INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國際商業結算控股有限公 司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） International Business Settlement Holdings Limited (the "Company") Notification of publication of Interim Report 2024 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications (Note) are available on the Company's website at www.147hk.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchang ...

INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國際商業結算控股有限公 司 （股份代號：00147） NOTIFICATION LETTER 通知信函 24 December 2024 (Incorporated in Bermuda with limited liability) Dear Registered Shareholder, International Business Settlement Holdings Limited (the "Company") Notification of publication of Interim Report 2024 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.147hk.com and the websi ...

Financial Performance - The company reported a loss attributable to owners of HK$47.75 million for the six months ended 30 September 2024, compared to a loss of HK$25.575 million in the same period in 2023[9] - Basic loss per share for continuing operations was HK$0.24 for the six months ended 30 September 2024, compared to HK$0.13 in the same period in 2023[12] - The company's total segment loss for continuing operations was HK$45.726 million for the six months ended 30 September 2024, with unallocated corporate expenses of HK$15.325 million and bank interest income of HK$6.624 million[33] - The Group incurred a loss of approximately HK$65,429,000 for the reporting period, mainly due to an impairment loss on properties held for sale of HK$31,103,000 and finance costs of HK$28,353,000[138] - The gross profit margin decreased to 12.89% from 20.30% in the previous period, primarily due to higher average selling prices in the previous period and stable margins in the leasing and trading of computer equipment[141] - The Group's net asset value per share is HK$2.39 cents, compared to HK$2.84 cents in the previous period[136] - The company recorded a segment loss of approximately HK$59,250,000 for the reporting period, mainly due to an impairment loss of HK$31,103,000 and finance costs of HK$28,353,000[170] Revenue and Business Segments - Revenue from the computer equipment business, a continuing operation, was HK$106.862 million for the six months ended 30 September 2024[33] - Revenue from continuing operations for the reporting period is approximately HK$106,862,000, compared to HK$100,154,000 in 2023, primarily derived from the leasing and trading of computer equipment[136] - Revenue from leasing data storage equipment was approximately HK$75.78 million, up from HK$57.61 million in 2023, while trading of data storage equipment generated HK$31.08 million, compared to nil in 2023[178] - Segment profit from data storage equipment leasing and trading was HK$13.52 million, up from HK$10.92 million in 2023[178] - The Group did not generate any revenue from property sales in the current period due to unfavorable conditions in the PRC's real estate industry[136] Assets and Liabilities - The company's total carrying value of property, plant, and equipment was HK$309.199 million as of 30 September 2024, down from HK$353.615 million as of 31 March 2024[17][18] - The company's total assets for continuing operations included HK$120,000 for furniture and office equipment, HK$277,000 for motor vehicles, HK$185.998 million for construction in progress, HK$3.491 million for right-of-use assets, and HK$119.313 million for server equipment as of 30 September 2024[17] - Trade receivables increased significantly to HK$149,820,000, up from HK$73,955,000[81] - Other receivables and prepayments totaled HK$188,650,000, up from HK$142,483,000[81] - Factoring receivables over 5 years totaled HK$66,707,000 as of 30 September 2024, secured by accounts receivables with an interest rate of 6.5%[89] - Restricted bank deposits were approximately HK$452,000 as of 30 September 2024, with HK$345,000 frozen by the court and HK$326,000 restricted for property project construction costs[93] - Borrowings carried fixed interest rates ranging from 3% to 18%, with HK$128,928,000 secured by hotel rooms under construction[102][104] - Unsecured borrowings included HK$7,594,000 at 18% interest, HK$22,205,000 at 3% interest from a related party, and HK$391,105,000 at 12% interest[106] - Contract liabilities increased from HK$84,254,000 to HK$86,726,000 due to exchange adjustments[109] - Guarantees provided to banks for mortgage facilities amounted to HK$465,615,000 as of 30 September 2024[116] - The carrying amount of loan receivables was HK$129.05 million as of 30 September 2024, up from HK$125.37 million as of 31 March 2024[185] Expenses and Costs - Total staff costs increased to HK$7,088,000, up from