GoFintech Quantum Innovation Limited — Interim / Quarterly Report 2021

Sep 10, 2021

中期報告 Interim Report

2021

• 2 Corporate Information 公司資料
• 4 Information for Stakeholders 權益人資料
• 5 Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表
• 6 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表
• 7 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表
• 9 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表
• 10 Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表
• 12 Notes to the Condensed Interim Financial Information 簡明中期財務資料附註
• 51 Report on Review of Interim Financial Information 中期財務資料之審閱報告
• 53 Management Discussion and Analysis 管理層討論及分析
• 67 Other Information 其他資料

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive Directors Mr. CHENG, Kam Chiu Stewart (Chairman) Mr. TANG, John Wing Yan (Chief Executive Officer)

Non-executive Director Mr. LEE, Chi Hin Jacob

Independent non-executive Directors Mr. YUNG, Chun Fai Dickie

Mr. CHIU, Wai On Mr. HUANG, Victor

AUDIT COMMITTEE

Mr. CHIU, Wai On (Chairman) Mr. LEE, Chi Hin Jacob Mr. YUNG, Chun Fai Dickie Mr. HUANG, Victor

REMUNERATION COMMITTEE

Mr. YUNG, Chun Fai Dickie (Chairman) Mr. CHENG, Kam Chiu Stewart Mr. CHIU, Wai On Mr. HUANG, Victor

NOMINATION COMMITTEE

Mr. YUNG, Chun Fai Dickie (Chairman) Mr. LEE, Chi Hin Jacob Mr. CHIU, Wai On Mr. HUANG, Victor

EXECUTIVE COMMITTEE

Mr. CHENG, Kam Chiu Stewart (Chairman) Mr. TANG, John Wing Yan

董事會

執行董事 鄭錦超先生(主席) 鄧永恩先生(行政總裁)

非執行董事 李志軒先生

獨立非執行董事 翁振輝先生 招偉安先生 黃偉德先生

審核委員會

招偉安先生(主席) 李志軒先生 翁振輝先生 黃偉德先生

薪酬委員會

翁振輝先生(主席) 鄭錦超先生 招偉安先生 黃偉德先生

提名委員會

翁振輝先生(主席) 李志軒先生 招偉安先生 黃偉德先生

執行委員會

鄭錦超先生(主席) 鄧永恩先生

CORPORATE INFORMATION 公司資料

COMPANY SECRETARY

Mr. LEE, Kun Yin

AUDITOR

PricewaterhouseCoopers Certified Public Accountants and Registered PIE Auditor

LEGAL ADVISERS

On Hong Kong law Deacons

On Bermuda law Conyers Dill & Pearman

On US law Haynes and Boone, LLP

On Argentina law Nicholson y Cano Abogados Saravia Frias Abogados

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited The Hongkong and Shanghai Banking Corporation Limited

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

Room 1402, 14/F., New World Tower I 16-18 Queen's Road Central Hong Kong

REGISTERED OFFICE

Clarendon House 2 Church Street Hamilton HM11 Bermuda

公司秘書

李冠賢先生

核數師

羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師

法律顧問

香港法律 的近律師行

百慕達法律 康德明律師事務所

美國法律 Haynes and Boone, LLP

阿根廷法律 Nicholson y Cano Abogados Saravia Frias Abogados

主要往來銀行

中國銀行(香港)有限公司 香港上海滙豐銀行有限公司

總辦事處及主要營業地點

香港 皇后大道中16–18號 新世界大廈一期14樓1402室

註冊辦事處

Clarendon House 2 Church Street Hamilton HM11 Bermuda

INFORMATION FOR STAKEHOLDERS 權益人資料

SHARE INFORMATION

First listed on the Stock Exchange 13 October 1998

Place of listing Main Board of The Stock Exchange of Hong Kong Limited

Stock Code 0166.HK

Board Lot 2,000 shares

Financial Year End 31 December

As at 30 June 2021

Number of issued shares: 8,758,880,988 shares Closing price: HK\$0.069 per share Market capitalisation: HK\$604.36 million

