希慎兴业(00014) - 2024 - 年度业绩

Financial Performance - Revenue for the year ended December 31, 2024, was HKD 3,409 million, an increase of 6.2% from HKD 3,210 million in 2023[25]. - Gross profit for 2024 was HKD 2,763 million, up from HKD 2,589 million in 2023, reflecting a growth of 6.7%[25]. - The company reported a net profit of HKD 271 million for 2024, a significant recovery from a loss of HKD 1,026 million in 2023[25]. - Basic and diluted earnings per share for 2024 were HKD 0.03, compared to a loss of HKD 0.85 per share in 2023[25]. - The company reported a significant amount of financial investments, with specific figures not detailed in the provided content, suggesting ongoing investment activities[29]. - The financial data reflects the company's performance and strategic direction, which will be crucial for future investment decisions and market positioning[30]. - The company reported a pre-tax profit of HKD 567 million for the year ended December 31, 2024, compared to a loss of HKD 731 million in 2023, indicating a significant turnaround in performance[36]. - The total tax expense for the year was HKD 296 million, slightly up from HKD 295 million in 2023[107]. Investment Properties - The fair value of the investment property portfolio is HKD 96,547 million, accounting for approximately 85% of the total assets as of December 31, 2024[13]. - The recognized fair value loss for the year ended December 31, 2024, is HKD 1,506 million[13]. - The valuation of development investment properties is estimated at HKD 20,680 million, based on potential development after completion[13]. - The fair value change of investment properties resulted in a loss of HKD 1,506 million in 2024, compared to a loss of HKD 2,763 million in 2023[25]. - The total fair value of investment properties as of December 31, 2024, was HKD 96,547 million, an increase from HKD 96,005 million in 2023[136]. - The fair value of retail properties in Hong Kong increased to HKD 32,450 million in 2024 from HKD 31,878 million in 2023, reflecting a growth of 1.79%[146]. - The fair value of office properties in Hong Kong decreased to HKD 31,365 million in 2024 from HKD 32,726 million in 2023, indicating a decline of 4.16%[146]. - The fair value of residential properties remained stable at HKD 8,664 million in 2024, compared to HKD 8,647 million in 2023, showing a marginal increase of 0.20%[146]. Financial Management and Governance - The company is preparing audited consolidated financial statements in accordance with the Hong Kong Financial Reporting Standards[9]. - The independent auditor's report confirms that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2024[9]. - The board of directors is responsible for ensuring the financial statements are free from material misstatement due to fraud or error[16]. - The company’s governance structure is responsible for overseeing the financial reporting process[17]. - The company continues to engage in strategic financial management to navigate market conditions and maintain investor confidence[30]. Cash Flow and Liquidity - Operating cash flow before changes in working capital increased to HKD 2,496 million in 2024, up from HKD 2,318 million in 2023, reflecting improved operational efficiency[36]. - The company’s net cash from operating activities was HKD 2,356 million in 2024, compared to HKD 2,207 million in 2023, showing a positive cash flow trend[38]. - Total cash and cash equivalents decreased to HKD 1,564 million as of December 31, 2024, down from HKD 2,583 million at the beginning of the year, indicating cash outflows during the period[38]. - The company’s liquidity position is under pressure, with current liabilities exceeding current assets by HKD 1,955 million, necessitating careful cash flow management[43]. Research and Development - The company has allocated HKD 1,109 million for research and development, which is a 10% increase compared to the last year[32]. - Research and development expenses increased by 12% to HKD 1,479 million, underscoring the company's commitment to innovation[34]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new regions in 2025, aiming for a 15% increase in market share[32]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[34]. - New product launches are expected to contribute an additional HKD 1,500 million in revenue in the next fiscal year[32]. - New product launches are expected to contribute an additional HKD 10,224 million in revenue in the upcoming fiscal year[34]. Shareholder Returns - The company paid HKD 1,109 million in dividends in 2024, a decrease from HKD 1,479 million in 2023, indicating a potential shift in capital allocation strategy[38]. - The company declared a first interim dividend of HKD 277 million for 2024, compared to HKD 277 million for the first interim dividend in 2023[131]. - The company plans to maintain its second interim dividend at HKD 832 million, consistent with the previous year[131]. Employee Compensation - The total remuneration for executive directors was HKD 34,196,000, an increase from HKD 34,420,000 for the year ending December 31, 2023, representing a decrease of approximately 0.65%[120]. - The total compensation for the top five employees in 2024 was HKD 46 million, a decrease of 8% from HKD 50 million in 2023[126]. Joint Ventures and Associates - The group's share of profits and other comprehensive income from associates (excluding received dividends) for 2024 was HKD 5,345 million, a decrease of 2.6% from HKD 5,486 million in 2023[169]. - The total comprehensive income for the year from the major associate, 港興企業有限公司, was HKD 354 million, down 52.9% from HKD 752 million in 2023[172]. - The group's investment in joint ventures remained stable at HKD 361 million for both 2024 and 2023[176]. Financial Instruments and Risk Management - Derivative financial instruments, including forward foreign exchange contracts and currency swaps, are used to manage foreign currency risk[56]. - The company utilized HKD 8,829 million in currency swaps to manage foreign currency risk, maintaining the same level as in 2023[192]. - The nominal amount of interest rate swaps used to hedge against interest rate risk increased to HKD 1,900 million in 2024 from HKD 1,400 million in 2023, indicating a growth of approximately 35.7%[198].