Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 771,465,000, an increase of 4.4% from HKD 739,656,000 in 2023[4] - The cost of sales and services decreased to HKD 675,780,000 from HKD 697,256,000, resulting in a gross profit of HKD 95,685,000, compared to HKD 42,400,000 in the previous year[4] - The company reported a total comprehensive loss of HKD 667,238,000 for the year, compared to a loss of HKD 2,983,000 in 2023[5] - The company reported a significant loss of approximately HKD 622.6 million for the year, compared to a loss of about HKD 4.9 million in the previous year, mainly due to impairment losses on non-financial assets[50] - The group incurred a total depreciation expense of HKD 260,075,000 for property and equipment in the fiscal year 2024[31] - Adjusted EBITDA for continuing operations was approximately HKD 159.8 million, up from HKD 96.8 million in the previous year, primarily due to revenue increases and cost control measures[49] Losses and Liabilities - The loss from continuing operations before tax increased to HKD 741,102,000, up 57.4% from HKD 470,978,000 in 2023[5] - The net loss for the year from continuing operations was HKD 697,662,000, compared to a loss of HKD 49,882,000 in the previous year[5] - The company has a net current liability of approximately HKD 2,512,960,000 as of December 31, 2024[9] - Current liabilities increased significantly to HKD 2,672,646,000 from HKD 1,010,020,000, largely due to bank borrowings[6] - The company has a net current liability of HKD 2,513,000,000 and total bank borrowings of HKD 2,405,800,000 due within 12 months[41] Asset Management - Total non-current assets decreased to HKD 5,721,522,000 from HKD 6,652,164,000, primarily due to a reduction in property and equipment[6] - The company's net asset value decreased to HKD 3,037,991,000 from HKD 3,705,229,000, reflecting a decline in reserves[7] - As of December 31, 2024, the company's net asset value attributable to owners decreased to approximately HKD 3,038,000,000, down by about HKD 667,200,000 from HKD 3,705,200,000 as of December 31, 2023, primarily due to a loss of approximately HKD 622,600,000 during the year[54] Revenue Breakdown - Total revenue from gaming-related operations for 2024 was HKD 771,465,000, an increase from HKD 739,656,000 in 2023[19] - Non-gaming total revenue decreased to HKD 378,326,000 in 2024 from HKD 403,993,000 in 2023[19] - Hotel room revenue for 2024 was HKD 197,467,000, down from HKD 218,570,000 in 2023[19] - For the fiscal year ending December 31, 2024, the total external revenue was HKD 771,465,000, with the gaming segment contributing HKD 393,139,000 and the non-gaming segment contributing HKD 378,326,000[22] - The total segment loss for the same period was HKD 487,963,000, with the gaming segment reporting a profit of HKD 51,572,000 and the non-gaming segment reporting a loss of HKD 539,535,000[22] Operational Challenges - The company is in discussions with banks regarding compliance with loan covenants due to a breach related to the sale of its business in Laos[10] - The group is actively seeking continued support from banks to avoid immediate repayment demands due to loan covenant breaches[14] - The board believes that achieving sufficient financing and operating cash flow is critical for the group's ability to continue as a going concern for at least the next 12 months[13] - The company’s ability to continue as a going concern is under significant doubt due to various uncertainties, including non-compliance with loan covenants[42] Employee and Operational Metrics - The total employee costs for the fiscal year 2024 amounted to HKD 209,876,000, down from HKD 225,902,000 in 2023[31] - The group had a significant reduction in employee count to 1,149 as of December 31, 2024, down from 2,273 in the previous year, mainly due to the sale of its business in Laos[61] - The average occupancy rate for hotels was 91.8% for the year, with average daily room rates decreasing from HKD 1,043 to HKD 965[48] Shareholder and Governance - The group repaid part of the shareholder loans, reducing the balance by HKD 125,600,000 as of December 31, 2024[12] - The group is seeking continued support from major shareholders to avoid repayment of HKD 339,400,000 in shareholder loans[15] - The board will not declare any final dividend for the year ended December 31, 2024[51] - The company has not declared or proposed any dividends for the year, consistent with the previous year[35] - The company has adhered to the corporate governance code, except for the provision regarding the separation of the roles of Chairman and CEO[63][64] Impairment and Financial Adjustments - The group recognized an impairment loss of HKD 376,239,000 on non-financial assets, with HKD 330,354,000 attributed to assets in Macau and HKD 45,885,000 related to projects in Cape Verde[29] - The group’s total impairment loss on deposits paid was HKD 15,098,000 for the gaming segment and HKD 12,360,000 for the non-gaming segment[23] Miscellaneous - The company has not recognized any impact from the revised Hong Kong Financial Reporting Standards on its financial position or performance[17] - The company did not purchase, sell, or redeem any shares during the year ended December 31, 2024[59] - There were no significant events after the reporting period that would require adjustments to the financial statements or significantly impact the understanding of the group's current situation[62] - The financial statements for the year ended December 31, 2024, were reviewed by the audit committee, which consists of independent non-executive directors[65] - The figures in the preliminary announcement for the year ended December 31, 2024, were verified against the draft financial statements by Ernst & Young, the company's auditors[66] - The company operates under the name 澳門漁人碼頭集團, which includes its subsidiaries[68] - The revenue per available room (RevPAR) metric is a key performance indicator for the company, reflecting its operational efficiency[68]
澳门励骏(01680) - 2024 - 年度业绩