Financial Performance - Revenue for 2024 reached HKD 715,682,000, a slight increase from HKD 714,289,000 in 2023[7] - Gross profit decreased to HKD 286,593,000, resulting in a gross margin of 40.0%, down from 47.0% in the previous year[7] - Net profit for the year was HKD 84,359,000, reflecting a net profit margin of 11.8%, compared to 18.7% in 2023[7] - Adjusted net profit after tax was HKD 100,334,000, with an adjusted net profit margin of 14.0%[7] - The company reported an adjusted profit attributable to owners of HKD 98,260,000, down from HKD 139,705,000 in 2023[7] - EBITDA fell by 18.8% to HKD 228.0 million, with adjusted EBITDA down 16.8% to HKD 240.5 million, reflecting the impact of new clinic costs[19] - Net profit attributable to equity holders decreased by 37.3% to HKD 82.3 million, largely due to additional costs from new clinics[19] - The total revenue for the fiscal year reached HKD 715.7 million, a year-on-year increase of 0.2%, primarily driven by strong growth in presbyopia cataract surgeries in Germany, China, and the UK[32] Revenue Breakdown - The company achieved a record revenue of HKD 715.7 million for the fiscal year 2024, up from HKD 714.3 million in 2023, with contributions from Germany, China, Denmark, and the UK being approximately HKD 385.2 million, HKD 145.5 million, HKD 71.6 million, and HKD 113.4 million respectively[13][14][18]. - Revenue from presbyopia treatment increased to HKD 390.8 million, representing a 5% growth compared to the previous year, and accounted for 54.6% of total revenue[14][17][18]. - In Germany, total revenue grew by 1% to HKD 385.2 million, driven by a 2.6% increase in revenue from lens replacement surgeries[14][20]. - The UK revenue rose by 12% to HKD 113.4 million, supported by the opening of the flagship Laser Eye Clinic in Knightsbridge, which focused on presbyopia treatment[14][20]. - In China, despite a significant drop in consumer confidence, revenue from lens replacement surgeries increased by 1% to HKD 145.5 million, offsetting declines in other treatment areas[15][19]. Cost and Expenses - The company's gross profit decreased by 14.6% to HKD 286.6 million, primarily due to the fixed costs of new clinics and inflation-related salary increases[18][19]. - Total cost of revenue increased by 13.3% to HKD 429.1 million in 2024, primarily due to higher employee benefits and depreciation of property, plant, and equipment[35]. - Selling expenses rose by 10.8% to approximately HKD 80.8 million, representing 11.3% of total revenue, compared to 10.2% in the previous year[37]. - Administrative expenses increased by 29.6% to approximately HKD 115.7 million, accounting for 16.2% of total revenue, up from 12.5% in 2023[39]. Strategic Focus and Expansion - The company aims to focus on profitable treatments, particularly for myopia and presbyopia, while controlling costs to achieve rapid breakeven[12]. - The company plans to enhance its focus on presbyopia treatments through lens replacement surgeries[12]. - The company plans to continue its expansion strategy in Europe and Asia, targeting new markets through acquisitions by 2025[15][17]. - The company opened four new clinics during the fiscal year, which contributed an impact of HKD 43.8 million to net profit[19]. - New flagship clinics in Hong Kong and London have exceeded expectations, with emerging clinics in mainland China also performing well[29]. Management and Governance - The company has a strong management team with extensive experience in ophthalmology and financial management, enhancing operational oversight in various regions[88][91]. - The company emphasizes the importance of its management team, noting that the loss of key personnel could impact operations and incur additional costs[103]. - The company has established a compensation committee to review the remuneration policies for directors and senior management based on performance and market practices[125]. Shareholder Information - The company reported a proposed final dividend of HKD 0.0297 per ordinary share, totaling approximately HKD 9,524,968, subject to approval at the upcoming annual general meeting[97]. - As of December 31, 2024, the distributable reserves available for shareholders amount to HKD 981,352,000, down from HKD 1,042,276,000 in 2023[118]. - The company’s dividend policy will be reviewed periodically by the board, considering factors such as financial performance and capital needs[100]. Risks and Compliance - The company faces risks related to economic instability, which could affect demand for its vision correction services[104]. - The company’s operations are compliant with relevant laws and regulations in Germany, Denmark, the UK, China, the Cayman Islands, and Hong Kong[110]. - The company has not been aware of any serious violations of employee-related laws and regulations that would significantly impact its operations[124]. Environmental and Social Responsibility - The company has implemented various environmental protection measures to reduce energy consumption, supported by its employees[108]. - The company has been involved in humanitarian efforts related to cataract surgery in countries such as China, Myanmar, and Nepal[89]. - The company is committed to delivering high-quality services and actively seeks customer feedback through patient surveys[113].
德视佳(01846) - 2024 - 年度财报