Edvantage Group Announces FY2023 Annual Results

Nov 26, 2023 | Business

Edvantage Group Holdings Limited (“Edvantage Group” or the “Group”, stock code: 0382.HK), has announced its audited FY2023 Annual Results for the year ended 31 August 2023 (the “Reporting Period”).

Highlights (relevant audited data for the year ended 31 August 2023)

— Revenue increased by 17.0% YoY to approximately RMB1,973.0 million;

— Gross profit rose by 19.9% YoY to approximately RMB1,018.4 million;

— Adjusted net profit attributable to owners of the Company rose by 15.3% YoY to approximately RMB667.8 million;

— Payment of a final dividend of HK9.0 cents per share recommended;

— Dividend payout ratio at 30% for the year;

— Number of student enrolments increased by 11.0% YoY to approximately 86,000.

During the Reporting Period, the Group’s revenue totaled approximately RMB1,973.0 million, representing an increase of 17.0% as compared with the corresponding period of the preceding year. The increase was mainly attributable to a rise in the number of student enrolments and higher average tuition fees recorded by the Group’s domestic schools. The adjusted net profit attributable to owners of the Company rose by 15.3% YoY to approximately RMB667.8 million. The number of student enrolments reached approximately 86,000, setting a new historical record. The Board of Directors of the Group has recommended the payment of a final dividend of HK9.0 cents per share for the year ended 31 August 2023, which, along with an interim dividend of HK9.0 cents per share, equates to a total annual dividend of HK18.0 cents per share and a dividend payout ratio of 30% for the year.

Ms. Liu Yi Man, Executive Director and Chief Executive Officer
From left to right: Mr. Yan Kwok Ting Sunny, Director of Investment, Corporate Finance & Investor Relations Department; Ms. Liu Wenqi, Chief Operating Officer; Mr. Liu Yuk Tung, Chief Financial Officer.

In accordance with national policies

Promote high-quality development of vocational education

In recent years, the People’s Republic of China (the “PRC” or “China”) has successively introduced a number of policies that encourage the advancement of vocational education and improve the top-level design of the vocational education system. According to the 14th Five-Year Plan issued in 2021, a target has been set to increase the gross enrolment rate in higher education within the PRC to 60% during the 14th Five-Year Plan period. In October 2022, a report to the 20th National Congress of the Communist Party of China was issued which included in its formulation the need for “in-depth implementation of a strategy of national rejuvenation through science and education and strengthening the country through talent”, “adhering to the priority development of education”, “accelerating the construction of an educational power”, and “accelerating the construction of a high-quality education system”. In December 2022, the State Council of the PRC released the “Guideline on the Strategic Plan for Expanding Domestic Demand (2022–2035)”, which clearly proposed “improving the vocational and technical education and training system and enhancing the adaptability of vocational and technical education” and “encouraging social forces to provide diversified educational services as well as support and standardise the development of private education”. In addition, in June 2023, eight departments, including the National Development and Reform Commission and the Ministry of Education, emphasised the integration and development of industry and education in vocational education. Benefiting from multiple favorable national policies, the Group has been closely complying with the national policies, firmly following the path of high-quality development, continuously deepening the integration of industry and education, and comprehensively improving the quality of education and teaching as well as the cultivation of talent to shoulder the important task of cultivating high-quality skilled professionals among various industries.

Closely follows industry trends and market needs 

Persist in providing high-quality and high-compliant education

The Group has actively responded to the national development strategies and closely followed the pace of industrial development in the Greater Bay Area and the Chengdu-Chongqing Economic Circle. It has applied for 20 new majors, including artificial intelligence application, intelligent vehicle technology, industrial robot application and maintenance, e-commerce, nursing, etc., in response to the requirements of major emerging industries in the region and facilitate the constructing of a modern economic system. Additionally, the Group’s schools have achieved fruitful results in developing quality professions, among which, Guangzhou Huashang College has been granted one first-class undergraduate profession at the national level, six provincial first-class undergraduate professions and nine provincial first-class undergraduate courses. Since its establishment, the Group has insisted on industry-oriented development and meeting the urgent needs of the market, closely aligning with sunrise industries with strong demand for talent. The Group has taken the initiative of setting up related professions, with the aim of constantly improving the professional layout of vocational education and satisfying the needs of the market, as well as meeting the needs of students with different talent in terms of choices and diversification of their potentials.

