Financial Performance - Top Speed recorded a net loss of approximately CAD 14,800,000 for the fiscal year 2022[7]. - The impairment loss recognized for Top Speed's investment amounted to RMB 245,800,000 during the fiscal year 2022[7]. - As of December 31, 2022, Top Speed reported remaining assets of $10,039,823 and total remaining liabilities of $16,735,803, resulting in a net remaining liability of -$6,695,980[12]. - The financial forecast for the fiscal year 2022 indicates a projected net profit margin of 16%, which is expected to gradually increase to approximately 29% by the fiscal year 2027[13]. - Due to underperformance relative to expectations, Top Speed anticipates continued losses until at least the fiscal year 2025, with a projected net profit margin of 9% at that time[13]. - The valuation for the fiscal year 2022 reflects significant changes from the fiscal year 2021, primarily due to changes in financial forecasts leading to impairment losses[12]. Revenue Projections - The estimated revenue for the fiscal year 2023 is projected to be $18.25 million, increasing to $195.28 million by fiscal year 2028[9]. - The estimated electricity supply revenue for the internet data center power business is expected to start at $0.08 per kWh in fiscal year 2023, declining to $0.07 per kWh by fiscal year 2028 due to increased competition[10]. - The estimated gross profit for fiscal year 2028 is projected to be $83.42 million, with operating costs including depreciation and interest expenses factored in[9]. Business Operations - The liquefied natural gas (LNG) business faced a 100% increase in fuel costs, rising from USD 7 per GJ to USD 15 per GJ, severely impacting profit margins[5]. - The liquefied natural gas (LNG) business is anticipated to resume operations in fiscal year 2025, with a projected fixed selling price of $680 per ton and a capacity of 90,000 tons per year[10]. - The company expects to achieve an LNG facility utilization rate of 80% by fiscal year 2028, up from 55% in fiscal year 2025[10]. - The estimated operating costs will include additional logistics and delivery costs associated with the LNG business, adjusted annually for inflation[11]. - The company has completed necessary preparations for the LNG business, including obtaining relevant permits and identifying a construction site for an independent liquefaction plant[10]. Corporate Strategy - The company plans to relocate its internet data center power business to the United States due to a more favorable regulatory environment[6]. - The company has actively developed strategies to adapt to changing market trends, including support for clients in the artificial intelligence sector[6]. Share Issuance and Capital - The placement agreement resulted in the issuance of 85,802,000 shares, representing approximately 9.48% of the company's expanded issued share capital[2]. - The total number of shares available for issuance under the share incentive plan as of December 31, 2022, is 63,484,800, representing approximately 6.48% of the total shares issued on that date[14]. Financial Valuation - The discount rate used for the valuation is 29.40%, based on the weighted average cost of capital[11]. - The valuation is based on historical financial data and a six-year financial forecast, emphasizing the company's future revenue-generating capabilities[8]. - Top Speed's 45% equity acquisition cost RMB 250,000,000, with its market value estimated at RMB 276,000,000 as of June 30, 2021[4].
阳光纸业(02002) - 2023 - 年度业绩