Financial Performance - Revenue for 2022 was US$775,983,000, showing a significant increase compared to previous years[15] - Profit attributable to owners of the company for 2022 was US$46,340,000, a recovery from the loss of US$110,230,000 in 2021[15] - Basic earnings per share for 2022 were 1.92 US cents, reflecting improved profitability[15] - The Group's revenue for the year ended December 31, 2022, was US$775,983,000[23] - Profit attributable to owners of the Company was US$186,802,000, resulting in basic earnings per share of 1.92 US cents[19] - For the year ended December 31, 2022, the Group's total consolidated revenue declined by 33% to US$775,983,000 compared to US$1,151,764,000 in 2021[35] - Consolidated profit attributable to owners of the Company amounted to US$46,340,000, down from US$186,802,000 in 2021, which included a one-time gain of US$27,001,000[35] Liquidity and Financial Position - The current ratio stood at 4.30, indicating strong liquidity position[15] - Bank balances and cash amounted to US$369,770,000, providing a solid cash position[15] - Total borrowings were noted as zero, indicating no interest-bearing debt[23] - The Group's equity attributable to owners of the Company was US$595,826,000, showcasing a strong equity position[23] - The Group's cash and deposits with banks amounted to US$369,770,000 as of December 31, 2022, down from US$438,171,000 in 2021[35] Operational Performance - The manufacturing segment recorded revenue of US$748,375,000, accounting for 96% of the Group's total revenue, with segment profit before taxation of US$84,272,000, down from US$273,220,000 in 2021[37] - The average selling price (ASP) of new dry freight containers declined due to increased empty container inventories and reduced demand[33] - The average selling price (ASP) of a 20' dry freight container fell to US$2,836 in 2022 from US$3,521 in 2021, attributed to a drop in steel costs due to a slowdown in the Mainland China property sector[38] - The manufacturing operation experienced a decline in production volume of approximately 36%, with total sales volume of approximately 242,000 TEUs compared to 347,000 TEUs in 2021[39] - The logistics services operation generated revenue of US$27,608,000, down from US$34,569,000 in 2021, with segment profit before taxation of US$5,653,000[46] - The operation handled approximately 703,000 TEUs of containers, an increase from 538,000 TEUs in 2021, and average daily container storage reached 21,000 TEUs[46] Strategic Initiatives - The Group plans to invest more resources into renewable energy storage containers and equipment containers, which are expected to have significant potential[51] - The Group will continue to seek new M&A opportunities to generate long-term synergies despite anticipated challenges in the upcoming financial year[53] - The Group anticipates container demand to improve in the second half of 2023 due to the launch of new cargo vessels and the need for replacement containers[57] - The Group aims to diversify income sources through investments in research and development of new specialised containers[72] - The Group plans to focus on developing non-shipping related containers, particularly in renewable energy storage, to capitalize on the growing green energy market[65][76] Risk Management and Internal Controls - The Board considers the risk management and internal control systems effective and adequate for the Group as a whole, with no material issues identified[159] - The Board is responsible for maintaining effective risk management and internal control systems, which are designed to provide reasonable assurance against material misstatement or loss[164] - The Audit Committee assists the Board in reviewing the adequacy and effectiveness of the Group's risk management and internal control systems, reporting any significant risk issues[164] - The Enterprise Risk Management Committee, composed of senior management, oversees the Group's risk management activities and reports to the Board at least twice a year[169] - The Group's risk management system is regularly reviewed for adequacy and effectiveness by the Board[169] Corporate Governance - The Board held nine meetings in 2022, exceeding the minimum requirement of four meetings per year[107] - The Company Secretary is responsible for taking minutes of the Board and its committees, ensuring transparency and accessibility for directors[110] - The Company Secretary undertook not less than 15 hours of professional training in 2022 to enhance skills and knowledge[145] - The Company has adopted a dividend policy aiming for a normal payout ratio of approximately 30% of net profit attributable to shareholders, with a maximum of 50% unless otherwise approved by the Board[191] - The Audit Committee reviewed the Group's consolidated financial statements for the year ended December 31, 2022, and for the six months ended June 30, 2022[178] Shareholder Engagement - The Board is committed to maintaining ongoing dialogue with shareholders and encourages their participation in general meetings[191] - The Company ensures that shareholders receive sufficient notice of meetings and are familiar with voting procedures[193] - The Board aims to present a clear and balanced assessment of the Group's performance and position in all shareholder communications[156]

