Financial Performance - Total revenue for the six months ended June 30, 2024, was $5,070,000, compared to $3,953,000 for the same period in 2023, representing a year-over-year increase of approximately 28.2%[1] - The pre-tax profit for the period was $1,278,000, a significant improvement from a loss of $983,000 in the prior year[2] - The total comprehensive income attributable to the owners of the company for the period was $1,278,000, compared to a loss of $1,232,000 in the previous year[2] - The company reported a basic earnings per share of $0.12, compared to a loss per share of $0.09 in the same period last year[2] - The total revenue for the shipping segment was $5,070,000 for the six months ended June 30, 2024, with a segment profit of $2,170,000[11] - The company reported a pre-tax profit of $1,278,000 for the six months ended June 30, 2024, compared to a pre-tax loss of $983,000 for the same period in 2023[17] - The shipping business recorded a profit increase of 173% to $2,170,000, up from $796,000 in the previous year[29] - The group recorded a profit attributable to owners of $1,278,000 for the first half of 2024, compared to a loss of $983,000 for the same period in 2023[35] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled $38,889,000, a decrease from $40,227,000 as of December 31, 2023[3] - Current assets increased to $20,574,000 from $18,807,000 as of December 31, 2023, indicating improved liquidity[3] - Total liabilities decreased to $1,087,000 from $1,927,000, reflecting a reduction in current liabilities[4] - The total equity attributable to the owners of the company increased to $58,376,000 from $57,098,000, showing a positive trend in shareholder value[4] - Current assets increased to $20,574,000 as of June 30, 2024, compared to $18,807,000 at the end of 2023, reflecting a strong liquidity position[36] - The current ratio improved to approximately 18.93, significantly higher than 9.76 at the end of 2023, indicating robust financial health[36] Expenses and Income - The total company expenses for the six months ended June 30, 2024, were $737,000[12] - Employee benefits expenses totaled $417,000 for the six months ended June 30, 2024, compared to $347,000 in the same period of 2023[15] - The company reported bank interest income of $385,000 for the six months ended June 30, 2024, compared to $311,000 in the previous year[14] - Financial costs decreased by 83% to $19,000 due to the repayment of all borrowings during the period[36] - Bank interest income grew by 24% to $385,000, driven by increased surplus funds and higher bank deposit rates[36] Vessel and Impairment - The company incurred a vessel impairment loss of $299,000 during the reporting period, compared to a reversal of impairment loss of $109,000 in the previous year[19] - The total fair value of the company's vessels was $27,963,000 as of June 30, 2024, down from $28,919,000 at the end of 2023[19] - The company confirmed a vessel impairment loss of $299,000 for the first half of 2024, compared to a reversal of impairment loss of $109,000 in the same period of 2023[30] Dividends and Corporate Actions - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[18] - The company did not declare an interim dividend for the first half of 2024, consistent with the previous year[27] Strategic Outlook - The company has not reported any significant new product developments or market expansions during this period[1] - There were no major acquisitions or strategic changes mentioned in the earnings call[1] - The company is evaluating opportunities to acquire a second-hand vessel within the next twelve months[30] - The company raised $9,148,000 from a public offering, with $5,800,000 allocated for operating capital in the shipping business[37] - The outlook for the shipping business remains cautiously optimistic amid global economic recovery, despite geopolitical uncertainties[38] - The commodity trading business remains temporarily suspended with no recorded revenue or profit for the first half of 2024[33] Governance - The company has adhered to all applicable corporate governance codes as of June 30, 2024[39]

Financial Performance - For the fiscal year 2023, the company reported a revenue decrease of 31% to $8,512,000 compared to $12,372,000 in 2022[11] - The company recorded a loss attributable to owners of $3,974,000, contrasting with a profit of $1,123,000 in the previous year[11] - Basic loss per share was $0.36, compared to a basic earnings per share of $0.10 in 2022[11] - The shipping business's profit contribution decreased to $2,227,000 from $5,436,000 in 2022[11] - The company incurred a loss of $2,100,000 from the sale of a subsidiary holding an industrial property in Shanghai[11] - The overall performance for fiscal year 2023 resulted in a loss attributable to the company's owners of $3,974,000, compared to a profit of $1,123,000 in the previous year, mainly due to reduced profit contributions from the shipping business and losses from the sale of a subsidiary[26] - The investment holding business recorded revenue of $63,000, down from $293,000 in the previous year, and