Financial Performance - For the year ending December 31, 2024, total revenue decreased to HKD 74,763,000 from HKD 108,031,000, representing a decline of approximately 30.8%[3] - Gross profit for the same period was HKD 50,094,000, down from HKD 58,774,000, indicating a decrease of about 14.4%[3] - The operating loss narrowed to HKD 1,344,000 compared to a loss of HKD 7,188,000 in the previous year, showing an improvement of approximately 81.3%[3] - The total comprehensive loss for the year was HKD 43,618,000, a reduction from HKD 74,408,000, reflecting a decrease of about 41.4%[5] - Basic loss per share from continuing operations was HKD 0.11, compared to HKD 0.51 in the previous year, indicating an improvement of approximately 78.4%[4] - The company reported a pre-tax loss from continuing operations of HKD 1,825,000 for 2024, compared to a loss of HKD 8,011,000 in 2023[27] - The company reported a loss from continuing operations of HKD 1,824,000 for the year 2024, compared to a loss of HKD 8,374,000 in 2023, indicating a reduction in losses[38] - The group recorded a loss attributable to shareholders of HKD 7,904,000 for the year ending December 31, 2024, a decrease of HKD 11,843,000 (or 60%) compared to the previous year[47] Revenue Breakdown - The group reported revenue from external customers of HKD 74,763,000, with retail fashion and accessories contributing HKD 55,964,000 and investment segment contributing HKD 18,799,000[24] - Revenue from external customers for the retail segment was HKD 86,867,000, and for the investment segment was HKD 21,164,000, totaling HKD 108,031,000 for the year ended December 31, 2023[26] - Revenue from Hong Kong was HKD 63,574,000 in 2024, compared to HKD 92,963,000 in 2023, indicating a decline[28] - The retail fashion and accessories segment saw a revenue decline of 36%, from HKD 86,867,000 in 2023 to HKD 55,964,000 in 2024[51] Asset and Equity Changes - Non-current assets totaled HKD 437,622,000, down from HKD 482,428,000, indicating a decrease of approximately 9.3%[6] - Current assets decreased to HKD 600,177,000 from HKD 621,907,000, representing a decline of about 3.5%[6] - The company's total equity stood at HKD 1,023,989,000, down from HKD 1,067,607,000, reflecting a decrease of approximately 4.1%[7] - The total carrying value of the financial instruments investment portfolio decreased to HKD 388.77 million as of December 31, 2024, down from HKD 525.37 million in 2023, representing approximately 37.5% of total assets[66] Operational Changes - The group ceased operations of its holiday center and club business on June 16, 2024, and the financial data for these discontinued operations is no longer reviewed by senior management[20] - The company has ceased operations of its club business effective June 6, 2024, due to ongoing losses, which will no longer be included in operational segments[36] - The closure of the flagship store in Central led to the opening of a new pop-up store in Causeway Bay, although online sales revenue halved compared to the previous year[63] Cost Management - The cost of sales for the year 2024 was HKD 24,669,000, a decrease from HKD 49,257,000 in 2023, indicating a reduction in operational costs[34] - Selling and distribution expenses decreased by 29% to HKD 22,813,000 in 2024, primarily due to the closure of retail stores leading to reduced rental and employee costs[58] - Administrative expenses decreased by 17% to HKD 38,612,000 in 2024, mainly due to cost control measures and a reduction in board member numbers[58] - Cost reduction measures implemented in 2024 will extend into 2025 to minimize fixed operating costs[90] Investment Performance - The group’s investment portfolio generated a net realized and unrealized income of HKD 23,415,000 for the year ending December 31, 2024, down from HKD 27,681,000 in 2023[55] - The investment division recorded a segment profit of HKD 8,088,000 in 2024, compared to HKD 10,027,000 in 2023[55] - The total investment in ACIF IV reached HKD 30,044,000, with a capital value of HKD 27,297,000, leading to a net loss of HKD 599,000 for the year[81] Market Conditions - The retail market in Hong Kong faced significant challenges, impacting luxury brand sales due to reduced tourist numbers and changing consumer spending behavior[62] - Financial markets are expected to remain highly volatile in the coming year due to uncertainties from new government policies in the U.S., impacting investment market returns[92] Compliance and Reporting - The company has submitted its consolidated financial statements for the year ending December 31, 2023, in accordance with Hong Kong law[8] - The auditor has reported that there are no reservations or emphasis of matter in the audit report for the consolidated financial statements for the two years[9] - The consolidated financial statements have been prepared in accordance with the applicable Hong Kong Financial Reporting Standards[11] - The company is in compliance with the disclosure requirements of the Listing Rules of the Hong Kong Stock Exchange[11]
安宁控股(00128) - 2024 - 年度业绩