励时集团(01327) - 2024 - 中期财报

Management Discussion and Analysis This section details the Group's H1 2024 financial performance, including revenue, costs, and loss, alongside its strategic outlook, financial position, and corporate governance practices Overview The Group focused on luxury watch design, sales, OEM, and exhibition services in H1 2024, experiencing reduced revenue due to competition but a significantly narrowed net loss from improved gross profit and lower other losses - The Group's business focuses on the design, sale, OEM production, and exhibition assistance of luxury high-end watches and accessories[3] - The sales value of jewelry, watches, clocks, and valuable gifts in Hong Kong decreased by approximately 23.1% in H1 2024[3] 2024 H1 Net Loss Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :-------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Net Loss | 10.7 | 18.1 | (7.4) | -40.9% | Financial Review The Group's H1 2024 revenue declined by 19.0% due to lower branded watch sales, yet a greater reduction in cost of sales, coupled with decreased other losses and controlled expenses, significantly narrowed the period's loss Revenue - Revenue decreased primarily due to intense industry competition leading to fewer sales orders, though exhibition income increased[4] Revenue Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :-------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Revenue | 22.1 | 27.3 | (5.2) | -19.0% | Cost of Sales - The decrease in cost of sales is consistent with a 30.0% reduction in branded watch sales revenue during the period[5] Cost of Sales Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :------------ | :-------------------- | :-------------------- | :------------------- | :-------------- | | Cost of Sales | 16.1 | 22.9 | (6.8) | -29.7% | Gross Profit and Gross Margin - The increase in gross profit and gross margin is mainly attributable to higher exhibition income[6] Gross Profit and Gross Margin Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :---------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Gross Profit| 5.9 | 4.3 | 1.6 | 37.2% | | Gross Margin| 26.9% | 15.9% | 11.0% | - | Other Income and Losses - The reduction in loss is primarily due to a decrease in unrealized fair value losses on financial assets at fair value through profit or loss[7] Other Income and Losses Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :----------------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Other Income & Losses | (5.7) | (9.8) | 4.1 | -41.8% | Selling and Distribution Expenses - The decrease is mainly due to reduced advertising expenses[8] Selling and Distribution Expenses Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :------------------------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Selling & Distribution Expenses | 2.8 | 3.3 | (0.5) | -15.2% | Administrative Expenses - The decrease is primarily due to the implementation of cost control strategies during the period[9] Administrative Expenses Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :------------------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Administrative Expenses | 6.7 | 7.8 | (1.1) | -14.1% | Finance Costs Finance Costs Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :----------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Finance Costs| 1.5 | 1.5 | 0.0 | 0.0% | Loss Before Tax Loss Before Tax Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :------------ | :-------------------- | :-------------------- | :------------------- | :-------------- | | Loss Before Tax | (10.7) | (18.1) | 7.4 | -40.9% | Loss for the Period - The decrease in loss for the period is mainly due to the net effect of increased gross profit and reduced other income and losses[13] Loss for the Period Comparison | Indicator | 2024 H1 (RMB million) | 2023 H1 (RMB million) | Change (RMB million) | Change Rate (%) | | :------------- | :-------------------- | :-------------------- | :------------------- | :-------------- | | Loss for the Period | (10.7) | (18.1) | 7.4 | -40.9% | Prospects and Future Outlook The Group anticipates a challenging 2024, planning to enhance design, recruit talent, and re-strategize its product portfolio for the luxury watch and jewelry market, while targeting middle-class and Chinese female consumers with designer collaborations - The Group will enhance its design team and recruit talent to improve watch and jewelry design and development capabilities, strengthening core competitiveness[14] - A challenging 2024 is anticipated, requiring close market monitoring and a re-strategized business and product portfolio to adapt to market demands[14] - The long-term outlook for the luxury high-end watch and jewelry market is positive, driven by the rising middle class and increased disposable income of Chinese women[14] Financial Position The Group's liquidity is funded by operating cash, bonds, and capital markets; as of June 30, 2024, cash balances decreased, but the current ratio improved, while the debt-to-asset ratio slightly rose Key Financial Position Indicators Comparison | Indicator | June 30, 2024 (RMB million) | December 31, 2023 (RMB million) | Change (RMB million) | | :-------------------- | :-------------------------- | :------------------------------ | :------------------- | | Cash and Bank Balances| 1.4 | 2.0 | (0.6) | | Current Ratio | 11.0 times | 10.6 times | +0.4 times | | Debt-to-Asset Ratio | 38.8% | 32.5% | +6.3% | Debts and Asset Pledges As of June 30, 2024, the Group had no assets pledged to secure any loans - The Group had no assets pledged to obtain any loans as of June 30, 2024[16] Capital Commitments As of June 30, 2024, the Group had no significant capital commitments - The Group had no significant capital commitments as of June 30, 2024[17] Foreign Exchange Risk Operating primarily in China, the Group faces RMB and USD foreign exchange risks, with no hedging arrangements in place during the period, but management will monitor and hedge as needed - The Group primarily operates in China, bearing foreign exchange risks related to RMB and USD[18] - For the six months ended June 30, 2024, the Group did not enter into any hedging arrangements[18] - Management will closely monitor foreign currency risks and implement hedging arrangements when necessary[18] Capital Structure Details of the Company's share capital changes are provided in Note 12 to the condensed consolidated interim financial statements - Details of share capital changes are available in Note 12 to the condensed consolidated interim financial statements[19] Contingent Liabilities The Group had no significant contingent liabilities as of June 30, 2024, and December 31, 2023 - The Group had no significant contingent liabilities at the end of the reporting period[20] Dividend Payment The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2024 - The Board does not recommend the payment of an interim dividend for H1 2024[20] Material Acquisitions or Disposals For the six months ended June 30, 2024, the Group had no material acquisitions or disposals of subsidiaries or associates - For the six months ended June 30, 2024, the Group had no material acquisition or disposal activities[21] Material Investments The Group holds material investments in Caixin Media Group Limited and other listed securities, incurring fair value losses as of June 30, 2024, and plans to maintain a diversified portfolio while monitoring market trends Overview of Material Investments (as of June 30, 2024) | Name of Investee Company | Fair Value Loss (RMB thousand) | Percentage of Group's Audited Total Assets (%) | | :--------------------------- | :----------------------------- | :--------------------------------------------- | | Caixin Media Group Limited | 2,199 | 2.0 | | Other Listed Securities | 3,534 | 6.6 | | Total | 5,733 | 8.6 | - The Group will continue to maintain a diversified investment portfolio and closely monitor its investment performance and market trends to adjust its investment strategy[24] Employees and Remuneration Policy As of June 30, 2024, the Group maintained a stable employee headcount with slightly reduced remuneration costs, utilizing annual performance reviews to determine compensation and promotions for talent attraction and retention Employee Headcount and Remuneration Cost Comparison | Indicator | June 30, 2024 | December 31, 2023 | Change | | :---------------- | :------------ | :---------------- | :----- | | Employee Headcount| 56 employees | 56 employees | 0 | | Remuneration Cost | 3.5 million | 3.8 million | (0.3) | | (RMB) | | | | - The company conducts annual employee performance reviews, with results used to determine annual salaries and promotions, aiming to attract and retain valuable employees[25] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2024, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - Neither the Company nor its subsidiaries engaged in the purchase, redemption, or sale of listed securities during the reporting period[26] Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company As of June 30, 2024, the Company's directors and chief executive held unlisted share options, with no ordinary share interests or other disclosable interests or short positions Directors' Long Positions in Shares and Underlying Shares of the Company (as of June 30, 2024) | Name | Capacity and Nature of Interest | Number of Unlisted Share Options (thousand units) | Number of Ordinary Shares Held (thousand units) | Total (thousand units) | Approximate Percentage of Company's Shareholding (%) | | :----- | :------------------------------ | :---------------------------------------------- | :-------------------------------------------- | :--------------------- | :--------------------------------------------------- | | Yang Xi| Beneficial Owner | 4,490 | – | 4,490 | 0.83 | | Zhong Weili| Beneficial Owner | 4,490 | – | 4,490 | 0.83 | | Duan Baili| Beneficial Owner | 4,490 | – | 4,490 | 0.83 | - Except as disclosed above, no other directors or chief executives held disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[27] Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company As of June 30, 2024, no other persons, besides the Company's directors and chief executive, held disclosable interests or short positions in shares or underlying shares - Apart from the Company's