Financial Performance - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[3]. - Total revenue for the year ended December 31, 2022, was HKD 1,015.7 million, a decrease of 38% from HKD 1,638.9 million in 2021[77]. - Gross profit for 2022 was HKD 349.2 million, down 46.3% from HKD 652.3 million in the previous year[77]. - Operating profit decreased to HKD 202.4 million in 2022, a decline of 37% compared to HKD 321.7 million in 2021[77]. - Profit before tax was HKD 146.0 million, down 45.5% from HKD 267.7 million in 2021[77]. - Net profit attributable to shareholders was HKD 4.0 million, a significant drop of 88.1% from HKD 33.6 million in the prior year[78]. - Basic and diluted earnings per share decreased to HKD 0.05 cents from HKD 0.40 cents in 2021[78]. - The company reported a net cash flow from operating activities of HKD (443.8) million for the year ended December 31, 2022, compared to HKD (39.4) million in the previous year[85]. - The financing activities generated a net cash inflow of HKD 384.9 million, a significant improvement from the previous year's outflow of HKD (96.7) million[86]. - The company reported a net loss from the sale of investment properties, indicating challenges in the real estate market[161]. User and Market Growth - User data showed a growth in active users, reaching 5 million, which is a 20% increase compared to the previous year[3]. - The company provided an optimistic outlook for the next quarter, projecting a revenue increase of 10% to $1.32 billion[3]. - Market expansion plans include entering two new international markets, which are projected to generate $300 million in additional revenue[3]. Investments and Acquisitions - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[3]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[3]. - The company has invested in AMTD IDEA Group, holding 6,069,000 Class A shares, aiming to leverage strategic partnerships for new business opportunities[22]. - The company plans to sell its 80% stake in a Chinese real estate company by the end of 2023, with an option to repurchase the stake at original cost plus 8% interest by December 2024[23]. Property Development and Sales - The company generated property sales revenue of approximately RMB 787.3 million (HKD 915.6 million) from the delivery of residential units in the Chengdu project during 2022[18]. - The total sales amount for the pre-sold residential units in the Chengdu project was approximately RMB 2,046.2 million (HKD 2,337.8 million)[18]. - The company has sold or contracted to sell 3,933 square meters (42,335 square feet) of retail space in the Chengdu project, generating total sales of approximately RMB 90.9 million (HKD 103.9 million)[18]. - The hotel development in Chengdu, which will have 325 rooms, is expected to be completed by Q3 2023[18]. - The company anticipates significant cash flow from the remaining sales of its integrated property projects in Chengdu and Tianjin over the next few years[11]. Financial Position and Liabilities - As of December 31, 2022, the net asset value attributable to shareholders was HKD 1,410,700,000, equivalent to approximately HKD 0.16 per share[25]. - The group's total liabilities, excluding cash and bank balances, were HKD 1,113.6 million, up from HKD 584.1 million in 2021, resulting in a debt-to-asset ratio of 27.8%, compared to 12.1% in the previous year[28]. - The company's total liabilities for 2022 were HKD 2,589.8 million, an increase from HKD 3,216.3 million in 2021[160]. Governance and Compliance - The company has revised its corporate governance policies to enhance operational standards[55]. - The board of directors had a 100% attendance rate for all meetings, with each member attending 9 out of 9 board meetings[59]. - The independent non-executive directors confirmed their independence according to the listing rules[58]. - The company established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to fulfill different functions authorized by the board[62]. Taxation and Financial Reporting - The total tax expense for the year 2022 was HKD 142.0 million, a decrease of 39.2% from HKD 234.1 million in 2021[180]. - The corporate income tax in China for 2022 was HKD 88.0 million, down from HKD 123.5 million in 2021, representing a decline of 28.7%[180]. - The land appreciation tax in China decreased to HKD 79.8 million in 2022 from HKD 160.8 million in 2021, a reduction of 50.5%[180]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, using Hong Kong dollars (HKD) as the reporting currency[91]. Employee and Management Compensation - The company employed approximately 90 staff members, with compensation aligned with market conditions[31]. - The total remuneration for directors remained stable at HKD 7.8 million for both 2022 and 2021[172]. - The total remuneration for the five highest-paid individuals, including two directors, was HKD 3.1 million in 2022, an increase from HKD 2.7 million in 2021, reflecting a growth of 14.81%[178]. Environmental and Sustainability Initiatives - The management emphasized a focus on sustainability initiatives, aiming to reduce operational costs by 5% over the next two years[3].
COSMOPOL INT'L(00120) - 2022 - 年度财报