WING ON CO(00289) - 2024 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 946,232,000, a decrease of 10.4% compared to HKD 1,056,194,000 in 2023[3] - The operating profit for 2024 was HKD 520,726,000, down from HKD 564,593,000 in 2023, reflecting a decline of 7.8%[3] - The net loss attributable to shareholders for 2024 was HKD 919,108,000, compared to a profit of HKD 123,360,000 in 2023, marking a significant shift in performance[3] - The company reported a net loss before tax of HKD 876,558,000 for 2024, compared to a profit of HKD 176,107,000 in the previous year[3] - The total comprehensive loss for the year was HKD 1,250,135,000, compared to a total comprehensive income of HKD 123,406,000 in 2023[4] - The group reported a loss of HKD 876,558,000 before tax in 2024, compared to a profit of HKD 176,107,000 in 2023[26] - The company reported a pre-tax loss of HKD 919,108,000 for 2024, compared to a profit of HKD 123,360,000 in 2023, indicating a significant decline in performance[42] Revenue Breakdown - Total revenue for 2024 was HKD 1,050,117,000, a decrease of 10.05% from HKD 1,167,215,000 in 2023[24] - Department store revenue decreased to HKD 542,590,000 in 2024, down 15.12% from HKD 639,384,000 in 2023[24] - Property investment revenue was HKD 507,527,000 in 2024, a decline of 3.85% from HKD 527,831,000 in 2023[24] - Revenue from external customers in Hong Kong was HKD 825,454,000 in 2024, down from HKD 941,332,000 in 2023[31] - The group's department store business recorded revenue of HKD 542.6 million for the year ended December 31, 2024, a decrease of 15.1% compared to HKD 639.4 million in 2023, resulting in an operating loss of HKD 60.0 million[61] Asset and Liability Changes - The company's non-current assets increased to HKD 15,367,453,000 in 2024 from HKD 13,643,020,000 in 2023, representing a growth of 12.6%[6] - Cash and bank balances decreased to HKD 2,079,994,000 in 2024 from HKD 2,313,436,000 in 2023, a decline of 10.1%[6] - The company's total assets less current liabilities increased to HKD 19,306,424,000 in 2024 from HKD 17,663,957,000 in 2023, indicating a growth of 9.3%[6] - Total assets decreased to HKD 18,068,602,000 in 2024 from HKD 19,722,390,000 in 2023, a reduction of 8.38%[27] - Total liabilities decreased to HKD 1,210,254,000 in 2024 from HKD 1,337,058,000 in 2023, a reduction of 9.48%[28] Investment and Valuation - Investment property valuation net loss for 2024 was HKD 1,375,504,000, significantly higher than the loss of HKD 378,055,000 in 2023[3] - The net loss from investment property valuation was HKD 1,375,504,000 in 2024, compared to HKD 378,055,000 in 2023[26] - Property investment income for the group was HKD 363.5 million for the year ended December 31, 2024, down from HKD 388.2 million in 2023, reflecting a 5.6% decrease in net income from commercial properties in Hong Kong to HKD 277.0 million[62] Shareholder Information - The retained earnings attributable to shareholders, after deducting deferred tax, amounted to HKD 10,428,347,000 as of December 31, 2024, down from HKD 11,776,744,000 in 2023[8] - Basic loss per share for 2024 was HKD (316.9), compared to earnings of HKD 42.4 per share in 2023, showing a substantial decline in profitability[42] - The group proposed a final dividend of HKD 0.53 per share for 2024, down from HKD 0.60 per share in 2023, resulting in a total dividend of HKD 0.85 per share for 2024 compared to HKD 0.94 per share in 2023[50] Operational Challenges - The retail sector in Hong Kong saw a significant decline, with total sales value dropping by 7.3% in 2024, influenced by changing consumer preferences and increased overseas travel[60] - The group implemented significant promotional activities to stimulate sales and reduce inventory, although sales were still adversely affected by low customer traffic and weak consumer spending[60] - The group plans to implement cost-cutting measures and operational optimizations in its department store business in 2025 due to ongoing challenges in the retail sector and real estate market[68] Miscellaneous - The company has not adopted any new accounting standards or interpretations during the current accounting period[15] - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards (HKFRSs) and have been reviewed by the audit committee[13] - The company’s auditor confirmed that the figures presented in the announcement are consistent with those in the draft consolidated financial statements for the year[13] - The group recorded a share of losses from an associated company in the automotive dealership business in China amounting to HKD 25.6 million for the year ended December 31, 2024, compared to HKD 17.5 million in 2023[65]