Revenue Performance - Revenue for the six months ended June 30, 2022, was US$472,449,000, an increase from US$455,892,000 in the same period of 2021, representing a growth of 3.1%[2] - Revenue for the period reached $472,449,000, an increase from $455,892,000 in the previous year, representing a growth of approximately 1.2%[15] - Total revenue for the six months ended June 30, 2022, was US$472,449,000, an increase from US$455,892,000 in the same period of 2021, representing a growth of 3.9%[83] - Manufacturing revenue was US$459,885,000, up from US$442,418,000, reflecting a growth of 4.8% year-over-year[55] - Logistics services revenue decreased to US$12,564,000 from US$13,474,000, a decline of 6.7% compared to the previous year[55] Profitability - Profit attributable to owners of the Company for the same period was US$38,002,000, down from US$59,293,000 in 2021, indicating a decrease of 35.9%[2] - Basic earnings per share for the six months ended June 30, 2022, was US$1.57, compared to US$2.45 in 2021, reflecting a decline of 35.8%[2] - Profit for the period was $45,297,000, down from $66,507,000, indicating a decline of about 32% year-over-year[15] - Total comprehensive income for the period was $37,576,000, compared to $77,147,000 in the prior year, reflecting a decrease of approximately 51%[18] - The profit before taxation for the group was reported at US$69,976,000 for the six months ended June 30, 2022[63] Financial Position - The Company reported bank balances and cash of US$374,347,000 as of June 30, 2022, significantly up from US$111,855,000 in 2021, marking an increase of 234.5%[2] - The current ratio improved to 3.02:1 as of June 30, 2022, compared to 2.20:1 in the previous year, indicating enhanced liquidity[2] - Total borrowings were reported as zero for the six months ended June 30, 2022, compared to US$55,691,000 in 2021, indicating a significant reduction in debt[2] - The total consolidated assets of the group were US$904,533,000 as of June 30, 2022, down from US$994,002,000 at the end of 2021[73] - The Group's financial position remains strong, with no interest-bearing debts, making the calculation of the interest coverage ratio not applicable[197] Expenses and Costs - Other expenses increased to $45,663,000 from $31,198,000, representing a rise of approximately 46%[15] - Total staff costs for the six months ended June 30, 2022, amounted to US$50,530,000, a decrease from US$57,241,000 in 2021, showing a reduction of 11.9%[93] - Manufacturing overhead expenses increased to US$20,404,000 in 2022 from US$11,254,000 in 2021, marking an increase of 81.7%[88] Segment Performance - Segment results for manufacturing were US$66,314,000 and for logistics services were US$1,438,000, leading to a total segment profit of US$67,752,000[63] - The manufacturing operation generated revenue of US$459,885,000, accounting for 97.3% of the Group's total revenue, with segment profit before taxation at US$66,016,000, down from US$88,748,000 in 1H2021[176] - The logistics services operation's revenue decreased slightly to US$12,564,000, while profit before taxation rose to US$3,960,000, up from US$2,614,000 in 1H2021[183] Cash Flow - Net cash used in operating activities was US$(3,775,000), compared to US$(2,631,000) in the prior year, indicating a decline in cash flow from operations[34] - The net cash from investing activities was US$3,863,000, down from US$38,154,000 in the previous year, primarily due to reduced proceeds from asset disposals[34] - The company paid dividends amounting to US$(61,996,000) to its shareholders during the period[34] Future Outlook and Strategy - The Company is focused on enhancing its market position and exploring new strategies for growth, although specific future product developments and market expansion plans were not detailed in the report[2] - In the next half year, demand for dry freight containers is expected to taper further, prompting the Group to focus on developing high-margin specialised containers[185] - The Group plans to invest in automation and upgrade existing facilities to mitigate risks associated with material and labor costs[185] - The Group aims to explore opportunities in green energy and environmental protection to enhance profitability and generate synergies[189] Dividends - An interim special dividend of HK$20 cents per ordinary share was declared, totaling approximately HK$483,384,000 (equivalent to approximately US$61,996,000) [99] - An interim dividend of HK4 cents per ordinary share was declared for the six months ended June 30, 2022, down from HK7 cents in the same period of 2021[190] Market Conditions - Global GDP growth is projected to slow from 6.1% in 2021 to 3.2% in 2022 and 2.9% in 2023, prompting the Group to monitor market developments closely[189]

