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世纪城市国际(00355) - 2024 - 年度业绩

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a consolidated loss attributable to shareholders of HKD 1,025.6 million, compared to a loss of HKD 670.4 million in the previous fiscal year, representing an increase of 53.0%[3]. - Revenue for the fiscal year was HKD 2,744.2 million, a decrease of 2.3% from HKD 2,810.1 million in the previous year[2]. - Gross profit decreased by 15.2% to HKD 956.9 million, down from HKD 1,128.5 million in the previous year[2]. - The company recorded an operating loss before depreciation, financing costs, and tax of HKD 357.2 million, compared to an operating profit of HKD 280.4 million in the previous year[4]. - Basic loss per share attributable to ordinary shareholders increased by 49.4% to HKD 34.71 cents, compared to HKD 23.23 cents in the previous year[2]. - The net loss attributable to equity holders of the parent company was HKD 1,025.6 million, compared to a loss of HKD 670.4 million in 2023, representing a 52.9% increase in losses[57]. - Total comprehensive loss for the year was HKD 2,523.3 million, compared to HKD 2,103.8 million in 2023, indicating a 19.9% increase in comprehensive losses[58]. - The group reported a loss before tax of HKD 2,370.6 million in 2024, compared to a loss of HKD 1,699.0 million in 2023, indicating a worsening of approximately 39.5%[70]. - The company reported a fair value loss on investment properties of HKD 319.4 million, significantly higher than the loss of HKD 22.6 million in 2023[56]. - The total income tax expense for the year was HKD 72.9 million, compared to a tax credit of HKD 14.4 million in 2023, indicating a significant shift in tax position[77]. Asset and Liability Management - The net asset value per share adjusted for fair value and impairment losses was HKD 3.03, down 10.4% from HKD 3.38 in the previous year[2]. - The group's total liabilities, excluding cash and bank deposits, amounted to HKD 18.13 billion, up from HKD 17.79 billion in the previous year, resulting in a debt-to-asset ratio of 49.7%[47]. - The group's cash and bank deposits, along with time deposits, totaled HKD 1.61 billion, down from HKD 2.33 billion in the previous year[47]. - The adjusted net asset value per share, based on the market value of the hotel properties in Hong Kong as of December 31, 2024, is HKD 3.03[44]. - The group's lease liabilities as of December 31, 2024, were HKD 31.8 million, a decrease from HKD 47.2 million in the previous year[49]. - The total assets, when adjusted for the market value of hotel properties, were HKD 47.43 billion, down from HKD 50.90 billion in the previous year, resulting in a debt-to-asset ratio of 38.2%[48]. - The company's net asset value decreased to HKD 13,744.7 million from HKD 16,396.5 million in 2023, a decline of 16.1%[60]. - The group’s total liabilities increased to HKD 315.7 million in 2024 from HKD 309.9 million in 2023, indicating a rise of approximately 1.3%[70]. Revenue Streams - Hotel operations and management revenue increased to HKD 1,768.0 million in 2024 from HKD 1,736.2 million in 2023, a growth of about 1.8%[70]. - Property development and investment revenue decreased to HKD 798.4 million in 2024 from HKD 945.3 million in 2023, a decline of approximately 15.5%[70]. - Revenue from property sales was HKD 733.9 million, down 16.7% from HKD 881.6 million in 2023[75]. - Total revenue from property sales for the year ended December 31, 2024, was HKD 183.7 million, down from HKD 412.9 million in 2023, representing a decrease of 55.6%[76]. - The asset management segment generated revenue of HKD 93.1 million in 2024, slightly up from HKD 91.1 million in 2023, marking a growth of approximately 2.2%[70]. Investment and Development Projects - The company plans to focus on its existing asset portfolio and operations while cautiously pursuing new investments amid a challenging business environment[7]. - The group holds a 57.0% beneficial interest in Cosmopolitan International Holdings Limited, which is primarily engaged in property development in China[9]. - The group has a 48% interest in Century Creative Technology Group, which produces high-quality multimedia content and related services[9]. - Century Creative Technology plans to develop a series of bilingual educational books focused on environmental, social, and governance themes in collaboration with well-known publishers[19]. - The company plans to actively sell remaining properties in Chengdu, considering the recent market recovery following government stimulus policies[40]. - The company continues to maintain its afforestation project in Xinjiang, which may allow for future real estate development on approximately 1,843 acres of land[42]. Operational Highlights - The hotel business, primarily operated through Regal Hotels International Holdings Limited, maintained stable operations despite intense market competition[3]. - The We Go MALL shopping center, opened in 2018, has a total floor area of 15,270 square meters (164,364 square feet) and maintains stable leasing conditions[22]. - The project at 83 Shun Ning Road, completed in 2018, consists of 157 residential units and has sold all but 2 shops and 5 parking spaces[23]. - The new hotel project at Hong Kong International Airport has a total floor area of 33,700 square meters (362,750 square feet) and officially opened in April 2023, featuring sustainable design elements[30]. - The company is in discussions with a potential buyer regarding the sale of a property located at 41 Kingsway, London, which has a total floor area of approximately 2,150 square meters (23,140 square feet)[35]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[75]. - The group continues to focus on its existing asset portfolio and business operations while cautiously pursuing new investments amid a volatile business environment[15]. - The company has no immediate plans for significant acquisitions of investments or capital assets beyond what has been disclosed[17].