Financial Performance - The company recorded a consolidated revenue of approximately HKD 467 million for the fiscal year ending December 31, 2021, a decrease of about 75% compared to HKD 1.843 billion in 2020[21]. - The consolidated operating loss for 2021 was approximately HKD 358 million, compared to a loss of HKD 462 million in 2020[21]. - The net loss attributable to shareholders for 2021 was approximately HKD 825 million, compared to a loss of HKD 749 million in 2020, with a basic loss per share of HKD 0.4246[21]. - For the year ended December 31, 2021, the group recorded a consolidated net loss of approximately HKD 825 million, compared to a net loss of approximately HKD 749 million in 2020[49]. - The consolidated revenue for the year ended December 31, 2021, was approximately HKD 467 million, a decrease of 75% from approximately HKD 1.843 billion in 2020[49]. - The consolidated gross profit for the year ended December 31, 2021, was approximately HKD 307 million, a decrease of 32% from approximately HKD 449 million in 2020, resulting in a gross margin of 66% compared to 24% in 2020[49]. - General and administrative expenses for the year ended December 31, 2021, were approximately HKD 652 million, a decrease of 5% from approximately HKD 687 million in 2020[49]. - Financing costs for the year ended December 31, 2021, were approximately HKD 432 million, an increase from approximately HKD 246 million in 2020[49]. - The company reported an income tax of approximately HKD 42 million for the year ended December 31, 2021, down from approximately HKD 50 million in 2020, primarily due to a one-time withholding tax provision related to property sales in Japan[56]. Property Development and Operations - The occupancy rate of the Pacific Century Place in Jakarta, Indonesia, was approximately 80% as of December 31, 2021[22]. - The company plans to commence foundation work for its property development project at 3-6 Gilman Road, Central, Hong Kong, in the first quarter of 2022[22]. - The first batch of villas in the project in Phang Nga, Thailand, began delivery in December 2021, with the golf course and clubhouse having commenced operations in the third quarter of 2021[22]. - Revenue from property development in Japan was approximately HKD 42 million for the year ended December 31, 2021, a significant decrease from HKD 1.364 billion in 2020 due to most income from the Hanazono Resort being recognized in 2020[37]. - In Thailand, 40% of the Phase 1A villas have been sold or reserved, with revenue from property development recorded at approximately HKD 8 million for the year ended December 31, 2021[38]. - The golf club and 18-hole golf course in Thailand commenced operations in August 2021, generating revenue of approximately HKD 2 million for the year ended December 31, 2021, impacted by COVID-19 on tourism[38]. - The company aims to focus on developing and investing in premium properties to maintain long-term growth and profitability, with a strategy to explore suitable development projects and joint ventures[29]. - The company plans to leverage its past success and brand reputation to enhance opportunities in the global real estate market through new projects and potential acquisitions[29]. Challenges and Market Outlook - The company remains optimistic about the real estate markets in Hong Kong, Japan, and Thailand despite ongoing challenges from the pandemic and inflationary pressures[24]. - The company continues to face challenges in its tourism business in Hokkaido, Japan, due to travel restrictions and social distancing measures[22]. - The company is committed to a cautious approach in navigating current challenges and uncertainties while looking for opportunities in the post-pandemic era[18]. - The company is optimistic about the real estate markets in Hong Kong, Japan, Indonesia, and Thailand, and is actively planning for future developments in these regions[61]. Corporate Governance and Compliance - The company continues to integrate good corporate governance elements into its management structure and internal procedures[73]. - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[77]. - The company has adopted its own securities trading code applicable to all directors and employees, ensuring compliance with the relevant regulations[75]. - The company has confirmed compliance with its securities trading code throughout the year ending December 31, 2021[76]. - The board is responsible for overall strategy formulation, management goal setting, and monitoring management performance[77]. - The company emphasizes ethical conduct, transparency, accountability, and integrity in all business operations[74]. - The non-executive chairman ensures effective board operations and leads the board in establishing the company's purpose and objectives[79]. - The company has a clear division of responsibilities between the non-executive chairman and the group managing director[79]. - The company provides all directors with timely access to relevant information, including monthly updates and reports from board committees[79]. - The company requires directors to disclose their public company positions and significant commitments upon appointment and to report any changes promptly[79]. - The board of directors conducted a self-evaluation process to assess their performance and contributions, which was deemed satisfactory for the year ending December 31, 2021[80]. Risk Management - The company has established a risk management and internal control system, which is reviewed at least annually by the audit committee to ensure its effectiveness[107]. - The risk management framework follows a "three lines of defense" model, with the first line being business units responsible for risk identification and management[108]. - The second line, comprising the group risk management and compliance department, provides policies and tools to ensure effective risk monitoring and compliance[111]. - The internal audit department adopts a risk-based audit approach, reporting directly to the board and providing independent assurance on governance and risk management effectiveness[112]. - The company integrates its risk management system into daily operations, continuously assessing potential risks that may impact business objectives[117]. - A whistleblowing policy has been established to allow employees and stakeholders to report misconduct, ensuring transparency and confidentiality[117]. - The company utilizes the principles of ISO 31000:2018 for managing operational risks, which includes risk identification, assessment, and treatment processes[114]. - Regular evaluations of the internal control system are conducted to ensure it meets business needs and effectively addresses potential risks[117]. - The audit committee monitors the implementation of risk reduction measures and reports significant findings to the board[111]. Sustainability and Community Engagement - The company has established a sustainability committee and adopted a sustainability policy aimed at achieving green building certifications for all new development projects[153]. - The main office building in Jakarta, PCP Jakarta, has received multiple prestigious green building certifications, including LEED Platinum and Greenship Platinum[155]. - Since 2005, the property management division has achieved ISO 14001 certification, implementing energy-saving measures that saved over 270,000 kWh of electricity in 2021[156]. - The company has received various environmental accolades, including the "Waste Reduction Certificate" and "Energy Saving Certificate," demonstrating its dedication to maintaining environmental efficiency[160]. - The company has been actively supporting community initiatives during the COVID-19 pandemic, including distributing resources to affected individuals[169]. - The company has committed to continuous improvement in service standards through regular tenant satisfaction surveys[165]. Shareholder Information - The company has not declared any interim dividends for the year ended December 31, 2021, similar to 2020[180]. - As of December 31, 2021, the company's distributable reserves amounted to HKD 4.541 billion, an increase from HKD 4.414 billion in 2020[190]. - Revenue from the top five customers accounted for approximately 34.28% of total revenue for the year ended December 31, 2021[191]. - The company issued 450,980,764 rights shares at a subscription price of HKD 0.82 per share, completing the rights issue on March 24, 2021[186]. - The company raised approximately USD 793.3 million from the issuance of guaranteed notes due in 2026, with net proceeds used for general corporate purposes[189]. - The company has maintained compliance with applicable laws and regulations in its property management operations in Hong Kong, Japan, Indonesia, and Thailand[173][174]. - The company has not recommended any final dividends for the year ended December 31, 2021, consistent with the previous year[180]. - The company’s total issued shares as of December 31, 2021, amounted to 2,038,236,743 shares[186].
盈大地产(00432) - 2021 - 年度财报