Financial Performance - The company's audited revenue for the year ended December 31, 2021, was HKD 10,277 million, an increase of 28.8% from HKD 7,977 million in 2020[19] - The profit attributable to the company's owners for the same period was HKD 676 million, a decrease of 37.5% compared to HKD 1,083 million in 2020[19] - Basic earnings per share decreased to HKD 0.85 from HKD 1.37 in the previous year, while the proposed final dividend per share is HKD 0.11, down from HKD 0.24[28] - The group's attributable profit for the year ended December 31, 2021, was HKD 167,000,000, down from HKD 250,000,000 in 2020[39] - The total revenue for the group was HKD 10,030,000,000, an increase of 31% from HKD 7,628,000,000 in 2020[39] Assets and Liabilities - Total assets increased to HKD 18,404 million from HKD 15,352 million, while total liabilities rose to HKD 6,939 million from HKD 4,828 million[19] - The group's total borrowings amounted to HKD 10,675,000,000 as of December 31, 2021, with a capital debt ratio of 21.0%, up from 11.8% in 2020[71] - Total borrowings increased from HKD 1,163 million to HKD 2,238 million during the year, including non-interest bearing bonds with a face value of HKD 121 million[66] Segment Performance - The construction and sewage treatment segment recorded a profit of HKD 342,000,000, down from HKD 452,000,000 in 2020, reflecting a decrease of 24%[39] - The construction materials segment achieved revenue of HKD 482,000,000, up from HKD 429,000,000 in 2020, with a net profit of HKD 33,000,000 compared to HKD 14,000,000 in the previous year[45] - The stone mining segment recorded revenue of HKD 213 million for the year ended December 31, 2021, up from HKD 193 million in 2020, and net profit of HKD 28 million compared to a net loss of HKD 9 million in 2020[52] Investments and Acquisitions - The company holds a 44.52% stake in Road King Infrastructure, which reported a profit of HKD 457 million, down from HKD 756 million in 2020[31] - The company acquired 5,717,000 shares of Road King, resulting in a bargain purchase gain of HKD 112 million[31] - The group’s investment in debt securities had a fair value of HKD 850 million as of December 31, 2021, up from HKD 636 million in 2020, with a net loss of HKD 94 million attributed to significant declines in market prices[64] Operational Highlights - The average daily traffic and toll revenue for Road King's highway projects reached 321,800 vehicles and RMB 3,779 million, representing increases of 13% and 39%, respectively[32] - In 2021, the toll revenue from mainland highways increased by 36% to RMB 3,153,000,000, with an average daily mixed traffic volume of approximately 274,600 vehicles[33] - In Indonesia, toll revenue rose by 55% to RMB 626,000,000, with an average daily mixed traffic volume of about 47,200 vehicles[33] Corporate Governance - The company has a strong focus on expanding its construction materials division and enhancing its corporate governance practices[82][86] - The company emphasizes the importance of corporate governance and compliance with regulatory standards[83] - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[181] Future Outlook - The company plans to continue optimizing land reserves in mainland China and Hong Kong, seeking greater cooperation with business partners[37] - The company aims to identify toll road projects in mainland China and the Asia-Pacific region with reasonable investment returns to further expand its toll road business[38] - The company is optimistic about the future of its real estate business, maintaining a prudent approach to balance profit and sales[37] Employee and Community Engagement - The total employee cost for the group for the fiscal year ending December 31, 2021, was HKD 1,463,000,000, an increase from HKD 1,279,000,000 in 2020[174] - The group employed 3,374 employees as of December 31, 2021, compared to 3,071 employees in 2020[174] - The company made charitable and other donations amounting to approximately HKD 135,000 during the year[172] Financial Management - The company continues to implement prudent cost control measures to enhance competitiveness across its segments[51][53] - The group recorded financial costs of HKD 65,000,000 for the year ended December 31, 2021, compared to HKD 59,000,000 in 2020[68] - The company has established interest rate swap contracts totaling HKD 800 million to mitigate cash flow interest rate risks associated with certain bank loans[66] Shareholder Information - The company declared an interim dividend of HKD 0.07 per share and proposed a final dividend of HKD 0.11 per share, pending shareholder approval[107] - As of December 31, 2021, the company's distributable reserves amounted to approximately HKD 1,574,879,000[117] - The company’s directors held a total of 500,672,921 shares, representing 63.13% of the issued share capital[127]
WAI KEE HOLD(00610) - 2021 - 年度财报