Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 32,638,000, a decrease of 3.4% compared to HKD 33,778,000 in the previous year[3]. - The group reported a net loss of HKD 176,743,000 for the year, significantly higher than the loss of HKD 72,864,000 in the previous year, representing an increase of 142.5%[3]. - Total comprehensive loss for the year amounted to HKD 176,849,000, compared to HKD 72,739,000 in the previous year, reflecting a significant increase in overall losses[4]. - The company's basic and diluted loss per share increased to HKD 15.71 from HKD 6.48, reflecting a significant increase in losses per share[4]. - The company reported a loss attributable to equity holders of HKD 176,743,000 for 2024, significantly higher than the loss of HKD 72,864,000 in 2023[26]. - The attributable annual loss to the company's owners for fiscal year 2024 was approximately HKD 176.7 million, compared to a loss of approximately HKD 72.9 million in fiscal year 2023[44]. Asset and Equity Position - The total assets less current liabilities were HKD 795,217,000, down from HKD 972,004,000 in the previous year, showing a decline of 18.2%[6]. - The total equity decreased to HKD 776,685,000 from HKD 953,534,000, a decline of 18.5%, highlighting a reduction in shareholder value[6]. - The net asset value of the group as of December 31, 2024, was approximately HKD 776.7 million, a decrease of about 18.5% from approximately HKD 953.5 million as of December 31, 2023[48]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased to HKD 16,738,000 from HKD 123,047,000, a decline of approximately 86.4%[5]. - Current liabilities exceeded current assets by HKD 787,525,000, compared to HKD 760,612,000 in the previous year, indicating a worsening liquidity position[11]. - The group’s cash and bank balances as of December 31, 2024, were approximately HKD 16.7 million, down from approximately HKD 123.0 million as of December 31, 2023[46]. - The company is focusing on improving its liquidity and financial position while negotiating with financial institutions to extend or restructure loan repayment terms[37]. Investment Properties - The fair value net loss on investment properties was HKD 149,451,000, compared to a loss of HKD 50,400,000 in the previous year, indicating a deterioration in property performance[3]. - The group’s non-current assets included investment properties valued at HKD 1,582,100,000, down from HKD 1,731,100,000, indicating a decrease of 8.7%[5]. - The total valuation of the investment properties as of December 31, 2024, was HKD 1,582.1 million, a decrease from HKD 1,731.1 million as of December 31, 2023[36]. - The fair value loss of investment properties for fiscal year 2024 was approximately HKD 149.5 million, compared to HKD 50.4 million in fiscal year 2023[36]. - The occupancy rate of the investment properties as of December 31, 2024, was approximately 70.6%, down from 84.6% as of December 31, 2023[32]. Revenue and Income - Total rental income from investment properties in Hong Kong for 2024 was HKD 32,638,000, a decrease of 3.37% from HKD 33,778,000 in 2023[17]. - Total other income for 2024 was HKD 1,251,000, down 62.39% from HKD 3,326,000 in 2023[21]. - The company's rental income for the fiscal year 2024 was approximately HKD 32.6 million, a decrease of about 3.6% compared to HKD 33.8 million in fiscal year 2023[32]. - The rental income from the core property, Jardine Center, accounted for approximately 76.5% of the total revenue in fiscal year 2024[32]. Cost Management - Operating business loss for 2024 was HKD 30,011,000, compared to a loss of HKD 31,025,000 in 2023, indicating a slight improvement[22]. - Financial costs increased to HKD 50,510,000 in 2024 from HKD 43,428,000 in 2023, representing a rise of 16.5%[23]. - Employee costs for fiscal year 2024 were approximately HKD 3.1 million, a reduction of about 22.5% from approximately HKD 4.0 million in fiscal year 2023[40]. - Other operating expenses for fiscal year 2024 were approximately HKD 5.9 million, down about 19.2% from approximately HKD 7.3 million in fiscal year 2023 due to strict cost control measures[41]. - The company implemented strict cost control measures, maintaining the operating cost ratio at 27.6% in fiscal year 2024, down from 33.2% in fiscal year 2023[34]. Corporate Governance and Compliance - The company has complied with the corporate governance code throughout the reporting period, with one exception regarding the attendance of an independent non-executive director at the annual general meeting[70]. - The audit committee reviewed the accounting standards and financial reporting matters for the fiscal year 2024[74]. - The company did not recommend any dividend for the year ended December 31, 2024, consistent with 2023[25]. - The board does not recommend the payment of any dividends for fiscal year 2024, consistent with fiscal year 2023[50]. Borrowings and Financial Obligations - As of December 31, 2024, the group had outstanding bank and other borrowings of approximately HKD 792.0 million, a decrease from approximately HKD 870.9 million as of December 31, 2023[46]. - The total principal amount of approximately HKD 770.8 million was extended to December 31, 2024[62]. - The borrowers must make a total principal repayment of HKD 100.0 million by December 29, 2023[64]. - The group has pledged assets totaling HKD 1,582.1 million as collateral for bank borrowings[71]. Employee and Operational Information - The group employed 5 employees as of December 31, 2024, maintaining the same number as December 31, 2023[67]. - There were no significant investments, acquisitions, or disposals during the reporting period[68]. - No major contingent liabilities were reported as of December 31, 2024[66].
中昌国际控股(00859) - 2024 - 年度业绩