Gradually advance the integration of industry and education with school-enterprise cooperation

Cultivate application-oriented talents who possess international vision

During the Reporting Period, the Group closely followed the development strategies of key industries in the PRC, and established strategic partnerships with a number of renowned enterprises in the industry by combining disciplines that constitute its major strengths, and by jointly constructing industry colleges and experimental and practical training bases for majors in healthcare, creative arts, e-commerce, and cloud accounting. At the same time, the Group has strictly adhered to the concept of “collaborative education between schools and enterprises” by working closely with more than 1,000 well-known enterprises and listed companies to encourage school-enterprise cooperation. This has included promoting the sharing of talent, technologies and resources between schools and enterprises, facilitating the organic amalgam of industry demand, and deepening industry-oriented talent cultivation. Internationalization of education is also one of the distinctive features of the Group’s educational approach. With the easing of pandemic restrictions, there has been a continuous increase in students’ demand for overseas learning and exchange. The Group has organised multiple batches of student visits to Hong Kong, Singapore, and Australia, helping them and the teachers better understand international market developments and enhancing students’ overall abilities and employability competitiveness.

Prospect

Looking ahead, with strong policy support, the Group will observe national policies and market trends and provide career-oriented vocational education. The Group will continue to promote in-depth development of disciplines and professions that meet the needs of the new era. It will actively build a high-standard practical training system, continuously introduce advanced management concepts and increase investment in infrastructure. In addition, the Group will cultivate innovative talent, well-rounded talent and application-oriented talent, and individuals that possess international vision and can shoulder social responsibility for the country, so as to make positive contributions to the development of national education, and the national economic and social development of the PRC.

About Edvantage Group Holdings Limited

Edvantage Group Holdings Limited (‘Edvantage Group’ or the ‘Group’, stock code: 0382.HK) is the largest private business higher education and vocational education group in the Greater Bay Area, and an early mover in education sector in pursuing international expansion, listed in Hong Kong Main Board on 16 July 2019. The total number of full-time student enrolments of the Group was approximately 86,000 as of 31 August 2023. Operated 9 private education institutions, namely, Guangzhou Huashang College (Applied Undergraduate), Guangzhou Huashang Vocational College (Higher Vocational Education) and Guangdong Huashang Technical School (Secondary Vocational Education) located in Guangdong Province, the PRC; Urban Vocational College of Sichuan (Higher Vocational Education) and Urban Technician College of Sichuan (Secondary Vocational Education) in Sichuan Province, the PRC; GBA Business School (GBABS) in Hong Kong, the PRC; Global Business College of Australia (GBCA) and Edvantage Institute Australia (EIA) in Australia; as well as Edvantage Institute (Singapore) (EIS) in the downtown of Singapore.

While focusing on school operations, the Group also actively fulfil corporate social responsibility, extensively contributing to social welfare programmes including charity, poverty alleviation, education and revitalisation, in order to take the initiative in repaying society through action. Since its listing, the Group has made outstanding contributions in the field of ESG and has won the “InnoESG Care Prize” in 2021, Gelonghui’s “Mid-to-Small Market Value Corporate Social Responsibility Award of the Year”, and Zhitong Caijing’s “Best CSR Listed Company” award in 2022.


Topic: Press release summary

T-Medical Group Acquires Telaleaf Health, a German Telemedicine Company, Expanding Its Cannabis Services

Nov 17, 2023 | Business

 The acquisition marks T-Medical’s entry into the German medical cannabis market, which is currently the largest in Europe, worth over $200 million annually. Telaleaf’s telemedicine platform, educational resources, and network of cannabis physicians will also give T-Medical a significant presence in the German market.

