Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 1,048,000,000, a decrease from HKD 1,062,000,000 in 2023[3]. - The loss attributable to shareholders for 2024 was HKD 95,000,000, significantly improved from a loss of HKD 656,000,000 in 2023[3]. - Total revenue for the year ended December 31, 2024, was HKD 1,047,591 thousand, a decrease of 1.99% from HKD 1,061,755 thousand in 2023[39]. - The total comprehensive loss for the year was HKD 181,989 thousand, compared to HKD 907,159 thousand in 2023, indicating a substantial reduction in losses[40]. - The company reported a loss before tax of HKD 120,216 thousand, significantly improved from a loss of HKD 890,412 thousand in the previous year[39]. - The adjusted loss attributable to shareholders for the year 2024 is approximately HKD 95,062,000, compared to HKD 656,107,000 in 2023, indicating a significant reduction in losses by approximately 85.5%[80]. Revenue Sources - The company generated total revenue of HKD 743,000,000 from its investment properties in the U.S. for the year, down from HKD 868,000,000 in 2023, with an average occupancy rate of 73%[11]. - The company recorded property sales revenue of HKD 293,000,000 in 2024, an increase from HKD 186,000,000 in 2023, primarily from a development project in Brooklyn, New York[13]. - Revenue from the US property investment segment was HKD 742,702,000, while the US property development segment generated HKD 295,941,000, contributing to a total revenue of HKD 1,050,936,000 from operating segments[62]. Expenses and Costs - Operating expenses decreased from HKD 601,739,000 in 2023 to HKD 530,352,000 in 2024, primarily due to the sale of several US investment properties[18]. - Direct costs and operating expenses decreased to HKD 530,352 thousand from HKD 601,739 thousand, resulting in a gross profit of HKD 517,239 thousand, up 12.43% from HKD 460,016 thousand[39]. - Administrative and other expenses decreased to HKD 186,724,000 in 2024 from HKD 194,288,000 in 2023, mainly due to cost control measures[24]. - Financial costs related to loans decreased by HKD 70,000,000 to HKD 330,000,000 in 2024 due to the repayment of certain borrowings[25]. Asset and Liability Management - The company’s property development projects in the U.S. had a total book value of HKD 767,000,000 as of December 31, 2024, down from HKD 1,350,000,000 in 2023[13]. - Cash resources decreased to HKD 374,000,000 as of December 31, 2024, down from HKD 456,000,000 in 2023, with total loans amounting to HKD 3,797,000,000[27]. - The net debt ratio was 65% as of December 31, 2024, slightly up from 64% in 2023, indicating stable capital and debt management[28]. - Current liabilities rose to HKD 1,100,502 thousand from HKD 837,659 thousand, with loans increasing to HKD 652,925 thousand from HKD 385,088 thousand[44]. - The company's equity attributable to shareholders decreased to HKD 4,337,387 thousand from HKD 4,458,503 thousand, reflecting the comprehensive loss for the year[44]. Investment and Future Plans - The company plans to continue optimizing its asset portfolio and closely monitor tenant needs in the real estate market[12]. - The company anticipates utilizing the net proceeds for real estate investment projects by the fourth quarter of 2025, subject to market conditions[37]. - The company plans to allocate approximately HKD 77,500,000 to HKD 93,000,000 (43% to 52% of net proceeds) from recent fundraising activities for real estate projects in the New York metropolitan area[35]. - The company remains cautious in identifying suitable investment opportunities due to the current global economic uncertainties[37]. Market Conditions and Economic Outlook - The company expects global economic recovery to continue into 2025, although growth may slow, with potential impacts from inflation and geopolitical tensions[7]. - The company has not declared or proposed any dividends for the years ending 2024 and 2023[83]. Compliance and Governance - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance for the current year[96]. - The company has adhered to the corporate governance code, except for the requirement of the chairman meeting with independent non-executive directors without other directors present[97]. - The audit committee has reviewed the accounting principles and policies adopted by the group for the fiscal year ending December 31, 2024[98]. - The group's auditor has agreed that the figures in the preliminary performance announcement align with the audited consolidated financial statements for the year[99].
盛洋投资(00174) - 2024 - 年度业绩