Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 148,899,000, a decrease of 33.5% from HKD 223,583,000 in the previous year[3] - The gross profit for the same period was HKD 67,796,000, down 25.5% from HKD 91,055,000 year-on-year[3] - The net loss for the year was HKD 27,796,000, compared to a net loss of HKD 31,619,000 in the previous year, representing a 12.5% improvement[3] - Basic and diluted loss per share was HKD 1.10, an improvement from HKD 1.51 in the previous year[4] - The company reported a total loss before tax of HKD 25,902,000 for the fiscal year 2024, compared to a loss of HKD 32,292,000 in 2023[13][14] - The group reported a pre-tax loss of HKD 25,902 thousand for the year ended December 31, 2024, compared to a loss of HKD 32,292 thousand in 2023, reflecting a 19% improvement[22] - The basic loss per share for the year ended December 31, 2024, was HKD (26,137) thousand, compared to HKD (31,614) thousand in 2023, indicating a reduction in losses[25] Assets and Liabilities - Total assets decreased to HKD 14,247,000 from HKD 71,546,000, indicating a significant reduction in asset value[5][6] - The total assets of the company as of December 31, 2024, amounted to HKD 123,549,000, a decrease from HKD 150,288,000 in 2023[13][14] - The total liabilities increased to HKD 109,467,000 in 2024 from HKD 118,883,000 in 2023, indicating a reduction in overall debt[13][14] - Current liabilities rose to HKD 109,302,000 from HKD 78,742,000, reflecting a 38.8% increase in short-term obligations[5] - The group’s total liabilities increased to HKD 65,333 thousand in 2024 from HKD 39,497 thousand in 2023, reflecting a 65% increase[29] Revenue Segments - For the fiscal year ending December 31, 2024, total revenue from external customer contracts was HKD 133,750,000, a decrease from HKD 210,782,000 in 2023, representing a decline of approximately 36.6%[15] - The media and entertainment segment generated external customer contract revenue of HKD 127,728,000, while the cremation and funeral services segment contributed HKD 6,022,000[13] - Media and entertainment business revenue was approximately HKD 138,695,000, down 31.67% from HKD 202,989,000 in the prior year[37] - The cremation and funeral services business recorded revenue of approximately HKD 10,204,000, a significant decline of 50.45% due to the sale of the business on July 12, 2024[38] Operational Performance - The company has two reportable operating segments, which are monitored independently for performance evaluation and resource allocation[10] - The company reported a segment performance loss of HKD 13,008,000 in 2024, compared to a loss of HKD 8,597,000 in 2023, reflecting a worsening operational performance[13][14] - The group recorded a loss of HKD 9,595 thousand from the sale of subsidiaries in 2024, with no such loss reported in 2023[23] Cash and Liquidity - The company's cash and cash equivalents increased to HKD 43,273,000 from HKD 33,308,000, showing a 30% rise in liquidity[5] - Cash and cash equivalents as of December 31, 2024, were approximately HKD 43,273,000, an increase from HKD 33,308,000 a year earlier[41] Employee and Operational Costs - The group’s employee benefits expenses, including salaries and bonuses, increased to HKD 34,850 thousand in 2024 from HKD 30,969 thousand in 2023, a rise of 13%[23] - General and administrative expenses were approximately HKD 68,520,000, consistent with HKD 67,327,000 from the previous year, excluding a loss from the sale of subsidiaries[35] - Sales, marketing, and distribution expenses were approximately HKD 5,690,000, a decrease of 7.66% from HKD 6,162,000 in the previous year[34] Future Outlook - The company plans to continue exploring market expansion opportunities and new product development to enhance revenue streams in the upcoming fiscal year[13] - The group will continue to focus on exploring potential media and entertainment business investment opportunities, as well as cremation and funeral services to enhance its business portfolio[44] Corporate Governance and Compliance - The company has not yet applied new accounting standards that have been issued but not yet effective, which may impact future financial performance[8] - The company has adhered to all applicable corporate governance code provisions during the year ending December 31, 2024[50] - The audit committee has reviewed the annual performance announcement for the year ending December 31, 2024[52] - The group's auditor confirmed that the preliminary announcement figures are consistent with the audited financial statements for the year ending December 31, 2024[53] Miscellaneous - The group did not recommend any dividend for the year, consistent with the previous year[24] - The group has no pledged assets or significant contingent liabilities as of December 31, 2024[48] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the year ending December 31, 2024[49] - The company expresses gratitude to all employees and management for their contributions during the period[55] - As of December 31, 2024, the group employed 50 staff members, a decrease from 91 staff members as of December 31, 2023[47] - The group’s depreciation expense for property, plant, and equipment decreased to HKD 1,872 thousand in 2024 from HKD 4,285 thousand in 2023, a decline of 56%[23] - The provision for trade receivables impairment decreased to HKD (7,338) thousand in 2024 from HKD (10,804) thousand in 2023, showing a 32% reduction[28] - Trade receivables at the end of the reporting period were HKD 17,745 thousand, down from HKD 22,622 thousand in 2023, representing a 22% decrease[27] - The group’s contract liabilities decreased to HKD 674 thousand in 2024 from HKD 1,155 thousand in 2023, indicating a 42% reduction[30] - The company plans to utilize net proceeds of approximately HKD 14,972,000 from a recent share subscription for various purposes[42] - The group has no foreign currency policy to hedge against currency risks related to overseas business assets[46] - The annual performance announcement for the year ending December 31, 2024, is available on the Hong Kong Stock Exchange website and the company's website[54]
光尚文化控股(08082) - 2024 - 年度业绩