Financial Performance - In 2024, Eternity Investment Limited reported a loss attributable to owners of HK$416 million, a 51% increase compared to the previous year[13]. - The increase in loss was primarily due to a HK$137 million increase in impairment loss related to goodwill and a HK$49 million increase in loss from changes in fair value of investment properties[13]. - The company recorded a loss for the year attributable to owners of HK$415,699,000, a 51% increase from HK$275,152,000 in the previous year[30]. - The property investment business reported a segment loss (before taxation) of HK$278 million in 2024, a 430% increase from HK$52 million last year[20]. - The sale of financial assets business reported a segment loss (before taxation) of HK$25 million, a 281% increase compared to last year, attributed to a trading loss of HK$8 million[14]. - The jewelry products business reported a segment profit (before taxation) of HK$1 million, a 67% decrease from HK$3 million last year, due to increased gold prices affecting sales orders[18]. - The money lending business showed a segment loss (before taxation) of HK$20 million, an 84% improvement from HK$124 million last year, mainly due to a HK$95 million decrease in allowance for expected credit losses[17]. Revenue and Sales - Revenue for the year ended December 31, 2024, was HK$223,973,000, a 14% increase from HK$196,694,000 in the previous year[29]. - Revenue from the newly expanded golf club operation increased from HK$29,428,000 to HK$132,176,000 during the year[29]. - The jewelry product sales revenue decreased by HK$14,137,000 due to sluggish market conditions[29]. - The sale of jewelry products generated revenue of HK$69,284,000, a 16% decrease from HK$82,421,000 in the previous year, with a segment profit of HK$432,000, an 84% decrease from HK$2,730,000[111]. Impairment and Losses - Impairment loss in respect of goodwill increased by HK$137,250,000[30]. - A one-off loss of HK$23 million was recognized on the modification of terms for guaranteed secured notes due in 2025[13]. - An impairment loss of HK$189,029,000 was recognized for goodwill related to the acquisition of Smart Title Limited[44]. - The fair value of the investment property portion of the Shun Tak Property decreased from HK$163,700,000 at December 31, 2023, to HK$116,000,000 at December 31, 2024, resulting in a loss of HK$47,700,000[134]. Future Plans and Strategies - To address market conditions, the company plans to expand its jewelry product categories and develop budgeted jewelry products to meet consumer demand[18]. - The company intends to maintain the size of its loan portfolio in 2025 while closely monitoring customer repayment performance[17]. - The company will explore new markets for its jewelry products, including Japan and Southeast Asia, by attending trade shows and organizing sales trips in 2025[18]. - The Group plans to expand its sales territories into new overseas markets, such as Japan and Southeast Asia[152]. - The Group is developing new product lines, including stone-type and budgeted jewelry products, to adapt to changing consumer budgets[152]. Economic Outlook - The company expects the global macroeconomic environment to remain uncertain in 2025 and will adjust its equity securities portfolio accordingly[14]. - The directors expect the performance of the Group's jewelry sales business in 2025 to be similar to that of 2024 due to ongoing macroeconomic uncertainties[152]. - The Group anticipates that the loan interest income generated from its lending business in 2025 will be approximately the same as in 2024 due to the uncertain global macroeconomic environment[154]. Operational Performance - The Group recognized a gain on disposals of residential serviced apartments of HK$6,395,000 during the year ended December 31, 2024[37]. - The Group's expected credit loss provision for financial assets decreased from HK$132,729,000 for the year ended 31 December 2023 to HK$39,756,000 for the year ended 31 December 2024[51]. - The Group's loan and interest receivables, after accumulated allowance for ECL, amounted to HK$171,816,000, down from HK$248,614,000 in 2023[106]. Governance and Management - The Board consists of a balanced mix of executive and independent non-executive directors to ensure effective leadership and decision-making[189]. - The Company has a clear governance framework that supports effective leadership and control over its operations[196]. - The Board oversees the Group's strategic direction and financial performance, with specific responsibilities delegated to four committees: Audit, Remuneration, Nomination, and Finance[196]. - The Company met the Listing Rules requirements by having at least three independent non-executive directors, representing one-third of the Board[200].
永恒策略(00764) - 2024 - 年度财报