Financial Performance - The group reported revenue of approximately HKD 125.9 million for the year ending December 31, 2024, a decrease of about HKD 13.3 million or 9.6% compared to the previous year[4]. - Gross profit for the year was approximately HKD 30.2 million, an increase of about 38.5% from HKD 21.8 million in the previous year[4]. - The profit attributable to owners of the company was approximately HKD 1.8 million, a significant increase of about 114.5% from a loss of HKD 12.4 million in the previous year[4]. - Operating profit for the year was HKD 6.5 million, compared to an operating loss of HKD 8.8 million in the previous year[6]. - The company reported a net profit of HKD 1.8 million for the year, a turnaround from a net loss of HKD 12.4 million in the previous year[7]. - Basic earnings per share for 2024 was HKD 0.44, recovering from a loss of HKD 3.09 per share in 2023[27]. - The company recorded a profit attributable to owners of approximately HKD 1.8 million, compared to a loss of HKD 12.4 million in the previous year[32]. Revenue Breakdown - Revenue from services for the year ended December 31, 2024, was HKD 125,887,000, a decrease of 9.7% compared to HKD 139,243,000 in 2023[18]. - Revenue from Hong Kong increased to HKD 83,726,000 in 2024 from HKD 64,155,000 in 2023, while revenue from China decreased to HKD 42,161,000 from HKD 74,929,000[21]. - Revenue from exhibitions accounted for approximately 48.4% of total revenue, down from 62.0% in the previous year[35]. - Revenue from Hong Kong was HKD 83.7 million, representing 66.5% of total revenue, while revenue from China was HKD 42.2 million, representing 33.5%[36]. Expenses and Costs - The total service cost was approximately HKD 95.64 million, a decrease from HKD 117.47 million in the previous year[38]. - Employee benefits accounted for approximately 31.1% of total service costs, up from 27.6% in the previous year[40]. - Selling expenses increased by approximately 10.3% to about HKD 7.5 million, attributed to increased staffing and travel expenses in the sales department[46]. - Administrative expenses decreased by approximately 18.2% to about HKD 18.9 million, primarily due to a reduction in employee benefits expenses[47]. - Net financial expenses decreased by approximately 19.1% to about HKD 5.5 million, mainly due to a reduction in bank loan interest[48]. Assets and Liabilities - Total assets decreased from HKD 240,883,000 in 2023 to HKD 184,299,000 in 2024, a decline of approximately 23.5%[8]. - Current liabilities exceeded current assets by approximately HKD 13,740,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[15]. - Total liabilities increased from HKD 125,938,000 in 2023 to HKD 182,533,000 in 2024, an increase of approximately 45%[9]. - Trade receivables and notes receivable decreased from HKD 30,503,000 in 2023 to HKD 17,765,000 in 2024, a reduction of approximately 41.8%[8]. - Cash and cash equivalents increased from HKD 7,344,000 in 2023 to HKD 12,464,000 in 2024, representing a growth of about 69%[8]. Financial Management and Strategy - The company is implementing measures to improve profitability and operational performance, including enhancing service efficiency in Hong Kong, China, and Macau[15]. - The company is seeking alternative financing methods to strengthen its liquidity position[15]. - The company has maintained a prudent financial management strategy to ensure a stable liquidity position during the reporting period[60]. - The board of directors believes that the group has adequate financial support from the ultimate controlling party to meet its obligations[16]. - The company has confidence in further improving profitability and seeks potential opportunities to expand revenue sources[32]. Governance and Compliance - The board of directors did not recommend the payment of a final dividend for the year ending December 31, 2024[5]. - The audit committee is satisfied with the independence of the auditor and recommends the reappointment of the auditor for the financial year ending December 31, 2025, subject to shareholder approval[70]. - The annual general meeting is scheduled for May 30, 2025, and shareholders will be notified accordingly[71]. - The company has maintained sufficient public float as required by GEM listing rules as of the announcement date[72].
AV策划推广(08419) - 2024 - 年度业绩