Aesthetic Medical International Holdings Group Limited (Nasdaq:
AIH) (the “Company” or “AIH”), a leading provider of aesthetic
medical services in China, announced its unaudited financial
results for the fiscal year ended December 31, 2021.
Dr. Zhou Pengwu, the Chairman and CEO of the
Company, commented, “During the Year, the consumer market was still
clouded by the COVID-19 uncertainty. The aesthetic medical industry
landscape has also changed due to the various implementation of
national and regional regulations, which aim to promote a healthy
and sustainable development of the industry. In view of such
situation, we have proactively conducted a strategic restructuring
plan in order to focus on our high-quality assets and optimize our
talents and resources allocation. Thus, we have divested or ceased
the operations of certain treatment centers during the year that
were either located in non-core markets or did not meet the
Company’s internal requirements. Although this restructuring may
inflict impairment losses, which are non-cash in nature to our
financial results, it would improve the Group’s overall
profitability in the long run.”
Dr. Zhou continued, “Recently, some of our
treatment centers located in Shenzhen and Shanghai were affected by
the resurgence of COVID-19 cases in China. Despite the temporary
closure of the Shenzhen centers, we observed a recovery in customer
demands in the non-surgical aesthetic medical services, with a
rebound of 91% in number of customers after business resumption in
Shenzhen. This granted us confidence on the performance recovery of
other impacted centers. We will continue to monitor the COVID-19
situation and respond swiftly upon any changes. Leveraging
opportunities of the government’s plan to combat the pandemic and
the development of the aesthetic medical industry, we are dedicated
to repositioning ourselves to regain the growth momentum by
focusing on our non-surgical medical business model in the Greater
Bay area and the Yangtze River Delta area.”
Fiscal Year 2021 Financial Highlights
- Total cash sales1 was RMB882.1
million (USD138.4 million), an increase of 21.0% from RMB728.8
million in 2020, excluding the one-off impact from the transaction
of Guangdong Hanfei Investment Management Co., Ltd.2 (“Hanfei”).
- Total cash sales of retained treatment centers3 of RMB802.3
million (USD125.9 million), an increase of 30.7% year-on-year
(“yoy”).
- Total revenue was RMB645.6 million
(USD101.3 million), a decrease of 28.4% from RMB901.6 million in
the fiscal year 2020, which was mainly due to (1) the one-off
impact from Hanfei recorded, (2) the divestment and cease of
operation of treatment centers during the Year, (3) the direct and
indirect impact brought by COVID-19 outbreak, and (4) the change of
accounting estimates and judgments in face of the continuous
outbreak of COVID-19 outbreak. To take a conservative approach,
services within the packages which haven't been performed were
recognized as contract liabilities.
- Contract liabilities were RMB236.5
million (USD37.1 million) at of 31 December 2021, compared with
RMB8.6 million at the same period of 2020. Contract liabilities
would be recognized as revenue when the performance obligation is
satisfied or the validity period expires.
- Gross profit was RMB269.5 million
(USD42.3 million), compared with RMB544.8 million in the fiscal
year 2020.
- Gross margin was 41.7%, a decrease
of 18.7 percentage points from 60.4% in the fiscal year 2020, which
was mainly due to the increase in the sales of more economic
packages in the competitive and challenging market, and the
decrease in revenue.
- Net loss was RMB669.5 million
(USD105.1 million), compared with a loss of RMB246.9 million in the
fiscal year 2020, which was mainly due to non-cash impairment loss
incurred, the impact brought by COVID-19 outbreak, and the impact
of change of accounting estimates and judgments.
1 Cash sales is the sum of revenue and contract
liabilities2 AIH entered into a definitive agreement to acquire 51%
equity share in Hanfei in 2020, however the transaction was
terminated in 2021 due to the fact that Haifei’s failure to meet
the agreed-upon performance target3 Retained treatment centers
refer to the remaining treatment centers after the Company
conducted business restructuring. Refer to the “Fiscal Year 2021
Operational Highlights” section for the detailed list of retained
treatment centers.
