澳门励骏(01680) - 2024 - 年度业绩

Supplementary Announcement: Explanation on Going Concern for the 2024 Annual Report This announcement addresses the auditor's disclaimer of opinion on the company's going concern and outlines remedial actions Background and Purpose This announcement provides additional context on the auditor's disclaimer of opinion regarding the company's going concern - This announcement aims to supplement the 2024 annual report regarding the auditor's issuance of a 'disclaimer of opinion' on the company's going concern[3] Audit Committee's Opinion on the Disclaimer The Audit Committee supports management's use of the going concern basis due to operational stability and improved financial performance - The Audit Committee concurs with management's use of the going concern basis for financial statements, citing normal operations and improved financial performance[4] Adjusted EBITDA Performance | Metric | FY2024 | YoY Change | | :--- | :--- | :--- | | Adjusted EBITDA | Profit of approx. HK$159.8 million | Increase of approx. 65.1% | - The committee finds adopting a liquidation basis unreasonable, given ongoing remedial actions and constructive bank cooperation[5] Action Plan to Address Going Concern Uncertainty The company is addressing liquidity challenges through bank loan restructuring and securing financial support from a major shareholder Overview of Liquidity Issues The company faced significant liquidity pressure at year-end 2024, with cash insufficient to cover short-term debt obligations Liquidity Position as of December 31, 2024 | Item | Amount (HKD) | | :--- | :--- | | Cash and bank balances | Approx. 52.3 million | | Bank borrowings due/repayable within 12 months | 2.0664 billion | | Shareholder loans due/repayable within 12 months | 339.4 million | Bank Loan Restructuring The company successfully restructured two key bank loans, significantly extending repayment timelines and easing short-term debt pressure - An agreement was reached for an outstanding bank loan of HK$85.5 million, extending the repayment date to October 2026[7] - A new amendment was signed for the remaining ~HK$2.0 billion in bank loans, deferring installments to September 2026 with full repayment by September 2027[7] Major Shareholder Support A major shareholder has provided a written financial support commitment, deferring loan repayment and offering additional funds - A major shareholder, holding HK$205 million (60.4% of total) in shareholder loans, has provided a written financial support confirmation[8] - The shareholder committed to not demanding repayment until the company is financially capable and will provide additional support to ensure going concern until March 31, 2026[8] Conclusion and Outlook Management will engage with the auditor to resolve the disclaimer of opinion based on recent remedial actions and shareholder support - Management will leverage the loan restructuring and shareholder support to engage with the auditor, aiming to resolve the disclaimer of opinion in future reports[8] - Shareholders and potential investors are advised to exercise caution when dealing in the company's shares[9]