Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenues of 109,067 thousand Thai Baht, a significant decrease from 484,762 thousand Thai Baht in 2023, representing an 77.5% decline[3] - The gross profit for 2024 was 23,999 thousand Thai Baht, with a gross profit margin of 22.0%, compared to a gross profit of 88,885 thousand Thai Baht and a margin of 18.3% in 2023[3] - The company recorded a net loss attributable to shareholders of 286,080 thousand Thai Baht for 2024, compared to a profit of 7,894 thousand Thai Baht in 2023, indicating a shift from profitability to a loss[3] - Total revenue for the fiscal year 2024 decreased by approximately 77.5% to about 109.1 million THB from approximately 484.8 million THB in fiscal year 2023[17] - Gross profit for fiscal year 2024 was approximately 24.0 million THB, representing a gross margin of 22.0%, compared to 88.9 million THB and 18.3% in the previous year[18] - Platt Finserve recorded a significant net loss of 204.9 million THB in fiscal year 2024, worsening from a net loss of 42.1 million THB in fiscal year 2023[28] - The company recorded a net loss of approximately 286.1 million THB for the fiscal year 2024, compared to a net profit of about 7.9 million THB in fiscal year 2023[31] Asset and Liability Changes - Total assets decreased to 1,236,986 thousand Thai Baht in 2024 from 1,634,253 thousand Thai Baht in 2023, reflecting a 24.3% decline[4] - Current assets decreased from approximately 934.4 million THB on December 31, 2023, to about 844.7 million THB on December 31, 2024, primarily due to a reduction in contract assets by approximately 129.8 million THB[33] - Current liabilities decreased to approximately 660.4 million THB on December 31, 2024, from about 682.3 million THB on December 31, 2023, mainly due to a reduction in bank and other borrowings by approximately 72.7 million THB[34] - Non-current assets decreased to approximately 392.3 million THB on December 31, 2024, from about 699.9 million THB on December 31, 2023, primarily due to a decrease in trade receivables by approximately 204.6 million THB[36] - Non-current liabilities decreased to approximately 212.2 million THB on December 31, 2024, from about 474.4 million THB on December 31, 2023, mainly due to a reduction in non-current trade payables by approximately 201.0 million THB[37] - The company's equity decreased from approximately 477.5 million THB on December 31, 2023, to about 364.4 million THB on December 31, 2024, due to total comprehensive expenses of approximately 285.7 million THB for the fiscal year[39] Impairment and Expenses - A total impairment of 223.9 million Thai Baht was recognized due to a review of trade receivables and contract costs for the fiscal year 2024[12] - The company recognized an impairment loss of 223.9 million THB, including project cost impairments and trade receivables related to Platt Finserve Company Limited[23] - An impairment loss of 76.8 million THB was recognized for the system project costs due to delays in new projects and the system being deemed obsolete[24] - Selling and distribution expenses for fiscal year 2024 were approximately 5.8 million THB, a decrease of 3.9 million THB compared to the previous year, primarily due to reduced salaries in the sales department[20] - Administrative expenses for fiscal year 2024 were approximately 55.4 million THB, remaining relatively stable year-on-year despite an increase in professional fees[21] - Financial costs for fiscal year 2024 increased by approximately 2.1 million THB to about 41.7 million THB, mainly due to higher interest expenses from loans[22] Strategic Initiatives and Acquisitions - The company acquired a 60% stake in Jiangsu Weina Semiconductor Co., Ltd. to diversify its business, aiming to become a leading manufacturer and distributor of lab-grown diamonds in China[8][13] - The company acquired a 60% stake in Jiangsu Weina Hongxin Semiconductor Co., Ltd. for RMB 1.00, with the target company aiming to become a leading manufacturer and distributor of lab-grown diamonds in China[46] Economic and Market Conditions - The Thai economy grew by 2.5% in 2024, up from 2.0% in 2023, which is expected to improve further in 2025, providing a stable macroeconomic environment for the company[8][15] - The company faced project delays as some major clients postponed significant new projects from 2024 to 2025, impacting revenue for the fiscal year[12][13] - The company remains cautiously optimistic about the major new projects scheduled for 2025, believing they will positively impact future revenues[13] Corporate Governance - The company has adopted corporate governance principles and codes as a benchmark for its governance practices, ensuring compliance with applicable regulations[75] - The board of directors is committed to maintaining high standards of corporate governance to enhance shareholder value and improve transparency and accountability[74] - The company has confirmed compliance with the standard code of conduct for securities trading throughout the year, with no reported violations by employees[78] - The board of directors is responsible for overseeing the company's business, strategic decisions, and performance, acting in the best interests of the company[79] - The company has established a balance of power within the board, ensuring that the roles of chairman and CEO are not held by the same individual, although an exception was made for strategic continuity[75] - The company has a dedicated financial advisory consultant with extensive experience in mergers and acquisitions, enhancing its strategic decision-making capabilities[64] - The company has a strong management team with over 29 years of IT industry experience, contributing to its operational effectiveness[61] - The company has implemented a review process for its corporate governance structure to ensure it meets stakeholder expectations and regulatory requirements[76] - The company has a commitment to ethical business practices, which is essential for improving overall performance and maintaining shareholder trust[73] - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience necessary for effective leadership and independent decision-making[82] Shareholder Relations - The company has established a shareholder communication policy to ensure that shareholder concerns are addressed appropriately[139] - The company emphasizes the importance of effective communication with shareholders to enhance investor relations[138] - The company is focused on maximizing shareholder returns by concentrating on core business for sustainable profit growth[146] Risk Management - The company recognizes major risks including reliance on key customer contracts and potential project execution discrepancies[148] - The company maintains a strong relationship with major clients, including Thai financial institutions and government agencies[146] - The company has established an internal audit function to assess the effectiveness of risk management and internal control systems[120] - The board confirmed its responsibility for risk management and internal control systems, ensuring they are effective and adequate[115] Employee and Labor Relations - The group had a labor cost of approximately THB 41.6 million, representing 38.2% of the group's revenue for the year ending December 31, 2024[50] - The group had 56 employees as of December 31, 2024, a decrease from 60 employees in 2023[50] Dividend Policy - The company did not declare any dividends for the year ending December 31, 2024, consistent with 2023[53] - The company has adopted a dividend policy that allows for the declaration of dividends based on financial health and operational needs, with no dividends recommended for the year ending December 31, 2024[130] - The board will consider various factors, including financial condition and future cash needs, when deciding on dividend payments[127] Audit and Compliance - The company's financial statements for the year have been audited by Yongtuo Fuxin Accounting Firm, which will resign at the annual general meeting but is eligible and willing to be re-elected[199] - A resolution to reappoint Yongtuo Fuxin Accounting Firm as the company's auditor will be presented for shareholder approval at the annual general meeting[199] - The audit committee reported no significant deficiencies in the internal control procedures, indicating a robust financial and operational framework[117]
佰达国际控股(01949) - 2024 - 年度财报