Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 1,074,248,000, representing an increase of 3.7% compared to HKD 1,036,268,000 in 2023[3] - The net loss attributable to equity holders for the year was HKD 494,142,000, a slight improvement from a loss of HKD 522,439,000 in the previous year[4] - The segment performance showed a loss before tax of HKD 494,086,000 for 2024, compared to a loss of HKD 522,748,000 in 2023, indicating an improvement in financial performance[15] - The group reported a pre-tax loss of HKD 108,397,000 for 2024, a decrease of 18.2% from HKD 132,700,000 in 2023[21] - The group’s other income and gains totaled HKD 1,288,000 in 2024, a significant decrease from HKD 20,222,000 in 2023[20] - The group recorded a net impairment of approximately HKD 11,041,000 for trade receivables and other receivables, an increase from HKD 9,852,000 in the previous year[54] Assets and Liabilities - The company's total assets decreased to HKD 7,885,459,000 from HKD 9,201,068,000, reflecting a decline of approximately 14.3%[5][6] - The company’s non-current assets decreased to HKD 7,120,785,000 from HKD 8,358,982,000, indicating a reduction of about 14.8%[5][6] - The company’s equity attributable to equity holders decreased to HKD 6,340,262,000 from HKD 7,405,721,000, a decline of approximately 14.4%[6] - The total liabilities for the year ended December 31, 2024, were HKD 1,545,197,000, compared to HKD 1,795,347,000 in 2023, showing a reduction of about 13.9%[16] - The total liabilities decreased from HKD 329,340,000 in 2023 to HKD 266,053,000 in 2024, indicating a decline of approximately 19.2%[36] Revenue Segmentation - The company reported segment revenue from the integrated resort development of HKD 754,803,000, while the gaming business generated HKD 210,282,000, and property development contributed HKD 109,163,000 for 2024[13] - Non-gaming revenue for the year was approximately HKD 863,966,000, while gaming revenue was approximately HKD 210,282,000, compared to HKD 989,503,000 and HKD 46,765,000 respectively in the previous year[43] - The integrated resort development segment recorded revenue of approximately HKD 754,803,000 for the year, a decrease of about 2.9% compared to HKD 777,558,000 in the previous fiscal year[47] - The gaming business segment achieved a significant revenue increase to approximately HKD 210,282,000, representing a growth of about 350% from HKD 46,765,000 in the previous fiscal year[48] - The property development segment reported revenue from residential property sales of approximately HKD 97,093,000, down from HKD 201,969,000 in the previous year, while property management revenue increased to approximately HKD 12,070,000 from HKD 9,976,000[50] Cash Flow and Financial Position - The group’s cash and cash equivalents decreased to HKD 56,435,000 in 2024 from HKD 68,757,000 in 2023, a drop of 17.9%[29] - Cash and cash equivalents increased to HKD 310,915,000 in 2024 from HKD 266,043,000 in 2023, representing a growth of approximately 16.8%[33] - The group has secured bank loans totaling HKD 1,231,252,000, backed by properties valued at HKD 1,408,989,000 as of 2024[38] - The group has interest-bearing bank borrowings of approximately HKD 1,204,252,000, which are due in June 2025[65] - The group has capital commitments of HKD 53,447,000 for properties under development as of the reporting period[67] Share Capital and Fundraising - The company issued 845,250,000 shares at HKD 0.034 per share, raising a total cash subscription price of HKD 28,739,000, increasing the issued share capital by HKD 8,453,000 and share premium account by HKD 20,286,000[41] - A rights issue was conducted, issuing 1,014,301,000 shares at HKD 0.26 per share, resulting in a total cash consideration of HKD 263,718,000, increasing the issued share capital by HKD 10,143,000 and share premium account by HKD 253,575,000[41] - The company announced a proposed capital reorganization on April 18, 2024, involving a share consolidation and capital reduction, which was approved by shareholders on June 13, 2024[60][61] - The company raised approximately HKD 258.6 million from a rights issue, with funds allocated for maintenance, renovation, and upgrades of Jeju Shinhwa World, among other uses[63][64] Operational Developments - The company has enhanced its marketing efforts for dining services and introduced traditional Korean costume rental services to attract more visitors[46] - The Jeju Shinhwa World has become a premier integrated resort in Northeast Asia, featuring over 2,000 quality rooms and various entertainment options, including a water park and theme park[44] - The group plans to continue facility upgrades and host major gaming tournaments in 2025 to enhance competitiveness and attract visitors[51] - The group remains open to exploring further development opportunities in the Jeju Myth World residential project despite a slowdown in the property market[52] Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[82] - The audit committee consists of three independent non-executive directors, and there have been no disagreements between the board and the audit committee regarding accounting principles and financial statements[85]
神话世界(00582) - 2024 - 年度业绩