Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 122,056,000, representing a slight increase of 0.23% from HKD 121,782,000 in 2023[7]. - The company reported a net loss of HKD 84,138,000 for the year, compared to a profit of HKD 284,850,000 in the previous year, indicating a significant decline[8]. - Basic and diluted loss per share for the year was HKD 5.37, compared to earnings per share of HKD 18.17 in the previous year[8]. - The total comprehensive income for the year 2024 was HKD 187,085,000, a significant decrease of 87.8% compared to HKD 1,425,215,000 in 2023[48]. - The group's share of net profit attributable to equity holders from Everwell City was HKD 56,150,000 in 2024, down 86.8% from HKD 426,300,000 in 2023[48]. - The company recorded a significant loss attributable to equity holders of HKD 84.1 million for the year, a decrease of approximately 129.5% compared to a profit of HKD 284.9 million in 2023[71]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 9,635,754,000, up from HKD 9,480,251,000 in 2023, marking an increase of 1.64%[5]. - Total liabilities increased to HKD 5,718,346,000 from HKD 5,478,705,000, representing a rise of 4.38%[5]. - The company's equity decreased to HKD 3,917,408,000 from HKD 4,001,546,000, a decline of 2.09%[5]. - Current liabilities rose significantly to HKD 24,325,493,000 in 2024, compared to HKD 14,090,610,000 in 2023, marking an increase of 72.6%[47]. - The company's total liabilities increased to HKD 24,739,928,000 in 2024 from HKD 24,573,159,000 in 2023, indicating a rise of 0.7%[47]. Cash Flow and Financing - Cash and bank balances decreased to HKD 209,268,000 from HKD 232,523,000, a reduction of 9.97%[4]. - The company has secured a committed undrawn term loan facility of HKD 850,000,000 from a licensed bank in Hong Kong, maturing five years after April 26, 2024[13]. - The net cash generated from operating activities for the year ended December 31, 2024, was HKD 81.6 million, an increase from HKD 79.4 million in 2023, primarily due to a decrease in accounts receivable by HKD 1.6 million[100]. - The net cash used in financing activities for the year ended December 31, 2024, was HKD 104.9 million, compared to HKD 56.4 million in 2023, largely due to loan repayments of HKD 900.0 million and interest payments of HKD 53.9 million[102]. - The group has pledged investment properties valued at approximately HKD 2,145.0 million and bank deposits of HKD 12.4 million as collateral for mortgage loans as of December 31, 2024[98]. Investment Properties - Investment property fair value gains increased to HKD 131,648,000 from HKD 74,533,000, reflecting a growth of 76.5%[7]. - The company’s investment properties had a fair value of HKD 3,469,900,000 as of December 31, 2024, compared to HKD 3,328,900,000 in 2023, an increase of 4.23%[41]. - Fair value gains from investment properties reached HKD 131,648,000 in 2024, up from HKD 74,533,000 in 2023, reflecting an increase of 76.5%[41]. - The capitalization rate for investment properties ranged from 2.00% to 5.00%, compared to 2.50% to 3.90% in the previous year, indicating potential impacts on property valuations[77]. - The group remains confident in the ongoing success of its diversified investment property strategy, which is expected to provide sustainable returns to shareholders[78]. Segment Performance - The financial services segment has ceased regulated activities under the Securities and Futures Ordinance, with applications submitted to reduce and revoke certain licenses[27]. - The financial services segment has not generated any revenue during the reporting period, consistent with the previous year[28]. - Reported segment profit for property investment was HKD 148,147,000 in 2024, compared to HKD 83,597,000 in 2023, indicating a significant increase of 77.3%[35]. - Adjusted operating profit for the property investment segment increased by 15.1% to HKD 60.3 million in 2024 from HKD 52.4 million in 2023, primarily due to reduced operating expenses[85]. - The financial services segment reported an adjusted operating loss of HKD 0.2 million for the year ended December 31, 2024, a substantial improvement from a loss of HKD 1.7 million in 2023, indicating an 88.2% reduction in losses[89]. Corporate Governance and Compliance - The audit committee held three meetings during the year ending December 31, 2024, and reviewed the consolidated annual results, confirming compliance with applicable accounting standards[113]. - The remuneration committee conducted one meeting during the year ending December 31, 2024, with a majority of its members being independent non-executive directors[114]. - The nomination committee also held one meeting during the year ending December 31, 2024, with a composition that includes independent non-executive directors[115]. - The company has adopted written guidelines for securities trading by directors, confirming compliance throughout the year[117]. - The board will continue to review its meeting arrangements to ensure compliance with corporate governance codes[111]. Future Outlook - The group anticipates a 2.5% growth in real local GDP for 2024, supported by a strategically positioned community commercial asset portfolio despite challenges in the economic environment[105]. - The group aims to leverage the "Guangdong-Hong Kong-Macao Greater Bay Area" strategic opportunities to expand domestic business and enhance synergies with its controlling shareholder, China Great Wall Asset Management Co., Ltd.[107]. - The group continues to explore opportunities for developing its financial services segment despite no revenue generated from this division in the current fiscal year[80].
长城环亚控股(00583) - 2024 - 年度业绩