Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately HKD 98.61 million, a decrease of 42.9% compared to HKD 172.93 million in 2023[3] - The net loss for the year was approximately HKD 136.52 million, slightly improved from a loss of HKD 141.77 million in 2023, representing a reduction of 3.4%[3] - Basic loss per share was HKD 1.0887, compared to HKD 1.3853 in 2023, indicating a decrease of 21.4%[4] - Gross profit for the year was HKD 49.80 million, down 37.7% from HKD 79.87 million in the previous year[4] - Operating loss for the year was HKD 132.77 million, an improvement from HKD 177.27 million in 2023, reflecting a decrease of 25.1%[4] - Total comprehensive loss for the year amounted to HKD 98.29 million, compared to HKD 171.75 million in 2023, showing a reduction of 42.7%[6] - The reported segment profit for 2024 was HKD 49,802,000, a decrease of 37.7% from HKD 79,871,000 in 2023[19] - Total revenue for 2024 was HKD 98,607,000, down 42.9% from HKD 172,926,000 in 2023, primarily due to a decline in supermarket retail sales in China[22] - The company recorded a net loss before tax of HKD 146,684,000 in 2024, an improvement from a loss of HKD 200,785,000 in 2023[19] - The annual net loss for the group was approximately HKD 136,522,000, slightly improved from HKD 141,766,000 in the previous year[54] Assets and Liabilities - Non-current assets decreased to HKD 723.69 million from HKD 784.72 million in 2023, a decline of 7.8%[7] - Current assets decreased to HKD 886.10 million from HKD 943.43 million in 2023, a decline of 6.1%[7] - Total liabilities decreased to HKD 669.42 million from HKD 960.69 million in 2023, a reduction of 30.3%[8] - The company's net assets decreased to HKD 273.41 million from HKD 371.73 million in 2023, a decline of 26.5%[8] - Total assets increased to HKD 1,609,797,000 in 2024 from HKD 1,728,153,000 in 2023, while total liabilities decreased slightly to HKD 1,336,389,000 from HKD 1,356,427,000[19] - The current ratio as of December 31, 2024, was 1.33, a decrease from 2.38 in the previous year[55] - The capital debt ratio as of December 31, 2024, was 78%, up from 74% in the previous year[57] Segment Information - For the year ended December 31, 2024, external customer revenue from property development and investment was HKD 54,587,000, while supermarket retail generated HKD 44,020,000, totaling HKD 98,607,000[18] - Segment profit for property development and investment was HKD 38,861,000, and for supermarket retail it was HKD 10,941,000, resulting in a total segment profit of HKD 49,802,000 for the year[18] - As of December 31, 2024, segment assets for property development and investment amounted to HKD 1,444,790,000, while supermarket retail had segment assets of HKD 34,771,000, totaling HKD 1,479,561,000[18] - Segment liabilities for property development and investment were HKD 872,266,000, and for supermarket retail, they were HKD 7,880,000, leading to total segment liabilities of HKD 880,146,000[18] - For the year ended December 31, 2023, external customer revenue from property development and investment was HKD 56,051,000, while supermarket retail generated HKD 116,875,000, totaling HKD 172,926,000[18] - Segment profit for property development and investment in 2023 was HKD 43,437,000, and for supermarket retail it was HKD 36,434,000, resulting in a total segment profit of HKD 79,871,000[18] Cash Flow and Expenses - The company’s cash and bank balances were HKD 8,459,000 in 2024, down from HKD 9,541,000 in 2023[19] - The company’s cash and cash equivalents decreased from HKD 367,101,000 in 2023 to HKD 331,542,000 in 2024, a decline of approximately 9.66%[34] - Administrative expenses decreased to HKD 70,223,000 in 2024 from HKD 83,726,000 in 2023, reflecting cost control measures[19] - The company reported a significant increase in fair value gains on financial assets, reaching HKD 34,585,000 in 2024 compared to HKD 2,376,000 in 2023[23] - The company recorded a revenue of approximately HKD 98,607,000 and a post-tax loss of approximately HKD 136,522,000 for the year ending December 31, 2024[45] Shareholder Information - The company did not declare any dividends for the year ending December 31, 2024, consistent with the previous year[32] - No dividend will be distributed for the year ending December 31, 2024, consistent with 2023[60] - The annual report for 2024 will be sent to shareholders by April 30, 2025, and will be available on the company's website[69] Corporate Governance - The company has complied with the corporate governance code, with the chairman also serving as the CEO, which deviates from the code's requirement for separation of roles[66] - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and internal controls for the year ending December 31, 2024[70] - The remuneration committee is responsible for reviewing compensation policies and determining annual remuneration for board members and senior management[71] - The nomination committee is tasked with recommending candidates for director appointments and reviewing the board's composition[72] - The board consists of two executive directors and five independent non-executive directors as of the announcement date[73] Future Plans and Market Outlook - The group is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards on its financial statements[13] - The group plans to maintain rental income from its main operating unit, Guangdong Changliu Investment Co., Ltd., which has seen a slight increase in profit compared to the same period last year[47] - The group is optimistic about the long-term real estate market in China but will remain attentive to market dynamics for strategic decisions[52] - The group has submitted a revised construction plan for its Luoyang property and expects to commence construction within twelve months of receiving the necessary approvals[50] - The group is actively communicating with relevant government departments to obtain official approvals for its projects[51] Employment and Operations - As of December 31, 2024, the group employs approximately 53 employees in Hong Kong and China, unchanged from 2023[61] - No significant investments or acquisitions were made during the year ending December 31, 2024[62] - The company did not buy, sell, or redeem any of its listed securities during the year ending December 31, 2024[65]
新城市建设发展(00456) - 2024 - 年度业绩