Financial Performance - For the fiscal year ending June 30, 2024, the company reported total revenue of HKD 73,811,000, an increase from HKD 48,004,000 in the previous year, representing a growth of approximately 54%[2] - The gross profit for the year was HKD 14,764,000, compared to a loss of HKD 11,418,000 in the previous year, indicating a significant turnaround[2] - The company incurred a net loss attributable to shareholders of HKD 13,044,000, an improvement from a loss of HKD 53,556,000 in the prior year, reflecting a reduction in losses by approximately 76%[2] - Total income for 2024 is reported at HKD 73,811,000, compared to HKD 48,004,000 in 2023, marking an increase of approximately 54%[20] - The company recorded a pre-tax loss of HKD 6,366,000 due to expected losses on contracts, compared to a provision of HKD 7,941,000 in 2023[24] - Basic loss per share for the year ended June 30, 2024, was HKD 0.097 (loss of HKD 13,044,000) compared to HKD 0.583 (loss of HKD 53,556,000) for the year ended June 30, 2023[26] - The weighted average number of ordinary shares for calculating basic and diluted loss per share increased from 91,717,000 shares in 2023 to 133,933,000 shares in 2024[26] Expenses and Costs - Administrative expenses decreased to HKD 21,244,000 from HKD 30,329,000, showing a reduction of about 30%[2] - Financing costs for 2024 total HKD 9,169,000, significantly higher than HKD 4,326,000 in 2023, indicating an increase of about 112%[22] - Employee benefits expenses for 2024 amount to HKD 8,685,000, down from HKD 16,735,000 in 2023, indicating a reduction of about 48%[24] - Administrative expenses were reduced by approximately HKD 9.1 million, contributing to improved financial performance[40] Assets and Liabilities - The total assets of the company as of June 30, 2024, were HKD 63,613,000, an increase from HKD 59,469,000 in the previous year[3] - The total liabilities decreased to HKD 108,040,000 from HKD 113,566,000, indicating a reduction of approximately 5%[3] - The company has a net current liability of HKD 18,973,000, compared to HKD 12,127,000 in the previous year, indicating a worsening of liquidity position[3] - The company’s capital deficit was HKD 44,427,000, an improvement from HKD 54,097,000 in the previous year, showing a reduction in capital shortfall by approximately 18%[3] Revenue Sources - Revenue from external customers in Hong Kong increased significantly to HKD 32,296 thousand in 2024, compared to HKD 12,462 thousand in 2023, marking a growth of approximately 159%[15] - The company achieved a total of HKD 37,871 thousand in revenue from mainland China in 2024, compared to HKD 24,913 thousand in 2023, reflecting a growth of approximately 52%[15] - Revenue from major customers (10% or more of total revenue) for 2024 is HKD 54,864,000, compared to HKD 27,343,000 in 2023, indicating a significant increase[18] - Revenue from product sales for 2024 is HKD 12,014,000, up from HKD 9,800,000 in 2023, representing a growth of approximately 22.4%[20] - Revenue from interior solutions projects for 2024 is HKD 61,408,000, which is a substantial increase from HKD 34,171,000 in 2023, reflecting an increase of about 80%[20] Financing and Liquidity - The company has secured a financing agreement totaling HKD 30 million from shareholders, with an additional HKD 10 million obtained, enhancing its liquidity position[8] - The company has extended the repayment dates for loans totaling HKD 50 million, with interest rates increasing from 2% to 15%[8] - The company raised approximately HKD 16.28 million from a rights issue, which was fully utilized to repay part of the group's borrowings[36] - The net proceeds from the rights issue amounted to approximately HKD 16.28 million, used to repay part of the company's borrowings[49] Operational Performance - The company is focused on improving operational cash flow to strengthen its working capital situation[8] - The company is actively working on enhancing its operational performance to address uncertainties regarding its ability to continue as a going concern[8] - The company plans to focus on developing local businesses in China and Hong Kong while expanding operations in Australia[40] - The company is actively seeking potential acquisition targets that can create synergies with its existing business for continued strategic growth[41] Compliance and Governance - The company highlighted significant uncertainty regarding its ability to continue as a going concern due to the accumulated losses and current liabilities exceeding current assets[7] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's annual performance and confirmed compliance with applicable accounting standards and listing rules[65] - The board believes that having the same individual serve as both Chairman and CEO is beneficial for the group's business outlook, despite a deviation from corporate governance guidelines[60] Other Information - The company has no income tax expense for 2024, as it is registered in the Cayman Islands and exempt from income tax[25] - No dividends were declared or paid for the year ended June 30, 2024, consistent with 2023[27] - The group has no significant capital commitments as of June 30, 2024, consistent with 2023[57] - The group faces foreign exchange risks primarily from sales and purchases settled in various currencies, including Thai Baht, Singapore Dollar, US Dollar, Renminbi, Euro, Australian Dollar, and British Pound, with no current hedging policies in place[58]
易纬集团(03893) - 2024 - 年度业绩