Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 36,034,000, a decrease of 68.4% compared to HKD 113,970,000 in the previous year[3] - The company incurred a gross loss of HKD 14,408,000, leading to a total loss before tax of HKD 164,565,000, which is a significant increase from the previous year's loss of HKD 44,254,000[3] - The net loss for the year was HKD 165,113,000, compared to a net loss of HKD 46,447,000 in the prior year, reflecting a year-over-year increase of 255.5%[3] - The group reported external customer revenue of HKD 36,034,000, with a significant loss in the yacht business amounting to HKD 139,882,000[26] - The group incurred a total operating loss of HKD 164,699,000 for the year, with specific losses in the yacht business and real estate investment segments[26] - The group recorded a segment loss of approximately HKD 139.8 million in the yacht business for the year ending December 31, 2024, compared to a loss of HKD 7.4 million in 2023[57] - The group experienced an annual loss attributable to equity holders of approximately HKD 165.1 million for the year ending December 31, 2024, compared to a loss of HKD 46.4 million in 2023[63] Financial Position - The company's total current liabilities amounted to HKD 354,921,000, with a net current liability of HKD 162,763,000, indicating financial strain[5] - Cash and cash equivalents decreased to HKD 28,499,000 from HKD 69,107,000, representing a decline of 58.8%[5] - The company's equity attributable to owners decreased to HKD 44,429,000 from HKD 37,025,000, while accumulated losses rose to HKD 307,972,000 from HKD 142,859,000[5] - The group has a total asset value of HKD 227,591,000 and total liabilities of HKD 355,576,000, reflecting a leveraged financial position[26] - The group has an outstanding loan amount of approximately HKD 124.7 million as of December 31, 2024, compared to none in 2023[65] - The debt ratio as of December 31, 2024, is 54.8%, attributed to the group's net debt situation, compared to zero in 2023[67] - As of December 31, 2024, the group's net current liabilities and net liabilities were approximately HKD 162,763,000 and HKD 127,985,000, respectively[93] Cash Flow and Liquidity - Cash and cash equivalents amounted to HKD 22.4 million as of December 31, 2024, compared to HKD 21.7 million in the previous year[44] - The company faced a decrease in cash from frozen bank accounts, which dropped from approximately HKD 47.5 million to HKD 6.1 million due to a court ruling[43] - The accounts payable over three months stood at HKD 99.9 million as of the reporting year-end, slightly decreasing from HKD 101.1 million in the previous year[45] - The group recorded a significant reduction in operating expenses to approximately HKD 39.4 million for the year ending December 31, 2024, down from HKD 68.6 million in 2023[62] Business Operations - The company is engaged in integrated circuit and semiconductor component design and sales, private jet management services, and yacht manufacturing and sales[7] - The integrated circuit and semiconductor segment generated revenue of approximately HKD 31.0 million, up from HKD 25.2 million in the previous year[54] - The global yacht sales market saw a decline of 19% in demand for new and used yachts compared to the previous year[51] - The company plans to focus more resources on the yacht business and other higher-margin new developments due to increasing competition in the integrated circuit market[54] - The group plans to closely monitor and manage administrative expenses and future capital expenditures to improve financial stability[13] Impairment and Provisions - The company reported a significant increase in financial asset impairment losses, totaling HKD 69,616,000, compared to HKD 5,990,000 in the previous year[3] - The company recorded a net impairment provision for inventories of HKD 58,657 thousand in 2024, compared to HKD 14,529 thousand in 2023, indicating increased challenges in inventory management[34] - The company reported impairment losses of approximately HKD 67.5 million on receivables and HKD 58.7 million on inventory for the year ending December 31, 2024[49] Future Outlook and Plans - The board believes that the company has sufficient financial resources to meet its obligations for at least the next fifteen months based on projected cash flows[11] - The group continues to assess its operational funding needs, projecting sufficient working capital for at least the next fifteen months[13] - A shareholder has agreed to provide financial support for the company's ongoing operations, ensuring the ability to meet upcoming debt obligations[13] - The company aims to enhance its revenue base and profitability by reallocating resources to promising business areas[52] Corporate Governance and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[92] - The audit committee consists of two independent non-executive directors as of December 31, 2024[90] - The company has adopted the standard code for securities transactions by directors as per the listing rules[87] - The company maintained sufficient public float as required by listing rules for the year ended December 31, 2024[88] Shareholder Information - The company did not declare or recommend any dividends for the year ended December 31, 2024, consistent with 2023[38] - The company has not proposed any final dividend for the year ending December 31, 2024, consistent with no dividends in 2023[77] - The annual report for 2024 will be sent to shareholders and published on the stock exchange website[94] - The date for the annual general meeting will be announced in due course[95] Changes and Developments - The company has undergone a name change from "Balk 1798 Group Limited" to "Sky Blue 11 Company Limited" effective January 17, 2024[83] - The company maintained its operational focus despite significant challenges in the yacht business and integrated circuit market[54] - There were no significant acquisitions or disposals of subsidiaries or associates during the year ending December 31, 2024[71] - The company has not pledged any assets as of December 31, 2024, consistent with the previous year[70]
巴克1798集团(01010) - 2024 - 年度业绩