Company: TGE
Filing Date: 2025-04-11
Form Type: F-4
Source: 0001213900-25-031177
Chunk: 349

Company: Generation Essentials Group
Filing Date: 2025-04-11
Form: F-4
Chunk 349
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2 to US$1.2 million in 2023. Gain from a bargain purchase Our gain from a bargain purchase decreased from US$4.8 million in 2022 to US$4.5 million in 2023. The gain from a bargain purchase in 2023 resulted from the acquisition of The Art Newspaper, while the gain in 2022 resulted from the acquisition of L’Officiel. Other operating expenses Our other operating expenses increased from US$3.5 million in 2022 to US$5.7 million in 2023, mainly due to an increase in depreciation as a result of the increase in the revalued amount of our hotel property. Staff costs Our staff costs increased from US$3.9 million in 2022 to US$7.9 million in 2023, mainly due to the increase in salaries as a result of our expansion. Share of (losses) profits of joint ventures Our share of profits of joint venture was US$0.8 million in 2022 and our share of losses of joint ventures was US$2.6 million in 2023. The difference was mainly due to the increase in depreciation of our hotel property and the increase in our hotel joint venture’s finance costs. Finance costs Our finance costs increased from US$2.6 million in 2022 to US$7.1 million in 2023, mainly due to (i) an increase in our borrowings and the interests payable thereon, and (ii) an increase in average interest rate charged by the banks due to global interest rate hike in 2023. Income tax expense Our income tax increased from US$0.6 million in 2022 to US$1.8 million in 2023, mainly due to the increase in the assessable profits generated from our operations. Profit for the year As a result of the foregoing, our profit decreased from US$23.1 million in 2022 to US$17.2 million in 2023. Liquidity and Capital Resources Cash Flows and Working Capital To date, we have financed our operating and investing activities primarily through cash generated from operations, funding from our Controlling Shareholder and bank borrowings. We had cash and bank balances of US$6.1 million and US$20.0 million as of December 31, 2023 and December31, 2024, respectively. Cash and bank balances include demand deposits at banks, earning interest at floating rates based on daily bank deposit rates