incurred a loss of $1,186,000, primarily due to credit loss provisions of $1,146,000 on corporate bonds[19] - The company confirmed a credit loss provision of $1,146,000 for debt instruments measured at fair value, reflecting increased credit risk due to the deteriorating financial conditions of bond issuers[20] - The company confirmed an impairment loss of $1,008,000 on vessels, an increase from $797,000 in the previous year[17] Shipping Business Outlook - The company remains cautiously optimistic about the medium to long-term outlook for its shipping business as global trade activities normalize[12] - The company plans to continue its acquisition strategy for second-hand dry bulk vessels when market conditions are favorable[12] - The company aims to identify potential investment and acquisition opportunities to enhance long-term shareholder value[12] - The overall shipping market faced challenges due to China's economic slowdown and inflationary pressures in developed economies[15] - In the fiscal year 2023, the shipping business recorded a revenue decrease of 30% to $8,449,000, and profit decreased by 59% to $2,227,000, primarily due to the overall economic slowdown in China and inflationary pressures in developed economies[16] - The Baltic Dry Index fluctuated significantly, reaching a low of approximately 500 points in February 2023 and a high of about 3,300 points in December 2023, with most of the year spent between 1,000 and 2,000 points, lower than the previous year's range of 1,500 to 2,500 points[16] Financial Position and Borrowings - As of December 31, 2023, the group reported current assets of $18,807,000, an increase from $18,277,000 in 2022, and quick assets totaling $17,849,000, up from $15,819,000 in 2022[27] - The current ratio improved significantly to approximately 9.76 from 4.78 in 2022, primarily due to net proceeds of $1,803,000 from the sale of a subsidiary used for operational funding[27] - The group's total borrowings decreased to $756,000 from $2,878,000 in 2022, resulting in a borrowing ratio of about 1%, down from 5% in the previous year[30] - Financial costs for the year were $187,000, a reduction of 46% compared to $346,000 in 2022, attributed to a decrease in average borrowings[30] - Bank interest income increased by 153% to $612,000 from $242,000 in 2022, driven by higher cash reserves and overall increases in bank deposit rates[30] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2023[98] - The company emphasizes the importance of transparency and accountability in its corporate governance practices[96] - The board of directors consists of six members, including three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[101] - The board held four regular meetings and one annual general meeting during the year ending December 31, 2023, with all directors attending at least 75% of the meetings[109] - The remuneration committee conducted three meetings to evaluate director performance and review compensation policies, ensuring alignment with corporate governance standards[114] - The nomination committee held two meetings to review board diversity policies and assess the independence of non-executive directors[117] - The company has adopted a performance assessment system to reward outstanding employees with competitive compensation and career development opportunities[97] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to long-term sustainability and adheres to regulations set by the International Maritime Organization, with annual compliance reviews conducted[49] - The group emphasizes stakeholder engagement, maintaining close communication with key stakeholders including government, shareholders, employees, and customers[164] - The group has identified key environmental, social, and governance issues through a materiality assessment, which will guide its reporting strategy and objectives[167] - The total greenhouse gas emissions for the fiscal year 2023 amounted to 8.94 tCO2e, an increase of 79.56% from 4.99 tCO2e in fiscal year 2022[179] - The company aims to reduce total greenhouse gas emissions intensity by 10% by the end of fiscal year 2026, using fiscal year 2021 as the baseline[174] - The company has implemented various measures to reduce energy consumption and improve energy efficiency, including transitioning to LED lighting by fiscal year 2026[185] - The company has established a "green office" initiative to further reduce waste generation and promote recycling[181] - The company has conducted a climate change assessment to identify and mitigate potential risks to its operations, including extreme weather events[192] Shareholder Relations - The company provides a communication platform for shareholders during the annual general meeting, allowing for questions to be addressed by the board[136] - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[137] - The company has adopted a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders, including financial performance and strategic goals[145] - The board has reviewed the effectiveness of the shareholder communication policy and found it to be properly