Financial Performance - The group's consolidated revenue for the fiscal year 2024 was approximately HKD 131.3 million, a decrease of about HKD 14.8 million or 10.1% compared to the fiscal year 2023[15]. - The net loss for the fiscal year 2024 was approximately HKD 39 million, an improvement of about HKD 12.6 million or 24.4% compared to the previous fiscal year[15]. - Gross profit decreased to approximately HKD 69.2 million in fiscal year 2024, down from HKD 83.9 million in fiscal year 2023[15]. - Other income and net gains increased to approximately HKD 50.1 million, a rise of about HKD 31.4 million or 167.9% compared to HKD 18.7 million in fiscal year 2023[18]. - Sales and distribution expenses were approximately HKD 66.7 million, a decrease of about HKD 2.4 million or 3.5% from HKD 69.1 million in fiscal year 2023[19]. - General and administrative expenses increased to approximately HKD 50 million, up by about HKD 1.8 million from HKD 48.2 million in fiscal year 2023[20]. - Non-operating expenses were approximately HKD 18.4 million, related to the ongoing litigation with Win Dynamic[21]. - Financial costs decreased to approximately HKD 23.1 million, a reduction of about HKD 3.8 million or 14.1% from HKD 26.9 million in fiscal year 2023[22]. - The loss attributable to equity holders of the company was approximately HKD 40.1 million, a decrease of about HKD 10.4 million or 20.6% compared to HKD 50.5 million in fiscal year 2023[24]. - The department store business recorded revenue of approximately HKD 131.4 million, a decrease of about 10.0% compared to HKD 146 million in fiscal year 2023[25]. Cash and Debt Management - As of December 31, 2024, the group's cash and bank balances were approximately HKD 22,200,000, a significant decrease from about HKD 104,000,000 as of December 31, 2023[30]. - The group's debt ratio was approximately 195% as of December 31, 2024, down from about 304% a year earlier[30]. - Interest expenses for fiscal year 2024 were approximately HKD 23,100,000, compared to about HKD 26,900,000 in fiscal year 2023[30]. - The group had a current ratio of approximately 0.95 as of December 31, 2024, an improvement from about 0.69 as of December 31, 2023[30]. Corporate Governance - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[49]. - All independent non-executive directors confirmed their independence for the fiscal year 2024, complying with listing rules[51]. - The audit committee held two meetings in the fiscal year 2024 to review financial reporting and compliance procedures[61]. - The remuneration committee conducted one meeting to review the company's remuneration policy and structure for executive directors[64]. - The board has established four committees: audit committee, remuneration committee, nomination committee, and executive committee to oversee specific aspects of the company's affairs[60]. - The audit committee reviewed the audited financial statements for the fiscal year 2024[61]. - All board members attended 100% of the meetings held during the fiscal year 2024[49]. - The company ensures that independent non-executive directors contribute independent opinions and judgments to the board[52]. - The board is responsible for approving business strategy plans and reviewing management performance[54]. - Directors received training on corporate governance and regulatory developments during the fiscal year 2024[57]. - The Nomination Committee held one meeting in the fiscal year 2024 to review the board's structure and the independence of non-executive directors[70]. - The Executive Committee conducted 12 meetings in the fiscal year 2024 to monitor the execution of operational and strategic objectives[71]. Shareholder and Stakeholder Relations - The company has established a shareholder communication policy to facilitate effective communication with shareholders[93]. - The company maintains good relationships with stakeholders, including employees, customers, and suppliers, to ensure operational success[103]. - The company will hold its annual general meeting on June 6, 2025, with a notice to be published in accordance with listing rules[110]. Environmental, Social, and Governance (ESG) Practices - The company is committed to integrating sustainable development solutions into its daily operations and management[154]. - The company emphasizes the importance of stakeholder feedback for its sustainable development practices[155]. - Key environmental issues identified include emissions, resource usage, and climate change adaptation[161]. - The company has not encountered any serious violations of environmental laws during the reporting period[167]. - The board oversees the long-term sustainable development of all operating companies within the group[164]. - The environmental, social, and governance (ESG) working group meets at least once a year to discuss sustainability strategies[164]. - The company follows the Hong Kong Stock Exchange's ESG reporting guidelines to ensure year-on-year performance comparisons[159]. - The company emitted 45 grams of sulfur oxides (SOx) and 12,246 grams of nitrogen oxides (NOx) during the reporting period, compared to 41 grams and 11,704 grams respectively in 2023[169]. - The total greenhouse gas emissions for 2024 were 607.95 tons of CO2 equivalent, a decrease from 646.37 tons in 2023, resulting in a per-employee emission of 3.06 tons compared to 3.63 tons in the previous year[175]. - The company aims to maintain energy consumption at the same level as the previous year, with total energy consumption recorded at 1,498,207.15 kWh for 2024, down from 1,586,207.75 kWh in 2023[176]. - The company has set waste reduction targets to maintain hazardous and non-hazardous waste levels at the same level as the previous year[170]. - The company promoted the use of electronic communications to replace paper communications, aiming to reduce waste generation[170]. - The company implemented low-carbon driving practices, such as prohibiting engine idling, to improve fuel efficiency and reduce emissions[169]. Employee Management - The company employed 199 staff members as of December 31, 2024, an increase from 178 staff members a year earlier[37]. - The employee turnover rate decreased to 21.22% in 2024 from 25.28% in 2023, indicating improved employee retention[185]. - The average training hours per employee was approximately 0.25 hours in 2024, down from 0.84 hours in 2023, with only 13.07% of employees receiving training compared to 53.93% in the previous year[191]. - The company recorded 307 lost workdays due to occupational injuries over the past three years, with no fatalities reported[188]. - The company has implemented health and safety measures in response to increasing awareness of infectious diseases, including flexible working hours and personal protective equipment provision[188]. - The company provides occupational safety education and training to enhance employee safety awareness[187]. - The company has a comprehensive development plan to support employee personal development through structured training programs[191]. Supplier Management - The company maintains long-term relationships with suppliers to address business challenges and regulatory compliance[195]. - A total of 476 suppliers are identified, with 384 located in Hong Kong, 86 in Europe, and 3 in Asia and the Americas[197]. - The company emphasizes the importance of sustainable supply chains to reduce operational risks and create business opportunities[196]. Compliance and Risk Management - The company adheres to strict data privacy and confidentiality policies, complying with relevant laws[200]. - A dedicated department is responsible for the registration of trademarks and patents to protect intellectual property[200]. - The company has established a risk management policy to identify and mitigate climate-related risks affecting business operations[181]. - The company has developed guidelines for extreme weather to protect employees and contractors, ensuring regular maintenance of facilities to minimize damage[182].
先施(00244) - 2024 - 年度财报