Financial Performance - Revenue increased by 274.4% to HKD 3,551,066,000 (2023: HKD 948,510,000) [4] - Operating profit increased by 486.1% to HKD 14,372,000 (2023: HKD 2,452,000) [4] - EBITDA increased by 425.2% to HKD 302,928,000 (2023: HKD 57,676,000) [4] - Loss attributable to shareholders increased by 414.0% to HKD 180,550,000 (2023: HKD 35,125,000) [4] - Total comprehensive loss for the year was HKD 242,487,000 (2023: HKD 26,051,000) [6] - The company reported a significant increase in depreciation expenses, totaling HKD 194,924,000 for owned properties, plants, and equipment in 2024, compared to HKD 41,801,000 in 2023 [30] - The company experienced a net loss of HKD 181,605,000, which is a 449.2% increase from a loss of HKD 33,069,000 in 2023 [78] - The company reported a basic and diluted loss per share of 4.52 cents for the year, compared to 0.91 cents in 2023 [86] Assets and Liabilities - Non-current assets increased significantly to HKD 8,654,017,000 (2023: HKD 1,307,383,000) [7] - Total liabilities increased to HKD 7,036,116,000 (2023: HKD 450,482,000) [8] - The company’s total assets reached HKD 9,870,154,000 in 2024, a substantial increase from HKD 1,957,023,000 in 2023, representing a growth of approximately 404% [25] - The company’s total liabilities increased to HKD 8,800,074,000 in 2024 from HKD 723,946,000 in 2023, reflecting a growth of approximately 1,116% [25] - As of December 31, 2024, the group's bank loans totaled HKD 2,316,795,000, a significant increase from HKD 564,026,000 in 2023 [45] - The total bank and other loans amounted to 2,394,795 thousand in 2024, up from 564,026 thousand in 2023, reflecting increased borrowing [44] Revenue Sources - Revenue from the sale of oil and petrochemical products in mainland China for 2023 was approximately HKD 272,704,000 [16] - Total revenue from customer contracts for 2024 was HKD 3,456,437,000, compared to HKD 836,919,000 in 2023, representing a significant increase [15] - Total external customer revenue for 2024 reached HKD 3,551,066,000, a significant increase from HKD 948,510,000 in 2023, representing a growth of approximately 274% [24] - Trade business revenue reached 1.649 billion HKD in 2024, up 106.8% from 797.703 million HKD in 2023, driven by increased sales contracts and volumes of oil and petrochemical products [80] Acquisition and Growth - The acquisition of BTHL resulted in a total revenue contribution of HKD 1.743 billion and a total loss of HKD 12 million from August 1, 2024, to December 31, 2024 [47] - If the acquisition had occurred on January 1, 2024, the group's annual revenue would have been approximately HKD 5.884 billion, with a post-tax loss of about HKD 355 million [47] - The identifiable net assets acquired from BTHL amounted to HKD 2,859,010,000, with goodwill recognized at HKD 1,638,770,000 [48] - The total consideration for the acquisition of BTHL was HKD 4,497,780,000, with a net cash outflow of HKD 142,082,000 after accounting for cash acquired [50] - Following the acquisition, Glorify holds 70% of BTHL's total issued shares [94] Operational Metrics - The average storage tank utilization rate for oil and petrochemical products was 94.6%, a decrease of 1.2 percentage points compared to the previous year [63] - The throughput volume for the terminal decreased by 6.4% to 2,830,000 tons in 2024, down from 3,023,000 tons in 2023 [62] - The total number of sales contracts established increased by 40.9% to 1,161 in 2024, compared to 824 in 2023 [66] - The sales volume of oil and petrochemical products rose by 33.2% to 249,000 tons in 2024, up from 187,000 tons in 2023 [66] Financing and Capital Management - The group secured new loan financing of up to HKD 2,800,000,000 on March 5, 2025 [11] - The group has an unused bank financing capacity of HKD 161,621,000 as of December 31, 2024 [11] - The group secured new bank financing of up to HKD 2.8 billion, including HKD 2 billion in term loans and HKD 800 million in revolving loans, to refinance existing loans and provide additional working capital [56] - The group has provided various properties, equipment, and receivables as collateral for bank financing [103] Corporate Governance and Compliance - The group has adopted high standards of corporate governance in compliance with the Hong Kong Stock Exchange's listing rules [108] - The group's financial results for the year ending December 31, 2024, have been reviewed by the audit committee [112] Future Outlook - The company plans to continue expanding its refined oil trade and customer base while optimizing procurement processes to ensure sustainable growth [65] - The advertising business managed by Huida Media is expected to be a new growth point, with plans to participate in multiple large outdoor advertising projects in 2025 [75] - The company aims to transition to a "zero-emission" bus fleet by 2045, with 70% being hydrogen buses and 30% electric buses [75]
汉思能源(00554) - 2024 - 年度业绩