Financial Performance - The company recorded a profit of HKD 21,267,000 for the fiscal year ending December 31, 2021, compared to a profit of HKD 45,959,000 for the nine-month period ending December 31, 2020[12]. - For the year ended December 31, 2021, the company recorded revenue of HKD 112,435,000 and a profit of HKD 21,267,000, compared to revenue of HKD 24,963,000 and profit of HKD 45,959,000 for the nine months ended December 31, 2020[28]. - The company's revenue from financial lending business increased significantly to HKD 106,979,000, up from HKD 19,853,000 in the previous period, indicating a strong growth in this segment[31]. - The total revenue from external customers in Hong Kong was HKD 108,839,000 for the year ended December 31, 2021, compared to HKD 21,248,000 for the previous period[46]. - The company reported a fair value loss of HKD 6.78 million on investment properties during the year[29]. - The company experienced a foreign exchange gain due to the appreciation of the Renminbi by approximately 2% during the year ended December 31, 2021[29]. Rental and Property Income - Rental income from the property "Yongsheng Plaza" increased by approximately 17% compared to the nine-month period ending December 31, 2020, due to only nine months of operation in the previous period[17]. - The group reported rental income of HKD 1,860,000 for the year ended December 31, 2021, compared to HKD 1,395,000 for the nine-month period ended December 31, 2020, representing a year-on-year increase of approximately 33.3%[117]. - The company confirmed the sale of 2 residential units during the fiscal year, compared to 3 units in the nine-month period ending December 31, 2020[17]. - The company has a total of over 440 residential units available for sale in "Yongsheng Plaza," located in a prime area of Zhongshan[16]. - The company's property sales in China generated revenue of HKD 1,765,000, down from HKD 2,422,000 in the previous period, reflecting the challenging market conditions[31]. User Growth and Digital Services - The number of registered users for the "X Wallet" app increased from 43,489 on December 31, 2020, to 62,765 on December 31, 2021[20]. - The existing customer base for "X Wallet" grew from 4,384 to 8,269 during the same period, contributing approximately HKD 54 million in performance for the fiscal year[20]. - The company plans to expand its "X Wallet" loan portfolio and enhance its product offerings to improve customer loan experiences and strengthen its secured loan business[25]. Governance and Corporate Structure - The company’s board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[82][84]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of power and independence[136]. - The company has a robust governance structure to monitor potential conflicts of interest among directors involved in competitive businesses[105]. - The independent non-executive directors have confirmed their independence according to the listing rules, enhancing corporate governance[84]. - The company has established a governance framework ensuring that each director must rotate at least once every three years, except for the chairman and CEO[135]. Financial Management and Capital Structure - The company reported distributable reserves of HKD 344,982,000 as of December 31, 2021, including retained earnings of HKD 153,172,000 and contributed surplus of HKD 191,810,000[81]. - The company has not declared any interim or final dividends for the fiscal year ending December 31, 2021[13]. - The company’s financial position allows for the distribution of dividends, provided it meets certain solvency criteria as per Bermuda company law[81]. - The total capital utilized was HKD 47,876,000 for the year ended December 31, 2021, compared to HKD 28,855,000 for the nine-month period ended December 31, 2020[49]. - The average capital utilized was HKD 1,298,124,000 for the year ended December 31, 2021, compared to HKD 1,117,482,000 for the nine-month period ended December 31, 2020[49]. Risk Management and Internal Control - The company emphasizes the importance of risk management and internal control, with the board responsible for the effectiveness of these systems[176]. - The internal audit function is conducted by an external professional firm, ensuring independence and thorough evaluation of risk management and internal control systems[187]. - The Audit Committee held 3 meetings during the fiscal year ending December 31, 2021, to review financial statements and internal control effectiveness[154]. - No significant control deficiencies were identified during the internal control review conducted in 2021[188]. Employee and Compensation Policies - The group employed 47 staff members as of December 31, 2021, with compensation policies based on performance and market salary levels[65]. - The total employer contributions to the mandatory provident fund plan for the year ended December 31, 2021, amounted to HKD 583,000, up from HKD 197,000 for the nine-month period ended December 31, 2020, indicating a significant increase of approximately 195.4%[121]. - The company has a remuneration range for senior management, with 1 individual earning between HKD 0 to 1,000,000[161]. - The company aims to attract and retain executives necessary for business development, with compensation reflecting individual performance and responsibilities[157]. Shareholder Engagement and Meetings - The attendance rate for the annual general meeting was 100% for key directors, indicating strong engagement with shareholders[195]. - The company plans to hold its next annual general meeting on June 10, 2022[195]. - Shareholders holding at least 10% of the voting rights can request a special general meeting[199]. - Procedures for nominating candidates for the board at the annual general meeting are available on the company's website[200].
TERMBRAY IND(00093) - 2021 - 年度财报