Financial Performance - For the fiscal year 2024, the group's revenue slightly decreased by 0.5% to HKD 82,690,000 compared to HKD 83,082,000 in 2023[11] - The group recorded a loss attributable to shareholders of HKD 196,000 in 2024, a significant decline from a profit of HKD 21,500,000 in 2023[11] - The group experienced a foreign exchange loss of HKD 9,446,000 due to the depreciation of the Canadian dollar against the Hong Kong dollar, compared to a foreign exchange gain of HKD 2,580,000 in 2023[11] - The expected credit loss provision for debt instruments decreased to HKD 315,000 from HKD 8,832,000 in 2023, impacting overall performance[11] - The lending business experienced a 66% decrease in revenue to HKD 846,000 in fiscal year 2024, primarily due to lower average loan amounts granted[35] - The group reported a loss attributable to equity holders of HKD 196,000 in 2024, a decline from a profit of HKD 21,500,000 in 2023, primarily due to losses in the lending and securities investment segments[51] - The group's total assets as of December 31, 2024, were HKD 436,984,000, compared to HKD 445,095,000 in 2023, with a debt-to-asset ratio of approximately 9%[52] - The group's bank and other interest income increased by 30% to HKD 7,642,000 in 2024, up from HKD 5,856,000 in 2023, driven by higher average funds applied to time deposits[53] Oil and Gas Operations - The Canadian oil assets contributed revenue of HKD 73,059,000, with EBITDA of HKD 43,826,000 and operating profit of HKD 19,275,000, compared to HKD 71,597,000, HKD 38,568,000, and HKD 17,874,000 respectively in 2023[9] - The average selling price of crude oil from Canadian assets was CAD 84.1 per barrel in fiscal year 2024, compared to CAD 78.2 per barrel in 2023[24] - The company produced approximately 173,900 barrels of crude oil in fiscal year 2024, down from 183,900 barrels in 2023[24] - In the fiscal year 2024, the company produced approximately 173,900 barrels of crude oil from its Canadian oil assets, a decrease from 183,900 barrels in fiscal year 2023[173] - The company aims to reduce its greenhouse gas emissions density (tons of CO2 equivalent per thousand barrels) by approximately 9.45% in fiscal year 2024 compared to fiscal year 2023, primarily due to the use of more efficient diesel-powered drilling equipment[179] - The company has set a target to gradually reduce its greenhouse gas emissions density over the next five years, using 21.88 tons of CO2 equivalent per thousand barrels as the baseline year of 2022[178] Solar Energy Business - The solar energy business generated revenue of HKD 8,286,000, EBITDA of HKD 8,002,000, and operating profit of HKD 2,724,000, showing slight growth from HKD 8,160,000, HKD 7,735,000, and HKD 2,661,000 in 2023[10] - The company has invested a total of HKD 58,265,000 in solar energy projects under the Feed-in Tariff Scheme[20] - The solar energy business recorded a revenue increase of 2% to HKD 8,286,000 in fiscal year 2024, despite a 3% decrease in sunlight hours[34] - The total investment in solar power projects reached HKD 58,265,000, with an operational capacity of approximately 3,200 kW from 50 solar photovoltaic systems[34] - The company continues to invest in solar energy projects in Hong Kong, contributing to the government's carbon neutrality goals by 2025[176] - The company operates 50 solar photovoltaic systems as of December 31, 2024, demonstrating its commitment to renewable energy and carbon emission reduction[200] Risk Management and Compliance - The group faces significant business risks from global economic conditions and international financial markets, which are beyond its control[62] - The group is exposed to financial risks related to interest rates, foreign currencies, and liquidity, with management policies in place to mitigate these risks[65] - The company has established various risk management policies and procedures across its business units to regularly identify and assess risks[137] - The audit committee reviewed the effectiveness of the group's risk management and internal control systems[133] - The company has adopted an anti-fraud and anti-corruption policy, emphasizing a zero-tolerance approach towards fraud and corruption[140] - The company has implemented internal guidelines to ensure compliance with local environmental laws and regulations[174] Corporate Governance - The company has a strong focus on compliance with legal and regulatory requirements as outlined in the corporate governance report[77] - The company has adopted a board diversity policy that considers skills, industry experience, and other factors when determining the optimal board composition[125] - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for independent judgment[120] - The company has established a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders[149] - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2024, with some deviations explained[110] Environmental Impact - The company is committed to reducing greenhouse gas emissions and enhancing energy-saving and emission reduction management[166] - The company has not reported any significant violations of environmental laws and regulations in fiscal year 2024 related to emissions and waste management[177] - Total greenhouse gas emissions decreased from 3,853.72 tons CO2 equivalent in 2023 to 3,299.91 tons CO2 equivalent in 2024, representing a reduction of approximately 14.4%[180] - The total amount of hazardous waste increased significantly from 140.89 tons in 2023 to 265.72 tons in 2024, an increase of about 88.5%[185] - The company emphasizes minimizing environmental impact and strictly adheres to local environmental laws and regulations in its operations[197] Employee and Workforce - The total employee cost for the year was HKD 13,411,000, an increase of HKD 1,684,000 from HKD 11,727,000 in 2023, primarily due to severance payments[61] - The group employed 23 staff members as of December 31, 2024, down from 26 in 2023, with 16 based in Hong Kong and 7 in Canada[61] - The employee gender ratio, including senior management, is approximately 3:2 as of December 31, 2024, indicating gender diversity within the workforce[127] - The company encourages employees to adopt energy-saving practices and has set goals to enhance energy awareness through annual activities starting from 2022[190] Future Outlook - The company anticipates continued volatility in international oil prices in 2025 due to various geopolitical and economic factors[8] - The company plans to drill three to four new wells in 2025, depending on market conditions, including oil prices and drilling costs[28] - The company aims to diversify its energy portfolio, focusing on both oil and solar assets for long-term sustainable growth[14]
长盈集团(控股)(00689) - 2024 - 年度财报