Financial Performance - The company's net loss attributable to shareholders for the year ended December 31, 2024, was HKD 125 million, compared to a loss of HKD 72 million in the previous year, representing an increase in loss of approximately 74%[2] - The company reported a post-tax loss of HKD 96 million for the year ending December 31, 2024, compared to a loss of HKD 120 million in 2023[16] - The consolidated post-tax loss for the group was HKD 1.116 billion for the year ending December 31, 2024, up from HKD 620 million in 2023[17] - The company reported a basic and diluted loss per share of HKD 4.1 for the year ending December 31, 2024, compared to HKD 2.4 in 2023[25] - Pre-tax loss for the year was HKD 125 million, compared to a loss of HKD 72 million in 2023, indicating a deterioration in performance[54] Revenue and Sales - The total sales revenue for self-operated products decreased by 10% to HKD 287 million, with a gross margin of 31%, down from 34% in the previous year[10][11] - The total sales amount from consignment and franchised counters decreased by 12% to HKD 1,358 million, with commission income falling to HKD 308 million, also down 12% year-on-year[9][12] - Total revenue for the year 2024 was HKD 1,535 million, a decrease of 1% from HKD 1,551 million in 2023[50] - Sales revenue increased to HKD 1,151 million in 2024 from HKD 1,118 million in 2023, representing a growth of 3%[42] Assets and Liabilities - The company's net asset value as of December 31, 2024, was HKD 1.053 billion, or HKD 0.35 per share, compared to HKD 1.173 billion or HKD 0.38 per share in the previous year[2] - The total assets less current liabilities amounted to HKD 1.645 billion as of December 31, 2024, down from HKD 1.866 billion in 2023[29] - Total liabilities for lease obligations decreased to HKD 666 million in 2024 from HKD 924 million in 2023[79] - The group had no bank borrowings other than lease liabilities amounting to HKD 666,000,000 as of December 31, 2024, compared to HKD 924,000,000 in 2023[91] Operational Efficiency - The company is focusing on improving operational efficiency by consolidating the operations of Citistore and Unicorn[6] - The company plans to optimize its store network and expand its membership loyalty program to enhance customer engagement[20] Employee and Costs - The company’s employee costs, excluding director remuneration, decreased to HKD 256 million in 2024 from HKD 276 million in 2023[47] - The total employee cost for the year ending December 31, 2024, was HKD 257,000,000, down from HKD 277,000,000 in 2023[98] - The group had 866 full-time employees as of December 31, 2024, a decrease from 962 in 2023[98] Goodwill and Impairment - The goodwill for Citistore is valued at HKD 810 million, and for Unicorn at HKD 262 million, totaling HKD 1,072 million as of December 31, 2024[60] - The board assessed that there is no impairment loss for Citistore goodwill as of December 31, 2024, with recoverable amount exceeding the carrying value[64] - The board has determined that there is no impairment loss for Unicorn goodwill as of December 31, 2024[70] - Sensitivity analysis indicates potential impairment losses for Citistore goodwill could be HKD 19 million, HKD 82 million, and HKD 183 million under various scenarios[65] Compliance and Reporting - The company is committed to compliance with the Hong Kong Financial Reporting Standards and relevant regulations[32] - The company’s financial statements are prepared on a going concern basis, indicating confidence in its operational sustainability[34] - The company’s auditors issued unqualified opinions on the financial statements for both years, indicating no significant issues were raised[33] Dividends - The company did not recommend a final dividend for the year due to the recorded loss[3] - The company did not declare any interim or final dividends for the year 2024, consistent with 2023[53]
恒基发展(00097) - 2024 - 年度业绩