Financial Performance - The company recorded a profit attributable to shareholders of HKD 4 million for the year, a decrease of 88.1% from HKD 33.6 million in the previous year[4]. - Revenue for the year was HKD 1,015.7 million, down 38.0% from HKD 1,638.9 million in the previous year[3]. - Gross profit decreased by 46.5% to HKD 349.2 million from HKD 652.3 million year-on-year[3]. - The operating profit before depreciation, financing costs, and tax was HKD 203.8 million, a decline of 37.1% compared to HKD 323.9 million in the previous year[3]. - The company's total comprehensive loss for the year was HKD 221.7 million, compared to a loss of HKD 101.0 million in the previous year[28]. - The company's basic and diluted earnings per share for the year were HKD 0.05 cents, down from HKD 0.40 cents in the previous year[26]. - The total comprehensive income for the group in 2022 was HKD 146.0 million, compared to HKD 267.7 million in 2021, marking a decline of approximately 45%[36]. Assets and Liabilities - The company's total liabilities as of December 31, 2022, amounted to HKD 1,113.6 million, an increase of 91% from HKD 584.1 million in 2021[20]. - The asset-liability ratio increased to 27.8% in 2022 from 12.1% in 2021, indicating a higher level of debt relative to total assets[20]. - Non-current assets decreased from HKD 486.5 million in 2021 to HKD 292.6 million in 2022, a decline of approximately 40%[29]. - Current assets decreased from HKD 4,358.2 million in 2021 to HKD 3,707.9 million in 2022, a decline of about 15%[30]. - The company's total liabilities decreased from HKD 3,917.6 million in 2021 to HKD 2,589.8 million in 2022, a reduction of about 34%[30]. - The company's equity attributable to shareholders decreased from HKD 1,628.4 million in 2021 to HKD 1,410.7 million in 2022, a decline of approximately 13%[30]. Cash Flow and Investments - The net cash flow from operating activities for the year was HKD 443.8 million, significantly up from HKD 39.4 million in 2021[19]. - The company reported a loss of HKD 4.6 million from fair value changes in investment properties for the year, compared to a gain of HKD 1.4 million in the previous year[25]. - The company invested approximately HKD 122,100,000 in Interra Acquisition Corporation, aiming to diversify its investment portfolio[15]. - The company holds 6,069,000 shares of AMTD IDEA Group, which is expected to provide new business opportunities through strategic cooperation[13]. Real Estate Projects - The Chengdu project, with a total floor area of approximately 495,000 square meters, has generated pre-sale proceeds of approximately RMB 2,046,200,000 (HKD 2,337,800,000) from residential units[9]. - The total sales revenue from the completed residential units in the third phase amounted to RMB 787,300,000 (HKD 915,600,000) during 2022[9]. - The property income from the completed sales of residential and commercial units, before deducting impairment losses, taxes, and selling expenses, was HKD 337,000,000 for the review year[9]. - The hotel within the Chengdu project, which has 325 rooms, is expected to complete internal construction by Q3 2023[9]. - The Tianjin project has a total floor area of approximately 145,000 square meters, with nearly all residential units sold, but commercial sales are progressing slowly[11]. - Construction of two office buildings and a four-story commercial podium in Tianjin was completed in December 2021, with sales plans for one office building postponed to later this year due to market conditions[6]. Market Outlook - The real estate market in China is expected to gradually recover, with property prices and transaction volumes projected to stabilize in the coming months[7]. - The company anticipates significant cash flow from the remaining sales of its projects in Chengdu and Tianjin over the next few years, barring unforeseen circumstances[7]. Corporate Governance - The company adhered to the corporate governance code, except for the combined roles of the Chairman and CEO[53]. - The board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[54]. - The company continues to focus on its operational structure and governance practices to enhance overall performance[53].
COSMOPOL INT'L(00120) - 2022 - 年度业绩