SHARE REGISTRAR AND TRANSFER OFFICE

Principal Share Registrar

Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda

Hong Kong Branch Registrar

Tricor Tengis Limited Level 54, Hopewell Centre 183 Queen's Road East Hong Kong

INVESTOR RELATIONS

Enquiries may be directed to e-mail: info@nt-energy.com

WEBSITE

http://www.nt-energy.com

股份資料

首次在聯交所上市 一九九八年十月十三日

上市地點 香港聯合交易所有限公司主板

股份代號 0166.HK

每手買賣單位 2,000股

財政年度年結日 十二月三十一日

於二零二一年六月三十日 已發行股份數量: 8,758,880,988股 收盤價: 每股0.069港元 市值: 604,360,000港元

股份過戶登記處

股份過戶登記總處

Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda

股份過戶登記香港分處

卓佳登捷時有限公司 香港 皇后大道東183號 合和中心54樓

投資者關係

可將查詢發送至電郵: info@nt-energy.com

網址

http://www.nt-energy.com

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 簡明綜合損益表

For the six months ended 30 June 2021 截至二零二一年六月三十日止六個月

			(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		Note 附註	2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Revenue Cost of sales	收益 銷售成本	6 8	4,928,637 (4,923,216)	298,002 (288,130)
Gross profit Other income, gains and losses, net General and administrative expenses Assets impairment loss Net investment loss Finance costs Share of losses of joint ventures	毛利 其他收入、收益及虧損淨額 一般及行政開支 資產減值虧損 投資虧損淨額 融資成本 應佔合營企業虧損	7 8 9 10 11	5,421 11,517 (26,852) – (5,089) (4,279) (4)	9,872 (3,443) (19,213) (602) (32,968) (5,587) (1,401)
Loss before taxation Income tax (expense)/credit	除稅前虧損 所得稅(開支)╱抵免	12	(19,286) (2,395)	(53,342) 1,352
Loss for the period	期內虧損		(21,681)	(51,990)
(Loss)/profit attributable to: Owners of the Company Non-controlling interests	由下列項目應佔(虧損) ╱溢利: 本公司擁有人 非控股權益		(21,685) 4	(51,975) (15)
Loss for the period	期內虧損		(21,681)	(51,990)
Loss per share for loss attributable to owners of the Company for the period	本公司擁有人應佔期內 每股虧損	14
Basic (HK cent) Diluted (HK cent)	基本(港仙) 攤薄(港仙)		(0.25) (0.25)	(0.59) (0.59)

上述簡明綜合損益表應與隨附附註一併閱讀。 The above condensed consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 簡明綜合全面收益表

For the six months ended 30 June 2021 截至二零二一年六月三十日止六個月

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元 (Restated) (經重列)
Loss for the period	期內虧損	(21,681)	(51,990)
Other comprehensive loss: Item that will not be reclassified to profit or loss: Change in fair value of equity investments at fair value through	其他全面虧損: 將不會重新分類至損益之項目: 按公允價值計入其他全面收益之 股本投資公允價值變動
other comprehensive income Item that may be reclassified subsequently to profit or loss:	其後或可重新分類至損益之項目: 換算海外業務之匯兌差額	26	(5,467)
Exchange differences on translation of foreign operations		(21,176)	(25,339)
Other comprehensive loss for the period, net of tax	期內其他全面虧損,扣除稅項	(21,150)	(30,806)
Total comprehensive loss for the period 期內全面虧損總額		(42,831)	(82,796)
Total comprehensive (loss)/income attributable to:	由下列項目應佔全面(虧損)╱ 收益總額:
Owners of the Company Non-controlling interests	本公司擁有人 非控股權益	(42,835) 4	(82,781) (15)
		(42,831)	(82,796)