Fiscal Year 2021 Operational Highlights
During the Year, the Company conducted a
strategic restructuring with aims to maximize its resources and
business operation. Thus, the Company divested or ceased the
operations of certain hospitals and clinics that were either
located in non-core markets or did not meet the Company’s internal
performance requirements to enhance the Company’s profitability. As
at 31 December 2021, the 13 retained treatment centers were as
follows:
Region |
Treatment Center |
Classification |
The Greater Bay Area |
Shenzhen Peng’ai |
Hospital |
Shenzhen Pengcheng |
Hospital |
Shenzhen Peng’ai Xiuqi |
Hospital |
Guangzhou Peng’ai Xiuqi |
Specialty outpatient clinic |
Huizhou Peng’ai |
Hospital |
The Yangtze River Delta Area |
Shanghai Peng’ai |
Specialty outpatient clinic |
Shanghai Jiahong |
Specialty outpatient clinic |
Hangzhou Peng’ai |
Specialty outpatient clinic |
Beijing |
Beijing Peng’ai |
Clinic |
Others |
Haikou Peng’ai |
Hospital |
Nanchang Peng’ai |
Hospital |
Yantai Peng’ai |
Hospital |
Changsha Peng’ai |
Hospital |
New and repeat customers at retained treatment
centers
For the Year Ended December 31, 2021 |
|
|
Number |
|
% of Total |
New Customers |
|
47,569 |
|
22.9% |
Repeat
Customers |
|
159,740 |
|
77.1% |
Total Active Customers |
|
207,309 |
|
100.0% |
- Total active customers at retained
treatment centers accounted for about 85.8% of total active
customers of the Company (including both divested and retained
treatment centers) in 2021. The fact that the majority of active
customers are from retained treatment centers supports the business
restructuring plan, in which the Company is able to retain quality
assets and its highly-valued customers.
Number of treatments at
retained treatment centers
For the Year Ended December 31, 2021 |
|
|
|
Number |
|
% of Total |
Energy-based Treatments |
|
272,405 |
|
65.2% |
Minimally
Invasive Aesthetic Treatments |
|
82,246 |
|
19.7% |
Surgical
Treatments |
|
35,152 |
|
8.4% |
General healthcare services and other aesthetic medical
services |
|
27,997 |
|
6.7% |
Total Number of Treatments |
|
417,800 |
|
100% |
- Total number of treatments at
retained treatment centers accounted for about 82.8% of total
treatments carried out at both divested and retained treatment
centers in 2021.
- Total number of non-surgical
aesthetic medical treatments, including energy-based treatments and
minimally invasive aesthetic treatments, as of total number of
aesthetic treatments increased by 9.3 p.p.4 yoy. The rising
treatments contribution ratio of the non-surgical aesthetic medical
treatment has demonstrated the success of the Company’s strategic
plan in shifting its business focus towards non-surgical aesthetic
medical services. The move is expected to further capture the
massive business opportunities of the market.
Average spending per customer
- Average spending per customer
decreased by 28.1% from RMB2,969.2 in the fiscal year 2020 to
RMB2,671.4 in the fiscal year 2021, as the Company strategically
shifting its focus from surgical treatments to non-surgical
treatments, of which it had a relatively lower consumption
threshold and package price.
