Financial Performance - The company reported a net loss attributable to shareholders of HKD 267.7 million, an improvement from the previous fiscal year's loss of HKD 584.7 million[2]. - Adjusted EBITDA increased to HKD 782 million, representing a year-on-year growth of 35.7%[2]. - The total revenue for the group was HKD 2,285,763 thousand in 2024, up from HKD 1,896,845 thousand in 2023, indicating an increase of approximately 20.5%[11]. - The operating profit for the year was HKD 869,633 thousand, a significant increase from HKD 165,513 thousand in the previous year[12]. - The company reported a loss of HKD 349,165 thousand for the year, an improvement from a loss of HKD 689,353 thousand in 2023[12]. - The total tax expense for the year was HKD 583,109,000, up from HKD 258,425,000 in 2023, marking an increase of approximately 125%[21]. - The net loss attributable to the company's owners was approximately HKD 267,700,000, a significant reduction from HKD 584,700,000 in the previous fiscal year[32]. - The adjusted net loss attributable to the company's owners, excluding fair value gains/losses on investment properties and other non-cash and non-recurring items, was HKD 332,000,000[37]. Revenue Sources - Rental income generated from the leasing portfolio was HKD 995.4 million, up 11.3% year-on-year, maintaining stable occupancy rates[2]. - Property sales revenue rose to HKD 1,182,350 thousand in 2024, compared to HKD 887,025 thousand in 2023, reflecting a growth of 33.3%[12]. - Rental income from investment properties increased by 11.1% to HKD 715.7 million, with hotel and serviced apartment operations contributing positively[32]. - The hotel and serviced apartment operations contributed revenue of HKD 279.7 million for the year ending July 31, 2024, representing an increase of approximately 11.8% compared to HKD 250.2 million in 2023[53]. Cost Management - Administrative expenses decreased by 26.4% year-on-year due to effective cost control measures[2]. - Other operating expenses net decreased by 39.2% year-on-year[2]. - The company reported a decrease in depreciation expenses for property, plant, and equipment from HKD 142,928,000 in 2023 to HKD 103,701,000 in 2024, a reduction of approximately 27.5%[16]. Assets and Liabilities - Total assets minus current liabilities increased to HKD 26,027,552 thousand in 2024 from HKD 25,899,365 thousand in 2023, representing a growth of 0.5%[5]. - Total assets decreased from HKD 30,117,758,000 in 2023 to HKD 28,466,883,000 in 2024, representing a decline of approximately 5.5%[14]. - The total liabilities decreased from HKD 17,608,568,000 in 2023 to HKD 15,763,659,000 in 2024, representing a decline of about 10.5%[14]. - The total borrowings decreased to HKD 9,853.2 million, down 7.2% year-on-year[2]. - The group has approximately HKD 4,787.5 million in total funding resources, including cash and bank balances of about HKD 1,857.1 million[2]. Market Conditions - The company noted a challenging global economic outlook due to geopolitical tensions, trade disputes, and inflationary pressures, which may continue to impact growth and business activity[26]. - The real estate sector remains sluggish, with property prices in mainland China experiencing the fastest decline in nearly a decade as of May 2024, prompting government measures to stabilize the market[27]. - The company expressed cautious optimism regarding long-term business prospects in mainland China, particularly in the vibrant Greater Bay Area[27]. Development Projects - The e-commerce center established in Hengqin has achieved significant breakthroughs, with the first phase fully operational[2]. - The second phase has made significant progress, particularly in the development of affordable rental housing, with local government approval for eight additional buildings[2]. - The first phase of the Hengqin Innovation Park has opened, with about 76% of office units leased, including a major tenant expected to increase its workforce from 1,200 to over 3,000[29]. - The second phase of the Hengqin Innovation Park has received government approval for eight buildings to be developed as affordable rental housing, addressing the growing demand in the commercial ecosystem[29]. Financial Health - The group’s cash flow forecast indicates sufficient operational funding for the next 12 months, supported by available unused loan financing and recurring cash flows from operations[7]. - The company has no proposed final dividend for the year ended July 31, 2024, consistent with the previous year[26]. - The debt-to-equity ratio as of July 31, 2024, was approximately 65%, slightly up from 64% in 2023, indicating a cautious approach to financial management[30]. - The net debt to equity ratio was approximately 65% as of July 31, 2024, compared to 64% in the previous year[68]. Investor Relations - The company has established an active communication strategy with investors, including regular meetings with analysts and institutional investors[72]. - The audit committee, composed of four independent non-executive directors, has reviewed the consolidated financial performance for the year ending July 31, 2024[73]. - The preliminary financial results for the year ending July 31, 2024, have been verified by the company's auditor, Ernst & Young, ensuring consistency with the consolidated financial statements[74]. - The annual general meeting is scheduled for December 13, 2024, with the annual report to be published in mid-November 2024[75].
丽丰控股(01125) - 2024 - 年度业绩