Financial Performance - For the fiscal year ending December 31, 2024, the group recorded revenue of approximately HKD 131,256,000, a decrease of 14.3% compared to HKD 152,950,000 in 2023[2] - The company reported a loss attributable to equity shareholders of approximately HKD 6,861,000 for the fiscal year, compared to a profit of HKD 680,000 in 2023[2] - Basic and diluted loss per share for the fiscal year was HKD 0.69, compared to earnings of HKD 0.07 per share in 2023[2] - The group's gross profit for the fiscal year was HKD 13,382,000, down from HKD 19,207,000 in 2023, reflecting a decline in service revenue[4] - The group reported a total revenue of HKD 131,256,000 for the year ending December 31, 2024, compared to HKD 152,950,000 for the year ending December 31, 2023, indicating a decrease of approximately 14.2%[14] - Revenue from services recognized over time amounted to HKD 89,332,000 for the year ending December 31, 2024, down from HKD 121,873,000 in the previous year, reflecting a decline of about 26.6%[15] - The net installation services revenue was HKD 16,796,000 for the year ending December 31, 2024, a significant decrease from HKD 70,568,000 in the previous year, representing a decline of about 76.2%[15] - Other income for the fiscal year 2024 is reported at HKD 8,061,000, a decrease from HKD 10,026,000 in 2023, with bank interest income at HKD 2,444,000 and maintenance services income at HKD 5,071,000[18] - The pre-tax profit for the fiscal year 2024 is reported at HKD 26,098,000, down from HKD 32,157,000 in 2023, with employee costs amounting to HKD 25,254,000[19] Dividends and Shareholder Returns - The board of directors does not recommend the payment of a final dividend for the fiscal year ending December 31, 2024[2] - A special dividend of HKD 0.024 per ordinary share is proposed for the fiscal year 2024, totaling HKD 24,000,000, while no final dividend is recommended for the fiscal year 2023[22] - A special dividend of HKD 0.024 per share was approved and declared for the year ended December 31, 2024, while no final dividend was recommended[40] Assets and Liabilities - Total assets decreased to HKD 134,840,000 in 2024 from HKD 170,597,000 in 2023, indicating a reduction in both current and non-current assets[5] - The group's net current assets were HKD 119,459,000, down from HKD 150,233,000 in the previous year, highlighting liquidity challenges[5] - The total equity attributable to shareholders decreased to HKD 120,967,000 in 2024 from HKD 151,828,000 in 2023, reflecting a decline in shareholder value[5] - Trade receivables as of December 31, 2024, amounted to HKD 27,226,000, an increase from HKD 21,724,000 in 2023[25] - The expected recoverable amount of retention money is approximately HKD 15,796,000 for 2024, up from HKD 14,185,000 in 2023[25] - Contract assets from installation contracts amounted to HKD 17,990,000 in 2024, down from HKD 28,739,000 in 2023[27] - Trade payables as of December 31, 2024, were HKD 4,261,000, a decrease from HKD 11,771,000 in 2023[28] - The group's current assets net value as of December 31, 2024, was approximately HKD 119,459,000, down from HKD 150,233,000 in 2023, with a quick ratio of about 8.7 times[46] - The asset-liability ratio as of December 31, 2024, was approximately 0.7%, down from 1.0% in 2023[49] Operational Overview - The company primarily engages in providing heating, ventilation, and air conditioning system installation services in Hong Kong[6] - The group operates solely in the HVAC business in Hong Kong, with no further independent financial data or analysis presented for separate operating segments[14] - The company aims to strengthen its market position as a leading HVAC engineering service provider in Hong Kong[30] - The group continues to enhance financial management and licensing qualifications to solidify its position in the property development value chain[30] - The company anticipates the suspended construction project will resume in 2026, impacting future revenue growth[32] - The group plans to enhance service capabilities to capture business opportunities in HVAC engineering services while pursuing prudent financial management strategies for sustainable growth[45] Financial Management and Compliance - The group has applied the revised Hong Kong Financial Reporting Standards for the current financial period, which did not have a significant impact on the consolidated financial statements[13] - The group’s financial statements are prepared using the historical cost basis, ensuring consistency in financial reporting[8] - The group’s auditor confirmed that the financial data for the year ending December 31, 2024, is consistent with the preliminary performance announcement[8] - The group has not disclosed any significant impacts from the application of the revised accounting policies on its financial position and performance for the current and prior years[9] - The group’s financial reporting adheres to the Hong Kong Financial Reporting Standards, ensuring compliance with local accounting regulations[10] - The company has adhered to the corporate governance code and has implemented the relevant principles to enhance shareholder value[65] Employee and Capital Management - As of December 31, 2024, the group had 64 employees, down from 71 in 2023, with total employee costs amounting to approximately HKD 26,098,000, a decrease from HKD 32,157,000 in 2023[58] - Capital expenditure for the year ended December 31, 2024, was approximately HKD 1,482,000, compared to HKD 1,874,000 in 2023, primarily for vehicles, computers, and office equipment[50] - The group has no significant capital commitments as of December 31, 2024, consistent with the previous year[51] - The company has not made any significant investments or acquisitions in subsidiaries or associates during the year ended December 31, 2024[55] Shareholder Engagement and Governance - The company has adopted a share option scheme to incentivize and reward eligible participants for their contributions to the group[62] - The share options granted under the scheme cannot be exercised after ten years from the date of grant[63] - The company has confirmed compliance with the non-competition agreement established with its controlling shareholders since July 11, 2018[59] - There are no interests held by directors or controlling shareholders that could potentially compete with the group's business[60] - The audit committee is responsible for ensuring the group's assets and reviewing the financial reporting procedures and internal controls[69] - The annual report for the year ending December 31, 2024, will include all information required by the listing rules and will be sent to shareholders in due course[70]
万顺集团控股(01746) - 2024 - 年度业绩