HK$5,788,000 in the previous year[48] - Depreciation of property, plant, and equipment rose to HK$54,140,000, compared to HK$39,861,000 in the prior period[48] - Cost of inventories recognized as expenses decreased to HK$29,602,000 from HK$33,220,000[48] - The Group's retirement benefit scheme contributions for key management personnel amounted to HK$2,700,000 for the six months ended 30 September 2024, compared to HK$2,638,000 in the same period last year[130] Property Development and Construction - The construction of both Phase I and Phase II of Zhenghe City, with a total gross floor area of approximately 998,000 square meters, is substantially completed[140] - Total site area for Phase I and Phase II is 373,000 sq.m, with a gross floor area of 998,000 sq.m and 290,000 sq.m of unsold saleable area remaining[148] - Zone C has approximately 26,000 sq.m of unsold saleable area for studio/office buildings and 83,000 sq.m for retail outlets and car parking spaces[160] - Zone D1 has approximately 44,000 sq.m of unsold saleable area for car parking spaces and retail shops[162] - Zone F has approximately 8,000 sq.m of unsold retail outlets and 27,000 sq.m of unsold car parking spaces[169] - The hotel business in Zone E1 has a gross floor area of approximately 31,000 sq.m, but operations are delayed due to the lack of a completion certificate[175] Impairment and Losses - Impairment loss on completed properties held for sale recognized at HK$31,103,000 for the period ended 30 September 2024[80] - An impairment loss of HK$31,103,000 was recognized for properties held for sale as the net realizable value was lower than the carrying amount[172] Share Options and Dividends - The total number of shares available for issuance under the share option scheme is 2,031,907,232, representing approximately 10% of the total issued shares as of the reporting date[119] - The Group's share option scheme, approved on 11 September 2023, will expire on 11 September 2033, with the exercise price determined based on the stock price on the Hong Kong Stock Exchange[121][128] - The company did not pay, declare, or propose any dividends during the reporting period[8] - No dividends were declared or paid during the reporting period[190] Accounting and Financial Reporting - The company's financial statements were prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure provisions of the Main Board Listing Rules[2] - The company's accounting policies for the reporting period were consistent with those used in the 2023/2024 annual financial statements, except for amendments to Hong Kong Financial Reporting Standards effective from 1 April 2024[3][5] - The weighted average number of shares for calculating basic loss per share was 20,319,072,320[193] Cryptocurrency and Future Plans - The Group anticipates a shift towards a more friendly regulatory regime for cryptocurrencies in Hong Kong and plans to expand its involvement in the cryptocurrency sector[179] - Due to the declining market price of Filecoin, some lessees have decided not to renew their leases, prompting the Group to negotiate and adjust leasing fees to attract new customers[180] Subsequent Events and Other Information - No major subsequent events have occurred since 30 September 2024 up to the date of this interim report[133] - The Group has no prepaid land value-added tax or corporate income tax related to contract liabilities as of 30 September 2024[188]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就因本公佈全部或任何部份內容或因倚 賴該等內容而引致之任何損失承擔任何責任。 更改百慕達主要股份過戶登記處 INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國 際 商 業 結 算 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00147） 國際商業結算控股有限公司 (「本公司」) 董事會(「董事會」) 謹此宣佈，自二零二五 年一月一日開始，本公司於百慕達之主要股份過戶登記處將更改為： Appleby Global Corporate Services (Bermuda) Limited Canon's Court, 22 Victoria Street, PO Box HM 1179, Hamilton HM EX Bermuda 本公司於香港之股份過戶登記分處仍然為卓佳秘書商務有限公司，地址為香港夏愨道16 號遠東金融中心17樓。 國際商業結算控股有限公司 執行董事 袁亮 香港，二零二四年十二月十九日 於本公佈日期 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 106,862,000, an increase of 6.8% compared to HKD 100,154,000 for the same period in 2023[2] - Gross profit decreased to HKD 13,773,000 from HKD 20,325,000, reflecting a decline of 32.3% year-on-year[2] - Loss from continuing operations attributable to owners was HKD 47,750,000, compared to a loss of HKD 25,575,000 in the previous year, representing an increase of 86.7%[3] - Total comprehensive loss for the period was HKD 65,429,000, down from HKD 88,428,000 in the same period last year, indicating a reduction of 26.0%[5] - The company reported a significant increase in sales and service costs, which rose to HKD 93,089,000 from HKD 79,829,000, an increase of 16.5%[2] - The group recorded a loss from continuing operations of