Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 3600)
VOLUNTARY DISCLOSURE
2019 THIRD QUARTER UPDATE
The Board is pleased to provide a voluntary disclosure and update on selected unaudited operational data of the Group for the nine months ended 30 September 2019.
AN UPDATE ON THE GROUP'S MARKETS (EX-NORTH AMERICA)
Sales volumes (number of cases)
For the nine months ended 30 September 2019, the total sales volumes of the Group (ex-North America) was approximately 1,018,055 cases (nine months ended 30 September 2018: approximately 956,553 cases), representing an increase of approximately 6.4%.
Average selling price
For the nine months ended 30 September 2019, the average selling price of the Group's (ex-North America) products across its markets was HK$1,191 per case (nine months ended 30 September 2018: HK$1,245), representing a decrease of approximately 4.3%. In original currency, the average selling price of the Group's products increased but such increase was offset by a material depreciation of (i) Euro against Hong Kong dollars; (ii) Renminbi against Hong Kong dollars and (iii) Australia dollars against Hong Kong dollars, during this period compared with the nine months ended 30 September 2018:
2019 | 2018 | Percentage | |
JAN to SEPT JAN to SEPT | difference | ||
Average EUR/HKD Exchange rate | 8.82 | 9.37 | -5.9% |
Average RMB/HKD Exchange rate | 0.87 | 0.83 | -4.8% |
Average AUD/HKD Exchange rate | 5.48 | 5.94 | -7.8% |
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Revenue
For the nine months ended 30 September 2019, total revenue of the Group (ex-North America) increased by approximately 1.9% compared with the nine months ended 30 September 2018.
NORTH AMERICAN MARKET
The North American market has experienced an increase in sales of 2.2% during the nine months ended 30 September 2019 with the continued focus in promotions of high value products and phasing out of lower value items. The Group is pleased to see signs of a positive turnaround as a direct result of the Group's continued integration of, and implementation of new strategies in, the North American Market.
Information in this announcement was based on the preliminary assessment of the Group's management accounts which had not been reviewed or audited by the auditors of the Company. The unaudited key operational data in this announcement should be read in conjunction with the Group's latest annual report and interim report. Shareholders and potential investors are advised to exercise caution when dealing in the Shares of the Company.
DEFINITIONS
Unless otherwise specified, the following terms have the following meanings in this announcement:
"Board" | the board of Directors; |
"Company" | Modern Dental Group Limited (stock code: 3600), |
a company incorporated in the Cayman Islands | |
with limited liability, the Shares of which are listed | |
on the Stock Exchange; | |
"Director(s)" | Director(s) of the Company; |
"Group" | the Company and its subsidiaries; and |
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"Share(s)" | ordinary share(s) in the share capital of the |
Company. | |
By order of the Board | |
Modern Dental Group Limited | |
Chan Kwun Fung | |
Chairman and Executive Director |
Hong Kong, 29 November 2019
As at the date of this announcement, the board of directors of the Company comprises Chan Kwun Fung, Chan Kwun Pan, Ngai Shing Kin, Ngai Chi Ho Alwin, Chan Chi Yuen, Chan Ronald Yik Long and Chan Yik Yu as executive Directors, and Cheung Wai Bun Charles J.P., Chan Yue Kwong Michael, Wong Ho Ching and Cheung Wai Man William as independent non-executive Directors.
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