Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 323,454,000, an increase of 10.1% from HKD 293,620,000 in the previous year[3] - Gross profit for the same period was HKD 86,690,000, representing a 23.0% increase compared to HKD 70,493,000 in the prior year[3] - The company achieved a net profit of HKD 35,848,000, a significant turnaround from a net loss of HKD 2,397,000 in the previous year[3] - Basic earnings per share improved to HKD 0.28, compared to a loss per share of HKD 0.02 in the previous year[3] - Total adjusted profit before tax for the group was HKD 49,087,000 in 2024, a substantial increase from HKD 861,000 in 2023[22] - The group's profit before tax for 2024 was HKD 35,848,000, compared to a loss of HKD 2,397,000 in 2023[37] - The group recorded a profit of approximately HKD 35.8 million for the year, compared to a loss of about HKD 2.4 million in the previous year, mainly attributed to increased revenue and gross profit from the Paris Marriott Hotel[47] Assets and Liabilities - Total assets decreased to HKD 3,467,963,000 from HKD 3,668,046,000, reflecting a decline of 5.5%[6] - Current liabilities significantly reduced to HKD 82,472,000 from HKD 1,594,944,000, indicating a decrease of 94.8%[5] - The company's net asset value stood at HKD 1,871,661,000, down from HKD 1,927,822,000, a decline of 2.9%[6] - Non-current liabilities increased to HKD 1,513,830,000 from HKD 145,280,000, a substantial rise of 940.5%[6] - The total value of non-current assets as of December 31, 2024, was approximately HKD 2,253.4 million, a decrease of about 8.0% from HKD 2,449.9 million as of December 31, 2023, primarily due to the depreciation of the Euro against the HKD[48] - The total current liabilities as of December 31, 2024, were approximately HKD 82.5 million, a significant decrease of about 94.8% from HKD 1,594.9 million as of December 31, 2023, due to the reclassification of a EUR 175 million bank loan from current to non-current liabilities[49] Revenue Segments - The hotel operations segment reported a profit of HKD 21,616,000 for 2024, compared to HKD 8,956,000 in 2023, indicating a significant increase of 141.5%[22] - The financing segment incurred a loss of HKD 1,009,000 in 2024, slightly improved from a loss of HKD 993,000 in 2023[22] - The hotel operating segment generated revenue of approximately HKD 323.5 million, an increase of about 10.2% from the previous year's HKD 293.6 million, driven by the Paris Marriott Hotel's performance during the Olympics[50] Cash and Investments - The company reported cash and cash equivalents of HKD 994,466,000, up from HKD 884,192,000, an increase of 12.5%[5] - The group's cash and bank balances as of December 31, 2024, were approximately HKD 994,500,000, an increase from HKD 884,200,000 in the previous year[65] - The group recorded interest from convertible bonds of approximately HKD 6,500,000 for the year, down from HKD 7,800,000 in 2023[59] Corporate Structure and Governance - The company is primarily engaged in investment holding and operates in the hotel management and financing sectors[8] - The company has a total of 10 subsidiaries, with significant investments in various regions including Hong Kong, Luxembourg, and France[9][10] - The company has adopted revised Hong Kong Financial Reporting Standards, which will not significantly impact its financial position or performance for the current and prior years[15] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in HKD, rounded to the nearest thousand[11] - The company maintains control over its subsidiaries based on voting rights and other contractual arrangements[12][14] - The group has not applied new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[16] - The company has established a remuneration committee to propose compensation policies for all directors and senior management[78] - The company has complied with the corporate governance code, with some deviations noted, including the absence of a chairman[74][75] - The group has no plans for the purchase, redemption, or sale of its listed securities during the year[73] Operational Highlights - The Paris Marriott Hotel recorded a profit of approximately HKD 21,600,000 for the year, up from HKD 9,000,000 in the previous year, primarily due to increased revenue and gross profit[53] - The occupancy rate for the Paris Marriott Hotel increased to 82.2% in 2024 from 76.2% in 2023, with average room rates rising to €575 from €570[55] - A renovation agreement was established for the Paris Marriott Hotel, with renovations scheduled for January to December 2025, including updates to 112 guest rooms and various infrastructure improvements[52] - The board is closely monitoring the progress of the renovation project at the Paris Marriott Hotel[61] Tax and Expenses - The income tax expense for 2024 was HKD 13,239,000, significantly higher than HKD 3,258,000 in 2023, indicating a substantial increase in tax liabilities[32] - The hotel operating costs increased to HKD 194,297,000 in 2024 from HKD 179,010,000 in 2023, representing an increase of approximately 8.5%[29] - The depreciation of property, plant, and equipment was HKD 42,425,000 in 2024, slightly down from HKD 44,035,000 in 2023[29] Risk Management - The group did not enter into any forward contracts to hedge foreign exchange risks for the year ending December 31, 2024[69] - The expected credit loss for accounts receivable was minimal, as all accounts were not overdue, reflecting a stable credit risk profile[42] - The mortgage loan market in Hong Kong is expected to remain challenging and competitive, with the board exercising caution in its mortgage lending operations[62] Other Information - The group did not recommend any dividend payments for the current year, consistent with the previous year[34] - The group had no contingent liabilities as of December 31, 2024[70] - The audit committee expressed satisfaction with the internal control procedures and financial reporting disclosures for the year ending December 31, 2024[76]
开源控股(01215) - 2024 - 年度业绩