Financial Performance - The group recorded revenue of RMB 22.97 million for the six months ended December 31, 2022, a decrease of 12.3% compared to RMB 26.18 million for the same period in 2021[8]. - Profit attributable to owners of the company was RMB 1.57 million, an increase of 36.7% from RMB 1.15 million for the same period in 2021[8]. - Basic earnings per share for the six months ended December 31, 2022, remained stable at RMB 0.01, similar to the same period in 2021[8]. - Operating profit for the six months ended December 31, 2022, was RMB 9.29 million, a decrease of 20.1% from RMB 11.62 million in the previous year[9]. - EBITDA for the six months ended December 31, 2022, was RMB 9.48 million, a decrease of 20.0% from RMB 11.85 million in the previous year[9]. - For the three months ended December 31, 2022, the company reported a total comprehensive income of RMB 816,000, compared to a loss of RMB 15,000 in the same period of 2021, representing a significant recovery[11]. - The company's net profit attributable to owners for the six months ended December 31, 2022, was RMB 1,573,000, an increase of 36.7% compared to RMB 1,151,000 for the same period in 2021[11]. - Revenue from educational facility leasing dropped by 12.6% to RMB 21,160,000 from RMB 24,203,000 year-on-year[30]. - Revenue decreased by 12.3% from RMB 261.8 million in the first half of fiscal year 2022 to RMB 229.7 million in the current period, primarily due to reduced leasing space for educational institutions[58]. Expenses and Costs - Employee costs decreased by 19.8% to RMB 2.53 million from RMB 3.16 million in the previous year[9]. - Operating cash flow for the six months ended December 31, 2022, was RMB 21,355,000, slightly down from RMB 21,687,000 in the same period of 2021[18]. - Interest expenses decreased by 26.9% from RMB 104.3 million in the first half of fiscal year 2022 to RMB 76.3 million, due to a gradual reduction in loan principal[69]. - The company experienced a 258.7% increase in business tax and additional taxes, totaling RMB 434, compared to RMB 121 in the previous year[9]. Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 1,671,631,000, up from RMB 1,656,313,000 as of June 30, 2022[12]. - The company's cash and cash equivalents increased to RMB 9,120,000 as of December 31, 2022, compared to RMB 4,713,000 as of June 30, 2022, indicating improved liquidity[12]. - The company’s current liabilities rose to RMB 75,516,000 as of December 31, 2022, compared to RMB 61,275,000 as of June 30, 2022, indicating increased short-term obligations[12]. - The total trade receivables as of December 31, 2022, were RMB 2,194,000, a decrease from RMB 6,559,000 as of June 30, 2022, indicating a reduction in outstanding receivables[47]. - The total trade and other payables as of December 31, 2022, were RMB 31,741,000, an increase from RMB 19,470,000 as of June 30, 2022, suggesting a rise in liabilities[49]. - Net current liabilities increased to RMB 526 million as of December 31, 2022, compared to RMB 351.9 million as of June 30, 2022[74]. Investments and Future Plans - The company plans to explore new strategies for market expansion and product development in the upcoming quarters[7]. - The company has made a prepayment of RMB 23,009,000 for the acquisition of investment property in Mongolia as of December 31, 2022, up from RMB 18,009,000 as of June 30, 2022[46]. - The company has committed RMB 10.18 million for the renovation of two dormitories, with RMB 2.01 million already paid as of December 31, 2022[86]. - The estimated cost for renovating other investment properties in the Eastern University City is approximately RMB 174 million, subject to funding availability[87]. - The company anticipates a challenging business environment but expects moderate growth in the education sector in China, Malaysia, and Indonesia[82]. - The company plans to accelerate the construction of new facilities, including a theater and cafeteria, by mid-2023 to generate additional revenue[82]. Shareholder and Governance - The company declared no dividends for the current period, consistent with the previous year[44]. - The board has resolved not to declare any dividends for the current period, similar to the previous year[94]. - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 during the reporting period[98]. - The audit committee consists of three independent non-executive directors, chaired by Mr. Chan, and has reviewed the accounting principles and practices adopted by the group[110]. - The committee believes that the interim results have been prepared in accordance with applicable accounting standards and GEM listing rules, with adequate disclosures made[110]. Shareholding Structure - As of December 31, 2022, the chairman and executive director, Mr. Zhou, holds 135,000,000 shares, representing 75% of the issued shares[102]. - The major shareholder, Raffles, holds 135,000,000 shares, also representing 75% of the issued shares[106]. - Mr. Zhou is considered to have interests in Raffles' shares, which he holds through various means, including direct and family interests[107]. - No significant interests were reported by directors in any important transactions, arrangements, or contracts during the period[109].
东方大学城控股(08067) - 2023 - 中期财报