Financial Performance - For the three months ended September 30, 2022, the company reported a loss of HKD 3,305,000 compared to a loss of HKD 8,467,000 for the same period in 2021, representing a 61% improvement year-over-year [10]. - The total comprehensive loss for the nine months ended September 30, 2022, was HKD 10,525,000, a decrease from HKD 28,597,000 in the same period of 2021, indicating a 63% reduction [20]. - The company reported a net loss attributable to shareholders of approximately HKD 10,191,000 for the nine months ended September 30, 2022, compared to a net loss of HKD 29,649,000 for the same period last year, representing a 65.6% improvement [44]. - The total comprehensive loss for the three months ended September 30, 2022, was HKD 3,663,000, compared to HKD 7,630,000 in the same period of 2021, reflecting a 52% improvement [20]. - The basic and diluted loss per share for the three months ended September 30, 2022, was HKD 0.086, an improvement from HKD 0.221 in the same period of 2021 [17]. Expenses and Costs - The company's administrative and other operating expenses for the three months ended September 30, 2022, were HKD 1,424,000, down from HKD 2,016,000 in the previous year, reflecting a 29% decrease [10]. - Administrative and other operating expenses for the period were approximately HKD 4,584,000, a decrease of about HKD 7,309,000 or 61.5% compared to the previous year, primarily due to reductions in various business expenses [44]. - The finance costs related to deferred exploration expenditures for the three months ended September 30, 2022, were HKD 1,961,000, a significant reduction from HKD 6,586,000 in the same period of 2021, marking a 70% decrease [10]. - Financing costs for the period were approximately HKD 5,830,000, down from HKD 18,092,000 in the previous year, mainly due to the impact of convertible bonds [44]. - Employee costs, including director remuneration, amounted to HKD 2,772,000 for the nine months ending September 30, 2022, down from HKD 4,887,000 in the previous year [34]. Revenue and Dividends - The company did not report any revenue for the three months ended September 30, 2022, compared to HKD 97,000 in the same period of 2021 [10]. - The company has not declared any dividends for the reporting period [19]. - The company did not generate any revenue during the reporting period, consistent with the previous year [44]. Equity and Liabilities - As of September 30, 2022, the company reported a total equity of HKD 312,641,000, an increase from HKD 322,294,000 as of January 1, 2022 [24]. - The company’s total liabilities as of September 30, 2022, were HKD 178,030,000, reflecting a decrease from HKD 1,168,933,000 as of January 1, 2022 [24]. - The company’s accumulated losses as of September 30, 2022, were HKD 1,075,003,000, compared to HKD 1,064,812,000 as of January 1, 2022 [24]. - The company’s capital reserve as of September 30, 2022, was HKD 17,981,000, a decrease from HKD 23,559,000 as of January 1, 2022 [24]. Future Plans and Projects - The company has entered into a subscription agreement to issue 120,000,000 new shares at a subscription price of HKD 0.18 per share, which is expected to raise approximately HKD 21,600,000 [45][48]. - The estimated net proceeds from the subscription, after expenses, are expected to be approximately HKD 21,550,000, intended for the company's working capital [48]. - The company holds a 50.4% interest in the SC49 oil and gas project in the Philippines, which has faced delays due to COVID-19 restrictions [49]. - Drilling plans for six new wells in the SC49 project are approved and expected to commence in the second half of 2022 following the easing of travel restrictions [50]. - The company has initiated the construction of crude oil dehydration facilities and storage tanks, expected to be operational in 2022, to address buyer complaints regarding water content and reduce logistics costs [52]. - A refinery project near the SC49 drilling site is planned, with an annual procurement of approximately 200,000 barrels of crude oil from China International Mining [52]. - The company has signed a cooperation agreement with CHEC to develop and operate a 48 MW gas power plant in the Philippines, marking a move into downstream natural gas industrialization [52]. - The company remains cautiously optimistic about the economic outlook despite uncertainties in the oil and gas industry, focusing on the commercial viability of potential projects, particularly in small to medium-sized oil fields [53]. - Exploration efforts will continue to concentrate on the SC49 project to ensure stable development and production, maintaining healthy cash flow [53]. Corporate Governance - The company has adhered to the corporate governance code as per GEM listing rules, with some deviations noted [64]. - The audit committee, consisting of two independent non-executive directors and one non-executive director, reviewed the unaudited condensed consolidated financial statements for the period [74]. - The audit committee confirmed that the financial statements comply with applicable accounting standards and regulations [74]. - The company has not established any provisions for preemptive rights in its articles of association or under Cayman Islands law [70]. - The board believes that having the same person serve as both chairman and CEO can effectively execute the group's business strategy and operations [65]. - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, providing suitable skills and experience for the group's development [65]. - The company has adopted a code of conduct for directors regarding securities trading that is not less stringent than the GEM Listing Rules [66]. - The audit committee is responsible for reviewing the company's financial controls, risk management, and internal control systems [72]. - The company will periodically review its governance practices to enhance the overall best interests of the group [65]. Shareholding Structure - Major shareholder Silver Star Enterprises Holdings Inc. holds approximately 48.53% of the company's shares [57]. - Other significant shareholders include Guoxiang Group (Hong Kong) Limited and Inwood Support Limited, each holding approximately 11.57% and 6.79% of the shares, respectively [57]. - The company has not granted any rights to directors or their immediate family members to acquire shares or bonds during the reporting period [63]. - The company has not purchased, sold, or redeemed any of its listed securities during the nine months ended September 30, 2022 [69]. - There were no violations of the code of conduct regarding securities trading by any directors during the reporting period [66].

