Financial Performance - For the year ended December 31, 2024, the company's revenue increased by approximately HKD 274.7 million or 141.8% to approximately HKD 468.5 million compared to the previous year[3]. - The company recorded a profit before tax of approximately HKD 9.9 million for the year ended December 31, 2024, a significant improvement from a loss of approximately HKD 59.3 million in the previous year[3]. - The gross profit for the year ended December 31, 2024, was HKD 17.3 million, compared to a gross loss of HKD 7.2 million in the previous year[5]. - The group reported a significant increase in contract service revenue, reaching HKD 468,457,000 in 2024 compared to HKD 193,771,000 in 2023, representing a growth of approximately 142%[23]. - The net profit attributable to the company's owners for the year was approximately HKD 9.9 million, a significant improvement from a net loss of HKD 59.3 million in the previous year[55]. - Other income for the year was approximately HKD 3.8 million, representing an increase of about 836.1% from HKD 0.4 million in the previous year[45]. - The group confirmed a net reversal of impairment of approximately HKD 2.3 million, compared to an impairment loss of HKD 35.9 million in the previous year[47]. Dividends and Shareholder Returns - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[3]. - The group has not declared or proposed any dividends for the year ending December 31, 2024, consistent with 2023[31]. - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[71]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 7.6 million, compared to a negative value of HKD 0.39 million in the previous year[6]. - The company's total liabilities decreased to HKD 161.8 million from HKD 196.9 million in the previous year[6]. - Non-current liabilities decreased to HKD 8.1 million from HKD 9.0 million in the previous year[7]. - The group's net liabilities amount to approximately HKD 548,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[77]. - The financial statements do not include any adjustments that may result from the uncertainties mentioned[77]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to HKD 25.4 million from HKD 35.2 million in the previous year[6]. - Cash and bank deposits as of December 31, 2024, are approximately HKD 7,165,000 and HKD 25,434,000, respectively, indicating a solid liquidity position[18]. - As of December 31, 2024, the group's cash and bank balances decreased by approximately HKD 26.0 million to about HKD 32.6 million, down from HKD 58.6 million in the previous year[56]. - The current ratio as of December 31, 2024, was 1.03, an increase from 0.98 as of December 31, 2023[58]. Working Capital and Financing - The company is actively reviewing its capital structure and considering new debt financing or issuing new shares to obtain additional capital[20]. - Management is closely monitoring the group's working capital situation and conducting sensitivity analyses to ensure sufficient liquidity[18]. - The group anticipates having adequate operating funds to meet its financial obligations due within the next twelve months[19]. - The group is in discussions with external financing institutions regarding the provision of financing, indicating ongoing efforts to secure funding[21]. Employee Costs and Workforce - The total employee costs decreased from HKD 34,424,000 in 2023 to HKD 20,722,000 in 2024, with a significant reduction in salaries and other allowances from HKD 30,617,000 to HKD 17,168,000[30]. - The company employed a total of 75 employees as of December 31, 2024, an increase from 69 employees in the previous year[65]. Customer and Revenue Concentration - Total revenue from major customers contributing over 10% to the group's total revenue in 2024 includes Customer A at HKD 145,060,000, Customer B at HKD 143,456,000, and Customer C at HKD 127,435,000[26]. - The group’s receivables from its five largest customers amounted to approximately HKD 13.4 million, representing about 36% of total receivables, down from 55% in the previous year[51]. Trade Receivables and Payables - Trade receivables decreased from HKD 71,131,000 in 2023 to HKD 22,615,000 in 2024, with expected credit loss provisions also reduced from HKD 5,609,000 to HKD 2,929,000[34]. - The group's accounts payable increased from HKD 44,570,000 in 2023 to HKD 49,362,000 in 2024, indicating a rise in trade payables[37]. - The aging analysis of trade payables shows that HKD 42,361,000 is due within 30 days in 2024, compared to HKD 35,524,000 in 2023[39]. - As of December 31, 2024, the group had overdue trade receivables totaling approximately HKD 17,854,000, with HKD 16,303,000 overdue for more than 90 days but not considered in default[36]. Cost Management - The company has implemented cost control measures to manage operating costs and administrative expenses, aiming for sustainable cash flow[20]. - Administrative expenses decreased by approximately HKD 2.2 million or 13.6% to about HKD 14.3 million due to cost control measures implemented during the year[52]. Other Financial Information - The company's issued share capital was approximately HKD 13.3 million as of December 31, 2024, unchanged from the previous year, with 1,332,000,000 shares issued[59]. - As of December 31, 2024, the company's payable to shareholders was approximately HKD 10.0 million, down from HKD 15.5 million as of December 31, 2023[57]. - The company had an outstanding performance guarantee amounting to approximately HKD 37.4 million as of December 31, 2024, compared to HKD 41.7 million in the previous year[64]. - There were no significant investments or capital asset plans reported for the year ending December 31, 2024[61]. - The company did not experience any major litigation or claims that could adversely affect its financial condition during the reporting period[66]. - The financial figures for the year ending December 31, 2024, have been verified by the auditor, but no certification has been provided according to the relevant Hong Kong accounting standards[78].
丰展控股(01826) - 2024 - 年度业绩