Financial Performance - The company recorded a consolidated profit attributable to shareholders of approximately HKD 500 million for the year ended December 31, 2021, compared to a consolidated loss of approximately HKD 675 million for the nine months ended December 31, 2020[5]. - Revenue from continuing operations was HKD 728 million, an increase from HKD 573 million in 2020, with the food business contributing 82% of total revenue[15]. - The group recorded a consolidated profit attributable to shareholders of HKD 500 million for the fiscal year, compared to a consolidated loss of HKD 675 million in the previous period[15]. - The food business segment generated revenue of HKD 596 million, an increase from HKD 446 million in 2020, but incurred a loss of HKD 67 million, worsening from a loss of HKD 23 million in 2020[30]. - The group’s share of profit from its investment in LAAPL for the year was HKD 636 million, a significant recovery from a loss of HKD 958 million in 2020[27]. - The group's total assets as of December 31, 2021, were HKD 16,600,000,000, an increase from HKD 16,300,000,000 in 2020, with property-related assets accounting for 77% of total assets[49]. - The group's total liabilities decreased to HKD 2,500,000,000 as of December 31, 2021, from HKD 2,700,000,000 in 2020, while cash and cash equivalents totaled HKD 1,000,000,000[50]. - The capital-to-debt ratio as of December 31, 2021, was 14.2%, down from 16.0% in the previous year[51]. - The net asset value attributable to equity holders was HKD 9,900,000,000, compared to HKD 9,600,000,000 as of December 31, 2020, equating to HKD 20.2 per share[52]. Strategic Investments and Acquisitions - OUE Limited, a major joint venture of the company, successfully completed several strategic transactions, including acquiring a 32% stake in PT Matahari Department Store Tbk and a 17.2% stake in PT Multipolar Tbk[6]. - OUE C-REIT sold a 50% stake in the Hualien Bay Tower and its associated properties for a total value of SGD 1,267.5 million (approximately HKD 7.4 billion)[6]. - The company increased its stake in First Real Estate Investment Trust to 43.9% after selling its entire interest in nursing homes for SGD 163.5 million (approximately HKD 944.9 million)[25]. - Strategic acquisitions included a 32.0% stake in PT Matahari Department Store Tbk and a 17.2% stake in PT Multipolar Tbk, enhancing the company's presence in the retail and technology sectors[26]. - Healthway Medical Corporation Limited, a joint venture, expanded its network by acquiring a chain of nine clinics, becoming the largest chain of outpatient clinics in Singapore[9]. Operational Performance - The company’s food business showed improvement in the second half of the year, although it faced challenges due to COVID-19 restrictions, particularly in Hong Kong[8]. - The company remains optimistic about the long-term prospects of its food business and plans to expand its store network when opportunities arise[8]. - The company is prepared to seize opportunities from the recovery of global economic activities and international tourism while remaining vigilant about operational risks[11]. - The company’s strategic focus includes exploring business opportunities and managing capital resources and costs prudently amid ongoing pandemic challenges[11]. - The food retail and manufacturing businesses will continue to focus on operations despite challenges posed by the pandemic, with various promotional activities launched to stimulate sales[31]. Financial Management and Dividends - The company plans to distribute a final cash dividend of HKD 0.04 per share for the year[12]. - The company plans to distribute a final dividend of HKD 0.04 per share, totaling approximately HKD 19,700,000, an increase from HKD 14,800,000 in the previous year[62]. - The total commitments for long-term strategic investments were HKD 114,000,000 as of December 31, 2021, compared to HKD 57,000,000 in 2020[54]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, with considerations for profitability and financial conditions[196]. - The board will review the dividend policy periodically to ensure its continued effectiveness[197]. Governance and Corporate Structure - The company has received annual confirmation letters regarding the independence of its independent non-executive directors, affirming their status as independent individuals[82]. - The company has established various committees, including audit, remuneration, and nomination committees, to ensure effective oversight and decision-making processes[87][88][89]. - The company maintains a commitment to corporate governance and compliance with the Hong Kong Stock Exchange's listing rules[82]. - The board of directors includes experienced members with extensive backgrounds in finance, law, and public service, enhancing the company's governance structure[84][85][87][88][89]. - The company has a structured approach to executive compensation and performance evaluation through its remuneration committee[87][89]. Risk Management and Compliance - The company has identified various risks and uncertainties that may impact its financial condition and operational performance, detailed in the risk management report[144]. - The board is responsible for maintaining effective risk management and internal control systems, with annual reviews conducted to assess their effectiveness[187]. - The internal audit department, established in 2007, evaluates the effectiveness of internal controls and risk management processes[189]. - The company has implemented insider information policies to ensure timely and fair disclosure of material information to the public[198]. - The group has complied with the disclosure requirements under the Hong Kong Stock Exchange Listing Rules regarding continuing connected transactions[128]. Employee and Director Compensation - Employee costs for the year amounted to HKD 348,000,000, up from HKD 246,000,000 in 2020, with a total of 830 full-time employees as of December 31, 2021[55]. - The total director's fees paid to all directors for the year amounted to HKD 246,000[95]. - Non-executive directors received additional remuneration for their roles in various board committees, with the chairman receiving HKD 81,600 and members receiving HKD 52,800[95]. - The remuneration for directors is determined based on market levels, time commitment, and their roles and responsibilities[94]. - The total fixed bonus for Dr. Li Chong amounted to HKD 249,000, with a discretionary bonus of HKD 20,000,000[94]. Sustainability and Community Engagement - The company emphasizes its commitment to sustainable development and resource optimization in its operations[146]. - The company will disclose its sustainability performance through its environmental, social, and governance report, collecting stakeholder feedback[146]. - The group made charitable and other donations totaling HKD 5,503,000 during the year, compared to HKD 1,756,000 in 2020[77]. - The company is committed to continuous improvement in its environmental, social, and governance performance over time[146]. - The company encourages directors to participate in professional development activities to enhance their knowledge and skills[180].
力宝(00226) - 2021 - 年度财报