Financial Performance - Total revenue for the six months ended June 30, 2022, was HKD 120,000, with no operating revenue reported[9] - The company reported a loss before tax of HKD 6,990,000 for the six months, compared to a loss of HKD 21,263,000 in the previous year, reflecting a 67% improvement[10] - Basic and diluted loss per share for the six months was HKD 0.179, compared to HKD 0.557 in the previous year, showing a reduction of approximately 68%[10] - Total comprehensive loss for the six months was HKD 20,967,000, down from HKD 6,862,000 in the previous year, indicating a decrease of about 69%[11] - The company recorded a net loss attributable to shareholders of approximately HKD 6,886,000 for the six months ended June 30, 2022, compared to a net loss of approximately HKD 21,167,000 in the same period last year, representing a reduction in losses of about 67.5%[69] Expenses and Costs - Administrative and other operating expenses decreased to HKD 3,160,000 from HKD 9,877,000 year-on-year, representing a reduction of approximately 68%[9] - Financing costs for the six months were HKD 3,870,000, down from HKD 11,506,000, indicating a decrease of about 66%[9] - Employee costs for the six months ended June 30, 2022, were approximately HKD 3,300,000, a decrease from HKD 5,600,000 in the same period of 2021[81] - The company incurred unallocated corporate expenses of HKD 2,925,000 for the six months ended June 30, 2022, compared to HKD 3,457,000 in the same period of 2021[47] Assets and Liabilities - As of June 30, 2022, the total assets minus current liabilities amounted to HKD 347,465,000, a decrease from HKD 354,933,000 as of December 31, 2021, representing a decline of approximately 2.6%[14] - The net current liabilities increased to HKD 140,895,000 from HKD 132,307,000, indicating an increase of about 6.5%[14] - The total equity as of June 30, 2022, was HKD 314,908,000, down from HKD 322,294,000 at the end of 2021, reflecting a decrease of approximately 2.3%[14] - The total liabilities as of June 30, 2022, were HKD 199,026,000, compared to HKD 196,023,000 at the end of 2021, reflecting a slight increase of about 0.5%[14] - The company's current liabilities amounted to approximately HKD 140,900,000, an increase from approximately HKD 132,300,000 as of December 31, 2021, resulting in a current ratio of 29.2%[70] Cash Flow - The cash and cash equivalents at the end of the reporting period were HKD 214,000, compared to HKD 58,000 at the end of the previous year, showing a significant increase of 269%[18] - The net cash used in operating activities for the six months ended June 30, 2022, was HKD (3,741,000), an improvement from HKD (48,751,000) in the same period last year[18] - The financing activities generated a net cash inflow of HKD 3,902,000, compared to HKD 48,752,000 in the prior year, indicating a significant decrease of approximately 91.99%[18] Shareholder Information - The average number of ordinary shares outstanding was 3,836,982 for the six months ended June 30, 2022, compared to 3,796,973 for the same period in 2021, showing a slight increase in shares[41] - The company has issued 3,836,982,000 shares with a total paid-up capital of HKD 153,479,000 as of June 30, 2022, unchanged from the previous period[61] - Silver Star Enterprises Holdings Inc. holds 1,865,935,931 shares, representing a 48.63% equity interest[91] - The company has a total of 444,000,000 shares held by Guoxiang Group (Hong Kong) Limited, accounting for 11.57% equity interest[91] - Inwood Support Limited owns 260,555,556 shares, which corresponds to a 6.79% equity interest[91] Corporate Governance - The management confirmed that the information in the report is accurate and complete, with no misleading elements[5] - The audit committee has reviewed the financial statements and confirmed compliance with applicable accounting standards and regulations[103] - No directors or management shareholders have interests in any competing businesses during the reporting period[100] - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM listing rules[97] Future Plans and Projects - The company plans to drill six new wells in 2022, with drilling contractors preparing resources and materials for operations to commence in the second half of 2022[84] - A crude oil dehydration facility and storage tank construction have been approved and initiated, expected to be operational in 2022[85] - The company is collaborating with CHEC to develop a 48 MW gas power plant in the SC49 project area, aiming to enhance downstream natural gas utilization[85] - The company remains cautiously optimistic about the economic outlook, focusing on the SC49 project for exploration and maintaining stable cash flow[87]

POLYARD PETROLEUM INTERNATIONAL GROUP LIMITED ppic百田石油國際集團有限公司* (Stock Code 股份代號: 8011) 2019 11:52 202 | Annual Report | 年報 * For identification purpose only. 僅供識別 。 Characteristics of GEM of The Stock Exchange of Hong Kong Limited (The "Stock Exchange") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of in ...

