Financial Performance - For the year ending December 31, 2024, the group's revenue was approximately MOP 8.8 million, a decrease of about 91.7% compared to MOP 105.8 million in 2023[5] - The loss for the year ending December 31, 2024, was approximately MOP 48.9 million, an increase of about 76.1% from a loss of MOP 27.8 million in 2023[5] - Basic loss per share for the year ending December 31, 2024, was approximately 8.1 Macanese cents, compared to 5.5 Macanese cents in 2023[5] - Total revenue for the year ended December 31, 2023, was MOP 105,848,000, with a loss before tax of MOP 26,828,000[27] - Revenue for the year 2024 was MOP 8,830,000, a decrease of 91.66% from MOP 105,848,000 in 2023, primarily from renovation services[16] - The group recorded a net loss of approximately 48,923,000 MOP as of December 31, 2024, with total borrowings amounting to about 57,646,000 MOP, all of which are current borrowings[43] Assets and Liabilities - Total assets less current liabilities amounted to MOP (64.5 million) for the year ending December 31, 2024, compared to MOP (15.9 million) in 2023[7] - The group's total liabilities increased to MOP 202.3 million in 2024 from MOP 184.5 million in 2023[7] - Trade receivables decreased to MOP 78.85 million in 2024 from MOP 95.1 million in 2023[7] - The group's cash and cash equivalents decreased to MOP 0.83 million in 2024 from MOP 4.52 million in 2023[7] - Total borrowings amounted to MOP 57,646,000, a decrease from MOP 62,675,000 in the previous year, while cash and cash equivalents dropped to MOP 833,000 from MOP 4,523,000[12] Operational Highlights - The group completed 42 renovation projects and was awarded 29 renovation projects during the fiscal year ending December 31, 2024[51] - The group’s renovation services generated MOP 8,595,000 in revenue, while maintenance services contributed MOP 235,000[25] - The group anticipates recognizing revenue from unfulfilled contracts amounting to MOP 883,000 for renovation services by December 31, 2025[22] - The group is actively negotiating with financial institutions to extend existing bank financing to support operational funding in the foreseeable future[17] - The group aims to expand its business into China and diversify into anti-counterfeiting technology to generate sufficient operating cash flow[17] Expenses and Costs - The group's administrative expenses were MOP 19.11 million for the year ending December 31, 2024, down from MOP 42.36 million in 2023[6] - The total subcontracting costs decreased by approximately 87.8% to about 13.6 million MOP from approximately 111.1 million MOP in the previous year, reflecting a reduction in costs associated with the decrease in revenue[53] - The group incurred an operating loss of MOP 48,923,000 before tax, with administrative expenses totaling MOP 19,114,000 and financing costs of MOP 7,668,000[25] - Other income decreased to MOP 79,000 in 2024 from MOP 373,000 in 2023, primarily due to a drop in bank interest income[30] - Financing costs rose to MOP 7,668,000 in 2024 from MOP 3,634,000 in 2023, reflecting increased borrowing[30] Corporate Governance and Future Plans - The group plans to change its name to "Zhongke Weidian (Group) Limited" to improve its corporate image and future growth prospects, pending shareholder and regulatory approval[50] - The board believes that with the implementation of the planned measures, the group will have sufficient working capital to meet its current needs until December 31, 2025[49] - The group is facing significant uncertainties regarding its ability to continue as a going concern due to its financial situation and the need to repay borrowings[44] - The group has taken measures to alleviate liquidity pressure, including optimizing human resources and controlling capital expenditures[17] - The group plans to adopt more aggressive measures to collect long-term overdue trade receivables, including seeking professional advice for claims or liquidation petitions[48] Dividend and Shareholder Information - The group did not recommend the payment of a final dividend for the year ending December 31, 2024[5] - The company did not recommend any dividends for the year ended December 31, 2024, consistent with 2023[33] - The board does not recommend the payment of a final dividend for the year ending December 31, 2024, with future dividends subject to the company's profitability and operational needs[77] Employee and Human Resources - As of December 31, 2024, the group had 20 employees, a decrease from 48 employees in 2023, resulting in total employee costs of approximately 14.5 million Macanese Patacas compared to 27.3 million Macanese Patacas in the previous year[73] - The group has cash and cash equivalents of approximately 833,000 MOP and pledged bank deposits of about 15,340,000 MOP as of December 31, 2024[43] Audit and Compliance - The audit committee, consisting of five independent non-executive directors, reviewed the audited annual results and discussed internal controls and financial reporting matters[84] - The company has adopted the Corporate Governance Code and complies with the relevant rules, except for the separation of the roles of Chairman and CEO, which is being addressed with the appointment of a new CEO[80][81]
伟鸿集团控股(03321) - 2024 - 年度业绩