Financial Performance - Consolidated revenue increased by 10% to HKD 901 million for the year ended December 31, 2024[5]. - The loss attributable to shareholders was HKD 230 million, with a basic loss per share of HKD 11.29[5][17]. - The company recorded a pre-tax loss of HKD 206 million, a significant improvement from a loss of HKD 400 million in 2023[17]. - The company reported a loss attributable to shareholders of HKD 230 million for the year ended December 31, 2024, compared to a loss of HKD 466 million in 2023, indicating a 50.7% improvement in losses year-over-year[26]. - The consolidated net loss after tax for the year ended December 31, 2024, was HKD 230 million, a significant reduction from HKD 466 million in 2023, driven by improved performance in the hotel and recreational activities in Niseko, Japan[65]. - The pre-tax loss narrowed to HKD 230 million in 2024 from HKD 466 million in 2023, showing an improvement in financial performance[50]. Revenue Breakdown - Revenue from the hotel business in Japan increased to HKD 349 million, compared to HKD 276 million in 2023, benefiting from a 6% rise in average occupancy[10]. - Revenue from recreational and leisure operations in Japan rose to HKD 206 million, up from HKD 156 million in 2023[12]. - Revenue from property management services in Japan increased to HKD 87 million, compared to HKD 68 million in 2023[14]. - Total revenue for the year was HKD 901 million, up from HKD 822 million in 2023, representing a year-over-year increase of 9.6%[32]. - Revenue from external customers increased to HKD 901 million in 2024, up from HKD 822 million in 2023, representing a growth of 9.6%[37]. - The revenue from Japan's leisure activities business was HKD 206 million, a 32.1% increase from HKD 156 million in 2023[32]. Assets and Liabilities - Total assets decreased to HKD 13,867 million from HKD 14,025 million in 2023, while total liabilities increased to HKD 10,801 million from HKD 10,343 million[19][21]. - The company's assets totaled HKD 10,867 million as of December 31, 2024, down from HKD 11,025 million in 2023, reflecting a decrease of 1.4%[34]. - The liabilities of the company were HKD 10,801 million as of December 31, 2024, compared to HKD 10,343 million in 2023, indicating an increase of 4.4%[34]. - Current assets as of December 31, 2024, amounted to HKD 4.537 billion, an increase from HKD 4.461 billion in 2023, primarily due to the increase in properties under development[66]. - Current liabilities totaled HKD 1.540 billion as of December 31, 2024, up from HKD 1.172 billion in 2023, mainly due to an increase in borrowings due within one year[66]. - The total value of assets pledged as collateral for bank loans was HKD 7.765 billion as of December 31, 2024, slightly down from HKD 7.782 billion in 2023[77]. Cash Flow and Financing - The company experienced negative cash flow from operations of HKD 75 million in 2024, a significant decline from positive cash flow of HKD 245 million in 2023[26]. - The group reported a cash outflow from operating activities of HKD 75 million for the year ended December 31, 2024, compared to an inflow of HKD 245 million in 2023[74]. - Financing costs decreased slightly to HKD 313 million in 2024 from HKD 332 million in 2023, reflecting a weighted average interest rate of 5.2%[42]. - The group has a loan agreement with a total amount of HKD 1.5 billion, which was newly drawn as of December 31, 2024[73]. - The group has successfully maintained compliance with financial covenants across all loan agreements as of December 31, 2024[71]. Dividends and Tax - The company does not recommend the payment of a final dividend for the year[5]. - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[48]. - The total tax provision for the year was HKD 24 million in 2024, down from HKD 66 million in 2023, reflecting a decrease in taxable profits[47]. - The group’s income tax expense for the year ended December 31, 2024, was HKD 24 million, a decrease from HKD 66 million in 2023[76]. Corporate Governance and Compliance - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2024, and held two meetings during the year[85]. - The company adheres to high standards of corporate governance and complies with the applicable codes and regulations as of December 31, 2024[86]. Future Outlook - The global economic growth rate is projected to be 3.2% in 2025, remaining stable compared to 2024, despite geopolitical tensions and trade frictions affecting the outlook[89]. - The company aims to enhance the occupancy rate of the Park Hyatt Hotel in Niseko and expand its ski business in the Niseko Hanazono resort area[89]. - The company plans to implement diversified sales and marketing activities in regions where it operates, aiming to attract high-quality tenants, travelers, and high-net-worth buyers[89]. - The company maintains a cautiously optimistic outlook on the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia, focusing on improving performance and maximizing returns for stakeholders in 2025[89].
盈大地产(00432) - 2024 - 年度业绩