Financial Performance - The group's revenue for the fiscal year 2024 was HKD 784,650,000, a decrease of HKD 49,325,000 or 5.9% compared to HKD 833,975,000 in 2023[5] - The group's profit before tax for 2024 was HKD 233,265,000, down HKD 45,756,000 or 16.4% from HKD 279,021,000 in 2023[6] - The profit attributable to shareholders for 2024 was HKD 205,221,000, a decline of HKD 32,433,000 or 13.6% compared to HKD 237,654,000 in 2023, with basic and diluted earnings per share at HKD 0.2210[7] - Gross profit fell by 20.1% to HKD 284,129,000 from HKD 355,565,000, with a pre-tax profit decline of 16.4% to HKD 233,265,000[26] - EBITDA decreased to HKD 602,477,000, with an EBITDA margin of 76.8%, down from 80.2%[33] - The operating profit decreased to HKD 294,902,000, a decline of 14.2% compared to HKD 343,800,000 in the previous year[48] - The annual profit attributable to the company was HKD 202,320,000, representing a decrease of 15.0% from HKD 237,654,000 in 2023[48] - Total tax expenses for the year were HKD 30,945,000 in 2024, down from HKD 41,367,000 in 2023, reflecting a reduction of 25.1%[68] Dividends - The company declared an interim cash dividend of HKD 0.045 per share and proposed a final cash dividend of HKD 0.065 per share for the fiscal year 2024, down from HKD 0.145 per share in 2023[9] - The company declared a dividend of HKD 41,786,000 for the year 2024, compared to HKD 46,429,000 for 2023[54] - The interim dividend per ordinary share decreased to HKD 0.045 in 2024 from HKD 0.050 in 2023, a reduction of 10%[72] - The proposed final dividend per ordinary share decreased significantly to HKD 0.065 in 2024 from HKD 0.145 in 2023, a decrease of 55.2%[72] - The company declared a final dividend of HKD 60,357,000 after the reporting period[90] Market Conditions - The satellite transponder market remains in a state of oversupply, with declining rental prices impacting the group's transponder leasing business[20] - The company expects continued pressure on market expansion in the transponder leasing business due to economic challenges and currency shortages in client countries[22] Business Strategy - The company plans to expand its traditional satellite resource leasing business while leveraging high-throughput satellites to provide quality broadband services[22] - The group aims to integrate satellite ground systems, gateway operations, network operations, and transponder resources to offer comprehensive services to clients[22] - The company is actively exploring new satellite project investments and business areas to enhance competitiveness and service capabilities[23] - The group has established or acquired gateway station service capabilities in locations such as Hong Kong, Australia, Indonesia, and Malaysia to support high-throughput satellite operations[18] Assets and Liabilities - Total cash and bank balances increased by 14.0% to HKD 2,448,394,000, with a current asset ratio of 12.27 times, up from 9.80 times[26] - Total liabilities decreased by 12.7% to HKD 877,443,000, resulting in a debt-to-asset ratio of 12.6%, down 1.6 percentage points from the previous year[37] - The company's non-current liabilities decreased to HKD 662,822,000 from HKD 770,961,000 in the previous year[52] - The financial guarantee liability as of December 31, 2024, was HKD 2,355,000, compared to zero in 2023[45] - The company has a maximum financial guarantee liability of RMB 163,440,000 (equivalent to HKD 177,382,000) as of December 31, 2024[45] Income and Revenue Sources - Revenue from satellite transponder capacity for 2024 was HKD 680,358,000, a decrease of 7.8% from HKD 737,997,000 in 2023[60] - Revenue from satellite broadcasting and telecommunications services increased to HKD 4,123,000 in 2024 from HKD 3,979,000 in 2023, reflecting a growth of 3.6%[60] - The revenue from a major customer accounted for HKD 229,111,000 in 2024, slightly up from HKD 225,319,000 in 2023, representing a growth of 0.8%[61] - Non-current assets are primarily located in Hong Kong, with total revenue from Hong Kong customers amounting to HKD 136,785,000 in 2024, up from HKD 133,446,000 in 2023[63] - Interest income from bank deposits increased to HKD 108,786,000 in 2024 from HKD 87,597,000 in 2023, representing a growth of 24.5%[64] Capital Expenditures - Capital expenditures for property, plant, and equipment amounted to HKD 48,733,000, significantly higher than HKD 17,182,000 in 2023[34] - Construction in progress increased significantly to HKD 38,022,000 in 2024 from HKD 14,309,000 in 2023, indicating a growth of 165.5%[78] Corporate Governance - The company maintained strict corporate governance standards, focusing on regulatory compliance and internal controls[92] - The company has complied with the Corporate Governance Code during the fiscal year 2024, with some exceptions noted[95] Employee Information - The group employed a total of 122 staff members as of December 31, 2024, and continues to provide on-the-job training for employees[93]
亚太卫星(01045) - 2024 - 年度业绩