The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

上述簡明綜合全面收益表應與隨附附註一併閱 讀。

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表

At 30 June 2021 於二零二一年六月三十日

		Note 附註	(Unaudited) (未經審核) 30 June 2021 於二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 於二零二零年 十二月三十一日 HK\$'000 千港元
Non-current assets	非流動資產
Exploration and evaluation assets	勘探及評估資產	15	–	63,128
Property, plant and equipment	物業、廠房及設備	16	133,318	62,150
Investments in joint ventures	於合營企業之投資		937	941
Financial assets at fair value through	按公允價值計入其他全面
other comprehensive income	收益之金融資產		34	8
Prepayments, deposits and	預付款項、按金及
other receivables	其他應收款項	18	131,409	4,316
			265,698	130,543
Current assets	流動資產
Inventories	存貨	17	194,850	28,800
Trade and other receivables	應收貿易賬款及
	其他應收款項	18	17,327	76,833
Current tax recoverable	可收回即期稅項		209	1,398
Derivative financial instruments	衍生金融工具		5,317	–
Financial assets at fair value through	按公允價值計入損益之
profit or loss	金融資產	19	69,530	74,090
Gold investment	黃金投資	20	63,949	68,589
Cash and cash equivalents	現金及現金等價物		341,663	640,915
			692,845	890,625
Current liabilities	流動負債
Trade and other payables	應付貿易賬款及
	其他應付款項	21	66,939	70,447
Contract liabilities	合約負債	22	58,240	31
Borrowings	借貸	23	38,000	143,067
Lease liabilities	租賃負債		4,558	3,162
Derivative financial instruments	衍生金融工具		–	2,925
Provisions	撥備		21,244	20,117
Income tax payable	應付所得稅		1,049	1,040
			190,030	240,789
Net current assets	流動資產淨值		502,815	649,836
Total assets less current liabilities	總資產減流動負債		768,513	780,379

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明綜合財務狀況表

At 30 June 2021 於二零二一年六月三十日

		Note 附註	(Unaudited) (未經審核) 30 June 2021 於二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 於二零二零年 十二月三十一日 HK\$'000 千港元
Non-current liabilities	非流動負債
Borrowings	借貸	23	–	3,000
Lease liabilities	租賃負債		8,685	3,503
Deferred tax liabilities	遞延稅項負債		18,923	14,920
Provisions	撥備		3,885	–
			31,493	21,423
Net assets	資產淨值		737,020	758,956
Equity	權益
Equity attributable to owners of the Company	本公司擁有人應佔權益
Share capital	股本	24	87,589	87,589
Reserves	儲備		649,478	671,418
			737,067	759,007
Non-controlling interests	非控股權益		(47)	(51)
Total equity	權益總額		737,020	758,956