executed during the review year[146] - The company has a dividend policy that considers actual and expected financial performance, retained earnings, and future expansion plans when deciding on dividend recommendations[147] Employee and Labor Relations - Employee costs for the year were $802,000, an increase from $703,000 in 2022, reflecting the addition of one employee to a total of 17[38] - The company is committed to providing equal employment, training, and career development opportunities for all qualified employees[118] - The employee gender ratio is approximately 1:1 as of December 31, 2023[118] - The company encourages continuous professional development for all directors to enhance their knowledge and skills[105] Risk Management - The group faces financial risks related to foreign currency, interest rates, credit, and liquidity, with detailed management policies outlined in the financial statements[42] - The company has conducted an annual risk assessment to identify and manage significant strategic, financial, operational, compliance, and environmental, social, and governance (ESG) risks[130] - The board confirmed that there are no significant internal control and risk management weaknesses as of December 31, 2023, and that the company maintains an effective risk management and internal control system[131] - The company has implemented a whistleblowing policy to encourage reporting of fraud, misconduct, and improper behavior, ensuring confidentiality for whistleblowers[134]

Revenue Performance - Total revenue for the year ended December 31, 2023, was $8,512,000, a decrease of 31% from $12,372,000 in 2022[10] - Marine revenue decreased to $8,449,000 in 2023 from $12,079,000 in 2022, representing a decline of 30%[10] - The company's revenue decreased by 31% to $8,512,000 in the fiscal year 2023, compared to $12,372,000 in 2022, primarily due to a decline in shipping business revenue[90] - The shipping business's revenue for fiscal year 2023 was $8,449,000, down 30% from $12,079,000 in 2022, with profit decreasing by 59% to $2,227,000[111] Profit and Loss - The net loss attributable to the company's owners for 2023 was $3,974,000 compared to a profit of $1,123,000 in 2022[11] - The company recorded a loss attributable to owners of $3,974,000 for the fiscal year 2023, compared to a profit of $1,123,000 in 2022, resulting in a basic loss per share of $0.36[90] - The company reported a loss of $2,100,000 from the sale of subsidiaries in 2023[10] - The shipping segment reported a profit before tax of $5,436 thousand, while the investment holding segment incurred a loss of $1,104 thousand[44] - The company confirmed a loss of $2,100,000 related to the sale of a subsidiary during the fiscal year 2023[71] Assets and Liabilities - The total liabilities and equity as of December 31, 2023, was $59,034,000, down from $66,455,000 in 2022, a reduction of 6%[6] - The total equity decreased to $57,098,000 in 2023 from $61,138,000 in 2022, a decline of 7%[5] - Total assets decreased from $66,455 thousand in 2022 to $59,034 thousand in 2023, a decline of approximately 11.5%[34] - Current assets increased slightly from $18,277 thousand in 2022 to $18,807 thousand in 2023, an increase of about 2.9%[34] - Total liabilities decreased from $3,826 thousand in 2022 to $1,828 thousand in 2023, a reduction of approximately 52.2%[33] - As of year-end, the group's borrowings amounted to $756,000, significantly reduced from $2,878,000 in 2022, resulting in a low debt ratio of approximately 1% compared to 5% in the previous year[121] Financial Management - Interest income fell to $63,000 in 2023 from $293,000 in 2022, a decrease of 78%[10] - The company’s administrative expenses increased to $1,563,000 in 2023 from $1,335,000 in 2022, an increase of 17%[10] - Financial costs decreased by 46% to $187,000 in fiscal year 2023, primarily due to a reduction in average borrowing amounts compared to the previous year[100] - The company’s financial costs decreased from $346 thousand in 2022 to $346 thousand in 2023, indicating stable financial management[45] Impairment and Provisions - The credit loss provision for debt instruments measured at fair value through other comprehensive income was $1,146,000 in 2023, down from $1,402,000 in 2022[30] - The company recognized an impairment loss of $1,008,000 on vessels during the year, an increase from $797,000 in 2022, reflecting the current market conditions[92] - The loss was primarily due to a credit loss provision of $1,146,000 for debt instruments measured at fair value, reflecting the deteriorating financial condition of the bond issuers, which are mainly property companies based in mainland China[113] Market Conditions - The Baltic Dry Index fluctuated throughout the year, reaching a low of approximately 500 points in February 2023 and a high of about 3,300 points in December 2023, indicating a weaker shipping market compared to the previous year's range of 1,500 to 2,500 points[91] - The Baltic Dry Index, closely related to market freight rates, remained volatile, indicating a need for impairment assessment of the company's