Fiscal Year 2021 Unaudited Financial
Results
|
|
For the Year Ended December 31, |
(RMB millions,
except per share data and percentages) |
|
2020 |
|
2021 |
|
% Change |
Revenue |
|
901.6 |
|
645.6 |
|
-28.4% |
Minimally invasive aesthetic treatments |
|
234.6 |
|
177.2 |
|
-24.5% |
Energy-based treatments |
|
218.1 |
|
157.1 |
|
-28.0% |
Surgical aesthetic medical services |
|
401.6 |
|
243.0 |
|
-39.5% |
General healthcare services and other aesthetic medical
services |
47.3 |
|
68.3 |
|
+44.4% |
Gross profit |
|
544.8 |
|
269.5 |
|
-50.5% |
Gross margin |
|
60.4% |
|
41.7% |
|
-18.7p.p.4 |
(Loss) for the period |
|
(246.9) |
|
(669.5) |
|
N.A. |
(Loss) margin |
|
-27.4% |
|
-103.7% |
|
-76.3
p.p4 |
EBITDA5 |
|
(123.9) |
|
(555.0) |
|
N.A. |
Adjusted EBITDA5 |
|
12.0 |
|
(149.2) |
|
+ve to -ve |
Adjusted EBITDA margin |
|
1.3% |
|
-23.1% |
|
+ve to
-ve |
Adjusted (loss)5 |
|
(111.0) |
|
(263.7) |
|
N.A |
Adjusted (loss) margin |
|
-12.3% |
|
-40.9% |
|
-28.6 p.p.4 |
Notes:4 p.p. represents percentage points5 Refer to below
“Non-IFRS Financial Measures”
Revenues
Total revenue was RMB645.6 million (USD101.3
million), representing a decrease of 28.4% from RMB901.6 million in
fiscal year 2020, primarily due to (1) the one-off impact from
Hanfei recorded, (2) the divestment and cease of operation of
treatment centers during the Year, (3) the direct and indirect
impact brought by COVID-19 outbreak, and (4) the change of
accounting estimates and judgments in the face of COVID-19
outbreak.
The COVID-19 outbreak had a significant impact
on the marketing and sales initiatives of the treatment centers as
well as the customers' consumption behavior. As most prepaid
service packages were sold online without preliminary face-to-face
consultations and pre-established treatment plans, it becomes
increasingly difficult to estimate or determine the timing of
service redemption. Hence, to take a conservative approach,
services within the packages which haven't been performed were
recognized as contract liabilities.
Cost of sales and services rendered
Cost of sales and services rendered was RMB376.1
million (USD59.0 million), representing an increase of 5.4% from
RMB356.8 million in fiscal year 2020.
Gross profit
Gross profit was RMB269.5 million (USD42.3
million), representing a decrease of 50.5% from RMB544.8 million in
fiscal year 2020. Gross profit margin was 41.7%, representing
a decrease of 18.7 percentage points from 60.4% in fiscal year
2020, which was mainly due to the increase in the sales of more
economic packages in the competitive and challenging market, and
the decrease in revenue.
Selling expenses
Selling expenses were RMB404.7 million (USD63.5
million), representing 62.7% of the Company’s total revenue of
fiscal year 2021, compared with RMB510.6 million in fiscal year
2020, which represented 56.6% of the Company’s total revenue of
fiscal year 2020. Selling expenses as of revenue increased by 6.1
percentage points yoy, primarily due to (1) the decrease in
revenue, and (2) the consistency in implementing proactive
marketing and sales initiatives in cope with challenging market
situation.
General and administrative
expenses
General and administrative expenses were
RMB207.0 million (USD32.5 million), representing a decrease of
10.3% from RMB230.6 million in fiscal year 2020, primarily due to
optimization of administrative expenses and management labor
costs.
Impairment of non-current assets
Impairment of non-current assets was RMB314.0 million (USD49.3
million), compared with RMB33.0 million in fiscal year 2020.
The Company incurred impairments during the
fiscal year 2021. The change was primarily because the Company has
performed impairment assessments at cash-generating unit level
during strategic restructuring, and noted several recoverable
amounts were lower than their carrying amounts for certain
cash-generating units. Relevant impairments are non-operating and
non-cash items.
Loss for the year
As a result of the foregoing, the Company
recorded a loss of RMB669.5 million (USD105.1 million) for fiscal
year 2021, compared with a loss of RMB246.9 million in fiscal year
2020. Basic and diluted loss per share were both RMB8.89 (loss of
US$1.40 per share) in fiscal year 2021, compared with basic and
diluted loss per share of RMB3.61 in fiscal year 2020.
Certain Non-IFRS items6
EBITDA for fiscal year 2021 was a loss of
RMB555.0 million (US$87.1 million), compared with a loss of
RMB123.9 million in 2020.
Adjusted loss for fiscal year 2021 was a loss of
RMB263.7 million (US$41.4 million), compared with a loss of
RMB111.0 million in the same period of 2020.
