Financial Performance - The total revenue for the year ended December 31, 2024, was approximately HKD 1,133.1 million, a decrease of about HKD 110.6 million compared to HKD 1,243.7 million for the year ended December 31, 2023[7]. - The net loss attributable to the owners of the company for the year ended December 31, 2024, was approximately HKD 605.0 million, compared to a net loss of approximately HKD 294.6 million for the year ended December 31, 2023, representing an increase in loss of about HKD 310.4 million[10]. - The basic loss per share for the year was approximately HKD 0.9432, compared to approximately HKD 0.4592 for the same period last year[14]. - The property development segment reported revenue of approximately HKD 1,053.8 million for the year ended December 31, 2024, down from HKD 1,158.0 million for the year ended December 31, 2023[16]. - The total loss from property unit sales increased from approximately HKD 39.6 million to approximately HKD 155.7 million for the respective periods[13]. - The impairment of properties held for sale increased from approximately HKD 23.6 million to approximately HKD 185.7 million for the respective periods[13]. - Financing costs (excluding capitalized amounts) rose from approximately HKD 94.0 million to approximately HKD 143.4 million for the respective periods[13]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with the previous year[11]. Debt and Equity - The total debt was successfully reduced from HKD 2 billion to HKD 1.2 billion, reflecting the company's commitment to maintaining a solid financial foundation[7]. - As of December 31, 2024, the total equity of the group was approximately HKD 801.5 million, a decrease from HKD 1,414.3 million as of December 31, 2023[27]. - The group's current assets as of December 31, 2024, were approximately HKD 1,619.0 million, down from HKD 3,157.1 million as of December 31, 2023, primarily due to the sale of property units[27]. - The group's current liabilities decreased to approximately HKD 1,523.2 million as of December 31, 2024, from HKD 2,426.4 million as of December 31, 2023, due to repayments from property sales[27]. - The capital debt ratio increased from approximately 146.3% as of December 31, 2023, to about 154.6% as of December 31, 2024, mainly due to significant losses incurred during the year[28]. - The net debt-to-equity ratio rose from approximately 143.0% as of December 31, 2023, to about 151.0% as of December 31, 2024, reflecting a decrease in total equity[28]. - The debt-to-asset ratio decreased from approximately 50.3% as of December 31, 2023, to about 48.8% as of December 31, 2024, due to sales and loan repayments[29]. Property and Investment Segments - The revenue from the "Rain After" project, a luxury shared apartment complex, was approximately HKD 1,024.5 million for the year ending December 31, 2024, with 168 residential and parking units completed and delivered, compared to HKD 996.3 million for the same period in 2023[18]. - The property investment segment generated revenue of approximately HKD 43.1 million for the year ending December 31, 2024, a decrease of about HKD 2.5 million from HKD 45.6 million in the previous year[19]. - The total carrying value of the company's investment properties was approximately HKD 738.4 million as of December 31, 2024, down from HKD 776.6 million a year earlier[20]. - The company confirmed revenue of approximately HKD 13.9 million from property management services for the year ending December 31, 2024, an increase from HKD 12.9 million in the previous year[22]. - The financing segment generated revenue of approximately HKD 2.8 million for the year ending December 31, 2024, a decrease of about HKD 1.2 million from HKD 4.0 million in the previous year due to a reduction in average outstanding loan balances[23]. - The construction and renovation segment reported revenue of approximately HKD 6.0 million for the year ending December 31, 2024, compared to HKD 5.7 million in the previous year[24]. - The wine business segment reported revenue of approximately HKD 13.4 million for the year ending December 31, 2024, a decrease of about HKD 3.6 million from HKD 17.0 million in the previous year, primarily due to a decline in wine sales[25]. Risk Management and Governance - The company acknowledges various risks, including market risk, business risk, and regulatory risk, which could significantly impact its financial condition and operations[40]. - The board has established a risk control committee to manage potential risks and uncertainties affecting the business[41]. - The company is committed to monitoring and reviewing its risk management and internal control systems regularly[41]. - The company emphasizes the importance of good governance for long-term success and sustainable development[63]. - The company has maintained compliance with the corporate governance code throughout the reporting period, except for the separation of the roles of chairman and CEO[61]. - The company has established a shareholder communication policy to enhance transparency and facilitate information sharing with shareholders[101]. - The company has adopted a whistleblowing policy to ensure the highest levels of openness, integrity, and accountability, with no significant fraud reported during the reporting period[103]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development as a long-term goal, integrating environmental, social, and governance (ESG) factors into its business strategy[111]. - The ESG report is prepared according to the guidelines set out in the Stock Exchange's listing rules, detailing the group's management methods and performance[112]. - Stakeholder engagement is considered vital for improving ESG performance, with regular communication channels established[116]. - The company has implemented a green office program to encourage energy-saving practices, including the use of energy-efficient equipment and promoting a paperless environment[122]. - The company has not reported any significant non-compliance issues regarding emissions and waste management regulations during the review year[121]. - The company has adopted measures to minimize carbon emissions from its construction projects by outsourcing to independent contractors[118]. - The company has implemented measures to promote environmental sustainability in the workplace, including a paper recycling culture and water-saving initiatives[162]. Employee and Operational Insights - The group employed 116 staff as of December 31, 2024, down from 133 staff as of December 31, 2023, maintaining competitive salary levels[39]. - The overall employee turnover rate for the year ending December 31, 2024, is approximately 33%[134]. - 49.5% of employees received training during the year, with 56.0% of female employees and 44.0% of male employees participating[138]. - The group provides competitive compensation and performance-based bonuses to employees, ensuring compliance with labor laws and regulations[132]. - The group has a zero-tolerance policy towards forced labor and child labor, adhering to all related laws and regulations[139]. - The company ensures all building projects meet BEAM Plus certification, focusing on sustainable materials and waste management, air and noise pollution control, and energy efficiency[148]. Shareholder and Capital Structure - The total available reserves for distribution as of December 31, 2024, are approximately HKD 63.6 million, down from HKD 363.1 million in 2023[176]. - The company did not declare any final dividends for the reporting period, nor any interim dividends for the six months ending June 30, 2024[167]. - The total issued share capital of the company as of December 31, 2024, is HKD 6,414,980, divided into 641,498,000 shares, all fully paid[200]. - The company’s share option plan allows for a maximum of 22,400,000 shares to be granted, representing 10% of the total issued shares as of the listing date[199]. - The company has granted 10,000,000 share options to the controlling shareholder, increasing the plan's authorization limit to 64,149,800 shares, which is 10% of the total issued shares at the time of approval[199].
星星集团(01560) - 2024 - 年度财报