Financial Performance - Revenue decreased by 1.1% to HKD 481.6 million for the year ended December 31, 2024, compared to HKD 487.1 million in 2023[3] - The loss for the year was HKD 340.2 million, which includes a fair value loss on investment properties of HKD 301.2 million, compared to a loss of HKD 164.4 million in 2023[3] - Basic loss per share increased to HKD 1.16 from HKD 0.65 in the previous year[4] - The group recorded a basic loss of HKD 39.0 million after excluding fair value losses on investment properties, compared to HKD 28.3 million in 2023[3] - Total revenue for the year ended December 31, 2024, was HKD 481,554,000, a decrease of 1.04% from HKD 487,063,000 in 2023[14] - The company reported a total loss of HKD 340,186,000 for the year, with a loss of HKD 263,755,000 from Hong Kong operations and HKD 76,431,000 from the United States[18] - Basic earnings before tax for property leasing and related services showed a loss of HKD 34,770,000, while hotel and restaurant operations reported a loss of HKD 4,208,000[18] - The group recorded a consolidated loss of HKD 340.2 million for the year, compared to a loss of HKD 164.4 million in 2023, with a loss per share of HKD 1.16[31] - Excluding the fair value loss on investment properties, the group's EBITDA for the year was HKD 166.9 million, down from HKD 173.4 million in 2023[32] Dividends - Proposed final dividend per ordinary share is HKD 0.05, down from HKD 0.06 in 2023[3] - The company declared an interim dividend of HKD 11,507,000 (HKD 0.04 per share) for 2024, down from HKD 17,260,000 (HKD 0.06 per share) in 2023[26] - Proposed final dividend for 2024 is HKD 14,383,000 (HKD 0.05 per share), compared to HKD 17,260,000 (HKD 0.06 per share) in 2023[27] - The total proposed final dividend is HKD 0.05 per share, down from HKD 0.06 per share in 2023, resulting in a total distribution of HKD 0.09 per share for the fiscal year, compared to HKD 0.12 per share in 2023[58] Assets and Liabilities - Total assets decreased to HKD 11.53 billion from HKD 11.89 billion in 2023[7] - Non-current assets decreased to HKD 11.27 billion from HKD 11.63 billion in 2023[7] - Long-term bank loans increased significantly to HKD 2.12 billion from HKD 1.07 billion in 2023[9] - Total liabilities increased slightly to HKD 2.99 billion from HKD 2.98 billion in 2023[9] - The total equity decreased by HKD 371.5 million to HKD 8,541.2 million as of December 31, 2024[40] - The net debt-to-equity ratio increased to 30.8% from 28.9% in 2023[40] - As of December 31, 2024, the group's bank borrowings secured by investment properties and land amounted to HKD 2,629.7 million, an increase from HKD 2,562.0 million in 2023[46] - The group's long-term bank loans due within one year are HKD 360.5 million, a decrease from HKD 1,143.2 million in 2023[47] Revenue Sources - Revenue from property leasing was HKD 350,164,000, with HKD 292,877,000 from Hong Kong and HKD 57,287,000 from the United States[18] - Total revenue for the year ended December 31, 2023, was HKD 487,063,000, with contributions of HKD 416,953,000 from Hong Kong and HKD 70,110,000 from the United States[19] - The gross rental income from Montgomery Plaza in the US decreased by HKD 12.8 million or 18.3% to HKD 57.3 million[39] - The core property leasing business remained stable, with gross rental income slightly down by 0.1% year-on-year, while rental income from Hong Kong properties increased by 4.5%[31] Capital Expenditures - Capital expenditures for the year totaled HKD 15,788,000, with HKD 10,715,000 in Hong Kong and HKD 5,073,000 in the United States[18] - Capital expenditure for the year was HKD 36,470,000, with HKD 20,565,000 in Hong Kong and HKD 15,905,000 in the US[19] - Capital expenditure for 2024 was HKD 15.8 million, down from HKD 36.5 million in 2023[41] Accounting and Auditing - The company has not adopted any new accounting standards that would have a significant impact on its financial statements[13] - The company is evaluating the impact of upcoming accounting standards effective from January 2026 and January 2027[13] - The financial auditor reported no reservations regarding the financial statements for the two years ended December 31, 2023, and December 31, 2024[16] Employment and Operations - The group has maintained a full-time employee count of 261 as of December 31, 2024, up from 253 in 2023[51] - The group continues to modernize its real estate portfolio and will closely monitor economic developments for future investment plans[54] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2024[53] - The group has no significant contingent liabilities or guarantees as of December 31, 2024, consistent with 2023[49] - The group has no foreign currency hedging activities as of December 31, 2024[45] - The group’s financial policy aims to strengthen financial operations and reduce borrowing costs, ensuring sufficient cash and cash equivalents for short-term needs[43] - The group has not repurchased any of its shares during the year[56]
大生地产(00089) - 2024 - 年度业绩