Financial Performance - For the fiscal year ending December 31, 2024, the company reported a total revenue of HKD 318,280,000, a decrease of 16.4% compared to HKD 380,630,000 in the previous year[9]. - The gross profit for the year was HKD 33,206,000, with a gross margin of 10.4%, representing a decline of HKD 10,293,000 and a drop of 23.7% year-over-year[15]. - The company incurred a net loss of HKD 322,155,000, compared to a loss of HKD 172,132,000 in the previous year, resulting in a basic loss per share of HKD 0.4067[15]. - Revenue from household products increased by 24.1% to HKD 77,712,000, while the PVC pipes and fittings segment saw a revenue decline of 24.5% to HKD 239,110,000, resulting in a loss of HKD 30,423,000[9]. - The company reported a loss before tax of HKD 342,964,000 for 2024, compared to a loss of HKD 168,520,000 in 2023, indicating a significant increase in losses[156]. - Total comprehensive loss for the year was HKD 340,595,000, compared to HKD 199,033,000 in 2023, reflecting a 71.2% increase in total losses[156]. - Basic and diluted loss per share for 2024 was HKD 40.67, compared to HKD 21.80 in 2023, representing an increase of 86.5%[156]. Assets and Liabilities - As of December 31, 2024, the company's current assets were approximately HKD 1,040,716,000, down from HKD 1,131,688,000 a year earlier, with a current ratio of 1.04[14]. - The total equity of the company decreased by 23.3% to HKD 1,113,116,000, with a debt-to-equity ratio of 1.36[14]. - Non-current assets decreased to HKD 1,591,044,000 in 2024 from HKD 1,924,725,000 in 2023, a decline of 17.3%[157]. - Total liabilities decreased to HKD 1,518,644,000 in 2024 from HKD 1,605,017,000 in 2023, a decrease of 5.4%[157]. - The company's net assets decreased to HKD 1,113,116,000 in 2024 from HKD 1,451,396,000 in 2023, a decline of 23.2%[159]. Corporate Governance - The board of directors includes experienced members with backgrounds in manufacturing, finance, and law, ensuring diverse expertise in governance[20][22][24]. - The company has adopted measures to maintain high standards of corporate governance, aligning with the principles of the Hong Kong Stock Exchange's corporate governance code[27]. - The board regularly reviews corporate governance guidelines and practices to ensure compliance and effectiveness[27]. - The company has implemented a code of conduct for directors' securities trading, confirming adherence to the standards set forth by the Hong Kong Stock Exchange[28]. - The board consists of nine members, with four women, ensuring a diverse skill set and perspectives to meet the company's business needs[45]. Risk Management - The board is committed to maintaining effective risk management and internal control systems, which are reviewed annually for effectiveness[56]. - The company has identified key risks affecting its strategic goals and has implemented measures to control these risks at acceptable levels[54]. - The internal control system covers all significant monitoring functions, including financial, operational, compliance, and risk management[55]. - The company has established a clear organizational structure for risk management, ensuring appropriate risk culture and appetite[57]. Environmental, Social, and Governance (ESG) - The company reported a significant reduction in sulfur dioxide emissions, decreasing from 1,988 kg in 2023 to 995 kg in 2024, representing a 50% reduction[68]. - Nitrogen oxide emissions also saw a decline from 62 kg in 2023 to 30 kg in 2024, a reduction of approximately 52%[68]. - The total greenhouse gas emissions decreased from 15,959 tons in 2023 to 13,189 tons in 2024, marking a reduction of about 17.4%[72]. - The company is committed to adhering to all environmental laws and regulations, with no significant violations reported during the year[73]. - The board of directors has reviewed and approved the environmental, social, and governance (ESG) report, ensuring compliance with relevant guidelines[61]. Employee Management - As of December 31, 2024, the group employed approximately 492 staff, a decrease from 536 staff as of December 31, 2023[19]. - Total employee compensation for the year amounted to HKD 47,180,000, down from HKD 51,600,000 in the previous year, indicating a reduction of approximately 8.3%[19]. - The group encourages participation in training programs for management and staff, with a focus on internal training for employees at the China plant[19]. - Employee turnover rate for 2024 was 33%, with male turnover at 32% and female turnover at 34%[90]. - 52.85% of employees received training this year, with an average training duration of 1.8 hours[94]. Investments and Capital Expenditure - Approximately HKD 7,671,000 was spent on acquiring production and other equipment during the year[111]. - The company’s capital reserve increased to HKD 356,505,000 as of December 31, 2024, from HKD 351,385,000 at the beginning of the year, reflecting a growth of approximately 1.2%[160]. - The company has recognized a loss of HKD 263,461,000 from changes in the fair value of long-term other assets in 2024, compared to a loss of HKD 106,089,000 in 2023[156]. Shareholder Information - As of December 31, 2024, the total shares held by the directors and senior executives amount to 397,321,340, representing 50.16% of the company's issued share capital[117]. - The company has a three-year service agreement with all directors, expiring between June 2026 and June 2027[116]. - The company has no other shareholders holding 5% or more of the issued share capital as of December 31, 2024[120]. - The company has adopted a share option scheme to incentivize directors and eligible employees[132]. Auditor and Financial Reporting - The company will propose a resolution at the annual general meeting to reappoint Deloitte as the auditor[137]. - The auditor's report provides reasonable assurance that the financial statements are free from material misstatement, but does not guarantee that all errors will be detected[149]. - The governance team is responsible for overseeing the financial reporting process of the group[148]. - The audit committee has discussed the nature and scope of the audit with external auditors and reviewed interim and annual financial statements before submission to the board[50].
世界(集团)(00713) - 2024 - 年度财报