Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 10,896.7 million, a decrease of 58.3% compared to HKD 26,150.2 million in 2023[2] - Adjusted EBITDA for the year was HKD (17.4) million, down from HKD 167.0 million in the previous year[2] - The company reported a loss before tax of HKD (86.2) million, an improvement from a loss of HKD (159.6) million in 2023[4] - Basic loss per share for the year was HKD (1.00), compared to HKD (1.72) in the previous year[4] - The company reported a total comprehensive loss of HKD (133.4) million for the year, compared to HKD (148.7) million in 2023[5] - The group reported a net loss of HKD 87.4 million for the fiscal year 2024, an improvement of 41.9% compared to a loss of HKD 150.5 million in 2023[51] - The group reported a gross loss of HKD 131.8 million for the year, slightly improved from HKD 136.9 million in 2023, mainly due to low Canadian gas prices[90] Revenue and Sales - For the fiscal year ending December 31, 2024, the total revenue from external customers was HKD 10,896.7 million, a decrease of 58.3% compared to HKD 26,150.2 million in 2023[21] - Revenue from precious metals refining and sales in the ordinary and commodity refining and trading segment dropped to HKD 10,627.0 million in 2024 from HKD 25,616.9 million in 2023, a decrease of about 58.6%[24] - The upstream oil and gas product sales contributed HKD 269.7 million to total revenue, down from HKD 533.3 million in 2023, attributed to low Canadian gas prices and early production shutdowns due to wildfires[89] - The energy business saw a revenue decrease of 49.4% due to the closure of the Fort Nelson gas plant and significant production declines in Argentina[53] - The precious metals trading and refining business experienced a revenue drop of 58.5% due to record high commodity prices, which weakened retail demand and regional trade volumes[53] Assets and Liabilities - Total assets decreased to HKD 1,427.1 million from HKD 1,700.7 million in 2023[7] - The total assets for the reporting segments decreased to HKD 834.8 million in 2024 from HKD 1,245.0 million in 2023, reflecting a decline of 32.9%[18] - The total liabilities for the reporting segments decreased to HKD 280.9 million in 2024 from HKD 431.4 million in 2023, a reduction of 34.8%[18] - Non-current liabilities decreased to HKD 158.6 million from HKD 255.5 million in 2023[8] - The company’s equity attributable to shareholders decreased to HKD 1,062.4 million from HKD 1,192.4 million in the previous year[8] Cash Flow and Financial Position - Cash and bank balances decreased to HKD 486.7 million from HKD 796.6 million in the previous year[7] - The group has a net working capital of HKD 202.0 million as of December 31, 2024, an increase from HKD 134.3 million in 2023, primarily due to year-end inventory purchases[91] - As of December 31, 2024, the group's net current assets amounted to HKD 554.7 million, a decrease of 28.5% from HKD 775.5 million in 2023[94] - The debt ratio, calculated as total liabilities divided by total assets, improved to 25.6% from 29.9% in 2023[94] - The group had no unsecured debt securities or unsecured short-term loans as of December 31, 2024, maintaining a 0% debt-to-equity ratio[96] Dividends and Share Capital - The company did not recommend any final dividend for the year ended December 31, 2024[2] - The group did not declare any final dividend for the year ending December 31, 2024, consistent with 2023[35] - The total issued share capital remains unchanged at HKD 87.4 million, with 8,741,777,000 shares issued as of December 31, 2024[44] - The company repurchased 67,104,000 shares at an average price of HKD 0.117 per share during the year, which were subsequently canceled[44] Operational Highlights - The upstream business segment reported a loss of HKD 175.1 million in 2024, an improvement from a loss of HKD 264.6 million in 2023[17] - The EBITDA for the upstream business segment was adjusted to a loss of HKD 106.9 million in 2024, compared to a profit of HKD 64.9 million in 2023[17] - The company is currently analyzing the impact of new accounting standards on its financial reporting and disclosures, particularly regarding HKFRS 18[12] - The company is currently seeking legal advice regarding potential impacts from ongoing litigation related to disputed payments in mainland China[48] - The company will transfer operational control of Los Blancos to Pampa while retaining a 50% interest in the concession area, following an arbitration ruling[47] Environmental and Sustainability Initiatives - The company is actively seeking opportunities to collaborate with local authorities and regulators to achieve net-zero emissions goals[57] - The company is committed to reducing its environmental footprint and carbon tax burden, with ongoing carbon reduction measures including energy audits and facility reconfigurations[66] - NTEC aims to develop a green hydrogen production facility at Discovery Park with an initial capacity of 17 tons per day, following a non-binding memorandum of understanding with Quantum Technology Corporation[71] - The company is focused on creating a self-sustaining ecosystem at Discovery Park, integrating green hydrogen, biofuel production, aquaculture, vertical farming, and modular construction[68] Corporate Governance - The board is committed to maintaining high standards of corporate governance and regularly reviews governance practices to meet stakeholder expectations[109] - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange rules for the fiscal year ending December 31, 2024[110] - The company has established an audit committee to oversee financial reporting, risk management, and internal control systems[115] - The audit committee has recommended the board to approve the consolidated financial statements for the year[116]
新时代集团控股(00166) - 2024 - 年度业绩