Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately HKD 343.71 million, a decrease of about 7.74% compared to the previous year[9]. - The operating loss for 2024 was approximately HKD 13.81 million, while the operating profit for the previous year was approximately HKD 23.60 million[12]. - The loss attributable to equity shareholders for 2024 was approximately HKD 186.70 million, compared to HKD 74.63 million in 2023, including a revaluation loss of investment properties of approximately HKD 112.37 million[9]. - Rental income for the fiscal year was approximately HKD 49.87 million, accounting for about 14.51% of total revenue, compared to 13.37% in the previous year[16]. - The toy and model train business generated revenue of approximately HKD 293.84 million, a decrease of about 8.96% from HKD 322.75 million in the previous year[14]. - As of December 31, 2024, the company's net asset value per share is approximately HKD 2.03, down from HKD 2.22 in 2023[29]. - The company's net current liabilities are approximately HKD 325.12 million, compared to HKD 287.23 million in 2023[29]. - Total bank borrowings amount to approximately HKD 673.71 million, an increase from HKD 659.01 million in 2023[29]. - The debt-to-equity ratio calculated from total bank borrowings is approximately 35.00%, up from 31.16% in 2023[29]. Business Strategy and Outlook - The company plans to diversify its business and seek new sales opportunities to enhance efficiency and cost control measures[13]. - The company remains optimistic about future shareholder returns despite the challenging economic environment[10]. - The company is taking necessary measures to meet the requirements for the revitalization of Kader Building, anticipating stable increases in value and rental income in the future[10]. - The company anticipates challenges in the upcoming year due to unpredictable global economic conditions and geopolitical conflicts, but plans to diversify its business and enhance production efficiency[35]. Governance and Board Structure - The board consists of four executive directors, one non-executive director, and four independent non-executive directors, ensuring a balanced governance structure[42]. - The company has adopted a standard code for securities trading by directors, confirming compliance throughout the year[41]. - The board meets at least four times a year, with additional meetings as necessary, ensuring regular oversight and decision-making[53]. - All directors participated in appropriate continuous professional development activities during the reporting year, enhancing their governance capabilities[50]. - The company has established three committees: the remuneration committee, audit committee, and nomination committee, to oversee various aspects of governance[55]. - The chairman and managing director is the same person, promoting strong and unified leadership[43]. - Independent non-executive directors account for more than one-third of the board, providing independent perspectives and judgments[48]. - The board is responsible for formulating the group's strategic policies and overseeing management, including risk management and internal control systems[52]. - All directors confirmed their compliance with the corporate governance code during the reporting year[50]. - The company established a diversity policy for its board members in August 2013, focusing on various criteria including gender, age, cultural background, and professional experience[68]. Audit and Risk Management - The audit committee conducted two meetings during the year to review financial statements and discuss risk management and internal controls[60]. - The audit committee is responsible for overseeing the relationship with external auditors, including their appointment and remuneration[61]. - The company aims to ensure that internal and external audit functions are adequately resourced and coordinated[66]. - The company emphasizes maintaining effective risk management and internal control systems to minimize operational risks[79]. - The internal audit function will review the effectiveness of financial, operational, and compliance controls in 2024[79]. - The company has implemented a robust risk management framework to address environmental, social, and governance (ESG) risks, enhancing resilience and integrating responsible practices into its operations[163]. Employee and Workplace Practices - The company employed 768 full-time employees as of December 31, 2024, a decrease from 817 in 2023[34]. - Employee costs for the year were approximately HKD 150.47 million, down from HKD 163.22 million in 2023[34]. - The company prioritizes employee satisfaction and development, providing training and opportunities for growth to empower its workforce[175]. - The company has established clear anti-discrimination guidelines and measures to handle discrimination and harassment issues within the workplace[176]. - The company has implemented strict policies to prevent child labor and forced labor, ensuring compliance with local laws and international standards[182]. - The company conducts thorough background checks on all potential hires to maintain integrity in the recruitment process[182]. - The company has a performance evaluation system in place to identify training needs and support personal development planning[189]. - A total of 383.50 hours of training were arranged in 2024, down from 435.00 hours in 2023, covering topics such as OHS, ISO requirements, and leadership skills[189]. Corporate Social Responsibility and ESG - The company is committed to sustainable business practices and has established an Environmental, Health, and Safety (EHS) management system[23]. - The company emphasizes its commitment to corporate social responsibility and sustainable development practices to create long-term value for stakeholders[161]. - The company has established an Environmental, Social, and Governance (ESG) committee to manage and monitor ESG issues, meeting at least annually to review performance and risks[162]. - The company has identified 26 key ESG issues through an independent consultant's survey, engaging stakeholders such as the board, employees, and consumers for prioritization[167]. - The company categorizes ESG issues into high, medium, and low importance, focusing on those most critical to its operations and stakeholders[173]. - The company has a structured framework for its quality policy aimed at continuous improvement and cost reduction[158]. Shareholder Communication and Participation - The company encourages shareholder participation in annual general meetings with a minimum of 21 days' notice[86]. - The company has established a shareholder communication policy to ensure timely and equal access to important information[89]. - The company maintains a website to provide shareholders and investors with the latest operational updates and disclosures[92]. Compliance and Legal Matters - The company has no significant contingent liabilities as of December 31, 2024[33]. - The company has not entered into any equity-linked agreements during the year[106]. - The company has not made any arrangements for directors to benefit from purchasing shares or bonds of the company or any other company during the year[139]. - There were no significant transactions, arrangements, or contracts in which the directors of the company had a direct or indirect material interest during the year[143]. - The company maintains strict compliance with labor laws and regulations, ensuring a harassment-free and non-discriminatory workplace[175].
开达集团(00180) - 2024 - 年度财报