Financial Performance - For the year ended December 31, 2024, the revenue was HKD 256,385,000, an increase of HKD 9,854,000 compared to HKD 246,531,000 in the previous year, representing a growth of approximately 4%[2] - The gross profit for the same period was HKD 43,832,000, up by HKD 6,276,000 from HKD 37,556,000 year-on-year, indicating a growth of about 16.7%[2] - The loss attributable to the owners of the company was HKD 56,122,000, which is an increase of HKD 10,976,000 from HKD 45,146,000 in the previous year, reflecting a rise of approximately 24.3%[2] - The basic and diluted loss per share was HKD 30.71, an increase of HKD 5.57 from HKD 25.14 in the previous year, representing a rise of about 22.1%[2] - The total comprehensive loss for the year was HKD 91,070,000, compared to HKD 67,761,000 in the previous year, indicating an increase of approximately 34.4%[4] - The annual loss for the company in 2024 was HKD 56,122,000, compared to a loss of HKD 45,146,000 in 2023, indicating an increase in losses of approximately 24.4%[32] - Other income and loss for the fiscal year 2024 resulted in a loss of HKD 7,037,000, a decrease of HKD 7,638,000 compared to a profit of HKD 601,000 in the previous year[40] Assets and Liabilities - Non-current assets decreased to HKD 123,389,000 from HKD 134,710,000, a decline of about 8.5%[5] - Current liabilities slightly increased to HKD 191,591,000 from HKD 190,637,000, showing a marginal rise of approximately 0.5%[5] - The company's net assets decreased to HKD 78,742,000 from HKD 135,674,000, a significant drop of about 42%[6] - The company reported a cash and cash equivalents balance of HKD 10,593,000, down from HKD 27,749,000, representing a decrease of approximately 61.8%[5] - The total value of mortgaged assets to secure bank borrowings decreased to HKD 71,963,000 in 2024 from HKD 85,245,000 in 2023, a decline of approximately 15.5%[37] - The group's current liabilities exceeded its current assets by approximately HKD 33,863,000, raising significant doubts about the group's ability to continue as a going concern[65] Revenue Streams - Revenue from ready-mixed concrete increased to HKD 191,135 thousand in 2024 from HKD 145,885 thousand in 2023, reflecting a growth of approximately 31%[24] - The group reported revenue from pre-stressed high-strength concrete piles of HKD 49,028 thousand in 2024, down from HKD 70,147 thousand in 2023, representing a decrease of approximately 30%[24] - Major customers contributing over 10% of revenue include Customer A with HKD 29,178 thousand and Customer B with HKD 26,781 thousand in 2024[22] Cash Flow and Financing - The group has implemented several plans to alleviate cash flow pressure and improve financial conditions, including active measures to recover trade receivables and strict selection of reputable customers to minimize bad debts[14] - The group is closely monitoring its customer base and will consider alternative financing arrangements to support daily operations[14] - The net proceeds from the share subscription and issuance of convertible bonds amounted to approximately HKD 10,300,000, with actual usage of HKD 1,910,000[45] Expenses - Administrative expenses for the fiscal year 2024 were HKD 22,105,000, representing an 8% decrease from HKD 23,977,000 in the previous year[41] - The cost of materials used decreased to HKD 139,144,000 in 2024 from HKD 147,149,000 in 2023, showing a reduction of approximately 5.4%[27] Governance and Compliance - The company is actively seeking suitable candidates for the positions of chairman and chief executive officer to comply with corporate governance codes[60] - The company has adopted the standard code of conduct for securities trading by directors and confirmed compliance throughout the year[66] - The company will publish its annual report containing all required information on its website and the stock exchange's website in due course[67] Legal and Regulatory Matters - The group's subsidiary, Zhuhai Hesheng, had 70% of its equity in Guangdong Hengjia frozen by the Xiangzhou District Court from August 23, 2022, to August 22, 2025, as part of a legal dispute[54] Future Outlook - The board believes the group will have sufficient working capital to meet its financial obligations for the next 12 months, supporting the appropriateness of preparing financial statements on a going concern basis[12] - The company aims to expand its business scale through exploring new business opportunities, which is expected to bring new growth and momentum[56] - The group anticipates that the application of new accounting standards will not have a significant impact on future financial statements[19] Employment and Workforce - As of December 31, 2024, the group employed approximately 258 full-time staff across management, administration, technical, and production departments[48] Risk Factors - The group is exposed to foreign exchange risks primarily due to its assets and liabilities denominated in Renminbi and Hong Kong dollars[49] Dividends - The company does not recommend the distribution of a final dividend for the year ended December 31, 2024, consistent with the previous year[2] - The company did not declare or recommend any final dividends for the year ending December 31, 2024, consistent with 2023[30]
新威国际(00058) - 2024 - 年度业绩