Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 244,604,000, a decrease of 12.2% compared to HKD 278,542,000 in 2023[5] - Other income increased significantly to HKD 3,708,000 from HKD 1,427,000, representing a growth of 159.5%[5] - The company reported a loss before tax of HKD 6,312,000, an improvement from a loss of HKD 9,453,000 in the previous year, indicating a reduction in losses by 33.5%[5] - The total comprehensive loss for the year was HKD 8,555,000, compared to HKD 6,745,000 in 2023, reflecting an increase in losses by 27.0%[5] - Basic and diluted loss per share was HKD 1.14, compared to HKD 0.31 in the previous year, indicating a significant increase in loss per share[5] - The group recorded a net loss of HKD 8,487,000 for the year ended December 31, 2024[21] - Revenue from high-end dining decreased to HKD 140,320,000 in 2024 from HKD 165,020,000 in 2023, representing a decline of approximately 15%[25] - Revenue from mid-range dining dropped to HKD 7,532,000 in 2024 from HKD 16,750,000 in 2023, a decrease of about 55%[25] - Total revenue from dining services for 2024 was HKD 244,604,000, down from HKD 278,542,000 in 2023, indicating a decline of around 12%[25] - The pre-tax loss for 2024 was HKD 21,745,000, a decrease of 24.8% from HKD 28,878,000 in 2023[32] - The net loss attributable to the company's owners for the fiscal year ending December 31, 2024, was approximately HKD 6.6 million, an increase of about HKD 4.8 million from a loss of HKD 1.8 million in 2023[60] Assets and Liabilities - Non-current assets decreased to HKD 27,140,000 from HKD 57,663,000, a decline of 53.1%[6] - Current liabilities decreased to HKD 56,094,000 from HKD 71,641,000, a reduction of 21.8%[6] - The company's cash and cash equivalents stood at HKD 9,162,000, down from HKD 10,359,000, a decrease of 11.5%[6] - The total equity attributable to owners of the company was HKD (1,728,000), compared to HKD 775,000 in 2023, indicating a deterioration in equity position[7] - Current liabilities net amount to HKD 28,976,000 and total liabilities net amount to HKD 15,218,000 as of the same date[21] - Non-current assets located in Hong Kong amounted to approximately HKD 15,132,000 in 2024, down from HKD 33,458,000 in 2023, indicating a significant decrease of 54.8%[28] - The company reported a basic and diluted loss per share of HKD 11.40 for 2024, compared to HKD 3.11 in 2023, indicating a significant increase in loss per share[36] - The company reported a net current liability of approximately HKD 29.0 million as of December 31, 2024, compared to HKD 41.6 million in 2023[61] Operational Changes - The company closed two restaurants, "Mak Mak" and "22 Ships," in September and August 2024, respectively, contributing to the revenue decline[55] - The company is focused on expanding its restaurant operations in Hong Kong, as indicated by its strategic initiatives[10] - The group is implementing measures to strengthen cost control over employee expenses to improve working capital and cash flow[24] - The company achieved a significant milestone with five restaurants receiving Michelin one-star ratings, showcasing its commitment to quality and innovation[51] - The rental expenses increased to approximately HKD 24.6 million for the fiscal year ending December 31, 2024, due to a 14.0% increase in revenue at the "Hong Kong Airport Duddell's" location[59] - The company remains optimistic about the recovery of the Hong Kong dining industry in 2025, driven by an increase in visitors[54] Governance and Compliance - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules[94] - The company has maintained compliance with corporate governance codes, with a commitment to review its governance structure regularly[97] - The roles of the chairman and CEO were separated on February 15, 2024, with Liu Enyu appointed as chairman and Kong Linglei as CEO[98][100] - The company has established a comprehensive internal control and risk management system, which was reviewed by the Audit Committee[107] - The new appointments in the board aim to enhance governance and compliance oversight[104] - The independent auditor confirmed that the figures in the consolidated financial statements are consistent with the amounts reported for the fiscal year ending December 31, 2024[108] Future Outlook and Plans - The group plans to apply new Hong Kong Financial Reporting Standards upon their effective date, with no significant impact expected on the consolidated financial statements in the foreseeable future[14] - The group is assessing the impact of new accounting standards on its consolidated financial statements, particularly regarding performance indicators and additional disclosures[17] - The company plans to utilize proceeds from a previous placement to develop cloud kitchen operations and upgrade sales channels, with approximately HKD 4.5 million (34.1%) allocated for this purpose[78] - The proceeds from a second placement are intended for expanding premium coffee services, with HKD 9.0 million (51.4%) earmarked for this initiative[82] - The company has no major investments or acquisitions planned for the upcoming year[73] Employee and Labor Relations - As of December 31, 2024, the group had 255 employees, a decrease from 380 employees in 2023, with total employee costs for the year amounting to approximately HKD 97.4 million compared to HKD 103.2 million in 2023[83] - The company has not experienced any strikes, work stoppages, or significant labor disputes during the reporting year, maintaining good relations with employees[85] Shareholder and Financial Management - The company did not declare or propose any dividends for the year, consistent with 2023[35] - The company has no bank borrowings as of December 31, 2024, compared to approximately HKD 4.8 million in 2023[61] - The controlling shareholder has confirmed that they will not demand repayment of due amounts until it does not affect the company's ability to repay other obligations[69] - The company has no significant foreign exchange risk exposure as most transactions are settled in Hong Kong dollars[65] - The company has not established an internal audit function as of December 31, 2024, but plans to review the need for it annually[97]
佳民集团(08519) - 2024 - 年度业绩