Adjusted EBITDA for fiscal year 2021 was a loss
of RMB149.2 million (US$23.4 million), compared with a gain of
RMB12.0 million in the same period of 2020.
6 EBITDA, adjusted loss and adjusted EBITDA are
not prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standard Board,
or IFRS. For more information regarding non-IFRS financials, please
refer to “Non-IFRS Financial Measures” and “Reconciliations of IFRS
and Non-IFRS Results” appearing elsewhere in this press
release.
Certain balance sheet item
Cash and cash equivalents amounted to RMB39.3
million (US$6.2 million) as of December 31, 2021, compared with
RMB44.4 million as of December 31, 2020.
Liquidity and capital resources
The Company had net current asset of a loss of
RMB428.0 million (USD67.2 million) as at December 31, 2021 which
included current borrowings of RMB156.2 million.
Recent Developments
During the 2021 fiscal year, the Company
steadily executed three significant strategic adjustments: (1)
optimizing asset portfolio with the aim to enhance Company’s
profitability, (2) shifting marketing channels from traditional
referral arrangement to online media platforms, (3) shifting the
focus from surgical treatments to non-surgical treatments and
strengthening the business coverage in the Greater Bay Area. Below
are the detailed actions carried out by the Company:
- Divested or ceased the operations
of certain hospitals and clinics that were either located in
non-core markets or did not meet the Company’s internal performance
requirements to enhance the Company’s profitability. As at 31
December 2021, there were 13 retained treatment centers. The
operational figures recorded during the Year support the
restructuring plan, in which the Company is able to retain quality
assets and its highly-valued customers.
- Optimized marketing strategies by
exploring latest online promotion channels to enhance the brand
image and reputation while lowering the customer acquisition cost
and selling expenses, which is expected to further improve the
Company’s profitability in the long run. In 2021, the portion of
cash sales generated from online media and search engine
optimization, has increased to about 47% from 37% in 2020. Going
forward, the Company targets to allocate more resources on online
marketing, which is a more effective way to acquire customers and
enhance marketing efficiency.
- Focused more on the development of
non-surgical aesthetic medical business, including optimization of
sales channels, adjustment in product and service mix, and
establishment and/or acquisition of non-surgical clinics, which
resulted in continued increase in customers and treatments. After
the reporting period, the Company acquired controlling interest in
Shenzhen Miaoyan Aesthetic Medical Clinic with the gross floor area
of 150m2 in Shenzhen, and minority interest in another two clinics
in Shenzhen, namely Shenzhen Pengai Lychee Aesthetic Medical Clinic
with gross floor area of 280m2, and Shenzhen Jiayan Aesthetic
Medical Clinic with gross floor area of 324m2. These clinics aim to
create synergy with the Company’s existing hospitals in Shenzhen,
providing diversified and accessible non-surgical aesthetic
services to customers.
Business Outlook
As non-surgical aesthetic medical treatments do
not require any incisions and have a shorter recovery time, it
becomes an increasingly popular option in China. The
advancement of related technologies has also contributed to the
growth in demand of such treatments. According to Frost &
Sullivan, the market size of China's non-surgical aesthetic medical
industry is expected to reach RMB1.44 billion in 2024, with a
compound annual growth rate of 19.2% during 2019-2024.
Government Policies Beneficial to Long-Term
Market DevelopmentIn face of the booming market environment, the
Chinese government has increased regulatory monitoring over the
aesthetic medical industry on a regional and national level, aiming
to nurture the healthy and sustainable development of the industry.
Some policies included cracking down on illegal and false aesthetic
medical advertisements as well as requiring companies to obtain
license to advertise related content. It is expected these will
accelerate the market consolidation as sub-par and non-complying
practitioners will be eliminated. The policies will benefit the
quality and complied leading aesthetic medical companies such as
AIH.
The Company will continue to enhance its product
and service quality to capture the opportunities arising from the
market policy, such as introducing the latest medical equipment and
optimizing the package mix to cater the needs of customers across
various age groups, providing more training to medical staff to
improve service quality and as well as establishing a supervisory
team to review the surgical and customer records, ensuring
operational compliance. The Company believes that these measures
would further enhance its service offerings and enhance its brand
value, allowing it to position as a premium and fully compliant
aesthetic medical brand, which in turn, will boost the sustainable
growth of the Company.