vessels[76] Future Outlook and Plans - The management plans to utilize the remaining net proceeds of $5,800,000 from the public offering for the acquisition of a second-hand bulk carrier, as recent market conditions have presented buying opportunities[124] - The management is actively evaluating potential investment and acquisition opportunities to enhance business performance and deliver long-term benefits to shareholders[126] - The company plans to restart its commodity trading business focused on electronic components when market conditions improve, as it recorded no revenue during the fiscal year 2023[95] Dividends and Shareholder Returns - The company did not declare a final dividend for the fiscal year ending December 31, 2023, consistent with the previous year[89] Employee and Operational Expenses - The company reported a decrease in employee benefits expenses to $802,000 in 2023 from $703,000 in 2022[73] - The company has no overdue or impaired trade receivables as of December 31, 2023, and all amounts have been fully settled[78]

Financial Performance - In the first half of 2023, the company recorded a revenue decrease of 46% to $3,989,000 compared to $7,405,000 in the same period of 2022, primarily due to a decline in shipping business revenue[51]. - The company reported a loss attributable to shareholders of $983,000 in the first half of 2023, compared to a profit of $1,575,000 in the same period of 2022[58]. - The company reported a loss before tax of $983,000 compared to a profit of $1,575,000 in the previous year, indicating a significant shift in performance[108]. - The company experienced a net comprehensive loss attributable to owners of $1,232,000 compared to a gain of $490,000 in the previous year[108]. - The company's basic loss per share was $(0.09), compared to earnings of $0.14 per share in the prior year[108]. - The group recorded no revenue or profit from its commodity trading business focused on electronic components in the first half of 2023, similar to the situation in the first half of 2022, and plans to restart this business when market conditions improve[74]. Revenue and Segment Analysis - Segment revenue for shipping investment holdings was $3,953,000, with total segment revenue amounting to $3,989,000[1]. - The company's shipping business revenue decreased by 46% to $3,953,000, with profit dropping by 80% to $796,000, compared to $4,029,000 in the previous year[51]. - Marine revenue decreased to $3,953,000 from $7,265,000, representing a decline of approximately 45.5% year-over-year[108]. - Total revenue for the six months ended June 30, 2023, was $3,989,000, down from $7,405,000, a decrease of about 46.1%[108]. Assets and Liabilities - Total assets of the company reached $66,455,000, with segment assets for shipping investment holdings at $44,067,000[4]. - The total liabilities of the company amounted to $5,317,000, with segment liabilities for shipping investment holdings at $5,177,000[4]. - The total assets of the group as of June 30, 2023, were $63,801,000, a decrease from $66,455,000 as of December 31, 2022[88]. - The company's total liabilities decreased from $66,455,000 to $63,801,000, a reduction of approximately 4.0%[135]. - As of June 30, 2023, the company's current assets were $17,893,000 and quick assets totaled $14,143,000, with a current ratio of approximately 5.77[59]. Impairment and Credit Loss - The company reported a pre-tax loss of $983,000, which includes a net impairment loss of $109,000 related to vessels[1]. - The company recognized a vessel impairment loss of $109,000 in the first half of 2023, compared to no impairment loss in the same period of 2022[69]. - The company recognized a credit loss provision of $704,000 for debt instruments measured at fair value through other comprehensive income[12]. - The net credit loss provision for debt instruments measured at fair value through other comprehensive income was $704,000, significantly reduced from $1,617,000 in the previous year, indicating an improvement in credit quality[94]. Investment and Acquisition Plans - The company is considering purchasing a second-hand Supramax or Panamax vessel, noting that prices for such vessels have significantly increased since 2021 but are showing signs of stabilization[52]. - The group plans to use the remaining net proceeds of $5,800,000 from its public offering to acquire a second-hand bulk carrier, as prices for such vessels have increased significantly since 2021[82]. - The group has not acquired any second-hand super handy or Panamax vessels due to significant price increases, but sees opportunities in the second-hand dry bulk carrier market and will continue its acquisition plans[85]. - The company aims to seek opportunities to acquire investment properties with ideal rental yields and/or high appreciation potential[57]. Financial Costs and Borrowings - The company’s total borrowings amounted to $1,817,000 as of June 30, 2023, down from $2,878,000 at the end of 2022[60]. - Financial costs for the first half of 2023 were $115,000, a reduction of 31% from $167,000 in the same period of 2022, attributed to a