Financial Performance - Total revenue for the fiscal year 2021 was approximately HKD 892.5 million, an increase from HKD 871.9 million in fiscal year 2020, representing a growth of about 2.3%[13] - Air freight forwarding services generated revenue of HKD 843.3 million, accounting for 94.5% of total revenue, slightly down from HKD 843.9 million in the previous year, a decrease of approximately 0.1%[14] - Sea freight forwarding services saw revenue increase to HKD 49.2 million, up from HKD 28.0 million in the previous year, representing a growth of approximately 75.5%[14] - Revenue from the maritime cargo transshipment segment increased by approximately HKD 21,200,000 or about 75.7% to approximately HKD 49,200,000 in the fiscal year 2021[17] - Gross profit decreased by approximately HKD 11,500,000 or about 12.2% to approximately HKD 82,900,000, with the gross margin slightly declining from about 10.8% to about 9.3%[20] - Profit before tax decreased by approximately HKD 3,000,000 or about 9.6% to approximately HKD 28,100,000, while profit after tax decreased by approximately HKD 200,000 or about 0.9% to approximately HKD 23,000,000[26] - Other income fell by approximately HKD 2,400,000 or about 88.9% to approximately HKD 300,000, primarily due to the absence of government subsidies in the fiscal year 2021[21] Operational Strategy - The company has established a competitive edge by securing charter agreements with airlines for direct flights to the US and Europe, enhancing its service offerings[9] - The company plans to continue leveraging the growing trend of cross-border e-commerce to drive future growth in the air freight market[9] - The company has six regional offices in mainland China, enhancing its operational capabilities in the region[12] - The company plans to strengthen its market position in Hong Kong and China by purchasing more cargo space to meet customer demand[51] - The company will establish new offices in China to reach more potential customers[51] - The company has been expanding its operations in Southern China, opening new branches to explore new business opportunities and markets[53] Financial Management - The listing on GEM has provided the company with necessary financial resources to manage cash flow more flexibly and support its expansion plans[9] - Service costs rose by approximately HKD 32,100,000 or about 4.1% to approximately HKD 809,600,000 in the fiscal year 2021, consistent with the increase in revenue[18] - Trade receivables increased by approximately HKD 47,500,000 or about 25.6% to approximately HKD 232,700,000, with the average turnover days rising from about 57.5 days to about 85.5 days[30] - As of December 31, 2021, the debt-to-equity ratio was approximately 25.5%, down from about 47.4% a year earlier, with total debt around HKD 42,300,000[27] - The weighted average effective interest rate for interest-bearing borrowings was approximately 3.43%, down from about 4.22% the previous year[32] - The total employee cost for the fiscal year 2021 was approximately HKD 28,600,000, compared to HKD 24,600,000 in fiscal year 2020, reflecting an increase of about 16.3%[45] Governance and Compliance - The board of directors did not recommend any final dividend for the fiscal year 2021, similar to the previous fiscal year[50] - The company has established a risk management and internal control system to identify existing risks and has taken necessary measures to mitigate identified risks[109] - The company has adopted a share option scheme to incentivize employees and directors for their contributions[45] - The company has established a remuneration committee to review its compensation policies and structures for all directors and senior management[104] - The board consists of eight members, including two executive directors, two non-executive directors, and four independent non-executive directors[135] - The company has established a compliance manual for employees and directors to ensure adherence to governance codes[134] Risk Management - The company faces financial risks, including price risk, interest rate risk, foreign exchange risk, credit risk, and liquidity risk[110] - The company is committed to risk management and control functions, which are essential for maintaining operational integrity[55] - The management assessed the expected credit losses based on historical loss experience and specific factors related to debtors, indicating a proactive approach to credit risk management[188] - The company has implemented a robust internal control system to ensure the accuracy of financial reporting and compliance with the Hong Kong Financial Reporting Standards[192] Shareholder Relations - The company has maintained transparency in communication with shareholders through various reports and announcements, ensuring timely updates on financial performance[182] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future growth, with no final dividend recommended for the fiscal year 2021[75] - The board will consider various factors, including financial performance and cash flow, when deciding on dividend payments[74] Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2021[183] - The audit committee assists the board in overseeing the financial reporting process, enhancing governance and accountability within the group[193] - The financial statements have been prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance, ensuring compliance with legal standards[192] - The overall presentation, structure, and content of the consolidated financial statements were evaluated to ensure they fairly reflect the relevant transactions and matters[200]
裕程物流(08489) - 2021 - 年度财报