Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 82,690,000, a slight decrease of 0.5% compared to HKD 83,082,000 in 2023[2] - The company reported a loss before tax of HKD 2,933,000, down from a profit of HKD 22,334,000 in the previous year[3] - The net loss attributable to the company for the year was HKD 198,000, compared to a profit of HKD 21,500,000 in 2023[3] - The overall revenue for the group slightly decreased by 0.5% to HKD 82,690,000 in fiscal year 2024, compared to HKD 83,082,000 in 2023, resulting in a loss attributable to shareholders of HKD 196,000, down from a profit of HKD 21,500,000[40] - The company reported a total loss of HKD 198,000 for the year ended December 31, 2024, compared to a profit of HKD 21,500,000 in 2023[15] Revenue Sources - The company’s revenue sources include oil exploration and production, solar energy, lending, and investment securities[8] - Oil sales, net of royalties, increased to HKD 73,059,000 from HKD 71,597,000, representing a growth of 2.0%[2] - Revenue from solar energy sales was HKD 8,286,000 in 2024, up from HKD 8,160,000 in 2023, marking a growth of 1.54%[9] - In the fiscal year 2024, the Canadian oil assets contributed revenue of HKD 73,059,000, an increase from HKD 71,597,000 in 2023, with EBITDA rising to HKD 43,826,000 from HKD 38,568,000[38][41] - The solar energy business generated revenue of HKD 8,286,000 in fiscal year 2024, up from HKD 8,160,000 in 2023, with EBITDA increasing to HKD 8,002,000 from HKD 7,735,000[39][44] Asset Management - Total assets decreased to HKD 436,412,000 from HKD 434,858,000, a marginal decline of 0.4%[4] - Non-current assets decreased to HKD 209,602,000 from HKD 245,886,000, a reduction of 14.7%[4] - The company’s total assets as of December 31, 2024, were HKD 209,602,000, down from HKD 245,886,000 in 2023, a decrease of 14.74%[17] - The group’s total assets as of December 31, 2024, were HKD 436,984,000, down from HKD 445,095,000 in 2023[53] Financial Losses and Provisions - Interest income significantly decreased to HKD 846,000 from HKD 3,282,000, a decline of 74.2%[2] - Interest income from lending activities decreased significantly to HKD 846,000 in 2024 from HKD 2,490,000 in 2023, a decline of 66.06%[9] - The expected credit loss provision for lending activities was HKD 1,697,000 in 2024, compared to a reversal of HKD 2,468,000 in 2023[15] - The expected credit loss provision for the lending business was HKD 1,382,000 in fiscal year 2024, compared to a reversal of HKD 11,300,000 in 2023, primarily due to a decrease in the market value of collateral[46] - The group recognized an expected credit loss provision of HKD 315,000 for debt instruments, a significant decrease from HKD 8,832,000 in 2023[51] Operational Costs - Total employee costs increased to HKD 13,411,000 in 2024 from HKD 11,727,000 in 2023, representing a growth of approximately 14.4%[24] - Depreciation expenses rose to HKD 30,301,000 in 2024, up from HKD 26,129,000 in 2023, indicating an increase of about 16.6%[24] Foreign Exchange and Tax - The company experienced a net loss of HKD 9,446,000 from foreign exchange in 2024, contrasting with a gain of HKD 2,580,000 in 2023[19] - The income tax expense related to oil exploration and production increased to HKD 3,131,000 in fiscal year 2024, compared to HKD 834,000 in 2023[40] Shareholder and Governance - The company did not declare any dividends for the fiscal year 2024, consistent with 2023[25] - The company has complied with all applicable provisions of the Corporate Governance Code, except for the vacancy in the positions of Chairman and CEO[58][60] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, which were formally approved by the board[63] Future Plans and Investments - The company plans to conduct a capital reorganization involving share consolidation and capital reduction, which was approved by shareholders[35] - The net proceeds from the placement will be allocated as follows: 20% for drilling new oil wells and enhancing production in Canadian oil assets, 10% for general working capital, and 70% for identified or potential investment opportunities[55] - The company is actively developing solar energy projects under the Feed-in Tariff Scheme, which allows participants to sell renewable energy at higher rates until the end of 2033[57] - The company aims to establish a diversified and balanced energy portfolio, including both oil and solar assets, to create long-term value for shareholders[57] Market Conditions - The average oil price fluctuated between USD 70 and USD 90 per barrel in 2023, with a peak of USD 84 per barrel in April 2024[37] - The average sunlight hours reported by the Hong Kong Observatory decreased by 3% to approximately 1,810 hours in fiscal year 2024, impacting solar energy generation[44]
长盈集团(控股)(00689) - 2024 - 年度业绩