Financial Performance - The group recorded revenue of HKD 469 million for the year ended December 31, 2021, representing a 19.0% increase from HKD 394 million in 2020[3]. - Loss attributable to equity holders of the parent company decreased by 51.2% to HKD 60 million, compared to a loss of HKD 123 million in the previous year[3]. - The company's revenue for 2021 was HKD 469 million, an increase of 19.0% compared to HKD 394 million in 2020, primarily due to increased sales in the mainland real estate sector[23]. - The loss attributable to equity holders of the parent company decreased by HKD 63 million or 51.2% to HKD 60 million, driven by improved sales performance in the real estate business[24]. - The real estate business generated revenue of HKD 466 million, representing 99.4% of total revenue, with a year-on-year increase of 19.5% due to contract sales from the Zhongjian project[26]. - The operating loss for the real estate segment was HKD 23 million, a significant reduction of 85.4% from a loss of HKD 158 million in 2020, attributed to increased sales and reduced impairment provisions[26]. - The total equity attributable to equity holders of the parent company was HKD 879 million, a decrease of 5.1% from HKD 926 million in 2020, mainly due to unrealized losses in 2021[32]. - The company reported a basic and diluted loss per share of HKD 0.03 for the year ended December 31, 2021, compared to HKD 0.07 in 2020[194]. - The total loss for the year was HKD 60 million, a reduction from a loss of HKD 123 million in 2020, indicating a 51.2% improvement[196]. Real Estate Projects - The group has sold approximately 90% of the total construction area of the Zhi Di New City project, which has a total construction area of about 212,000 square meters[4]. - The Yi Yun Villa project has sold about 78% of its residential units and 100% of its parking spaces and retail shops as of December 31, 2021[5]. - The Zhong Jian Jun Residence project has completed several phases, with the first phase having sold approximately 80% of its total construction area[9]. - The second phase of the Zhong Jian Jun Residence project is still under construction, with foundation work completed by December 31, 2021, and plans to provide about 20,000 square meters of residential and retail units[10]. Financial Position and Liquidity - The company's current ratio as of December 31, 2021, was 702.0%, up from 220.0% in 2020, indicating a strong liquidity position[33]. - The company has no bank borrowings as of December 31, 2021, maintaining a capital structure with a debt-to-equity ratio of zero, reflecting a healthy financial condition[32]. - The group had no bank borrowings as of December 31, 2021, indicating a strong cash position[36]. - The group faced minimal interest rate risk due to the absence of bank borrowings and current low interest rates[37]. - The company expects to rely on cash generated from operating activities and potential borrowings to meet future capital expenditures and business expansion needs[33]. Corporate Governance - The company has not complied with the corporate governance code provision A.2.1, which requires a clear distinction between the roles of the Chairman and the CEO, as both roles are currently held by Mr. Mai[50]. - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of power[51]. - The company emphasizes the importance of transparency and accountability to shareholders, committing to high standards of corporate governance[50]. - The company has established three board committees: the Remuneration Committee, Audit Committee, and Nomination Committee, each with clearly defined terms of reference[67]. - The board meets at least four times a year, with additional meetings as necessary to address company matters[55]. - The company has ensured that sufficient and appropriate insurance coverage is in place for directors and management against legal liabilities[55]. - The company has complied with the listing rules regarding the minimum number of independent non-executive directors, with at least one possessing appropriate professional qualifications[59]. - The company has established a training record for directors to ensure they understand their responsibilities and duties[62]. Risk Management - The board has reviewed the effectiveness and adequacy of the risk management and internal control systems, concluding they are effective and sufficient as of December 31, 2021[102]. - The company employs an enterprise risk management framework to manage risks[98]. - The major and emerging risks identified include the COVID-19 outbreak and ongoing trade tensions between China and the United States[102]. - The internal audit department is tasked with reviewing and evaluating the effectiveness of the risk management and internal control systems[101]. - The company has implemented measures to mitigate identified risks, which may evolve based on business and external environmental changes[102]. Share Options and Equity - The company has not issued any share options under the 2021 plan as of December 31, 2021[37]. - As of December 31, 2021, there were 10,914,983,990 unexercised share options under the 2011 plan, representing approximately 5.94% of the total issued shares[127]. - The company’s share options plan was adopted on May 27, 2011, and remains effective for unexercised options despite its expiration on May 26, 2021[123]. - The 2021 plan was approved by shareholders on June 23, 2021, allowing the issuance of stock options up to 10% of the total shares outstanding at that time, which equates to 18,384,610,000 shares[128]. - The total number of stock options that can be issued under the 2021 plan is capped at 30% of the total shares outstanding at any time[129]. Social Responsibility and Sustainability - The company emphasizes sustainable development as a core strategy, focusing on environmental protection and product safety[40]. - The company encourages employee training and development, providing competitive compensation and benefits[43]. - A corporate social responsibility report will be published within five months after the fiscal year-end[46]. - The company did not make any charitable donations during the fiscal year ending December 31, 2021, consistent with 2020[117].
GBA集团(00261) - 2021 - 年度财报