Financial Performance - Revenue for the year ended December 31, 2024, was $674,386 thousand, a decrease of 3.6% from $696,634 thousand in 2023[3] - The operating loss for 2024 was $(14,184) thousand compared to an operating profit of $6,332 thousand in 2023[4] - Loss attributable to owners of the company was $(33,891) thousand, significantly higher than $(6,008) thousand in the previous year, representing a 463.5% increase in loss[4] - Basic loss per share for 2024 was $(3.3), compared to $(0.6) in 2023, indicating a substantial decline in profitability[4] - Total comprehensive loss for the year was $(33,073) thousand, compared to $(7,715) thousand in 2023, reflecting a worsening financial position[5] - The company reported a total segment loss of $20,381,000 for 2024, compared to a profit of $4,923,000 in 2023[17] - Gross profit fell significantly from $95,271,000 to $74,238,000 due to internal restructuring and integration measures[40] - The company recorded a net loss attributable to equity holders of approximately $33,891,000, compared to a net loss of about $6,008,000 in the previous year[41] Revenue Breakdown - Revenue from the apparel segment was $399,375,000, down 11.5% from $455,064,000 in the previous year[15][16] - The accessories segment generated revenue of $275,011,000, an increase of 14% from $241,570,000 in 2023[15][16] - Revenue from the United States was $284,125,000, a decrease of 11.2% from $319,781,000 in 2023[19] - Revenue from China (including Hong Kong and Macau) was $135,870,000, down 7.7% from $147,300,000 in the previous year[19] - Revenue from the U.S., Europe, and Asia accounted for 42.1%, 17.6%, and 23.2% of total revenue, respectively[45] Assets and Liabilities - Non-current assets decreased to $165,811 thousand in 2024 from $188,425 thousand in 2023, a decline of 12.0%[6] - Current assets slightly decreased to $280,172 thousand in 2024 from $286,572 thousand in 2023, a reduction of 2.2%[6] - Total liabilities increased to $289,281 thousand in 2024 from $283,311 thousand in 2023, an increase of 2.4%[7] - Non-current assets in China (including Hong Kong and Macau) decreased from $71,479 thousand in 2023 to $61,292 thousand in 2024, a decline of approximately 14.5%[21] - The group's total non-current assets decreased from $182,825 thousand in 2023 to $160,306 thousand in 2024, representing a reduction of about 12.3%[21] Financial Expenses - The company reported a net financial expense of $(13,119) thousand in 2024, compared to $(12,432) thousand in 2023, indicating increased financial costs[4] - The company incurred total financial expenses of $13,778,000 in 2024, compared to $13,940,000 in 2023[17] - Financial expenses net increased from $12,432 thousand in 2023 to $13,119 thousand in 2024, reflecting an increase of about 5.5%[22] - Current tax expenses rose from $4,066 thousand in 2023 to $6,787 thousand in 2024, an increase of approximately 67.0%[25] - The provision for tax liabilities increased significantly from $811 thousand in 2023 to $5,811 thousand in 2024, a rise of about 617.5%[26] - The interest expense on bank borrowings decreased slightly from $12,281 thousand in 2023 to $12,160 thousand in 2024, a decrease of about 1.0%[22] Operational Insights - The company operates manufacturing facilities in China, Cambodia, the Philippines, India, and Myanmar, focusing on garment and apparel accessories manufacturing and trading[8] - The group continues to implement strict cost control measures, including reducing production, distribution, and administrative costs[50] - The board remains cautiously optimistic about the long-term prospects of the group's core business despite global economic challenges, with a projected growth rate of 2.7% by 2025[49] - The group will continue to monitor market conditions closely and adjust its business strategies as necessary[50] - The group has approximately 27,000 employees globally, focusing on employee welfare and development opportunities[56] Corporate Governance - The audit committee has reviewed the year-end results for the year ending December 31, 2024[61] - The company will not declare a final dividend for the year ending December 31, 2024, consistent with the previous year[63] - The public float has been maintained in accordance with the listing rules as of the announcement date[65] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[66] Customer Concentration - Approximately $168,475,000 of revenue in 2024 came from three single external customers, representing over 10% of total revenue[20] Contingent Liabilities - The group has contingent liabilities related to potential risks of import duties and other taxes totaling approximately $16,723,000 as of December 31, 2024, unchanged from the previous year[51] Investments and Assets - The company had no significant investments, acquisitions, or disposals in subsidiaries, associates, or joint ventures during the year[46] - There are no specific plans for significant investments or capital assets as of December 31, 2024[47] - The company had no asset pledges to third parties as of December 31, 2024[48] - Trade receivables increased to $108,440,000 from $83,812,000, with a net amount of $104,197,000 after provisions[36] - The group's cash and bank deposits totaled approximately $54,871,000 as of December 31, 2024, a decrease of about $20,909,000 compared to the previous year[53] - The total bank borrowings amounted to approximately $143,501,000 as of December 31, 2024, an increase of about $846,000 from December 31, 2023[53] - The capital debt ratio was approximately 56.8% as of December 31, 2024, defined as net debt (bank borrowings minus cash and bank balances) divided by shareholders' equity[54] Inventory Management - The impairment provision for slow-moving inventory increased from a reversal of $1,785 thousand in 2023 to a provision of $5,824 thousand in 2024[21]
联泰控股(00311) - 2024 - 年度业绩