Financial Performance - The group recorded revenue of approximately HKD 470.4 million for the year ending December 31, 2024, a decrease of about 0.3% compared to HKD 471.8 million for the year ending December 31, 2023[5]. - Adjusted profit before tax was approximately HKD 4.9 million, up from HKD 2.9 million in 2023[5]. - The group achieved a net profit after tax of approximately HKD 2.4 million, compared to a loss of HKD 0.9 million in 2023[5]. - The overall comprehensive income for the year was HKD 2.3 million, compared to a loss of HKD 1.0 million in 2023[7]. - The company reported a cumulative loss of HKD 40,304 million in 2024 compared to HKD 39,139 million in 2023, an increase in loss of approximately 3.0%[9]. - The company reported a pre-tax profit of HKD 2,831,000 for 2024, compared to a loss of HKD 474,000 in 2023[35]. - Basic loss per share for 2024 was HKD 0.30, an improvement from HKD 1.63 in 2023[37]. Dividends - The board of directors did not recommend a final dividend for the year ending December 31, 2024, consistent with 2023[5]. - No final dividend is recommended for the year ending December 31, 2024, consistent with 2023[46]. Assets and Liabilities - Total assets decreased from HKD 333,035 million in 2023 to HKD 305,038 million in 2024, a decline of approximately 8.4%[8]. - Non-current assets decreased from HKD 218,121 million in 2023 to HKD 175,039 million in 2024, a decrease of about 19.7%[8]. - Current assets decreased from HKD 99,621 million in 2023 to HKD 86,917 million in 2024, a reduction of approximately 12.8%[8]. - Total liabilities decreased from HKD 261,691 million in 2023 to HKD 234,194 million in 2024, a decline of about 10.5%[9]. - Non-current liabilities decreased from HKD 90,136 million in 2023 to HKD 80,345 million in 2024, a decrease of approximately 10.0%[9]. - Current liabilities decreased from HKD 165,179 million in 2023 to HKD 144,058 million in 2024, a reduction of about 12.8%[9]. - Total equity decreased slightly from HKD 71,344 million in 2023 to HKD 70,844 million in 2024, a decrease of about 0.7%[9]. - The company’s cash and cash equivalents decreased from HKD 64,766 million in 2023 to HKD 53,082 million in 2024, a decline of about 18.1%[8]. - The company’s total equity attributable to owners of the parent decreased from HKD 58,390 million in 2023 to HKD 57,109 million in 2024, a decrease of approximately 2.2%[9]. Operational Efficiency - Operating expenses decreased by approximately 3.5% year-over-year, contributing to the improved profitability[6]. - The group is focusing on enhancing operational efficiency and reducing costs to drive future profitability[6]. - The group reported a decrease in other operating expenses for the year ending December 31, 2024, primarily due to lower restoration costs from restaurant closures and relocations[70]. Market Strategy - The company plans to expand its market presence through strategic partnerships and new product offerings in the upcoming fiscal year[6]. - The group aims to reduce the number of wholly-owned restaurants and focus on providing restaurant management and franchising services, which has generated additional revenue[91]. - The group is developing a new series of quality food products under the "Home Taste" brand to diversify revenue sources and enhance market share[92]. Employee Costs - The group’s employee costs for 2024 were HKD 150,235,000, consistent with the previous year’s figure of HKD 145,271,000, reflecting a slight increase of approximately 3.3%[23][24]. - Employee benefits expenses increased from approximately HKD 167.7 million in 2023 to about HKD 171.5 million in 2024, reflecting a growth of approximately 2.3%[60]. Revenue by Segment - For the fiscal year ending December 31, 2024, total revenue from restaurant operations and consulting services amounted to HKD 497,439,000, a slight decrease from HKD 499,998,000 in 2023[23][24]. - Revenue from Shanghai-style restaurants increased by approximately HKD 39.6 million or 21.4% to about HKD 224.5 million for the fiscal year ending December 31, 2024[53]. - Revenue from Japanese restaurants decreased by approximately HKD 7.4 million or 6.3% to about HKD 110.3 million for the fiscal year ending December 31, 2024[54]. - Revenue from Vietnamese restaurants decreased by approximately HKD 15.8 million or 24.7% to about HKD 48.2 million for the fiscal year ending December 31, 2024[55]. - Revenue from Thai restaurants decreased by approximately HKD 15.9 million or 30.1% to about HKD 36.9 million for the fiscal year ending December 31, 2024[56]. - Revenue from Italian restaurants decreased by approximately HKD 4.5 million or 8.7% to about HKD 47.2 million for the fiscal year ending December 31, 2024[57]. Compliance and Governance - The group’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, ensuring compliance with local regulations[14]. - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ending December 31, 2024, and believes they are prepared in accordance with applicable accounting standards[101]. - The consolidated financial statements have been confirmed by the company's auditors, ensuring consistency with the audited figures[102]. - The company emphasizes the importance of effective communication with shareholders to enhance understanding of its business and strategies[104]. - The company has established a shareholder communication policy to ensure timely and accessible information for shareholders and potential investors[105]. Future Outlook - The group continues to evaluate market competitiveness and is optimistic about future business success despite uncertainties in the business environment[93]. - The group plans to continue cautiously expanding its business and reviewing opportunities for opening and investing in new restaurants[81].
1957 & CO.(08495) - 2024 - 年度业绩