Financial Performance - The total revenue for the year ended June 30, 2024, was HKD 147,242,000, a significant decrease of 83.1% compared to HKD 869,637,000 in the previous year[2] - The gross profit for the same period was HKD 22,989,000, down 91.0% from HKD 253,687,000 in the prior year[2] - The operating loss for the year was HKD 38,719,000, compared to an operating profit of HKD 405,192,000 in the previous year[2] - The net loss attributable to the owners of the company was HKD 699,345,000, a stark contrast to a profit of HKD 69,131,000 in the previous year[3] - Total revenue for the year was HKD 148,499,000, a significant decrease of 83.0% compared to HKD 872,910,000 in the previous year[9] - The reported segment loss for the year ended June 30, 2024, was HKD (758,313,000), compared to HKD (181,191,000) in the previous year, indicating a substantial increase in losses[19] - The company reported a pre-tax loss of HKD 892,378,000 for the fiscal year 2024, compared to a profit of HKD (199,761,000) in 2023[25] - The company recorded a comprehensive loss attributable to owners of approximately HKD 699,345,000, compared to a profit of HKD 69,131,000 in the previous fiscal year[84] Assets and Liabilities - The total assets decreased to HKD 1,665,703,000 from HKD 2,061,548,000, reflecting a decline of 19.2%[4] - The current liabilities exceeded current assets, resulting in a net current liability of HKD 473,718,000, compared to a net current asset of HKD 68,305,000 in the previous year[4] - The company’s equity attributable to owners decreased to HKD 293,066,000 from HKD 974,130,000, a decline of 69.9%[6] - The total assets reported as of June 30, 2024, were HKD 2,293,705,000, down from HKD 3,025,006,000 in 2023, a decrease of about 24.2%[19] - The total liabilities as of June 30, 2024, were HKD 2,178,656,000, compared to HKD 2,062,470,000 in the previous year, indicating an increase of approximately 5.6%[19] - The group's current liabilities net amount was approximately HKD 473,718,000, resulting in a current ratio of 0.78, down from 1.03 on June 30, 2023[107] - Total debt and borrowings amounted to approximately HKD 1,344,401,000 as of June 30, 2024, compared to HKD 1,363,956,000 on June 30, 2023[108] Revenue Breakdown - Revenue from property development was HKD 46,664,000, down 93.3% from HKD 697,216,000 year-on-year[10] - Revenue from the manufacturing and sales of health and household products was HKD 100,278,000, a decline of 42.0% from HKD 172,421,000 in the previous year[10] - Coal mining royalty income was HKD 300,000, with no revenue reported in the previous year[9] - Interest income from lending activities decreased to HKD 1,257,000, down 61.6% from HKD 3,273,000 year-on-year[9] - Revenue from the United States for the year ended June 30, 2024, was HKD 75,620,000, down from HKD 140,165,000 in 2023, a decline of approximately 46.1%[21] Impairment and Losses - The company reported a significant impairment loss on development properties amounting to HKD 196,443,000[2] - The impairment loss recognized for Chengde Jinyu's equity was approximately HKD 288,775,000 in 2024, up from HKD 75,860,000 in 2023, reflecting deteriorating asset recoverability[36] - The group recognized an impairment loss of approximately HKD 68,155,000 on receivables from Chengde Jinyu in 2024, whereas there was no such loss in 2023[37] - The total impairment provision for receivables increased to HKD 44,987,000 in 2024 from HKD 38,058,000 in 2023, indicating rising credit risk[40] - The company recognized a reversal of impairment loss of HKD (31,761,000) related to exploration and evaluation assets due to the approval of mining operations by the Indonesian government[33] Cash Flow and Financing - The company reported a net cash outflow from operating activities of approximately HKD 21,120,000 for the year ended June 30, 2024, against current liabilities of about HKD 473,718,000[60] - The company has not made scheduled repayments on certain borrowings as of June 30, 2024, raising significant doubts about its ability to continue as a going concern[60] - The auditor expressed concerns regarding the recoverability of exploration and evaluation assets, which had a zero balance as of June 30, 2023, and the appropriateness of impairment losses recognized for the years ended June 30, 2023, and June 30, 2024[61] - The company has established a long-term relationship with banks and is confident in renewing bank borrowings of approximately HKD 4,900,000 upon maturity[82] Operational Changes and Future Outlook - The company has suspended construction on development properties since August 2022, indicating a strategic shift in operations[43] - The coal mining business received government approval for its work and budget plan on December 31, 2023, with coal production expected to start in April 2024 and the first sale in May 2024[93] - The company anticipates additional cash flow from the full launch of new products and a recovery in electric toothbrush sales in the coming year[82] - The company plans to implement revolutionary production designs to achieve maximum cost efficiency in terms of production volume and quality[82] - The company is considering legal action to recover receivables and may sell them to collection agencies or asset management companies due to ongoing litigation[58] Auditor's Concerns and Management Response - The auditor has issued a qualified opinion on the accuracy of bank borrowings and related financing costs due to lack of feedback from banks[77] - The management acknowledges the uncertainty regarding the recoverability of other receivables and accepts the auditor's qualified opinion on this matter[74] - The management believes that the qualified opinions have been fully addressed following the completion of the sale of relevant interests[80] Employee and Dividend Information - The group employed 588 staff as of June 30, 2024, with 20 in Hong Kong, 567 in China, and 1 in Indonesia[116] - The board did not recommend any dividend payment for the year ending June 30, 2024, consistent with the previous year[119]
中证国际(00943) - 2024 - 年度业绩