Financial Performance - Revenue for 2024 was approximately HK$51.4 million, with a gross profit of approximately HK$17.3 million[16] - Profit attributable to owners of the Company decreased to approximately HK$93.4 million, despite a gain of approximately HK$31.1 million from the disposal of overseas listed equity securities[16] - The substantial increase in fair value loss on investment properties and write-down of stock of properties amounted to approximately HK$39.7 million[16] - Impairment loss on leasehold land and building classified under property, plant and equipment was approximately HK$36.1 million[16] - Revenue from the travel business decreased to approximately HK$48.7 million, while gross profit margin increased to approximately 30.0%[16] - Revenue from the property investment business was approximately HK$2.7 million, with a segment loss of approximately HK$34.9 million[16] - Total revenue for the year ended December 31, 2024, was HK$51,370,000, down from HK$101,897,000 in 2023[19] - Profit for the year was HK$93,391,000, a decrease from HK$169,301,000 in 2023[19] - The share of results of associates decreased to HK$111,950,000 from HK$143,717,000 in the previous year[19] - Gross profit increased by approximately 3% to approximately HK$17.3 million, compared to approximately HK$16.8 million in 2023[49] - A gain on the disposal of overseas listed equity securities was recognized at approximately HK$31.1 million for 2024, while the fair value gain on these securities was approximately HK$89.2 million[49] - Profit attributable to owners of the Company for the year was approximately HK$93.4 million, a decrease from approximately HK$169.3 million in 2023, with earnings per share at 1.90 HK cents compared to 3.44 HK cents in the previous year[49] - The substantial decrease in profit was mainly due to a fair value loss on investment properties and a write-down of the carrying amount of the Group's stock of properties totaling approximately HK$39.7 million[50] Assets and Liabilities - Total assets increased to HK$1,454,088,000 in 2024, up from HK$1,388,555,000 in 2023, representing a growth of 4.7%[21] - Total liabilities decreased to HK$476,700,000 in 2024, down from HK$501,191,000 in 2023, reflecting a reduction of 4.9%[21] - Net assets rose to HK$977,388,000 in 2024, an increase of 10.1% compared to HK$887,364,000 in 2023[21] - As of December 31, 2024, the Group had net current assets of approximately HK$108.4 million, up from HK$23.1 million in 2023[111] - The Group's net assets increased to approximately HK$977.4 million in 2024, compared to HK$887.4 million in 2023[111] - The net gearing ratio improved to approximately 38% as of December 31, 2024, down from 48% in 2023[117] Tourism and Market Trends - Macau's gross gaming revenue surged by 23.9% to approximately MOP226.8 billion in 2024, driven by a significant rise in tourist arrivals[29] - Tourist arrivals in Macau reached approximately 34.9 million in 2024, marking a 23.8% year-on-year increase[29] - The global tourism industry achieved a near-full recovery in 2024, regaining 99% of pre-pandemic levels with 1.4 billion international travellers[35] - The aviation sector's recovery is indicated by the restoration and expansion of air routes, enhancing connectivity across regions[35] - The Group's flagship project, Ponte 16, is focused on enhancing gaming, hospitality, and entertainment offerings to meet evolving tourist needs[29] - The Macau government is encouraging investment in non-gaming projects to diversify the economy beyond gaming[32] - International arrivals surged by 33% in 2024, representing an increase of 78 million visitors compared to the previous year, with the Asia-Pacific region reaching 87% of pre-pandemic levels[62] - Macau's tourism sector welcomed approximately 34.9 million visitors in 2024, representing a 23.8% year-on-year increase, with arrivals from Mainland China rising by 28.6%[84] - During the National Day Golden Week in 2024, Macau recorded an average of about 141,000 daily visitor arrivals, a 22.9% increase compared to 2023[84] - The introduction of the Hengqin-Macao multiple-entry visa policies facilitated multiple trips for Mainland Chinese tourists, enhancing accessibility to Macau[84] - Infrastructure improvements, including the opening of the Hengqin Line of the Light Rapid Transit (LRT), further boosted tourism connectivity to Macau[84] Corporate Governance - The Board of Directors consists of three independent non-executive directors, accounting for 50% of the total board members[148] - All independent non-executive directors (INEDs) were assessed and confirmed to be independent according to the Independence Guidelines[149] - No equity-based remuneration will be granted to INEDs to maintain their objectivity and independence[150] - Four regular board meetings and four non-regular board meetings were held during the year[158] - The Board has established a procedure for directors to seek independent professional advice at the Company's expense[162] - Monthly updates are provided to all directors, offering a balanced assessment of the Group's performance and financial position[162] - The Board reviews the contributions required from directors to ensure they are appropriate and that directors have sufficient time to fulfill their responsibilities[163] - The Nomination Committee annually assesses the independence of all INEDs to ensure they can exercise independent judgment[156] - The Board will review the implementation and effectiveness of governance mechanisms annually[155] - The Audit Committee held three meetings during the year, with all members attending at least 2 out of 3 meetings[174] - The major work performed by the Audit Committee included reviewing the draft annual report and accounts for the year ended December 31, 2023, and the draft interim report for the six months ended June 30, 2024[176] - The Audit Committee considered the re-appointment of the External Auditors and discussed their engagement terms, including proposed fees[176] - The Company provided training to all existing Directors to enhance their knowledge and skills related to their roles and responsibilities[166] - The Company has a clear delegation of responsibilities to management for the day-to-day running of the Group, including strategy implementation[167] Strategic Outlook - The Group maintains a cautiously optimistic outlook for the future, supported by a robust business model and strategic initiatives[36] - The Group remains committed to a disciplined investment strategy to capitalize on emerging opportunities while managing risks in a dynamic economic environment[46] - The Group remains cautiously optimistic about the long-term prospects of the commercial property sector despite current challenges[75] - The Group is committed to monitoring market dynamics and adapting strategies to ensure sustainable growth and seize emerging opportunities[132] - The Group is committed to enhancing its business portfolio to ensure sustainable growth and seize new opportunities in a changing economic environment[133] - The Group plans to enhance its reach among visitors through targeted marketing campaigns across popular social media and online platforms[131] Employee and Workforce Diversity - As of December 31, 2024, the Group employed a total of 80 employees, with remuneration based on qualifications, experience, responsibilities, and performance[123] - The total workforce gender diversity ratio is 1:1.79 male to female, while the management gender diversity ratio is 1:0.9 male to female[193] - The Board has achieved gender diversity with female representation increasing from approximately 16.7% to approximately 33.3% after the appointment of Ms. Hon Hong Lun, Jackie as an INED, meeting the target of around 30% by the end of 2024[192] - The Board maintains a reasonable gender ratio and emphasizes equal opportunities in recruitment and promotion, prohibiting discrimination based on gender, age, and race[193]
实德环球(00487) - 2024 - 年度财报