decrease in average borrowing amounts[101]. - As of June 30, 2023, the group's borrowing ratio was approximately 3%, down from 5% as of December 31, 2022, with total borrowings of $1,817,000 compared to $2,878,000[79]. Market Conditions and Outlook - The management remains cautiously optimistic about the medium to long-term outlook for the shipping business, despite a weak market environment due to economic slowdowns and geopolitical tensions[107]. - The Baltic Dry Index remained volatile compared to the previous year, prompting a review of the recoverable amounts of the company's vessels[8]. - The Baltic Dry Index fluctuated between 500 and 1,500 points during the reporting period, significantly lower than the 2,000 to 3,000 points range in the first half of 2022[68]. Shareholder Information - The company has not granted any share options under its share option scheme since its adoption[25]. - The company has a total of 109,770,356 shares available for issuance under the share option scheme, representing approximately 10% of the issued shares[25]. - The weighted average number of ordinary shares issued during the period remained unchanged at 1,097,704 shares for both 2023 and 2022[130]. Other Financial Metrics - Operating cash flow before changes in working capital was $1,186,000, down from $4,574,000, reflecting a decline of approximately 74%[113]. - Cash and cash equivalents decreased from $18,115,000 at the end of 2022 to $1,307,000 at the end of June 2023, a decline of approximately 92.8%[140]. - Net cash generated from investing activities was $718,000 for the six months ended June 30, 2023, compared to $9,416,000 for the same period in 2022, indicating a significant decrease of approximately 92.4%[140]. - The actual annual interest rate on loans as of June 30, 2023, ranged from 8.65% to 9.04%, compared to 2.95% to 7.17% as of December 31, 2022[169].

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 （於百慕達註冊成立之有限公司） （香港股份代號：1145） （新加坡股份代號：CIN） 截至二零二三年六月三十日止六個月之 未經審核中期業績公佈 勇利投資集團有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司（統稱 「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合業績連同比較數字如 下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千美元 千美元 （未經審核） （未經審核） ...

Corporate Governance - The company held four regular board meetings and two shareholder meetings during the year ended December 31, 2022[1]. - The audit committee consists of three independent non-executive directors, ensuring strong oversight of financial reporting and compliance[10]. - The nomination committee is composed of four members, including three independent non-executive directors, ensuring adherence to corporate governance standards[3]. - The company has established a whistleblowing policy to encourage reporting of fraud, misconduct, and improper behavior, which is crucial for effective risk management[17]. - The company has implemented a zero-tolerance policy towards corruption, fraud, and other serious violations of professional ethics[96]. - The company has a whistleblowing policy to protect whistleblowers from common concerns such as confidentiality and retaliation[97]. Financial Performance - The group recorded a revenue increase of 27% to $12,372,000 for the fiscal year ending December 31, 2022, compared to $9,738,000 in 2021, primarily driven by the growth in the shipping business[47]. - The shipping business achieved a revenue growth of 35% to $12,079,000 in the fiscal year 2022, with a profit increase of 38% to $5,436,000, up from $3,938,000 in 2021[47]. - The company reported a pre-tax profit of $1,123 thousand for fiscal year 2022, down from $10,488 thousand in 2021, showing a decline of approximately 89%[140]. - The company’s basic earnings per share for fiscal year 2022 was $0.10, a decrease from $0.96 in 2021, indicating a decline of about 90%[140]. - The total administrative expenses for fiscal year 2022 were $1,335 thousand, compared to $1,523 thousand in 2021, showing a reduction of approximately 12%[140]. - The company recorded a net impairment loss of $797 thousand for vessels in fiscal year 2022, a significant decrease from $13,430 thousand in 2021[140]. - Total revenue for the fiscal year 2022 was $12,372 thousand, an increase from $9,738 thousand in 2021, representing a growth of approximately 27%[140]. - Marine revenue for the fiscal year 2022 was $12,079 thousand, compared to $8,976 thousand in 2021, indicating a growth of about 34%[140]. Risk Management - The company maintains a robust risk management and internal control system, with no significant weaknesses identified as of December 31, 2022[16]. - The company has established a crisis response plan to mitigate the negative impacts of extreme weather events on operations[105]. - The company anticipates stricter climate legislation and regulations to support global carbon neutrality, which may increase capital investment and compliance costs[74]. - The company did not experience significant foreign exchange risk during the fiscal year 2022, as its monetary assets and liabilities are primarily denominated in USD or HKD[189]. Environmental, Social, and Governance (ESG) Initiatives - The company aims to enhance its environmental, social, and governance (ESG) performance through dedicated personnel overseeing related policies and strategies[27]. - The group has set environmental goals related to greenhouse gas emissions, waste management, energy consumption, and water usage to mitigate its environmental impact[35]. - The group has established effective management policies and internal controls to address significant environmental, social, and governance issues[34]. - The group’s operations did not generate any direct greenhouse gas emissions during the fiscal year 2022, as all owned vessels were leased out[37]. - The total greenhouse gas emissions density increased by approximately 28.57% from about 0.007 tons per employee in the fiscal year 2021 to about 0.009 tons per employee in the fiscal year 2022, primarily due to increased business activities[67]. - The company aims to reduce total greenhouse gas emissions density by 10% by the end of the fiscal year 2026, using the fiscal year 2021 as the baseline[62]. - The company has set up recycling bins to collect recyclable materials as part of its waste management strategy to achieve its sustainability goals[67]. - The company is committed to maintaining transparency in its environmental, social, and governance (ESG) reporting to build trust with investors[75]. - The company has committed to optimizing resource usage and tracking key performance indicators related to environmental, social, and governance aspects[100]. - The company emphasizes the importance of environmental and safety performance in its operations and maintains close communication with suppliers to address service issues[152]. Employee Development and Diversity - The gender ratio of employees, including senior management, was 1:1 as of December 31, 2022, indicating gender diversity within the workforce[5]. - The company emphasizes the importance of a diverse workforce and is dedicated to providing equal opportunities in employment[82]. - The company actively provides career development opportunities for employees through internal and external training programs[85]. - The average training hours per employee increased to 36.56 hours in fiscal year 2022 from 24.75 hours in 2021, reflecting a significant improvement in employee training[118]. - In the fiscal year 2022, the total number of trained employees was calculated as a percentage of the total number of employees at the end of the reporting period[87]. - The average training hours by category were calculated based on the training hours of specific category employees divided by the number of employees in that category at the end of the reporting period[88]. Operational Insights - The company is primarily engaged in shipping, investment holding, property holding and investment, and commodity trading, with a focus on electronic components trading[26]. - The company has three super handy-sized vessels with a total carrying capacity of approximately 171,000 deadweight tons, and is exploring opportunities to acquire second-hand vessels as market conditions show signs of easing[48]. - The company plans to continue its strategy of acquiring a second-hand dry bulk vessel, potentially including Panama-type vessels with higher carrying capacity[48]. - The crew expenses for the year amounted to $2,679,000, an increase from $1,892,000 in the previous year[193]. - The company continues to monitor market conditions closely for potential vessel acquisitions and will update shareholders on any developments[187]. Financial Position - As of December 31, 2022, total equity amounted to $61,138,000, a decrease from $61,452,000 in 2021, reflecting a reduction of approximately 0.51%[171]. - Non-current liabilities decreased significantly from $4,878,000 in 2021 to $756,000 in 2022, indicating a reduction of approximately 84.5%[171]. - Cash and cash equivalents decreased from $7,640,000 at the beginning of the year to $2,201,000 at year-end, representing a decline of approximately 71.2%[175]. - The company reported a net cash outflow from financing activities of $(7,050,000) in 2022, compared to $(6,441,000) in 2021, reflecting an increase of approximately 9.5%[175]. - The total liabilities and equity amounted to $66,455,000 as of December 31, 2022, down from $72,451,000 in 2021, a decrease of approximately 8.2%[171]. Compliance and Legal Matters - There were no significant violations of relevant laws and regulations that had a major impact on the company during the fiscal year 2022[61]. - The company has no significant contingent liabilities or capital commitments as of December 31, 2022[190]. - A deposit of $1,006,000 was paid to the Singapore Supreme Court related to a claim from another vessel's owner, which is expected to be refunded after the case is resolved[191].

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 （於百慕達註冊成立之有限公司） （香港股份代號：1145） （新加坡股份代號：CIN） 截至二零二二年十二月三十一日止年度之 全年業績公佈 勇利投資集團有限公司（「本公司」）董事會（「董事會」或「董事」）欣然公佈本公司及其附屬 公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度的經審核綜合業績連同比 較數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千美元 千美元 收入 海運收入 12,079 8,976 ...