directors and chief executive, no other persons held disclosable interests or short positions in shares or underlying shares[30] Directors' Rights to Acquire Shares or Debentures For the six months ended June 30, 2024, neither the Company nor its subsidiaries participated in arrangements allowing directors or their associates to acquire shares or debt securities for benefit - Neither the Company nor its subsidiaries participated in any arrangements during the reporting period that would enable directors or their associates to benefit from acquiring shares or debt securities of the Company or associated corporations[31] Directors' Interests in Competing Businesses For the six months ended June 30, 2024, the Directors were unaware of any competing or potentially conflicting business interests held by directors or their associates with the Group - The Directors were unaware of any director or their associates having interests in businesses competing or potentially conflicting with the Group's business[32] Corporate Governance Code For the six months ended June 30, 2024, the Group adopted and complied with the Corporate Governance Code provisions outlined in Appendix 14 of the Listing Rules - The Group adopted and complied with the Corporate Governance Code provisions in Appendix 14 of the Listing Rules during the reporting period[33] Standard Securities Dealing Code for Directors The Company adopted the Model Code from Appendix 10 of the Listing Rules for directors' securities transactions, with all directors confirming compliance during the reporting period - The Company adopted the Model Code in Appendix 10 of the Listing Rules as the code of conduct for directors' securities transactions[34] - Following inquiry, all directors confirmed compliance with the required standards of the Model Code during the reporting period[34][36] Audit Committee The Audit Committee, composed of three independent non-executive directors, reviewed accounting principles, internal controls, financial reporting, and the Group's unaudited condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors[35] - The Audit Committee reviewed the Company's accounting principles, internal controls, and financial reporting matters, and also reviewed the Group's unaudited condensed consolidated financial statements[35] Board of Directors As of June 30, 2024, the Board of Directors consisted of two executive directors and three independent non-executive directors - The Board of Directors comprises Mr. Liang Yanhuan, Mr. Yang Xi (Executive Directors), and Mr. Yu Junmin, Ms. Duan Baili, Mr. Zhong Weili (Independent Non-executive Directors)[37] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's condensed consolidated statement of profit or loss and other comprehensive income for H1 2024 shows a significantly narrowed loss, driven by gross profit growth and expense control, despite reduced revenue Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | Change (RMB thousand) | Change Rate (%) | | :--------------------------------------- | :--------------------- | :--------------------- | :-------------------- | :-------------- | | Revenue | 22,090 | 27,289 | (5,199) | -19.0% | | Cost of Sales | (16,144) | (22,947) | 6,803 | -29.7% | | Gross Profit | 5,946 | 4,342 | 1,604 | 37.0% | | Other Income and Losses | (5,733) | (9,789) | 4,056 | -41.4% | | Selling and Distribution Expenses | (2,762) | (3,283) | 521 | -15.9% | | Administrative Expenses | (6,680) | (7,834) | 1,154 | -14.7% | | Finance Costs | (1,500) | (1,510) | 10 | -0.7% | | Loss Before Tax | (10,729) | (18,074) | 7,345 | -40.6% | | Loss for the Period | (10,729) | (18,074) | 7,345 | -40.6% | | Total Comprehensive Loss for the Period | (10,593) | (17,640) | 7,047 | -39.9% | | Basic and Diluted Loss Per Share | (2.0) cents | (3.4) cents | 1.4 cents | -41.2% | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the Group's condensed consolidated statement of financial position indicates decreased total assets and equity, improved current ratio, and reduced non-current and current assets - The current ratio increased from 10.6 times as of December 31, 2023, to 11.0 times as of June 30, 2024[15] Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2024 (RMB thousand) | December 31, 2023 (RMB thousand) | Change (RMB thousand) | | :---------------------------- | :--------------------------- | :------------------------------- | :-------------------- | | Non-current Assets | 7,499 | 11,846 | (4,347) | | Current Assets | 94,537 | 101,783 | (7,246) | | Current Liabilities | 8,581 | 9,581 | (1,000) | | Net Current Assets | 85,956 | 92,202 | (6,246) | | Total Assets Less Current Liabilities | 93,455 | 104,048 | (10,593) | | Non-current Liabilities | 21,857 | 21,857 | 0 | | Net Assets | 71,598 | 82,191 | (10,593) | | Total Equity | 71,598 | 82,191 | (10,593) | Condensed Consolidated Statement of Changes in Equity The Group's condensed consolidated statement of changes in equity for H1 2024 reflects a decrease in total equity, primarily due to losses and foreign currency translation reserve movements Summary of Condensed Consolidated Statement of Changes in Equity (as of June 30, 2024) | Indicator | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Foreign Currency Translation Reserve (RMB thousand) | Share Option Reserve (RMB thousand) | Accumulated Losses (RMB thousand) | Total (RMB thousand) | | :--------------------------- | :--------------------------- | :--------------------------- | :-------------------------------------------------- | :---------------------------------- | :-------------------------------- | :------------------- | | As of January 1, 2024 | 45,286 | 473,246 | 5,248 | 5,919 | (447,508) | 82,191 | | Loss for the Period | – | – | – | – | (10,729) | (10,729) | | Other Comprehensive Income for the Period | – | – | 136 | – | – | 136 | | As of June 30, 2024 | 45,286 | 473,246 | 5,384 | 5,919 | (458,237) | 71,598 | Condensed Consolidated Statement of Cash Flows The Group's condensed consolidated statement of cash flows for H1 2024 indicates a significant reduction in net cash used in operating and financing activities, leading to lower period-end cash and cash equivalents Summary of Condensed Consolidated Statement of Cash Flows | Indicator | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | Change (RMB thousand) | | :--------------------------------- | :--------------------- | :--------------------- | :-------------------- | | Net Cash Used in Operating Activities | (235) | (8,325) | 8,090 | | Net Cash Used in Investing Activities | – | – | 0 | | Net Cash Used in Financing Activities | (410) | – | (410) | | Net Decrease in Cash and Cash Equivalents | (645) | (8,325) | 7,680 | | Cash and Cash Equivalents at End of Period | 1,381 | 1,280 | 101 | Notes to the Condensed Consolidated Interim Financial Statements These notes detail the basis of preparation, accounting policies, segment information, financial performance components, and other significant disclosures for the interim financial statements 1. Basis of Preparation These interim financial statements are prepared under HKAS 34 and Listing Rules, covering the Group's watch and jewelry manufacturing, trading, retail, and exhibition services, with HKD as functional currency and RMB as presentation currency - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix 16 of the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants[47] - The Group is primarily engaged in the manufacturing, trading, and retail of self-branded watches and jewelry, OEM watch manufacturing and sales, and assisting clients with exhibitions[47] - The Company's functional currency is HKD, and the presentation currency is RMB[47] 2. Application of New and Revised Hong Kong Financial Reporting Standards ("HKFRSs") The condensed consolidated financial statements are prepared on a historical cost basis, with consistent accounting policies; the Group anticipates no significant impact from new and revised HKFRSs on its financial performance - The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with those followed in the preparation of the 2023 annual financial statements[48] - The Group is evaluating the impact of new and revised HKFRSs and currently expects no significant impact on its operating results and financial position[49] 3. Operating Segments The Group operates in watch manufacturing, trading, retail, and exhibition services; H1 2024 saw a decline in branded watch revenue partially offset by exhibition income, with most revenue from Hong Kong, China - The Group operates two business segments: watch manufacturing, trading, and retail, and exhibition assistance for clients[51] Turnover by Major Products Comparison | Product | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | Change (RMB thousand) | | :------------ | :--------------------- | :--------------------- | :-------------------- | | Branded Watches | 19,080 | 27,289 | (8,209) | | Exhibition Income | 3,010 | – | 3,010 | | Total | 22,090 | 27,289 | (5,199) | Revenue by Customer Location Comparison | Region | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | Change (RMB thousand) | | :---------------------- | :--------------------- | :--------------------- | :-------------------- | | Hong Kong, China | 22,090 | 26,674 | (4,584) | | China (excluding Hong Kong) | – | 615 | (615) | | Total | 22,090 | 27,289 | (5,199) | 4. Other Income and Losses Other income and losses for the period primarily comprised unrealized fair value losses on financial assets at fair value through profit or loss, showing a decrease from the prior period Other Income and Losses Comparison | Item | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | | :------------------------------------------- | :--------------------- | :--------------------- | | Unrealized fair value losses on financial assets at fair value through profit or loss | (5,733) | (7,004) | | Recognition of impairment losses under expected credit loss model | – | (2,785) | | Total | (5,733) | (9,789) | 5. Finance Costs The Group's finance costs, mainly from interest on bonds payable and lease liabilities, remained largely consistent with the prior period Finance Costs Comparison | Item | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | | :--------------------------------- | :--------------------- | :--------------------- | | Interest on bonds payable and lease liabilities | 1,500 | 1,510 | 6. Taxation No Hong Kong profits tax was provided due to no estimated assessable profits, while Chinese subsidiaries are subject to a 25% corporate income tax rate - No Hong Kong profits tax was provided for the six months ended June 30, 2024, and 2023, as there were no estimated assessable profits arising in or derived from Hong Kong[58] - Chinese subsidiaries are subject to a corporate income tax rate of 25%[59] 7. Loss for the Period The loss for the period primarily comprised employee expenses, advertising expenses, cost of inventories, and depreciation, with employee, advertising, and inventory costs all decreasing year-on-year Major Components of Loss for the Period Comparison | Item | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | | :--------------------------------- | :--------------------- | :--------------------- | | Total Employee Expenses | 3,530 | 3,873 | | Advertising Expenses | 962 | 1,283 | | Cost of Inventories Recognized as an Expense | 16,144 | 22,947 | | Depreciation | 3,870 | 3,877 | 8. Loss Per Share Attributable to Owners of the Company For H1 2024, basic and diluted loss per share attributable to owners was RMB 2.0 cents, an improvement from RMB 3.4 cents in the prior period, with diluted loss per share matching basic due to anti-dilutive share options Loss Per Share Comparison | Indicator | 2024 H1 (RMB cents) | 2023 H1 (RMB cents) | | :------------------------- | :------------------ | :------------------ | | Basic and Diluted Loss Per Share | (2.0) | (3.4) | - Basic loss per share is calculated based on the loss for the period attributable to owners of the Company of RMB 10,729,000 and the weighted average number of ordinary shares in issue of 539,136,000 shares[62] - Diluted loss per share is the same as basic loss per share because the exercise of share options had an anti-dilutive effect[65] 9. Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024 - The Board does not recommend the payment of an interim dividend for H1 2024[66] 10. Property, Plant and Equipment For the six months ended June 30, 2024, the Group did not acquire any property, plant, and equipment - The Group did not acquire any property, plant, and equipment during the reporting period[67] 11. Trade Receivables As of June 30, 2024, net trade receivables were RMB 20,477 thousand, slightly down from 2023 year-end, with credit terms of 0-180 days and a substantial portion aged over 180 days Trade Receivables Comparison | Item | June 30, 2024 (RMB thousand) | December 31, 2023 (RMB thousand) | | :--------------------------------- | :--------------------------- | :------------------------------- | | Trade Receivables | 54,812 | 55,775 | | Less: Provision for Expected Credit Losses | (34,335) | (34,335) | | Net Amount | 20,477 | 21,440 | Ageing Analysis of Trade Receivables (as of June 30, 2024) | Ageing | June 30, 2024 (RMB thousand) | December 31, 2023 (RMB thousand) | | :------------- | :--------------------------- | :------------------------------- | | 0 to 30 Days | 1,538 | 584 | | 31 to 60 Days | 1,982 | 521 | | 61 to 90 Days | 1,630 | 454 | | 91 to 180 Days | 1,679 | 361 | | Over 180 Days | 13,648 | 19,520 | | Total | 20,477 | 21,440 | 12. Share Capital As of June 30, 2024, the Company's authorized share capital was 1,300,000 thousand shares (HKD 0.10 par value), with 539,136 thousand shares issued and fully paid (RMB 45,286 thousand par value) Share Capital Details (as of June 30, 2024) | Item | Number of Shares (thousand units) | Par Value (HKD thousand) | Par Value (RMB thousand) | | :-------------------- | :-------------------------------- | :----------------------- | :----------------------- | | Authorized Share Capital | 1,300,000 | 130,000 | - | | Issued and Fully Paid Share Capital | 539,136 | 53,914 | 45,286 | 13. Share Option Scheme The Company's share option scheme, adopted on December 19, 2014, for 10 years, saw no new grants in H1 2024, but existing unexercised options held by directors and employees remain outstanding - The Company's share option scheme was adopted on December 19, 2014, with a 10-year validity period[72] - For the six months ended June 30, 2024, no share options were granted under the share option scheme[72] Details of Outstanding Share Options (as of June 30, 2024) | Holder | Grant Date | Exercise Price | Exercise Period | Outstanding as of January 1, 2024 (thousand units) | Outstanding as of June 30, 2024 (thousand units) | | :------- | :--------------- | :------------- | :-------------------------------------- | :------------------------------------------------- | :----------------------------------------------- | | Directors| August 23, 2021 | HKD 0.152 | August 23, 2021 to August 22, 2024 | 13,470 | 13,470 | | Employees| April 11, 2019 | HKD 0.41 | April 11, 2019 to April 10, 2029 | 29,376 | 29,376 | | Employees| August 23, 2021 | HKD 0.152 | August 23, 2021 to August 22, 2024 | 22,450 | 22,450 | | Total| | | | 65,296 | 65,296 | 14. Events After the Reporting Period No significant events affecting the Group have occurred since the end of the reporting period - No significant events affecting the Group have occurred since the end of the reporting period[74]