Financial Performance - The company reported a consolidated loss attributable to owners of HKD 824 million for the year ended December 31, 2024, compared to a loss of HKD 677 million in 2023, representing a 21.7% increase in losses [3]. - Basic loss per share was HKD 27.3, up from HKD 22.4 in 2023, indicating a deterioration in earnings performance [6]. - Total revenue for the year was HKD 4,545,551 thousand, an increase of 11.7% from HKD 4,068,138 thousand in 2023 [6]. - Operating profit rose to HKD 477,032 thousand, compared to HKD 398,896 thousand in the previous year, reflecting a growth of 19.6% [6]. - The total comprehensive loss for the year was HKD 1,209,722 thousand, compared to HKD 1,637,236 thousand in 2023, showing a reduction in overall losses [7]. - The company experienced a pre-tax loss of HKD 663,647,000 for the year, with a net loss of HKD 749,562,000 after tax [25]. - The operating profit before interest and unallocated expenses was HKD 477,032,000, despite financing costs of HKD 695,093,000 [25]. - The company incurred a financing cost of HKD 695,093,000 in 2024, down from HKD 722,767,000 in 2023 [35]. - The company reported a loss before tax of HKD 573,730,000 for 2023, with tax expenses totaling HKD 59,776,000 [28]. - The fair value loss on financial assets recognized in profit or loss was HKD 302,613,000 in 2023 [28]. Assets and Liabilities - Non-current assets decreased to HKD 31,415,185 thousand from HKD 32,890,472 thousand, indicating a decline of 4.5% [8]. - Current assets slightly decreased to HKD 18,788,713 thousand from HKD 18,931,227 thousand, a decline of 0.8% [8]. - The company's total liabilities increased to HKD 17,471,511 thousand from HKD 17,755,520 thousand, reflecting a decrease of 1.6% [9]. - The net asset value decreased to HKD 32,732,387 thousand from HKD 34,066,179 thousand, a decline of 3.9% [9]. - Total assets for 2024 amount to HKD 50,203,898,000, a slight decrease from HKD 51,821,699,000 in 2023 [29]. - The company’s total liabilities for 2024 stand at HKD 17,471,511,000, a decrease from HKD 17,755,520,000 in 2023 [29]. - As of year-end, the group has pledged assets with a total book value of HKD 10,983 million against bank loans of approximately HKD 4,976 million [64]. Revenue Sources - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 4,633,797,000, with a significant portion coming from customer contract revenue of HKD 3,974,913,000 [25]. - The company reported a total revenue of HKD 4,172,724,000 for 2023, with a significant portion coming from property sales at HKD 2,214,067,000 [29]. - Revenue from external customers in 2024 reached HKD 4,633,797,000, an increase from HKD 4,172,724,000 in 2023 [31]. - Interest income for the year was recorded at HKD 247,380,000, contributing to the overall financial performance [25]. Dividends and Shareholder Returns - The company did not declare any final or interim dividends for the year, consistent with the previous year [4]. - No final dividend proposed for the year ending December 31, 2024, consistent with 2023 [37]. - Basic loss per share for the year was HKD 823,951,000, compared to HKD 676,726,000 in 2023, with weighted average shares of 3,017,661,785 [38]. Segment Performance - The company reported a significant decline in the performance of its real estate segment, with a contribution of HKD 917,588,000 to the overall results [25]. - The hotel and leisure segment reported a loss of HKD 179,438,000, indicating challenges in this area [25]. - Overall profit for the real estate sector was HKD 9,180,000,000, up from HKD 8,820,000,000 in 2023, despite currency exchange losses [49]. - The group operates four reportable segments: Real Estate, Hotel and Leisure, Transportation, and Investment, each requiring distinct marketing strategies [20][21]. Investments and Future Plans - The group plans to sell office floors and a retail unit in Zhuhai for HKD 584 million, with a memorandum of understanding signed with SJM [47]. - The group is developing a new leisure project in Hong Kong's Ocean Park, expected to be completed by 2028 [50]. - The group plans to launch a new leisure business in October 2024, in partnership with AJ Hackett International, at Ocean Park, expected to be completed by 2028 [56]. - The group aims to expand its transportation network and enhance operational efficiency in response to increasing travel demand in the Greater Bay Area [57]. - The group has a capital commitment of $500 million for investment in Perennial HC Holdings Pte. Ltd., holding a 30% stake, with an outstanding commitment of $75 million as of December 31, 2024 [63]. Operational Metrics - The occupancy rate of Hong Kong SkyCity Marriott Hotel increased by 13 percentage points to 75% in 2024, compared to 62% in 2023 [51]. - The average occupancy rate of hotels in Macau rose by 14 percentage points to 69% in 2024, up from 55% in 2023 [51]. - The rental rate for the high-end shopping mall "Wanshang Tiandi" in Shanghai was 94% as of December 31, 2024 [49]. - The group sold 90 residential units in Macau's Ho Shun project, with 68 units recognized as revenue, indicating strong buyer confidence [46]. Debt Management - The net debt at year-end was approximately HKD 7,626 million, with a capital-to-debt ratio of 25.1% compared to 28.1% in 2023 [60]. - The group is strategically managing its debt and will continue to monitor market conditions to create sustainable value for shareholders [59]. Corporate Governance - The board believes that the current governance structure sufficiently balances power and authority, despite the chairman also serving as the CEO [74]. - The group’s financial statements for the year ending December 31, 2024, have been reviewed by the audit and risk management committee, with no audit opinion issued by the auditors [75]. Employee Relations - The group employs around 1,700 staff members, offering competitive compensation and promoting team spirit through regular social events [68].
信德集团(00242) - 2024 - 年度业绩