Financial Performance - Revenue for 2020 was reported at US$274,305,000, a significant decrease compared to US$712,209,000 in 2019[18] - Profit attributable to owners of the company for 2020 was US$4,576,000, recovering from a loss of US$120,000,000 in 2019[18] - Basic earnings per share for 2020 was 0.19 US cents, compared to a loss per share of 4.56 US cents in 2019[18] - The company reported a revenue of US$274,305,000 for the year ended December 31, 2020[23] - Consolidated profit attributable to owners of the Company totalled US$4,576,000, compared to a loss of US$110,230,000 in 2019, reflecting a turnaround in performance[37] - Overall, the company managed to record a profit for the entire year despite revenue drops year-on-year due to the disposal[32] Liquidity and Financial Ratios - The company's net asset value per share increased to 20.58 US cents in 2020 from 21.76 US cents in 2019[18] - Total borrowings amounted to US$27,584,000, representing a decrease from previous years[18] - The current ratio improved to 2.34, indicating a strong liquidity position compared to 1.71 in 2019[18] - The gearing ratio was reported at 0.06, reflecting a low level of debt relative to equity[18] - Interest coverage ratio stood at 26.9, indicating strong ability to cover interest expenses[18] - Return on equity for 2020 was 0.9%, a recovery from negative returns in previous years[18] Business Operations and Strategy - The company operates nine container depots across major ports in China and Hong Kong, enhancing its logistics capabilities[13] - The company successfully shifted towards the "New Singamas" following a substantial disposal in mid-2019[32] - The Group's core operations generated a net profit of US$13,569,000, reflecting the positive impact of the 'New Singamas' business model[40] - The Group aims to diversify income sources through investments in R&D for new specialised containers, reducing reliance on traditional dry freight container demand[63] - The Group's transformation into the "New Singamas" is aimed at leveraging expertise in specialised container production to enhance business robustness[54] Market Demand and Sales - The average selling price of a 20' dry freight container increased to US$2,059, up from US$1,779 in 2019, indicating rising market demand[42] - Demand for dry freight containers is expected to remain high in 2021 due to ongoing port congestion issues[68] - The Group has been able to attract satisfactory orders for specialised containers by providing tailored solutions for various applications, including housing and medical uses[70] - The Group's sales mix in 2020 was approximately 75.8% from dry freight containers and 24.2% from specialised containers[61] - The Group targets an optimal sales split of 50:50 between dry freight containers and specialised containers within 3 to 5 years[64] Research and Development - The company plans to allocate more resources to enhance R&D capabilities, focusing on developing innovative specialized containers[88] - Research and development efforts are being intensified, with an investment of $F million aimed at developing sustainable container technologies[109] - The R&D function is primarily based in Baoshan, Shanghai, with local teams in all factories to meet specific customer needs[90] Corporate Governance - The company has a diverse board with members possessing extensive experience in finance, accounting, and corporate governance[116] - The company emphasizes the importance of independent directors in maintaining transparency and accountability in its operations[116] - The board's composition reflects a commitment to diversity and expertise in various sectors, enhancing strategic decision-making[116] - The company aims to maintain high standards of corporate governance practices to enhance accountability and transparency[129] Board and Director Information - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors[133] - All directors are subject to retirement by rotation at least once every three years, eligible for re-election at the annual general meeting[119] - The Company has arranged appropriate Directors and Officers Liability insurance coverage for its Directors and officers[143] - The Company Secretary, who is also the Chief Financial Officer, attends all regular Board meetings to advise on corporate governance and financial matters[185] Remuneration and Performance - The remuneration of Directors and Senior Management was determined based on individual performance and the Company's profitability during the year[188] - The Remuneration Committee is responsible for determining the remuneration packages of individual executive Directors and senior management[192] - The Company ensures that no director is involved in deciding his own remuneration[192] Shareholder Engagement - The Company provides updated information to all shareholders through interim and annual reports, circulars, notices, and media releases[148] - Shareholders holding not less than 5% of the total voting rights can request to convene a general meeting[151] - The Company has a "Frequently Asked Questions" section in its annual report to provide clear information to shareholders[148]
胜狮货柜(00716) - 2020 - 年度财报