Financial Performance - The total revenue for the year ended December 31, 2021, was approximately HKD 78.4 million, a decrease of about HKD 27.4 million compared to HKD 105.8 million for the year ended December 31, 2020[8]. - The net loss attributable to shareholders for the year was approximately HKD 37.1 million, with a loss per share of HKD 0.0579[10]. - The company did not recommend a final dividend for the year ended December 31, 2021, and there was no interim dividend declared[11]. - The company's revenue for the year ended December 31, 2021, was approximately HKD 78.4 million, a decrease of about HKD 27.4 million compared to HKD 105.8 million in 2020[12]. - The loss attributable to the company's owners for the year was approximately HKD 37.1 million, a decrease of about HKD 344.0 million compared to a profit of HKD 306.9 million in 2020[12]. - The company reported no revenue from the property development segment for the year, compared to HKD 38.5 million in 2020[13]. - The investment property segment generated revenue of approximately HKD 41.8 million, an increase of about HKD 3.1 million from HKD 38.7 million in 2020[20]. - The total carrying value of the investment property portfolio was approximately HKD 1,054.1 million, compared to HKD 1,050.7 million in 2020[21]. - Revenue from the city storage and workspace segment was approximately HKD 37.8 million, an increase of about HKD 5.4 million from HKD 32.4 million in 2020[21]. - The financing segment reported revenue of approximately HKD 4.5 million for the year ended December 31, 2021, down from HKD 6.1 million in 2020, a decrease of about HKD 1.6 million[25]. - The construction and renovation services segment generated revenue of approximately HKD 3.9 million for the year ended December 31, 2021, up from HKD 3.1 million in 2020, indicating growth in this area[26]. - The wine business reported revenue of approximately HKD 19.0 million for the year ended December 31, 2021, an increase of about HKD 4.4 million from HKD 14.6 million in 2020[27]. - The total equity of the group as of December 31, 2021, was approximately HKD 1,382.3 million, a decrease from HKD 1,413.7 million as of December 31, 2020[31]. - The group maintained cash and bank balances of approximately HKD 94.0 million as of December 31, 2021, compared to HKD 55.5 million in 2020[31]. - The group's total current assets increased to approximately HKD 4,180.7 million as of December 31, 2021, from HKD 2,942.2 million in 2020, primarily due to increases in pre-sale deposits[31]. - The group's capital commitments were approximately HKD 369.9 million as of December 31, 2021, down from HKD 419.1 million in 2020[33]. Property Development - Significant milestones in property development included the completion of a property named C19 in South Korea and the approval of another property named C25 in January 2022[8]. - The company confirmed and settled the land price for a residential project in Yuen Long, Hong Kong[8]. - The company is in the final completion stage of a project named "Cloud Edge," with partnership papers awarded in the first quarter of 2022[8]. - The company plans to redevelop the Yuen Long site project into a luxury shared apartment complex, with construction expected to be completed in Q2 2023[17]. - The company is focusing on developing existing projects while monitoring the property market for new opportunities[18]. - The company has four completed projects and four major projects under construction as of December 31, 2021[13][16]. - The company is considering opportunities to purchase investment properties or develop properties with potential for appreciation to generate stable rental income[22]. Corporate Governance - The company has a strong board of directors with extensive experience in finance and management, including members with over 27 years in private equity and corporate finance[68]. - The company reported a significant focus on risk management, with independent directors actively participating in risk control committees[67]. - The board includes members with qualifications from prestigious institutions, ensuring high standards of governance and compliance[68]. - The company has established a comprehensive governance framework to address potential power concentration issues and ensure effective management of business processes[80]. - The board regularly reviews its corporate governance practices to meet the increasing expectations of stakeholders and comply with regulatory requirements[81]. - The company has a dedicated audit committee responsible for overseeing compliance with legal and regulatory policies, ensuring adherence to corporate governance standards[81]. - The board consists of 7 members, including 3 executive directors, 1 non-executive director, and 3 independent non-executive directors as of December 31, 2021[83]. - The company has complied with the corporate governance code, ensuring that all independent non-executive directors are independent according to the listing rules[85]. - The company has received written confirmations of independence from all independent non-executive directors, ensuring compliance with independence guidelines[85]. - The board believes that its composition provides a balanced mix of skills and experience necessary for decision-making and business needs[85]. - The company has established a clear written terms of reference for the nomination committee, outlining its authority and responsibilities[103]. - The audit committee reviewed the consolidated financial statements for the year ended December 31, 2021, and held three meetings during the reporting period[116]. - The company has implemented a standard code of conduct for securities trading, confirming that all directors complied with the regulations throughout the reporting period[138]. - The company has established a whistleblowing policy to promote openness and accountability, with no significant fraud reported during the review period[133]. Risk Management - The group has established a risk control committee to manage potential risks and uncertainties affecting its business and financial condition[48]. - The company has implemented a robust internal control system covering various operational processes, including financial reporting and cost management[124]. - The board of directors is responsible for maintaining an effective risk management and internal control system to protect shareholders' interests[124]. - The risk control committee held one meeting during the reporting period to review the internal control and risk management systems[122]. - The company has engaged an outsourced internal audit team to conduct an annual review of its major operating units[124]. Sustainability and Community Engagement - The group emphasizes sustainable development as a key long-term goal, integrating environmental, social, and governance factors into its business strategy[143]. - The group has implemented a green office program to encourage energy-saving habits among employees, including turning off idle electronic devices and utilizing natural light[152]. - The group has not identified any significant non-compliance issues regarding emissions and waste management regulations during the review year[156]. - The company adheres to all applicable environmental laws and regulations, ensuring minimal impact on the environment and natural resources[166]. - Community investment initiatives focus on environmental concerns, labor needs, health, and youth entrepreneurship, including a green office policy and community service leave for employees[198]. Employee Management and Training - The overall employee turnover rate for the company was approximately 32.7% as of December 31, 2021[171]. - The company employed 104 employees in Hong Kong and Korea as of December 31, 2021, an increase from 99 employees in the previous year[170]. - 39.5% of employees received training during the year, with 50.1% of male employees and 43.9% of female employees participating[176]. - Training completion rates by management level were 18.2% for top management, 22.7% for middle management, and 59.1% for general staff[176]. - The company provides competitive compensation and adheres to human resource practices that promote diversity and equal opportunity[169]. - The company has a zero-tolerance policy towards forced labor and child labor, ensuring compliance with all relevant laws and regulations[178]. Quality Control and Compliance - Quality control measures include regular inspections and reviews of contractors' qualifications and performance to ensure compliance with standards[184]. - The company emphasizes project supervision to ensure development projects meet quality standards and comply with relevant laws[184]. - All construction contractors are required to adhere to environmental, labor, and safety regulations to minimize risks and liabilities[179]. - The group ensures all building projects have BEAM Plus certification, focusing on material selection, waste management, air, noise, and water pollution during construction, CO2 emission reduction, energy efficiency, and water conservation[186]. - The group provides comprehensive after-sales service, including handling customer complaints and overseeing maintenance of developed properties, with a one-year defect liability period for contractors[188]. - The group has implemented a strict anti-corruption policy and has not reported any corruption cases for the fiscal year ending December 31, 2021[194].
星星集团(01560) - 2021 - 年度财报