Financial Performance - For the six months ended June 30, 2023, the gross proceeds from the disposal of trading securities amounted to HK$5,650,000, an increase of 96.5% compared to HK$2,881,000 in the same period of 2022[11]. - Revenue for the period was HK$840,000, down 20.6% from HK$1,057,000 in the previous year[11]. - The loss before tax for the period was HK$33,334,000, an improvement of 20.9% compared to a loss of HK$42,205,000 in the same period of 2022[12]. - The total comprehensive loss attributable to equity holders of the Company for the period was HK$33,334,000, compared to HK$42,205,000 in the previous year[12]. - For the six months ended June 30, 2023, the company reported a total comprehensive loss of HK$33,334,000, compared to a loss of HK$42,205,000 for the same period in 2022, representing a decrease in loss of approximately 21%[15]. - The company's total equity attributable to equity holders decreased from HK$185,087,000 at the beginning of the year to HK$151,753,000 by June 30, 2023, reflecting a decline of about 18%[15]. - The net cash used in operating activities for the six months ended June 30, 2023, was HK$6,586,000, compared to a net cash inflow of HK$8,419,000 in the same period of 2022[19]. - The Group recorded a net loss of approximately HK$33.3 million for the six months ended 30 June 2023, an improvement from a net loss of approximately HK$42.2 million in the same period last year[90]. - The net loss was primarily due to a fair value loss of listed equity instruments amounting to approximately HK$30.2 million during the Period, compared to HK$30.0 million in the prior year[90]. Assets and Liabilities - The net assets as of June 30, 2023, were HK$151,753,000, a decrease of 18.0% from HK$185,087,000 as of December 31, 2022[14]. - The equity investments at fair value through profit or loss (FVPL) decreased to HK$87,470,000 from HK$118,858,000, reflecting a decline of 26.4%[14]. - Current liabilities decreased slightly to HK$462,000 from HK$1,403,000, indicating a reduction of 67.1%[14]. - The cash and bank balances as of June 30, 2023, were HK$838,000, down 88.7% from HK$7,424,000 at the end of 2022[14]. - The Group's net current assets as of June 30, 2023, were approximately HK$135.3 million, down from approximately HK$168.0 million as of December 31, 2022[129]. - The unaudited consolidated net asset value per share was HK$0.540 as of June 30, 2023, compared to HK$0.658 as of December 31, 2022[131]. - The Group's gearing ratio improved to 0.3% as of June 30, 2023, from 0.8% as of December 31, 2022, indicating a healthy capital structure[132]. Revenue Sources - Interest income from debt investments at amortised cost increased to HK$597,000 in 2023 from HK$325,000 in 2022, marking an increase of approximately 83%[27]. - Dividend income from listed equity investments at fair value through profit or loss decreased significantly to HK$243,000 in 2023 from HK$732,000 in 2022, a decline of about 66.8%[27]. Corporate Governance - The Company complied with the Corporate Governance Code throughout the period, except for the separation of roles between the chairman and chief executive[159]. - The Audit Committee reviewed the accounting principles and practices, discussing risk management and financial reporting matters for the interim period[168]. - The Remuneration Committee is responsible for determining the remuneration packages for executive directors and senior management, ensuring alignment with market standards[169]. - The Nomination Committee reviews the structure and composition of the Board to ensure compliance with Listing Rules and fiduciary duties[170]. - The Board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring diverse governance[171]. - The Company has maintained its remuneration policy without significant changes during the reporting period[167]. - The Company expresses appreciation to the management team and staff for their contributions during the period[172]. - The Company is committed to reviewing and updating corporate governance practices to comply with Listing Rules[166]. Market and Economic Conditions - The Hang Seng Index decreased by 4.4% from 19,781 points at the end of 2022 to 18,916 points as of June 30, 2023, after experiencing significant volatility[117]. - The performance of the US stock markets was notably better, with Nasdaq increasing by approximately 31.7%, S&P 500 by 15.9%, and Dow Jones by 3.8% in the first half of 2023[118]. - The US economy's real GDP is estimated to have expanded at an annualized pace of 2.0% to 2.4% in the first half of 2023, driven by resilient consumer spending[119]. - The economic recovery in China is projected to achieve a GDP growth of 5.7% for 2023, slightly above the government's forecast of around 5%[124]. Investment Strategy - The Group's focus remains on listed equity investments in Hong Kong, with a cautious approach to identifying investment opportunities for medium to long-term capital appreciation[92]. - The Board will maintain a diversified investment portfolio covering various sectors, including finance, consumer goods, and media[97]. - The Group has not held any investment exceeding 5% of its total assets as of 30 June 2023, aside from its significant investments[99]. - The Group's significant unlisted bond investment in AMCO United Holding Limited has a net asset value of approximately HK$18.6 million, indicating sufficient working capital for ongoing business operations[99]. Employee and Management Information - As of June 30, 2023, the Group had 16 employees, with remuneration based on performance, experience, and market standards[167]. - The short-term benefits for key management personnel during the six months ended June 30, 2023, amounted to HK$600,000, a decrease from HK$690,000 in the same period of 2022[87]. Miscellaneous - The Company has not disclosed any new product developments or market expansion strategies in the interim report[9]. - The company did not receive any government grants during the six months ended June 30, 2023, compared to HK$24,000 in government grants received in the same period of 2022[27]. - The company did not purchase, sell, or redeem any of its listed securities during the period[152]. - The interim report is printed on environmentally friendly paper, reflecting the Company's commitment to sustainability[176].
港湾数字(00913) - 2023 - 中期财报