Financial Performance - The company reported total revenue of HKD 2,294,397,000 for the year, an increase from HKD 1,861,565,000 in the previous year, representing a growth of approximately 23.2%[8]. - The total expenses amounted to HKD 1,411,878,000, which is an increase from HKD 1,063,748,000, reflecting a rise of about 32.7%[8]. - The company reported a net profit of HKD 706,522,000 for the year, reflecting a robust operational performance despite market challenges[8]. - The company achieved a net profit of HKD 1.388 billion in 2021, representing a year-on-year growth of 24.6%[15]. - Operating profit reached HKD 1.36 billion, up 32.6% year-on-year, marking a historical peak[28]. - The average return on equity was 14.2%, while the average return on assets was 3.9%, both showing improvement year-on-year[15]. - The group reported total revenue of HKD 2,470.02 million for the year ended December 31, 2021, representing a 32.7% increase from HKD 1,861.57 million in 2020[35]. Leasing and Asset Management - The operating lease income was HKD 1,025,784,000, while the financing lease income was HKD 582,645,000, indicating strong performance in both segments[8]. - The company maintained a fleet of 158 vessels as of December 31, 2021, positioning itself among the leaders in the global ship leasing industry[5]. - The company signed 57 new leasing contracts and completed 17 contracts in 2021, with 130 contracts currently in execution[28]. - The company maintained a 100% asset utilization and rental collection rate, ensuring stable operational performance[16]. - The total value of new contracts signed in 2021 reached USD 2.09 billion, primarily involving offshore clean energy equipment and environmentally friendly vessels[16]. - The company’s fleet composition reached 158 vessels, with a 100% utilization rate of operating vessels and a 100% cash collection rate for rent[28]. Clean Energy and Sustainability - The company is focusing on clean energy business development as part of its cross-cycle investment strategy to adapt to new market conditions[5]. - The company has over 20 clean energy vessels, including LNG carriers and FSRUs, supporting its green development strategy[17]. - Clean energy offshore equipment accounted for 41.4% of the contract value, while bulk carriers, container ships, and liquid cargo ships made up 48.8%[16]. - The company is committed to sustainable development and maintaining operational stability in the face of the ongoing impacts of the COVID-19 pandemic[5]. - The company is committed to green finance principles, providing customized and flexible financing solutions for clients[19]. Market Trends and Outlook - In 2021, the global shipping trade turnover increased by 3.2%, with the Clarksons shipping index reaching an average of $28,700 per day, a 93% increase from 2020[22]. - The Baltic Dry Index (BDI) averaged 2,943 points in 2021, up 176.1% year-on-year, with spot market average daily earnings for bulk carriers increasing by 185%[22]. - The company anticipates continued recovery in the shipping market despite macroeconomic uncertainties due to the pandemic and geopolitical factors[19]. - The company anticipates a 4.0% growth in global shipping trade turnover for 2022, despite uncertainties from international events[25]. Financial Management and Governance - The group’s weighted average interest rate on borrowings decreased to 1.9% from 3.0% in the previous year, reflecting a significant reduction in financing costs[31]. - The group successfully issued USD 500 million green-blue dual-label bonds with an average coupon rate of 2.10%, marking a milestone in sustainable financing[31]. - The company has established a comprehensive risk management framework, enhancing risk identification and monitoring capabilities, resulting in a recovery of impairment losses amounting to HKD 50.96 million[32]. - The company has implemented equity incentives for senior management and key employees to enhance corporate governance and stimulate enterprise vitality[19]. - The company has established a robust governance structure with independent directors to ensure effective oversight and management[121][122]. Employee and Management Structure - The company has a strong management team with extensive experience in the shipping and finance sectors, including independent directors with backgrounds in law and finance[121][122]. - The company has established a remuneration committee to review compensation policies based on operational performance and market practices[142]. - The group employed a total of 81 employees, with approximately 96% holding a bachelor's degree or higher[141]. - Employee compensation for the year ended December 31, 2021, was approximately HKD 91.8 million, compared to HKD 49.0 million for the previous year[141]. Risk Management and Compliance - The company emphasizes risk management and internal controls, with the board responsible for approving risk management objectives and strategies[188]. - The audit committee reviewed the effectiveness of the internal control system annually and found it to be effective and adequate for the year ending December 31, 2021[188]. - The company has maintained a sufficient public float as required by the Stock Exchange and listing rules throughout the reporting year[171]. - The company has adopted the corporate governance code as per the listing rules and complied with all applicable provisions during the reporting year[175].
中国船舶租赁(03877) - 2021 - 年度财报