Financial Performance - Revenue for 2021 was US$1,151,764,000, representing a significant increase from US$712,209,000 in 2020, marking a growth of approximately 62%[17] - Profit attributable to owners of the company for 2021 was US$186,802,000, compared to a loss of US$110,230,000 in 2020, indicating a turnaround in profitability[17] - Basic earnings per share for 2021 were 7.73 US cents, a substantial improvement from a loss per share of 4.56 US cents in the previous year[17] - The Group's revenue for the year ended December 31, 2021, was US$1,151,764,000[23] - Consolidated profit attributable to owners of the Company reached US$186,802,000, compared to US$4,576,000 in 2020, marking an increase of about 3,947%[35] - The manufacturing segment generated revenue of US$1,117,195,000, accounting for 97% of the Group's total revenue, up from US$246,677,000 in 2020[37] - The logistics operation recorded revenue of US$34,569,000, an increase from US$27,628,000 in 2020, with segment profit before taxation amounting to US$5,851,000[50] - The Group reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[149] Financial Health and Ratios - The company's net asset value per share increased to 27.98 US cents in 2021, up from 20.58 US cents in 2020[17] - The current ratio stood at 3.17, indicating strong liquidity compared to the benchmark of 1[17] - Return on equity for 2021 was 27.6%, reflecting effective management of shareholder equity[17] - Bank balances and cash totaled US$438,171,000, providing a solid financial cushion for operations[17] - The interest coverage ratio was reported at 268.9, demonstrating robust earnings relative to interest expenses[23] - The Group's financial health remains strong, with bank balances and cash amounting to US$438,171,000 as of year-end 2021, compared to US$48,787,000 in 2020[35] Market and Product Development - The company is focused on expanding its market presence and enhancing its product offerings through continuous innovation[11] - The average selling price (ASP) of dry freight containers increased significantly due to global supply chain disruptions[31] - The Group anticipates stable demand for dry freight containers in 2022 as global supply chain disruptions ease, with ASPs starting to retreat in Q4 2021[52] - The customised container business is expected to grow, driven by renewable energy-related containers, with increased resources allocated to R&D and business development[57] - A new facility in Shanghai commenced operations in Q4 2021 to increase production capacity in response to rising demand for customised containers[48] - The Group expects container demand to rise again with new container vessel deliveries anticipated around 2023 and 2024[76] Corporate Governance - The company has consistently adopted and complied with the applicable code provisions of the Corporate Governance Code for the year ended December 31, 2021[129] - Mr. Teo Siong Seng serves as both Chairman and Chief Executive Officer, which the Board believes provides strong and consistent leadership[130] - The company aims to maintain high standards of corporate governance practices to enhance accountability and transparency[132] - The Board is collectively responsible for directing and supervising the company's affairs[137] - The company has a structured approach to reviewing the contributions of its directors to ensure they are fulfilling their responsibilities[137] - The company has a clear governance structure, with no indication of non-compliance with the code provisions during the year[131] Board Composition and Meetings - The Board comprises two executive directors, three non-executive directors, and three independent non-executive directors[138] - The Board held six meetings in 2021, with all directors attending all meetings[138] - All directors are given an opportunity to include matters in the agenda for regular board meetings[140] - The Company Secretary is responsible for taking minutes of the Board and its committees[140] - The company has arranged appropriate Directors and Officers Liability insurance coverage for its Directors and officers[145] Remuneration and Performance - The remuneration of Directors and senior management is determined based on individual performance and the profitability of the Company during the year[191] - The Board has established a Remuneration Committee to recommend the Company's remuneration policy and structure for all Directors and senior management[191] - The Remuneration Committee reviewed and approved the salary adjustment of the Company's executive Directors and senior management staff[193] - The Company disclosed details of remuneration payable to members of senior management in the annual reports[196] Strategic Initiatives - The company is investing $30 million in research and development to enhance its logistics technology[108] - Market expansion efforts include entering three new countries, aiming for a 25% increase in market share in those regions[108] - The company is exploring potential acquisitions to strengthen its supply chain, with a budget of $100 million allocated for this purpose[108] - A new strategic partnership has been formed with a leading shipping firm to enhance operational efficiency[108]