Market Recovery on the HorizonThe COVID-19
pandemic has affected the consumers’ behaviors, especially in the
first-tiers cities such as Shanghai and Shenzhen. However, the
Company remains optimistic towards the country’s preventative
measures and support policies which will drive the market recovery
forward. Despite such situation, the Company still recorded a 29%
growth in cash sales of retained assets from the prepaid aesthetic
medical treatment packages, showcasing the high purchasing power of
the Company’s target customers. The Company is optimistic that upon
the loosening of social distancing policy, the prepayment from
customers will be recognized as revenue when treatment centers
resume normal practice, contributing to the business growth in the
future.
During the first quarter of 2022, there was a
new wave of COVID-19 pandemic outbreak across China. Most notably
in Shenzhen, which was one of the core markets the Group operates
in, was placed in lockdown. After the relaxation of the lockdown
measures, the Company observed a rebound of 91% in the number of
customers visited the Shenzhen treatment centers. The consumption
level also gradually resumed comparable level of the same period of
last year. This indicates that the demands for aesthetic medical
services remain resilient and that the pandemic only exerted a
temporary suppressing effect.
In face of the uncertain operating environment,
the Company will closely monitor the pandemic situation and the
performance of its retained assets, periodically review its asset
portfolio, and take swift action when necessary in order to further
raise operational efficiency and solidify its market position.
Nonetheless, the Company remains optimistic in the long-term
prospect of the industry, and will continue to expand its
non-surgical aesthetic medical business by exploring partnership
opportunities, specifically in the core markets, namely the Greater
Bay Area and the Yangtze River Delta Area, capturing opportunities
in key markets in the PRC.
Exchange Rate
This press release contains translations of
certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for
the convenience of the reader. Unless otherwise specified, all
translations of Renminbi amounts into U.S. dollar amounts in this
press release are made at RMB6.3726 to US$1.0, which was the U.S.
dollars middle rate announced by the Board of Governors of the
Federal Reserve System of the United States on December 30,
2021.
Non-IFRS Financial Measures
EBITDA represents profit before income tax,
adjusted to exclude finance costs and amortization and
depreciation. Adjusted EBITDA represents EBITDA, adjusted to
exclude fair value loss of convertible note, share-based
compensation expense, professional fees, impairment of non-current
assets, loss on disposal of subsidiaries, loss on disposal of an
associate, donation, and exchange loss.
Adjusted loss represents loss for the year,
adjusted to exclude fair value loss of convertible note,
share-based compensation expense, professional fees, impairment of
non-current assets, loss on disposal of subsidiaries, loss on
disposal of an associate, and donation.
EBITDA, Adjusted EBITDA and Adjusted loss are
non-IFRS financial measures. You should not consider EBITDA,
Adjusted EBITDA and adjusted loss as a substitute for or superior
to net income prepared in accordance with IFRS. Furthermore,
because non-IFRS measures are not determined in accordance with
IFRS, they are susceptible to varying calculations and may not be
comparable to other similarly titled measures presented by other
companies. You are encouraged to review the Company’s financial
information in its entirety and not rely on a single financial
measure.
The Company presents EBITDA, Adjusted EBITDA and
Adjusted profit as supplemental performance measures because it
believes that such measures provide useful information to the
investors in understanding and evaluating the Company’s results of
operations, and facilitate operating performance comparisons from
period to period and company to company.
About Aesthetic Medical International Holdings Group
Limited
AIH, known as “Peng’ai” in China, is a leading
provider of aesthetic medical services in China. AIH operates
treatment centers that spread across major cities in mainland
China, with major focus in the Guangdong-Hong Kong-Macau Greater
Bay area and the Yangtze River Delta area in China. Leveraging over
20 years of clinical experience, AIH provides one-stop aesthetic
service offerings, including surgical aesthetic treatments,
non-surgical aesthetic treatments, and general medical services and
other aesthetic services. For more information regarding the
Company, please visit: https://ir.aihgroup.net/.
