Financial Performance - Total revenue for the year ending December 31, 2024, was HKD 14,173,000, compared to HKD 9,256,000 in the same period of 2023, representing a growth of 53.5%[4] - Net rental income increased to HKD 11,730,000 from HKD 6,299,000, marking an increase of 86.5% year-over-year[4] - The company reported a total loss for the year of HKD 620,831,000, compared to a loss of HKD 122,582,000 in 2023, indicating a significant increase in losses[4] - Loss attributable to equity holders of the company was HKD 343,492,000, compared to HKD 72,851,000 in the previous year, reflecting a rise of 371.5%[4] - Basic loss per share for the year was HKD 2.83, compared to HKD 0.60 in the previous year, reflecting a deterioration in per-share performance[4] - The total comprehensive loss for the year was HKD 624,114,000, compared to HKD 122,582,000 in 2023, indicating a substantial increase in comprehensive losses[4] - The company reported a net loss from other gains and losses of HKD 579,867,000, compared to a loss of HKD 83,120,000 in 2023, indicating a significant increase in losses from this category[4] Assets and Liabilities - Total non-current assets increased from HKD 768,300,000 in 2022 to HKD 1,331,800,000 in 2023, representing a growth of 73.5%[5] - Current assets rose from HKD 769,228,000 in 2022 to HKD 1,348,070,000 in 2023, marking an increase of 75.1%[5] - Total liabilities decreased from HKD 494,559,000 in 2022 to HKD 653,786,000 in 2023, indicating a reduction of 32.2%[5] - The company's cash and cash equivalents increased from HKD 628,000,000 in 2022 to HKD 1,670,000,000 in 2023, a growth of 166.5%[5] - The company reported a net asset value of HKD 694,284,000 in 2023, compared to HKD 70,170,000 in 2022, reflecting a significant increase[5] - The company’s total liabilities include bank borrowings of HKD 390,024,000 in 2022, which increased to HKD 410,551,000 in 2023[5] - As of December 31, 2024, the group has net current liabilities of HKD 494,559,000, primarily consisting of bank borrowings of HKD 390,024,000[9] Financial Reporting and Compliance - The company has submitted its consolidated financial statements for the year ended December 31, 2023, in compliance with Hong Kong Companies Ordinance[6] - The company plans to submit its consolidated financial statements for the year ending December 31, 2024, at the appropriate time[6] - The new Hong Kong Financial Reporting Standards (HKFRS) No. 18 will take effect on January 1, 2025, replacing HKFRS No. 1 and significantly impacting the presentation and disclosure of financial statements[22] - The anticipated changes in HKFRS No. 18 are expected to have a substantial effect on the classification and subtotals within the income statement, as well as the disclosure of performance indicators defined by management[24] - The company is required to comply with HKFRS No. 19, which specifies disclosure requirements for entities that are not publicly accountable, affecting its financial reporting obligations[23] - The company has not yet adopted the newly issued or revised HKFRS that have been published but are not yet effective, indicating a future alignment with these standards[22] Investment Properties - The group recorded a fair value loss of HKD 575,600,000 on investment properties for the year ending December 31, 2024[30] - The fair value loss on investment properties was HKD 575,600,000, significantly higher than the loss of HKD 86,300,000 in the previous year[37] - The investment property portfolio had a carrying value of approximately HKD 768,300,000 as of December 31, 2024, down from HKD 1,331,800,000 in 2023[94] - The company maintained its valuation techniques for investment properties without any changes compared to the previous year[51] Revenue Sources - Total rental income from investment properties amounted to HKD 14,173,000 in 2024, compared to HKD 9,256,000 in 2023, representing a year-over-year increase of approximately 52.5%[25] - The group’s revenue is solely derived from Hong Kong, with no non-current assets located outside of Hong Kong[34] - Rental income from related parties for the year ended December 31, 2024, is HKD 300,000,000[73] Future Outlook and Strategy - The group plans to reassess its marketing strategy to reduce the vacancy rate of its investment properties in the near future[13] - The group will consider selling certain investment properties as needed to strengthen its liquidity position[13] - The company anticipates an increase in rental income due to a recovery in economic activity and consumer confidence in the region[106] - The management aims to enhance property occupancy rates and explore potential property acquisitions or sales for stable income and capital appreciation[106] - Demand for office space, particularly from retail, entertainment, financial institutions, and professional services, is expected to rise, potentially improving the company's financial performance[106] Corporate Governance - The company has adhered to all corporate governance rules except for the separation of roles between the Chairman and the CEO, which is not currently in place[107] - The board of directors consists of experienced individuals who meet regularly to discuss operational matters, ensuring accountability despite the absence of a formal CEO[109] - The audit committee has held two meetings during the fiscal year ending December 31, 2024, to review financial reporting matters[111] - The audit committee has reviewed the group's financial performance for the fiscal year and confirmed compliance with relevant accounting standards[112] Shareholder Information - The company did not recommend any final dividend for the year, consistent with the previous year[90] - The annual report containing all required information will be sent to shareholders and published on the company's website[116] - The company expresses gratitude to the board, management, employees, customers, suppliers, business partners, and shareholders for their continued support[117]
远东控股国际(00036) - 2024 - 年度业绩