Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 508,317,000, representing an increase of 7.1% compared to HKD 472,980,000 in 2023[3] - Gross profit for the same period was HKD 471,062,000, up from HKD 440,166,000 in 2023, indicating a growth of 7.0%[3] - The net loss attributable to equity holders of the parent for the year was HKD 617,924,000, a significant improvement from a loss of HKD 1,937,240,000 in the previous year, reflecting a reduction of 68.1%[3] - The total comprehensive loss for the year was HKD 742,169,000, compared to HKD 1,281,955,000 in 2023, marking a decrease of 42.0%[4] - The company reported a total pre-tax loss of HKD 595,580,000 for 2024, a reduction from HKD 1,916,167,000 in 2023, reflecting a 68.9% decrease[18] - The adjusted loss before tax for property development and investment was HKD 106,253,000 in 2024, compared to a loss of HKD 1,197,222,000 in 2023, indicating a significant improvement[16] - The company reported a net loss from financial assets of HKD 66,205,000 in 2024, compared to a loss of HKD 136,053,000 in 2023, showing an improvement in financial performance[23] - The loss attributable to shareholders for the year was HKD 617.9 million, significantly reduced from HKD 1,937.2 million in 2023, primarily due to a fair value gain of approximately HKD 308.8 million from investment properties in the UK[36] - Basic loss per share for the year was HKD 0.1592, compared to HKD 0.4990 in 2023[36] Assets and Liabilities - The company's total assets decreased to HKD 20,103,275,000 from HKD 22,785,943,000, a decline of 11.8%[6] - Current liabilities exceeded current assets by HKD 482,310,000, primarily due to HKD 2,321,829,000 in notes payable maturing in September 2025[8] - Non-current assets totaled HKD 20,501,516,000 in 2024, down from HKD 21,299,093,000 in 2023, representing a decrease of 3.7%[21] - The company reported cash and cash equivalents of HKD 1,535,223,000, down from HKD 2,586,638,000 in 2023, a decrease of 40.6%[6] - The company's net debt slightly decreased to HKD 8.4 billion as of December 31, 2024, compared to HKD 8.6 billion in 2023, while the net debt to equity ratio increased from 63.7% to 65.9%[75] - Total debt as of December 31, 2024, is HKD 10.3 billion, down from HKD 11.4 billion in 2023, with a debt to total assets ratio of 44%[77] Investment Properties - The company’s investment properties increased slightly to HKD 11,061,312,000 from HKD 10,963,627,000, reflecting a growth of 0.9%[6] - Investment property fair value gains amounted to HKD 308,790,000 in 2024, contrasting with a loss of HKD 1,998,151,000 in 2023, showcasing a turnaround in performance[16] - The company recorded a fair value loss of HKD 308.8 million on investment properties in 2023, compared to a gain in 2024[36] - Fair value gains from investment properties in the UK amounted to HKD 308.8 million, compared to a fair value loss of HKD 2 billion in 2023[43] Revenue Sources - For the fiscal year ending December 31, 2024, total revenue from external customers was HKD 508,317,000, a decrease of 3.5% from HKD 472,980,000 in 2023[19] - The total revenue from the UK was HKD 455,722,000 in 2024, down from HKD 471,138,000 in 2023, indicating a decline of 3.3%[19] - Rental income from investment properties was HKD 455.7 million, a decrease of 3.3% from HKD 471.1 million in the previous year, mainly due to new lease agreements for One Kingdom Street not being completed until the second half of 2024[42][48] Financing and Costs - The company’s financing costs decreased to HKD 620,343,000 from HKD 640,772,000, a reduction of 3.4%[3] - The company incurred financing costs of HKD 620,343,000 in 2024, slightly lower than HKD 640,772,000 in 2023, indicating improved cost management[16] - The interest expense on bank and other borrowings was HKD 494.2 million in 2024, down from HKD 514.6 million in 2023[25] Operational Highlights - The company has a commitment for a revolving loan facility of HKD 3 billion from its chairman, which remains undrawn as of December 31, 2024[8] - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with 2023[29] - The company employs 105 staff across Hong Kong, mainland China, and the UK, with total salary costs (excluding directors' remuneration) amounting to approximately HKD 127 million for the year[82] Strategic Outlook - The company anticipates continued instability in the business environment, focusing on the stability and sustainability of its existing property portfolio while adjusting strategies accordingly[70] - The company plans to remain vigilant in selecting quality assets and business acquisitions amidst geopolitical tensions and ongoing interest rate hikes[70] - The company maintains a conservative strategy, focusing on acquiring long-term financing for individual properties and managing financial risks through interest rate swaps and currency hedging[75][80] Compliance and Governance - Ernst & Young, the independent auditor, confirmed that the financial figures in the announcement align with the draft consolidated financial statements for the year ending December 31, 2024[86] - The audit committee has reviewed the accounting policies and practices adopted by the group and discussed the consolidated performance for the year ending December 31, 2024[87] - The company has adopted the "Code of Conduct for Securities Transactions by Directors" as per the Listing Rules Appendix C3, confirming compliance by all directors throughout the year[84] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the year[85] Development Projects - The group holds development rights for approximately 8.1 million square feet across key locations in the UK, Hong Kong, and mainland China, which are expected to contribute significantly to profitability in the short to medium term[53] - The group has pre-sold a total of 495 residential units in Thames City valued at over £989 million and 99 residential properties in The Whiteley totaling approximately £651 million as of December 31, 2024[54] - Thames City project will include approximately 1,500 luxury residential units with a total saleable area of about 1.7 million square feet, and has already confirmed sales of 43 units contributing £137 million in revenue[55] - The second and third phases of Thames City are in preparation, with saleable areas of 531,000 square feet and 590,000 square feet respectively, with the second phase expected to commence construction in the first half of 2025[56] - The Whiteley redevelopment project will provide approximately 603,000 square feet of space, including 139 luxury residential apartments and a five-star hotel with 109 rooms, with a total investment commitment of £182 million[58] - As of December 31, 2024, The Whiteley has pre-sold 99 residential units for £651 million, with 65 units delivered generating total sales of £484 million[60] - The group holds a 25% interest in the Kai Tak project, which has a total saleable area of approximately 795,000 square feet and a current occupancy rate of 75%[62] - Four luxury houses at 15 Shouson Hill were sold, contributing approximately HK$2.4 billion in total sales revenue, with eight houses remaining for sale[63] - The group has a 15% interest in the Kowloon Bay International Trade and Exhibition Centre, which is currently awaiting redevelopment approval[65] - The Jiangsu Yancheng project has a planned total investment of RMB 496 million, with a saleable area of 1.56 million square feet upon completion[66] - The Guangdong Jiangmen project has a total investment cost of RMB 703 million, providing a total construction area of approximately 19.2 million square feet[67] Other Income and Gains - Total other income and gains amounted to HKD 383.1 million in 2024, a substantial increase from HKD 75.1 million in 2023[25] - The company generated realized net gains of HKD 12.2 million from the sale of listed equity securities and redemption of non-listed investment funds, compared to no realized gains in 2023[73] - The company reported an unrealized fair value gain of HKD 4.1 million for the year, a significant recovery from a fair value loss of HKD 136.1 million in 2023[73]
中渝置地(01224) - 2024 - 年度业绩