Financial Performance - The company's revenue for the year ended June 30, 2024, was HKD 41,118,000, an increase of 8.3% compared to HKD 38,029,000 for the previous year[2]. - The net loss for the year was HKD 242,161,000, significantly higher than the loss of HKD 67,499,000 in the previous year, representing a 258.5% increase in losses[3]. - The total comprehensive income for the year was HKD (231,107,000), compared to HKD (70,511,000) in the previous year, indicating a substantial decline in overall financial performance[3]. - The company reported a total comprehensive income of HKD (231,107,000) for the year, compared to HKD (70,511,000) in the previous year, indicating a significant increase in losses[7]. - The group reported a pre-tax loss of approximately HKD 241,945,000, an increase of about 248.9% from the previous fiscal year's loss of HKD 69,352,000[38]. - The basic and diluted loss per share for 2024 is HKD (241,948,000), compared to HKD (67,611,000) in 2023, reflecting a substantial increase in losses[30]. Assets and Liabilities - The company's non-current assets amounted to HKD 1,271,031,000, down from HKD 1,476,192,000 in the previous year, reflecting a decrease of 13.9%[4]. - Current liabilities increased to HKD 325,437,000 from HKD 214,727,000, marking a rise of 51.6%[5]. - The total assets less current liabilities decreased to HKD 1,391,361,000 from HKD 1,624,508,000, a decline of 14.3%[4]. - As of June 30, 2024, total equity attributable to the owners of the company is HKD 1,385,915,000, a decrease from HKD 1,616,943,000 as of June 30, 2023, representing a decline of approximately 14.3%[6]. - Total assets decreased to HKD 1,717,068,000 in 2024 from HKD 1,839,235,000 in 2023, a decline of 6.6%[21]. - Total liabilities increased to HKD 331,153,000 in 2024 from HKD 222,292,000 in 2023, representing a rise of 48.9%[21]. Cash Flow and Financial Position - The company's cash and bank balances improved to HKD 230,143,000, up from HKD 144,332,000, representing a growth of 59.5%[4]. - As of June 30, 2024, the group's net current assets amounted to approximately HKD 120,600,000, a decrease from HKD 148,316,000 in 2023[57]. - Cash and bank balances as of June 30, 2024, were approximately HKD 230,143,000, compared to HKD 144,332,000 in 2023[57]. - The capital debt ratio increased to approximately 17% as of June 30, 2024, up from 10% in 2023, primarily due to increased borrowing[57]. - As of June 30, 2024, the group had secured bank borrowings of approximately HKD 292,593,000, an increase from HKD 184,250,000 in 2023[57]. Revenue and Income Sources - The group reported a consolidated revenue of HKD 12,551,000 for the year ending June 30, 2023[9]. - The group reported total revenue from external customers of HKD 38,029,000 for the year, with contributions from various segments including property development and securities investment[19]. - Bank interest income for the year amounted to HKD 10,138,000, showing a notable contribution from the financing business[20]. - Bank interest income rose to HKD 12,614,000 in 2024 from HKD 10,138,000 in 2023, marking a growth of 24.4%[21]. - The company recorded total rental income of approximately HKD 23,586,000 for the year, compared to HKD 23,679,000 in the previous year, indicating a slight decrease[50]. Employee Costs and Expenses - The company reported a significant increase in employee costs, which fell to HKD (2,945,000) from HKD (17,977,000), a reduction of 83.7%[2]. - The total employee cost for the year is approximately HKD 17,079,000, a decrease from HKD 17,977,000 in the previous year, reflecting a reduction in the number of employees from 16 to 14[69]. - Administrative and other operating expenses amounted to HKD 34,350,000[9]. Investment and Property Performance - The fair value loss on investment properties was recorded at HKD (11,407,000), indicating challenges in the property investment sector[20]. - The group experienced a fair value loss of approximately HKD 163,552,000 on investment properties, compared to a loss of HKD 11,407,000 in the previous year[41]. - The investment property at Queen's Road Central 9 has a total floor area of approximately 13,700 square feet, with a fair value loss of approximately HKD 117.9 million as of June 30, 2024, compared to a fair value gain of HKD 4.4 million in 2023[42]. - The property at Queen's Road West 419K has a total floor area of approximately 10,300 square feet, generating stable income with a fair value loss of approximately HKD 21.7 million as of June 30, 2024, compared to HKD 7.7 million in 2023[43]. - The company confirmed a write-down of HKD 24,180,000 related to retail properties due to significant declines in personal consumption and inbound tourism[48]. Corporate Governance and Compliance - The company adheres to all corporate governance codes as per the listing rules[73]. - The remuneration committee held three meetings during the year to review the remuneration packages of all directors and senior management[76]. - The nomination committee is responsible for nominating director candidates and ensuring transparency in the nomination process[77]. - The audit committee held four meetings this year, reviewing the audited consolidated financial statements for the year ending June 30, 2023[81]. - The company emphasizes the importance of independent non-executive directors in its governance structure[80]. Future Outlook and Strategic Plans - The company anticipates ongoing challenges due to high inflation, geopolitical tensions, and sustained high interest rates affecting global economic recovery[56]. - The company maintains a cautiously optimistic outlook for the local economy post-pandemic, leveraging its competitive advantages in the Greater Bay Area[56]. - The company plans to continue its prudent approach to acquiring and selling properties while exploring potential investment opportunities for stable income growth[56]. - The company has a positive outlook on the long-term prospects of the commercial, industrial, and residential property markets in Hong Kong, the UK, and Japan[50]. Miscellaneous - The company has not reported any significant changes in its business operations during the year[8]. - The company does not recommend the payment of dividends for the years ending June 30, 2024, and June 30, 2023[28]. - The company will not declare a final dividend for the year, consistent with the previous year[71].
宏辉集团(00183) - 2024 - 年度业绩