China Development Financial Holding (CDF) held its Annual General Meeting today, in which the 2021 business report, financial statement and profit distribution were approved. The meeting also approved a fundraising plan for the company and agreed to issue NT$1.0 cash dividend per share. CDF also completed the election for the Board of Directors at the meeting. The newly-elected directors include six common directors: Chia-Juch Chang, Saloon Tham, Lionel de Saint-Exupéry, Steve Bertamini, Hung Yi Hsiao and Paul Yang, as well as three Independent Directors: Tyzz-Jiun Duh, Shih-Chieh Chang and Mr. Wei Chung.
Despite concerns about the on-going pandemic and inflation, CDF and its subsidiaries maintained a strong performance in key business areas including banking, securities, insurance, and private equity. The consolidated net income for 2021 was NT$47.1 billion (including NT$12.06 billion from non-controlling interests), with EPS of NT$2.34 and consolidated ROE of 15.1%. In terms of the 2022 outlook, CDF expects continued market volatility due to the uneven pace of global economic recovery, continued geopolitical conflicts and rising inflation. However, Taiwan's domestic demand is expected to remain strong resulting in overall positive economic growth.
The Annual General Meeting approved the proposal for CDF to raise long-term funds with no more than 2.5 billion shares of issuance, in order to support the Company’s growth or meet its long-term strategic development needs. CDF stated that it will choose the most appropriate method for fundraising, based on the capital market situations and Company’s requirement to ensure shareholders’ interests.