Financial Performance - Total revenue for the fiscal year 2022 was HKD 1,049,589 million, a decrease from HKD 1,089,858 million in 2021[22]. - The annual profit for 2022 was HKD 342,592 million, compared to HKD 301,575 million in 2021, reflecting an increase of approximately 13.6%[22]. - Earnings per share for 2022 were HKD 81.81 cents, up from HKD 72.02 cents in 2021, representing a growth of 13.5%[22]. - Total revenue for the year was HKD 1,049.6 million, a decrease of 3.7% or HKD 40.3 million from the previous fiscal year[29]. - Net interest income decreased by 6.3% to HKD 847.4 million, down from HKD 904.6 million in the previous year[30]. - The group’s operational income for the fiscal year 2021/22 was HKD 1,020.5 million, a decline of 4.0% compared to HKD 1,063.1 million in the previous year[32]. - The group recorded a pre-tax profit of HKD 398 million, an increase of HKD 40.1 million from the previous fiscal year, resulting in a net profit growth of 13.6%[29]. - The total comprehensive income for the year was HKD 379,018, up from HKD 292,744, indicating a significant increase of 29.4%[186]. Assets and Equity - Total assets as of February 28, 2022, were HKD 5,089,556 million, a slight decrease from HKD 5,083,366 million in 2021[23]. - The total equity as of February 28, 2022, was HKD 3,633,542 million, an increase from HKD 3,422,030 million in 2021, indicating a growth of approximately 6.2%[23]. - As of February 28, 2022, the company's net asset value was HKD 3,633,500,000, an increase from HKD 3,422,000,000 on February 28, 2021, reflecting a growth of approximately 6.2%[44]. - The net debt-to-equity ratio as of February 28, 2022, was 0.1, unchanged from the previous year[153]. Customer Loans and Receivables - The group's overall sales increased by 21.1% compared to the fiscal year 2020/21, with total customer loans and receivables rising by 5.2% as of February 28, 2022[25]. - Total customer loans and receivables increased by HKD 212.3 million to HKD 4,274.6 million, with personal loans rising by 15.9% to HKD 905.4 million[37]. - The overdue customer loans and receivables ratio decreased from 4.1% to 3.5% year-on-year, indicating improved credit quality[25]. - The impairment provision balance as of February 28, 2022, was approximately HKD 181,143,000, with HKD 94,095,000 deducted in the consolidated income statement for the year ended February 28, 2022[179]. - The expected credit loss model is applied based on a three-stage process, with the expected credit loss calculated using individual assessments and/or a provisioning matrix based on internal credit ratings[179]. Dividends - The company declared an interim dividend of HKD 0.22 per share for the fiscal year 2022[21]. - The group plans to maintain a stable dividend policy with a target payout ratio of no less than 30% of the fiscal year's consolidated net profit, proposing a final dividend of HKD 0.22 per share[28]. - The proposed final dividend is HKD 0.22 per share, totaling HKD 92,128,000, an increase from HKD 0.18 per share in the previous year, totaling HKD 75,378,000[155]. - The company declared dividends totaling HKD 92,128 thousand for the year, consistent with the previous year[189]. Operational Challenges and Strategies - The company faced challenges due to the ongoing COVID-19 pandemic but saw a rebound in local consumer spending during the first three quarters of the fiscal year[24]. - The demand for anti-epidemic products increased significantly as consumer behavior shifted back to online shopping in response to tightened social distancing measures in the fourth quarter[24]. - The company plans to continue focusing on market expansion and adapting to changing consumer preferences in the post-pandemic environment[24]. - The management remains optimistic about returning to a stable growth trajectory despite the challenges faced during the fiscal year[24]. - The company anticipates continued challenges in the operating environment due to geopolitical and economic conflicts, impacting business activities in Hong Kong[46]. Employee and Training Initiatives - The total number of employees increased from 379 on February 28, 2021, to 510 on February 28, 2022, with 358 based in Hong Kong and 152 in mainland China[50]. - The company has implemented various training programs to enhance employee skills and ensure high-quality customer service[50]. - Total training hours increased from 4,938 in 2020/21 to 8,034 in 2021/22, representing a growth of approximately 62.5%[83]. - The number of employees trained rose from 1,887 in 2020/21 to 2,737 in 2021/22, an increase of about 45%[83]. - The company has a comprehensive onboarding training program for new employees to understand its corporate values and compliance standards[79]. Sustainability and Corporate Governance - The company established a Sustainability Committee that held four meetings and reported five times to the Board during the fiscal year ending February 28, 2022[59]. - The company conducted a comprehensive materiality assessment to identify key sustainability issues impacting its operations and stakeholders[60]. - Eight key sustainability focus areas were developed, including customer-centricity, corporate governance, and environmental protection[61]. - The company is committed to maintaining high standards of corporate governance and social responsibility, ensuring compliance with applicable laws and regulations[63]. - The company has implemented a risk-based approach to establish effective anti-money laundering and counter-terrorist financing systems, with no violations reported for the fiscal year ending February 28, 2022[64]. Risk Management and Internal Controls - The company has established a corporate risk management framework that includes credit, operational, market, liquidity, compliance, legal, and regulatory risks[134]. - The internal control system is designed to prevent unauthorized use or disposal of the group's assets and ensure reliable financial reporting[134]. - The company has established a three-line defense risk management model, including operational units, risk management department, and internal audit department[135]. - No significant internal control deficiencies were found during the year, and appropriate measures have been taken based on recommendations from internal auditors and external auditors[136]. - The company has implemented a whistleblowing policy to maintain high standards of integrity and accountability, ensuring confidentiality for whistleblowers[137]. Shareholder Communication and Corporate Structure - The company held its annual general meeting on June 25, 2021, with all board members and key executives in attendance[146]. - The company has established various communication channels with shareholders, including annual general meetings and regular meetings with investors and analysts[145]. - The company’s board of directors is required to retire at the annual general meeting in 2022 but is eligible for re-election[159]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors, complying with the requirement of at least one-third independent non-executive directors[113]. Financial Reporting and Compliance - The company’s financial statements for the year ended February 28, 2022, were audited by Deloitte, confirming compliance with Hong Kong Financial Reporting Standards[176]. - The application of revised Hong Kong Financial Reporting Standards did not have a significant impact on the financial position and performance of the company for the current and prior years[3]. - The company’s financial reporting adheres to the applicable disclosure requirements set forth by listing rules and company ordinances[8]. - The auditors identified and assessed risks of material misstatement in the consolidated financial statements due to fraud or error, implementing audit procedures to address these risks[182].
AEON CREDIT(00900) - 2022 - 年度财报