approximately HKD 65,429,000 for the period ending September 30, 2024[30] - The group incurred a loss of HKD 45,726,000 for the six months ending September 30, 2024, compared to a loss of HKD 18,261,000 for the same period in 2023[42] - The company reported a loss attributable to owners of the company of HKD (47,750,000) for the six months ended September 30, 2024, compared to a loss of HKD (25,575,000) in the same period of 2023[56] - The company recorded a loss of HKD 65,429,000 for the period, compared to a loss of HKD 34,436,000 in the previous year, reflecting an increase in losses of approximately 90%[118] Assets and Liabilities - Non-current assets decreased to HKD 509,516,000 from HKD 562,018,000, a decline of 9.3%[13] - Current assets increased to HKD 1,437,241,000 from HKD 1,404,147,000, reflecting a growth of 2.4%[13] - Total liabilities rose to HKD 1,436,688,000 from HKD 1,367,768,000, an increase of 5.0%[13] - Total assets as of September 30, 2024, amounted to HKD 1,946,757,000, a decrease from HKD 1,966,165,000 as of March 31, 2024[45] - Total liabilities increased to HKD (1,460,285,000) as of September 30, 2024, compared to HKD (1,389,609,000) as of March 31, 2024[45] - The total borrowings as of September 30, 2024, amounted to HKD 549,832,000, up from HKD 534,158,000 as of March 31, 2024, indicating a rise of about 2.5%[94] - The company’s total liabilities, including current and non-current, amounted to HKD 730,679,000 as of September 30, 2024, compared to HKD 678,402,000 as of March 31, 2024, reflecting an increase of approximately 7.7%[15] Revenue Streams - Revenue from the computer equipment business for the six months ending September 30, 2024, was HKD 106,862,000, compared to HKD 57,610,000 for the same period in 2023, representing an increase of 85.5%[34] - Revenue from external customers in Hong Kong for the six months ended September 30, 2024, was HKD 106,862,000, up from HKD 57,610,000 in the same period of 2023[49] - Revenue from renting data storage equipment was approximately HKD 75,780,000, an increase from HKD 57,610,000 in 2023, while sales of data storage equipment generated HKD 31,082,000, compared to zero in 2023[160] Operational Strategy - The group has ceased operations in international business settlement and the contact lens business, focusing on property development, hotel operations, computer equipment, and financing services[33][40] - The group’s operational strategy includes focusing on property development and hotel management services in China, alongside computer equipment leasing and financing services[39][40] - The company plans to continue developing the remaining hotel buildings in Phase 2, E district, and is actively seeking other property development opportunities in Guangxi and other provinces in China[155] Employee and Governance - As of September 30, 2024, the group employed approximately 73 employees, a slight decrease from 74 employees in 2023[182] - The company has adhered to the corporate governance code throughout the reporting period, with some deviations explained, including the absence of a formally appointed chairman or CEO[187] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ending September 30, 2024, ensuring compliance with applicable accounting standards[191] Future Outlook and Plans - The company has not disclosed specific future outlook or guidance in the provided content[2] - The group plans to establish a joint venture in Laos for digital currency mining and trading, with a total capital contribution of USD 2,000,000[164] - A joint venture in Fuzhou is being established to provide comprehensive digital logistics services, with a proposed registered capital of RMB 1 million[165] Dividends and Shareholder Relations - The company did not declare any interim dividends for the reporting period, consistent with the previous year[55] - The group has decided not to declare any dividends for the period ending September 30, 2024[181] - The interim results announcement has been published on the Hong Kong Stock Exchange and the company's website, ensuring transparency for shareholders[193] - The company expresses gratitude to shareholders for their continued support and acknowledges the efforts of all employees during the reporting period[195]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，且表明不會就因本公佈全部或任何部份內容或因倚 賴該等內容而引致之任何損失承擔任何責任。 INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國 際 商 業 結 算 控 股 有 限 公 司 （股份代號：00147） 董事會會議召開日期 國際商業結算控股有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，本公司 將於二零二四年十一月二十八日（星期四）舉行董事會會議，藉以(其中包括)考慮及批 准本公司及其附屬公司截至二零二四年九月三十日止六個月之中期業績，以及考慮派發 中期股息（如有）。 承董事會命 執行董事 袁亮 香港，二零二四年十一月十八日 （於百慕達註冊成立之有限公司） 於本公佈日期，董事會由執行董事袁亮先生及陳少達先生；非執行董事劉雨先生；及獨 立非執行董事葉勇先生、陳嵐冉女士及王建平先生組成。 國際商業結算控股有限公司 ...

