Financial Performance - Revenue for the six months ended February 28, 2023, was RMB 2,775 million, an increase of 18.0% compared to RMB 2,351 million for the same period in 2022[2] - Adjusted net profit for the six months ended February 28, 2023, was RMB 1,104 million, reflecting a growth of 16.7% from RMB 946 million in the prior year[2] - The adjusted EBITDA for the same period was RMB 1,676 million, up 19.1% from RMB 1,407 million in the previous year[2] - Gross profit for the six months ended February 28, 2023, was RMB 1,593 million, representing a 14.3% increase from RMB 1,394 million in the same period of 2022[2] - Operating profit for the six months ended February 28, 2023, was RMB 1,257 million, compared to RMB 1,043 million in the previous year[4] - The company reported a net profit of RMB 1,036 million for the six months ended February 28, 2023, down from RMB 1,207 million in the same period of 2022[4] - The adjusted net profit attributable to the company's owners was RMB 1,045 million, an increase of 15.1% from RMB 908 million in the prior year[2] - Investment income for the six months ended February 28, 2023, was RMB 43 million, up from RMB 23 million in the previous year[4] - The higher vocational education segment's revenue increased from RMB 1,947 million to RMB 2,348 million, representing a growth of 20.6% driven by an increase in student enrollment and average revenue per student[11] - The international education segment's revenue surged from RMB 74 million to RMB 107 million, a significant increase of 44.6%, primarily due to the lifting of entry restrictions that boosted new student enrollments[13] Costs and Expenses - Administrative expenses increased to RMB 387 million for the six months ended February 28, 2023, compared to RMB 373 million in the same period of 2022[4] - The main operating costs rose from RMB 957 million to RMB 1,182 million, an increase of 23.5%, attributed to expansion and increased student numbers[14] - Financing costs increased from RMB 135 million to RMB 190 million, primarily due to higher interest expenses associated with increased borrowings[21] - Total employee costs for the period were RMB 839 million, an increase of 22% from RMB 687 million in 2022[68] Cash and Financial Position - Cash reserves as of February 28, 2023, amounted to RMB 5,874 million[2] - The net debt-to-equity ratio as of February 28, 2023, was 14.0%, down from 20.3% on August 31, 2022, indicating improved financial stability[27] - As of February 28, 2023, the company's bank and other borrowings amounted to RMB 8,423 million, down from RMB 8,888 million on August 31, 2022[27] - The company has maintained a prudent treasury policy and a stable cash flow structure to meet its funding needs[28] - The group’s cash and cash equivalents decreased from RMB 4,793 million to RMB 3,302 million, a decline of approximately 31.1%[52] Assets and Liabilities - As of February 28, 2023, non-current assets totaled RMB 27,924 million, an increase from RMB 27,401 million as of August 31, 2022, reflecting a growth of approximately 1.9%[52] - Current assets amounted to RMB 6,946 million, up from RMB 6,175 million, indicating an increase of about 12.5%[52] - The total liabilities decreased from RMB 9,386 million to RMB 8,402 million, representing a reduction of approximately 10.5%[55] - The company's net current liabilities improved from RMB 1,438 million to RMB 1,313 million, showing a decrease of about 8.7%[52] - The total equity attributable to owners increased from RMB 14,008 million to RMB 15,581 million, marking a growth of approximately 11.2%[56] Shareholder Information - The company declared an interim dividend of RMB 0.1638 per share, equivalent to HKD 0.1858, representing approximately 40% of the adjusted net profit attributable to shareholders[43] - Basic earnings per share for the period were RMB 40.06, down from RMB 49.08 in the same period last year, a decrease of approximately 18%[51] - The company repurchased a total of 3,923,000 shares at a total cost of approximately HKD 22,181,280.09, with the highest and lowest prices per share being HKD 6.28 and HKD 5.35 respectively[46] Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the listing rules during the reporting period[47] - The interim financial results were reviewed by the audit committee and the external auditor, Deloitte, confirming their accuracy and completeness[49] Future Plans and Investments - The company plans to issue offshore RMB 500 million investment-grade guaranteed bonds due in 2026, with proceeds primarily allocated for the construction and expansion of domestic campuses[32] - The company plans to continue expanding its operations in China and Australia, focusing on enhancing service offerings and market presence[63] - The group aims to strengthen its capital base through the placement and subscription to continue executing its industry consolidation strategy[38] Employee Information - The group employed 14,925 employees as of February 28, 2023, reflecting a 15.6% increase from 12,908 employees on February 28, 2022, due to organic growth in existing and new campuses[40] - The compensation structure for employees is determined based on individual qualifications, experience, performance, and contributions to the group, in line with market levels[40]
中教控股(00839) - 2023 - 中期业绩