Financial Performance - The net profit attributable to the company's owners for the year ended December 31, 2024, was HKD 71,000,000, an increase of HKD 24,000,000 (+51%) compared to HKD 47,000,000 in 2023[7]. - The net profit of the hotel group increased by HKD 63,000,000 (+151%) to HKD 104,000,000 for the year ended December 31, 2024, compared to HKD 41,000,000 in 2023[11]. - Total revenue for the year ended December 31, 2024, was HKD 683,973,000, representing a 12.8% increase from HKD 606,035,000 in 2023[129]. - Hotel revenue for the group was HKD 556,000,000, representing a 14% increase from HKD 488,000,000 in 2023[11]. - The company reported a net loss of HKD 313,400,000 for 2024, compared to a net loss of HKD 89,194,000 in 2023, indicating a significant increase in losses[130]. - The gross profit margin decreased to 21.8% in 2024 from 32.0% in 2023, reflecting higher costs associated with services and depreciation[129]. - The company reported a total comprehensive loss of HKD 342,817,000 for 2024, compared to a total comprehensive loss of HKD 25,916,000 in 2023, highlighting significant financial challenges[130]. - The company recorded a fair value loss on investment properties of HKD 312,632,000 in 2024, compared to HKD 93,700,000 in 2023, indicating increased impairment[129]. Revenue Sources - Hotel operating revenue reached HKD 556,086,000, up 13.9% from HKD 488,325,000 in the previous year[181]. - Property rental income increased to HKD 127,887,000, a rise of 8.9% compared to HKD 117,665,000 in 2023[181]. - The majority of hotel service revenue was generated in Hong Kong, totaling HKD 532,050,000, compared to HKD 482,931,000 in 2023[181]. - Revenue from food and beverage sales was recognized at a specific point in time, contributing to the overall hotel operating revenue[183]. Expenses and Costs - Administrative expenses decreased to HKD 67,430,000 in 2024 from HKD 87,181,000 in 2023, showing a reduction of 22.6%[129]. - The company’s total depreciation expense for property, plant, and equipment increased to HKD 165,669,000 from HKD 124,235,000, indicating higher asset utilization or investment[136]. - Employee salaries, including directors' remuneration, rose to HKD 222,385,000 in 2024, up 24.0% from HKD 179,334,000 in 2023[198]. Assets and Liabilities - The company's total assets decreased to HKD 8,952,058,000 in 2024 from HKD 9,570,848,000 in 2023, a decline of 6.5%[131]. - The equity attributable to owners of the company decreased to HKD 4,045,558,000 in 2024 from HKD 4,223,377,000 in 2023, a decline of 4.2%[132]. - As of December 31, 2024, the group's current liabilities exceed current assets by HKD 261,526,000, prompting a review of future liquidity[148]. - The group has approximately HKD 4,571,000,000 in investment properties located in Hong Kong and the UK as of December 31, 2024[118]. Corporate Governance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, with two independent directors possessing appropriate professional qualifications[33]. - The board held a total of four meetings in 2024, with attendance rates for executive directors at 100%[38]. - The company has implemented an anti-corruption policy to regulate employee acceptance of benefits and a whistleblowing policy for reporting suspicious or improper conduct[64]. - The company ensures that its financial statements are prepared in compliance with relevant regulations and applicable accounting standards[42]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks, maintaining an effective risk management and internal control system[41]. - The audit committee is responsible for reviewing the effectiveness of the group's risk management and internal control systems, reporting to the board of directors[43]. - The risk management committee was established in 2019, consisting of three executive directors, focusing on business, financial, and property asset management risks[44]. Shareholder Information - The company allows shareholders holding at least 5% of voting rights to request a general meeting[68]. - The company has maintained effective communication channels with shareholders, including printed and electronic communications, and annual general meetings for feedback[72]. - The company has established a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors including financial conditions and future capital needs[74]. Market Conditions - The future outlook for hotel operations and rental income remains challenging due to weak Chinese economic conditions and high HKD to RMB exchange rates[19]. - The group faces risks related to economic conditions, regulatory changes, and market competition affecting rental income from investment properties[109].
顺豪控股(00253) - 2024 - 年度财报