Financial Performance - The company reported a profit attributable to owners of $269,000 for the six months ended June 30, 2019, compared to a loss of $1,909,000 in the same period last year, marking a significant turnaround [9]. - Revenue increased by 72% to $7,460,000, up from $4,341,000 in the previous year, primarily driven by growth in the shipping business [9]. - The group recorded a profit attributable to owners of $269,000 for the six months ended June 30, 2019, compared to a loss of $1,909,000 for the same period in 2018, marking a significant turnaround [30]. - The group’s total profit for the period was $269,000, a significant improvement from a loss of $(1,909,000) in the previous year [82]. - The company reported a net profit attributable to shareholders of $269,000, a turnaround from a loss of $1,909,000 in the same period of 2018 [43]. - The operating cash flow for the six months ended June 30, 2019, was $1,597,000, compared to $474,000 in the previous year, indicating a strong increase in cash generation [57]. Shipping Business - The shipping segment achieved a revenue increase of 351% to $5,336,000, with a profit growth of 354% to $913,000, attributed to the launch of the ship leasing business and the acquisition of the MV Polyworld vessel [10]. - The company remains cautiously optimistic about the medium to long-term prospects of its shipping business, anticipating continued global economic growth and international trade flow [11]. - The company plans to expand its shipping operations by offering more leasing options to customers, enhancing its revenue base and operational scale [10]. - The group reported a significant increase in shipping business profits from $201,000 to $913,000 year-on-year [30]. - The company plans to acquire an additional bulk carrier to enhance its fleet capacity, contingent on the outcome of US-China trade negotiations [41]. Investment and Financial Assets - The investment holding segment generated revenue of $332,000 and a profit of $281,000, recovering from a loss of $2,125,000 in the previous year, driven by interest income from corporate bonds [14]. - The group's investments classified as "financial assets at fair value through profit or loss" amounted to $2,276,000, a decrease from $2,596,000 as of December 31, 2018 [15]. - The fair value increase of debt instruments classified as "financial assets at fair value through other comprehensive income" was $543,000, reversing a net decrease of $871,000 from the previous period [16]. - The total fair value of debt instruments held was $9,380,000, an increase from $8,829,000 as of December 31, 2018 [15]. - The group's total revenue from corporate bonds and other investments is expected to provide stable income sources moving forward [18]. Asset and Liability Management - The group's total assets as of June 30, 2019, amounted to $6,348,000, a decrease from $10,914,000 as of December 31, 2018 [31]. - The group’s borrowings increased to $19,239,000 as of June 30, 2019, from $14,417,000 as of December 31, 2018, resulting in a debt-to-equity ratio of approximately 44% [34]. - The group maintained sufficient financial resources to meet ongoing operational needs, supported by cash and credit facilities from banks [34]. - The company’s cash and cash equivalents decreased to $890,000 from $4,284,000 at the end of 2018 [49]. - The group experienced a decrease in total liabilities, with a reduction in cumulative losses from $35,941,000 as of June 30, 2018, to $32,512,000 by June 30, 2019 [54]. Corporate Governance and Compliance - The board of directors confirmed compliance with the corporate governance code, except for a deviation regarding the appointment of an independent non-executive director who holds multiple directorships [144]. - The company plans to enhance corporate governance practices by disclosing reasons for re-election of independent directors holding multiple positions in the future [146]. - The company's unaudited condensed consolidated financial statements for the six months ended June 30, 2019, have been reviewed by the audit committee and formally approved by the board of directors [148]. Market Conditions and Outlook - The Baltic Dry Index experienced significant volatility during the period, impacting the shipping business outlook due to ongoing U.S.-China trade tensions [11]. - The company is optimistic about the medium to long-term prospects of its shipping business despite market volatility due to the US-China trade dispute [41]. - The group aims to enhance its market presence in Southeast Asia and improve brand recognition [19]. Employee and Management Costs - Employee costs for the period were $214,000, down from $287,000 in the same period of 2018 [40]. - The total remuneration for key management personnel was $188,000 for the six months ended June 30, 2019, compared to $120,000 in the same period of 2018 [121].

Courage Investment Group Limited 勇利投資集團有限公司 ANNUAL REPORT 2018 年 報 2018 Annual Report 2018 年報 Courage Investment Group Limited 勇利投資集團有限公司 (Incorporated in Bermuda with limited liability) (Hong Kong Stock Code: 1145) (Singapore Stock Code: CIN) Courage Investment Group Limited 勇利投資集團有限公司 (香港股份代號: 1145) (新加坡股份代號: CIN) (於百慕達註冊成立之有限公司) | --- | --- | --- | |-------|--------------------------|-------| | | | | | | | | | | 目錄 | | | | | | | | 公司資料 | 3 | | | 主席報告 | 4 | | | 管理層討論及分析 | 6 | | | 董事及高級管理人員履歷 | 17 | | | 董事 ...