Financial Performance - Revenue for the year ended December 31, 2024, was HKD 110.8 million, representing a 9.1% increase from HKD 101.6 million in the previous year[2] - Gross profit for the same period was HKD 28.3 million, up 11.2% from HKD 25.5 million, with a gross margin of 25.6%, an increase of 0.5 percentage points[2] - The company reported a loss attributable to shareholders of HKD 7.5 million, compared to a loss of HKD 8.3 million in the previous year[2] - Basic loss per share improved to HKD 0.69 from HKD 0.76 year-on-year[2] - The company reported a total loss of HKD (35,678,000) in 2024 compared to a loss of HKD (23,453,000) in 2023, reflecting a significant increase in losses[5] - The group reported a net loss of approximately HKD 7,496,000 for the year ending December 31, 2024[16] - The pre-tax loss for the year 2024 was reported at HKD 47,649,000, slightly higher than HKD 47,195,000 in 2023, indicating a marginal increase in losses[22] - The income tax expense for the year 2024 was HKD 1,018,000, compared to HKD 856,000 in 2023, reflecting an increase of approximately 18.9%[23] - The group reported a net loss of approximately HKD 7,500,000 for the fiscal year 2024, compared to a net loss of approximately HKD 8,300,000 for the fiscal year 2023[50] Assets and Liabilities - Total non-current assets decreased from HKD 102,751,000 in 2023 to HKD 89,564,000 in 2024, a decline of approximately 12.8%[4] - Current assets increased from HKD 17,629,000 in 2023 to HKD 20,415,000 in 2024, representing a growth of about 15.8%[4] - Total liabilities increased from HKD 134,912,000 in 2023 to HKD 138,369,000 in 2024, an increase of approximately 2.7%[5] - Net current liabilities rose from HKD (117,283,000) in 2023 to HKD (117,954,000) in 2024, indicating a worsening of current financial position[4] - Total equity remained unchanged at HKD 441,350,000 for both 2023 and 2024[5] - Current liabilities exceeded current assets by approximately HKD 117,954,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[16] - The group has a net current liability of approximately HKD 35,678,000, raising concerns about asset realization and debt repayment in normal business operations[16] - The company's total borrowings from direct subsidiaries increased from HKD 41,575,000 in 2023 to HKD 47,754,000 in 2024, an increase of about 14.8%[4] - The company's cash and cash equivalents increased from HKD 9,387,000 in 2023 to HKD 10,189,000 in 2024, a rise of approximately 8.5%[4] - The group’s net current liabilities amounted to approximately HKD 118,000,000 with a current ratio of 0.15 as of December 31, 2024, compared to HKD 117,300,000 and 0.13 in 2023[51] Dividends - The board of directors did not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[2] - No dividends were declared or recommended for the year ending December 31, 2024, consistent with the previous year where no dividends were paid[24] - No dividends were declared or recommended for the year ending December 31, 2024, and no dividends were recommended since the end of the reporting period[40] Financial Position and Going Concern - The board believes that the group will have sufficient cash resources to meet its future operational funding and other financing needs due within the next twelve months[18] - The group continues to adopt the going concern basis in preparing its consolidated financial statements, reflecting confidence in future cash flow forecasts[18] - The group has implemented measures to improve its financial position, liquidity, and cash flow[18] - The board has taken or will take measures to ensure the successful implementation of plans and cash flow forecasts for at least the next twelve months[18] Revenue Sources - Revenue from hotel operations accounted for approximately 54.6% of total revenue, with hotel occupancy rate stable at 83.9% for 2024, compared to 83.8% for 2023[56] - Revenue from property management for the fiscal year 2024 was approximately HKD 41,100,000, an increase of 5.9% compared to HKD 38,800,000 in fiscal year 2023[57] - Revenue from restaurant management was approximately HKD 9,200,000, representing an increase of about 40.9% from HKD 6,600,000 in fiscal year 2023[58] - Revenue from hotel operations in Canada increased by approximately 7.6%, with an occupancy rate of about 83.9% and an average room rate rising from approximately CAD 310 to CAD 324, an increase of about 4.5%[61] Expenses - Administrative expenses increased by approximately HKD 1,600,000 or 5.8% to about HKD 28,600,000 for the fiscal year 2024, mainly due to increased depreciation expenses from hotel operations[44] - Employee costs for fiscal year 2024 were approximately HKD 47,600,000, a slight increase of about HKD 400,000 from HKD 47,200,000 in fiscal year 2023[59] Audit and Compliance - The independent auditor's report expressed a qualified opinion due to limitations in the scope of the audit regarding the joint venture[36] - The group has not provided sufficient audit evidence to support the fair presentation of the share of losses and impairment losses related to the joint venture[36] Joint Ventures - The carrying value of the group's interest in the joint venture Total Blossom Sdn Bhd was approximately HKD 0 as of December 31, 2023[33] - The group recognized a share of losses from the joint venture amounting to approximately HKD 1,115,000 for the year ending December 31, 2023[33] - Total Blossom's investment property was valued at approximately HKD 0 as of December 31, 2023[34] - The management of Total Blossom wrote off approximately HKD 29,694,000 related to the investment property as of December 31, 2023[35] Accounting Standards - The application of the revised accounting standards did not have a significant impact on the consolidated financial statements for the year[12] - The classification of liabilities as current or non-current is based on rights existing at the end of the reporting period[13] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective[14]
时代环球集团(02310) - 2024 - 年度业绩