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

上述簡明綜合財務狀況表應與隨附附註一併閱 讀。

CHENG, Kam Chiu Stewart TANG, John Wing Yan 鄭錦超 鄧永恩 Director Director 董事 董事

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明綜合權益變動表

For the six months ended 30 June 2021 截至二零二一年六月三十日止六個月

		(Unaudited) (未經審核) Attributable to owners of the Company 本公司擁有人應佔
		Share capital	Share premium	Capital reserve	Exchange reserve	Fair value reserve (non-recycling) 公允價值 儲備	Contributed surplus	Accumulated losses	Total	Non controlling interests	Total equity
		股本 HK\$'000 千港元	股份溢價 HK\$'000 千港元	資本儲備 HK\$'000 千港元	外匯儲備 HK\$'000 千港元 (Restated) (經重列)	(不可回轉) HK\$'000 千港元	實繳盈餘 HK\$'000 千港元	累計虧損 HK\$'000 千港元 (Restated) (經重列)	合計 HK\$'000 千港元	非控股權益 HK\$'000 千港元	權益總額 HK\$'000 千港元
Balance at 1 January 2020 Loss for the period Other comprehensive loss (restated)	於二零二零年一月一日之結餘 期內虧損 其他全面虧損(經重列)	87,589 – –	4,868,181 – –	9,591 – –	(519,695) – (25,339)	(107,136) – (5,467)	740,880 – –	(4,233,111) (51,975) –	846,299 (51,975) (30,806)	156 (15) –	846,455 (51,990) (30,806)
Total comprehensive loss (restated)	全面虧損總額(經重列)	–	–	–	(25,339)	(5,467)	–	(51,975)	(82,781)	(15)	(82,796)
Impact of hyperinflation – restatement effect (restated)	惡性通脹之影響 -重列影響(經重列)	–	–	–	–	–	–	6,600	6,600	–	6,600
Balance at 30 June 2020 (restated)	於二零二零年六月三十日之結餘 (經重列)	87,589	4,868,181	9,591	(545,034)	(112,603)	740,880	(4,278,486)	770,118	141	770,259
Balance at 1 January 2021	於二零二一年一月一日之結餘	87,589	4,868,181	9,591	(540,748)	(123,196)	740,880	(4,283,290)	759,007	(51)	758,956
Loss for the period Other comprehensive loss	期內虧損 其他全面虧損	– –	– –	– –	– (21,176)	– 26	– –	(21,685) –	(21,685) (21,150)	4 –	(21,681) (21,150)
Total comprehensive loss	全面虧損總額	–	–	–	(21,176)	26	–	(21,685)	(42,835)	4	(42,831)
Impact of hyperinflation – restatement effect	惡性通脹之影響 -重列影響	–	–	–	–	–	–	20,895	20,895	–	20,895
Balance at 30 June 2021	於二零二一年六月三十日之結餘	87,589	4,868,181	9,591	(561,924)	(123,170)	740,880	(4,284,080)	737,067	(47)	737,020

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

上述簡明綜合權益變動表應與隨附附註一併閱 讀。

9 NEW TIMES ENERGY CORPORATION LIMITED 新時代能源有限公司 Interim Report 2021 二零二一年中期報告

CONDENSED CONSOLIDATED CASH FLOW STATEMENT 簡明綜合現金流量表

For the six months ended 30 June 2021 截至二零二一年六月三十日止六個月

			(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		Note 附註	2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Cash flows from operating activities	經營業務所得現金流量
Cash used in operations Interest paid Interest received Income tax refund	經營業務所用現金 已付利息 已收利息 所得稅退稅		(59,678) (4,435) 1,696 1,022	(124,568) (5,527) 5,381 –
Net cash used in operating activities	經營業務所用現金淨額		(61,395)	(124,714)
Cash flows from investing activities	投資活動所得現金流量
Payment for purchase of financial assets at fair value through	購買按公允價值計入損益之 金融資產支付之款項
profit or loss Payment for the deposits for a potential acquisition	潛在收購事項之按金款項	18	(30,131) (127,354)	(12,000) –
Payment for purchase of exploration and evaluation assets Payment for purchase of property,	購買勘探及評估資產支付之 款項 購買物業、廠房及設備支付之	15	(408)	(1,252)
plant and equipment Proceeds from redemption of financial assets at fair value	款項 贖回按公允價值計入損益之 金融資產之所得款項		(8)	(26)
through profit or loss Interest received from financial assets at fair value through	已收按公允價值計入損益之 金融資產之利息		28,294	22,060
profit or loss Dividend received from financial assets at fair value through profit or loss	已收按公允價值計入損益之 金融資產之股息		1,246 151	1,564 –
Net cash (used in)/generated from investing activities	投資活動(所用)╱所得現金 淨額		(128,210)	10,346