Cautionary Statements
This press release contains “forward-looking
statements.” These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will”, “expects”, “anticipates”, “aims”,
“future”, “intends”, “plans”, “believes”, “estimates”, “likely to”
and similar statements. Statements that are not historical facts,
including statements about the Company’s beliefs, plans and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. These risks
and uncertainties and others that relate to the Company’s business
and financial condition are detailed from time to time in the
Company’s SEC filings, and could cause the actual results to differ
materially from those contained in any forward-looking statement.
These forward-looking statements are made only as of the date
indicated, and the Company undertakes no obligation to update or
revise the information contained in any forward-looking statements,
except as required under applicable law.
Investor Relations Contacts
For investor and media inquiries, please contact:
Aesthetic Medical International Holdings Group
LimitedEmail: ir@pengai.com.cn
DLK Advisory LimitedTel: +852 2857 7101Email:
ir@dlkadvisory.com
AESTHETIC MEDICAL INTERNATIONAL HOLDINGS
GROUP LIMITED
CONSOLIDATED BALANCE SHEETS
|
|
2020 |
|
2021 |
|
2021 |
|
|
|
RMB’000 |
|
RMB’000 |
|
US’000 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
Non-current
assets |
|
|
|
|
Property, plant and
equipment |
|
531,941 |
|
358,749 |
|
56,296 |
|
Investment properties |
|
- |
|
- |
|
- |
|
Intangible assets |
|
208,429 |
|
37,238 |
|
5,843 |
|
Investments accounted for
using the equity method |
|
8,330 |
|
4,904 |
|
770 |
|
Prepayments and deposits |
|
51,850 |
|
16,574 |
|
2,601 |
|
Deferred income tax
assets |
|
31,372 |
|
45,765 |
|
7,181 |
|
|
|
831,922 |
|
463,230 |
|
72,691 |
|
|
|
|
|
|
Current
assets |
|
|
|
|
Inventories |
|
33,336 |
|
30,566 |
|
4,796 |
|
Trade receivables |
|
14,324 |
|
7,772 |
|
1,220 |
|
Other receivables, deposits
and prepayments |
|
98,715 |
|
31,692 |
|
4,973 |
|
Amounts due from related
parties |
|
6,693 |
|
4,391 |
|
689 |
|
Restricted cash |
|
8,712 |
|
- |
|
- |
|
Cash and cash equivalents |
|
44,384 |
|
39,289 |
|
6,165 |
|
|
|
206,164 |
|
113,710 |
|
17,844 |
|
Assets held-for-sale |
|
- |
|
- |
|
|
|
|
206,164 |
|
113,710 |
|
17,844 |
|
|
|
|
|
|
Total
assets |
|
1,038,086 |
|
576,940 |
|
90,535 |
|
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
Equity attributable to
owners of the Company |
|
|
|
|
Share capital |
|
469 |
|
469 |
|
74 |
|
Treasury shares |
|
(2,023 |
) |
(2,023 |
) |
(317 |
) |
Accumulated losses |
|
(477,905 |
) |
(1,064,524 |
) |
(167,047 |
) |
Other reserves |
|
870,355 |
|
909,411 |
|
142,706 |
|
|
|
390,896 |
|
(156,667 |
) |
(24,584 |
) |
Non-controlling
interests |
|
34,840 |
|
(29,755 |
) |
(4,669 |
) |
Total
equity |
|
425,736 |
|
(186,422 |
) |
(29,254 |
) |
|
|
|
|
|
AESTHETIC MEDICAL INTERNATIONAL HOLDINGS
GROUP LIMITED
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
|
|
2020 |
|
2021 |
|
2021 |
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Borrowings |
