Financial Performance - The Group recorded contracted sales amount of approximately RMB1,157.1 million for FY2024, a decrease of approximately 46.0% compared to RMB2,143.8 million in FY2023[18]. - The Group's revenue for FY2024 was approximately RMB2,602.7 million, down from approximately RMB3,530.5 million in FY2023, primarily due to a shift in the trading business model[19]. - Revenue from property development and related services increased by 55.8% to approximately RMB2,602.7 million in FY2024, compared to RMB1,670.7 million in FY2023, driven by an increase in the area of properties delivered[19]. - The Group recorded a gross loss of approximately RMB622.7 million in FY2024, compared to a gross profit of approximately RMB21.2 million in FY2023, attributed to unfavorable market conditions in the real estate sector[25]. - The loss before taxation for FY2024 was RMB 1,574,995, worsening from a loss of RMB 1,026,708 in FY2023[73]. - The Group's net assets fell to RMB 100,207, down from RMB 2,244,433 in 2023, indicating a decline of 95.5%[74]. Cost and Expenses - The total cost of sales for FY2024 was approximately RMB3,225.4 million, representing an increase of 95.0% from RMB1,653.7 million in FY2023, largely due to increased delivered area and a significant decrease in average selling price[20]. - Selling and distribution costs decreased by 42.8% to approximately RMB66.2 million in FY2024 from RMB115.8 million in FY2023, aligning with a 46.0% drop in contracted sales[27]. - Administrative expenses fell by 51.1% to approximately RMB79.1 million in FY2024 from RMB161.9 million in FY2023, due to cost-cutting measures in response to adverse market conditions[28]. - Impairment losses recognized in FY2024 were approximately RMB417.2 million, up from RMB292.4 million in FY2023, reflecting further declines in asset values[29]. - Other losses for FY2024 amounted to approximately RMB248.0 million, while FY2023 recorded other gains of approximately RMB208.9 million[26]. Assets and Liabilities - As of December 31, 2024, the total land bank with confirmed land use rights was approximately 4.8 million sq.m., down from 7.3 million sq.m. as of December 31, 2023[18]. - The total assets less current liabilities decreased to RMB 4,854,693 from RMB 6,616,920 in 2023, reflecting a decline of 26.5%[74]. - Current assets dropped significantly to RMB 11,021,786 from RMB 16,186,827, a decrease of 31.9%[74]. - The Group's bank loans and other borrowings as of December 31, 2024, were approximately RMB2,360.6 million, a decrease from RMB2,995.5 million as of December 31, 2023[47]. - Total borrowings amounted to RMB 5,728.0 million, a decrease of approximately 10.2% from RMB 6,376.3 million in 2023[48]. - Contingent liabilities related to mortgage guarantees decreased to approximately RMB 1,896.4 million in 2024 from RMB 2,449.6 million in 2023, reflecting a reduction of about 22.5%[50]. Financing and Capital Management - The Group aims to actively expand financing channels and improve its maturity profile to reduce financing costs and strengthen fund management[69]. - Finance costs in FY2024 were approximately RMB68.0 million, a significant decrease of 76.8% from RMB293.2 million in FY2023, primarily due to reduced bank loans and interest expenses[36]. - Capital commitments for construction and development contracts as of December 31, 2024, were RMB 1,638.2 million, down from RMB 2,883.7 million in 2023, indicating a decline of approximately 43.1%[53]. - The current ratio improved slightly to 1.41 in 2024 from 1.39 in 2023, while the gearing ratio increased to 45.3% from 35.0%, indicating a higher level of financial leverage[55]. Workforce and Operations - The Group's total staff costs for FY2024 were approximately RMB 58.4 million, a significant decrease of about 43.6% compared to RMB 103.6 million in FY2023[62]. - The Group had 194 employees as of December 31, 2024, down from 241 employees in 2023, reflecting a reduction in workforce[66]. - The Group continues to focus on property development and urban renewal projects in the Greater Bay Area[77]. Corporate Governance and Compliance - The Board does not recommend the payment of a final dividend for FY2024, consistent with FY2023[89]. - The Company has received annual confirmations of independence from all independent non-executive Directors[133]. - The Covenantors have confirmed compliance with the Non-Competition Deed during FY2024[145]. - The Company has a three-year service contract with each Director, with no contracts that are not determinable within one year without compensation[134]. - No Directors had material beneficial interests in any significant contracts or transactions related to the Group's business during FY2024[135]. Share Capital and Options - The maximum number of shares that may be issued under the Share Option Scheme is 40,148,440 shares, representing approximately 8.85% of the total issued shares of the Company[110]. - As of 31 December 2024, the total number of outstanding shares involved in the Share Option Scheme was 1,282,500 shares, representing approximately 0.16% of the shares in issue of the Company[127]. - The exercise price per share for the outstanding share options is HK$4.6784, determined by the Board[120]. - The total number of outstanding share options as of December 31, 2024, is 1,282,500 after accounting for lapses and cancellations[128]. - The Company entered into subscription agreements for a total of 89,000,000 new Shares at a subscription price of HK$0.1 per Share, resulting in gross proceeds of HK$8,900,000[183][185]. Market Outlook - The government is expected to continue efforts to stabilize the real estate market, including reducing housing loan interest rates and transaction fees, which may positively impact the Group's operations[67]. - The Directors believe that the fundraising activities are strategically significant for the Group's growth and development[198].
粤港湾控股(01396) - 2024 - 年度财报