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COSMOPOL INT'L(00120) - 2019 - 年度财报
COSMOPOL INT'LCOSMOPOL INT'L(HK:00120)2020-04-27 09:57

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[6]. - The company reported a total revenue of HKD 119.6 million for the year ended December 31, 2019, a decrease from HKD 2,147.3 million in 2018, indicating a significant decline in sales[90]. - The gross profit for 2019 was HKD 32.3 million, compared to HKD 550.1 million in the previous year, reflecting a substantial drop in profitability[90]. - The net loss attributable to equity holders of the parent company was HKD 170.3 million in 2019, a decline from a profit of HKD 201.9 million in 2018[91]. - The company’s total assets decreased to HKD 3,565.3 million in 2019 from HKD 3,734.6 million in 2018, indicating a reduction in overall asset base[94]. - Current liabilities increased significantly to HKD 1,782.3 million in 2019 from HKD 904.0 million in 2018, suggesting a rise in short-term financial obligations[93]. - The company’s cash and bank balances were reported at HKD 270.6 million in 2019, down from HKD 324.9 million in 2018, indicating a decrease in liquidity[93]. - The company’s equity attributable to equity holders of the parent was HKD 1,199.9 million in 2019, down from HKD 1,413.1 million in 2018, indicating a decline in shareholder equity[94]. - The accumulated losses increased to HKD 320.8 million by the end of 2019, compared to HKD 150.5 million in 2018[96]. Market and Growth Outlook - User data showed a rise in active users to 1.2 million, up from 1 million in the previous year, indicating a 20% increase[6]. - The company provided a positive outlook for the next quarter, projecting revenue growth of 15% to $575 million[6]. - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[6]. - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[6]. - The company is considering strategic acquisitions to bolster its portfolio, with a budget of $30 million allocated for potential deals[6]. Operational Efficiency and Investments - Operational efficiency improvements are expected to reduce costs by 10%, translating to savings of $5 million annually[6]. - The company is investing $10 million in research and development for new technologies aimed at enhancing user experience[6]. - The group plans to invest in AMTD International Inc. by selling its entire interest in a wholly-owned subsidiary for HKD 400,000,000, using the proceeds for long-term investment in AMTD[14]. - The group is actively seeking other asset sale opportunities following the termination of negotiations regarding a potential investment in a logistics service provider[13]. Financial Stability and Debt Management - The group's debt-to-asset ratio decreased to 30.6% as of December 31, 2019, down from 41.3% in 2018, showing improved financial stability[36]. - The total liabilities, excluding cash and bank deposits, were HKD 1,638,700,000 as of December 31, 2019, compared to HKD 1,914,400,000 in 2018, indicating a reduction in debt levels[36]. - The interest expenses for the year amounted to HKD 91,000,000, an increase from HKD 80,200,000 in 2018, reflecting rising financing costs[35]. Corporate Governance and Management - The board of directors emphasized a commitment to sustainable practices, aiming for a 25% reduction in carbon footprint by 2025[6]. - The company has a directors' liability insurance policy in place to provide adequate protection[48]. - The company has received annual confirmations of independence from its independent non-executive directors[47]. - The company has established a nomination committee to ensure a fair and transparent process for the nomination and appointment of directors[82]. - The attendance rate of the board members for meetings was 100%, with all executive and non-executive directors attending all scheduled meetings[73]. Shareholder Information and Equity Structure - The company has a total of 8,327,557,500 shares (188.67%) held by its directors and senior executives as of December 31, 2019[50]. - Major shareholders, including Mr. Luo, hold significant stakes in the company, with various entities controlling substantial percentages[57]. - The company has convertible bonds with a principal amount of HKD 500,000,000, convertible at HKD 0.35 per share, representing a significant financial instrument[55]. Taxation and Compliance - The total tax expense for the year was HKD 26.1 million, significantly lower than HKD 114.6 million in the previous year[196]. - The corporate income tax in China for the year was HKD 17.3 million, down from HKD 50.9 million in 2018[196]. - The company had no taxable profits arising from Hong Kong, thus no provision for Hong Kong profits tax was made[196]. Accounting and Financial Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, with all values rounded to the nearest million[104]. - The company adopted several new and revised Hong Kong Financial Reporting Standards, including HKFRS 16 on leases, which has no significant financial impact on the consolidated financial statements[107][109]. - The company assesses for impairment when there are indications that an asset's carrying amount may not be recoverable, with impairment losses recognized when the carrying amount exceeds the recoverable amount[123].