标准发展集团(01867) - 2025 - 年度业绩

Annual Performance Overview Financial Performance The Group's financial performance significantly deteriorated, marked by a 38.5% revenue decline, a net loss exceeding HKD 50.9 million, and a shift to net current liabilities Consolidated Statement of Profit or Loss Revenue decreased 38.5% to HKD 301.0 million, gross profit plunged 80%, and increased expenses led to a loss attributable to owners of HKD 50.0 million, with basic loss per share at HKD 3.35 cents | Metric | 2025 (HKD Thousands) | 2024 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 301,030 | 489,794 | -38.5% | | Gross Profit | 763 | 3,816 | -80.0% | | Loss Before Tax | (45,556) | (20,353) | +123.8% | | Loss for the Year | (50,943) | (20,133) | +153.0% | | Loss Attributable to Owners of the Company | (50,034) | (19,940) | +150.9% | | Basic Loss Per Share (HK Cents) | (3.35) | (1.33) | +151.9% | Consolidated Statement of Financial Position As of March 31, 2025, total assets increased to HKD 380.6 million, but total liabilities surged to HKD 277.3 million, reducing net assets by 33% to HKD 103.2 million, with net current liabilities of HKD 2.9 million indicating severe short-term repayment pressure | Metric | March 31, 2025 (HKD Thousands) | March 31, 2024 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 246,019 | 145,973 | +68.5% | | Current Assets | 134,536 | 145,737 | -7.7% | | Current Liabilities | 137,392 | 124,278 | +10.5% | | Net Current (Liabilities) Assets | (2,856) | 21,459 | Turned Negative | | Non-current Liabilities | 139,918 | 13,042 | +972.8% | | Net Assets | 103,245 | 154,390 | -33.1% | - The Group's current liabilities exceeded its current assets by approximately HKD 2,856,000, a key factor contributing to significant uncertainty regarding its going concern ability[21][34] Independent Auditor's Report and Going Concern The independent auditor issued an unmodified opinion but highlighted "material uncertainty related to going concern" due to substantial losses, net operating cash outflow, and net current liabilities, with management outlining measures to address these issues - The auditor's report explicitly states that as of March 31, 2025, the Group recorded a net loss attributable to owners of approximately HKD 50,034,000 and current liabilities exceeding current assets by approximately HKD 2,856,000, indicating material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern[34] - To address going concern risks, management has implemented or plans to implement various measures, including reviewing operational efficiency, negotiating repayment with creditors, considering termination of loss-making businesses, seeking new financing, and utilizing existing standby loans[21] Management Discussion and Analysis Management attributes the annual loss to declining traditional business revenue and increased expenses for new bio-energy projects, leading to a strategic transformation focusing resources on the promising bio-energy sector for long-term returns Business Review and Outlook The net loss is primarily due to reduced oil and construction revenue, increased expenses, and limited bio-energy project contributions, prompting the Group to cautiously manage construction and pivot resources towards sustainable bio-energy initiatives - The net loss is primarily attributable to: (i) decreased revenue from oil and construction engineering businesses; (ii) increased administrative and finance expenses; and (iii) limited revenue contribution from two bio-energy projects that commenced operations only in the fourth quarter of the year[36] - Given the challenging construction market and bleak real estate outlook, the Group will cautiously approach further investments in construction and engineering businesses, concentrating resources on developing bio-energy projects to enhance corporate resilience and achieve long-term returns[37][39] Financial Review All financial indicators deteriorated this year, with revenue down 38.5% and gross profit plunging 80%, while administrative expenses and finance costs surged due to new bio-energy plant depreciation and increased loans, expanding the annual loss | Business Segment | 2025 Revenue (HKD Thousands) | 2024 Revenue (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Construction and Engineering Related Business | 126,701 | 202,411 | -37.4% | | Oil Business | 98,660 | 222,971 | -55.8% | | Agricultural Business | 62,564 | 59,015 | +6.0% | | Bio-energy Business | 8,979 | – | N/A | | Total Revenue from Contracts with Customers | 296,904 | 484,397 | -38.7% | - Administrative and other operating expenses increased from HKD 22.5 million to HKD 31.3 million, primarily due to increased depreciation from the completion of bio-energy plants, salaries, and other operating expenses[52] - Finance costs surged from HKD 1.3 million to HKD 6.4 million, mainly due to increased borrowings during the year[53] Liquidity and Financial Resources The Group's financial leverage sharply increased, and liquidity tightened, with the gearing ratio surging from 48.8% to 181.7% due to increased borrowings, while bank balances and cash were HKD 39.0 million and the current ratio decreased to 1.0 times | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Bank Balances and Cash | Approx. HKD 39.0 Million | Approx. HKD 23.9 Million | | Total Interest-bearing Borrowings and Lease Liabilities | Approx. HKD 187.6 Million | Approx. HKD 75.3 Million | | Gearing Ratio | Approx. 181.7% | Approx. 48.8% | | Current Ratio | Approx. 1.0 Times | Approx. 1.2 Times | Key Risks and Uncertainties The Group faces diversified risks including non-recurring construction contracts, cost volatility, macroeconomic and energy price sensitivity, agricultural natural disaster risks, and potential additional capital and operational expenses from new bio-energy ventures - The Group's business performance relies on the continuous success of project bidding, with contracts being non-recurring[40] - The oil business is closely linked to macroeconomic conditions and energy prices, where price fluctuations due to geopolitical conflicts may adversely affect the Group's performance[40] - New strategies such as developing bio-energy businesses may incur additional capital expenditures, depreciation, and other operating expenses[40] Other Significant Matters During the year, the Group did not declare dividends, disclosed three bio-energy related discloseable transactions with admitted non-compliance, and is involved in several ongoing legal litigations with uncertain outcomes Dividend Policy Considering this year's loss and future capital requirements, the Board decided not to recommend a final dividend for the year ended March 31, 2025 - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025 (2024: nil)[28][78] Discloseable Transactions and Compliance Issues The Group disclosed three Shandong bio-energy project transactions, including land acquisition and construction, admitting non-compliance with listing rule announcement requirements due to operational team misunderstanding, and has implemented remedial measures - The company failed to comply with Chapter 14 of the Listing Rules regarding announcement requirements for three discloseable transactions: land acquisition, anaerobic facility construction, and civil engineering works[69][70][71] - The reason for non-compliance was the Group's operational team's misunderstanding that these transactions were part of the Group's ordinary and usual course of business[71] Litigation The Group is involved in several legal litigations, including an ongoing case with Ng Ping Kin Development Management Limited claiming HKD 6.283 million, against which the Group counterclaimed HKD 6.0 million, with no provision made as directors deem the claim unlikely - The Group's client, Ng Ping Kin, claimed approximately HKD 6,283,000 for six post-dated cheques, against which the Group has filed a defense and a counterclaim for HKD 6,000,000, with the litigation ongoing[65] Corporate Governance The company has several corporate governance deviations, including the dual role of Chairman and CEO, the Chairman's absence from the 2024 AGM, and the lack of legal liability insurance for directors, with explanations provided - The company deviated from Corporate Governance Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are concurrently held by Mr. Lau Chin Ching; the Board believes this ensures consistency in strategic planning and execution[81] - The company deviated from Corporate Governance Code Provision C.1.8 by not arranging any legal liability insurance for directors during the year, as the company assessed the related risk as very low[82]