Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 683.28 million, representing an increase of 5.9% compared to the previous fiscal year[6]. - The group reported a loss of approximately HKD 875.36 million for the year, compared to a profit of approximately HKD 124.52 million in the previous fiscal year[7]. - The total comprehensive loss for the year was HKD 942.04 million, compared to a total comprehensive income of HKD 383.08 million in the previous year[8]. - The loss attributable to owners of the company from continuing operations was HKD 817.32 million, compared to a profit of HKD 161.73 million in the previous year[8]. - The company reported a total loss of HKD 94,230,000 for the year, compared to a profit of HKD 38,500,000 in the previous year[9]. - Basic and diluted loss per share from continuing and discontinued operations was HKD (1.70) compared to HKD 0.24 in the previous year[9]. - The company reported a significant increase in depreciation and amortization expenses totaling HKD 12,570,000 for the year[22]. - The company reported a loss attributable to shareholders of HKD 87,562,000 for the year ended December 31, 2024, compared to a profit of HKD 12,644,000 in 2023[36]. Dividends and Recommendations - The board of directors did not recommend the distribution of a final dividend for the year ended December 31, 2024[6]. - The company does not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with no dividend declared in 2023[38]. Expenses and Costs - The cost of sales for the year was HKD 108.90 million, up from HKD 96.13 million in the previous year[7]. - Administrative expenses remained relatively stable at HKD 837.59 million compared to HKD 837.21 million in the previous year[7]. - The group’s employee costs, excluding directors' remuneration, totaled HKD 35,991,000 in 2024, slightly up from HKD 35,331,000 in 2023[34]. - Employee costs for the year ending December 31, 2024, amounted to approximately HKD 38,635,000, compared to HKD 37,732,000 for the previous year, reflecting a slight increase[96]. Assets and Liabilities - Non-current assets decreased to HKD 222,161,000 from HKD 296,752,000 year-over-year[10]. - Current assets increased slightly to HKD 147,248,000 from HKD 144,750,000 year-over-year[10]. - Total liabilities increased significantly to HKD 138,521,000 from HKD 95,958,000 year-over-year[11]. - The company's net asset value decreased to HKD 223,272,000 from HKD 316,980,000 year-over-year[11]. - Total assets as of December 31, 2024, amounted to HKD 369,409,000, with reportable segment assets of HKD 335,169,000[24]. - The total carrying amount of receivables and interest as of December 31, 2024, is approximately HKD 15,283,000, down from HKD 19,000,000 in 2023[50]. - The group’s equity was approximately HKD 223,276,000 as of December 31, 2024, down from HKD 317,506,000 in 2023[82]. Revenue Sources - Total revenue for the year ended December 31, 2024, was HKD 68,328,000, with contributions from hotel services (HKD 62,126,000), lending business (HKD 6,164,000), and investment business (HKD 38,000)[20]. - The group's external customer revenue for 2024 was HKD 68,328,000, an increase of 5.4% from HKD 64,587,000 in 2023[27]. - Revenue from hotel and related services in Australia for 2024 was HKD 35,169,000, up from HKD 34,473,000 in 2023, representing a growth of 2.0%[29]. - The total revenue from food and beverage sales in the hotel business increased to HKD 26,957,000 in 2024, compared to HKD 24,300,000 in 2023, marking a rise of 10.9%[30]. Impairment and Losses - The impairment loss on loans and interest was HKD 15.81 million, significantly higher than HKD 1.75 million in the previous year[7]. - The fair value loss on financial assets amounted to HKD 295.67 million, compared to a loss of HKD 85.58 million in the previous year[7]. - The group reported a significant increase in fair value loss on financial assets of HKD 29,567,000, indicating challenges in asset valuation[22]. - The group made a provision for loan impairment losses of approximately HKD 1,581,000 for the year ending December 31, 2024, compared to HKD 175,000 in 2023[71]. Business Operations - The company operates in three main business segments: hotel and related services in Australia, lending business, and asset investment[19]. - The company has ceased operations in its online media service segment as of August 30, 2024[18]. - The group operates primarily in hotel services in Australia, with a focus on the Borchini property in the Yarra Valley[58]. - The group anticipates that the occupancy rate will improve following the completion of renovation works in October 2024, which is expected to increase hotel service revenue in 2025[61]. Investments and Joint Ventures - The group’s share of losses from joint ventures amounted to approximately HKD 20,573,000 for the year ending December 31, 2024, compared to HKD 14,692,000 in 2023[73]. - The group held an investment in Luck Key Investments Limited, with a carrying value of approximately HKD 22,942,000, representing about 6% of the group's total assets[74]. - The group did not receive any dividend income from the investment in Luck Key for the year ending December 31, 2024, compared to HKD 34,314,000 in 2023[74]. Economic Outlook and Risks - The outlook for the global economy remains uncertain due to geopolitical tensions, trade fragmentation, and recent economic turmoil, which are expected to dominate the economic landscape[76]. - The group plans to tighten loan approvals and select clients for prudent risk management due to increased default risks in the Hong Kong economy[78]. - The group will continue to monitor foreign exchange risks and may consider using hedging instruments if significant volatility occurs[85]. Legal Matters - The group is involved in legal proceedings related to a lawsuit from 康宏, seeking to invalidate shares issued to the group in 2015 and claiming damages including HKD 129,000,000 in loans[89]. - The group has repaid the loans of HKD 129,000,000 and HKD 67,574,473 related to the lawsuit, and currently holds no shares of 康宏[89]. Corporate Governance - The company is committed to maintaining good corporate governance practices to enhance transparency and disclosure quality[102]. - The audit committee reviewed the group's annual performance for the year ending December 31, 2024[103]. - The company's auditor confirmed that the financial statements for the year ending December 31, 2024, are consistent with the preliminary financial statements[104].
恒泰裕集团(08081) - 2024 - 年度业绩