Financial Performance - Revenue decreased by 7.5% to HKD 143,770,000[5] - Gross profit decreased by 77.9% to HKD 7,380,000[5] - Operating loss increased by 179.8% to HKD 119,890,000[5] - Loss attributable to owners increased by 169.0% to HKD 110,770,000[5] - Basic loss per share increased by 168.99% to HKD 15.79 cents[5] - The group recorded a net loss of HKD 111,071,000 for the year, compared to a loss of HKD 41,631,000 in the previous year, representing a significant increase in losses[18] - The group reported a net loss attributable to shareholders of HKD 110,765,000 for the year ended December 31, 2024, compared to a loss of HKD 41,184,000 in 2023, representing an increase in losses of 168%[26] - The group’s total income for the previous fiscal year was HKD 155,387,000, indicating a decline in overall performance in the current year[18] Assets and Liabilities - Total assets decreased from HKD 488,498,000 to HKD 350,878,000[8] - Total equity attributable to owners decreased from HKD 321,787,000 to HKD 204,354,000[8] - Non-current assets decreased from HKD 147,056,000 to HKD 82,719,000[7] - Current assets decreased from HKD 341,442,000 to HKD 268,159,000[7] - Total liabilities decreased from HKD 173,297,000 to HKD 153,272,000[8] - The total assets of the group as of December 31, 2024, amounted to HKD 350,878,000, a decrease from HKD 488,498,000 in 2023, reflecting a decline of approximately 28.3%[19] - The total liabilities of the group as of December 31, 2024, were HKD 153,272,000, a decrease from HKD 173,297,000 in 2023, reflecting a decline of about 11.6%[19] - The net asset value of the group as of December 31, 2024, was HKD 197,610,000, a decrease from HKD 315,200,000 as of December 31, 2023[54] Segment Performance - For the fiscal year ending December 31, 2024, the group reported total revenue of HKD 143,768,000, with HKD 132,636,000 from the tobacco packaging business and HKD 11,025,000 from environmental management[18] - The tobacco packaging segment's performance showed a decrease in revenue from HKD 154,875,000 in the previous year to HKD 132,636,000, reflecting a decline of approximately 14.3%[18] - Environmental management business reported an operating loss of HKD 41,836,000, compared to a loss of HKD 28,175,000 in the previous year, indicating a worsening performance[18] - The environmental management business generated revenue of approximately HKD 11,030,000 in 2024, a significant increase of HKD 10,770,000 compared to HKD 260,000 in 2023[40] Impairment and Expenses - The group experienced an operating loss of HKD 119,892,000, with a significant contribution from financial and contract asset impairment losses totaling HKD 79,612,000[18] - The group’s financial and contract asset impairment losses for the year amounted to HKD 79,612,000, which included HKD 54,042,000 from unallocated items[18] - The impairment losses on trade receivables for the year ended December 31, 2024, amounted to HKD 18,995,000, an increase from HKD 10,904,000 in 2023, representing a rise of approximately 74.5%[23] - Depreciation and amortization expenses totaled HKD 9,267,000 for the year, with HKD 7,591,000 attributed to the tobacco packaging segment[18] - Administrative expenses decreased by 10.0% to approximately HKD 41,230,000 in 2024, down from HKD 45,810,000 in 2023[45] Cash Flow and Financing - The net cash generated from operating activities for 2024 was HKD 17,193,000, a significant increase of 212.5% compared to HKD 5,493,000 in 2023[57] - The net cash used in investing activities improved to HKD 12,084,000 in 2024 from a cash outflow of HKD 37,589,000 in 2023[57] - The group recorded a net cash increase of HKD 14,747,000 in 2024, contrasting with a decrease of HKD 34,249,000 in 2023[57] - The group's borrowings decreased to HKD 10,260,000 as of December 31, 2024, down 54.6% from HKD 22,620,000 on December 31, 2023[58] - The asset-liability ratio was 0% as of December 31, 2024, compared to 4.08% on December 31, 2023, due to a net cash surplus[58] Employee and Governance - The group employed a total of 258 full-time employees as of December 31, 2024, down from 288 employees in the previous year[67] - Total employee compensation for the year amounted to HKD 36,400,000, a decrease from HKD 37,990,000 in 2023[67] - The company has adopted and applied the corporate governance code as per the listing rules, ensuring compliance with high standards of corporate governance[69] - The board held only two regular meetings during the year, instead of the required four, due to the absence of quarterly performance announcements[71] Future Outlook and Strategy - The company plans to strengthen relationships with existing customers and seek new clients to expand its market share in the cigarette packaging materials sector[65] - The management will continue to explore ecological restoration projects and identify new wastewater treatment projects to broaden revenue sources[66] - The company is exploring new product development and technological advancements[76] - The company is actively considering mergers and acquisitions as part of its growth strategy[76]
华禧控股(01689) - 2024 - 年度业绩