Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 51,872,000, a decrease of 43% compared to HKD 90,982,000 in 2023[2] - The net loss for the year was HKD 173,249,000, compared to a net loss of HKD 139,674,000 in 2023, representing an increase in losses of approximately 24%[2] - Total comprehensive expenses for the year amounted to HKD 196,836,000, up from HKD 133,758,000 in 2023, indicating a 47% increase[3] - Basic loss per share for the year was HKD 0.075, compared to HKD 0.050 in 2023, indicating a worsening in per-share performance[3] - The adjusted EBITDA for the Suriname segment was a loss of HKD 19,315,000, while New Zealand reported a profit of HKD 628,000, leading to a total adjusted EBITDA loss of HKD 18,687,000[24] - The group’s EBITDA loss increased from HKD 110,168,000 for the year ended December 31, 2023, to HKD 147,247,000 for the year ended December 31, 2024[69] Revenue Breakdown - Revenue from the sale of logs and timber products is HKD 44,010,000, down from HKD 80,050,000 in the previous year, representing a decline of 45%[11] - Customer contract revenue totals HKD 49,370,000 for 2024, compared to HKD 85,108,000 in 2023, indicating a 42% decrease[11] - Revenue from subcontracting fees is HKD 2,502,000 for 2024, down from HKD 5,874,000 in 2023, reflecting a 57% decrease[14] - The revenue from New Zealand customers is HKD 39,220,000 for 2024, while the revenue from Suriname customers is HKD 12,652,000[13] - Total revenue from external operations for the year ended December 31, 2024, was HKD 51,872,000, compared to HKD 51,872,000 in 2023, indicating no growth[24] - Total revenue decreased by 43.0% to HKD 51,872,000, with revenue from New Zealand and Suriname divisions at HKD 39,220,000 and HKD 12,652,000 respectively, reflecting a decline of 39.8% and 50.9%[57][58] Asset and Liability Changes - Non-current assets decreased to HKD 564,586,000 from HKD 706,156,000, reflecting a decline of approximately 20%[4] - Current assets decreased significantly to HKD 44,928,000 from HKD 93,145,000, a reduction of about 52%[4] - Total liabilities increased to HKD 481,801,000 from HKD 460,361,000, showing a rise of approximately 5%[5] - The company's equity attributable to owners decreased to HKD 90,218,000 from HKD 287,054,000, a decline of about 69%[5] - As of December 31, 2024, the group's current assets and current liabilities were HKD 44,928,000 and HKD 37,495,000, respectively, compared to HKD 93,145,000 and HKD 51,886,000 as of December 31, 2023[71] - The total liabilities for the group were HKD 519,296,000, with Suriname's liabilities at HKD 232,182,000 and New Zealand's at HKD 266,841,000[24] Operational Challenges - The group incurred a fair value loss of HKD 65,847,000 on plantation assets, impacting overall profitability[24] - The New Zealand division experienced a significant decline in sales volume, leading to a fair value loss of HKD 65,847,000 on its artificial forest assets[50] - The company recognized an impairment of HKD 48,275,000 related to forest concessions and logging rights in Suriname, indicating worsening market conditions and rising operational costs[52] - The group is actively implementing cost-cutting measures and reassessing the feasibility of loss-making operations in Suriname to improve financial sustainability[77] Future Plans and Strategies - The company plans to explore funding options, including converting non-current assets into working capital, focusing on acquiring short-term logging rights to stabilize future revenue[53] - The company aims to enhance financial flexibility and optimize resource allocation to ensure long-term sustainability and shareholder value creation[53] - The company will continue to maintain operational efficiency and financial discipline while exploring strategic opportunities despite challenging market conditions[54] - The group plans to evaluate market conditions and explore additional funding methods, including the potential sale of non-current assets, to address ongoing financial challenges[78] Employee and Governance Information - The total number of employees as of December 31, 2024, is 125, down from 143 in 2023, with employee costs amounting to approximately HKD 30,660,000, compared to HKD 34,547,000 in 2023[87] - The company has complied with all applicable corporate governance code provisions throughout the year ending December 31, 2024, with one exception regarding the rotation of directors[90] - The company has adopted a code of conduct for directors regarding securities trading, which is not less stringent than the standard code[92] Miscellaneous - The company has applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements[7] - The company has adopted a stock option plan approved by shareholders on May 24, 2022, which is valid for ten years until May 23, 2032, with no options granted or exercised as of December 31, 2024[85] - The audit committee has reviewed and discussed the audited consolidated financial statements for the year ending December 31, 2024, confirming they are prepared in accordance with applicable accounting standards[88] - The company expresses gratitude to shareholders, customers, and suppliers for their support and acknowledges the efforts of management and employees[95]
绿心集团(00094) - 2024 - 年度业绩