Financial Performance - For the fiscal year ending December 31, 2024, the company reported a rental income of HKD 289,421,000, a decrease of 9.8% from HKD 296,958,000 in 2023[3]. - The company incurred a net loss of HKD 784,569,000 for the year, compared to a net loss of HKD 956,276,000 in the previous year, representing a 17.9% improvement[3][6]. - The company reported a total comprehensive loss of HKD 851,645,000, compared to HKD 999,402,000 in the previous year, reflecting a 14.8% improvement[6]. - The company reported a pre-tax loss of HKD 802,136,000 for 2024, compared to a pre-tax loss of HKD 972,285,000 in 2023, indicating a reduction in losses[16][17]. - The group recorded a net loss of approximately HKD 785 million for the year ended December 31, 2024, compared to a net loss of approximately HKD 956 million for 2023[30]. - The loss attributable to the company's owners decreased by approximately 20.1% from HKD 947,409,000 in 2023 to HKD 756,743,000 in 2024[51]. Assets and Liabilities - Total non-current assets decreased to HKD 4,227,628,000 from HKD 4,538,637,000, reflecting a decline of 6.9%[7]. - The company's total liabilities increased to HKD 4,223,476,000, up from HKD 4,013,534,000, marking a rise of 5.2%[7]. - The net asset value decreased to HKD 2,634,789,000 from HKD 3,486,434,000, a decline of 24.5%[8]. - As of December 31, 2024, the group's net current liabilities amounted to approximately HKD 1,392 million, with cash and bank balances around HKD 5 million[9]. - The total borrowings of the group as of December 31, 2024, amount to approximately HKD 3,445,720,000, down from HKD 3,551,936,000 in 2023, a reduction of 3.0%[62]. - The group's debt-to-equity ratio is 148% as of December 31, 2024, up from 114% in 2023, indicating increased leverage[64]. Cash Flow and Liquidity - The company’s cash and bank balances decreased to HKD 4,908,000 from HKD 57,333,000, a decline of 91.5%[7]. - The current ratio of the group is 0.67x as of December 31, 2024, down from 0.8x in 2023, reflecting a decline in liquidity[64]. - The group has approximately HKD 2,215,000,000 in overdue borrowings as of the reporting date, which has led to a court order freezing certain bank balances and assets[65]. - The group has outstanding overdue other borrowings of approximately HKD 191 million, which have led to a court order freezing certain bank balances and assets in mainland China[9]. - The group believes that the freezing of assets will not have a significant impact on its financial condition and operations[66]. Operational Developments - The group plans to continue selling outstanding receivables and interest on loans, as well as accelerating the sale of financial asset investments, including equity investments and non-performing asset portfolios[11]. - The group is in discussions with banks and other lenders regarding refinancing of borrowings[11]. - The group has fully withdrawn from non-performing asset investments and asset management businesses in 2024, focusing resources on new energy project investments[45]. - The company plans to expand its investment in the new energy sector, focusing on photovoltaic, energy storage, and charging pile projects[42]. - The company’s new energy business has made progress in technology research and development, production management, and sales management despite market challenges[43]. Employee and Administrative Expenses - The total employee cost for the group in 2024 was approximately HKD 53,841,000, down from HKD 62,814,000 in 2023, reflecting a decrease of approximately 14.4%[79]. - The group's administrative expenses decreased from approximately HKD 165,030,000 in 2023 to approximately HKD 105,930,000 in 2024, attributed to cost control measures and a reduction in consulting and legal fees from approximately HKD 38,253,000 to approximately HKD 20,108,000[52]. Investment and Future Plans - The company has over 40 distributed photovoltaic power generation reserve projects, covering more than 500,000 square meters of rooftop area, with a predicted installed capacity exceeding 70 GW[43]. - The group aims to strengthen its core business in the "light, storage, and charging" new energy sector, positioning it as a key growth point for sustainable development[50]. - The group plans to diversify its short-term rental business to increase operational income while maintaining communication with key customer groups[49]. Audit and Compliance - The independent auditor's report indicates a lack of sufficient appropriate audit evidence to provide a basis for an audit opinion on the consolidated financial statements[29]. - The financial data for the group's 2024 consolidated financial statements has been verified by Zhonghui Anda CPA[92]. - The audit committee has reviewed and accepted the group's annual performance for 2024[88]. Dividends and Shareholder Matters - The group has not declared or recommended any dividends for the year ended December 31, 2024, consistent with 2023[27]. - The board of directors has resolved not to recommend the payment of a final dividend for the year ended 2024, consistent with no dividend declared for the year ended 2023[82].
银建国际(00171) - 2024 - 年度业绩