Financial Performance - For the first half of 2022, Courage Investment Group Limited reported a revenue increase of 80% to $7,405,000, compared to $4,119,000 in the same period of 2021[11]. - The shipping business generated revenue growth of 100% to $7,265,000, with profit increasing by 249% to $4,029,000, driven by the recovery of global economic activities[12]. - The basic earnings per share rose to $0.14, up from $0.06 in the previous year[11]. - The company reported a profit attributable to shareholders of $1,575,000 for the first half of 2022, compared to $703,000 for the same period in 2021, indicating a significant increase in profitability[26]. - The total comprehensive income attributable to shareholders was $490,000 for the first half of 2022, up from $255,000 in the previous year[26]. - The shipping business contributed a profit of $4,029,000, a substantial increase from $1,154,000 in the first half of 2021[26]. - Net profit attributable to the company's owners for the period was $1,575,000, compared to $703,000 in the previous year, representing a 124% increase[38]. - The company reported a total comprehensive income of $490,000 for the period, up from $255,000 in the previous year[38]. - Employee costs for the first half of 2022 were $335,000, an increase from $296,000 in the same period of 2021[35]. - The group achieved a total profit of $1,575,000 for the six months ended June 30, 2022, up from $703,000 in the same period last year, reflecting an increase of approximately 124%[71]. Market Conditions - The overall market outlook for the shipping business remains cautiously optimistic despite new uncertainties from the Russia-Ukraine conflict[12]. - The market conditions for the shipping business improved in the first half of 2022, attributed to the recovery of global economic activities as the COVID-19 pandemic eased[36]. - The shipping business's performance is closely tied to the fluctuations in freight rates, which are expected to improve with the ongoing recovery of global economic activities[12]. Assets and Liabilities - As of June 30, 2022, the company held current assets of $21,040,000, an increase from $13,122,000 at the end of 2021[27]. - The current ratio improved significantly to approximately 7.50, compared to 2.44 at the end of 2021, primarily due to cash received from the sale of investment properties[27]. - The total assets of the group amounted to $69,300,000 as of June 30, 2022, compared to $72,451,000 as of December 31, 2021, showing a decrease of about 4%[65]. - The total amount of secured loans was $5,939,000 as of June 30, 2022, a decrease of 39.1% from $9,786,000 as of December 31, 2021[83]. - Current liabilities decreased to $2,806,000 from $5,374,000, a reduction of 48%[43]. - The total cash and cash equivalents increased to $18,115,000 at the end of the period, up from $7,175,000 at the end of the previous year, marking a rise of 152%[50]. Investment and Acquisition Plans - The company has not yet acquired any second-hand super handymax vessels due to significant price increases since 2021, but plans to continue its acquisition strategy[13]. - The company is exploring the acquisition of a second-hand panamax vessel to enhance its fleet options when market conditions stabilize[13]. - The company plans to acquire a second-hand dry bulk carrier, specifically targeting Panama-type vessels, to enhance its operational capacity[36]. - The company will continue to seek potential investment and acquisition opportunities to enhance long-term benefits[36]. Credit Loss and Financial Management - The company recognized a credit loss provision of $1,617,000 for debt instruments measured at fair value through other comprehensive income, reflecting a significant increase in credit risk[26]. - The fair value of debt instruments classified as measured at fair value through other comprehensive income decreased by a net amount of $2,424,000 during the period[17]. - The expected credit loss provision for debt instruments measured at fair value through other comprehensive income was $1,617,000 for the six months ended June 30, 2022, compared to $0 for the same period in 2021[82]. - The company closely collaborates with independent qualified valuers to assess expected credit losses based on historical and forward-looking data[77]. Shareholder Information - As of June 30, 2022, the company had a significant shareholder, Mr. Sun, holding 315,990,132 shares, representing approximately 28.79% of the total issued shares[109]. - The company has adopted a share option scheme that allows for the issuance of up to 109,770,356 shares, which is about 10% of the total issued shares as of the report date[104]. - The group did not declare or propose any dividends during the interim period, consistent with the previous year[70]. Compliance and Governance - The financial statements for the six months ended June 30, 2022, were approved and authorized for publication by the board on August 23, 2022[99]. - The company confirmed compliance with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2022[112]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022, prior to board approval[117]. - The company’s directors confirmed compliance with the required standards of the Model Code for Securities Transactions by Directors during the reporting period[113].

