Financial Performance - The loss attributable to owners of Wong's International Holdings Limited for the year amounted to HK$837.5 million, compared to a profit of HK$152.7 million for the previous financial year[14]. - The underlying profit attributable to owners, excluding the effect of changes on investment properties and stock of completed properties, was HK$147.3 million, down from HK$163.1 million in the last financial year[15]. - The Group's revenue for the year ended December 31, 2024, was HK$2,664.7 million, a decrease from HK$3,185.7 million in the previous year[16]. - Operating loss for the year was HK$286.1 million, compared to an operating profit of HK$215.1 million for the last financial year[16]. - Earnings per share for the year was HK$1.75, compared to earnings per share of HK$0.32 for the previous financial year[16]. - The decrease in underlying profit was mainly due to a reduction in profit from the EMS Division by HK$1.6 million and from the Property Holding Division by HK$15.0 million[15]. - Other income decreased by HK$10.4 million, while income tax expenses increased by HK$13.7 million[15]. - The Group recorded a fair value loss of approximately HK$1 billion due to a sharp decline in commercial property prices in Hong Kong in 2024, but this did not affect cash flow[50]. - Revenue for 2024 is HK$2,664,674, a decrease of 16.3% from HK$3,185,668 in 2023[68]. - Operating loss for 2024 is HK$286,081 compared to a profit of HK$215,094 in 2023[68]. - Loss before income tax for 2024 is HK$782,828, significantly worse than the profit of HK$200,115 in 2023[68]. - Loss for the year attributable to owners is HK$837,464, a decline from a profit of HK$152,726 in 2023[68]. Dividends - The Company paid an interim dividend of HK$0.0275 per share for the year, down from HK$0.0300 per share in the previous year[19]. - The proposed final dividend is HK$0.0300 per share, consistent with the previous year, subject to shareholder approval[19]. - The Company paid an interim dividend of HK$0.0275 per share for 2024, down from HK$0.0300 in 2023, and recommends a final dividend of HK$0.0300 per share, unchanged from 2023[22]. - Proposed final dividend of HK$0.0300 per share, totaling HK$14,355[80]. Revenue Breakdown - Revenue for the Electronic Manufacturing Service (EMS) Division for the year ended 31 December 2024 was HK$2,603.0 million, a decrease of 16.7% from HK$3,123.9 million in the previous year[30]. - The EMS Division's attributable segment profit was HK$189.8 million, reflecting a 0.8% decrease from HK$191.4 million in the last financial year[32]. - The Property Holding Division reported revenue of HK$61.7 million, slightly down from HK$61.8 million in the previous year, with a segment loss of HK$916.1 million compared to a profit of HK$79.9 million in the last financial year[31]. Financial Position - As of 31 December 2024, the Group had total banking facilities of HK$2,908.9 million, down from HK$3,071.3 million in 2023[36]. - Total bank borrowings were HK$1,618.9 million as of 31 December 2024, a decrease from HK$1,790.7 million in 2023[36]. - Cash and cash equivalents, short-term bank deposits, and restricted cash amounted to HK$1,335.5 million as of 31 December 2024, compared to HK$1,348.0 million in 2023[36]. - The net gearing ratio for the Group as of 31 December 2024 was 0.08, down from 0.10 in 2023[38]. - The Group's total assets for 2024 were HK$7,678 million, while total liabilities were HK$3,265 million[62]. - Total assets decreased to HK$6,158,836 in 2024 from HK$7,310,256 in 2023, a reduction of 15.8%[68]. - Total liabilities decreased to HK$2,641,434 in 2024 from HK$2,835,989 in 2023, a reduction of 6.8%[68]. - Equity attributable to owners decreased to HK$3,517,402 in 2024 from HK$4,474,267 in 2023, a decline of 21.5%[68]. - The Group's borrowings to total equity ratio increased to 46.0% in 2024 from 40.0% in 2023[67]. Corporate Governance - The Group's leadership includes members with extensive experience in finance, accounting, and management across various industries, enhancing strategic decision-making capabilities[132][134]. - The company emphasizes strong governance with independent directors holding key committee positions, ensuring oversight and accountability[135][138]. - The diverse backgrounds of the directors contribute to a comprehensive understanding of market dynamics and operational challenges[130][131]. - The Group is committed to maintaining high standards of corporate governance and financial integrity through experienced leadership[135][139]. Shareholder Information - Mr. Wong Chung Mat holds 136,828,569 shares, representing 28.60% of the issued shares of the Company[151]. - Ms. Wong Yin Man holds 1,000,000 shares, representing 0.21% of the issued shares of the Company[151]. - Mr. Chan Tsze Wah holds 1,837,500 shares, representing 0.38% of the issued shares of the Company[151]. - Mr. Yu Sun Say holds 500,000 shares, representing 0.10% of the issued shares of the Company[151]. - As of December 31, 2024, no other Directors or chief executives had any interests or short positions in the shares of the Company[153]. Employee Information - As of December 31, 2024, the Group employed 2,604 employees, with a remuneration policy based on job nature, qualifications, and experience[45]. Risk Management - The Group has taken measures to hedge against the risk of high interest rates, which are expected to remain elevated[53]. - The Group does not use any foreign exchange hedging products, recognizing the currency risk associated with fluctuations in the Chinese Renminbi[39]. Share Option Scheme - The company has adopted a share option scheme on June 26, 2020, with a total of 47,848,379 shares available for grant, representing 10% of the issued shares as of the report date[168][171]. - No options have been granted under the scheme since its adoption date up to December 31, 2024[168]. - The overall limit on the number of shares that may be issued upon exercise of all outstanding options must not exceed 30% of the shares of the company in issue from time to time[171]. - The maximum entitlement of each participant under the scheme is limited to 1% of the shares of the company in issue in any 12-month period, unless approved by shareholders[176]. - The scheme will remain in force for 10 years, from June 26, 2020, to June 25, 2030[184]. - Eligible participants for the scheme include directors and employees of any member of the group who have contributed or will contribute to the group[170]. - The exercise price for options will be determined by the board but cannot be less than the nominal value of the shares[181]. - The minimum holding period for an option before it can be exercised is 1 year from the date of grant[178].
王氏国际(00099) - 2024 - 年度财报