Telaleaf Health GmbH, a specialized telemedicine portal owned and operated by Telaleaf, enables patients to conveniently consult with doctors online about medical cannabis treatment. Telaleaf’s user-friendly platform aims to improve the patient experience by providing seamless access to cannabis experts and resources.

“Telaleaf has built an unrivaled telemedicine platform focused specifically on medical cannabis in Germany,” said T-Medical CEO Dominic Bianco . “With this acquisition, we gain a strong footprint in the high-growth German market and the ability to serve patients nationally through Telaleaf’s impressive digital capabilities.”

T-Medical plans to leverage Telaleaf’s platform, doctor network, and educational tools to expand across Europe. The company will hire experienced cannabis doctors and medical professionals in key markets to roll out Telaleaf’s telemedicine services in other countries.

“By joining T-Medical, we can rapidly scale our platform and cannabis treatment services across Europe,” said Telaleaf CEO Gavin Treanor. “Together, we have the resources and expertise to expand access to medical cannabis globally.”

Germany legalized medical cannabis in 2017, leading to rapid growth in patient demand. However, access remains challenging, with less than 200 specialized doctors writing cannabis prescriptions nationally. Telaleaf solves this through online consultations and by providing physicians with training and support for cannabis treatment.

T-Medical is focused on improving medical cannabis access and education. The acquisition of Telaleaf provides an ideal platform to serve patients and doctors as the medical cannabis market expands globally.

T-medical Group
Dominick Bianco
800-671-8076
www.t-medicalgroup.com/index.html

ContactContact

Categories

  • Alternative Medicine
  • Business
  • Lifestyle
  • Medical & Health
  • Medical Products
  • Medical Research
  • Mental Health
  • Telecommunications

Lufthansa Group and Tata Communications Forge Sustainability Partnership

Nov 10, 2023 | Business

– Tata Communications commits to investing in Sustainable Aviation Fuel (SAF)

– First bulk SAF deal for Lufthansa Group in India

– SAF is a decisive technological key to more sustainable flying

WEBWIRE –

Tata Communications,a global digital ecosystem enabler, has joined Lufthansa Groups Corporate SAF program with a bulk purchase of SAF for its corporate travel needs. The SAF agreement is the first of its kind by a corporate customer in India and Tata Communications has further communicated its interest of investing in SAF on a yearly basis. SAF is a decisive technological key to more sustainable flying. The SAF which is currently available and is used by Lufthansa Group is produced from biogenic residues, such as from used cooking oils. In its pure form, SAF from biogenic residues can reduce CO2 emissions by up to 80 percent compared to conventional fuel.

Lufthansa Group is strongly committed to more sustainable flying and is leading the way in transforming the industry. The Airline Group is one of the top 5 customers in SAF globally and offers a variety of products to its corporate clients for more sustainable flying.These range from bulk purchases of SAF to Sustainable Corporate Value Fares whereby corporate customers can offset 80% of their CO2 emissions through high-quality compensation projects and 20% via SAF for intra-Europe traffic. Similarly, Tata Communications is committed to integrating environmental, social and ethical principles into their core business with a focus on sustainability and enhancing long term stakeholder value.

According to Elise Becker, Vice President Sales Asia Pacific & Joint Ventures East at Lufthansa Group:

We are delighted that Tata Communications has chosen to invest in Sustainable Aviation Fuel (SAF) in India: our first bulk SAF deal in the country. We will continue to grow our offering of products for more sustainable flying and shape the industry on this journey. It is an honour to partner with Tata Communications on their important and progressive initiatives.

