Financial Performance - The group recorded a consolidated revenue of HKD 878,030,000 for the year ended December 31, 2021, an increase of 7.4% compared to HKD 817,298,000 in the previous year[19]. - The gross profit was HKD 149,424,000 with a gross margin of 17.0%, a decrease of HKD 18,007,000 and 10.8% respectively from the previous year[26]. - The net profit for the year was HKD 44,022,000, down from HKD 68,984,000 in the previous year[27]. - The basic earnings per share were HKD 0.0573, compared to HKD 0.0903 in the previous year[28]. - Total comprehensive income for the year was HKD 81,226,000, compared to HKD 159,565,000 in 2020, a decrease of 49.1%[179]. - The company's operating profit before tax for the year ended December 31, 2021, was HKD 38,588,000, a decrease of 60% compared to HKD 96,785,000 in 2020[193]. Assets and Liabilities - Total assets increased to HKD 2,468,039,000 from HKD 2,362,619,000, reflecting a growth of 4.5%[184]. - Total liabilities rose significantly to HKD 528,448,000 from HKD 508,422,000, an increase of 3.9%[184]. - The company's total equity rose to HKD 1,939,591,000 from HKD 1,854,197,000, an increase of 4.6%[186]. - The company’s total liabilities decreased from HKD 1,000,000,000 in 2020 to HKD 900,000,000 in 2021, reflecting improved financial health[200]. Cash Flow and Financial Health - Cash and cash equivalents increased to HKD 843,431,000 from HKD 119,949,000, a substantial rise of 603.5%[184]. - The net cash generated from operating activities was HKD (134,659,000) for 2021, compared to HKD 99,251,000 in 2020, indicating a significant decline[193]. - The company’s cash flow from investing activities was HKD 835,933,000 in 2021, a significant recovery from a cash outflow of HKD (2,327,000) in 2020[196]. - The company’s financing activities generated a net cash inflow of HKD 10,938,000 in 2021, compared to a net cash outflow of HKD (19,739,000) in 2020[196]. Operational Developments - The construction of the "Huayang Nian Xuhui Good Times Community" urban renewal project is progressing according to schedule, with expectations for successful property handover[22]. - The group plans to adjust its operational strategies as needed to enhance core business performance[23]. Corporate Governance - The board of directors held four meetings in the year, with a 100% attendance rate from all members[54]. - The company has established a clear division of roles between the Chairman and the CEO to ensure a balance of power[60]. - The remuneration committee reviewed and recommended the overall compensation policy for directors and senior management[65]. - The nomination committee conducted a review of the board's structure and composition, ensuring qualified candidates for board positions[72]. - The company secretary continuously updates the board on the latest regulatory requirements to maintain good corporate governance practices[57]. - The board is committed to acting in the long-term interests of shareholders, aligning company goals with current economic conditions[54]. Risk Management - The board has conducted an annual review of the effectiveness of the risk management and internal control systems, finding them to be effective and adequate[94]. - The company has established a risk management system with clear organizational structures and regular monitoring of risk levels[92]. - The company has identified key risks affecting its strategic objectives and has developed remedial measures to control these risks at acceptable levels[92]. Shareholder Information - As of December 31, 2021, the total shares held by the directors and senior management amounted to 381,985,340, representing 49.22% of the company's issued share capital[128]. - The company has no other shareholders holding 5% or more of the issued share capital as of December 31, 2021[134]. - The service agreements for all directors are set for three years, with various start and end dates ranging from June 2019 to June 2024[125]. Environmental Impact - Water consumption in the company's headquarters decreased to 281 cubic meters in 2021 from 370 cubic meters in 2020, representing a reduction of approximately 24%[102]. - Paper consumption in the headquarters decreased to 875 kg in 2021 from 1,173 kg in 2020, a reduction of approximately 25%[102]. - Water consumption in the factory decreased to 233,235 cubic meters in 2021 from 245,046 cubic meters in 2020[105]. Audit and Compliance - The company paid a total of HKD 3,752,000 to its auditor, including HKD 2,810,000 for audit services and HKD 530,000 for the review of interim financial statements[85]. - The auditors evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates and disclosures made by the board[173]. - The auditors confirmed compliance with relevant ethical requirements regarding independence and communicated any relationships that could reasonably be thought to affect their independence[174].
世界(集团)(00713) - 2021 - 年度财报