Financial Performance - The Group's revenue decreased by HK$104.5 million to HK$188.7 million for the year ended 31 December 2024, compared to HK$293.2 million for the year ended 31 December 2023[9]. - Overall gross profit decreased by HK$24.8 million to HK$36.0 million for the year ended 31 December 2024, down from HK$60.8 million for the year ended 31 December 2023[9]. - The Group recorded a loss of HK$30.6 million for the year ended 31 December 2024, an increase of approximately HK$29.7 million compared to a loss of HK$0.9 million for the year ended 31 December 2023[10]. - Revenue from construction and ancillary services decreased by HK$17.2 million to HK$66.0 million in FY2024, compared to HK$83.2 million in FY2023, primarily due to reduced contributions from commercial projects[27]. - Revenue from the consumer goods business amounted to approximately HK$122.7 million in FY2024, representing a decrease of 41.5% compared to HK$209.9 million in FY2023[31]. - The Group recorded a loss for the year of HK$30.6 million in FY2024, compared to a loss of HK$0.9 million in FY2023, mainly due to increased finance costs and provisions for impairment losses[40]. Costs and Expenses - The increase in loss was primarily due to higher finance costs from interests on other borrowings and provisions for impairment losses under the expected credit loss model[10]. - Selling and distribution expenses for the consumer goods business decreased by HK$3.9 million from HK$26.9 million in FY2023 to HK$23.0 million in FY2024[37]. - Administrative expenses decreased by HK$5.9 million from HK$19.0 million in FY2023 to HK$13.1 million in FY2024, mainly due to reduced remuneration to directors and employees[38]. - Finance costs increased by HK$9.1 million from HK$6.4 million in FY2023 to HK$15.5 million in FY2024, primarily due to increased interest on other borrowings[39]. Cash and Liquidity - As of 31 December 2024, the Group had total cash and bank balances of HK$62.2 million, an increase from HK$40.4 million as of 31 December 2023[49]. - The Group maintained a current ratio of approximately 3.8 times as of 31 December 2024, compared to approximately 3.9 times at 31 December 2023[50]. - The gearing ratio was approximately 21.3% as of 31 December 2024, up from 20.3% at 31 December 2023[51]. - The Group's net current assets as of December 31, 2024, were HK$328.1 million, down from HK$338.5 million as of December 31, 2023[53]. Shareholder Value and Dividends - The Group aims to maximize shareholder value by exploring new business opportunities in the consumer goods sector and other areas[12]. - The Directors do not recommend any payment of final dividend for the year ended December 31, 2024[74]. - The distributable reserves of the Company as of December 31, 2024, amounted to approximately HK$122.3 million, a decrease from HK$128.0 million as of December 31, 2023[89]. Business Strategy and Outlook - The economic environment in Hong Kong, Macau, and the PRC is expected to recover, which may enhance the Group's business performance in 2025[11]. - The Group plans to commence more construction projects and ancillary works in Hong Kong and Macau to maintain a stable revenue stream[11]. - The anticipated recovery in business activities is expected to positively impact the Group's performance moving forward[11]. - The Group will continue to adopt a pragmatic and enterprising approach in executing its business strategies[12]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions during the year ended 31 December 2024[169]. - The Board consists of two executive Directors and three independent non-executive Directors[169]. - The Company periodically reviews its corporate governance practices to ensure compliance with the Code Provisions[170]. - All Directors confirmed full compliance with the Model Code for securities transactions during the year ended December 31, 2024[171]. - The Board held 7 meetings during the year ended December 31, 2024, ensuring compliance with corporate governance standards[190]. Directors and Management - The remuneration for Mr. LU Zhaowei was fixed at HK$500,000 per annum with a discretionary bonus, effective from April 19, 2024[104]. - The remuneration for Mr. LI Ka Chun Gordon was fixed at HK$120,000 per annum with a discretionary bonus, effective from April 19, 2024[104]. - The Company has arranged appropriate insurance cover for Directors' and officers' liabilities during the year ended December 31, 2024[105]. - The Board has delegated authority for implementing business strategies and managing daily operations to executive Directors and senior management[178]. Share Options and Securities - No share options were granted under the Share Option Scheme during the year ended December 31, 2024[117]. - The maximum number of shares available for issue under the Share Option Scheme must not exceed 30% of the total number of shares in issue[125]. - The Share Option Scheme has a validity of 10 years and will expire on August 12, 2025, unless terminated earlier[135]. - The total number of shares issued to each eligible participant must not exceed 1.0% of the total number of shares in issue[133]. Customer and Supplier Concentration - As of December 31, 2024, the largest group customer accounted for approximately 26.6% of the Group's total turnover, while the five largest group customers collectively accounted for approximately 88.4% of total turnover[138]. - The Group's five largest suppliers accounted for approximately 99.5% of total purchases, with the largest supplier representing about 46.0%[144].
旷逸国际(01683) - 2024 - 年度财报