Company Overview - K. Wah International Holdings Limited focuses on premium property development in Hong Kong, the Yangtze River Delta, and Pearl River Delta regions[6]. - The company has received multiple accolades, including being named one of the top ten property developers in Hong Kong by BCI Asia in 2021[12]. - K. Wah International's portfolio includes large-scale residential communities, Grade-A office towers, hotels, serviced apartments, and retail premises[7]. - The company aims to deliver long-term shareholder value through a disciplined approach to land acquisition and project development[8]. - K. Wah International is committed to maintaining high standards of quality living spaces and innovative features in its developments[8]. - K. Wah International's property management arm, Cresleigh Property, provides exceptional management services guided by international standards[7]. - The company emphasizes sustainability and community development in its project undertakings[8]. - K. Wah International has a strong financial capability, allowing it to pursue progressive strategies in property development[8]. Financial Performance - For the fiscal year ending December 31, 2021, the company recorded contract sales of approximately HKD 14.3 billion and revenue of approximately HKD 17.2 billion[28]. - The profit attributable to equity holders was HKD 3.4 billion, with core earnings exceeding HKD 2.9 billion[28]. - The board proposed a final dividend of HKD 0.14 per share, along with an interim dividend of HKD 0.07 per share, totaling an annual dividend of HKD 0.21 per share[28]. - The company’s operating revenue increased from HKD 11.7 billion in 2020 to HKD 16.2 billion in 2021, representing a growth of approximately 38.5%[19]. - The pre-tax profit for 2021 was HKD 5.1 billion, compared to HKD 4.9 billion in 2020, showing a slight increase of about 4.7%[19]. - The total assets of the company as of 2021 were HKD 64.5 billion, a decrease from HKD 67.2 billion in 2020[20]. - The net asset value per share increased from HKD 13.94 in 2020 to HKD 14.02 in 2021[20]. - The company’s non-current assets rose from HKD 16.2 billion in 2020 to HKD 17.5 billion in 2021, indicating a growth of approximately 7.7%[20]. - The total signed sales for the year amounted to approximately HKD 14.3 billion, primarily from projects in Hong Kong and mainland China[33]. - As of December 31, 2021, the group had approximately HKD 8.6 billion in signed but unrecognized sales expected to be recognized in 2022 and 2023[33]. Market and Economic Environment - The company continues to navigate a complex economic environment influenced by regulatory changes and the ongoing impact of the COVID-19 pandemic[28]. - The outlook for the global economy remains uncertain due to inflation, interest rate hikes, and geopolitical tensions, impacting the Hong Kong economy[29]. - The overall economic growth in Hong Kong for the year was recorded at 6.4%, supported by ongoing vaccination efforts and economic stimulus measures[102]. Project Developments - The group plans to launch new joint venture projects in 2022, including developments in Kai Tak and other areas, continuing to sell remaining units from various projects[36]. - The Kai Tak residential project recorded contracted sales of HKD 4.2 billion in the current year, with a cumulative total of HKD 11.4 billion by year-end, leaving only a small number of units unsold[37]. - The Tai Po residential project has achieved 95% unit sales by year-end, with a total floor area of approximately 61,600 square meters and 1,122 units available[40]. - The Southwest Kowloon Victoria Harbour project has sold nearly 70% of the pre-sold units, with a total floor area of approximately 91,800 square meters and 1,437 units planned across three phases[42]. - The Yuen Long D.D. 103 project is progressing well, with an expected completion in 2024 and a total floor area of approximately 114,800 square meters[43]. - The new projects in mainland China, including Dongguan and Jiangmen, have been successfully launched, with plans for more projects in Shanghai, Nanjing, and Suzhou depending on market conditions[54]. Corporate Governance - The company has established a governance policy that includes responsibilities for developing and reviewing corporate governance practices, which is reviewed annually[146]. - The board consists of a mix of executive and independent non-executive directors, ensuring diverse perspectives in decision-making[142]. - The company has adopted a risk management strategy to assist operational departments in managing significant risks, including environmental, social, and governance risks[155]. - The company has maintained a focus on compliance and governance, as evidenced by the qualifications of its directors[166][167]. - The company encourages shareholder participation in annual general meetings, ensuring transparency in decision-making processes[157]. Sustainability and Community Engagement - The company aims to reduce greenhouse gas emissions density and energy density by 26% and 39%, respectively, by 2025, using 2016 levels as a baseline[126]. - The company has implemented a series of preventive measures to protect employee health during the COVID-19 pandemic, including enhanced disinfection procedures and providing medical masks[129]. - The company donated HKD 5 million to support flood relief and post-disaster reconstruction efforts in Henan Province, China[132]. - The company received the "COVID-19 Caring Employer" award at the "Job Fair Excellence Employer Awards 2021" for its efforts in employee care during the pandemic[132]. - The company actively engages with stakeholders to understand their concerns and expectations regarding sustainable development measures and future strategies[126]. Employee Relations and Compensation - As of December 31, 2021, the total number of employees in Hong Kong, Mainland China, and Singapore was 1,010, with employee costs (excluding director remuneration) amounting to approximately HKD 498 million[122]. - The company has established a stock option plan since 1989 to provide competitive compensation and retain talent, emphasizing employee training and development as a key element of its human resources strategy[122]. - The company has a strong commitment to community involvement and has received multiple honors for its contributions[164][165]. Shareholder Information - The company declared an interim cash dividend of HKD 0.07 per share and proposed a final cash dividend of HKD 0.14 per share, totaling HKD 0.21 per share for the year, consistent with the previous year[171]. - As of December 31, 2021, the company's distributable reserves amounted to HKD 1,707,866,000, an increase from HKD 1,367,327,000 in 2020[173]. - The total charitable donations made by the group during the year were HKD 8,769,000, up from HKD 7,550,000 in 2020[173].
嘉华国际(00173) - 2021 - 年度财报