Financial Performance - Tristate Holdings Limited reported a profit attributable to equity shareholders of HKD 21.134 million for the year ended December 31, 2021, a significant turnaround from a loss of HKD 169.437 million in the previous year[31]. - The company's revenue for 2021 was HKD 3,037.662 million, representing a 33.5% increase from HKD 2,277.114 million in 2020[31]. - The company’s basic earnings per share for 2021 was HKD 0.08, compared to a loss per share of HKD 0.62 in 2020[31]. - Tristate Holdings Limited's overall financial health improved significantly, with a total comprehensive income of HKD 29.197 million for the year[31]. - Total revenue for 2021 was HKD 3.038 billion, a 33% increase from HKD 2.277 billion in 2020[54]. - Gross profit reached HKD 1.225 billion, with a gross margin of 40.3%, up from HKD 780 million and 34.3% in 2020[56]. - EBITDA increased by 188% to HKD 368 million, compared to HKD 128 million in the previous year[54]. - The company recorded a significant reduction in losses from brand business, attributed to improved performance from C.P. Company and Nautica[61]. Revenue Growth by Brand - C.P. Company's revenue increased by 59% in 2021, driven by strong performance in wholesale and e-commerce channels[37]. - Nautica's revenue grew by 77% in 2021, with all sales channels showing healthy growth[38]. - The brand business generated revenue of HKD 1.489 billion in 2021, a 66% increase compared to 2020[41]. - The apparel business reported revenue of HKD 1.548 billion in 2021, a 12% increase from 2020[42]. - Nautica's revenue increased by 77% in 2021 compared to the previous year, with healthy growth in sales and gross profit across all sales channels[48]. - C.P. Company achieved a revenue growth of 59% in 2021, driven by strong performance in wholesale and e-commerce channels[48]. Operational Challenges and Strategies - The company faced operational challenges in its factories in Vietnam, Myanmar, and the Philippines due to COVID-19 lockdowns and political instability, leading to temporary closures and capacity reductions[50]. - The company plans to continue focusing on cost management and operational efficiency to sustain profitability in the future[36]. - The company aims to increase the number of direct retail stores and enhance e-commerce capabilities in key European markets[43]. - The company is committed to improving Spyder's performance and leveraging opportunities in the growing winter sports market in China[44]. Sustainability and Environmental Commitment - Tristate Holdings Limited aims to create a truly sustainable garment industry as part of its core mission[138]. - The company is committed to responsible production practices to minimize environmental impact across its value chain[141]. - The company has set reduction targets for 2025, aiming for a 5% decrease in water intensity, an 8% decrease in energy intensity, and a 9% decrease in greenhouse gas emissions intensity based on 2021 levels[164]. - The company successfully adopted the Higg Factory Assessment Tool to measure and evaluate the environmental performance of its production facilities in Panyu and Hefei[165]. - The company is committed to reducing carbon emissions and production waste as part of its sustainability efforts[138]. Corporate Governance - The board of directors has adhered to the corporate governance code and has a balanced composition with over one-third independent non-executive directors[88]. - The company has established a risk management framework to identify and assess risks in the current operating environment[106]. - The audit committee reviewed the financial statements for the year ended December 31, 2021, and recommended their approval to the board[99]. - The company has adopted a whistleblowing policy to provide a confidential channel for employees to report misconduct[97]. - The board has established clear guidelines for the delegation of authority to ensure compliance with the company's needs[99]. Employee and Community Engagement - The group had 6,140 employees as of December 31, 2021, down from 7,320 in 2020, with competitive compensation and benefits provided to employees[65]. - The company recognizes the significance of competitive compensation and employee recognition in attracting and retaining talent[160]. - The company is committed to creating a positive work environment and supporting local community welfare through job creation and development opportunities[197]. - Employee feedback is considered essential for business improvement, and the company encourages open communication between management and employees[200]. Risk Management - The group actively monitors cash flow and liquidity to manage financial risks, including fluctuations in interest rates and foreign exchange rates due to its operations in multiple currencies[76][79]. - The group employs forward foreign exchange contracts to manage significant foreign exchange risks arising from its subsidiaries' functional currencies[80]. - The audit committee reviewed the adequacy and effectiveness of the risk management and internal control systems[109]. Compliance and Legal - The company has maintained compliance with applicable laws and regulations throughout the year, with no deviations or violations reported[84]. - The company has implemented measures to ensure compliance with applicable laws and regulations regarding insider information[110].
联亚集团(00458) - 2021 - 年度财报