Financial Performance - The company reported a total revenue of HKD 264,470,000 for the year ended December 31, 2021, compared to HKD 5,000 for the previous year, indicating a significant increase[6]. - The company achieved a profit before tax of HKD 132,955,000, a turnaround from a loss of HKD 18,635,000 in the previous year[6]. - The net profit attributable to the owners of the company was HKD 74,472,000, compared to a loss of HKD 25,069,000 in the prior year, reflecting a substantial improvement[6]. - Basic and diluted earnings per share for the year were HKD 1.95, compared to a loss per share of HKD 0.80 in the previous year[6]. - The company reported a total comprehensive income of HKD 134,856,000 for the year, compared to a loss of HKD 20,029,000 in the previous year, highlighting overall financial recovery[7]. Assets and Liabilities - The company's total assets less current liabilities increased to HKD 354,933,000 from HKD 173,616,000 year-on-year, showing strong growth in financial position[9]. - Non-current assets included interests in joint ventures amounting to HKD 487,126,000, up from HKD 289,980,000 in the previous year, indicating expansion in investments[9]. - The company's net assets rose to HKD 322,294,000 from HKD 100,538,000, demonstrating a significant increase in equity[11]. - The company has a net current liability of HKD 132,307,000 as of December 31, 2021, indicating potential concerns regarding its ability to continue as a going concern[17]. - The company has cash and cash equivalents of approximately HKD 54,000, which is insufficient to cover its total liabilities of HKD 196,023,000 due within the next twelve months[17]. Capital and Funding - The company issued new shares amounting to HKD 86,900,000 during the year[13]. - The company plans to raise sufficient funds through capital arrangements and has commitments from the ultimate controlling party to provide necessary funding[18]. - The company has committed to not requiring repayment of amounts owed until all other debts are settled[18]. - The company issued convertible bonds totaling HKD 100,000,000, with a conversion price of HKD 0.18 per share, resulting in the issuance of 555,555,556 shares upon full conversion[112]. Operational Segments - The company has two operating segments: (1) exploration of oil and gas, and (2) providing technical services for oil and gas exploration and development[26]. - For the year ended December 31, 2021, the reportable segment revenue from external customers was HKD 988,000, with inter-segment revenue of HKD (988,000)[32]. - The reportable segment loss before tax for 2021 was HKD (1,907,000), while the unallocated corporate expenses amounted to HKD (7,629,000)[33]. Employee and Administrative Costs - Employee costs decreased to HKD 6,753,000 in 2021 from HKD 9,082,000 in 2020, reflecting a reduction in salaries and benefits[48]. - Administrative and other operating expenses decreased by approximately HKD 5,735,000 or 37% year-on-year, totaling around HKD 9,800,000 for the year[107]. Future Plans and Projects - The company plans to continue its market expansion and product development strategies to sustain growth in the upcoming fiscal year[4]. - The SC49 project in the Philippines has a 50.4% interest held by the company, with drilling activities delayed due to COVID-19 restrictions, but plans to drill six new wells in 2022 have been approved[119][120]. - The company is planning to construct oil dehydration facilities and storage tanks to address buyer complaints about water content in crude oil, with construction already initiated and expected to be operational in 2022[120]. - A partnership with China Huadian Engineering Co., Ltd. was established to develop a 48 MW gas power plant in the SC49 project area, aimed at initiating downstream natural gas industrialization[120]. Risks and Compliance - The company faces risks from fluctuations in crude oil prices, which can adversely affect project valuations and financial performance[133]. - The company is exposed to overseas investment risks due to its primary projects being located in the Philippines, influenced by local political and regulatory stability[134]. - The company has implemented a Health, Safety, and Environment (HSE) management system to mitigate operational risks associated with oil and gas exploration[135]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM Listing Rules[139]. Audit and Reporting - The audit committee, consisting of two independent non-executive directors and one non-executive director, has reviewed the financial performance for the year ended December 31, 2021[145]. - The 2021 annual report will be sent to shareholders and published on the company's website by June 30, 2022[147]. - The board of directors confirms that the information in the announcement is accurate and complete, with no misleading or fraudulent elements[147].

