Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 37,834 million, an increase of 13.5% from HKD 34,292 million in 2023[2] - Profit attributable to equity holders was HKD 120 million, a significant decrease of 95.9% compared to HKD 2,922 million in 2023[2] - Core profit increased to HKD 3,123 million, up 35% from HKD 2,314 million in 2023[2] - The group's revenue for the year ended December 31, 2024, was HKD 37,834,224, an increase of 10.5% compared to HKD 34,291,809 in 2023[15] - The gross profit for the same period was HKD 9,558,097, slightly up from HKD 9,496,472, reflecting a stable gross margin[15] - The annual profit for 2024 was HKD 1,103,377, a decrease from HKD 3,404,220 in 2023, representing a decline of approximately 68.6%[41][42] - Basic and diluted earnings per share for 2024 were HKD 0.03, down from HKD 0.77 in 2023, reflecting a decline of 96.1%[55] Sales and Contracted Properties - The total contracted sales and pre-sales of properties amounted to RMB 16,629 million, a decrease of 48.9% from RMB 32,583 million in 2023[6] - Revenue from property development for 2024 reached HKD 30,134,040, an increase of 13.8% compared to HKD 26,499,537 in 2023[44] - The group's segment revenue from property management in 2024 was HKD 1,503,889, compared to HKD 1,395,193 in 2023, showing an increase of approximately 7.8%[41][42] Assets and Liabilities - The total assets as of December 31, 2024, were HKD 256,882,175, down from HKD 288,694,135 in 2023, indicating a reduction of about 11%[19] - The total liabilities decreased to HKD 157,966,693 from HKD 187,709,286, reflecting a reduction of about 15.9%[19] - The group had a net borrowing amount of HKD 68,109 million as of December 31, 2024, compared to HKD 73,920 million on December 31, 2023[82] - The debt-to-asset ratio decreased to 62% as of December 31, 2024, down from 65% a year earlier[75] Cash Flow and Financial Position - The company's cash and bank balances decreased to HKD 11,398,148 from HKD 15,368,332, a decline of approximately 26%[18] - The company aims to maintain a stable cash flow and optimize its debt structure to support long-term sustainable development[5] - The company reported a net financial cost of HKD (1,157,879) for 2024, compared to HKD (414,732) in 2023, indicating an increase in financial expenses[50] Debt and Restructuring - The company has defaulted on borrowings totaling HKD 941,661,000, leading to cross-defaults amounting to HKD 9,269,709,000[24] - The company is actively negotiating debt restructuring plans with lenders related to the defaulted borrowings[25] - The ability to continue as a going concern depends on successful debt restructuring, refinancing existing bank borrowings, and expediting property sales[26] Market Outlook and Strategy - The company expects the real estate market to gradually stabilize in 2025, supported by government policies aimed at promoting market recovery[11] - The company plans to focus on expanding its residential property development and commercial real estate investments in mainland China[20] - The company plans to enhance its brand value through a comprehensive approach focusing on product, service, support, and delivery capabilities[12] Corporate Governance and Reporting - The board approved the financial statements for publication on March 28, 2025[22] - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting principles and financial reporting for the year ending December 31, 2024[93] - The independent auditor agreed with the financial figures presented in the preliminary announcement for the year ending December 31, 2024[94] Employee and Operational Metrics - The group’s employee costs, including director remuneration, totaled HKD 1,628 million for the year, down from HKD 2,022 million in the previous year[88] - The group employed 8,506 staff as of December 31, 2024, a decrease from 9,654 staff in the previous year[88]
合生创展集团(00754) - 2024 - 年度业绩