Financial Performance - The company reported a revenue of HKD 368.9 million for the fiscal year 2024, a significant increase of 377.2% compared to HKD 77.3 million in 2023[1]. - Gross profit for the fiscal year 2024 was HKD 25.4 million, up 133.0% from HKD 10.9 million in the previous year[1]. - The loss attributable to shareholders increased to HKD 453.1 million in 2024, compared to a loss of HKD 372.3 million in 2023, marking a rise of 21.7%[2]. - The company experienced an operating loss before depreciation, financing costs, and tax of HKD 285.1 million, which is a 15.6% increase from HKD 246.6 million in the previous year[1]. - The net cash flow from operating activities for the year was HKD 238.3 million, down from HKD 449.9 million in 2023, indicating a decrease of 47%[22]. - The company reported a significant impairment loss of HKD 114.4 million on development properties for the year, compared to HKD 63.3 million in 2023, highlighting challenges in property development[32]. - The company reported a net loss from the sale of properties of HKD 5.5 million in 2024, contrasting with a profit of HKD 6.9 million in 2023[50]. - The company’s income tax expense increased to HKD 86.4 million in 2024 from HKD 44.1 million in 2023, representing a rise of 96%[51]. - The company did not declare any final or interim dividends for the year ended December 31, 2024, consistent with the previous year[28]. Asset and Liability Management - The net asset value per share decreased by 43.2% to HKD 0.46 from HKD 0.81 in 2023[1]. - As of December 31, 2024, the net asset value attributable to equity holders of the parent company is approximately HKD 681,100,000, equivalent to about HKD 0.46 per share[18]. - The total current assets decreased to HKD 3,107.5 million as of December 31, 2024, down from HKD 3,773.1 million in 2023, representing a decline of 18%[36]. - The total assets decreased from HKD 3,987.6 million in 2023 to HKD 3,303.5 million in 2024, a decline of approximately 17%[45]. - The total liabilities decreased significantly from HKD 2,100.8 million in 2023 to HKD 925.6 million in 2024, indicating improved financial stability[38]. - The total liabilities to assets ratio increased to 40.1% as of December 31, 2024, compared to 32.7% in 2023, reflecting a rise in financial leverage[23]. - The total liabilities also decreased from HKD 2,801.2 million in 2023 to HKD 2,622.4 million in 2024, a reduction of about 6%[45]. - Non-current liabilities increased from HKD 700.4 million in 2023 to HKD 1,696.8 million in 2024, primarily due to changes in financial obligations[38]. Project Developments and Market Conditions - The company is closely monitoring market conditions in Chengdu and Tianjin and is planning to sell remaining properties in the Chengdu project[3]. - Following the implementation of government stimulus policies, the Chengdu real estate market began to recover steadily in Q4 2024[4]. - The company is preparing to launch a sales plan for office units in the Tianjin project later this year due to improved market conditions[5]. - The board is optimistic about the significant value of the commercial portions of the Chengdu and Tianjin projects, which are expected to generate considerable income in the coming years[7]. - The Chengdu project, a mixed-use development, has a total floor area of approximately 495,000 square meters, with residential unit sales generating total revenue of approximately RMB 2,048,300,000[9]. - In the Chengdu project, 4,002 square meters of commercial space has been sold or contracted for a total sales price of approximately RMB 93,200,000, and 475 parking spaces have been sold for approximately RMB 51,600,000[10]. - The Tianjin project has a total floor area of approximately 145,000 square meters, with commercial space sales totaling approximately RMB 185,400,000 from 9,744 square meters sold during the review period[12]. - The company is planning to initiate the sale of office units in the Tianjin project later this year due to improved market conditions[13]. Financial Investments and Acquisitions - The company invested approximately HKD 122,100,000 in Interra Acquisition Corporation, acquiring 12,210,000 Class A shares[16]. - The company exercised its redemption rights for its Interra shares in September 2024, receiving approximately HKD 132,200,000[17]. - The company acquired 80% equity in a Chinese real estate company in July 2019, and is currently considering various options to resolve pending matters related to the sale of this equity[15]. Governance and Compliance - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, ensuring compliance with accounting standards[63]. - The company adhered to the corporate governance code as per the stock exchange rules, with the exception of the roles of chairman and CEO not being separated[64]. - The board of directors includes key members such as the chairman and CEO, ensuring strong leadership and governance[65].
COSMOPOL INT'L(00120) - 2024 - 年度业绩