Financial Performance - For the three months ended March 31, 2022, the company reported a loss of HKD 3,349,000, compared to a loss of HKD 3,629,000 for the same period in 2021, representing a 7.7% improvement in loss [6]. - The company's revenue for the first quarter of 2022 was not explicitly stated, but the total comprehensive loss for the period was HKD 465,000, compared to HKD 2,451,000 in the previous year, indicating a significant reduction in overall expenses [8]. - Basic and diluted loss per share for the first quarter of 2022 was HKD 0.085, compared to HKD 0.096 for the same period in 2021, showing a decrease of 8.5% [6]. - The company reported a net loss attributable to shareholders of approximately HKD 3,245,000 for the period, compared to a net loss of HKD 3,609,000 in the same period last year, indicating an improvement [29]. - Administrative and other operating expenses for the period were approximately HKD 1,440,000, a decrease of about HKD 815,000 or 36% compared to the previous year, primarily due to reduced business expenses [29]. - The company did not generate any revenue during the period, consistent with the previous year [29]. Foreign Exchange and Financing - The company recorded a foreign exchange gain of HKD 2,884,000 for the period, compared to HKD 1,178,000 in the previous year, reflecting improved currency management [8]. - The financing costs for the first quarter of 2022 amounted to HKD 1,910,000, an increase from HKD 1,405,000 in the previous year, primarily due to higher interest expenses on convertible bonds [13]. - Financing costs for the period were approximately HKD 1,910,000, compared to approximately HKD 1,405,000 in the previous year [30]. - The company recorded no deferred tax assets for the period due to the inability to predict future taxable profits to offset tax losses [25]. Shareholder Equity and Dividends - The company's total equity as of March 31, 2022, was HKD 321,006,000, compared to HKD 106,457,000 as of March 31, 2021, indicating a substantial increase in shareholder equity [11]. - The company has not declared any dividends for the first quarter of 2022, consistent with the previous year [6]. - The board of directors did not recommend the distribution of dividends for the period, consistent with the previous year [27]. Operational Focus and Plans - The company continues to engage in oil and gas exploration, production, and trading, as well as providing technical services, indicating ongoing operational focus [14]. - The company has plans to drill six new development wells in 2022, with the Philippine government expected to open borders in April 2022 [34]. - A cooperation agreement was signed with China Huadian Corporation to develop and operate a 48 MW gas power plant in the SC49 project in the Philippines [34]. - The company is actively seeking potential crude oil buyers, with Boom Oil Inc. continuing to purchase oil from the company [32]. - The company plans to construct crude oil dehydration facilities and storage tanks to address customer complaints regarding water content in oil [34]. Compliance and Governance - The company is committed to adhering to the Hong Kong Financial Reporting Standards and GEM listing rules, ensuring compliance and transparency in financial reporting [15]. - The company has acknowledged the higher investment risks associated with being listed on the GEM, emphasizing the need for careful consideration by potential investors [5]. - The audit committee has reviewed the unaudited condensed consolidated financial statements, ensuring compliance with applicable accounting standards and regulations [51]. - The company has adopted a code of conduct for securities trading by directors, adhering to GEM listing rules [43]. - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight [50]. Share Capital and Securities - Silver Star Enterprises Holdings Inc. has a total issued share capital of 1,872,055,931 shares, with Lin Nan holding 48.79% of the equity [39]. - Guo Xiang Group (Hong Kong) Limited has 444,000,000 shares, with He Rongguo owning 11.57% of the equity [39]. - Inwood Support Limited holds 260,555,556 shares, with Li Suqing and He Rongguo collectively owning 6.79% of the equity [39]. - China Construction Bank Corporation owns 277,777,777 shares, representing 7.24% of the equity [40]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period [44]. - No new shares were offered to existing shareholders during the reporting period, as there are no provisions for preemptive rights in the company's articles of association [45]. - The company is in discussions regarding repayment arrangements with China Construction Bank for convertible bonds that expired on March 31, 2019 [40].