Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 219,388,000, a decrease of 26.5% compared to HKD 298,386,000 in 2023[3] - Revenue from cold storage and related services was HKD 180,408,000, down 21.7% from HKD 230,574,000 in the previous year[3] - The company reported a gross profit of HKD 9,892,000, a significant decline of 81.1% from HKD 52,483,000 in 2023[3] - The net loss for the year was HKD 40,228,000, compared to a profit of HKD 15,433,000 in the previous year[4] - Total comprehensive loss for the year amounted to HKD 40,606,000, contrasting with a comprehensive income of HKD 14,487,000 in 2023[4] - The segment performance showed a loss of HKD 20,475,000 for the combined operations, compared to a profit of HKD 22,123,000 in the previous year[21] - Revenue from food and beverage trading and sales dropped to HKD 38,747,000 in 2024 from HKD 67,551,000 in 2023, a decrease of 42.7%[23] - The company reported a pre-tax loss of HKD 40,228,000 for the year ended December 31, 2024, compared to a profit of HKD 5,872,000 in 2023[31] - Basic loss per share for the year ended December 31, 2024, was HKD 0.138, compared to earnings per share of HKD 0.020 in 2023[31] - The total comprehensive income for the year was HKD 14,487 thousand, a decrease of 2.74% compared to the prior year[14] Financial Position - Current liabilities exceeded current assets by HKD 88,556,000 as of December 31, 2024[5] - The company’s total liabilities exceeded total assets by HKD 22,875,000, indicating a negative net asset position[5] - The total equity attributable to the company's shareholders decreased from approximately HK$ 17,700,000 in 2023 to a deficit of approximately HK$ 22,900,000 in 2024, resulting in an asset-liability ratio of -43.7%[53] - Cash and bank balances as of December 31, 2024, were approximately HK$ 59,800,000, down from HK$ 62,000,000 in 2023, with 92.1% in HKD, 7.9% in RMB, and 0% in USD[53] - The current ratio decreased to 0.51 in 2024 from 0.86 in 2023, indicating a decline in short-term financial health[52] - The total accounts receivable decreased from HKD 107.96 million in 2023 to HKD 32.82 million in 2024[34] - The total accounts payable decreased from HKD 13.79 million in 2023 to HKD 10.16 million in 2024[35] Fundraising and Financial Strategies - The company is actively exploring fundraising opportunities, including potential equity placements, to address its financial needs[8] - Cost control measures have been implemented, including the suspension of non-profitable services to improve cash flow and profitability[8] - The company is in discussions with bondholders regarding repayment schedules and is seeking new financing arrangements with banks[8] - The group has sufficient cash flow resources to meet future operating capital and financing needs, assuming the successful implementation of current measures[9] - The company issued bonds totaling HKD 60,000,000 in 2024, replacing previous bonds, with a fixed annual interest rate of 6%[54] - The total outstanding bond principal as of December 31, 2024, was HKD 85,000,000, down from HKD 100,000,000 in 2023[55] Operational Changes and Future Outlook - The company plans to diversify its customer base to maintain and attract demand for warehousing and logistics services[38] - The company anticipates a continued decline in consumer demand in 2024 and is reviewing its existing wholesale channels and product mix[41] - The group aims to expand its frozen warehouse capacity and optimize operations to enhance profitability in the core business segment[46] - The group anticipates a recovery in the profitability of its food and beverage distribution business in mainland China through diversification of wholesale channels and product offerings[47] - The group is actively seeking new opportunities in the frozen warehouse and logistics sector, aiming to become a diversified service provider[45] - The group is discussing strategic partnerships to establish joint ventures that are expected to drive overall development[46] Compliance and Governance - The company has adopted the corporate governance code and is in compliance with most of its provisions, except for the absence of a chairman[68] - The audit committee consists of three independent non-executive directors and has reviewed the audited consolidated financial statements for the year[71] - The company has not identified any non-compliance events regarding its securities trading policy for the year[70] - The company will publish its annual report containing all required information at an appropriate time[76] Employee and Cost Management - Employee-related costs for the year amounted to approximately HKD 63,573,000, an increase from HKD 62,784,000 in 2023 (restated)[65] - The company has implemented strict cost control measures, resulting in only a slight loss in the food and beverage trading and sales business[41] - The company did not recommend the payment of dividends for the year ending December 31, 2024, consistent with 2023[66] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period, consistent with the previous year[61] Market Conditions - The local GDP is projected to increase by 2.5% in 2024, following a 3.2% increase in 2023, while the restaurant revenue index is expected to decline by 2.4%[44] - The group is focusing on cost-saving measures and resource reallocation to mitigate risks from market volatility due to geopolitical tensions[42]
大同集团(00544) - 2024 - 年度业绩