联合集团(00373) - 2024 - 年度财报

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 7,669.8 million, compared to HKD 7,618.6 million in 2023, representing a slight increase of 0.67%[6]. - The loss attributable to shareholders for the year was HKD 776.7 million, a significant increase from a loss of HKD 125.4 million in 2023, marking an increase of HKD 651.3 million[6][16]. - Basic loss per share for the year was HKD 0.22, compared to HKD 0.04 in 2023, indicating a deterioration in financial performance[17]. - The return on equity attributable to shareholders was -1.8% for 2024, compared to -0.3% in 2023, reflecting a decline in profitability[14]. - The company's equity attributable to shareholders decreased to HKD 42,524.8 million from HKD 43,538.9 million in 2023[14]. - The company's attributable profit for the year was HKD 377.7 million, compared to a loss of HKD 471.4 million in 2023[30]. Debt and Liquidity - The capital debt ratio improved to 5.5% in 2024 from 19.4% in 2023, indicating a stronger balance sheet position[14]. - Cash and bank balances at the end of the reporting period were approximately HKD 17,565.2 million, an increase from HKD 15,950.2 million in 2023[20]. - Total borrowings amounted to HKD 19,900.1 million, down from HKD 24,380.9 million in 2023[21]. - The total loan balance at the end of 2024 was HKD 21 billion, down from HKD 26 billion at the end of 2023[30]. Business Operations and Strategy - The company operates primarily in property development and investment, with a focus on leveraging its management and financial resources[13]. - The company plans to continue its core business operations while exploring new investment opportunities in property-related services[13]. - The company expressed confidence in overcoming challenges in 2025 despite the reported losses in 2024, emphasizing prudent strategies and employee dedication[11]. - The company aims to maintain natural growth in its core business while balancing short-term returns and long-term capital appreciation[53]. Market Conditions and Risks - The company is facing increased market uncertainty due to financial issues among large Chinese real estate developers, high USD interest rates, geopolitical tensions, and conflicts in Ukraine and the Middle East[54]. - The group faces several major risks, including economic uncertainties and cybersecurity risks, which are monitored regularly[44]. - The company will continue to focus on mortgage lending in mainland China while implementing cost-cutting measures to generate better returns[55]. Corporate Governance - The company emphasizes high levels of corporate governance, focusing on transparency, accountability, and independence[136]. - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[138]. - The board has adopted improved procedures in line with the corporate governance code as per the Hong Kong Stock Exchange[137]. - The company has a commitment to review its corporate governance practices at least annually[137]. - The board has delegated daily responsibilities to executive management, ensuring clear delineation of functions[140]. Diversity and Inclusion - The board has adopted a diversity policy, achieving a gender diversity ratio of 20% with 2 female directors out of 10[144]. - The employee gender ratio reached 41:59, meeting the measurable diversity target for the workforce, including senior management[144]. - The board aims to maintain the current female representation and gradually increase it when suitable candidates are identified[144]. Risk Management - The company has established a risk management and internal control system to ensure reasonable assurance against material misstatements or losses[168]. - The internal audit department is responsible for analyzing and independently assessing the adequacy and effectiveness of the group's risk management and internal control systems[169]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems annually, covering all significant controls including financial, operational, and compliance controls[167]. Investment Properties - The fair value of the group's investment properties decreased significantly compared to 2023[19]. - The group's investment properties had a revaluation value of HKD 26,327.7 million as of December 31, 2024, with a net decrease in fair value of HKD 1,026.2 million recognized in the consolidated income statement[188]. Employee Management - The total employee cost for the group was HKD 1,353.2 million, down from HKD 1,390.8 million in 2023, with a total workforce of 5,751 employees[40]. - The company is focused on enhancing employee management methods and providing professional development to mitigate human resource risks[48]. Shareholder Communication - The company emphasizes the importance of maintaining good communication with shareholders through various formal channels[176]. - The board actively participates in the annual general meeting to address shareholder inquiries[175]. - The board believes that the shareholder communication policy has been appropriately implemented and is effective[177].