Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 9,882,956,000, a decrease of 21.8% compared to HKD 12,630,739,000 in 2023[2] - The gross profit for the year was HKD 605,302,000, down 72.1% from HKD 2,172,568,000 in the previous year[2] - The net loss attributable to shareholders for the year was HKD 3,520,690,000, compared to a loss of HKD 1,015,518,000 in 2023, representing a significant increase in losses[2] - Total segment revenue for real estate development decreased to HKD 9,832,285 thousand in 2024 from HKD 12,307,637 thousand in 2023, representing a decline of approximately 20.0%[21] - The segment performance for real estate development showed a loss of HKD 2,040,133 thousand in 2024 compared to a profit of HKD 864,377 thousand in 2023[21] - The group reported a pre-tax loss of HKD 3,706,574 thousand in 2024, compared to a profit of HKD 123,563 thousand in 2023[21] - The group’s financial income increased to HKD 217,336 thousand in 2024 from HKD 184,386 thousand in 2023, marking an increase of approximately 17.9%[21] - The group’s financial costs rose to HKD 534,689 thousand in 2024 from HKD 477,416 thousand in 2023, representing an increase of about 12.0%[21] - The group’s share of results from associates showed a loss of HKD 823,337 thousand in 2024, compared to a loss of HKD 209,869 thousand in 2023[21] - The group’s share of results from joint ventures increased to HKD 59,678 thousand in 2024 from HKD 33,889 thousand in 2023, reflecting an increase of approximately 76.2%[21] - The company did not recommend any dividend for the year ending December 31, 2024[32] - The company reported a comprehensive income of HKD 9.883 billion for the year 2024, a decrease of 21.8% year-on-year[40] - The core loss attributable to equity holders was approximately HKD 566 million, with a net loss of about HKD 3.521 billion for the year, compared to HKD 1.016 billion in 2023[40][42] Assets and Liabilities - Total assets decreased to HKD 41,030,920,000 from HKD 53,575,153,000, reflecting a decline of 23.4%[4] - The company's current assets net value was HKD 9,608,337,000, down from HKD 16,385,449,000 in 2023[4] - The total liabilities decreased to HKD 31,773,951,000 from HKD 39,227,508,000, indicating a reduction of 19%[4] - The total non-current assets decreased to HKD 4,812,383,000 in 2024 from HKD 5,846,595,000 in 2023[26] - The group has cash and bank deposits of HKD 28.22 billion as of December 31, 2024, down from HKD 34.11 billion in the previous year[68] - The total borrowings as of December 31, 2024, amount to HKD 21.683 billion, down from HKD 23.317 billion in 2023, with ongoing efforts to optimize the financing structure[65] - As of December 31, 2024, the group's total borrowings amounted to HKD 21.68 billion, a decrease from HKD 23.32 billion as of December 31, 2023[66] - The group has unutilized bank financing of HKD 40.89 billion as of December 31, 2024, compared to HKD 69.96 billion in 2023[68] - The group has provided guarantees to banks for mortgage financing amounting to HKD 46.81 billion as of December 31, 2024, down from HKD 70.51 billion in 2023[72] - The total number of employees decreased by 7.0% to 1,017 as of December 31, 2024, from 1,094 in 2023[73] - The group has pledged assets with a book value of HKD 42.65 billion as collateral for bank credit as of December 31, 2024, down from HKD 135.15 billion in 2023[71] Impairments and Provisions - The company recorded an impairment provision for inventories of HKD 1,741,066,000, which is a substantial increase from HKD 503,034,000 in the prior year[2] - The group recorded a fair value loss of HKD 1.87 billion on investment properties, attributed to weak demand for office and retail spaces[54] - The fair value change of investment properties showed a positive adjustment of HKD 187,044,000 in 2024, compared to a negative adjustment of HKD (2,284,000) in 2023[24] Financial Reporting Standards - The group adopted revised Hong Kong Financial Reporting Standards for the first time this year, including HKFRS 16 regarding lease liabilities from sale and leaseback transactions, which had no impact on the group's financial position or performance[9] - The amendments to HKAS 1 clarify the classification of liabilities as current or non-current, ensuring that the classification remains unchanged after the initial application of the amendments[10] - The group is currently analyzing the impact of HKFRS 18 on the presentation and disclosure of its financial statements, which introduces new requirements for the classification of income and expenses[13] - The amendments to HKFRS 9 and HKFRS 7 clarify the derecognition date of financial assets or liabilities and introduce an accounting policy choice for derecognition of financial liabilities settled through electronic payment systems[16] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, planning to adopt them when applicable[11] - The amendments to HKFRS 19 allow qualifying entities to apply reduced disclosure requirements, but the company does not qualify as it is a listed entity[14] - The group reassessed the terms and conditions of liabilities as of January 1, 2023, and January 1, 2024, confirming that the classification of liabilities remains unchanged[9] - The revised HKFRS 7 and HKFRS 9 include additional disclosures regarding financial assets with environmental, social, and governance characteristics, which the group anticipates will not have a significant impact on its financial statements[16] - The group is evaluating the implications of the new standards on its financial reporting and compliance processes[13] - The amendments to HKAS 7 and HKFRS 7 regarding supplier financing arrangements require additional disclosures to help users understand the impact on liabilities and cash flow risks[9] Market Conditions and Strategy - The company focused on cash flow management and risk control amid a challenging real estate market[40] - The company aims to enhance its competitive edge by optimizing management processes and expanding into public works projects[45] - The real estate market in China is still facing uncertainties, with the overall market possibly in a bottoming phase[41] - The company’s sales in the Bohai Rim region amounted to RMB 2.359 billion, a significant decrease from RMB 3.955 billion in 2023[44] - Contract sales for the year 2024 decreased by 37.9% to RMB 7.02 billion, with a total floor area sold down 24.1% to 421,000 square meters[43] - The rental rate for LKF29 dropped by 16.5% to 75.3% in 2024, while the rental rate for China Minmetals Tower decreased by 5.0% to 86.9%[46] Governance and Compliance - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and recommended their approval to the board[80] - Ernst & Young has verified the consolidated financial statements, ensuring consistency with the audited financial reports for the year[81] - The company has established a set of guidelines for securities trading by directors and relevant employees, ensuring compliance with the standards set forth in the listing rules[79] - The annual report for 2024, including the corporate governance report and consolidated financial statements, will be published on the company's website and the Hong Kong Stock Exchange website[84]
五矿地产(00230) - 2024 - 年度业绩