Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was approximately HKD 462.0 million, an increase of about 39.0% compared to the previous year[10]. - The wine business generated significant revenue of approximately HKD 461.7 million, up from HKD 332.2 million in the previous year, making it the largest revenue segment[11]. - The food business, which began operations in 2024, recorded revenue of HKD 0.2 million, compared to zero in the previous year[12]. - The net profit for 2024 was approximately HKD 1.3 million, a significant improvement from a loss of about HKD 8.7 million in 2023, primarily due to gains from the sale of subsidiaries[28]. - Total revenue for the year ended December 31, 2024, was HKD 461,983,000, an increase of 39% from HKD 332,244,000 in 2023[161]. - Gross profit decreased to HKD 13,342,000 from HKD 20,252,000, representing a decline of 34%[161]. - Total comprehensive income for the year was HKD 1,284,000, compared to a loss of HKD 8,669,000 in the previous year[163]. - Basic and diluted earnings per share improved to HKD 0.09 from a loss of HKD 0.84 in 2023[163]. Cost and Profitability - The gross profit margin for the wine business decreased from approximately 6.1% in 2023 to about 2.9% in 2024 due to discounts and promotional sales strategies[11]. - The cost of sales and consumed inventory rose to approximately HKD 448.6 million in 2024, an increase of about 43.8% from HKD 312.0 million in 2023[21]. - Employee benefit expenses increased by approximately 36.8% to about HKD 3.9 million in 2024, up from HKD 2.8 million in 2023, due to hiring more marketing staff[24]. - Financial costs rose to HKD 7,699,000 from HKD 6,810,000, an increase of 13%[161]. - The total cost of sales and consumed inventory was HKD 448,641,000, up from HKD 311,992,000, reflecting a 44% increase[161]. Operational Strategy - The company plans to maintain a cautious operational strategy in 2025 due to uncertain economic conditions, focusing on profitability and stable operations[14]. - The company is committed to actively controlling operational costs and seeking potential investment opportunities to diversify its business portfolio[14]. - The group plans to implement measures to strengthen cost control over operating expenses to enhance operational efficiency and improve future cash flow[182]. Market and Competitive Landscape - The company faces significant market risks, including fluctuations in costs and exchange rates, which could adversely affect financial performance[53]. - The competitive landscape in the Hong Kong wine industry remains intense, necessitating continuous efforts to manage procurement costs and quality[60]. - Over 99% of the wine business revenue is derived from sales channels in Hong Kong[62]. Corporate Governance - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of expertise and independence[109]. - The roles of the chairman and CEO are clearly separated to ensure independence and accountability, with the CEO position remaining vacant since the previous CEO's resignation[110]. - The company has adopted a board diversity policy to enhance effectiveness, considering factors such as gender, age, cultural background, and professional experience[116]. - The audit committee includes three independent non-executive directors, ensuring oversight of risk management and internal controls[105]. - The company is committed to continuous improvement in corporate governance practices to align with operational growth and legal requirements[108]. Financial Position and Liquidity - The company's total equity increased to approximately HKD 438.5 million in 2024 from HKD 366.2 million in 2023[30]. - The debt-to-equity ratio improved to approximately 25% in 2024 from 34% in 2023[33]. - The group recorded a net cash outflow from operating activities of approximately HKD 99,775,000 as of December 31, 2024[137]. - The group's bank and cash on hand amounted to HKD 7,298,000, while borrowings and interest payable were approximately HKD 116,894,000 and HKD 3,175,000, respectively[137]. - The group has overdue bank borrowings of HKD 90,000,000 and corresponding interest payable of HKD 2,715,000, secured by inventory valued at HKD 300,000,000[137]. Shareholder and Dividend Policy - No interim dividends were declared or paid during the year, consistent with 2023[49]. - The board does not recommend the payment of a final dividend for the year, similar to 2023[50]. - The company has adopted a dividend policy where the total annual dividend shall not exceed 20% of the consolidated annual net profit attributable to shareholders, excluding special items[140]. Employee and Management - The company had over 15 employees as of December 31, 2024, an increase from 14 in 2023[41]. - The salary range for senior management includes five individuals earning below HKD 1,000,000[86]. - All directors received training on their duties and responsibilities, ensuring compliance with the latest GEM listing rules and corporate governance practices[120]. Risk Management - The board is responsible for the risk management and internal control systems, which are reviewed for effectiveness annually[135]. - The company is exposed to employee retention risks, which could impact business expansion and long-term goals[54]. - The group’s ability to continue as a going concern is subject to significant uncertainty due to its management's ability to implement plans and measures[181].
百利达集团控股(08179) - 2024 - 年度业绩