Financial Performance - For the fiscal year 2021, Courage Investment Group Limited reported a revenue increase of 23% to $9,738,000, up from $7,920,000 in 2020[13] - The company achieved a profit attributable to owners of $10,488,000, compared to a loss of $3,470,000 in the previous year, marking a significant turnaround[13] - Basic earnings per share improved to $0.96, compared to a basic loss per share of $0.54 in 2020[13] - Total comprehensive income for the year was $12,122,000, a significant increase from a total comprehensive loss of $3,133,000 in the previous year[37] - The company reported a net profit attributable to shareholders of $10,488,000 for the fiscal year 2021, compared to a loss of $3,470,000 in 2020[37] Shipping Business - The shipping business contributed a profit of $3,938,000, an increase from $1,716,000 in 2020, driven by improved market conditions[13] - The shipping business achieved a revenue growth of 36% to $8,976,000, with profit increasing by 129% to $3,938,000, attributed to the recovery of major economies and increased demand for shipping services[20] - The Baltic Dry Index exceeded 5,600 points in October 2021, reaching a five-year high, indicating a favorable market outlook for shipping rates[14] - The overall market conditions for the shipping industry are expected to remain stable, with cautious optimism for the medium to long-term outlook[14] - The Baltic Dry Index, closely related to market freight rates, fluctuated significantly, reaching a low of approximately 1,300 points in February 2021 and exceeding 5,600 points in October 2021, indicating a favorable market outlook for the shipping business[20] Investment Strategy - Courage Investment Group Limited aims to explore potential investment and acquisition opportunities to enhance long-term benefits for the company[14] - The company plans to continue its strategy of acquiring a second-hand dry bulk carrier, despite significant price increases in the market during the fiscal year[14] - The group plans to continue its strategy of acquiring a second-hand dry bulk carrier, considering the current volatile market conditions for such vessels[22] - The estimated funding required for acquiring a second-hand ultra-flexible vessel ranges from $7,000,000 to $12,000,000, while the current market price for such vessels has increased to approximately $10,000,000 to $18,000,000, reflecting a 40%-50% increase from previous estimates[45] Financial Position - Current assets as of December 31, 2021, were $13,122,000, an increase from $11,740,000 in 2020[38] - The current ratio improved to approximately 2.44 from 1.58 in the previous year, primarily due to the reclassification of debt instruments to current assets[38] - The company's equity attributable to shareholders increased to $61,452,000, up by $11,912,000 from $49,540,000 in 2020[38] - The company's total borrowings were $9,786,000 as of December 31, 2021, down from $15,875,000 in 2020, resulting in a debt-to-equity ratio of approximately 16%[42] Risk Management - The group has identified significant risks, including economic risks related to the COVID-19 pandemic and the ongoing US-China trade disputes, which have caused substantial fluctuations in the Baltic Dry Index[58] - The board is responsible for assessing the company's risk tolerance and overseeing the risk management and internal control systems[153] - The group conducted an annual risk assessment to identify and manage significant strategic, financial, operational, and compliance risks[156] - The internal audit function was reviewed, and no significant weaknesses in internal controls or risk management were identified[157] Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code during the year ended December 31, 2021[123] - The board of directors has undergone changes, with several appointments and resignations noted during the year[93] - The company has adopted a dual leadership structure, separating the roles of the chairman and the CEO[133] - The chairman of the board is currently Mr. Su Ka Lok, while the CEO is Mr. Yuen Chi Lap[134] Employee and Customer Relations - Employee costs for the fiscal year 2021 amounted to $778,000, an increase from $416,000 in 2020, reflecting a growing workforce and rising compensation[54] - The company recognizes the importance of maintaining good relationships with employees, customers, and suppliers to achieve its business goals, with no major disputes reported in the fiscal year 2021[67] - The top five customers accounted for approximately 93.6% of total sales for the year, up from 89.3% in 2020, with the largest customer representing about 36.5%[92] Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report reviews the company's initiatives and performance in environmental protection and labor practices for the fiscal year ending December 31, 2021[172] - The company aims to reduce total greenhouse gas emissions intensity by 10% by 2026, using the fiscal year 2021 as the baseline[195] - The company has no direct greenhouse gas emissions as it does not own any vehicles and has leased out its three vessels for the entire fiscal year 2021[196] - The company emphasizes the importance of stakeholder engagement and maintains close communication with various stakeholders, including government, shareholders, employees, customers, suppliers, media, and the public[184]

Courage Investment Group Limited 勇利投資集團有限公司 | --- | --- | |----------------------------------------------------------|----------------------------------| | | | | | | | | 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) | | Interim Report Interim Report 2 021 中報 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) 中期報告 目錄 公司資料 3 管理層討論及展望 4 ...