Financial Performance - The company reported a loss of HKD 125,140,000 for the year ending March 31, 2024, compared to a loss of HKD 82,088,000 in the previous year, representing a year-over-year increase in losses of approximately 52.5%[3] - Revenue from continuing operations decreased to HKD 173,689,000, down 78.9% from HKD 825,538,000 in the previous year[11] - Gross profit for the year was HKD 36,516,000, a decline of 86.2% compared to HKD 264,285,000 in the prior year[11] - The company reported a loss from continuing operations of approximately HKD 61,327,000 for the year, compared to a loss of HKD 24,453,000 in the previous year, indicating a significant increase in losses[52] - The basic and diluted loss per share from continuing operations was approximately HKD 0.25, up from HKD 0.15 in the previous year, reflecting a worsening financial performance[61] - The company’s total comprehensive expenses for the year were HKD 123,585,000, compared to HKD 97,641,000 in the previous year, reflecting increased financial strain[59] - The property development segment reported a loss of HKD 62,110,000, while the computer equipment leasing and sales segment generated a profit of HKD 26,633,000[98] - The financing business recorded a profit of HKD 151,000, contributing to a total pre-tax loss of HKD 51,961,000 for the year[98] Asset and Liability Management - The total assets of the group as of March 31, 2024, were approximately HKD 1,966,165,000, down from HKD 2,378,267,000 a year earlier, indicating a decrease of about 17.3%[15] - The total liabilities of the group were approximately HKD 1,389,609,000, down from HKD 1,755,839,000, reflecting a decrease of approximately 20.8%[15] - The equity attributable to the owners of the company was approximately HKD 576,556,000, down from HKD 622,428,000, a decline of about 7.4%[15] - Total assets decreased to HKD 598,397,000 as of March 31, 2024, down from HKD 755,205,000 in the previous year, indicating a decline in the company's asset base[58] - Total borrowings as of March 31, 2024, amounted to approximately HKD 534,158,000, with around HKD 512,586,000 due within the next twelve months[72] - The group’s total liabilities increased slightly to HK$678,402,000 in 2024 from HK$677,552,000 in 2023, showing stability in financial obligations[160] Cash Flow and Liquidity - The company had cash and cash equivalents of HKD 334,518,000 as of March 31, 2024, compared to HKD 268,997,000 in the previous year, showing an increase in liquidity[62] - The current ratio improved to 1.03 from 0.86 in the previous year, indicating better short-term financial health[16] - The group’s cash and bank balances increased to HKD 334,518,000 in 2024 from HKD 268,997,000 in 2023, an increase of approximately 24.4%[111] Revenue Streams - Revenue from property sales decreased significantly to HKD 42,259,000 in 2024 from HKD 714,134,000 in 2023, representing a decline of approximately 94.1%[80] - Revenue from leasing computer equipment and related services increased to HKD 131,430,000 in 2024 from HKD 87,123,000 in 2023, reflecting an increase of approximately 50.8%[80] - Revenue from external customers in Hong Kong was HKD 131,430,000, up from HKD 111,404,000 in the previous year[105] - Revenue from external customers in China decreased significantly to HKD 42,259,000 from HKD 714,134,000 year-over-year[105] Impairment and Provisions - The company recorded an impairment loss on properties held for sale of HKD 13,198,000, significantly reduced from HKD 172,731,000 in the previous year[11] - The company recognized an impairment loss of HKD 13,198,000 on properties held for sale due to the weak property market conditions in China[52] - The impairment loss recognized for completed properties held for sale was HK$13,198,000 in 2024, a substantial decrease from HK$172,731,000 in 2023, indicating improved asset valuation[151] - The company reported a decrease in the provision for impairment losses, remaining stable at HK$131,919,000 in both 2024 and 2023, suggesting effective credit risk management[144] Business Strategy and Operations - The group plans to discontinue its international business settlement classification and sell its interest in the contact lens business[71] - The group is primarily engaged in property development, hotel operations, and leasing and trading of computer equipment in China[71] - The group has maintained a good relationship with banks and other lenders, enhancing its ability to negotiate debt extensions or seek new long-term financing[72] - The group plans to reallocate resources following the termination of the international business settlement segment, which has not generated income since 2016[195] Employee and Operational Costs - Total employee costs decreased to HKD 11,588,000 in 2024 from HKD 14,475,000 in 2023, representing a reduction of approximately 19.5%[109] - The cost of inventory recognized as an expense significantly decreased to HKD 32,997,000 in 2024 from HKD 466,229,000 in 2023, indicating a reduction of about 92.9%[109] Taxation - The group reported a loss of HKD 4,703,000 in current tax expenses for corporate income tax in 2024, down from HKD 5,136,000 in 2023[119] - The applicable corporate income tax rate for the group's Chinese subsidiaries remains at 25% for the fiscal year ending March 31, 2024, consistent with 2023[108]

