Financial Performance - For the fiscal year ending June 30, 2024, the company reported a total revenue of HKD 71,573,000, a decrease of 10.3% from HKD 79,734,000 in the previous year[1] - The gross profit for the year was HKD 44,965,000, down from HKD 54,752,000, reflecting a decline of 18%[1] - The profit before tax was HKD 12,612,129, significantly higher than the previous year's profit before tax of HKD 1,006, indicating a substantial increase[1] - The net profit attributable to the company's owners was HKD 5,353,955, a decrease of 19.3% from HKD 6,634,000 in the prior year[2] - The total comprehensive income attributable to the company's owners was HKD 5,372,015, compared to a loss of HKD 147,116 in the previous year[2] - Basic earnings per share for the year was HKD 2,252.4, a significant increase from HKD 2.8 in the previous year[2] - The operating profit for 2024 is HKD 2,407,000, a decrease from HKD 5,513,000 in 2023, indicating a decline of about 56.3%[15] - The basic earnings per share for 2024 is HKD 5,353,955, compared to HKD 6,634 in 2023, showing a decrease of approximately 19.2%[20] - The company recorded a substantial profit attributable to shareholders of HKD 5,353,955,000 for the year, down from HKD 6,634,000 in 2023, with basic earnings per share of HKD 22.52 compared to HKD 2.8 cents[31] Assets and Liabilities - Non-current assets totaled HKD 1,846,256, a decrease from HKD 1,926,739 in the previous year[4] - Current assets increased significantly to HKD 13,235,899 from HKD 469,694, primarily due to the development of properties[4] - The total equity attributable to the company's owners rose to HKD 7,354,705 from HKD 1,985,068, reflecting a strong growth in reserves[7] - The total liabilities decreased to HKD 7,509,051 from HKD 249,194, indicating improved financial stability[7] - Trade receivables at the end of the reporting period were HKD 4,771,000, down from HKD 9,439,000 in 2023, with a net allowance for credit losses of HKD 2,124,000[28] - Trade payables at the end of June 30, 2024, were HKD 1,114,000, a decrease from HKD 2,150,000 in 2023[29] - Deferred tax liabilities increased primarily due to the deferred tax on the fair value gains of land distribution, with total deferred tax liabilities of HKD 7,496,793 as of June 30, 2024[30] Investment and Property Development - The group has acquired land use rights in Nanshan District, Shenzhen, China, for future property development, classified under new operating segments as per HKFRS 8[14] - The group’s property investment portfolio primarily includes office, residential, and commercial units in Shanghai and Beijing, along with parking spaces[14] - The group recorded a loss of HKD 939,000 from property development in Shenzhen, with no income generated in 2023[34] - The fair value of investment properties as of June 30, 2024, is HKD 1,838,227,000, slightly down from HKD 1,840,814,000 in 2023, indicating a decrease of about 0.1%[21] - The fair value of investment properties in Beijing decreased by RMB 11,369,000 (approximately HKD 12,477,000) during the year[35] - The fair value of investment properties in Shanghai decreased by RMB 10,433,000 (approximately HKD 11,450,000) during the year[36] - The group recognized a fair value decrease of HKD 23,927,000 in investment properties for the year 2024, compared to HKD 22,664,000 in 2023, indicating ongoing market challenges[21] Financial Management and Cash Flow - The financing costs for 2024 are reported at HKD (199,000), a significant reduction from HKD (3,133,000) in 2023, indicating improved financial management[15] - The group has fully repaid all bank financing, resulting in no borrowings, compared to zero borrowings as of June 30, 2023[43] - The group has eliminated all collateral related to bank financing, including rental income and sale proceeds from properties, and has no bank mortgage guarantees for residential buyers in Beijing[43] - The group's cash flow was bolstered by rental income from properties in Shanghai and Beijing, with total bank deposits and cash amounting to HKD 422,338,000 as of June 30, 2024, up from HKD 212,955,000 as of June 30, 2023[42] - The group's current assets net value reached HKD 13,057,439,000 as of June 30, 2024, compared to HKD 346,741,000 as of June 30, 2023, with a current ratio of 74.17[42] Market Conditions and Future Outlook - The Chinese economy faces challenges such as long-term real estate downturn and weak domestic consumption, but government policies are expected to stabilize the real estate sector and support economic growth[44] - In Beijing, the retail market is expected to remain stable, with government support policies likely to stimulate consumption and enhance market vitality[44] - The office market in Shanghai is facing challenges with expected rent declines and increased vacancy rates due to economic downturn[45] - Shenzhen is anticipated to continue its quality development supported by government initiatives, with recent sales of high-quality residential projects showing positive trends[45] - The group plans to adjust leasing and market strategies to maintain occupancy rates and regular income by introducing diverse retailers and upgrading services[44] Corporate Governance and Compliance - The company has adhered to the corporate governance code principles as per the listing rules, with a deviation noted in section F.2.2 due to the chairman's absence at the annual general meeting[50] - The audit committee has reviewed the applicable accounting principles and discussed financial reporting matters, confirming that the consolidated financial statements for the year ending June 30, 2024, have been audited by Deloitte with an unqualified opinion[51] - Deloitte has agreed that the figures in the preliminary performance announcement align with the audited consolidated financial statements for the year[52] - The board expresses gratitude for the continuous support from shareholders, banks, customers, suppliers, and other stakeholders, as well as the contributions from all employees[53] Dividends - The company has proposed a final dividend of HKD 0.005 per share for the year ending June 30, 2024, consistent with the previous year[19] - The board has proposed a final dividend of HKD 0.005 per share, maintaining the total dividend for the year at HKD 0.01 per share[47]
达力集团(00029) - 2024 - 年度业绩