Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately HKD 2,830 million, a decrease of about 4.2% compared to HKD 2,955 million in 2021[2] - The gross profit margin for the year ended December 31, 2022, was approximately 48.9%, down from 52.5% in 2021, with gross profit decreasing by about 10.8% to HKD 1,383 million[2] - EBITDA for the year ended December 31, 2022, was approximately HKD 463 million, a decrease of about 26.0% from HKD 626 million in 2021[2] - The net profit for the year ended December 31, 2022, was approximately HKD 221 million, down about 38.8% from HKD 360 million in 2021[2] - Total revenue for 2022 was HKD 2,830,088 thousand, a decrease of 4.2% from HKD 2,955,172 thousand in 2021[22] - The group's profit before tax for 2022 was HKD 220,458,000, a decrease of 38.8% from HKD 360,825,000 in 2021[35] - Net profit attributable to the company's owners decreased by approximately 38.9% from HKD 360,825,000 for the year ended December 31, 2021, to HKD 220,458,000 for the year ended December 31, 2022[73] - EBITDA for the year ended December 31, 2022, was HKD 463,351,000, down from HKD 626,393,000 for the year ended December 31, 2021, representing a decrease of approximately 26%[77] - Adjusted EBITDA for the year ended December 31, 2022, was HKD 464,795,000, compared to HKD 628,686,000 for the year ended December 31, 2021, with an adjusted EBITDA margin of 16.4% down from 21.3%[77] Revenue Breakdown - Revenue from Europe for the year ended December 31, 2022, was HKD 1,180 million, a decrease of 10.3% from HKD 1,255 million in 2021[6] - Revenue from North America was HKD 709 million, a slight decrease of 1.3% from HKD 719 million in 2021[6] - Revenue from the European market in 2022 was HKD 1,180,604 thousand, a decrease of 5.9% compared to HKD 1,254,596 thousand in 2021[23] - The fixed dental equipment segment generated revenue of HKD 1,803,466 thousand in 2022, down from HKD 1,935,951 thousand in 2021, a decrease of 6.8%[22] - Fixed dental materials generated revenue of about 1,803,466,000 HKD in 2022, down approximately 132,485,000 HKD from 2021, representing 69.0% of total revenue[47] - Removable dental materials recorded revenue of 535,091,000 HKD, a slight decrease of 2,323,000 HKD from the previous year, accounting for 20.5% of total revenue[48] - Other dental materials, including orthodontic devices and sports mouthguards, achieved revenue of 273,660,000 HKD, down 11,423,000 HKD from 2021, making up 10.5% of total revenue[49] - The Greater China market recorded revenue of approximately HKD 666,659,000 for the year ended December 31, 2022, a decrease of about HKD 32,587,000 compared to the previous year, accounting for approximately 23.6% of total revenue[60] - The Australian market generated revenue of approximately HKD 235,811,000 for the year ended December 31, 2022, a decrease of about HKD 14,528,000, representing approximately 8.3% of total revenue[62] - Other markets, including India, Japan, Malaysia, Taiwan, and Singapore, recorded revenue of approximately HKD 37,697,000, an increase of about HKD 5,482,000, accounting for approximately 1.3% of total revenue[63] Dividends and Shareholder Returns - The company maintained a final dividend of HKD 0.044 per share for the year ended December 31, 2022, consistent with the previous year[2] - The interim dividend per share for 2022 was HKD 0.037, significantly lower than HKD 0.075 in 2021, a reduction of 50.7%[33] - The board proposed a final dividend of HKD 0.044 per ordinary share for the year ended December 31, 2022, consistent with the final dividend of HKD 0.044 in 2021[99] - As of December 31, 2022, the company repurchased a total of 1,950,000 ordinary shares at a total cost of approximately HKD 3,595,000, which was executed to enhance the net asset value and earnings per share for shareholders[101][102] Assets and Liabilities - Non-current assets increased to HKD 2,273,309 thousand in 2022 from HKD 2,261,980 thousand in 2021, reflecting a growth of 0.5%[11] - Current assets decreased to HKD 1,265,746 thousand in 2022 from HKD 1,395,399 thousand in 2021, a decline of 9.3%[11] - Total liabilities decreased from HKD 668,285 thousand in 2021 to HKD 529,383 thousand in 2022, representing a reduction of 20.9%[11] - The company's equity attributable to owners decreased to HKD 2,333,533 thousand in 2022 from HKD 2,358,660 thousand in 2021, a decrease of 1.1%[12] - Cash and cash equivalents decreased significantly from HKD 633,157 thousand in 2021 to HKD 444,377 thousand in 2022, a drop of 29.8%[11] - Trade receivables increased to HKD 565,828 thousand in 2022 from HKD 528,976 thousand in 2021, an increase of 7.0%[11] - The company's interest-bearing bank borrowings increased to HKD 545,274 thousand in 2022 from HKD 499,660 thousand in 2021, an increase of 9.1%[12] - Inventory increased to HKD 157,244 thousand in 2022 from HKD 142,488 thousand in 2021, a rise of 10.3%[11] - The total non-current liabilities increased to HKD 676,139 thousand in 2022 from HKD 630,434 thousand in 2021, an increase of 7.2%[12] - The company's total assets less current liabilities increased to HKD 3,009,672 thousand in 2022 from HKD 2,989,094 thousand in 2021, an increase of 0.7%[11] Operational Insights - The number of digital solution cases produced in mainland China increased to approximately 549,736, an increase of 82.5% compared to 301,212 cases in 2021, driven by more customers adopting intraoral scanners[3] - The company is focused on further investment in digital-driven dental solutions to enhance market share and customer experience[1] - The company aims to evolve into a comprehensive dental ecosystem, expanding educational and product services, including partnerships with intraoral scanner companies[1] - The company has positioned itself as a pioneer in providing comprehensive digital solutions, ready to capitalize on the digitalization trend in the dental industry[55] - The company aims to leverage its new production facility in Vietnam to establish a business unit specifically serving mid-to-large dental clinic chains in the U.S. market[57] Cost and Expenses - The cost of goods sold was HKD 1,446,782,000 in 2022, compared to HKD 1,404,521,000 in 2021, representing an increase of 3.0%[28] - Sales and distribution expenses increased by approximately 4.3% to about HKD 374,987,000, accounting for approximately 13.3% of total revenue[69] - Administrative expenses rose by approximately 0.7% to about HKD 702,228,000, representing approximately 24.8% of total revenue[70] - The total financing costs rose to HKD 26,270,000 in 2022 from HKD 23,061,000 in 2021, marking an increase of 9.6%[30] Research and Development - Research and development costs increased to HKD 40,096,000 in 2022 from HKD 36,506,000 in 2021, reflecting a growth of 4.3%[28] - The company invested approximately HKD 47,259,000 in acquiring cutting-edge technology machinery and incurred research and development costs of approximately HKD 40,096,000, totaling about 3.1% of the company's revenue[82] Corporate Governance and Compliance - The company complied with the corporate governance code as per the listing rules for the year ended December 31, 2022[103] - The audit committee reviewed the group's financial statements for the year ended December 31, 2022, including accounting principles and practices adopted[104] - The company's auditor confirmed that the figures in the preliminary announcement for the year ended December 31, 2022, are consistent with the draft financial statements[105] - The annual results announcement will be published on the Hong Kong Stock Exchange and the company's website[106]
现代牙科(03600) - 2022 - 年度业绩