Financial Performance - Revenue for the six months ended June 30, 2021, was $455,892,000, a significant increase from $97,454,000 in the same period of 2020, representing a growth of 368%[4] - Profit attributable to owners of the Company for the period was $59,293,000, compared to a loss of $5,331,000 in the prior year, marking a turnaround in performance[4] - Basic earnings per share increased to 2.45 US cents from a loss of 0.22 US cents in the previous year[4] - The Company reported a profit before taxation of $91,362,000, compared to a loss of $4,414,000 in the same period last year[19] - Total comprehensive income for the period was US$77,147,000, significantly improving from a total comprehensive loss of US$10,034,000 in the prior year[22] - Total comprehensive income for the period was US$69,881,000, up from a total comprehensive expense of US$10,034,000 in the previous year[54] - The company reported earnings of US$59,293,000 for the six months ended June 30, 2021, compared to a loss of US$5,331,000 in the same period of 2020[156] Liquidity and Financial Ratios - The Company reported a current ratio of 2.20, indicating strong liquidity compared to 2.11 in the previous year[4] - The gearing ratio improved to 0.10 from 0.03, reflecting a lower level of debt relative to equity[4] - Return on equity was 20.90%, a significant improvement from a negative 2.2% in the previous year[4] - Bank balances and cash stood at $111,855,000, slightly up from $109,065,000 in the previous year[4] - Cash and cash equivalents at June 30, 2021, were $111,855,000, up from $109,065,000 at the same date in 2020, reflecting a positive cash flow trend[71] - The balance of cash and cash equivalents represented by bank balances and cash was $111,855,000, indicating liquidity stability[71] Assets and Liabilities - Non-current assets decreased to US$331,279,000 as of June 30, 2021, down from US$389,309,000 at the end of 2020[27] - Current assets increased to US$535,218,000, compared to US$268,040,000 at the end of 2020, indicating strong liquidity growth[27] - Current liabilities increased to US$242,886,000, compared to US$114,537,000 at the end of 2020, indicating a rise in short-term obligations[31] - Total liabilities as of June 30, 2021, were US$255.664 million, with segment liabilities for manufacturing at US$162.512 million and logistics services at US$7.668 million[130] - Total equity attributable to owners of the company increased to US$567,473,000 from US$497,592,000, reflecting improved profitability and retained earnings[36] - As of June 30, 2021, total equity stood at US$610,833,000, an increase from US$533,686,000 at the beginning of the year[54] Investments and Financing - Total borrowings increased to $55,691,000 from $15,635,000, indicating a rise in debt levels[4] - New bank loans raised amounted to $65,762,000, while repayments of bank loans were $37,700,000, indicating a significant increase in financing[67] - The company made significant investments in property, plant, and equipment, totaling US$(6,145,000) during the period, indicating ongoing expansion efforts[63] - The company received US$485,000 in dividends from associates and joint ventures, demonstrating strong performance in its investment portfolio[63] Revenue Segmentation - Revenue from manufacturing and logistics services for the six months ended June 30, 2021, totaled US$455.892 million, compared to US$97.454 million in the same period of 2020, representing a significant increase[103] - The manufacturing segment generated US$442.418 million in revenue, with dry freight containers contributing US$393.792 million, an increase from US$64.343 million in the previous year[106] - Logistics services revenue amounted to US$13.474 million, slightly up from US$12.146 million in the prior year[106] Expenses and Costs - Total staff costs for the six months ended June 30, 2021, were $57,241,000, a significant increase from $16,384,000 in 2020, reflecting a growth of 249%[143] - The cost of inventories recognized as expenses was $334,349,000 for the six months ended June 30, 2021, compared to $89,001,000 in 2020, representing an increase of 276%[143] - The total depreciation expense for the six months ended June 30, 2021, was $5,627,000, slightly down from $6,082,000 in 2020[143] - Total other expenses for the six months ended June 30, 2021, amounted to $31,198,000, compared to $21,435,000 in 2020, reflecting an increase of 46%[139] Shareholder Returns - The company declared dividends amounting to US$40,537,000 during the period, reflecting a commitment to returning value to shareholders[54] - An interim dividend of HK7 cents per ordinary share was declared, totaling approximately HK$169,184,000 (equivalent to approximately $21,794,000), compared to no dividend in the same period of 2020[151] - Dividends paid to non-controlling interests totaled $627,000, indicating ongoing commitments to shareholders[67] Trade Receivables and Payables - Trade receivables rose significantly to US$175,084,000 from US$62,624,000, suggesting higher sales volume or extended credit terms[27] - The aged analysis of trade receivables showed that amounts overdue by 0 to 30 days rose to US$99,150,000 from US$40,344,000[166] - The Group's total trade payables as of June 30, 2021, amounted to US$93,079,000, compared to US$50,980,000 as of December 31, 2020, indicating a significant increase[198] Market Performance - The geographical market breakdown shows Hong Kong as the largest market with US$180.726 million in revenue, followed by the United States with US$129.783 million[110] - The Group's logistics services, including container storage and handling, showed stable performance despite slight fluctuations in specific service revenues[106]