Revenue Performance - For the six months ended 30 September 2023, revenue from property sales was HK$42,544,000, an increase of 26.5% compared to HK$33,627,000 in the same period of 2022[9]. - Revenue from contact lens sales and leasing and trading of computer equipment reached HK$40,066,000, up 51.8% from HK$26,376,000 in the previous year[9]. - For the six months ended September 30, 2023, total revenue was HK$87,203, a decrease from HK$140,220 in the same period of 2022, representing a decline of approximately 37.8%[88]. - The external sales revenue from the contact lens business was HK$26,376 for the reporting period[88]. - Revenue for the six months ended September 30, 2023, was HK$140,220,000, representing an increase from HK$87,203,000 in the same period of 2022, a growth of 60.7%[147]. Financial Losses - The company reported a loss attributable to owners of HK$64,879,000 for the six months ended 30 September 2023, compared to a loss of HK$10,541,000 in the same period of 2022, indicating a significant increase in losses[36]. - Loss before taxation for the six months was HK$75,683,000, compared to a loss of HK$36,021,000 in the same period last year, reflecting a worsening of 109.5%[147]. - The company reported a loss for the period of HK$88,428,000, significantly higher than the loss of HK$1,216,000 in the same period of 2022[147]. - Total comprehensive expense attributable to owners of the Company was HK$64,278,000 for the six months ended September 30, 2023, compared to HK$26,331,000 for the same period in 2022[164]. Asset and Liability Management - As of 30 September 2023, the group had net current liabilities of approximately HK$241,845,000[2]. - Current liabilities exceeded current assets, resulting in net current liabilities of HK$241,845,000 as of September 30, 2023, compared to HK$225,879,000 as of March 31, 2023[151]. - The company's net assets decreased to HK$556,188,000 as of September 30, 2023, down from HK$622,428,000 as of March 31, 2023[151]. - Borrowings as of September 30, 2023, were HK$649,947,000, a decrease from HK$691,754,000 as of March 31, 2023[150]. Impairment and Depreciation - Impairment loss on properties held for sale was recorded at HK$9,880,000, indicating a new challenge for the company[26]. - Depreciation of property, plant, and equipment amounted to HK$54,371,000, which is a significant increase from HK$27,760,000 in the same period last year[26]. - The company incurred a depreciation expense of HK$210,119,000 for property, plant, and equipment during the reporting period[52]. - Impairment losses on properties held for sale amounted to HK$9,880,000, while impairment losses on property, plant, and equipment were HK$17,349,000[147]. Cash Flow and Interest Income - Bank interest income increased significantly to HK$5,481,000, compared to HK$1,237,000 in the previous year, marking a growth of 344.5%[13]. - Cash and bank balances increased to HK$331,918,000 as of September 30, 2023, compared to HK$268,997,000 as of March 31, 2023[150]. - The Group's interest receivables as of September 30, 2023, were HK$6,524, slightly down from HK$6,944 as of March 31, 2023[93]. Equity and Dividends - No interim dividend was declared for the reporting period, consistent with the previous year where no dividend was paid or proposed[37]. - The company reported a basic and diluted loss per share of HK$0.32 for the six months ended September 30, 2023, compared to HK$0.05 for the same period in 2022[164]. - The company’s total equity decreased to HK$556,188,000 as of September 30, 2023, from HK$622,428,000 as of March 31, 2023[151]. Investments and Capital Expenditures - The company made prepayments for machinery and equipment amounting to HK$113,766,000 and server equipment of HK$105,702,000 during the reporting period[50]. - The Group has entered into agreements to acquire a contact lens production line in China for a total consideration of approximately HK$356,036,000, with HK$317,172,000 already paid as of the reporting date[90]. - The Group has invested a total of RMB36,808,000 (approximately HK$40,490,000) in developing cross-border settlement systems and platforms[64].