Kim Bybjerg, Vice President and Head of Continental Europe, Tata Communications, said, At Tata Communications, we are committed to address the impacts of climate change and are aggressively working towards our goal of being Net Zero by 2035 across our global operations. To promote sustainable travel, we aim to offset our travel emissions by partnering with leading airlines like Lufthansa by investing in their SAF programme.

Furthermore, as a responsible corporate in the business of delivering hyperconnected solutions for our customers, we enable them with sustainable digital solutions helping them optimise energy consumption and reduce their carbon footprint. During FY 2022-23,16x carbon emissionswere saved by our customers compared to Tata Communications operational emissions in FY 2023. SAF is one of the priority sustainability initiatives in the travel space and we are keen to support the greener way of air travel.

Further information about Lufthansa Groups numerous programs and initiatives for more sustainable flying can be foundhere.

About Lufthansa Group

The Lufthansa Group is an aviation group with operations worldwide. With 109,000+ employees and generated revenue of EUR 32,770m in the financial year 2022. Already by 2030, Lufthansa Group wants to halve its net CO2emissions compared to 2019 through reduction and compensation measures. By 2050, Lufthansa Group aims to achieve a neutral CO2balance.

TATA COMMUNICATIONS and TATA are trademarks or registered trademarks of Tata Sons Private Limited in India and certain countries.

Background on the use of SAF:

There is no refueling of individual flights with pure SAF. As a so-called drop-in fuel, SAF is compatible with fossil fuel and can be blended with it without any problems. Before being transported to the airport, SAF is mixed with fossil fuel (blending) and then fed into the airport infrastructure. The Lufthansa Group ensures that the amount of SAF required to offset individual CO2emissions is fed into the Lufthansa Groups operations within six months of purchase

Renault Group and Nissan announce the completion of their agreements framing the foundations of the new chapter of the Alliance

Nov 9, 2023 | Business

Boulogne-Billancourt (France), Yokohama (Japan) – WEBWIRE –

Following the announcements made on February 6, 2023, and July 26, 2023, and after having obtained all required regulatory approvals, the New Alliance Agreement between Renault Group and Nissan comes today into force and replaces the former agreements governing the Alliance (namely, the Restated Alliance Master Agreement, the Alliance Equity Participation Agreement and the Memorandum of Understanding of March 12, 2019).

As a result, Renault Group and Nissan now have a cross-shareholding of 15% with lock-up and standstill obligations. Each of the partners is able to exercise the 15% voting rights attached to its own shareholding. The voting rights of Renault Group and Nissan are capped at 15% of the exercisable voting rights, and both companies are able to freely exercise their voting rights within such limit.

Renault has transferred 28.4% (out of 43.4%) of Nissan shares into a French trust, where the entrusted shares will be voted neutrally, subject to limited exceptions. Renault Group continues to fully benefit from the economic rights (dividends and proceeds of share sales) from the entrusted Nissan shares until such shares are sold. From now, Renault Group may instruct the trustee to sell the entrusted Nissan shares, but it has no obligation to do so within a specific pre-determined period of time. Renault Group has all flexibility to sell the Nissan shares held in the trust, within a coordinated and orderly process with Nissan, in which Nissan or a designated third party benefits from a right of first offer.

No impairment will be recorded in Renault Groups financial statements as a result of the transfer by Renault Group of Nissan shares into the trust.

This next chapter of the Alliance will build on the foundations of the long-standing partnership and will maximize value creation for each Alliance member and lays the foundations for a new balanced, fair, and effective governance. The Alliance will continue to identify key projects across markets that aim to deliver win-win, large-scale and actionable benefits.

Jean-Dominique Senard, Chairman of the Alliance, said: We are delighted to announce today the effectiveness of the New Alliance agreement signed on at the end of July 2023. This is a very important step for Renault Group, Nissan and Mitsubishi Motors, and lays the foundations for a new fair, long-standing and effective partnership that will create value for each Alliance member and for all our stakeholders.

