Financial Performance - The company reported a significant loss attributable to shareholders of HKD 372.3 million for the fiscal year ending December 31, 2023, compared to a profit of HKD 4 million in 2022, representing a year-on-year decline of 9,300%[4] - Revenue for the year was HKD 77.3 million, a decrease of 92.4% from HKD 1,015.7 million in the previous year[2] - Gross profit fell to HKD 10.9 million, down 96.9% from HKD 349.2 million in 2022[2] - Basic loss per share was HKD (32.35) cents, compared to a profit of HKD 0.36 cents per share in the previous year[2] - Total comprehensive loss for the year ended December 31, 2023, was HKD 488.2 million, compared to a loss of HKD 217.7 million in 2022, reflecting an increase in losses of approximately 124.5%[30] - The total comprehensive income for 2023 was a loss of HKD 372.3 million, compared to a profit of HKD 4.0 million in 2022[36] Asset and Liability Management - The net asset value per share decreased by 35.2% to HKD 0.81 from HKD 1.25[2] - As of December 31, 2023, the net asset value attributable to equity holders of the company is HKD 1,186,400,000, equivalent to approximately HKD 0.81 per share[17] - The company's debt, excluding cash and bank deposits, was HKD 1,302,400,000 as of December 31, 2023, compared to HKD 1,113,600,000 in 2022, resulting in a debt-to-asset ratio of 32.7%[20] - Current liabilities increased to HKD 2,100.8 million as of December 31, 2023, from HKD 1,518.6 million in 2022, representing an increase of approximately 38.3%[32] - Non-current liabilities decreased to HKD 700.4 million as of December 31, 2023, from HKD 1,071.2 million in 2022, indicating a reduction of about 34.7%[32] - Total liabilities increased to HKD 2,801.2 million in 2023 from HKD 2,589.8 million in 2022[37] Strategic Initiatives - The company has entered into a memorandum of understanding with the Saudi Arabian Ministry of Investment to explore strategic partnerships in hotel development and management[3] - The company remains optimistic about future revenue generation from its development projects in Chengdu and Tianjin as the Chinese property market gradually recovers[3] - The company is in discussions with the Saudi Arabian Ministry of Investment for a strategic partnership to collaborate on hotel development and management projects[6] - The company is currently addressing land disputes related to illegal occupation within its Xinjiang project area[13] Project Developments - The Chengdu project 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 retail space have been sold or contracted for a total sales value of approximately RMB 93,200,000[9] - The hotel within the Chengdu project, with 325 rooms, has completed internal construction and is expected to open in phases after finishing interior renovations[10] - The Tianjin project has a total floor area of approximately 145,000 square meters, with nearly all residential units sold, but retail sales progress remains slow[11] - The company is optimistic about potential revenue from the Chengdu and Tianjin projects as the Chinese property market gradually recovers[8] Financial Investments and Costs - The company has eliminated all outstanding convertible bonds, which will help reduce future financing costs[4] - The company has invested approximately HKD 122,100,000 in Interra Acquisition Corporation, acquiring 12,210,000 Class A shares[16] - The company incurred financing costs of HKD 80.3 million in 2023, up from HKD 56.4 million in 2022, representing an increase of approximately 42.5%[26] - The income tax expense for 2023 was HKD 44.1 million, down from HKD 142 million in 2022, reflecting a decrease in taxable profits[44] Governance and Compliance - The audit committee reviewed the consolidated financial statements for the fiscal year ending December 31, 2023, in accordance with adopted accounting standards[54] - The company complied with the corporate governance code, except for the roles of chairman and CEO not being separated due to operational needs[54] - The board of directors includes key members such as the chairman and CEO, Mr. Luo Xurui, and the CFO, Mr. Liang Subao[55]
COSMOPOL INT'L(00120) - 2023 - 年度业绩