Financial Performance - Revenue for 2020 was reported at US$274,305,000, a significant decrease compared to US$712,209,000 in 2019[18] - Profit attributable to owners of the company for 2020 was US$4,576,000, recovering from a loss of US$120,000,000 in 2019[18] - Basic earnings per share for 2020 was 0.19 US cents, compared to a loss per share of 4.56 US cents in 2019[18] - The company reported a revenue of US$274,305,000 for the year ended December 31, 2020[23] - Consolidated profit attributable to owners of the Company totalled US$4,576,000, compared to a loss of US$110,230,000 in 2019, reflecting a turnaround in performance[37] - Overall, the company managed to record a profit for the entire year despite revenue drops year-on-year due to the disposal[32] Liquidity and Financial Ratios - The company's net asset value per share increased to 20.58 US cents in 2020 from 21.76 US cents in 2019[18] - Total borrowings amounted to US$27,584,000, representing a decrease from previous years[18] - The current ratio improved to 2.34, indicating a strong liquidity position compared to 1.71 in 2019[18] - The gearing ratio was reported at 0.06, reflecting a low level of debt relative to equity[18] - Interest coverage ratio stood at 26.9, indicating strong ability to cover interest expenses[18] - Return on equity for 2020 was 0.9%, a recovery from negative returns in previous years[18] Business Operations and Strategy - The company operates nine container depots across major ports in China and Hong Kong, enhancing its logistics capabilities[13] - The company successfully shifted towards the "New Singamas" following a substantial disposal in mid-2019[32] - The Group's core operations generated a net profit of US$13,569,000, reflecting the positive impact of the 'New Singamas' business model[40] - The Group aims to diversify income sources through investments in R&D for new specialised containers, reducing reliance on traditional dry freight container demand[63] - The Group's transformation into the "New Singamas" is aimed at leveraging expertise in specialised container production to enhance business robustness[54] Market Demand and Sales - The average selling price of a 20' dry freight container increased to US$2,059, up from US$1,779 in 2019, indicating rising market demand[42] - Demand for dry freight containers is expected to remain high in 2021 due to ongoing port congestion issues[68] - The Group has been able to attract satisfactory orders for specialised containers by providing tailored solutions for various applications, including housing and medical uses[70] - The Group's sales mix in 2020 was approximately 75.8% from dry freight containers and 24.2% from specialised containers[61] - The Group targets an optimal sales split of 50:50 between dry freight containers and specialised containers within 3 to 5 years[64] Research and Development - The company plans to allocate more resources to enhance R&D capabilities, focusing on developing innovative specialized containers[88] - Research and development efforts are being intensified, with an investment of $F million aimed at developing sustainable container technologies[109] - The R&D function is primarily based in Baoshan, Shanghai, with local teams in all factories to meet specific customer needs[90] Corporate Governance - The company has a diverse board with members possessing extensive experience in finance, accounting, and corporate governance[116] - The company emphasizes the importance of independent directors in maintaining transparency and accountability in its operations[116] - The board's composition reflects a commitment to diversity and expertise in various sectors, enhancing strategic decision-making[116] - The company aims to maintain high standards of corporate governance practices to enhance accountability and transparency[129] Board and Director Information - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors[133] - All directors are subject to retirement by rotation at least once every three years, eligible for re-election at the annual general meeting[119] - The Company has arranged appropriate Directors and Officers Liability insurance coverage for its Directors and officers[143] - The Company Secretary, who is also the Chief Financial Officer, attends all regular Board meetings to advise on corporate governance and financial matters[185] Remuneration and Performance - The remuneration of Directors and Senior Management was determined based on individual performance and the Company's profitability during the year[188] - The Remuneration Committee is responsible for determining the remuneration packages of individual executive Directors and senior management[192] - The Company ensures that no director is involved in deciding his own remuneration[192] Shareholder Engagement - The Company provides updated information to all shareholders through interim and annual reports, circulars, notices, and media releases[148] - Shareholders holding not less than 5% of the total voting rights can request to convene a general meeting[151] - The Company has a "Frequently Asked Questions" section in its annual report to provide clear information to shareholders[148]

