Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 216.2 million, down from HKD 305 million in 2023, representing a decrease of about 29.1%[5] - The group recorded a pre-tax loss of approximately HKD 231.7 million for the year, compared to a loss of HKD 168.9 million in 2023[5] - For the fiscal year ending December 31, 2024, the group's revenue was approximately HKD 216.2 million, a decrease from HKD 305 million in 2023, primarily due to a significant decline in property sales[17] - The group recorded a pre-tax loss of approximately HKD 231.7 million for 2024, compared to a loss of HKD 168.9 million in 2023, attributed to impairments in properties under development and other receivables[17] - The group recorded a net loss of approximately HKD 232,075,000 for the year ending December 31, 2024[34] - The group's total equity as of December 31, 2024, was a deficit of HKD 18,100,000, compared to an equity of HKD 87,900,000 as of December 31, 2023[26] - The group reported a net loss margin of 107.36% for the year ending December 31, 2024, compared to 67.02% in the previous year[51] - The return on equity for the group was -664.75% in 2024, significantly worse than -172.06% in 2023[51] - The current ratio decreased to 0.76 in 2024 from 1.20 in 2023, indicating a decline in liquidity[51] - The group has financial obligations due within the next twelve months amounting to approximately HKD 1,755,322,000, including bank loans of HKD 225,804,000 and other borrowings of HKD 64,217,000[83] Property Development - The property development segment generated revenue of approximately HKD 214.2 million, down from HKD 296.9 million in 2023, indicating a decline of about 27.8%[5] - The property development segment generated revenue of approximately HKD 214.2 million in 2024, down from HKD 296.9 million in 2023, with a loss of HKD 65.7 million compared to a loss of HKD 200,000 in the previous year[18] - The group has four ongoing development projects located in Zhuhai, Chengdu, Doumen, and Taishan[6][9] - The group has four ongoing development projects, including the German City project in Zhuhai, which has achieved sales of 59.10% of its available area as of December 31, 2024[18] - The group is focused on accelerating the pre-sale progress of its properties[10] - The group aims to accelerate the pre-sale progress of its properties to improve cash flow[20] - The group plans to accelerate the pre-sale of properties and expedite the delivery of completed properties to improve cash flow[34] - The group anticipates a more favorable real estate policy environment in 2025, which may boost property sales[35] Assets and Liabilities - The group had non-current assets totaling approximately HKD 1,741.2 million as of December 31, 2024, compared to HKD 1,820.3 million in 2023[10] - Current assets amounted to approximately HKD 1,337.2 million as of December 31, 2024, down from HKD 1,568.2 million in 2023[10] - Current liabilities were approximately HKD 1,755.3 million as of December 31, 2024, compared to HKD 1,303 million in 2023, reflecting an increase of about 35%[10] - The group's total liabilities increased, with current liabilities at approximately HKD 1.76 billion in 2024, up from HKD 1.30 billion in 2023[24] - As of December 31, 2024, the total interest-bearing borrowings of the group amounted to HKD 1,804,100,000, an increase from HKD 1,763,500,000 as of December 31, 2023[26] - The group had contingent liabilities of HKD 280,600,000 as of December 31, 2024, down from HKD 301,100,000 as of December 31, 2023[30] - The group has outstanding property development costs and land acquisition commitments of HKD 273,600,000 as of December 31, 2024, compared to HKD 221,000,000 as of December 31, 2023[29] Human Resources - The group employed a total of 90 staff as of December 31, 2024, down from 98 staff as of December 31, 2023[33] - The overall employee turnover rate for the year was 13%, with a new hire rate also at 13%[198] - The company employed a total of 90 staff members, with a gender ratio of approximately 1:1[197] - 92% of employees hold a university degree or higher, indicating a highly educated workforce[197] - The group has implemented a comprehensive human resources training and development plan to equip employees with necessary skills for current and future challenges[61] Corporate Governance - The company has three independent non-executive directors, all of whom are members of the audit committee[78] - The board of directors has no significant interests in any major transactions or contracts related to the group's business[76] - The company has established mechanisms to ensure a strong independent element within the board to maintain shareholder interests and enhance performance[108] - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors for the fiscal year 2024[99] - The board meets regularly to discuss overall strategy, operational and financial performance, and to review and approve annual and interim results[107] - The company has appropriate directors' and officers' liability insurance in place for legal proceedings against directors[111] - The independent non-executive directors are required to rotate at least once every three years, ensuring fresh perspectives on the board[103] - The company is committed to conducting annual assessments of the independence of its independent non-executive directors[110] - The board held a total of four meetings during the fiscal year ending December 31, 2024[112] - The audit committee conducted three meetings in the fiscal year 2024, exceeding the minimum requirement of two meetings[120] Environmental, Social, and Governance (ESG) - The group has maintained air pollutants and greenhouse gas emissions within the statutory limits set by the Environmental Protection Agency during the year[54] - The group operates a hotel in Guangdong, China, ensuring strict compliance with environmental performance management rules and regulations[54] - The group emphasizes energy-saving and optimal resource utilization in its operations[54] - The group has a climate change policy aimed at managing risks associated with extreme weather events throughout the year[54] - The company has implemented various measures to mitigate climate change risks, including a climate change policy[173] - The company is committed to integrating green building concepts throughout the project lifecycle to minimize ecological impact[184] - The company has identified five major sustainability issues: emissions and waste, energy efficiency, anti-corruption, product quality and safety, and employee engagement[172] - The company has implemented strict waste classification management to minimize environmental impact[192] - No significant legal or regulatory issues related to emissions or waste management were reported for 2024[185] Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and clear information dissemination to shareholders and potential investors[150] - The company emphasizes effective communication with shareholders, particularly through annual general meetings[161] - The company is open to shareholder feedback to improve its reporting and performance[167] - The company has a responsibility to disclose any resolutions and statements to shareholders in accordance with its articles of association[157] Future Outlook - The group is assessing plans and measures to improve its liquidity and financial performance[11] - The group aims to introduce new business opportunities to maximize shareholder value[35] - The company is expanding its reporting scope to include high-quality tourism assets in the Guangdong-Hong Kong-Macao Greater Bay Area[166] - The board is committed to integrating sustainable development into all business aspects and actively promoting low-carbon transformation[168] - The board regularly reviews the company's ESG performance to ensure responsible corporate practices and long-term value creation for stakeholders[168]
富元国际集团(00542) - 2024 - 年度财报