"Respect Every Student's Life", Virscend Education Devotes to Offering Quality Education to Student
HONG KONG, Mar 29, 2016 - (ACN Newswire) - Virscend Education Company Limited ("Virscend Edu" or the "Company", stock code:1565) is pleased to announce the audited consolidated results of the Company and its subsidiaries (together, the "Group") for the year ended 31 December 2015 (the "Reporting Period").
Results Highlights
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- For the year ended 31 December 2015, revenue amounted to approximately RMB707,690 thousand, representing an increase of approximately 13.0% as compared with the corresponding period in 2014.
- For the year ended 31 December 2015, gross profit amounted to approximately RMB296,353 thousand, representing an increase of approximately 16.4% as compared with the corresponding period in 2014.
- For the year ended 31 December 2015, profit for the year amounted to approximately RMB125,150 thousand, representing an increase of 9.5% as compared with the corresponding period in 2014.
- For the year ended 31 December 2015, adjusted net profit amounted to RMB151,444 thousand, representing an increase as compared with 32.5% of the corresponding period in 2014.
- For the year ended 31 December 2015, profit attributable to equity holders of the Company amounted to approximately RMB109,677 thousand, representing an increase of approximately 38.6% as compared with the corresponding period in 2014.
- For the year ended 31 December 2015, EPS was approximately RMB0.0487, representing an increase of approximately 38.4% as compared with the corresponding period in 2014.
- For the year ended 31 December 2015, adjusted EPS was approximately RMB0.0599, representing an increase of approximately 70.2% as compared with the corresponding period in 2014.
During the reporting period, revenue the Group reached approximately RMB707,690 thousand (for the year ended 31 December 2014: RMB626,007 thousand), representing an increase of approximately 13.0% as compared to the corresponding period in 2014. Gross profit of the Group increased by 16.4% as compared to the corresponding period in 2014 to RMB296,353 thousand (for the year ended 31 December 2014: RMB254,623 thousand). Profit for the year increased by 9.5% to RMB125,150 thousand (for the year ended 31 December 2014: RMB114,321 thousand). Adjusted net profit was approximately RMB109,677 thousand, which increased by approximately 38.6% over the corresponding period in 2014 (for the year ended 31 December 2014: RMB79,120 thousand). EPS was approximately RMB0.0487, representing an increase of approximately 38.4% as compared with the corresponding period in 2014 (for the year ended 31 December 2014: RMB0.0352). Adjusted EPS was approximately RMB0.0599, representing an increase of approximately 70.2% as compared with the corresponding period in 2014 (for the year ended 31 December 2014: RMB0.0352).
Virscend Edu is the largest provider of K-12 private education services in Southwest China in terms of student enrollment as at 30 June 2015, and ranked first in the highly fragmented private fundamental education industry in Southwest China with a 0.43% market share. As at 31 December 2015, the Group had established and were operating five schools for grades K-12, namely, Chengdu Foreign Languages School, Chengdu Experimental Foreign Languages School, Chengdu Experimental Foreign Languages School (Western Campus), the Primary School Attached to Chengdu Foreign Languages School, the Chengdu Foreign Languages Kindergarten and Chengdu Institute Sichuan International Studies University.
After the Global offering of H Shares on 15 January 2016, the Company achieved rapid development as the PRC government terminated the "one-child policy" and adopted a universal "two-child policy" in 2015, and continues to support preschool education with the increased demand for private school education from parents, the number of students enrolled in the PRC fundamental education industry is expected to rise to 230.8 million in 2019. Over the past years, more and more students have enrolled in private schools in China. The total number of students enrolled in PRC private schools increased from 23.0 million in 2009 to 35.3 million in 2014, representing a CAGR of approximately 8.9%. The total number of student enrollment in private schools is expected to increase to 50.6 million in 2019, at a CAGR of approximately 7.5%.
Quality education to students and promote of the all-around development
Virscend Edu strives to cultivate well-rounded students who possess global perspective and practical knowledge. The fundamental educational philosophy of the Group is to respect every student's life, stimulate his or her learning potential and care for his or her lifetime achievement based on the Group's people-oriented educational strategy and efficient school management. The Group also emphasizes the cultivation and promotion of the all-around development of students so they are well-prepared to face challenges in the future. The Group focuses on developing the "knowledge, character, ability and quality" of students as the foundation of teaching of the Group.
The Group provides high-quality education to the students. The Group aspires to provide a pathway to first-tier universities in China and reputable colleges and universities abroad for interested students. For example, for Gaokao administered in 2013, 2014 and 2015, approximately 73.6%, 69.5% and 77.4% of the Group's graduating high school students who participated in such examinations achieved scores that allowed them to apply to and be accepted by first-tier universities in China. Moreover, certain of the Group's high school graduating students were accepted by colleges and universities overseas, including a total of six graduating students from Chengdu Foreign Languages School were accepted by Harvard University, University of California-Berkeley, University of California-Los Angeles, New York University and Northwestern University during the Reporting Period. For students who are interested in attending colleges and universities in the United States or Canada and in preparing for overseas standardized college entrance examinations, such as TOEFL and SAT, the Group established international programs at Chengdu Foreign Languages School under which dual high school diplomas (PRC diplomas and American or Canadian diplomas) are offered to them through collaboration with third-party educational service providers. Such programs allow students to take either American or Canadian coursework taught by foreign teachers as well as PRC coursework taught by PRC teachers.
Virscend Edu intends to leverage its reputation to expand its school network in Chengdu, other areas in Sichuan Province and elsewhere in Southwest China. In order to solidify and strengthen its market-leading position in the region, the Group plans to establish new schools or acquire existing schools, and intends to achieve future growth by means of expanding existing business by collaborating with third-party business partners and multiple expansion strategies which include asset light expansions, acquisitions, and increase in the capacity of certain existing schools.
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