Financial Performance - For the three months ended March 31, 2023, the group's revenue was approximately HKD 44.9 million, compared to HKD 20.5 million for the same period in 2022, representing a growth of 118.5%[2] - The loss attributable to shareholders for the three months ended March 31, 2023, was approximately HKD 1 million, a significant improvement from a loss of HKD 13.1 million in the same period last year[2] - The basic loss per share for the three months ended March 31, 2023, was approximately HKD 0.16, compared to a loss of HKD 2.87 per share in the previous year, indicating a reduction of 94.4%[4] - The group's other income for the three months ended March 31, 2023, was HKD 13.4 million, up from HKD 9.5 million in the same period last year, reflecting a growth of 40.5%[3] - The group's financing costs decreased to HKD 1.4 million for the three months ended March 31, 2023, from HKD 3.1 million in the same period last year, a reduction of 55.5%[3] - The group reported a pre-tax loss of HKD 0.5 million for the three months ended March 31, 2023, compared to a pre-tax loss of HKD 13.5 million in the same period last year, showing a significant improvement[3] - The total comprehensive loss for the three months ended March 31, 2023, was HKD 3.6 million, down from HKD 14.2 million in the same period last year, indicating a reduction of 74.7%[4] - The group recognized a foreign exchange loss of HKD 3.3 million from overseas operations for the three months ended March 31, 2023, compared to a loss of HKD 0.9 million in the same period last year[4] Revenue Breakdown - Revenue from the Dance Academy business reached HKD 16,345,000, up 526.5% from HKD 2,606,000 year-on-year[14] - Revenue from the Early Childhood Education business was HKD 26,009,000, representing a 68.1% increase from HKD 15,452,000 in the previous year[14] - Revenue from Hong Kong was HKD 22,240,000, a substantial rise of 270.5% compared to HKD 6,009,000 in 2022[17] - Revenue from Singapore amounted to HKD 22,740,000, an increase of 56.8% from HKD 14,492,000 year-on-year[17] - Total revenue increased from approximately HKD 20.5 million in the corresponding period of 2022 to approximately HKD 44.9 million in the reporting period, primarily due to an increase of approximately HKD 13.7 million from the dance academy business[32] Share Capital and Dividends - The total issued share capital increased to HKD 68,640,000, with 686,400,000 shares following a rights issue[26] - The company did not declare or propose any dividends for the three months ended March 31, 2023, consistent with the previous year[24] - The company issued 228.8 million shares through a rights issue, increasing the issued share capital to HKD 68.64 million[36] - As of March 31, 2023, the total issued share capital of the company was HKD 68,640,000, divided into 686,400,000 shares with a par value of HKD 0.1 each[47] Corporate Governance - The audit committee, composed of independent non-executive directors, reviewed the group's accounting principles and practices without any objections[64] - The company has adhered to all corporate governance code provisions without any deviations during the reporting period[60] - There were no conflicts of interest reported among directors or controlling shareholders during the reporting period[58] - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with the GEM listing rules[61] - The company received written confirmation from controlling shareholders regarding their compliance with non-competition agreements[59] Business Operations and Strategy - The company operates primarily in the fields of dance education, early childhood education, speech therapy, and photography services in Hong Kong and Singapore[6] - The number of enrolled students in Singapore's preschool institutions reached approximately 1,000, with a total capacity of 1,560, resulting in a utilization rate of 63%, up from 60% in the previous year[30] - Employee and teaching consultancy service costs rose by approximately 46% to about HKD 29.2 million, compared to approximately HKD 20 million in 2022[32] - The group aims to strengthen its position in the dance school industry in Hong Kong and overseas, actively seeking investment opportunities for further expansion in the Asian dance school sector[41] - Since 2018, the group has been expanding into mainstream education markets overseas, including acquiring several preschool institutions in Singapore and entering the education sector in Australia since 2019[41] - The board believes that the acquisitions provide an excellent development platform and opportunities to expand its early childhood education business internationally, enhancing competitiveness[41] Financial Liabilities and Investments - As of March 31, 2023, the company had unexercised convertible bonds with a book value of approximately HKD 281.2 million[37] - The company made a partial repayment of USD 2 million (approximately HKD 15.6 million) to bondholders on April 5, 2023, as part of the discussions regarding the repayment of convertible bonds[35] - The company did not hold any significant investments as of March 31, 2023[40] - There were no significant acquisition activities during the reporting period[39] - As of March 31, 2023, the group had no significant contingent liabilities[43] Stock Options - The company has a share option scheme established to reward directors and employees for their contributions, with a maximum share issuance limit of 10% of the total issued shares post-listing[52] - The company proposed to seek shareholder approval to update the stock option plan, allowing for a total of 35,410,000 shares to be issued, representing 10% of the issued shares as of the approval date[53] - As of March 31, 2023, the company had 27,325,892 unexercised stock options, which could potentially convert into the same number of new shares[56] - The total number of shares available for issuance under the stock option plan is 41,110,000, accounting for 5.99% of the company's 686,400,000 issued shares as of the report date[57] Other Information - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[63] - There were no major events during the reporting period[44] - The deferred tax expense for the period was HKD 217,000, slightly up from HKD 197,000 in the previous year[21]
SDM教育(08363) - 2023 Q1 - 季度财报