership[184]. Financial Position - Net assets amounted to HK$160.6 million as at 31 March 2023, down from HK$183.5 million as at 31 March 2022[106]. - The adjusted consolidated net assets would have been HK$1,012.9 million as at 31 March 2023, considering the revaluation surplus of HK$852.3 million[107]. - The current ratio remained at approximately 0.2 times as at 31 March 2023, unchanged from 31 March 2022[114]. - Gearing ratio increased to 52.9% as at 31 March 2023 from 50.9% as at 31 March 2022, mainly due to increased debt financing[115]. - Interest-bearing bank borrowings amounted to HK$589.6 million as at 31 March 2023, with various repayment schedules[122]. - Loan from a fellow subsidiary amounted to HK$20.0 million, repayable within one year or on demand[123]. - The carrying amount of pledged assets was HK$599.0 million, down from HK$617.3 million in the previous year[138][140]. - The Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during FY2023[129][133]. - The Group did not have any commitments as of March 31, 2023[131][135]. - There were no material contingent liabilities reported as of March 31, 2023[143][150]. - The Group has not used any interest rate swaps to hedge its exposure to interest rate risk[144][151]. - As of March 31, 2023, the Group had no significant investments held[130][134]. Other Operating Metrics - Other operating expenses decreased by approximately 8.7% in fiscal year 2023, primarily due to lower advertising and marketing expenses[92]. - Property rental and related expenses remained stable at HK$9.4 million in fiscal year 2023, compared to HK$9.5 million in fiscal year 2022[91]. - The group confirmed a non-recurring government grant of HK$7.9 million under the Employment Support Scheme for fiscal year 2023[76].
松龄护老集团(01989) - 2023 - 年度财报