Financial Performance - The company's revenue for the year ended December 31, 2024, was $42.795 million, an increase of 15.8% from $36.847 million in 2023[4] - The operating loss decreased to $14.454 million in 2024 from $18.183 million in 2023, reflecting an improvement in operational efficiency[5] - The loss attributable to the company's owners was $18.955 million, down from $22.961 million in the previous year, indicating a reduction of 17.5%[5] - The gross loss margin improved to -44.3% in 2024 from -62.3% in 2023, showcasing better cost management[4] - Basic loss per share improved to 5.3 cents in 2024 from 6.4 cents in 2023, indicating a positive trend in financial performance[5] - The adjusted pre-tax loss for the total group was $19.081 million in 2024, an improvement from a loss of $23.064 million in 2023, indicating a reduction of approximately 17.3%[22] - The total segment performance showed a loss of $12.744 million in 2024, improved from a loss of $16.422 million in 2023, indicating a decrease in losses by about 22.5%[22] Assets and Liabilities - Total assets decreased to $140.114 million in 2024 from $157.323 million in 2023, primarily due to a reduction in non-current assets[6] - Non-current liabilities increased to $48.112 million in 2024 from $37.019 million in 2023, reflecting higher borrowing levels[7] - Current liabilities decreased to $58.024 million in 2024 from $69.098 million in 2023, indicating improved short-term financial health[7] - The company reported a total of $34.292 million in contract revenue from customers in the hotel and resort segment, with significant contributions from room rates and dining services[24] - The company reported a net financial cost of $4,627,000 in 2024, down from $4,881,000 in 2023, indicating a decrease of 5.2%[28] - The total liabilities decreased to $11,857,000 in 2024 from $14,112,000 in 2023, a reduction of 16.0%[35] Revenue Segmentation - The hotel and resort segment generated $34.458 million in revenue, up from $28.194 million in the previous year, marking a growth of about 22.5%[22] - The destination services segment reported a revenue of $923 thousand, compared to $705 thousand in 2023, reflecting a growth of around 31%[22] - The luxury travel retail segment reported revenue of $7,414,000, a decrease of $534,000 or 6.7% year-over-year[53] - The destination services segment's revenue increased by $218,000, marking a growth of 30.9% compared to the previous year[55] Operational Developments - The company operates hotels and resorts in Saipan and Guam, and engages in high-end leisure retail in Saipan, Guam, and Hawaii, focusing on market expansion[8] - Kanoa Resort remains closed, with plans for permanent closure announced for June 15, 2025, allowing the group to focus on optimizing the performance of its two Crowne Plaza resorts[13] - The group maintains a cautiously optimistic outlook on the recovery of leisure travel and operational cash inflows from its hotels in Guam and Saipan[10] - The company is actively promoting Saipan as a tourist destination in South Korea and China to enhance market recovery[60][61] Employee and Cost Management - Employee benefits expenses, including salaries and other benefits, decreased to $14,569,000 in 2024 from $15,883,000 in 2023, a reduction of 8.3%[29] - The group implemented effective cost-cutting measures, reducing employee costs by approximately $1,319,000 and food and beverage costs by approximately $643,000[43] - The company has reduced its full-time employee count to 331 as of December 31, 2024, down from 402 the previous year[74] Future Outlook and Funding - The group has sufficient operating funds to meet its financial obligations for at least the next twelve months from December 31, 2024[11] - The group will consider obtaining additional funding sources as needed to improve its financial condition and support operations[13] - Tan Holdings has committed to provide an additional $9,000,000 in standby shareholder loan financing after the fiscal year-end[10] Compliance and Governance - The group has complied with all financial covenants related to a total bank financing of $48,000,000 as of December 31, 2024[10] - The company has complied with all applicable provisions of the corporate governance code during the year[78] - The audit committee has reviewed the consolidated financial statements for the year and found no discrepancies, confirming compliance with applicable accounting standards and regulations[79] Visitor Trends - Visitor arrivals in Guam exceeded 739,000, a year-on-year increase of approximately 12.7%, reaching 44.4% of pre-pandemic levels[39] - The number of visitors from Japan to Guam surged by approximately 52.8% in 2024, making Japan the second-largest source market[40] - The number of visitors from China (including Hong Kong) to Saipan increased from about 6,000 in 2023 to over 18,000 in 2024, representing 10.0% of pre-pandemic levels[40] Dividends and Shareholder Information - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[32] - No interim dividend was declared for the year, and the board has resolved not to recommend a final dividend for the year[81] - The annual report containing the required information will be sent to shareholders and published on the company's website and the stock exchange's website[84]
海天地悦旅(01832) - 2024 - 年度业绩