Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 96.0 million, a decrease of 7.2% compared to HKD 103.5 million in 2023[4] - Gross profit for the same period was HKD 34.3 million, down 22.4% from HKD 44.2 million in the previous year, resulting in a gross margin of 35.7%[4] - The company reported a net loss of HKD 44.5 million for the year, a significant decline from a profit of HKD 2.9 million in 2023, representing a change of 1,634.5%[4] - Basic and diluted loss per share was HKD 3.7, compared to earnings of HKD 0.2 per share in the prior year, reflecting a decrease of 1,955.0%[4] - Total revenue for the year ended December 31, 2024, was HKD 95,970,000, a decrease of 7.4% from HKD 103,510,000 in 2023[24] - The company's annual profit for 2024 was a loss of HKD 44,475,000, compared to a profit of HKD 2,917,000 in 2023[35] - The group incurred an operating loss before tax of HKD 28,244,000, with total administrative expenses amounting to HKD 23,159,000[23] - The group recognized a pre-tax loss of approximately HKD 28.2 million for the current year, compared to a pre-tax profit of approximately HKD 5.2 million for the year ended December 31, 2023, primarily due to an increase in expected credit loss provisions[64] Assets and Liabilities - Total assets decreased to HKD 110.8 million in 2024 from HKD 141.8 million in 2023, indicating a reduction of 21.9%[6] - Total liabilities increased to HKD 110.3 million in 2024 from HKD 91.5 million in 2023, marking a rise of 20.6%[7] - The group reported a net current liability of about HKD 13,220,000 at the end of the reporting period[13] - The amount payable to the immediate holding company as of December 31, 2024, was HKD 17.0 million, an increase from HKD 10.0 million as of December 31, 2023[71] Revenue Segmentation - Total external customer revenue for the year was HKD 95,970,000, with contributions from ticket distribution (HKD 10,811,000), travel business process management (HKD 21,480,000), and travel products and services (HKD 63,679,000)[23] - Revenue from the travel business process management segment increased to HKD 21,480,000 in 2024 from HKD 21,078,000 in 2023, representing a growth of 1.9%[25] - Revenue from mainland China was HKD 63,481,000 in 2024, up 5.4% from HKD 60,056,000 in 2023[27] - Revenue from the ticket distribution segment decreased by approximately HKD 11.3 million or 51.1% from about HKD 22.1 million for the year ended December 31, 2023, to about HKD 10.8 million for the year ended December 31, 2024[47] - Revenue from the travel products and services segment increased by approximately HKD 3.4 million or 5.6% from about HKD 60.3 million for the year ended December 31, 2023, to about HKD 63.7 million for the year ended December 31, 2024[49] Credit Loss Provisions and Financial Costs - The company experienced a significant increase in expected credit loss provisions, with a charge of HKD 29.7 million in 2024 compared to a reversal of HKD 1.2 million in 2023[5] - The company reported a net financial cost of HKD 172,000 in 2024, compared to HKD 70,000 in 2023, indicating an increase in financial expenses[31] Cash Flow and Working Capital - The net cash generated from operating activities for the current year was approximately HKD 3.2 million, compared to a net cash used of approximately HKD 24.8 million for the year ended December 31, 2023[65] - As of December 31, 2024, the group's cash and cash equivalents increased by approximately 15.2% to approximately HKD 30.4 million from approximately HKD 26.4 million as of December 31, 2023[65] - The group expects to have sufficient working capital to meet its financial obligations for at least the next twelve months[13] Employee and Operational Information - The total employee cost for the year was approximately HKD 29.5 million, down from approximately HKD 31.7 million for the year ended December 31, 2023[74] - The group had a total of 82 employees as of December 31, 2024, compared to 71 employees as of December 31, 2023[74] Dividends and Shareholder Information - The company did not declare any final dividend for the year ended December 31, 2024[4] - The company did not recommend any final dividend for the year ended December 31, 2024, consistent with 2023[36] - The company does not recommend the payment of a final dividend for the year, maintaining cash for operational needs and future development[50] Compliance and Reporting - The group has maintained compliance with all bank covenants as of December 31, 2024, and 2023[45] - The preliminary announcement of the group's annual performance figures is consistent with the audited consolidated financial statements[89] - The annual performance announcement is published on the Hong Kong Stock Exchange website and the company's website[90] - The annual report contains all information required by the Listing Rules Appendix D2 and will be sent to shareholders at the appropriate time[90] Future Outlook and Strategy - The group anticipates continued revenue growth from self-operated tours in the Greater Bay Area, driven by its travel products and services segment[13] - The company aims to consolidate its market share in the Greater Bay Area tourism sector and explore new business opportunities[51] - The company will continue to monitor and reassess its ticket distribution business model in response to geopolitical tensions affecting air transport volumes between China and North America[51] Accounting and Financial Standards - The group has not adopted any new accounting standards that would have a significant impact on its consolidated financial statements[14] - The group is evaluating the specific impact of the new International Financial Reporting Standard 18 on its consolidated financial statements, effective from January 1, 2027[19] Miscellaneous - The company has not engaged in any major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year[75] - The company has not entered into any derivative transactions or established any financial instruments to hedge foreign currency risks during the year[73] - There were no significant contingent liabilities or guarantees as of December 31, 2024[77] - The executive directors as of the announcement date include Mr. Liu Xuebin and Dr. Gao Songyan[92]
富盈环球集团(01620) - 2024 - 年度业绩