|
75,931 |
|
77,607 |
|
12,178 |
Lease liabilities |
|
178,983 |
|
105,754 |
|
16,595 |
Convertible redeemable preferred
shares |
|
- |
|
- |
|
- |
Convertible note |
|
34,190 |
|
38,059 |
|
5,972 |
Exchangeable note
liabilities |
|
- |
|
- |
|
- |
Derivative financial
instrument |
|
- |
|
- |
|
- |
Deferred income tax
liabilities |
|
13,377 |
|
285 |
|
45 |
Contingent consideration
payable |
|
8,181 |
|
- |
|
- |
|
|
310,662 |
|
221,705 |
|
34,790 |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Trade payables |
|
33,654 |
|
31,256 |
|
4,905 |
Accruals, other payables and
provisions |
|
68,783 |
|
72,848 |
|
11,432 |
Contingent consideration and
consideration payable |
|
4,512 |
|
7,100 |
|
1,114 |
Amounts due to related
parties |
|
1,224 |
|
473 |
|
74 |
Contract liabilities |
|
8,639 |
|
236,476 |
|
37,108 |
Borrowings |
|
135,814 |
|
156,208 |
|
24,512 |
Lease liabilities |
|
35,868 |
|
28,278 |
|
4,437 |
Current income tax
liabilities |
|
13,194 |
|
9,018 |
|
1,416 |
|
|
301,688 |
|
541,657 |
|
84,998 |
Liabilities held-for-sale |
|
- |
|
- |
|
|
|
|
301,688 |
|
541,657 |
|
84,998 |
|
|
|
|
|
|
|
Total
liabilities |
|
612,350 |
|
763,362 |
|
119,789 |
|
|
|
|
|
|
|
Total equity and
liabilities |
|
1,038,086 |
|
576,940 |
|
90,535 |
AESTHETIC MEDICAL INTERNATIONAL HOLDINGS
GROUP LIMITEDCONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
2020 |
|
2021 |
|
2021 |
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
|
|
|
|
Revenue |
901,573 |
|
645,593 |
|
101,308 |
|
Cost of sales and services
rendered |
(356,796 |
) |
(376,092 |
) |
(59,017 |
) |
Gross
profit |
544,777 |
|
269,501 |
|
42,291 |
|
Selling expenses |
(510,608 |
) |
(404,683 |
) |
(63,504 |
) |
General and administrative
expenses |
(230,646 |
) |
(206,973 |
) |
(32,479 |
) |
Finance income |
1,185 |
|
113 |
|
18 |
|
Finance costs |
(29,189 |
) |
(27,230 |
) |
(4,273 |
) |
Other gains, net |
600 |
|
6,074 |
|
953 |
|
Fair value (loss)/gain of
convertible redeemable preferred shares |
- |
|
- |
|
- |
|
Fair value loss of convertible
note |
(1,599 |
) |
(4,240 |
) |
(665 |
) |
Fair value (loss)/gain of
exchangeable note liabilities |
- |
|
- |
|
- |
|
Fair value (loss)/gain of
derivative financial instrument |
- |
|
- |
|
- |
|
Impairment of non-current
assets |
(32,969 |
) |
(313,959 |
) |
(49,267 |
) |
Share of profits/(losses) of
investments accounted for using the equity method |
(1,043 |
) |
81 |
|
13 |
|
(Loss)/profit before
income tax |
(259,492 |
) |
(681,316 |
) |
(106,913 |
) |
Income tax
(expense)/credit |
12,587 |
|
11,798 |
|
1,851 |
|
(Loss)/profit for the
year |
(246,905 |
) |
(669,518 |
) |
(105,062 |
) |
|
|
|
|
Other comprehensive
income/(loss): |
|
|
|
Items that may be subsequently
reclassified to profit or loss |
|
|
|
Currency translation
differences |
(731 |
) |
(574 |
) |
(90 |
) |
Total other
comprehensive income/(loss) for the year, net of tax |
(731 |
) |
(574 |
) |
(90 |
) |
Total comprehensive
(loss)/income for the year |
(247,636 |
) |
(670,092 |
) |
(105,152 |
) |
|
|
|
|
