Financial Performance - The company reported a significant increase in revenue, achieving a total of 8 million in the latest financial year[1]. - The company reported a loss attributable to shareholders of HKD 372,300,000 for the fiscal year ending December 31, 2023, compared to a profit of HKD 4,000,000 in 2022[9]. - The total comprehensive loss for the year amounted to HKD (488.2) million, compared to HKD (217.7) million in 2022, showing an increase in overall losses[87]. - The company reported a revenue of HKD 77.3 million for the year ended December 31, 2023, compared to HKD 1,015.7 million in 2022, indicating a significant decline[85]. - The gross profit for the year was HKD 10.9 million, down from HKD 349.2 million in the previous year, reflecting a substantial decrease in profitability[85]. - The company incurred a loss of HKD 372.3 million attributable to equity holders for the year, compared to a profit of HKD 4.0 million in 2022, marking a drastic shift in financial performance[86]. - The basic and diluted loss per share for equity holders was HKD (32.35) cents, compared to HKD 0.36 cents in the prior year, indicating a negative earnings trend[86]. - The company’s operating loss before depreciation was HKD (246.6) million, a significant decline from a profit of HKD 203.8 million in 2022, highlighting operational difficulties[85]. Revenue and Growth Outlook - Future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion initiatives[3]. - Market expansion plans include entering two new regions, which are expected to contribute an additional 10% to overall revenue[5]. - A new product line is set to launch in Q3 2024, anticipated to generate 3 million in additional revenue[7]. - The company anticipates significant revenue from its development projects in Chengdu and Tianjin as the property market gradually recovers[13]. Cost Management and Profitability - The company reported a 25% increase in net profit margin, reflecting improved cost management strategies[9]. - The management emphasized a focus on sustainability, aiming to reduce operational costs by 10% through eco-friendly practices[8]. - The company’s financing costs increased to HKD 80.3 million from HKD 56.4 million in the previous year, indicating rising debt servicing expenses[85]. Corporate Governance and Shareholder Matters - A series of corporate proposals were announced on July 11, 2023, including a share consolidation and a bonus share issuance[10]. - The company completed a share consolidation on October 26, 2023, merging every ten shares of HKD 0.002 into one share of HKD 0.02, resulting in a statutory capital of HKD 250,000,000[32]. - The company did not declare any interim dividends for ordinary shareholders during the year, nor did it recommend a final dividend for the year ending December 31, 2023[38]. - The company has established a clear guideline for the board regarding securities trading, adhering to the standards set forth in the listing rules[76]. Asset Management and Investments - The company is investing in research and development, with a budget allocation of 5 million for new technologies aimed at enhancing operational efficiency[4]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the industry[6]. - The company is diversifying its investment portfolio through its investment in Interra Acquisition Corporation, which aims to engage in merger transactions[26]. - The company holds 6,069,000 shares of AMTD IDEA Group, with 3,000,000 shares converted into 500,000 American Depositary Shares, retaining 3,069,000 shares[25]. Financial Position and Liabilities - As of December 31, 2023, the net asset value attributable to equity holders is HKD 1,186,400,000, equating to approximately HKD 0.81 per share[27]. - The group's total liabilities, excluding cash and bank deposits, were HKD 1,302,400,000, up from HKD 1,113,600,000 in 2022, resulting in a debt-to-asset ratio of 32.7%, compared to 27.8% in 2022[30]. - The company has extended the repayment date of a revised loan of HKD 857,000,000 to October 12, 2024, to align with the sales progress of development projects[28]. Market Conditions and Economic Factors - The decline in performance was attributed to weak property market conditions in mainland China, particularly affecting sales from integrated development projects in Chengdu and Tianjin[9]. - The Chinese government announced a real estate financing coordination mechanism to support property market stability[13]. - The People's Bank of China reduced the five-year loan market quotation rate, exceeding market expectations, to alleviate mortgage burdens[13]. - China's GDP increased by 5.2% in 2023, aligning with the government's growth target[11]. Impairment and Losses - The company recognized an impairment loss of approximately HKD 172,200,000 on certain unsold and development properties due to ongoing declines in overall property prices[9]. - The impairment losses for development properties and properties held for sale were HKD 63.3 million and HKD 108.9 million, respectively, as recognized in the profit and loss statement for the year ended December 31, 2023[155]. Employee and Director Compensation - The total remuneration for executive directors in 2023 amounted to HKD 6.29 million, a slight decrease from HKD 6.37 million in 2022[176]. - The salaries, allowances, and benefits for senior management in 2023 totaled HKD 2.8 million, down from HKD 3.1 million in 2022[179]. - The company had no tax provisions for profits generated in Hong Kong for the year, as in 2022[181]. Compliance and Regulatory Matters - The company has established three board committees: the audit committee, remuneration committee, and nomination committee to fulfill different functions[66]. - The company confirms that its financial statements are prepared in accordance with applicable accounting standards and reflect a true and fair view of the group's financial position[75]. - The company has implemented a risk management and internal control system that is deemed effective and sufficient to safeguard shareholder investments and company assets[77].
COSMOPOL INT'L(00120) - 2023 - 年度财报