Makoto Uchida, President and CEO, Nissan Motor Co. Ltd., said: Based on this equal footing, Nissan will continue to harness our core competencies and be more agile to explore further growth opportunities that support our business strategy, especially through initiatives aligned to Nissans Ambition 2030 and electrification strategy, while continuing to generate greater value for the wider Alliance. We are convinced of the future prospects that will flow from our rebalanced partnership with Renault Group. “

Luca de Meo, CEO of Renault Group, said: We are now effectively entering this new era of the Alliance with a pragmatic and business-oriented approach. Our joint projects in Europe, Latin America and India will strengthen our partnership and generate hundreds of millions of euros in value for each partner while being mutually beneficial in the field of innovation. We are also very proud to welcome Nissan and Mitsubishi Motors as strong partners in Ampere, our EV and software business, confirming the attractiveness of our assets. Finally, Renault Group will benefit from additional flexibility in its capital allocation policy with the potential monetization of Nissan shares.

Japan – NTT DOCOMO Group Furthers Commitment to Carbon Neutrality by 2040, Targeting Net-Zero Greenhouse Gas Emissions Across its Supply Chain

Nov 7, 2023 | Business

NTT DOCOMO Group (DOCOMO Group) announced today its “Net-Zero by 2040” plan for achieving Net-Zero carbon emissions across the company’s entire supply chain by 2040. The plan builds on DOCOMO Group’s existing 2030 Carbon Neutrality Declaration, which commits the company to effectively reducing greenhouse gas emissions from its business operations to Net-Zero by 2030 under the slogan “Saving Our Planet With You.”

To achieve its expanded carbon-neutrality target by 2040, DOCOMO Group will work to reduce greenhouse gas emissions throughout its supply chain, which currently accounts for about 80% of the company’s total greenhouse gas emissions. The plan includes reducing Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emissions from DOCOMO Group’s own fuel and electricity consumption, as well as Scope 3 emissions from the business activities of suppliers and product users in DOCOMO Group’s supply chain.

As part of its commitment to achieve carbon neutrality by 2030, DOCOMO Group has been actively working to use renewable energy, including non-fossil fuel certificates designated as renewable energy, through measures such as securing off-site power purchase agreements,*1 powering all DOCOMO-owned telecommunications buildings and offices with green electricity within fiscal 2023 (ends March 2024), and introducing virtualized wireless base stations equipped with power-saving devices to reduce network power consumption.

Specific measures under Net-Zero by 2040 include the goal of converting all DOCOMO Shops to green power by fiscal 2030 and prioritizing environmentally friendly products when procuring telecommunications equipment and other items. In addition, DOCOMO Group will collaborate with suppliers to provide companies within its supply chain with CO2MOSTM, a CO2 emissions visualization tool, analytical consulting services, as well as Green NexcenterTM, a service that will support the use of liquid-cooled equipment in ultra-energy-saving data centers.

DOCOMO Group is also contributing to global decarbonization through its Caboneu program for collaborating with customers and partners on various initiatives, including the Caboneu Record® visualization tool, the Green Program for EmployeesTM and other eco-friendly services, and the creation of J-credits with partner companies.

Going forward, DOCOMO Group is committed to contributing to the realization of carbon neutrality in collaboration with its partner companies.

A model in which consumers contract with power producers to purchase electricity from renewable energy sources on a long-term basis, and the electricity is transmitted from generation facilities in remote locations to consumers via the power transmission and distribution network.

About NTT DOCOMO

NTT DOCOMO, Japan’s leading mobile operator with over 87 million subscriptions, is one of the world’s foremost contributors to 3G, 4G and 5G mobile network technologies. Beyond core communications services, DOCOMO is challenging new frontiers in collaboration with a growing number of entities (“+d” partners), creating exciting and convenient value-added services that change the way people live and work. Under a medium-term plan toward 2020 and beyond, DOCOMO is pioneering a leading-edge 5G network to facilitate innovative services that will amaze and inspire customers beyond their expectations.https://www.docomo.ne.jp/english/

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.