Financial Performance - The company recorded a consolidated revenue of HKD 901 million for the fiscal year ending December 31, 2024, representing a 10% increase from approximately HKD 822 million in the previous fiscal year[18]. - The net loss attributable to shareholders for 2024 was HKD 230 million, a significant improvement from the net loss of HKD 466 million in 2023[18]. - The consolidated gross profit for the year ended December 31, 2024, was HKD 620 million, up 13% from HKD 547 million in 2023, with a gross margin of 69% compared to 67% in 2023[51]. - The group recorded a net loss attributable to shareholders of HKD 230 million for the year ended December 31, 2024, a significant reduction from a net loss of HKD 466 million in 2023[52]. - The group generated revenue of HKD 349 million from its hotel operations in Japan for the year ended December 31, 2024, an increase from HKD 276 million in 2023[42]. - Revenue from recreational activities in Japan rose to HKD 206 million for the year ended December 31, 2024, compared to HKD 156 million in 2023[44]. - The group’s total rental income for 2024 was HKD 206 million, down from HKD 239 million in 2023[34]. - The group’s administrative expenses decreased by 2% to HKD 654 million for the year ended December 31, 2024, from HKD 665 million in 2023, due to better cost control[51]. - Cash used in operating activities for the year ended December 31, 2024, was HKD 75 million, compared to HKD 245 million generated in 2023[60]. - The group's income tax for the year ended December 31, 2024, was HKD 24 million, a decrease from HKD 66 million in 2023, mainly due to increased withholding tax on internal loan interest[61]. - As of December 31, 2024, the total current liabilities of the group amounted to HKD 1.54 billion, an increase from HKD 1.17 billion as of December 31, 2023, primarily due to the rise in borrowings due within one year[54]. - The group's borrowings as of December 31, 2024, were HKD 9.84 billion, up from HKD 9.44 billion as of December 31, 2023[55]. - The net debt-to-equity ratio as of December 31, 2024, was 13,912%, compared to 1,257% as of December 31, 2023[59]. - As of December 31, 2024, the company's distributable reserves amounted to HKD 4.516 billion, slightly down from HKD 4.523 billion in 2023[193]. - The company reported no interim dividends for the year ending December 31, 2024, consistent with 2023[186]. Property and Development - The occupancy rate for Pacific Century Place, Jakarta, was 85% in 2024, up from 83% in 2023[20]. - The occupancy rate and revenue for the Niseko Hanazono Resort significantly increased due to a rise in Japanese tourist numbers[19]. - The company plans to optimize its property asset portfolio and enhance marketing and risk management strategies moving forward[16]. - The company is focused on expanding its luxury property developments in Japan and Thailand, with ongoing projects in Hokkaido and Phang Nga[8]. - The group has commenced construction on the property development project at 3-6 Gilman Street, Central, Hong Kong, with completion expected in early 2026[39]. - The group aims to maintain long-term growth and profitability by focusing on developing and investing in premium properties, including land reserves in Japan and Thailand[27]. - The company aims to enhance the occupancy rate of the Park Hyatt Hotel in Niseko and expand its ski business in the Niseko Hanazono resort area[68]. - The company plans to implement diversified sales and marketing activities in other regions where it operates, targeting high-quality tenants and travelers[68]. Corporate Governance - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[86]. - The company emphasizes good corporate governance, adhering to the principles of ethics, transparency, accountability, and integrity[83]. - The independent non-executive chairman ensures effective board operations and the establishment of good governance practices[88]. - The company has a systematic procedure for annual self-evaluation of board performance, which is deemed satisfactory for the year ending December 31, 2024[89]. - The board has received written confirmations regarding the independence of all independent non-executive directors[90]. - The company ensures that the financial statements reflect the true and fair view of the financial position and performance of the group[90]. - The executive committee is authorized by the board to operate and make decisions swiftly in a fast-paced business environment[93]. - The board adopted a diversity policy on February 25, 2013, aiming for a long-term target of 30% female representation, currently at 17%[104]. - The nomination committee is responsible for ensuring a fair and transparent process for appointing and reappointing directors[103]. - The audit committee ensures the objectivity and credibility of the group's financial reporting and compliance with regulatory responsibilities[112]. - The audit committee's responsibilities include assessing the effectiveness of risk management and internal control systems[113]. - The audit committee met with external auditors without management present to ensure independent oversight[118]. - The external auditor, PwC, charged approximately HKD 5 million for audit and non-audit services for the fiscal year ending December 31, 2024[121]. Risk Management - The company has established a risk management and internal control system that is reviewed at least annually by the audit committee[123]. - The group risk management and compliance department is responsible for overseeing the enterprise risk management and reporting on significant risks to the audit committee[128]. - The internal audit department adopts a risk-based audit approach, focusing on major risks affecting the group's operations and reporting findings to the audit committee[129]. - The company aims to ensure that assets are protected from misuse and complies with relevant rules and regulations[124]. - The governance framework follows a "three lines of defense" model to manage risks effectively[125]. - The group faces significant risks related to property development, including potential adverse changes in government policies and regulations affecting land use and ownership[137]. - Construction project timelines and costs may be impacted by various adverse factors, including material shortages and adverse weather conditions, potentially leading to project delays and cost overruns[139]. - The group conducts extensive research and market analysis before the development phase to manage risks at acceptable levels[137]. - The group has implemented financial management policies to address risks associated with foreign currency exchange and interest rate fluctuations[138]. - The group maintains a vigilant approach to emerging risks, adapting monitoring measures as necessary to mitigate potential impacts on overall business performance[136]. Sustainability and Community Engagement - The company is committed to sustainable development, ensuring its operations positively contribute to society and the environment[120]. - The group aims to achieve green building certification for all new development projects[164]. - PCP Jakarta received the USGBC LEED Platinum certification in 2018 and has recently renewed its Greenship Platinum certification in 2023[165]. - The group plans to optimize energy consumption with equipment upgrades at PCP Jakarta, targeting a 10.14% improvement by Q3 2024[165]. - Park Hyatt Niseko Hanazono achieved over a 40% reduction in food waste through the use of smart food waste tracking equipment to promote dynamic food production management[168]. - The company has established a transparent procurement process, ensuring that suppliers and contractors align with its sustainability goals[179]. - The procurement practices focus on providing high-quality materials and services that meet strict environmental and safety standards[179]. - The company sponsored two organic farming events in February and May 2024, engaging over 10 employees and their families[180]. - Approximately 20 employees participated in a charity walk to celebrate the 55th anniversary of a charity organization, raising funds for family welfare services[180]. - The company has been awarded the "Caring Company" logo for 17 consecutive years, recognizing its efforts in building a harmonious society through strategic partnerships[181]. Employee and Shareholder Relations - The number of employees hired by the group in Hong Kong and overseas totaled 1,403 as of December 31, 2024, an increase from 1,353 in 2023[64]. - The company emphasizes the importance of attracting and retaining skilled personnel, as key personnel turnover could adversely affect business performance[144]. - The company has implemented a shareholder communication policy to ensure timely and appropriate information dissemination to shareholders and investors[148]. - The board has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various financial factors[148]. - The company encourages two-way communication with institutional and private investors, ensuring timely responses to inquiries[149]. - All directors actively participated in board meetings, with attendance rates of 100% for key meetings in 2024[145].
盈大地产(00432) - 2024 - 年度财报