Financial Performance - The company reported total revenue of HKD 343,711,000 for the year ending December 31, 2024, a decrease of 7.7% compared to HKD 372,543,000 in 2023[3]. - The company incurred a net loss of HKD 186,300,000 for the year, significantly higher than the loss of HKD 73,438,000 in the previous year, representing a 153.5% increase in losses[4]. - Basic and diluted loss per share increased to HKD 19.64 cents from HKD 7.85 cents, reflecting a deterioration in financial performance[4]. - The company's total comprehensive loss for the year was HKD 187,616,000, compared to a comprehensive loss of HKD 64,281,000 in 2023, indicating a worsening situation[5]. - The company reported a consolidated loss before tax of HKD 189,230,000 in 2024, compared to a loss of HKD 86,262,000 in 2023[19]. - Pre-tax loss increased significantly from HKD 86,262,000 in 2023 to HKD 189,230,000 in 2024, representing an increase of approximately 119.5%[29]. - The loss attributable to equity shareholders for 2024 was approximately HKD 186.70 million, compared to HKD 74.63 million in 2023, including an investment property revaluation loss of approximately HKD 112.37 million[53]. - The operating loss for 2024 was approximately HKD 13.81 million, while the operating profit for the previous year was approximately HKD 23.60 million[53]. Revenue Breakdown - Revenue from toy and model train sales was HKD 293,842,000 in 2024, down 8.9% from HKD 322,751,000 in 2023[18]. - Revenue from North America was HKD 134,206,000 in 2024, down 7.1% from HKD 144,408,000 in 2023[21]. - Revenue from Europe decreased to HKD 151,321,000 in 2024 from HKD 171,446,000 in 2023, a decline of 11.7%[21]. - Rental income from investment properties was HKD 49,869,000 in 2024, slightly up from HKD 49,792,000 in 2023[15]. - Rental income for the property investment business was approximately HKD 49.87 million, accounting for about 14.51% of total revenue, compared to 13.37% in the previous year[42]. - Other income decreased from HKD 13,454,000 in 2023 to HKD 12,796,000 in 2024, a decline of approximately 4.9%[22]. Assets and Liabilities - Non-current assets decreased to HKD 2,329,575,000 from HKD 2,463,024,000, a decline of 5.4% year-over-year[6]. - Current liabilities amounted to HKD 804,943,000, slightly down from HKD 820,281,000 in the previous year[7]. - The company reported a net current liability of HKD 325,117,000, compared to HKD 287,233,000 in 2023, indicating increased financial pressure[7]. - Total reportable segment assets decreased to HKD 2,840,455,000 in 2024 from HKD 2,988,348,000 in 2023, a decline of 5%[19]. - Total reportable segment liabilities increased slightly to HKD 992,040,000 in 2024 from HKD 984,803,000 in 2023[19]. - Trade payables and other payables totaled approximately HKD 159.70 million as of the reporting date, down from HKD 203.79 million[10]. - The group's net current liabilities amount to approximately HKD 325.12 million, compared to HKD 287.23 million in 2023[54]. - Total bank borrowings are approximately HKD 673.71 million, an increase from HKD 659.01 million in 2023, with a debt ratio of about 35.00%, up from 31.16% in 2023[54]. Cash Flow and Financial Position - Cash and cash equivalents decreased to HKD 48,934,000 from HKD 80,126,000, a decline of 39%[6]. - The company has unutilized bank financing of HKD 163,807,000, which is expected to support its financial obligations over the next twelve months[9]. - The company's cash and cash equivalents decreased to HKD 48,934,000 in 2024 from HKD 80,126,000 in 2023[19]. - The company has not applied any new accounting standards that would have a significant impact on its financial performance or position[10]. Employee and Operational Costs - Employee costs decreased from HKD 163,223,000 in 2023 to HKD 150,468,000 in 2024, a decrease of approximately 7.8%[23]. - The group employed 768 full-time employees as of December 31, 2024, a decrease from 817 in 2023, with employee costs around HKD 150.47 million, down from HKD 163.22 million in 2023[59]. - Financial costs increased from HKD 35,199,000 in 2023 to HKD 39,731,000 in 2024, an increase of about 13.5%[23]. - Total inventory costs decreased from HKD 183,413,000 in 2023 to HKD 168,014,000 in 2024, a reduction of about 8.4%[25]. - Accounts receivable decreased from HKD 80,730,000 in 2023 to HKD 67,139,000 in 2024, a decline of approximately 16.8%[33]. Investment Properties and Future Outlook - The company's investment properties recorded a valuation loss of approximately HKD 112.37 million, compared to HKD 57.64 million in the previous year[42]. - The occupancy rate of the main investment property, Kaida Building, was approximately 68%, slightly down from 69% in the previous year[42]. - The company is taking necessary measures to meet the requirements for the revitalization project of the Kai Tak Development, anticipating stable increases in value and rental income in the future[60]. - The group has no significant acquisitions or disposals during the year ending December 31, 2024[57]. - The group has no significant contingent liabilities as of December 31, 2024[58]. Corporate Governance - The company has adopted corporate governance policies and has complied with all provisions of the corporate governance code during the reporting year, with a noted exception regarding the roles of the chairman and CEO[64]. - The company did not recommend the payment of a final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[36]. - The company does not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[61]. Strategic Initiatives - The company aims to diversify its business and seek sales opportunities to improve efficiency and strengthen cost control measures in response to global economic uncertainties[39].
开达集团(00180) - 2024 - 年度业绩