Financial Performance - For the year ended December 31, 2022, the company reported a profit attributable to equity holders of RMB 224,932,000, an increase of 25.7% compared to RMB 179,012,000 in 2021[21]. - The company's net asset value increased to RMB 1,960,841,000 in 2022, up from RMB 1,828,239,000 in 2021, representing a growth of 7.2%[4]. - The company recorded a total revenue from customer contracts of RMB 2,002,000 in 2022, compared to RMB 1,197,000 in 2021, marking a growth of 67.3%[15]. - The company reported other income and gains of RMB 27,510,000 in 2022, an increase of 81.1% from RMB 15,182,000 in 2021[16]. - The company's profit before tax increased by approximately RMB 61.9 million or 25.4% to approximately RMB 305.3 million for the year ended December 31, 2022, compared to RMB 243.4 million for the previous year[147]. - The company's revenue increased by RMB 106.5 million or 15.6% to RMB 790.1 million for the year ended December 31, 2022, driven by higher tuition fees and an increase in student enrollment[166]. - The company's gross profit increased by approximately RMB 83.3 million or 19.8% to approximately RMB 505.0 million for the year ended December 31, 2022, compared to approximately RMB 421.7 million for the year ended December 31, 2021[141]. - The gross profit margin improved by 2.2 percentage points to 63.9% for the year ended December 31, 2022, due to increased enrollment and average tuition fees[168]. Shareholder Information - The total dividend declared for the year ended December 31, 2022, is HKD 0.20 per share, resulting in a dividend payout ratio of 31.6%[50]. - The company proposed a final dividend of HKD 0.10 per share for the year ended December 31, 2022, subject to shareholder approval at the upcoming annual general meeting[67]. - The company plans to hold its annual general meeting on June 8, 2023, to discuss various shareholder matters[49]. Assets and Liabilities - The total non-current liabilities decreased to RMB 728,987,000 in 2022 from RMB 755,789,000 in 2021, a reduction of 3.5%[4]. - The company has a net current liability of RMB 29,716,000 as of December 31, 2022, which was carefully considered by the board in assessing the company's financial resources for ongoing operations[7]. - The net current liabilities decreased by approximately RMB 127.3 million or 81.1% to approximately RMB 29.7 million as of December 31, 2022, attributed to the increase in cash and cash equivalents[176]. - As of December 31, 2022, the company had interest-bearing bank loans amounting to RMB 774.4 million, with an average annual effective interest rate reduced to 4.20% from 4.34% in 2021[179]. Operational Highlights - The total number of full-time students increased to 24,467 in the 2022/23 academic year, up by 2,013 from the previous year[102]. - The institution aims to enhance its educational facilities through ongoing investments in new construction projects to meet future expansion needs[107]. - The institution has provided training for 80 types of vocational qualification certificates as of December 31, 2022, in response to the "1+X" certificate system[134]. - The employment rate for graduates has remained stable at 98% or above, with the 2022 cohort achieving an employment rate of 98.9% as of August 31, 2022, despite the impact of COVID-19[101]. Governance and Compliance - The company has adopted the corporate governance code and complied with all applicable provisions for the year ended December 31, 2022[54]. - The audit committee reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2022[58]. - The company has not identified any loss-making contracts under the revised International Accounting Standards, indicating no impact on its financial position or performance[10]. Future Plans and Investments - Approximately 34.8% (HKD 231.7 million) of the net proceeds will be used for acquisitions or investments to expand the school network[74]. - About 35.0% (HKD 233.1 million) will be allocated for campus construction projects and the purchase of furniture and equipment[74]. - The company plans to utilize approximately 20.2% (HKD 134.6 million) for the repayment of short-term and long-term loans[74]. - The remaining 10.0% (HKD 66.6 million) will be used to supplement working capital and for general corporate purposes[74]. - The board has decided to reallocate approximately HKD 231.7 million of unutilized net proceeds to campus construction to support high-quality vocational education development[76]. - The net proceeds from the offering are expected to be fully utilized by December 31, 2025[77]. - The company confirmed that the reallocation of unutilized net proceeds will not adversely affect its existing business and operations[77]. Employee and Compensation - The company's total employee compensation cost for the year ended December 31, 2022, was RMB 294.3 million, an increase from RMB 241.7 million in 2021, with a total of 1,770 full-time employees as of December 31, 2022[188]. - The faculty has a high level of qualification, with 84.3% holding a master's degree or above, and 27.1% holding a doctoral degree as of September 30, 2022[118]. - The institution's full-time teachers with dual qualifications account for 28.1% of the total[123]. Construction and Development - The institution's third-phase campus construction was completed in September 2022, with a total building area of approximately 60,950 square meters[133]. - The fourth-phase campus construction plan was initiated in December 2022, with an estimated cost of approximately RMB 345.6 million, expected to be completed by the 2024/25 academic year[134].
建桥教育(01525) - 2022 - 年度业绩