Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 48,042,000, a decrease of 9.4% from HKD 53,037,000 in 2023[2] - Gross profit for 2024 was HKD 15,064,000, down 30.2% from HKD 21,711,000 in 2023[2] - The company reported a loss before tax of HKD 32,392,000, slightly improved from a loss of HKD 33,129,000 in 2023[2] - The total comprehensive loss for the year was HKD 31,821,000, compared to a loss of HKD 28,454,000 in 2023[4] - Basic and diluted loss per share for 2024 was HKD 9.53, compared to HKD 8.81 in 2023[4] - The total loss attributable to the owners of the company for 2024 was HKD 31,086,000, compared to HKD 28,736,000 in 2023, reflecting an increase in losses[33] - The company's net loss increased by 10% to approximately HKD 31,846,000, primarily due to a decrease in gross profit of about HKD 6,647,000 and a reduction in other income by HKD 3,413,000[38] Assets and Liabilities - Non-current assets decreased to HKD 315,685,000 in 2024 from HKD 345,138,000 in 2023[5] - Current assets decreased to HKD 64,146,000 in 2024 from HKD 72,609,000 in 2023[5] - Total liabilities decreased to HKD 146,103,000 in 2024 from HKD 153,451,000 in 2023[5] - The company's net assets decreased to HKD 220,653,000 in 2024 from HKD 252,474,000 in 2023[6] - The group's total assets decreased to HKD 379,831,000 in 2024 from HKD 417,747,000 in 2023, reflecting a reduction of 9.1%[19] - The group's total liabilities decreased to HKD 159,178,000 in 2024 from HKD 165,273,000 in 2023, a decline of 3.3%[19] - The company's total assets and total liabilities as of December 31, 2024, were approximately HKD 379,831,000 and HKD 159,178,000 respectively, with a net asset value of about HKD 220,653,000[38] Revenue Breakdown - Hair design service revenue decreased to HKD 12,397,000 in 2024 from HKD 15,277,000 in 2023, representing a decline of 18.7%[13] - Hotel and hospitality service revenue also decreased to HKD 29,246,000 in 2024 from HKD 31,393,000 in 2023, a drop of 6.8%[13] - Revenue from external customers in Hong Kong decreased from HKD 51,441,000 in 2023 to HKD 45,825,000 in 2024, a decline of approximately 10.1%[24] - Total revenue for the year decreased by approximately 9% to HKD 48,042,000, with hair design and hospitality service revenues declining by about 19% and 7% respectively[38] Income and Expenses - Total interest income for the year 2024 was HKD 127,000, while in 2023 it was HKD 2,512,000, indicating a significant decrease[20] - The financing costs decreased from HKD 10,814,000 in 2023 to HKD 7,382,000 in 2024, representing a reduction of approximately 31.5%[26] - The total depreciation expense increased from HKD 2,433,000 in 2023 to HKD 3,702,000 in 2024, indicating a rise of approximately 52.2%[28] - The company incurred a net foreign exchange loss of HKD 13,000 in 2024, compared to a gain of HKD 992,000 in 2023[28] - Other income decreased by 76% to HKD 1,078,000, mainly due to reduced bank interest income and a foreign exchange loss of HKD 13,000[39] - The company reported a total impairment loss of HKD 1,378,000 for the year, with specific losses attributed to the hair design and hotel services segments being zero[20] Operational Segments - The group identified six operating segments, including hair design, lending, property investment, securities investment, hotel and hospitality services, and property project management[14] - The group's hair design business revenue decreased by about 19% to HKD 12,864,000, attributed to the departure of a high-salary stylist and a 16% drop in product sales[45] - Despite the revenue decline, the hair design segment recorded a profit of HKD 12,000, compared to a loss of HKD 1,275,000 in the previous year[45] - The hotel segment's revenue decreased by 7% to HKD 29,246,000, resulting in a loss of HKD 3,276,000, primarily due to reduced income from two existing hotels[49] Market Conditions and Future Outlook - The group anticipates that various macroeconomic factors, including inflation and geopolitical tensions, will continue to impact global economic conditions through 2025[64] - The Chinese government has set a growth target of approximately 5% for the year, implementing policies such as fiscal stimulus and monetary easing to boost domestic demand[65] - The hotel industry faces challenges due to rising costs and high-interest rates, which will continue to pressure the group's overall performance[66] - The group plans to adopt a cautious operational strategy to navigate potential risks and closely monitor market trends to improve performance across its divisions[66] Corporate Governance and Compliance - The board of directors does not recommend the distribution of a final dividend for the year ending December 31, 2024, consistent with the previous year[31] - The company has adopted the standard code of conduct as per Appendix C3 of the listing rules, with all directors confirming compliance during the review year[76] - The board of directors consists of seven members, including three executive directors and four independent non-executive directors[78] - The audit committee has discussed the accounting principles adopted by the group and reviewed the financial results for the year ending December 31, 2024[72] - The group's financial statements for the year ending December 31, 2024, have been verified by Hong Kong Lixin Dehao Certified Public Accountants, confirming consistency with the audited financial reports[73]
世纪建业(00079) - 2024 - 年度业绩