Financial Performance - For the year ended December 31, 2024, Minmetals Land reported a revenue of HK$9,882,956,000, a decrease of 21.8% compared to HK$12,630,739,000 in 2022[23]. - The company recorded a loss for the year of HK$3,748,397,000, compared to a loss of HK$525,686,000 in 2022, indicating a significant deterioration in performance[23]. - The basic loss per share for equity holders was HK$0.48, a change of 246.7% from a loss of HK$1.05 in 2023[24]. - Core loss attributable to equity holders was HK$566,266,000, compared to a profit of HK$106,719,000 in 2023, highlighting ongoing challenges in profitability[23]. - In 2024, the Group's consolidated revenue decreased by 21.8% year-on-year to HK$9,883 million[75]. - The net loss for the year widened to HK$3,748 million, compared to HK$526 million in 2023[75]. - Loss attributable to equity holders of the Company was HK$3,521 million, up from HK$1,016 million in 2023[75]. - The core loss attributable to equity holders of the Company was HK$566 million, compared to HK$44 million in 2023[75]. - Revenue for 2024 amounted to HK$9,883 million, representing a year-on-year decrease of 21.8% from HK$12,631 million in 2023[116]. - Revenue from real estate development decreased by 20.1% to HK$9,832 million, accounting for 99.5% of the Group's total revenue[119]. Assets and Liabilities - The total assets as of December 31, 2024, were HK$41,030,920,000, down from HK$53,575,153,000 in 2022, reflecting a decline of 23.4%[23]. - Total liabilities decreased to HK$31,773,951 in 2024, down 19% from HK$39,227,508 in 2023[27]. - The equity attributable to equity holders of the Company fell to HK$1,608,836 in 2024, a decrease of 69.6% from HK$5,287,069 in 2023[27]. - The Group's total developable GFA (Land Bank) as of December 31, 2024, was 5,761,000 square meters, with first-tier cities accounting for 30.2% of the total[112]. - As of December 31, 2024, the Group's total assets decreased by 23.4% to HK$41,031 million (2023: HK$53,575 million)[147]. - The total number of staff decreased by 7.0% to 1,017 as of December 31, 2024, compared to 1,094 in 2023[168]. Debt and Financing - The net debt stood at HK$19,802 million, a slight increase of 5.2% from HK$18,817 million in 2023[24]. - The net gearing ratio improved to 138.0% from 203.3% in the previous year, showing a positive trend in financial leverage management[24]. - The Group's total borrowings amounted to HK$21.683 billion, a decrease from HK$23.317 billion in 2023[156]. - The maturity profile of borrowings shows that 75.2% (HK$16.295 billion) is due within one year, compared to 65.3% (HK$15.223 billion) in 2023[156]. - The currency profile indicates that 48.5% (HK$10.521 billion) of borrowings are in Renminbi, up from 31.6% (HK$7.359 billion) in 2023[157]. - Finance costs recognized in profit or loss for the year amounted to HK$535 million, an increase from HK$477 million in 2023[159]. - The Group is in the process of obtaining waivers for non-compliance with financial covenants on borrowings amounting to HK$9.878 billion, which has caused cross defaults on an additional HK$1.762 billion[158]. Real Estate Development - The company is focusing on expanding its real estate development business across key regions including the Pan Bohai Rim and the Pearl River Delta[7]. - The Group's interest in the Neo-Metropolis project is 49%, with an expected completion date in Q4 2031[38]. - The Group's interest in the Academic Royale project is 100%, and it has been completed[38]. - The Group's land bank totals 5,761,000 sq.m. across various regions, with the Pan Bohai Rim accounting for 35.7%[32]. - The contracted sales decreased by 37.9% year-on-year to RMB7.02 billion, with the gross floor area contracted for sale decreasing by 24.1% year-on-year to 421,000 square meters[100]. - The Group aims to enhance its real estate development business and expand its property management business as part of its strategic transformation[84]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and has established a governance structure to oversee its affairs[173]. - The Board of Directors consists of nine members, ensuring compliance with the Listing Rules regarding independent directors[184]. - All independent non-executive directors confirmed their independence, and the company considers them to be independent[185]. - The company has complied with the requirement to have at least three independent non-executive directors, representing at least one-third of the Board[184]. - The Company held a total of four Board meetings and two general meetings during the year, with all Directors attending 100% of the Board meetings[196]. - The Company has established mechanisms to ensure independent views are available to the Board, which are reviewed annually for effectiveness[192]. - All Directors participated in continuous professional development, receiving training on corporate governance and regulatory obligations[199]. Market Outlook - The property market in China is expected to stabilize and rebound in 2025, supported by accommodative policies[78]. - The market is projected to improve due to enhanced policies, despite ongoing oversupply and high inventory levels[78]. - The real estate industry is in a difficult stage after four years of correction, with recovery expected to take longer[75]. - The overall market remains uncertain, with signs of stabilization in some cities but still facing challenges[98].
五矿地产(00230) - 2024 - 年度财报