Financial Performance - The company's revenue for the year ended December 31, 2021, was RMB 1,149,569,000, a decrease of 7.85% compared to RMB 1,247,561,000 in 2020[7] - The gross profit margin for 2021 was 10.77%, down from 11.9% in 2020[7] - The net loss attributable to the owners of the company for 2021 was RMB 59,893,000, compared to a profit of RMB 21,069,000 in 2020[9] - Total revenue for construction services in 2021 was RMB 1,133,212,000, a decrease of 7.4% from RMB 1,224,256,000 in 2020[27] - Total revenue for design services in 2021 was RMB 16,357,000, down 29.8% from RMB 23,305,000 in 2020[27] - Total operating expenses in 2021 amounted to RMB 1,070,963,000, a decrease of 8.1% from RMB 1,165,895,000 in 2020[28] - Basic loss per share for 2021 was RMB (0.1), compared to earnings of RMB 0.04 per share in 2020[34] - The effective tax rate for 2021 was 28%, consistent with the rate in 2020[30] - No dividends were proposed for the year ended December 31, 2021, same as in 2020[31] - The company reported a net financial and contract asset impairment loss of RMB 96,000,000 in 2021, compared to RMB 44,312,000 in 2020[9] - Other income recorded for the year ended December 31, 2021, was approximately RMB 3.7 million, down from RMB 14.3 million in 2020[59] - The company reported a net loss of approximately RMB 60.0 million for the year ended December 31, 2021, compared to a profit of approximately RMB 21.1 million in 2020[65] Assets and Liabilities - The company's total assets as of December 31, 2021, were RMB 1,793,728,000, a decrease from RMB 1,952,677,000 in 2020[12] - The total equity attributable to the owners of the company decreased to RMB 566,398,000 in 2021 from RMB 625,804,000 in 2020[12] - The company's cash and cash equivalents as of December 31, 2021, were RMB 33,727,000, down from RMB 56,856,000 in 2020[12] - As of December 31, 2021, trade receivables amounted to RMB 836.8 million, down from RMB 1,019.8 million in 2020, with a net amount of RMB 538.8 million after impairment provisions[37] - The net amount of warranty receivables was RMB 98.9 million in 2021, a decrease from RMB 107.7 million in 2020[37] - Trade and other receivables decreased from approximately RMB 991.2 million in 2020 to approximately RMB 680.3 million in 2021, a decline of about 31.4%[67] - Trade payables were RMB 677.3 million in 2021, down from RMB 844.6 million in 2020[47] - Trade and other payables decreased by 9.8% from approximately RMB 1,034.8 million in 2020 to approximately RMB 933.4 million in 2021[68] - Bank borrowings as of December 31, 2021, were approximately RMB 102.3 million, down from RMB 161.3 million in 2020, with a weighted average interest rate of approximately 5.54%[69] - The current ratio improved slightly from 1.41 in 2020 to 1.45 in 2021, while the debt-to-equity ratio decreased from 23.2% to 17.8%[72] Business Operations and Challenges - The company faced significant limitations in collecting necessary documents due to COVID-19 related travel restrictions[4] - The company faced challenges due to the ongoing COVID-19 pandemic and strict government measures, as well as a cooling real estate market impacting the decoration industry[50] - The number of new projects undertaken in 2021 totaled 233, with a total contract value of RMB 1,060.09 million, indicating a significant decline compared to the previous year[51] - The aging analysis of trade receivables showed that RMB 648.7 million was classified as unbilled revenue as of December 31, 2021[38] - The company reported a maximum credit risk of RMB 680.3 million for trade and other receivables as of December 31, 2021[37] Future Plans and Governance - The company expects to publish its audited annual results for 2021 by the end of April 2022[5] - The company plans to announce further updates at an appropriate time regarding its audited financial results[5] - The company is evaluating the financial impact of adopting new accounting standards and amendments that will take effect in the future[22] - The company has not reported any significant impact from the adoption of new accounting standards that took effect on January 1, 2021[19] - The company plans to reshape its business model and enhance digital transformation in 2022, aiming for significant growth in performance through innovative platforms and services[53] - The company fully complied with the corporate governance code, with a noted deviation regarding the separation of the roles of Chairman and CEO[85][87] - The audit committee reviewed the unaudited consolidated financial statements for the year ended December 31, 2021[92] - The company plans to publish its audited annual results by April 30, 2022, following the completion of the audit process[93] Capital Allocation - The net proceeds from the global offering amounted to approximately HKD 107.4 million, fully utilized by December 31, 2021[82] - The capital allocation from the net proceeds included 61.2% for capital needs and cash flow, 8.1% for hiring more project managers and designers, and 20.9% for enhancing existing branches[82]
文业集团(01802) - 2021 Q4 - 年度财报