Financial Performance - The Group's revenue increased by 118.4% to HK$247.2 million for FY2021, up from HK$113.2 million in FY2020[22] - Overall gross profit rose by 100.9% to HK$47.2 million in FY2021, compared to HK$23.5 million in FY2020[22] - The Group recorded a profit of HK$6.9 million for FY2021, an increase of approximately HK$17.0 million from a loss of HK$10.1 million in FY2020[11] - The improvement in profit was attributed to increased gross profit margins and a decrease in expected credit losses[11] - The absence of losses from discontinued operations also contributed to the profit for FY2021[11] - The Group's gross profit margin improved due to better performance in construction and ancillary services and consumer goods business[10] Revenue Sources - The increase in revenue was primarily driven by growth in construction and ancillary services, as well as consumer goods business[10] - Revenue from construction and ancillary services increased by 63.0% to HK$168.7 million in FY2021, driven by contributions from commercial projects[30] - Revenue from the consumer goods business amounted to HK$73.7 million in FY2021, compared to nil in FY2020[36] - The Group's money lending business generated revenue of HK$4.8 million in FY2021, down from HK$9.7 million in FY2020[34] Current Assets and Liabilities - As of December 31, 2021, the Group had net current assets of HK$209.9 million, compared to HK$118.7 million as of December 31, 2020[48] - The Group's current ratio was approximately 3.9 times as of December 31, 2021, consistent with the previous year[48] - The gearing ratio was approximately 16.4% as of December 31, 2021, compared to nil in the previous year[49] - Total cash and bank balances were HK$21.9 million as of December 31, 2021, down from HK$49.2 million in the previous year[47] Share Capital and Proceeds - The Group raised approximately HK$11.7 million from the placing of 120,000,000 shares at a price of HK$0.1 per share, completed on December 8, 2021[59] - As of December 31, 2021, HK$1.8 million of the net proceeds from the share placing had been utilized, leaving unutilized proceeds of HK$9.9 million[62] - The intended use of the net proceeds includes approximately HK$8 million for supporting the Group's construction and ancillary services and approximately HK$3.7 million for general working capital and business development[62] Corporate Governance - The company is committed to maintaining high standards of corporate governance, comprising two executive directors and three independent non-executive directors[144] - The company has complied with the Corporate Governance Code provisions during the year ended December 31, 2021[144] - The Board comprises two executive Directors and three independent non-executive Directors, with independent Directors representing more than one-third of the Board[176] - The Company has received written confirmations of independence from all independent non-executive Directors, satisfying the independence guidelines as per Rule 3.13 of the Listing Rules[184] Board Meetings and Committees - The Board held 12 meetings during the year ended December 31, 2021[166] - The Audit Committee held 2 meetings during the year ended 31 December 2021, reviewing the accounting principles and practices adopted by the Group and the consolidated financial statements for the six months ended 30 June 2021 and the year ended 31 December 2021[187] - The Remuneration Committee conducted 4 meetings during the year ended 31 December 2021, reviewing the existing remuneration policy and package of all Directors and senior management[189] - The Nomination Committee also held 4 meetings during the year ended 31 December 2021, reviewing the structure, size, and composition of the Board and the objectives for implementing the board diversity policy[192] Director Remuneration and Interests - The remuneration for Ms. Chen Wuyou was fixed at HK$240,000 per annum with a discretionary bonus, effective from December 14, 2021[16] - The remuneration for Mr. Cheung Ting Pong was fixed at HK$120,000 per annum, effective from February 1, 2021[16] - The remuneration for Mr. Zhen Jian was fixed at HK$120,000 per annum, effective from October 25, 2021[16] - None of the Directors had interests in any competing business during the year ended December 31, 2021[100] Risk Management - The Group currently does not have any foreign currency hedging policy, exposing it to foreign exchange risk primarily related to Renminbi[53] - The Group had no significant contingent liabilities as of December 31, 2021, consistent with the previous year[62] - There were no pledged assets as of December 31, 2021, remaining unchanged from December 31, 2020[55] Dividend and Reserves - The Group's distributable reserves as of December 31, 2021, amounted to approximately HK$38.0 million, down from HK$75.2 million as of December 31, 2020, representing a decrease of 49.3%[76] - The Directors do not recommend any payment of final dividend for the year ended December 31, 2021[78] Auditor and Financial Statements - HLB Hodgson Impey Cheng Limited resigned as auditors, and KTC Partners CPA Limited was appointed as the new auditor effective December 31, 2021[129] - The consolidated financial statements for FY2021 were audited by KTC Partners CPA Limited, who will retire but is eligible for re-appointment at the upcoming annual general meeting[129]
旷逸国际(01683) - 2021 - 年度财报