廖创兴企业(00194) - 2021 - 年度财报

Financial Performance - Total assets increased from HK$14.53 billion in 2017 to HK$16.18 billion in 2021, representing an increase of approximately 11.3%[6] - Profit for the year attributable to owners of the Company decreased from HK$744.89 million in 2017 to HK$427.30 million in 2021, a decline of about 42.6%[6] - Basic earnings per share fell from HK$1.97 in 2017 to HK$1.13 in 2021, a decrease of approximately 42.5%[6] - Total liabilities rose from HK$2.70 billion in 2017 to HK$2.95 billion in 2021, an increase of about 9.4%[6] - Dividend per share decreased from HK$0.60 in 2017 to HK$0.28 in 2021, a reduction of approximately 53.3%[6] - The dividend payout ratio was 30% in 2017 and dropped to 25% in 2021, indicating a more conservative approach to dividend distribution[6] - Total net assets increased from HK$11.84 billion in 2017 to HK$13.23 billion in 2021, reflecting a growth of approximately 11.7%[6] - For the year ended December 31, 2021, the consolidated profits of the Company amounted to approximately HK$420.6 million, representing an increase of 142$173.5 million in 2020[78] - Revenue for 2021 was HK$835,165,000, an 8$771,622,000 in 2020[76] - Profit attributable to owners of the Company for 2021 was HK$427,302,000, a significant increase of 163$162,560,000 in 2020[76] - Basic earnings per share for 2021 rose to HK$1.13, up 163$0.43 in 2020[76] - The dividend payout ratio for 2021 was 41%, a decrease of 52% from 93% in 2020[76] Market and Economic Overview - In 2021, the global economy grew by 5.5%, with the strongest growth seen in developed countries due to vaccine availability and policy support[16] - The US economy advanced by 5.7% in 2021, supported by approximately $6 trillion in government stimulus and loose monetary policy[19] - China led significant economies with a GDP growth of 8.1$6 billion by the end of 2021[22] - The residential project "Elegance Garden" in Foshan has a total buildable area of 142,908.8 sq.m. and is scheduled for completion in October 2022[23] - The Group recorded sales revenue of approximately HK$239 million, selling 63 residential units and 363 carpark spaces[91] - As of December 31, 2021, a total of 5,211 residential units (99$6 billion[91] Investment and Strategic Initiatives - The company aims to enhance its market position by promoting high-quality projects and leveraging its central location in Hong Kong[3] - The company is focused on expanding its market presence and exploring new strategic initiatives to enhance shareholder value[1] - The Group completed the investment in Kimpton Kitalay Samui, a five-star hotel in Thailand, with a total buildable area over 22,098 sq.m.[23] - The Group has a healthy cash flow and a strong balance sheet with a net cash position, allowing it to time the sales of residential units to maximize profit[26] - The Group is committed to seeking local and overseas investments that meet high prudential requirements while ensuring worthwhile returns[26] - The Group's financial strength allows it to continue pursuing strategic projects despite economic uncertainties[26] Corporate Governance and Compliance - The company intends to comply with the Corporate Governance Code, ensuring directors are subject to retirement at least once every three years[32] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the review period[35] - The company has substantially complied with the Corporate Governance Code as set out in Appendix 14 of Listing Rules for the financial year ended 31 December 2021[116] - The Board comprises three Executive Directors, one Non-executive Director, and five Independent Non-executive Directors, meeting the requirement that at least one-third of the Board should be Independent Non-executive Directors[118] - The Independent Non-executive Directors are involved in the Audit Committee, Remuneration Committee, and Nomination Committee, ensuring effective and independent Board operations[120] - The Company Secretary is responsible for taking minutes of Board meetings, which are circulated for comments and finalized for records[128] Environmental, Social, and Governance (ESG) Initiatives - Key material ESG issues identified include waste management, health and safety, use of resources, emissions, development and training, and supply chain management[177] - The Group is committed to integrating effective environmental, social, and governance initiatives into its daily operations[176] - The Group signed the Energy-Saving Charter 2021, aiming to maintain an average indoor temperature between 24 and 26°C during summer and encouraging energy-saving practices among staff and tenants[181] - The Group's Chong Hing Finance Center in Shanghai has been awarded LEED gold certification, demonstrating its commitment to environmental sustainability[181] - The Group aims to minimize pollution and waste in daily operations while aligning with best practices for sustainable buildings[178] - The Group emphasizes the "Reduce, Reuse, Recycle" principle as a core concept in its environmental protection efforts[178] Shareholder Engagement - The Company is committed to maintaining a policy of open and timely disclosure of relevant information to shareholders, subject to applicable legal requirements[158] - Communication with shareholders is conducted through annual and interim reports, press releases, and disclosures to the Stock Exchange[158] - The Board encourages shareholder participation in general meetings and supports the appointment of proxies for those unable to attend[160] - The Company arranges for the annual report and financial statements to be posted to shareholders at least 21 days prior to the annual general meeting[159] - Shareholders holding at least 5% of total voting rights can request to convene a general meeting[167]