Financial Performance - Revenue for the six months ended June 30, 2020, was US$97,454,000, a significant decrease from US$584,025,000 in the same period of 2019, representing a decline of approximately 83.34%[11] - The loss attributable to owners of the Company for the six months ended June 30, 2020, was US$(5,331,000), compared to a loss of US$(50,327,000) in the same period of 2019[11] - Basic loss per share for the six months ended June 30, 2020, was (0.22) US cents, improving from (2.08) US cents in the same period of 2019[11] - Total comprehensive expense for the period was $10,034,000, down from $45,556,000 in the previous year[27] - The total comprehensive expense for the period was US$45,256, compared to a total comprehensive income of US$50,649 in the previous period, highlighting a shift towards losses[41] - Loss for the period was $5,502,000 compared to a loss of $50,649,000 in the prior year, indicating a significant improvement[23] Assets and Liabilities - Net assets value per share decreased to 19.67 US cents as of June 30, 2020, down from 24.40 US cents at the end of 2019[11] - Equity attributable to owners of the Company was US$475,437,000 as of June 30, 2020, compared to US$589,787,000 at the end of 2019, reflecting a decrease of approximately 19.39%[11] - Non-current assets decreased to $381,529,000 from $397,563,000 as of December 31, 2019[30] - Current assets totaled $245,998,000, down from $275,849,000 at the end of 2019[30] - Current liabilities amounted to $122,594,000, an increase from $103,021,000 in the previous period[34] - Total liabilities associated with assets classified as held for sale amount to $1,877,000[160] Cash Flow and Financing - Bank balances and cash as of June 30, 2020, were US$109,065,000, down from US$131,792,000 at the end of 2019[11] - Total borrowings significantly decreased to US$15,635,000 as of June 30, 2020, from US$402,933,000 at the end of 2019, indicating a reduction of approximately 96.13%[11] - Net cash from operating activities was US$1,262 for the six months ended June 30, 2020, a recovery from a cash outflow of US$1,412 in the same period of 2019[49] - For the six months ended June 30, 2020, the net cash used in financing activities was $(10,104) thousand, compared to $21,226 thousand in the same period of 2019[52] - New bank loans raised amounted to $6,828 thousand, while repayments of bank loans were $(14,770) thousand, indicating a significant reduction in financing[52] Operational Impact - The Group suspended certain manufacturing activities in January 2020 due to mandatory government quarantine measures related to COVID-19, impacting revenue[56] - The financial position and performance of the Group were affected by the pandemic, leading to a reduction in revenue in the manufacturing segment[56] - The Group's operations were affected by the outbreak of COVID-19, which may impact the recoverability of trade receivables[56] Segment Performance - Revenue from manufacturing was US$85,308,000, down from US$570,536,000 in the previous year, indicating a decline of 85.1%[71] - Logistics services revenue was US$12,146,000, compared to US$13,489,000 in 2019, reflecting a decrease of 9.9%[71] - Segment results showed a loss of US$8,357,000 for the six months ended June 30, 2020, compared to a loss of US$34,780,000 in the same period of 2019[90] Shareholder Returns - The company declared dividends amounting to US$21,654, which were transferred from accumulated profits, indicating ongoing shareholder returns despite losses[41] - No dividend was paid during the six months ended June 30, 2020, and no interim dividend was recommended for this period[107][108] Credit and Receivables - The total carrying amount of trade receivables past due was US$15,998,000, an increase from US$7,555,000 as of December 31, 2019[129] - The amount overdue for more than 90 days as of June 30, 2020, was US$4,014,000, up from US$1,619,000 as of December 31, 2019[129] - The allowance for credit losses increased to US$8,288,000 as of June 30, 2020, from US$7,315,000 as of December 31, 2019[141] Fair Value and Investments - The company reported a fair value loss of $3,904,000 on equity instruments at fair value through other comprehensive income[27] - The fair value of unquoted equity investments at FVTOCI decreased from US$18,997,000 on December 31, 2019, to US$15,093,000 on June 30, 2020, reflecting a fair value loss of US$3,904,000[189] - The financial asset at FVTPL increased to US$2,828,000 as of June 30, 2020, with an addition of US$2,825,000 during the period and a fair value gain of US$3,000[192] Management and Governance - The Group's auditor reported unqualified financial statements for the year ended December 31, 2019, indicating no significant issues[55] - The application of amendments to HKFRSs in the current period had no material impact on the Group's financial position and performance[61] - The Group's management estimates expected credit losses (ECL) based on cash flow expectations and credit risk characteristics, considering both quantitative and qualitative factors[150]

