Financial Performance - For the fiscal year ending June 30, 2024, the company reported total revenue of HKD 82,817,000, a decrease from HKD 84,414,000 in the previous year, representing a decline of approximately 1.8%[2] - The gross profit for the year was HKD 17,724,000, an increase from HKD 15,061,000, reflecting a growth of about 17.7%[2] - The company incurred a total loss for the year of HKD 72,084,000, compared to a loss of HKD 35,200,000 in the previous year, indicating a significant increase in losses of approximately 104.5%[2] - The company reported a basic loss per share of HKD 0.16, compared to a restated loss of HKD 0.09 in the previous year[3] - The company reported a loss attributable to shareholders of approximately HKD 67.66 million and an operating cash outflow of about HKD 23.01 million for the year ending June 30, 2024[7] - The total loss for the reporting segments increased significantly to HKD (52,047,000) in 2024 compared to HKD (22,576,000) in 2023, indicating a deterioration in performance[16] - The company reported a net loss of HKD (72,084,000) for the year 2024, compared to a net loss of HKD (35,200,000) in 2023, reflecting a worsening financial position[16] - The company reported other income of HKD 1,925,000 in 2024, significantly lower than HKD 11,538,000 in 2023, indicating a decrease of approximately 83.3%[20] - The company recorded a pre-tax loss of HKD 82,678,000 for the fiscal year 2024, compared to a loss of HKD 40,134,000 in 2023, representing an increase of 106% in losses year-over-year[25] - Basic loss per share for the company was approximately HKD 67,660,000 for 2024, compared to HKD 35,065,000 for 2023, reflecting an increase of 93% in losses per share[27] Revenue Breakdown - Revenue from the sale of recycled metals was HKD 9.82 million, down 43.5% from HKD 17.42 million in the previous year[9] - Revenue from the sale of automobiles and related parts increased to HKD 63.73 million, up 5.9% from HKD 60.28 million in the previous year[9] - Customer contract revenue for the year ending June 30, 2024, was HKD 73.79 million, compared to HKD 79.49 million in the previous year[9] - Rental income for the year was HKD 3.93 million, a slight decrease from HKD 4.24 million in the previous year[9] - Revenue from the automotive and related parts segment was HKD 63,726,000 in 2024, a slight increase from HKD 60,279,000 in 2023[15] - Revenue from the sale of recycled metals was HKD 9,822,000 in 2024, down from HKD 17,417,000 in 2023, indicating a decline of approximately 43.5%[15] - The hotel leasing business generated revenue of approximately HKD 4,784,000, significantly up from HKD 2,184,000 in 2023, reflecting growth in operations since opening in July 2022[58] Assets and Liabilities - The company's total assets decreased to HKD 530,631,000 from HKD 599,802,000, a decline of about 11.5%[5] - Non-current assets decreased to HKD 491,056,000 from HKD 556,785,000, a reduction of about 11.8%[4] - The total equity attributable to the owners of the company decreased to HKD 409,944,000 from HKD 462,980,000, a decline of approximately 11.4%[5] - The company’s current liabilities increased to HKD 119,726,000 from HKD 108,695,000, reflecting an increase of about 10.4%[4] - The total assets for the reporting segments decreased to HKD 637,014,000 in 2024 from HKD 693,096,000 in 2023, a decline of about 8.1%[16] - The total liabilities for the reporting segments slightly decreased to HKD 71,544,000 in 2024 from HKD 71,888,000 in 2023[16] - The company's accounts receivable increased to HKD 28,874,000 in 2024 from HKD 25,339,000 in 2023, marking an increase of 10%[33] - The total assets under biological assets were valued at HKD 190,958,000 as of June 30, 2024, down from HKD 230,481,000 in 2023, representing a decrease of 17%[29] - The group had bank loans amounting to approximately HKD 84.05 million secured against parking spaces valued at approximately HKD 190 million[70] Cash Flow and Financing - Cash and cash equivalents increased significantly to HKD 22,631,000 from HKD 5,531,000, marking a growth of approximately 309.5%[4] - The financing costs rose to HKD (6,801,000) in 2024 from HKD (4,133,000) in 2023, reflecting an increase of approximately 64.7%[16] - The group successfully placed 407,307,622 shares at HKD 0.04 per share to raise funds for debt repayment and improve financial performance[66] - The total amount raised from the placement was approximately HKD 16.3 million, with a net amount of HKD 16.0 million fully utilized by June 30, 2024[68] - The net proceeds were allocated as follows: HKD 5.2 million for repayment of loans, HKD 3.5 million for existing operations in the automotive and metal recycling businesses, HKD 3.0 million for settling accounts payable, and HKD 4.3 million for general working capital[68] Market Conditions and Strategic Outlook - The Hong Kong economy showed moderate growth with real GDP increasing by 2.7% year-on-year in Q1 2024 and 3.3% in Q2 2024, with a forecasted annual growth between 2.5% and 3.5%[59] - Retail sales values continued to decline, and property prices are expected to drop further by 5% in 2024, with unsold residential units reaching a new high in 2023[59] - The company anticipates positive impacts from favorable policies from the Chinese government, including the designation of Hong Kong as one of two financial service cities in China[59] - The company maintains a cautious investment approach, with some investments performing positively and others negatively, reflecting a balanced strategy in a volatile market[56] Corporate Governance and Compliance - The company has complied with corporate governance codes, except for a temporary non-compliance regarding the number of independent non-executive directors, which was rectified by appointing a new director[75] - The audit committee consists of three independent non-executive directors, ensuring compliance with relevant financial management expertise requirements[78] - The group did not purchase, sell, or redeem any of its listed securities during the year[80]
中国环境资源(01130) - 2024 - 年度业绩