Financial Performance - Property sales amounted to RMB 12.462 billion, a decrease of 55% from RMB 27.650 billion in the previous year[2]. - Total property deliveries were RMB 31.592 billion, slightly down from RMB 31.651 billion year-on-year[2]. - The company reported a loss attributable to owners of HKD 4.122 billion, compared to a loss of HKD 3.962 billion in the previous year[4]. - Revenue for the year was HKD 5.537 billion, down 58% from HKD 13.075 billion in the previous year[4]. - The company recorded a gross loss of HKD 1.390 billion, compared to a gross loss of HKD 648 million in the previous year[4]. - The company’s equity attributable to owners decreased to HKD 10.815 billion from HKD 15.696 billion, a decline of 31%[8]. - The group reported total revenue of HKD 5,536,911 thousand for the year 2024, a decrease from HKD 13,075,348 thousand in 2023, reflecting a significant decline in performance[19]. - Revenue from property sales amounted to HKD 4,333,692 thousand in 2024, down from HKD 11,894,654 thousand in 2023, indicating a year-over-year decrease of approximately 63.6%[19]. - The group reported a total segment loss of HKD (3,223,924) in 2024, an improvement from a loss of HKD (3,648,564) in 2023[28]. - The group’s total comprehensive loss for the year was HKD (3,308,309), an improvement from HKD (3,760,547) in the previous year[28]. Assets and Liabilities - Total assets decreased to HKD 57.513 billion from HKD 73.146 billion, reflecting a decline of approximately 21%[7]. - Cash and bank balances fell to HKD 4.274 billion from HKD 5.480 billion, a decrease of 22%[7]. - Total assets less current liabilities amounted to HKD 35.251 billion as of December 31, 2024, down from HKD 41.744 billion in 2023[53]. - The company’s total current assets were HKD 12.314 billion, a decrease from HKD 14.166 billion in the previous year[53]. - Segment assets totaled HKD 57,148,438 in 2024, down 21.4% from HKD 72,668,595 in 2023[28]. - Segment liabilities decreased to HKD (35,997,376) in 2024, compared to HKD (45,112,052) in 2023, reflecting a reduction of 20.4%[28]. Revenue Sources - The group’s revenue primarily derived from the sale of completed residential properties and property management services[32]. - Revenue from mainland China accounted for HKD 5,022,138 thousand in 2024, while revenue from Hong Kong was only HKD 271,428 thousand, highlighting the dominance of the mainland market[19]. - The group’s share of revenue from real estate joint ventures and associates was HKD 10,812,854, a slight decrease of 2.4% from HKD 11,078,905 in 2023[21]. - The group’s revenue from commercial rental and other income increased to HKD 243,345 in 2024, up 11.5% from HKD 218,147 in 2023[21]. - The group’s share of toll revenue from infrastructure joint ventures was HKD 1,015,612, a decline of 45.1% from HKD 1,873,573 in 2023[21]. Market Outlook and Strategy - The company plans to focus on expanding its infrastructure projects and exploring new investment opportunities in the upcoming year[2]. - The outlook for 2025 anticipates continued challenges in the domestic real estate market, with a cautious investment approach due to economic uncertainties[82]. Accounting and Compliance - The group expects the implementation of new accounting standards to impact the presentation of the income statement and future disclosures, with full effects anticipated after January 1, 2027[16]. - The group has not applied any new accounting standards that have been issued but are not yet effective, indicating a cautious approach to upcoming regulatory changes[15]. - The revised HKFRS 18 will replace HKAS 1 and introduce new requirements for the presentation and disclosure of financial statements, which the group is currently evaluating[16]. - The application of revised HKFRS will not have a significant impact on the group's financial position or performance for the current and prior years[13]. - The company has complied with all applicable code provisions of the Corporate Governance Code during the year ended December 31, 2024[86]. - The consolidated financial statements for the year ended December 31, 2024, have been reviewed by the audit committee and external auditors[87]. Employee and Operational Metrics - The total number of employees as of December 31, 2024, was 3,551, with employee expenses amounting to HKD 844 million[80]. - The company did not declare any interim or final dividends for the years 2023 and 2024[45][56]. Foreign Exchange and Financial Management - The group recorded a foreign exchange loss of approximately HKD 608 million due to the continued depreciation of the RMB in 2024[78]. - The group repaid loans totaling HKD 6.803 billion in 2024, resulting in a decrease in the net equity debt ratio to 55%[75]. - The net debt-to-equity ratio improved to 55% from 63% year-on-year[2]. - The net equity debt ratio as of December 31, 2024, was 55%, and the net debt to total capital ratio was 36%[74]. Property Sales and Development - The company achieved property sales of RMB 12.462 billion for the year ending December 31, 2024, a decrease of approximately 55% compared to the previous year[56]. - The real estate division's sales revenue in 2024 was RMB 12.231 billion, a decrease of approximately 55% compared to 2023[64]. - The average selling price of properties in the real estate division was RMB 21,000 per square meter, with mainland properties averaging RMB 16,000 per square meter and Hong Kong properties at HKD 201,000 per square meter[66]. - The company delivered properties worth approximately RMB 31.592 billion in 2024, covering an area of about 1.21 million square meters and totaling around 15,000 units[60]. - The company’s land reserves as of December 31, 2024, were approximately 2.59 million square meters, with 430,000 square meters sold but not yet delivered[59]. - The company completed the sale of all its mainland highway business on April 22, 2024, resulting in a significant decrease in revenue contribution from this segment[61].
路劲(01098) - 2024 - 年度业绩