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) During the reporting period, the company's revenue increased by 60.8% to HKD 140.22 million, driven by contact lens and computer equipment leasing businesses, but net loss significantly widened to HKD 88.43 million due to asset impairment and increased financing costs, with basic loss per share expanding from HKD 0.05 cents to HKD 0.32 cents Key Consolidated Statement of Profit or Loss Data (For the six months ended September 30) | Metric | 2023 (Thousand HKD) | 2022 (Thousand HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | **Revenue** | 140,220 | 87,203 | +60.8% | | **Gross Profit** | 20,061 | 3,551 | +464.9% | | **Loss Before Tax** | (75,683) | (36,021) | +100.1% | | **Loss for the Period** | (88,428) | (1,216) | +7172.0% | | **Loss Attributable to Owners of the Company** | (64,879) | (10,541) | +515.5% | | **Basic Loss Per Share (HK cents)** | (0.32) | (0.05) | +540.0% | - The significant increase in loss during the reporting period was primarily due to: 1) substantial impairment losses on production equipment and inventories in the contact lens business; 2) impairment of properties held for sale due to a weak property market; 3) inability to capitalize financing costs as major construction projects were completed; and 4) the absence of a significant tax credit present in the prior period[164](index=164&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of September 30, 2023, the company's total assets were HKD 2.29 billion, total liabilities HKD 1.73 billion, and net assets (total equity) HKD 556.19 million, all decreasing from March 31, 2023, with a net current liability position of approximately HKD 241.85 million indicating short-term liquidity pressure Key Financial Position Data | Metric | September 30, 2023 (Thousand HKD) | March 31, 2023 (Thousand HKD) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 2,287,700 | 2,378,267 | -3.8% | | **Total Liabilities** | 1,731,512 | 1,755,839 | -1.4% | | **Net Assets (Total Equity)** | 556,188 | 622,428 | -10.6% | | **Net Current Liabilities** | (241,845) | (225,879) | -7.1% | - Despite the net current liabilities, the Directors believe the Group has sufficient working capital for the next 12 months, considering good banking relationships and internally generated funds, thus the financial statements are prepared on a going concern basis[20](index=20&type=chunk)[41](index=41&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [Segment Reporting](index=7&type=section&id=Item%204.%20Segment%20Reporting) The Group operates six business segments, with the computer equipment leasing and trading business being the sole profitable segment, contributing HKD 10.92 million in profit, while the contact lens and property development segments incurred the largest losses of HKD 48.97 million and HKD 29.34 million respectively, with these three segments also being the primary revenue sources - The Group primarily operates six business segments: (1) Property Development; (2) Hotel Business; (3) International Business Settlement; (4) Contact Lens Business; (5) Leasing and Trading of Computer Equipment; and (6) Financing Business[44](index=44&type=chunk)[72](index=72&type=chunk) Revenue and Results by Business Segment (For the six months ended September 30) | Business Segment | 2023 Revenue (Thousand HKD) | 2023 (Loss)/Profit (Thousand HKD) | 2022 Revenue (Thousand HKD) | 2022 (Loss)/Profit (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 42,544 | (29,337) | 33,627 | (4,464) | | Hotel Business | – | – | – | – | | International Business Settlement | – | (5,030) | – | (4,078) | | Contact Lens Business | 40,066 | (48,966) | 26,376 | (22,249) | | Leasing and Trading of Computer Equipment | 57,610 | 10,922 | 27,200 | 2,007 | | Financing Business | – | 154 | – | (654) | | **Total** | **140,220** | **(72,257)** | **87,203** | **(29,438)** | Revenue from External Customers and Non-Current Assets by Geographical Region | Region | 2023H1 Revenue (Thousand HKD) | 2022H1 Revenue (Thousand HKD) | Non-Current Assets as of Sep 30, 2023 (Thousand HKD) | Non-Current Assets as of Mar 31, 2023 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 57,610 | 27,200 | 141,407 | 181,117 | | China | 82,610 | 60,003 | 494,827 | 556,788 | | **Total** | **140,220** | **87,203** | **636,234** | **737,905** | [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) [Overall Performance Review](index=24&type=section&id=Overall%20Performance%20Review) During the reporting period, Group revenue grew by 60.8% to HKD 140.22 million, with gross profit margin significantly improving from 4.07% to 14.31% due to increased contact lens production line utilization, yet net loss dramatically widened from HKD 1.22 million to HKD 88.43 million primarily due to asset