德永佳集团(00321) - 2021 - 年度财报

Financial Performance - The turnover for the year 2021 was HK$7,352 million, a decrease of 3.6% from HK$7,630 million in 2020[8]. - Profit attributable to ordinary equity holders was HK$274 million, an increase of 62.2% compared to HK$169 million in 2020[8]. - Total equity increased to HK$5,400 million, up from HK$4,930 million in 2020, reflecting a growth of 9.5%[8]. - Total assets reached HK$8,740 million, compared to HK$8,312 million in 2020, marking a rise of 5.2%[8]. - EBITDA for the year was HK$903 million, representing an increase of 10% from HK$821 million in 2020[8]. - Basic earnings per share rose to HK$19.8 cents, up from HK$12.2 cents in the previous year, reflecting a growth of 62.3%[8]. - The Group's profit attributable to shareholders increased by 62.1% to HK$274 million compared to HK$169 million in 2020[13]. - Profit before tax increased to HK$419,692, up 55% from HK$270,976 in the previous year[61]. - The gross profit margin slightly decreased to 31.0%, down from 32.0% in the previous year[15]. Dividends - Dividends per share were declared at HK$15.0 cents, compared to HK$10.0 cents in 2020, an increase of 50%[8]. - The Board has recommended a final dividend of HK10.0 cents per share, an increase of 50.0% from the previous year's total dividend of HK10.0 cents[16]. - An interim dividend of HK5.0 cents per ordinary share was paid on January 8, 2021, and a final dividend of HK10.0 cents per ordinary share is recommended for payment[56]. - The Group intends to make semiannual dividend distributions based on anticipated consolidated annual profits and other relevant factors[56]. Liquidity and Financial Stability - The current ratio improved to 2.2 times, indicating a stable liquidity position compared to 2.0 times in 2020[8]. - Cash and cash equivalents at year-end 2021 were HK$1,700 million, slightly down from HK$1,737 million in 2020[36]. - The interest cover increased to 15 times in 2021, up from 5 times in 2020, indicating improved financial stability[36]. - Current ratio at year-end was 2.2, down from 2.0 in the previous year, with total bank loans decreasing to HKD 855 million from HKD 1,230 million[38]. - Unused bank credit facilities at year-end amounted to HKD 5,910 million, compared to HKD 5,491 million in the previous year[38]. Workforce and Employment - The number of employees in Mainland China was 11,981, an increase from 11,111 in 2020, indicating a growth in workforce[8]. - The Group employed approximately 12,536 employees at year-end, an increase from 11,589 in the previous year[41]. Capital Expenditure - Capital expenditure was temporarily tightened, amounting to HK$126 million[20]. - Capital expenditures for the year totaled HKD 183 million, a decrease from HKD 222 million in the previous year, with HKD 126 million allocated to textile and apparel business[39]. - Capital expenditure for the retail and distribution business was HK$57 million in 2021, significantly lower than HK$146 million in 2020[37]. Business Operations - The textile business turnover decreased by 5.6% to HK$4,644 million, representing 63.2% of the Group's total revenue[17]. - Retail and distribution business sales amounted to HK$2,705 million in 2021, a slight decrease from HK$2,709 million in 2020, representing 36.8% of the Group's total turnover[23]. - The Group plans to establish a new garment factory in Henan, China, to enhance productivity[13]. - The Group is exploring the establishment of a new textile factory in Southeast Asia to diversify its business[53]. Environmental and Social Responsibility - The Group's environmental management system is aligned with ISO 14001:2015, aimed at reducing environmental risks and improving energy performance[43]. - The Group complied with all applicable environmental protection laws regarding wastewater and greenhouse gas emissions during the year[45]. - Charitable contributions made by the group during the year totaled HK$2,465,000, up from HK$1,136,000 in 2020[66]. - The Group actively participates in corporate social responsibility initiatives, including donations and support for educational and environmental activities[53]. Corporate Governance - The Board is responsible for the overall management of the Group and delegates day-to-day management to the executive management[109]. - The Company has arranged appropriate insurance cover for the directors in connection with their responsibilities[112]. - The Group is committed to maintaining high standards of corporate governance and enhancing corporate value and accountability[105]. - The independent non-executive directors confirmed their independence for the year ended March 31, 2021[108]. - The Company complied with all code provisions of the CG Code throughout the financial year, except for the chairman's attendance at the annual general meeting[151]. Risk Management - The Board has overall responsibility for the Group's risk management and internal control systems, which are designed to mitigate risks to an acceptable level[161]. - The Audit Committee oversees the effectiveness and efficiency of the Group's risk management and internal control systems annually[162]. - The internal audit team conducts risk-based audits on major operating activities and reports findings to the Audit Committee[163]. - A "top-down" approach is complemented by a "bottom-up" method for identifying operational risks, involving management and department heads[165]. Shareholder Engagement - The Group values feedback from shareholders to promote transparency and foster investor relationships[179]. - The Company has established a Shareholder Communication Policy to ensure quality information dissemination and engagement with shareholders[173]. - Shareholders holding at least 10% of the paid-up capital can requisition a special general meeting within two months of their request[171]. - Voting results from the AGM are posted on the Company's and Stock Exchange's websites on the same day[176].