Financial Performance - COSCO SHIPPING INTERNATIONAL reported a total revenue of HKD 1.2 billion for the fiscal year 2021, representing a year-on-year increase of 15%[1]. - The company achieved a net profit of HKD 300 million, which is a 20% increase compared to the previous year[1]. - The company's revenue for the year ended December 31, 2021, was HKD 4,533,549,000, representing a 32% increase compared to HKD 3,442,894,000 in 2020[20]. - Operating profit surged by 109% to HKD 277,545,000 in 2021, up from HKD 132,500,000 in the previous year[26]. - The profit attributable to equity holders decreased by 15% to HKD 288,341,000, down from HKD 338,523,000 in 2020[26]. - The gross profit margin for 2021 was 17.0%, down from 18.3% in 2020[22]. - The company reported a 55% increase in revenue from the paint segment, totaling HKD 1,685,183,000 in 2021[23]. - The company's profit attributable to equity holders decreased by 15% to HKD 288,341,000 in 2021, compared to HKD 338,523,000 in 2020[33]. - Basic and diluted earnings per share fell by 15% to HKD 0.1881 in 2021, down from HKD 0.2208 in 2020[33]. - The company's total assets as of December 31, 2021, were HKD 9,742,224,000, a decrease of 2% from HKD 9,938,694,000 in 2020[21]. - The total liabilities decreased by 11% to HKD 1,347,628,000 from HKD 1,510,980,000 in the previous year[21]. - The company declared a total dividend of HKD 19.00 per share for the year, a decrease of 14% from HKD 22.00 in 2020, with a payout ratio of 101%[20][27]. Strategic Initiatives - The company plans to expand its service network in regions including Singapore, Japan, Germany, and the United States to enhance its market presence[2]. - Investment in new technologies and shipbuilding equipment is expected to increase by 25% in 2022 to improve operational efficiency[2]. - The company aims to enhance its shipping service platform by integrating digital solutions to streamline operations and improve customer experience[2]. - COSCO SHIPPING INTERNATIONAL is exploring potential mergers and acquisitions to strengthen its competitive position in the shipping industry[2]. - The company anticipates a growth rate of 10% in shipping volume for the upcoming fiscal year, driven by increased demand in global trade[2]. - The company aims to enhance strategic considerations and expand its digital, green, low-carbon, and smart development initiatives[19][25]. - The company plans to leverage opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative for future growth[32]. Risk Management and Compliance - The company is committed to enhancing its ESG standards and reporting, with a focus on improving data transparency and compliance[30]. - The company emphasizes risk control and financial management, with Mr. Chen Dong having over 20 years of experience in these areas, contributing to the company's financial stability[132]. - The company has implemented internal monitoring mechanisms to ensure compliance with related party transactions[150]. - The company has adopted a shareholder communication policy to ensure timely and balanced access to information[177]. - The company is actively monitoring accounts receivable risks due to increased payment difficulties from customers influenced by macroeconomic policies[176]. - The company has established comprehensive guidelines and policies to support its corporate governance framework, ensuring compliance with the corporate governance code[143]. Corporate Governance - The company has a robust corporate governance structure, with various committees in place to oversee different aspects of its operations, including audit and remuneration[132]. - The board consists of seven directors, including executive and independent non-executive directors, ensuring a balance of power and independent judgment[144]. - The company has adopted a board diversity policy, emphasizing the importance of diverse perspectives in terms of skills, regional and industry experience, background, race, gender, and other characteristics[147]. - The board is responsible for overseeing the company's major affairs, including the formulation and approval of business strategies and management policies[145]. - The company has established a mechanism for the nomination and appointment of qualified directors to ensure sustainable development[145]. - The company has a clear division of responsibilities between the board and management, with senior management closely monitored by the board[145]. Environmental, Social, and Governance (ESG) Initiatives - COSCO SHIPPING aims to reduce greenhouse gas emissions (Scope 1 and 2) by 10% by 2030, based on a 2020 baseline[198]. - The company plans to decrease volatile organic compounds (VOCs) and benzene emissions by 5% by 2030[198]. - COSCO SHIPPING targets a 10% reduction in energy consumption by 2030, using 2020 as the baseline[198]. - The company has established an ESG Committee to oversee its ESG strategies, policies, and development plans[200]. - The ESG Committee meets at least once a year and as needed to address ESG-related opportunities, issues, and risks[200]. - The company is committed to complying with relevant laws and regulations regarding ESG practices[200]. Market Trends and Economic Outlook - The International Monetary Fund projected a global economic growth of 4.4% in 2022, a slowdown of 1.5 percentage points from 2021[31]. - The global shipping trade volume is expected to grow by 3.4% in 2022, with container shipping rates remaining high due to supply-demand imbalances[126]. - In 2021, China's total import and export value reached RMB 39.1 trillion, representing a year-on-year increase of 21.4%[106]. - The container throughput in China reached approximately 280 million TEUs in 2021, reflecting a year-on-year growth of 7.0%[106]. - The new shipbuilding completion volume in China was 39.703 million deadweight tons in 2021, marking a 3.0% increase year-on-year[106].
中远海运国际(00517) - 2021 - 年度财报