Financial Performance - Revenue for 2019 was reported at US$1,807,819,000, a significant increase from US$1,476,670,000 in 2018, representing a growth of approximately 22.4%[18] - Profit attributable to owners of the company for 2019 was a loss of US$110,230,000, compared to a profit of US$72,252,000 in 2018, indicating a negative shift in profitability[18] - Basic loss per share for 2019 was reported at (4.56) US cents, a decline from earnings of 2.99 US cents per share in 2018[18] - For the year ended December 31, 2019, the Group recorded consolidated revenue of US$712,209,000, a significant decrease of 60.7% compared to US$1,807,819,000 in 2018[37] - The consolidated net loss attributable to owners of the Company was US$110,230,000, compared to a profit of US$72,252,000 in 2018, reflecting a substantial decline in performance[37] - Basic loss per share was US4.56 cents, a decrease from earnings of US2.99 cents per share in the previous year[37] - The Group's total revenue for the year ended December 31, 2019, was recorded at US$712,209,000, a significant decline from US$1,807,819,000 in 2018[39] Liquidity and Financial Ratios - The company maintained a current ratio of 2.68, indicating strong liquidity compared to 1.71 in 2018[19] - The gearing ratio was reported at 0.04, indicating a low level of debt relative to equity[19] - The current ratio improved to 2.68:1, up from 1.71:1 in 2018, suggesting better short-term financial stability[23] - The gearing ratio decreased to 0.04 from 0.58 in 2018, indicating a lower level of financial leverage[23] Operational Capacity and Manufacturing - The company operates ten container depots, with eight located at major ports in the PRC and two in Hong Kong, enhancing its logistics capabilities[16] - The company has five manufacturing factories in the PRC, producing a diverse range of container products, which supports its operational capacity[14] - The manufacturing business generated revenue of US$683,925,000, accounting for 96.0% of the Group's total revenue, down from 98.5% in 2018[43] - The total sales volume of containers was 340,304 TEUs, a decrease from 841,615 TEUs in 2018[43] Market Conditions and Challenges - The decline in global trade volume and soft demand for dry freight containers were significant factors impacting the Group's performance during the year[32] - The average selling price of dry freight containers decreased due to intense competition, further affecting revenue[32] - The average selling price of a 20' dry freight container decreased to approximately US$1,779, down from US$2,157 in 2018, reflecting lower material costs and weak market demand[43] Strategic Initiatives and Future Plans - The Group plans to enhance production of specialized containers significantly with the new factory in Huizhou set to commence operations in Q2 2020[47] - The Group aims to shift customer focus from traditional shipping companies to container trading companies to mitigate the impact of reduced dry freight container production capacity[54] - The Group anticipates a shift in customer focus towards container trading clients and new sectors like power and industrial companies[71] - The Group is actively seeking investment opportunities to expand its logistics business, although no specific targets have been identified yet[84] Corporate Governance - The Company has complied with the Corporate Governance Code, with certain deviations disclosed, including the roles of Chairman and CEO not being separated[128] - The Board held seven meetings in 2019, exceeding the minimum requirement of four meetings per year[130] - The Company aims to maintain high standards of corporate governance practices to enhance accountability and transparency[128] - The Board is collectively responsible for directing and supervising the Company's affairs[130] Board Composition and Director Experience - The Board consists of a total of nine Directors, including four executive Directors, two non-executive Directors, and three independent non-executive Directors, with one-third being independent[150] - The Company has established effective communication between executive and non-executive Directors through discussions in Board meetings and various committee meetings[150] - The Company encourages a culture of openness and debate, promoting effective contributions from non-executive Directors[150] - The Company has a policy to assess the independence of independent non-executive directors, ensuring compliance with governance standards[156] Risk Management and Internal Controls - The Company has adopted comprehensive policies and procedures to manage significant business, operational, financial, and compliance risks, ensuring smooth operations and safeguarding shareholder interests[195] - The Board is responsible for maintaining effective risk management and internal control systems and reviewing their design and operational adequacy[195] - The internal audit function plays a crucial role in assessing the effectiveness of the risk management and internal control systems[192] - The Company emphasizes the importance of ongoing monitoring of risks and internal control systems to ensure effectiveness[192]

