Financial Performance - The total comprehensive income for the six months ended June 30, 2023, was HKD 46.528 million, a decrease of 34.974 million compared to the previous period[38]. - The company reported a net profit of HKD 46.528 million for the period, compared to a loss of HKD 34.974 million in the previous period[38]. - Revenue for the six months ended June 30, 2023, was HKD 346,382 thousand, representing a 9.7% increase compared to HKD 315,626 thousand in the same period of 2022[50]. - Gross profit for the same period was HKD 167,582 thousand, up 17.6% from HKD 142,554 thousand year-over-year[50]. - Net profit for the period was HKD 68,111 thousand, a significant increase of 56.7% from HKD 43,467 thousand in the previous year[50]. - Adjusted net profit after tax was HKD 70,483 thousand, up 31.7% from HKD 53,537 thousand year-over-year[53]. - The total comprehensive income for the period was HKD 101,501,000, which includes a profit of HKD 67,476,000[65]. - The company reported a profit attributable to owners of HKD 67,476,000 for the six months ended June 30, 2023, compared to HKD 46,528,000 for the same period in 2022, representing a year-over-year increase of 44.8%[179]. - Basic earnings per share increased to HKD 20.325 for the six months ended June 30, 2023, up from HKD 14.029 in the same period of 2022, reflecting a growth of 45%[179]. Revenue and Growth - The total revenue for the first half of 2023 was HKD 261.396 million, representing a growth of 10% year-over-year[38]. - Revenue for the six months ended June 30, 2023, was HKD 346,382,000, an increase of 9.4% compared to HKD 315,626,000 for the same period in 2022[61]. - The revenue from vision correction services was HKD 342,952,000 for the six months ended June 30, 2023, up from HKD 313,086,000 in 2022, marking a growth of 9.5%[126]. - The Chinese segment reported revenue of HKD 72,776,000, significantly increasing from HKD 48,749,000 in the previous year, representing a growth of 49.2%[148]. - The Danish segment saw revenue growth to HKD 42,746,000 from HKD 30,031,000, an increase of 42.4%[148]. - Total revenue from customer prepayments reached HKD 342,250,000 for the six months ended June 30, 2023, compared to HKD 309,649,000 in the same period of 2022, marking an increase of 10.5%[172]. Expenses and Liabilities - The company's total expenses for the six months ended June 30, 2023, amounted to HKD 251,907,000, a rise from HKD 243,198,000 in the same period of 2022, indicating a growth of 3.0%[172]. - The total liabilities increased to HKD 546,729,000 from HKD 497,947,000, indicating a rise in financial obligations[59]. - The company's total liabilities as of June 30, 2023, were HKD 497,947,000, compared to HKD 466,837,000 as of December 31, 2022, indicating an increase in financial obligations[164]. - The company's lease liabilities totaled HKD 399,743,000, with HKD 64,787,000 due within one year[99]. - The company's current lease liabilities rose to HKD 62,813,000 as of June 30, 2023, up from HKD 47,482,000 as of December 31, 2022, marking an increase of approximately 32.3%[198]. Cash Flow and Liquidity - Cash flow from operating activities was HKD 92,282 thousand, down from HKD 108,775 thousand in the same period last year[50]. - Cash and cash equivalents at the end of the period increased to HKD 781,630 thousand from HKD 716,011 thousand at the end of the previous year[50]. - The company maintained a prudent liquidity risk management strategy, ensuring sufficient cash and cash equivalents to provide funding flexibility[74]. - The company's cash flow management included maintaining adequate cash reserves and access to credit facilities[74]. - The cash and cash equivalents as of June 30, 2023, totaled HKD 782,621,000, compared to HKD 779,567,000 as of December 31, 2022, showing a slight increase of 0.3%[188]. Strategic Plans and Investments - The company plans to expand its market presence in Asia, focusing on increasing its clinic network by 20% over the next two years[38]. - The company is investing in new technology for eye care procedures, with an estimated budget of HKD 10 million for R&D in 2023[38]. - The company aims to enhance its service offerings through strategic partnerships and potential acquisitions in the upcoming fiscal year[38]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[60]. - The company plans to continue expanding its market presence, particularly in the UK, Germany, and mainland China, where revenues have shown significant growth[165]. Financial Risks and Management - The company faces various financial risks, including market risk, credit risk, and liquidity risk[93]. - The company’s financial risk management policies remained unchanged since the year-end[71]. - The company reported a foreign exchange risk exposure, where a 5% fluctuation in the RMB against the Euro could impact the after-tax profit by approximately HKD 3,405,000[72]. - The company’s liquidity risk is monitored through rolling forecasts of expected cash flows[97]. - The company’s borrowings as of June 30, 2023, were primarily at fixed interest rates, indicating a low exposure to interest rate risk[94]. Shareholder Information - The company recognized a total of HKD 20,881,000 in dividends declared during the period[65]. - The company proposed an interim dividend of HKD 0.0511 per ordinary share, totaling HKD 17,028,564, to be paid to shareholders[182]. - The company declared a dividend of HKD 0.06266 per share for the year ended December 31, 2022, totaling HKD 20,880,818, down from HKD 33,097,397 for the previous period[160]. Accounting and Compliance - The company has adopted IFRS 17 for insurance contracts without significant changes to its accounting policies[43]. - The company's accounting policies remain consistent with those applied in the annual financial statements for the year ended December 31, 2022[89]. - The company recorded a total tax expense of HKD 24,493,000 for the six months ended June 30, 2023, down from HKD 26,799,000 in the same period of 2022, a decrease of 8.6%[178]. Operational Highlights - The company opened a new clinic in Hong Kong on April 3, 2023, and expects it to commence operations in October 2023[112]. - The company operates in five reportable segments: Germany, Mainland China, Denmark, the UK, and Hong Kong[111]. - The company generated revenue primarily from vision correction services and leasing of ophthalmic equipment and surgical facilities[165]. - Employee salaries increased to HKD 90,814,000 in the first half of 2023, up from HKD 77,381,000 in the same period of 2022, representing a growth of approximately 17.7%[154].
德视佳(01846) - 2023 - 中期财报