Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 42,432,000, a decrease of 4.6% from HKD 44,493,000 in 2023[3] - The company reported a pre-tax loss of HKD 29,514,000, significantly improved from a loss of HKD 371,436,000 in the previous year, representing a reduction of approximately 92.1%[3] - The net loss for the year was HKD 33,087,000, compared to a net loss of HKD 358,453,000 in 2023, indicating a year-over-year improvement of about 90.8%[4] - The basic and diluted loss per share improved to HKD 3.56 from HKD 45.25 in the previous year, marking a significant recovery[4] - The group reported a net loss of approximately HKD 33,087,000 for the year ending December 31, 2024[11] - The company reported a loss attributable to equity holders of HKD 23,731,000 for the year ended December 31, 2024, compared to a loss of HKD 302,064,000 for the previous year, indicating a significant improvement[42] - The net loss for the year ending December 31, 2024, was approximately HKD 33,100,000, significantly reduced from a loss of HKD 358,500,000 in 2023, primarily due to the absence of one-time impairment losses[50] Assets and Liabilities - The company's total assets as of December 31, 2024, amounted to HKD 3,376,963,000, a slight increase from HKD 3,328,203,000 in 2023[5] - Current liabilities decreased to HKD 1,220,289,000 from HKD 2,493,360,000, reflecting a reduction of approximately 51%[6] - The company’s cash and cash equivalents decreased to HKD 16,175,000 from HKD 23,079,000, a decline of about 30%[5] - Non-current assets decreased to HKD 135,961,000 from HKD 150,829,000, a decline of approximately 9.8%[5] - The company’s equity attributable to shareholders decreased to HKD 853,438,000 from HKD 887,417,000, a reduction of about 3.8%[6] - As of December 31, 2024, the total interest-bearing borrowings amounted to approximately HKD 1,392,069,000, with current interest-bearing borrowings at HKD 223,591,000[11] - The company reported a foreign exchange loss of approximately HKD 13,000,000 for the year ended December 31, 2024, compared to HKD 19,900,000 in 2023[62] - The company's total borrowings as of December 31, 2024, amount to approximately HKD 1,392,069,000, with cash and cash equivalents of only about HKD 16,175,000[73] Revenue Segmentation - The revenue from the art and culture segment was HKD 33,973,000, down from HKD 35,948,000, reflecting a decline of 5.5%[31] - The wine and trade segment reported revenue of HKD 2,118,000, an increase of 7.5% from HKD 1,970,000 in the previous year[31] - The property development segment generated revenue of HKD 6,341,000, a decrease of 3.6% compared to HKD 6,575,000 in 2023[31] - The company reported a total of HKD 11,305,000 in rental income from properties held for sale, an increase from HKD 10,868,000 in 2023[35] - The property development segment contributed revenue of approximately HKD 6,300,000, with a pre-tax loss of about HKD 30,700,000, a significant improvement from a loss of HKD 184,500,000 in 2023[51] - The arts and culture segment generated revenue of approximately HKD 34,000,000, with a pre-tax profit of about HKD 6,200,000, recovering from a loss of HKD 164,300,000 in the previous year[54] Financing and Liquidity - The group is actively seeking financing options from various financial institutions and potential investors to alleviate liquidity pressure[12] - The group successfully negotiated the extension of interest-bearing borrowings totaling approximately HKD 659,163,000 for an additional two years and six months, and HKD 595,370,000 for three years[12] - The company has provided guarantees totaling approximately HKD 343,200,000 related to loans for property development as of December 31, 2024[64] - The company has capital commitments as of December 31, 2024, are approximately HKD 627,600,000, an increase from HKD 507,300,000 in 2023[65] Operational Activities - The company continues to engage in property investment and development, auction services, and wine sales as part of its core business activities[10] - The group has accelerated the pre-sale and sale of properties under development and completed properties[12] - The company completed the structural work for building A up to 19 floors as of December 31, 2024, compared to 5 floors as of December 31, 2023[53] - The company plans to continue focusing on the construction, sales, and leasing of the Silk Road International Cultural Center amid a recovering Chinese economy[58] Compliance and Reporting - The group has adopted several new and revised Hong Kong Financial Reporting Standards, which do not have a significant impact on the consolidated financial statements[14][16][18][20][22][24] - The group is expected to adopt new and revised Hong Kong Financial Reporting Standards in the future, which are anticipated to have no significant impact on its performance and financial position[25][27] Employee and Governance - The company had approximately 93 employees in Hong Kong and China as of December 31, 2024, down from 94 in 2023[63] - The company will hold its 2025 Annual General Meeting on June 6, 2025, with a suspension of share transfer registration from June 3 to June 6, 2025[74] Dividends and Shareholder Returns - The company did not declare or recommend any dividends for the years ended December 31, 2024, and 2023[41] - The company has not declared any dividends for the year ended December 31, 2024[66] - The company has no plans to buy, sell, or redeem any of its listed securities during the year ended December 31, 2024[67] Going Concern and Risks - The group faces significant uncertainty regarding its ability to continue as a going concern due to potential legal actions related to unpaid accounts[11] - The company faces significant uncertainties regarding its ability to continue as a going concern due to a net loss of approximately HKD 33,087,000 for the year ended December 31, 2024[73]
大唐西市(00620) - 2024 - 年度业绩