Financial Performance - The company reported total revenue of HKD 36,034,000 for the year ending December 31, 2024, a decrease of 68.4% compared to HKD 113,970,000 in 2023[3]. - The gross profit for the year was HKD 21,626,000, down 53.1% from HKD 46,088,000 in the previous year[3]. - The company incurred a loss before tax of HKD 164,565,000, compared to a loss of HKD 44,254,000 in 2023, representing a significant increase in losses[3]. - The total comprehensive loss for the year amounted to HKD 165,229,000, compared to HKD 50,144,000 in the prior year, indicating a worsening financial position[4]. - The group reported a net loss attributable to equity holders of approximately HKD 165.1 million for the year ending December 31, 2024, compared to a loss of HKD 46.4 million in 2023[63]. - The company recorded an annual loss of approximately HKD 165.1 million for the fiscal year ending December 31, 2024, significantly increasing from a loss of approximately HKD 46.4 million in the previous year[49]. Assets and Liabilities - Current liabilities totaled HKD 354,921,000, slightly down from HKD 362,668,000 in 2023, while the net current liabilities increased to HKD 162,763,000[5]. - The company has a negative equity of HKD 127,985,000 as of December 31, 2024, compared to HKD 2,979,000 in 2023, indicating a deteriorating financial health[5]. - The group has a total asset value of HKD 227,591,000 and total liabilities of HKD 355,576,000[26]. - The group has an outstanding loan amount of approximately HKD 124.7 million as of December 31, 2024, compared to none in 2023[65]. - The debt ratio as of December 31, 2024, is 54.8%, attributed to the group's net debt situation, compared to zero in 2023[67]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased to HKD 28,499,000 from HKD 69,107,000 in the previous year, reflecting liquidity challenges[5]. - Cash and cash equivalents as of December 31, 2024, totaled HKD 22.4 million, compared to HKD 21.7 million as of December 31, 2023[44]. - The company’s cash balance in frozen bank accounts decreased from approximately HKD 47.5 million to HKD 6.1 million due to a court ruling affecting a supplier[43]. - The group will continue to extend most of its maturing short-term interest-bearing borrowings in the foreseeable future[13]. Revenue Segmentation - The integrated circuit and semiconductor segment generated revenue of approximately HKD 31.0 million in 2024, up from HKD 25.2 million in 2023, but still faced competitive pressure on profit margins[54]. - The integrated circuit and semiconductor parts design and sales contributed 86% of total revenue, up from 22% in the previous year, while yacht manufacturing and sales accounted for 14%, down from 78%[61]. - Revenue from external customers for integrated circuits reached HKD 25,198 thousand, while yacht sales generated HKD 88,772 thousand, totaling HKD 113,970 thousand for the year ended December 31, 2023[27]. - Total revenue from customer contracts for integrated circuits in 2024 was HKD 31,034 thousand, up from HKD 25,198 thousand in 2023, while yacht sales dropped to HKD 5,000 thousand from HKD 88,772 thousand[31]. Impairment and Provisions - The company reported a significant increase in financial asset impairment losses, totaling HKD 69,616,000 compared to HKD 5,990,000 in 2023[3]. - The impairment losses recognized for accounts receivable and inventory amounted to approximately HKD 67.5 million and HKD 58.7 million, respectively, for the fiscal year ending December 31, 2024[49]. - The group recorded an impairment provision of HKD 58,657,000 for inventory[26]. - The company recorded a significant increase in inventory impairment provisions, rising to HKD 58,657 thousand in 2024 from HKD 14,529 thousand in 2023[34]. Operational Segments - The group has five reportable operating segments, including integrated circuits design and sales, private jet management, yacht manufacturing, real estate investment, and corporate functions[22][23]. - The group recorded a segment loss of approximately HKD 139.8 million in the yacht business for the year ending December 31, 2024, compared to a loss of HKD 7.4 million in 2023[57]. - The group has no recorded revenue from real estate investments for the year ending December 31, 2024, resulting in a segment loss of approximately HKD 1.8 million, slightly higher than the loss of HKD 1.5 million in 2023[58]. Shareholder and Corporate Actions - A shareholder has agreed to provide financial support for the company's ongoing operations, ensuring the ability to meet upcoming debt obligations[13]. - The group successfully placed 74,049,028 new shares, representing approximately 16.67% of the issued share capital, at a price of HKD 0.56 per share on January 17, 2024[64]. - The company issued a total of 444,294,170 shares as of December 31, 2024, after issuing 74,049,028 new shares for general working capital and business development[69]. - The company has not proposed any final dividend for the year ending December 31, 2024, consistent with no dividends in 2023[77]. Management and Governance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[92]. - The audit committee consists of independent non-executive directors, ensuring oversight of the financial reporting process[90]. - The company has adopted the standard code for securities transactions by directors, confirming compliance as of December 31, 2024[87]. - The board expresses gratitude to the management team, employees, shareholders, and partners for their continued support[96]. Market Conditions - The global yacht sales market saw a decline, with new and second-hand yacht demand decreasing by 19% year-on-year, and total yacht transaction value dropping by 10%[51]. - The company aims to allocate more resources to the yacht business and other higher-margin new developments in response to increasing competition in the integrated circuit market[54]. - The group plans to transition from a capital-intensive business model to a light-asset, service-oriented model in the yacht business to mitigate risks[57]. - The group will continue to monitor market conditions and explore opportunities for collaboration and potential acquisitions to enhance financial performance and operational efficiency[57].
巴克1798集团(01010) - 2024 - 年度业绩