impairment losses and expensed financing costs - Revenue growth was primarily driven by increased contributions from the contact lens segment and the leasing and trading of computer equipment segment[182](index=182&type=chunk) - Gross profit margin significantly improved to **14.31%** (compared to **4.07%** in the prior period), mainly due to a substantial increase in contact lens production line utilization returning to normal levels post-pandemic[163](index=163&type=chunk) - The expanded loss for the period was mainly attributable to: **HKD 27.16 million** impairment of contact lens related assets, **HKD 9.88 million** impairment of properties held for sale, **HKD 28.03 million** in financing costs that could not be capitalized, and the absence of a **HKD 36.08 million** tax credit present in the prior period[164](index=164&type=chunk) [Business Review and Prospects](index=25&type=section&id=Business%20Review%20and%20Prospects) Business segments showed mixed performance, with computer equipment leasing and trading becoming a core growth and profit driver with plans for reinvestment, while the contact lens business saw sales rebound after strategic investment but still faced losses, property development suffered from market weakness and impairments, international business settlement stalled due to geopolitical factors and subsidiary liquidation, and the financing business adopted a cautious approach with no new loans [Property Development and Hotel Business](index=26&type=section&id=Property%20Development%20and%20Hotel%20Business) The property development business, centered on the 'Zhenghe City' project in Liuzhou, Guangxi, generated HKD 42.54 million in revenue from approximately 6,000 square meters of sales, but segment loss expanded to HKD 29.34 million due to HKD 28.03 million in expensed financing costs and HKD 9.88 million in impairment losses from a weak market, while the hotel business is expected to commence operations in 2024 - The increase in segment loss was primarily due to the expensing of financing costs and impairment losses on properties held for sale[237](index=237&type=chunk) - An impairment loss of **HKD 9.88 million** was recognized after external expert assessment, as the net realizable value was below the carrying amount[209](index=209&type=chunk) - Construction of the hotel business building is complete, with operations expected to commence in **2024**, generating revenue[300](index=300&type=chunk) [International Business Settlement](index=25&type=section&id=International%20Business%20Settlement) Affected by the global political environment and subsidiary liquidation, this business segment made no substantial progress and generated no revenue during the reporting period, incurring a segment loss of HKD 5.03 million primarily from rent and staff costs, while the company continues to monitor opportunities for alternative clearing and settlement channels arising from de-dollarization trends - Due to geopolitical conflicts and limited development of central bank digital currencies, the settlement platform project made no substantial progress, with no additional investment during the period[185](index=185&type=chunk) - Due to a winding-up petition filed against IBS Hong Kong, a wholly-owned Lithuanian subsidiary engaged in settlement business, this segment generated no revenue during the period, resulting in a segment loss of **HKD 5.03 million**[186](index=186&type=chunk)[276](index=276&type=chunk) [Contact Lens Business](index=30&type=section&id=Contact%20Lens%20Business) The contact lens business, which previously underperformed, introduced strategic investor Aier Eye Hospital Group in July 2023, leading to increased sales revenue of HKD 40.07 million due to market recovery and operational improvements, but segment loss remained high at HKD 48.97 million due to salaries, depreciation, R&D, and production equipment impairment, with the Group's stake to decrease to 34% post-transaction - The Group introduced Aier Eye Hospital Group, a listed company, as a strategic investor, selling part of its equity and injecting capital, with the Group's shareholding to decrease to **34%** upon completion of the transaction[240](index=240&type=chunk)[294](index=294&type=chunk) Contact Lens Business Performance | Metric | 2023H1 (Thousand HKD) | 2022H1 (Thousand HKD) | | :--- | :--- | :--- | | Sales Revenue | 40,066 | 26,376 | | Segment Loss | (48,966) | (22,249) | - The first installment of investor capital injection has been received, with the transaction expected to be completed in early **2024**[212](index=212&type=chunk) [Leasing and Trading of Computer Equipment](index=31&type=section&id=Leasing%20and%20Trading%20of%20Computer%20Equipment) This business performed strongly, becoming a primary revenue and profit source