Aesthetic Medical International Reports Fiscal Year 2021 Unaudited Financial Results
Aesthetic Medical International Holdings Group Limited (Nasdaq: AIH) reported its fiscal year 2021 results, revealing a revenue decline of 28.4% to RMB645.6 million (USD101.3 million). This drop was attributed to COVID-19 impacts, divestments, and accounting changes. Total cash sales rose 21% to RMB882.1 million (USD138.4 million). Despite a gross profit decrease of 50.5% to RMB269.5 million (USD42.3 million), the company noted a rebound of 91% in customer visits post-lockdown in Shenzhen. AIH is focusing on non-surgical services to capture market opportunities and improve long-term profitability.
- Total cash sales increased by 21% year-over-year to RMB882.1 million (USD138.4 million).
- 91% rebound in customer visits at Shenzhen centers after lockdown.
- Shift towards non-surgical aesthetic medical services aligns with market growth trends.
- Revenue decreased by 28.4% to RMB645.6 million (USD101.3 million) due to COVID-19 and divestments.
- Net loss expanded to RMB669.5 million (USD105.1 million) from RMB246.9 million in the previous year.
- Gross profit down 50.5%, with a gross margin decline of 18.7 percentage points to 41.7%.
SHENZHEN, China, May 13, 2022 (GLOBE NEWSWIRE) -- 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
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 cash sales of retained treatment centers3 of RMB802.3 million (USD125.9 million), an increase of
- 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 from60.4% 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 liabilities
2 AIH entered into a definitive agreement to acquire
3 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 | |||
| Repeat Customers | 159,740 | |||
| Total Active Customers | 207,309 | |||
- 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 | ||||
| Minimally Invasive Aesthetic Treatments | 82,246 | ||||
| Surgical Treatments | 35,152 | ||||
| General healthcare services and other aesthetic medical services | 27,997 | ||||
| Total Number of Treatments | 417,800 | ||||
- 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 | - | |||
| Minimally invasive aesthetic treatments | 234.6 | 177.2 | - | |||
| Energy-based treatments | 218.1 | 157.1 | - | |||
| Surgical aesthetic medical services | 401.6 | 243.0 | - | |||
| General healthcare services and other aesthetic medical services | 47.3 | 68.3 | + | |||
| Gross profit | 544.8 | 269.5 | - | |||
| Gross margin | -18.7p.p.4 | |||||
| (Loss) for the period | (246.9) | (669.5) | N.A. | |||
| (Loss) margin | - | - | -76.3 p.p4 | |||
| EBITDA5 | (123.9) | (555.0) | N.A. | |||
| Adjusted EBITDA5 | 12.0 | (149.2) | +ve to -ve | |||
| Adjusted EBITDA margin | - | +ve to -ve | ||||
| Adjusted (loss)5 | (111.0) | (263.7) | N.A | |||
| Adjusted (loss) margin | - | - | -28.6 p.p.4 | |||
Notes:
4 p.p. represents percentage points
5 Refer to below “Non-IFRS Financial Measures”
Revenues
Total revenue was RMB645.6 million (USD101.3 million), representing a decrease of
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
Gross profit
Gross profit was RMB269.5 million (USD42.3 million), representing a decrease of
Selling expenses
Selling expenses were RMB404.7 million (USD63.5 million), representing
General and administrative expenses
General and administrative expenses were RMB207.0 million (USD32.5 million), representing a decrease of
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
Certain Non-IFRS items6
EBITDA for fiscal year 2021 was a loss of RMB555.0 million (US
Adjusted loss for fiscal year 2021 was a loss of RMB263.7 million (US
Adjusted EBITDA for fiscal year 2021 was a loss of RMB149.2 million (US
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
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% from37% 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
Government Policies Beneficial to Long-Term Market Development
In 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 Horizon
The 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
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
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
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 Limited
Email: ir@pengai.com.cn
DLK Advisory Limited
Tel: +852 2857 7101
Email: 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 LIMITED
CONSOLIDATED 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 LIMITED
CONSOLIDATED 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 LIMITED
RECONCILIATIONS 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 | ) |
FAQ
What were AIH's total revenues for 2021?
How did COVID-19 impact AIH's business in 2021?
What recovery signs did AIH report after lockdowns?
How did total cash sales perform for AIH in 2021?
What strategic changes is AIH implementing for growth?
