Financial Performance - In 2022, Silkwave Inc. reported a revenue of USD 8.551 million, an increase of 49.5% compared to USD 5.723 million in 2021[11]. - The company's gross profit for 2022 was USD 2.462 million, up from USD 1.508 million in 2021, reflecting a gross margin improvement[11]. - Loss before tax narrowed to approximately USD 29.5 million in 2022 from USD 38.0 million in 2021, indicating a positive trend in financial performance[16]. - The company's loss was reduced from approximately $38 million in FY2021 to about $29.5 million in FY2022, indicating a significant improvement in financial performance[19]. - Revenue for the year was approximately US$8.6 million, an increase of approximately US$2.9 million from US$5.7 million in 2021, primarily due to increased trading of PCB and AI materials[50]. - Gross profit increased from approximately US$1.5 million in 2021 to approximately US$2.5 million in 2022, driven by higher broadcasting service income[52]. - Administrative expenses rose from approximately US$1.8 million in 2021 to approximately US$3.5 million in 2022, mainly due to increased share-based payments[53]. - Finance costs decreased to approximately US$2.4 million in 2022 from approximately US$5.1 million in 2021, as the Group did not incur any bank or other borrowings during the year[55]. - The impairment loss recognized on intangible assets for the year ended 31 December 2022 was approximately US$3.6 million, down from approximately US$5.1 million in 2021[74]. - The total equity attributable to the owners of the Company increased to approximately US$83.6 million as at 31 December 2022, compared to approximately US$78.7 million in 2021[78]. - Current assets amounted to approximately US$9.9 million as at 31 December 2022, an increase from approximately US$7.5 million in 2021[84]. - Current liabilities decreased to approximately US$3.8 million as at 31 December 2022, down from approximately US$6.6 million in 2021[85]. - The Group's current ratio improved to approximately 2.58 as at 31 December 2022, compared to approximately 1.13 in 2021[85]. - As of December 31, 2022, convertible notes amounted to approximately US$13.7 million, down from US$35.6 million in 2021, with a gearing ratio of approximately 11.9% compared to 26.2% in 2021, indicating a strong financial position[92]. - The Group did not have any significant contingent liabilities, capital commitments, or off-balance sheet transactions as of December 31, 2022, maintaining a clean financial slate[93][94][96]. Business Strategy and Expansion - The company is focusing on expanding its Artificial Intelligence business, which contributed to new revenue streams in 2022[16]. - The company is optimistic about its presence in the US TV market and aims to enhance viewer experience through high-quality digital content[25]. - The satellite-based in-vehicle infotainment business is in the trial stage to meet regulatory requirements for commercial service launch, with strong prospects supported by government initiatives[26]. - The company is targeting the ASEAN market, which has a population of about 700 million, to deploy services combining vehicles, ships, and remote mobile access[30]. - The trading business has seen steady growth in 2022, particularly in PCB trading with advanced technology components used in AI applications[31]. - The company plans to launch pilot services in Malaysia within the coming year as part of its regional infotainment development strategy[30]. - The Company expects to upgrade PCB trading to smart electronic components trading through the acquisition of IITH, targeting the growing demand for AI applications and related devices[133][136]. - The Company is expanding its satellite multimedia services in the ASEAN region, targeting remote villages in Indonesia and the Philippines, with a potential market of 700 million people[135][138]. - The satellite-to-vehicle infotainment services are being developed in China, with a market of 300 million cars and 30 million new cars entering the market annually[141]. - The Company is integrating satellite services into mobile phones as part of the 6G era, positioning itself as a leader in providing satellite-integrated smartphones[142]. - The Company anticipates that certain activities will yield results in 2023, reflecting confidence in its satellite assets and technologies[143]. - The company accelerated its business activities in China by the end of 2022, aiming to enhance development and operations, with 300 million vehicles on the road annually and 30 million new vehicles entering the market each year, indicating a promising outlook for the connected vehicle infotainment business[144]. - The company is optimistic about several business segments in 2023, confirming the strength of its satellite assets, technology, and business vision[145]. Corporate Governance and Management - The company has a strong board with members holding advanced degrees and extensive industry experience, enhancing governance and strategic direction[168][173][174]. - The company emphasizes community service and involvement, with board members participating in various local organizations and initiatives[164][173]. - The independent non-executive directors bring diverse backgrounds in finance, law, and technology, contributing to a well-rounded leadership team[168][170]. - The management team is well-equipped with a mix of technical and financial expertise, positioning the company for future growth and innovation[174]. - The company has adopted the Corporate Governance Code and complied with all applicable provisions throughout the year ended December 31, 2022, except for the separation of the roles of chairman and chief executive[180]. - As of December 31, 2022, the Board consisted of one executive director (who is also the chairman) and seven non-executive directors, with three independent non-executive directors, representing over one-third of the Board[190]. - The Board focuses on the overall strategic development of the Group and monitors financial performance and internal controls[191]. - All directors confirmed full compliance with the Model Code for Securities Transactions throughout the year ended December 31, 2022[185]. - The company has implemented formal procedures for the appointment of new directors and plans for orderly succession of the Board[193]. - The independent non-executive directors ensure effective corporate governance and meet the independence criteria as required by the Listing Rules[192]. - The company recognizes the importance of good corporate governance to maximize shareholder benefits and ensure accountability[180]. - The Board will regularly review the effectiveness of the current governance structure, particularly the combined roles of chairman and chief executive[180]. - The company has maintained a balanced composition of executive and non-executive directors to ensure independent assessments on strategic issues[186]. - The directors are kept informed of regulatory changes and the company's business developments to ensure compliance and effective governance[195]. - The company has implemented a formal and transparent procedure for appointing new board members, ensuring orderly succession with a minimum three-year term for each director[197]. - There are no relationships among board members that could influence their decisions, including financial, business, or familial ties[198]. - Directors are aware of their responsibility to dedicate sufficient time and effort to the company's affairs and are kept updated on regulatory changes and business developments[199].
中播数据(00471) - 2022 - 年度财报