Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 10,896.7 million, a decrease of 58.4% compared to HKD 26,150.2 million in 2023[11]. - The adjusted EBITDA for the same period was a loss of HKD 17.4 million, compared to a profit of HKD 167.0 million in the previous year[11]. - The net loss attributable to shareholders for the year was HKD 87.4 million, compared to a loss of HKD 150.5 million in 2023, indicating an improvement in performance[11]. - The company's revenue for the year ended December 31, 2024, was HKD 10,896.7 million, a decrease of 58.3% compared to HKD 26,150.2 million in 2023[29]. - The adjusted EBITDA for 2024 was negative HKD 17.4 million, down from positive HKD 167.0 million in 2023, resulting in an adjusted EBITDA margin of (0.2)%[29][34]. - The gross loss for the year was HKD 131.8 million, an improvement of 3.7% compared to a gross loss of HKD 136.9 million in 2023[29][33]. - The group recorded a gross loss of HKD 131.8 million for the year, compared to a loss of HKD 136.9 million in 2023, mainly due to low Canadian natural gas prices[68]. - The group confirmed a non-cash accounting impairment reversal of HKD 76.0 million for its Canadian oil and gas assets during the year[67]. Liquidity and Financial Position - The company maintained a strong liquidity position with liquid assets totaling HKD 517.7 million and no external borrowings as of December 31, 2024[16]. - As of December 31, 2024, the group’s current assets net value is HKD 554.7 million, down from HKD 775.5 million in 2023, while cash and bank balances decreased to HKD 486.7 million from HKD 796.6 million[74]. - The total equity of the group as of December 31, 2024, is HKD 1,062.4 million, compared to HKD 1,192.4 million in 2023, with a net asset value per share of HKD 0.12[74]. - The debt ratio improved to 25.6% from 29.9% in the previous year, reflecting a stronger balance sheet[11]. - The group has no unsecured debt securities or unsecured short-term loans as of December 31, 2024, maintaining an asset-liability ratio of 0%[76]. Production and Operations - Daily production in Canada averaged 7,700 barrels of oil equivalent, primarily from natural gas, despite disruptions caused by wildfires[19]. - The company's average daily production for the year was 7,700 barrels of oil equivalent, a decrease of 30.6% compared to 2023, primarily due to wildfires and production cuts in response to low natural gas prices[42]. - The energy business recorded a revenue decrease of 49.4% year-on-year, primarily due to the closure of the Fort Nelson Gas Plant and significant production declines in Argentina[33]. - The realized natural gas price for the year decreased by 38% compared to 2023, resulting in a revenue decline of 49.3% to HKD 241.3 million[44]. - The production from the X-2001 well has seen a dramatic decline of 88%, dropping from 1,200 barrels of oil equivalent per day to only 150 barrels[54]. Strategic Initiatives and Business Focus - The company is transitioning its focus from traditional oil and gas operations to precious metals trading and refining, as part of its brand evolution[14]. - The company has expanded its strategic position in the Wapiti area by acquiring additional mining rights in Alberta's West Gold Creek[19]. - The company plans to fully withdraw from Argentina by the end of 2025, despite having the highest producing conventional oil well in the country in 2023[20]. - The new precious metals refining facility is expected to start commercial operations in early 2024, with a capacity to refine 50 tons of gold annually at 99.9% purity[22]. - The company anticipates that its new office in Dubai will accelerate growth in its precious metals trading and refining business, further expanding its global footprint[24]. Environmental and Sustainability Efforts - The company is actively seeking opportunities to collaborate with local authorities and regulators to achieve net-zero emissions goals as part of its commitment to ESG initiatives[36]. - The company is committed to transforming the 1,200-acre Discovery Park into a green ecosystem center, focusing on hydrogen/green ammonia production, renewable natural gas/biomass production, and vertical farming[175][181]. - The company aims for zero workplace injuries and accidents by continuously improving health and safety management standards[175]. - The company is committed to adhering to corporate social responsibility while focusing on health and safety, environmental protection, and community engagement[177]. - The company has implemented a policy for sustainable water resource management and aims to identify feasible water-saving measures in the next three years[196]. Governance and Management - The appointment of a new independent non-executive director with over 20 years of experience in the jewelry manufacturing and wholesale industry aims to enhance board diversity and governance[14]. - The board aims to continue developing and growing the business to enhance long-term shareholder value[167]. - The board is committed to maintaining high standards of corporate governance, with detailed measures outlined in the annual report[164]. - The company has changed its auditor from PwC to Ernst & Young for the fiscal year ending December 31, 2024[166]. - The company has not been involved in any significant litigation or arbitration during the year[108]. Shareholder Information - The company did not declare any interim dividends for the year, similar to the previous year, and the board has recommended not to declare any final dividends for this year[109]. - The company has no retained earnings available for cash or in-kind distribution as of December 31, 2024, with paid-in surplus of HKD 4,871.0 million available for distribution in the form of bonus shares[135]. - The top five customers accounted for 73% of the total revenue for the year, with the largest customer contributing approximately 22%[136]. - The top five suppliers represented about 55% of total procurement, with the largest supplier accounting for approximately 18% of total procurement for continuing operations[136]. - As of December 31, 2024, major shareholders hold significant stakes, with Wanxin Enterprises Limited owning 5,737,129,098 shares, representing 65.63% of the issued share capital[155].
新时代能源(00166) - 2024 - 年度财报