Financial Performance - For the six-month period ended September 30, 2023, Pine Care Group recorded a loss of HK$23.6 million due to the ongoing adverse effects of the COVID-19 situation[10]. - Total revenue increased to HK$151.7 million for the six-month period ended 30 September 2023, compared to HK$130.3 million for the same period last year, representing a growth of 16.4%[50]. - Loss before tax for the period was HK$21,363,000, compared to a loss of HK$10,974,000 in the previous year, indicating a deterioration in financial performance[181]. - Loss for the period attributable to owners of the parent was HK$23,586,000, which is an increase of 84.6% from HK$12,767,000 in the same period last year[181]. - Total comprehensive loss for the period was HK$23,586,000, compared to HK$12,499,000 in the previous year, reflecting a significant increase in losses[183]. - The recorded loss increased to HK$23.6 million for the period, compared to a loss of HK$12.8 million for the same period last year, largely due to increased finance costs[59]. - Finance costs rose to HK$21.8 million from HK$5.0 million in the previous year, contributing to the overall loss[59]. - Core EBITDA decreased to HK$19.7 million for the period, down from HK$26.3 million in the same period last year, primarily due to the operating loss of Pine Residence[58]. - Core EBITDA as a percentage of revenue decreased to 13.0% from 20.2% year-on-year, reflecting the impact of operational challenges[64]. Occupancy and Service Demand - The average occupancy rate of the Group's 8 EA1 residential care homes for the elderly was 90.9%, an increase from 88.9% in the same period last year[11]. - The occupancy rate of the Silverage Collection increased by 10.0 percentage points, reaching an average of 78.0% during the period under review[11]. - The average occupancy rate of Pine Care Place and Pine Care Point increased by 10.0 percentage points to 78.0% for the period, compared to 68.0% for the same period last year[56]. - The demand for quality senior care services in Hong Kong is still significantly underserved, presenting an opportunity for the Group to expand its professional services[18]. Strategic Initiatives and Developments - The Group aims to enhance its reputation for quality in senior care, particularly in dementia care, cognitive training, rehabilitation, and skilled nursing care services[17]. - The introduction of Chime Corporation Limited as the new controlling shareholder is expected to optimize the value of Pine Care Group and enhance its healthcare and elderly care business[16]. - The establishment of Pine Residence, operational since December 2022, signifies the company's commitment to quality senior care services, enhancing its brand and providing comprehensive care for residents[25]. - The company is exploring the Continuing Care Retirement Community (CCRC) concept, which integrates various services for seniors, enhancing their quality of life[36]. - The company aims to expand elite services for ageing-in-place senior care and community care development initiatives, leveraging existing properties to meet diverse senior needs[37]. - The company recognizes the market's demand for choice and plans to remain agile in its business strategies to enhance the quality of senior care services[38]. Financial Position and Assets - Net assets decreased to HK$137.0 million as of 30 September 2023, down from HK$160.6 million as of 31 March 2023[92]. - The adjusted consolidated net assets amounted to HK$871.963 million as of September 30, 2023, a decrease from HK$1,012.929 million as of March 31, 2023[97]. - The total value of mortgaged assets as of September 30, 2023, was HK$590.7 million, down from HK$602.4 million as of March 31, 2023[128]. - Total assets decreased from HK$1,108,264,000 on March 31, 2023, to HK$1,074,319,000 on September 30, 2023, representing a decline of approximately 3%[185]. Employee and Operational Costs - Gross staff costs rose by approximately 11.5% to HK$73.8 million from HK$66.2 million, mainly due to the commencement of operations at Pine Residence and general salary increments[72]. - Employee costs for the period were HK$73.8 million, compared to HK$66.2 million for the six-month period ended September 30, 2022, reflecting an increase of approximately 10.4%[132][138]. - Staff costs increased to HK$68,171,000, up from HK$56,644,000, representing a rise of 20.4% year-on-year[181]. - Depreciation increased by approximately 68.3% to HK$45.5 million from HK$27.0 million, primarily due to the depreciation of right-of-use assets and leasehold improvements at Pine Residence[71]. Governance and Compliance - The company has complied with the Corporate Governance Code during the six months ended September 30, 2023[160]. - All directors confirmed compliance with the Model Code for securities transactions throughout the period[161]. - No incidents of non-compliance with the Employees Written Guidelines were noted during the review period[162]. Future Outlook and Plans - The company plans to expand its services to home care and community care, aligning with the growing demand for senior care services in Hong Kong[50]. - The company did not have any specific future plans for material investments or capital assets as of September 30, 2023[122]. - There were no major future investment or capital asset plans disclosed as of September 30, 2023[129].
松龄护老集团(01989) - 2024 - 中期财报