Financial Performance - Total revenue for the year ended December 31, 2024, was approximately HKD 160,754,000, a decrease of about 12.4% compared to HKD 183,442,000 in 2023[5] - Loss attributable to owners of the company was approximately HKD 26,473,000, compared to a loss of HKD 17,500,000 in 2023[5] - Total comprehensive loss for the year was HKD 36,486,000, compared to HKD 34,783,000 in 2023[8] - Basic and diluted loss per share was HKD 0.026, compared to HKD 0.017 in 2023[8] - The company reported a significant increase in financing costs to HKD 11,965,000 from HKD 8,617,000 in 2023[7] - The total comprehensive loss before tax for the year ending December 31, 2024, was HKD 27,103,000, compared to a loss of HKD 17,083,000 in the previous year[46] - The company reported a loss attributable to shareholders of HKD 26,473,000 for 2024, compared to a loss of HKD 17,500,000 in 2023[61] - Total revenue for the fiscal year ending December 31, 2024, was HKD 160,754,000, down 12.3% from HKD 183,442,000 in 2023[53] Assets and Liabilities - Non-current assets totaled HKD 654,879,000 as of December 31, 2024, compared to HKD 647,090,000 in 2023[10] - Current assets decreased to HKD 101,427,000 from HKD 108,196,000 in 2023[10] - Total liabilities increased to HKD 494,944,000 from HKD 454,672,000 in 2023[11] - Net assets decreased to HKD 261,362,000 from HKD 300,614,000 in 2023[11] - The total equity as of December 31, 2024, is projected to be HKD 218,604,000, down from HKD 254,572,000[15] - The group's total assets as of December 31, 2024, were approximately HKD 756,306,000, compared to approximately HKD 755,286,000 in 2023[86] Revenue Sources - For the fiscal year ending December 31, 2024, the company's revenue from the sale and distribution of natural gas was HKD 106,968,000, a decrease of 25.1% from HKD 142,773,000 in 2023[50] - Revenue from gas transportation services recognized over time was HKD 14,519,000 for 2024, compared to none in 2023[50] - The revenue from a major customer in the gas distribution segment was HKD 78,416,000, accounting for approximately 49% of total revenue in 2024, up from HKD 74,135,000 and 40% in 2023[52] Dividends and Shareholder Returns - The board of directors proposed no dividend for the year ended December 31, 2024, consistent with 2023[5] - The company did not declare any dividends for the fiscal year ending December 31, 2024, consistent with 2023[59] Operational Insights - The company aims to enhance operational cost control measures to improve profitability and generate positive cash flow from operations[13] - The natural gas business remains the cornerstone of the company's operations, supported by government policies promoting clean energy usage[74] - The biomass gasification heating business in Huaining County, Anhui Province, is expected to generate significant revenue in the future, despite experiencing losses in 2024 due to incomplete factory construction[76] - The property investment business in Yichang continues to provide stable cash inflow, although rental income slightly declined due to overall real estate market performance[77] Financial Management and Governance - The company has not engaged in any supplier financing arrangements, thus recent accounting standard revisions have no impact on its financial statements[22] - The group plans to apply the new and revised standards upon their effective date without early adoption[25] - The audit committee, composed of independent non-executive directors, held four meetings during the review year to oversee the financial reporting process and internal control systems[97] - The financial statements for the year ending December 31, 2024, were reviewed and deemed compliant with applicable accounting standards and GEM listing rules[97] - The company has adhered to the corporate governance code, except for the separation of roles between the chairman and the CEO, which remains unfulfilled as there is no designated CEO[101] Cash Flow and Financing - The company recorded a foreign exchange loss of HKD 11,697,000 for the year, contributing to the overall comprehensive loss[15] - The total interest expense for financing was HKD 18,219,000 in 2024, compared to HKD 17,162,000 in 2023[55] - The company incurred research and development expenses of HKD 2,030,000 in 2024, an increase from HKD 1,007,000 in 2023[55] - As of December 31, 2024, the company has unused bank and other loan financing totaling RMB 71,105,000 (approximately HKD 75,671,000) available for use until September 20, 2033, and December 31, 2025, respectively[13] Credit and Receivables Management - The company maintains strict credit control to minimize credit risk, with overdue balances reviewed regularly by senior management[67] - The impairment loss provision for accounts receivable decreased to HKD 5,826,000 in 2024 from HKD 6,020,000 in 2023, reflecting a reduction of 3.2%[69] - The company reported that all accounts receivable were settled within 90 days as of December 31, 2024, with no overdue amounts[67]
中国基础能源(08117) - 2024 - 年度业绩