Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 225,114,000, a decrease of 5.3% compared to HKD 237,700,000 in the previous fiscal year[2] - The gross profit for the fiscal year was HKD 135,310,000, slightly up from HKD 134,389,000, indicating a marginal increase in gross margin[2] - The company incurred a loss from discontinued operations amounting to HKD 118,396,000, compared to a minimal loss of HKD 16,000 in the previous year[2] - The net loss for the year was HKD 112,516,000, a significant decline from a profit of HKD 5,381,000 in the previous fiscal year[2] - The company reported a basic and diluted loss per share from discontinued operations of HKD 11.17, compared to HKD 0.00 in the previous year[3] - The company reported a year-end profit of HKD 5,381,000 for the year ending December 31, 2023[24] - The company reported a pre-tax profit before income tax of HKD 1,450,000 for the year, down from HKD 7,123,000 in 2023[38] Assets and Liabilities - The company's total assets decreased to HKD 364,864,000 from HKD 327,941,000, while total liabilities increased to HKD 337,745,000 from HKD 323,434,000[4] - The net asset value dropped to HKD 27,792,000 from HKD 143,168,000, reflecting a substantial decrease in equity[5] - The company has a net current liability of HKD 227,870,000, which raises concerns about its short-term financial health[7] - Total assets as of December 31, 2024, were HKD 474,739,000, with reported segment assets of HKD 473,650,000[26] - The company reported a total liability of HKD 446,947,000, with segment liabilities amounting to HKD 330,553,000[26] - Total debt decreased to HKD 211.2 million from HKD 216.2 million year-on-year, while total equity dropped significantly to HKD 27.8 million from HKD 143.2 million[58] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 14,368,000 from HKD 24,228,000, indicating a liquidity challenge[4] - The group held cash and cash equivalents of approximately HKD 14.4 million, down from HKD 24.2 million in the previous year[68] - The company recognized an impairment loss of HKD 118,381,000 on its property development assets to reflect their recoverable amount[50] Revenue Breakdown - Total revenue from external customers reached HKD 225,114,000, with contributions from Hong Kong (HKD 111,142,000), Singapore (HKD 90,820,000), and China (HKD 23,152,000) for the year ending December 31, 2024[22] - For the year ending December 31, 2023, total revenue from external customers was HKD 237,700,000, with contributions from Hong Kong (HKD 79,589,000), Singapore (HKD 116,877,000), and China (HKD 41,234,000)[24] - Revenue from construction equipment business in Hong Kong was HKD 122,616,000, up 33.8% from HKD 91,616,000 in 2023[28] - Revenue from Singapore decreased by 11.0% to HKD 75,848,000 from HKD 85,237,000 in 2023[28] - The company reported a significant increase in service income, which rose to HKD 64,552,000 from HKD 44,558,000, representing a growth of 45.0%[32] - Revenue from machinery sales decreased by approximately 83.0% to HKD 2.7 million, attributed to reduced demand for new cranes in Hong Kong and Singapore[60] - Rental income from machinery leasing decreased by approximately 11.1% to HKD 155.8 million, mainly due to decreased demand in the crane leasing market in mainland China[60] Segment Information - The group reports its segments based on the nature of goods or services delivered, with a focus on the construction equipment business and property development business[20] - The construction equipment business is further classified by different regions, including Hong Kong, Singapore, and China, with each retail location treated as an independent operating segment[21] - The reported segment profit was HKD 16,701,000, with Hong Kong contributing HKD 18,026,000, Singapore HKD 5,352,000, and China showing a loss of HKD 6,677,000[22] - The reported segment profit for 2023 was HKD 15,234,000, with Hong Kong contributing HKD 10,666,000, Singapore HKD 8,334,000, and China showing a loss of HKD 3,766,000[24] Discontinued Operations - The company completed the sale of its property development business for a cash consideration of HKD 20,000,000 on July 8, 2024[41] - The property development business incurred a loss of HKD 118,396,000 for the year, compared to a loss of HKD 16,000 in the previous year[42] - The net cash used in operating activities from the discontinued business was HKD 118,000, while investment activities generated a net cash inflow of HKD 4,490,000 in the previous year[43] - The group completed the sale of its property development business during the year, which is classified as discontinued operations[64] Financial Standards and Compliance - The group has applied the revised Hong Kong Financial Reporting Standards (HKFRS) for the first time this year, which includes HKFRS 16 regarding lease liabilities from sale and leaseback transactions[12] - The application of the amendments to HKAS 1 regarding the classification of liabilities as current or non-current has been implemented, clarifying that the classification should be based on rights existing at the reporting date[13] - The amendments to HKAS 1 also specify that compliance with covenants affecting the rights to defer settlement of liabilities for at least twelve months must be assessed at the reporting date[14] - The group has not early adopted any new or revised HKFRS that have been issued but are not yet effective, indicating no significant impact on the consolidated financial statements in the foreseeable future[15] - The new HKFRS 18, which will replace HKAS 1 regarding the presentation of financial statements, is expected to affect the presentation of the income statement and future disclosures[19] Future Outlook - The construction industry in Singapore is expected to see a demand value between SGD 47 billion and SGD 53 billion by 2025, an increase of SGD 2.8 billion to SGD 8.8 billion (approximately 6% to 20%) compared to SGD 44.2 billion in 2024[80] - Major projects such as the expansion of Changi Airport Terminal 5 and Marina Bay Sands Integrated Resort are anticipated to drive strong demand in the construction sector[80] - In Hong Kong, average annual infrastructure spending is projected to be around HKD 90 billion over the next five years, a growth of approximately 17% compared to the previous five years' average of HKD 76 billion[81] - The company plans to actively seek suitable investment projects and partners in Singapore to capitalize on the vibrant market environment[81] - The mainland real estate economy is stabilizing, and government policies are expected to stimulate recovery, leading to positive growth in the mainland tower crane rental business in the coming years[81]
佳兆业资本(00936) - 2024 - 年度业绩