(Loss)/profit
attributable to: |
|
|
|
Owners of the Company |
(235,479 |
) |
(586,619 |
) |
(92,053 |
) |
Non-controlling interests |
(11,426 |
) |
(82,899 |
) |
(13,009 |
) |
(Loss)/profit for the
year |
(246,905 |
) |
(669,518 |
) |
(105,062 |
) |
|
|
|
|
AESTHETIC MEDICAL INTERNATIONAL HOLDINGS
GROUP LIMITEDCONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
|
2020 |
|
2021 |
|
2021 |
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
(Loss)/earnings per
share for (loss)/profit attributable to owners of the Company (in
RMB per share) |
|
|
|
—Basic |
(3.61 |
) |
(8.89 |
) |
(1.40 |
) |
—Diluted |
(3.61 |
) |
(8.89 |
) |
(1.40 |
) |
|
|
|
|
Total comprehensive
(loss)/income attributable to: |
|
|
|
Owners of the Company |
(236,210 |
) |
(587,193 |
) |
(92,143 |
) |
Non-controlling interests |
(11,426 |
) |
(82,899 |
) |
(13,009 |
) |
Total
comprehensive(loss)/income for
the year |
(247,636 |
) |
(670,092 |
) |
(105,152 |
) |
EBITDA |
(123,898 |
) |
(554,951 |
) |
(87,084 |
) |
Adjusted EBITDA |
12,006 |
|
(149,161 |
) |
(23,407 |
) |
Adjusted profit/(loss) |
(111,001 |
) |
(263,728 |
) |
(41,385 |
) |
|
|
|
|
AESTHETIC MEDICAL INTERNATIONAL HOLDINGS
GROUP LIMITEDRECONCILIATIONS OF IFRS AND NON-IFRS
RESULTS
EBITDA and Adjusted EBITDA |
|
|
2020 |
|
2021 |
|
2021 |
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
(Loss)/profit before income tax for the period/year |
(259,492 |
) |
(681,316 |
) |
(106,913 |
) |
Adjustments |
|
|
|
+ Finance costs |
29,189 |
|
27,230 |
|
4,273 |
|
+ Amortization and depreciation |
106,405 |
|
99,135 |
|
15,556 |
|
EBITDA |
(123,898 |
) |
(554,951 |
) |
(87,084 |
) |
|
|
|
|
-+/- Fair value (gains)/losses of convertible note |
1,599 |
|
4,240 |
|
665 |
|
--+ Share-based compensation expense |
78,967 |
|
35,463 |
|
5,565 |
|
+ Professional fees |
18,581 |
|
30,570 |
|
4,797 |
|
+ Impairment of non-current assets |
32,969 |
|
313,959 |
|
49,267 |
|
+ Loss on disposal of subsidiaries |
1,531 |
|
21,558 |
|
3,383 |
|
+ Loss on disposal of an associate |
927 |
|
- |
|
- |
|
+ Donation |
1,330 |
|
- |
|
- |
|
+ Exchange loss |
- |
|
- |
|
- |
|
Adjusted EBITDA |
12,006 |
|
(149,161 |
) |
(23,407 |
) |
AESTHETIC MEDICAL INTERNATIONAL HOLDINGS GROUP
LIMITED
RECONCILIATIONS OF IFRS AND NON-IFRS RESULTS
(CONTINUED)
Adjusted Profit |
|
|
2020 |
|
2021 |
|
2021 |
|
|
RMB’000 |
|
RMB’000 |
|
US$’000 |
|
(Loss)/profit for the period/year |
(246,905 |
) |
(669,518 |
) |
(105,062 |
) |
Adjustments |
|
|
|
+/- Fair value (gains)/losses of convertible note |
1,599 |
|
4,240 |
|
665 |
|
+ Share-based compensation expense |
78,967 |
|
35,463 |
|
5,565 |
|
+ Professional fees |
18,581 |
|
30,570 |
|
4,797 |
|
+ Impairment of non-current assets |
32,969 |
|
313,959 |
|
49,267 |
|
+ Loss on disposal of subsidiaries |
1,531 |
|
21,558 |
|
3,383 |
|
+ Loss on disposal of an associate |
927 |
|
- |
|
- |
|
+ Donation |
1,330 |
|
- |
|
- |
|
Adjusted Profit/(loss) |
(111,001 |
) |
(263,728 |
) |
(41,385 |
) |
Aesthetic Medical (NASDAQ:AIH)
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