Financial Performance - Revenue for the six months ended June 30, 2019, was US$584,025,000, a decrease from US$969,217,000 in the same period of 2018, representing a decline of approximately 39.8%[4] - The Company reported a loss from operations of US$37,108,000 for the first half of 2019, compared to a profit of US$10,177,000 in the same period of 2018[4] - Basic loss per share for the six months ended June 30, 2019, was (2.08) US cents, compared to (0.09) US cents in the same period of 2018[4] - Loss for the period was $50,649,000, significantly higher than the loss of $2,492,000 in the previous year, indicating a substantial decline in profitability[17] - Total comprehensive expense for the period amounted to $45,556,000, compared to $3,815,000 in the same period last year, reflecting a worsening financial position[20] - Return on equity for the first half of 2019 was (17.1)%, compared to (0.7)% in the same period of 2018[4] - The company reported a loss before taxation of US$42,813,000 for the first half of 2019[128] - The total revenue for the first half of 2019 decreased by approximately 39.7% compared to the same period in 2018[132] Assets and Liabilities - Total borrowings as of June 30, 2019, were US$402,933,000, a decrease from US$438,818,000 in the same period of 2018[4] - Current liabilities totaled $434,619,000, a decrease from $480,777,000 at the end of 2018, suggesting improved management of short-term obligations[26] - Non-current assets were reported at $243,846,000, down from $576,580,000, indicating a significant reduction in long-term asset holdings[23] - The company’s total non-current liabilities amounted to US$223,427,000, indicating a stable long-term financial structure[35] - The company reported a fair value gain on equity instruments of $6,423,000, contrasting with a loss of $574,000 in the prior year, indicating a positive shift in investment valuations[20] Cash Flow and Financing - Net cash used in operating activities was $(1,412) thousand, compared to $(16,397) thousand in the previous year[44] - Net cash used in investing activities totaled $(7,949) thousand, a decrease from $(16,405) thousand year-over-year[44] - New bank loans raised amounted to $169,637 thousand, up from $117,593 thousand in the previous year[47] - The Group's total cash inflow from financing activities was $21,226 thousand, compared to $3,736 thousand in the previous year[47] Inventory and Receivables - Inventories decreased to $100,153,000 from $222,039,000, reflecting a reduction of approximately 55.0% in stock levels[23] - As at 30 June 2019, trade receivables included debtors with an aggregate carrying amount of US$20,584,000, down from US$29,761,000 as at 31 December 2018[172] - The balance of prepayments and other receivables was US$8,992,000 as at 30 June 2019, significantly reduced from US$37,823,000 as at 31 December 2018[173] - The allowance for credit losses decreased to US$871,000 as at 30 June 2019 from US$999,000 as at 31 December 2018[172] Segment Performance - For the six months ended June 30, 2019, total revenue from contracts with customers was US$584,025,000, comprising US$570,536,000 from manufacturing and US$13,489,000 from logistics services[104] - The manufacturing segment generated revenue from dry freight containers of US$397,519,000, refrigerated containers of US$74,304,000, and container parts of US$53,655,000[104] - The logistics services segment included container storage and handling services generating US$3,047,000 and repair and drayage services generating US$3,116,000[105] - The manufacturing segment's revenue for the first half of 2018 was US$955,717,000, indicating a significant decline in performance in 2019[132] Accounting Standards and Policies - The Group has applied HKFRS 16 for the first time, which superseded HKAS 17 "Leases"[54] - The application of HKFRS 16 resulted in the recognition of right-of-use assets amounting to US$99,064,000 as of January 1, 2019[101] - The Group's lease liabilities were recorded at US$9,102,000 as of January 1, 2019, following the adoption of HKFRS 16[101] - The Group applied HKFRS 15 to allocate consideration in a contract to lease and non-lease components effective from January 1, 2019[77] Dividends and Shareholder Returns - The company did not pay any dividends during the six months ended June 30, 2019, but proposed a final dividend of HK$7 cents per share[141]

SINGAMAS 勝 獅 貨 櫃 企 業 有 限 公 司 SINGAMAS CONTAINER HOLDINGS LIMITED HKEx Stock Code 港交所上市编號：716 Annual Report 2018年報 勝獅貨櫃企業有限公司 • 二零一八年年報 Contents 目錄 2 Singamas Operations 勝獅業務 3 Corporate Profile 公司簡介 4 Financial Highlights 財務摘要 6 Corporate Information 公司資料 8 Chairman's Statement 主席報告 14 Frequently Asked Questions 一般提問 18 Honorary Chairman, Directors and Senior Management Profile 榮譽主席、董事及高層管理人員簡介 25 Corporate Governance Report 企業管治報告 61 Report of the Directors 董事會報告 94 Independent Auditor's Report 獨立核數師報告 102 ...