Financial Performance - Revenue increased from approximately HKD 94.7 million for the year ended December 31, 2023, to approximately HKD 105.0 million for the year ended December 31, 2024, representing an increase of about 10.3 million HKD[4]. - Gross profit for the year ended December 31, 2024, was approximately HKD 13.1 million, compared to approximately HKD 13.3 million for the year ended December 31, 2023[4]. - Loss for the year increased significantly from approximately HKD 2.5 million for the year ended December 31, 2023, to approximately HKD 9.5 million for the year ended December 31, 2024[4]. - Basic loss per share attributable to owners of the company was approximately HKD 0.79 cents for the year ended December 31, 2024, compared to HKD 0.21 cents for the year ended December 31, 2023[4]. - The group reported a pre-tax loss of HKD 9,514,000 for the year, compared to a pre-tax loss of HKD 2,546,000 in the previous year, reflecting a significant increase in losses[25][26]. - The company’s annual loss increased significantly from approximately HKD 2.5 million for the year ended December 31, 2023, to approximately HKD 9.5 million for the year ended December 31, 2024, attributed to increased salary expenses and impairment losses[67]. Revenue Sources - The company primarily engages in the sale and distribution of tickets and hotel rooms, travel-related products and services, and vehicle rental services in Macau[8]. - Revenue from hotel room sales and distribution amounted to HKD 79,078,000 in 2024, up from HKD 69,714,000 in 2023, indicating a growth of about 13.5%[19]. - The travel business segment generated revenue of HKD 79,581,000, while the automotive business and event business contributed HKD 19,474,000 and HKD 5,936,000 respectively, totaling HKD 104,991,000 for the group[25]. - The group’s total income from customer contracts was HKD 102,622,000, an increase from HKD 92,689,000 in the previous year, marking a growth of about 10.1%[19]. - Revenue from external customers in Macau increased to HKD 103,790,000 in 2024, up from HKD 93,571,000 in 2023, representing an increase of approximately 10.3%[33]. Assets and Liabilities - Total assets less current liabilities decreased from HKD 35.9 million as of December 31, 2023, to HKD 25.5 million as of December 31, 2024[7]. - Current assets decreased from HKD 47.1 million as of December 31, 2023, to HKD 32.9 million as of December 31, 2024[7]. - Current liabilities decreased from HKD 22.8 million as of December 31, 2023, to HKD 19.4 million as of December 31, 2024[7]. - Net assets attributable to owners of the company decreased from HKD 33.7 million as of December 31, 2023, to HKD 24.0 million as of December 31, 2024[7]. - Trade receivables totaled HKD 19,566,000 in 2024, down from HKD 25,911,000 in 2023, reflecting a decrease of approximately 24.6%[44]. - Trade payables decreased from HKD 15.9 million in 2023 to HKD 8.9 million in 2024, with significant reductions in amounts due within 30 days[48]. Expenses - Employee benefits expenses (excluding directors' remuneration) rose to HKD 14,979,000 in 2024 from HKD 10,593,000 in 2023, an increase of about 41.5%[37]. - Administrative expenses increased from approximately HKD 14.5 million in 2023 to approximately HKD 18.9 million in 2024, mainly due to higher salary expenses[60]. - The employee cost for the year ended December 31, 2024, was approximately HKD 19.5 million, an increase from HKD 12.8 million in 2023[103]. Strategic Initiatives - The company plans to strategically seek partnerships with more hotel operators and travel agencies in Macau to enhance its market position and drive sustainable growth[53]. - The company is considering expanding its travel business into mainland China and diversifying its revenue sources through ticket sales and event organization[54]. - The company has purchased 19 new vehicles for point-to-point cross-border transport services and car rental services in Macau[71]. - The company aims to collaborate with more hotel operators, but has faced challenges in identifying suitable partners[69]. - The company plans to expand its tourism business into China, with ongoing efforts to identify opportunities in the mainland and Hong Kong[72]. Financial Position - As of December 31, 2024, the total cash and cash equivalents amounted to approximately HKD 5.9 million, a decrease from HKD 9.3 million as of December 31, 2023, primarily due to increased working capital needs for business expansion and net cash used for repaying bank borrowings[80]. - The total borrowings and lease liabilities as of December 31, 2024, were approximately HKD 2.3 million, down from HKD 3.4 million as of December 31, 2023, with outstanding bank financing commitments of approximately HKD 1.6 million[80]. - The debt-to-equity ratio as of December 31, 2024, was approximately 9.4%, compared to 10.0% as of December 31, 2023, calculated based on bank borrowings and lease liabilities divided by total equity attributable to the owners of the company[84]. - The company reported a capital commitment of approximately HKD 4.2 million as of December 31, 2024, significantly up from HKD 0.8 million as of December 31, 2023[86]. Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules, ensuring high levels of transparency and accountability to protect shareholder interests[109]. - The company confirms compliance with the minimum public float requirement of at least 25% as per GEM listing rules[113]. - The board believes that the dual role of the chairman and CEO held by Mr. Cai is in the best interest of the company, despite a deviation from the corporate governance code[110]. - The company has confirmed that all directors have adhered to the required standards of conduct regarding securities trading for the fiscal year ending December 31, 2024[111]. Market Risks - The financial performance has been adversely affected by the COVID-19 pandemic, prompting a strategic adjustment to mitigate operational risks[69]. - The company’s revenue is primarily derived from Macau, making it sensitive to changes in policies and economic conditions in Macau and China[76]. - The company faces risks related to potential travel restrictions and the ability to secure favorable terms with hotel operators, which could impact business performance[75]. Other Information - The annual general meeting for 2024 is scheduled for May 10, 2024, with further announcements to be made in accordance with GEM listing rules[116]. - The auditor has confirmed that the financial statements for the year ending December 31, 2024, are consistent with the group's consolidated financial statements[114]. - There are no significant events that require disclosure after December 31, 2024, up to the date of this announcement[115].
瀛海集团(08668) - 2024 - 年度业绩