for the Group, with income from leasing data storage equipment (servers) reaching HKD 57.61 million, more than doubling year-on-year, and segment profit at HKD 10.92 million; the company reinvested rental income to acquire an additional 450 servers, bringing the total to 1,410, all fully leased, providing stable income Leasing and Trading of Computer Equipment Business Performance | Metric | 2023H1 (Thousand HKD) | 2022H1 (Thousand HKD) | | :--- | :--- | :--- | | Revenue | 57,610 | 27,200 | | Segment Profit | 10,922 | 2,007 | - The company reinvested rental income to acquire an additional **450** servers, bringing the total to **1,410** units, all fully leased, providing a stable income source for the Group[260](index=260&type=chunk) - The company is optimistic about the demand for secure, encrypted cloud storage and is monitoring Hong Kong's cryptocurrency-friendly policies, potentially leading to further involvement in cryptocurrency trading and asset production in the future[242](index=242&type=chunk)[301](index=301&type=chunk) [Financing Business](index=32&type=section&id=Financing%20Business) Given macroeconomic uncertainties, the Group adopted a cautious strategy for its financing business, issuing no new loans during the reporting period, while continuing to monitor fully impaired overdue loans by inventorying collateral and exploring recovery possibilities - Due to the uncertain macroeconomic environment, the Group adopted a cautious strategy for its future financing business, with no new loans issued during the period[261](index=261&type=chunk) - For impaired overdue loans, the company continues to monitor collateral status and explore recovery opportunities[216](index=216&type=chunk) [Financial Review](index=33&type=section&id=Financial%20Review) As of the reporting period end, the Group recorded net current liabilities of HKD 241.85 million and a current ratio of 0.85, indicating short-term liquidity strain; total borrowings were approximately HKD 825 million, with a debt-to-equity ratio of 1.48, slightly up from the period start, funded primarily by internal resources, borrowings, and past equity financing, with approximately HKD 24.38 million in unutilized bank facilities Key Financial Ratios | Metric | September 30, 2023 | March 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 0.85 | 0.86 | | Debt-to-Equity Ratio (Total Borrowings/Total Equity) | 1.48 | 1.45 | - As of September 30, 2023, bank balances and cash were approximately **HKD 332 million**, with net current liabilities of approximately **HKD 241.85 million**[247](index=247&type=chunk) - Total borrowings were approximately **HKD 825 million**, with **85%** due within one year; approximately **HKD 358 million** of property, plant, and equipment were pledged as collateral for borrowings[248](index=248&type=chunk)[251](index=251&type=chunk) [Other Disclosures](index=35&type=section&id=Other%20Disclosures) [Dividend Policy](index=35&type=section&id=Dividend) The Board of Directors has resolved not to declare any interim dividend for the period ended September 30, 2023 - The Board has resolved not to declare any interim dividend for the reporting period (**2022**: nil)[110](index=110&type=chunk)[254](index=254&type=chunk) [Corporate Governance](index=36&type=section&id=Corporate%20Governance) The company largely complied with the Corporate Governance Code during the reporting period, with a key deviation being the vacant positions of Chairman and Chief Executive Officer, whose responsibilities are collectively handled by the executive directors, and the Audit Committee has reviewed the interim financial information - The company deviated from the Corporate Governance Code as both the Chairman and Chief Executive Officer positions are vacant, with their responsibilities collectively undertaken by the executive directors[305](index=305&type=chunk)[307](index=307&type=chunk) - The company's Audit Committee, comprising three independent non-executive directors, has reviewed this interim financial report and deemed it properly prepared with sufficient disclosures[311](index=311&type=chunk) - The company's auditors have reviewed this interim financial information in accordance with relevant standards and found no material issues[312](index=312&type=chunk)

INTERNATIONAL BUSINESS SETTLEMENT HOLDINGS LIMITED 國際商業結算控股有限公 司 （於百慕達註冊成立之有限公司） （股份代號：00147） 換算海外業務財務報表產生之匯兌差額 (15,553) 23,739 (97,641) (121,432) 2 二零二三年 二零二二年 附註 千港元 千港元 981,084 777,404 3 4 香港會計準則第37號（修訂本） 虧損性合約─履行合約之成本 1. 一般資料 | --- | --- | |------------------------------------------|----------------------------------------------| | | | | 香港財務報告準則第 17 號（包括二零二零年 | 保險合約 1 | | 十月及二零二二年二月之 | | | 香港財務報告準則第 17 號（修訂本）） | | | 香港財務報告準則第 10 號及香港會計準則 | 投資者與其聯營公司或合營企業之間之資產出售或 | | 第 28 號（修訂本） | 注資 2 | | 香港財務報告準則第 16 ...