Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately HK$14.2 million, representing an increase of approximately 52.7% compared to HK$9.3 million in 2023[10]. - The loss attributable to owners of the Company was approximately HK$343.5 million, compared to HK$72.9 million in 2023[10]. - The total comprehensive loss for the Group was approximately HK$624.1 million, significantly higher than HK$122.6 million in 2023, primarily due to increased fair value loss on investment properties[10]. - The basic loss per share for the Year Under Review was HK$2.83, up from a restated HK$0.60 in 2023[10]. - The Group reported a deficit of approximately HK$695,775,000 as of December 31, 2024, compared to retained profits of HK$87,925,000 in 2023[85]. - No dividend was recommended for the year ended December 31, 2024[82]. Cash and Investments - As of December 31, 2024, the Group had bank balances and cash amounting to approximately HK$0.6 million, down from approximately HK$1.7 million in 2023[11]. - The gearing ratio was 25,110.3% as of December 31, 2024, a significant increase from 169.1% in 2023[12]. - The Group held-for-trading investments amounted to approximately HK$1.0 million, down from approximately HK$4.7 million in 2023, representing 0.1% of total assets[21]. - During the Year Under Review, the Group recorded a fair value loss on held-for-trading investments of approximately HK$3.7 million, compared to a fair value gain of approximately HK$3.2 million in 2023[21]. - The Group's investment properties had a carrying amount of approximately HK$768.3 million as of December 31, 2024, down from approximately HK$1,331.8 million in 2023, representing a decrease of about 42.3%[34][39]. Rental Income and Future Plans - Rental income for the year was approximately HK$14.2 million, an increase of 52.7% compared to approximately HK$9.3 million in 2023[34][39]. - The Group plans to continue reviewing its investment properties and tenant portfolio to generate stable rental income and for capital appreciation[42]. - The Group will seek potential acquisition and/or disposal opportunities for its investment properties[34][39]. - The Group anticipates an increase in rental income and fair value of investment properties due to rising demand for rental properties as economies reopen[52]. - The management is focused on increasing occupancy rates and exploring potential property acquisitions or disposals to generate stable income and capital appreciation[53]. Corporate Governance and Compliance - The Company has arranged appropriate Directors' and officers' liability insurance coverage for the Directors and officers during the year[110]. - The Company maintains a high standard of corporate governance practices, as detailed in the Corporate Governance Report[126]. - The Audit Committee met two times during the year to review financial reporting matters and the consolidated financial statements[128]. - The consolidated financial statements for the year ended 31 December 2024 were audited by BDO Limited, who will offer themselves for re-appointment at the upcoming annual general meeting[136]. - The Group maintained a strong compliance record during the Reporting Period, with no recorded incidents of non-compliance with relevant laws and regulations[177]. Environmental, Social, and Governance (ESG) Initiatives - The Group is committed to environmental protection and sustainable development through various green practices in its business activities[32][37]. - The ESG Report covers the Group's operations for the financial year from January 1, 2024, to December 31, 2024, with 100% of revenue derived from property and securities investment[151]. - The Group emphasizes the importance of material ESG issues, identified through a rigorous process overseen by the Board, to reflect significant environmental, social, and governance impacts[149]. - Key performance indicators (KPIs) in the report are quantifiable, measurable, and verified by external consultants to ensure data accuracy and compliance with standards[149]. - The Board is committed to integrating ESG considerations into core business strategies, fostering a culture of responsibility, innovation, and transparency[159]. Climate Change and Sustainability Efforts - The Group is committed to reducing greenhouse gas emissions and air emissions through energy efficiency measures and adopting a fully electric vehicle fleet[188]. - Continuous waste reduction initiatives include establishing an office "swap closet" and minimizing the use of disposables[188]. - The Group aims to reduce energy consumption by implementing time controls for air conditioners and prioritizing energy-efficient appliances[189]. - Water consumption will be minimized by eliminating bottled water in the office and installing water tap flow controllers[189]. - The Group's climate change policy is built on four pillars: mitigation, adaptation, resilience, and disclosure[194]. Management and Directors - Ms. Li joined the Group in December 2024 as an executive director and has over 15 years of corporate management experience[65]. - Mr. Zhu has over 10 years of management experience in technology, dairy production, and mining sectors in mainland China and Australia[66]. - Mr. Mak has over 25 years of legal experience and is currently an independent non-executive director of two companies listed on the Main Board of the Stock Exchange[67][68]. - Mr. Lam has extensive experience in financial management, corporate finance, and mergers and acquisitions, having worked with various listed companies[70][71]. - The emoluments of the Directors are determined based on the Company's operating results and individual performance[135].
远东控股国际(00036) - 2024 - 年度财报