CONDENSED CONSOLIDATED CASH FLOW STATEMENT 簡明綜合現金流量表

For the six months ended 30 June 2021 截至二零二一年六月三十日止六個月

			(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Cash flows from financing activities	融資活動所得現金流量
Repayment of borrowings	償還借貸款項	(116,965)	–
Payment for lease liabilities	租賃負債(包括利息)款項
(including interest)		(1,075)	(1,034)
Proceeds from borrowings	借貸之所得款項	9,166	–
Net cash used in financing	融資活動所用現金淨額
activities		(108,874)	(1,034)
Net decrease in cash and	現金及現金等價物減少淨額
cash equivalents		(298,479)	(115,402)
Cash and cash equivalents at	於一月一日之現金及
1 January	現金等價物	640,915	771,662
Effect of foreign exchange rates	匯率變動的影響
changes		(773)	(276)
Cash and cash equivalents at	於六月三十日之現金及
30 June	現金等價物	341,663	655,984

Non-cash transactions:

The non-cash investing activities include the acquisition of right-of-use assets amounting to approximately HK\$7,485,000 (2020: HK\$7,484,000), the provision of asset retirement obligation for oil properties amounting to approximately HK\$3,885,000 (2020: Nil) and the transfer from exploration and evaluation assets to property, plant and equipment amounting to approximately HK\$57,320,000 (2020: Nil) (Note 16) during the six months ended 30 June 2021.

The above condensed consolidated cash flow statement should be read in conjunction with the accompanying notes.

非現金交易:

截至二零二一年六月三十日止六個月,非現 金投資活動包括收購使用權資產約7,485,000 港元(二零二零年:7,484,000港元)、石油資 產的資產報廢責任撥備約3,885,000港元(二 零二零年:無)以及自勘探及評估資產轉撥至 物業、廠房及設備的金額約57,320,000港元 (二零二零年:無)(附註16)。

上述簡明綜合現金流量表應與隨附附註一併 閱讀。

1 GENERAL INFORMATION

New Times Energy Corporation Limited (the "Company") is a limited liability company incorporated in Bermuda as an exempted company and its registered office and principal place of business are Clarendon House, 2 Church Street, Hamilton HM11, Bermuda and Room 1402, 14/F., New World Tower I, 16-18 Queen's Road Central, Hong Kong respectively. The Company is listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). The Company is an investment holding company. The Company and its subsidiaries are collectively referred to as the "Group".

This condensed consolidated interim financial information is presented in thousands of Hong Kong dollars (HK\$'000), unless otherwise stated. This condensed consolidated interim financial information was approved for issue by the Board of Directors on 27 August 2021.

2 BASIS OF PREPARATION

This condensed consolidated interim financial information for the six months ended 30 June 2021 has been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34, "Interim Financial Reporting". The interim report does not include all the notes of the type normally included in annual financial report. Accordingly, this interim report should be read in conjunction with the annual financial statements for the year ended 31 December 2020, which have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRS").

1 一般資料

新時代能源有限公司(「本公司」)為於 百慕達註冊成立之獲豁免有限公司,其 註冊辦事處及主要營業地點分別位於 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda及香港皇后大道中16至18 號新世界大廈一期14樓1402室。本公司於 香港聯合交易所有限公司(「聯交所」)主 板上市。本公司為投資控股公司。本公司 及其附屬公司統稱為「本集團」。

除另有指明外,此簡明綜合中期財務資 料乃以千港元(「千港元」)呈列。本簡明 綜合中期財務資料已於二零二一年八月 二十七日獲董事會批准刊發。

2 編製基準

截至二零二一年六月三十日止六個月之 簡明綜合中期財務資料已根據香港會計 準則(「香港會計準則」)第34號「中期財 務報告」編製。此中期報告並不包括年度 財務報告一般載有之所有附註類型。因 此,此中期報告應與截至二零二零年十二 月三十一日止年度之年度財務報表一併 閱讀,年度財務報表根據香港財務報告準 則(「香港財務報告準則」)編製。

3 SIGNIFICANT ACCOUNTING POLICIES

The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the preparation of the Group's annual financial statements for the year ended 31 December 2020, except for the adoption of the following amendments to standards for the first time for accounting periods beginning on or after 1 January 2021.

(a) Amendments to standards adopted by the Group

HKFRS 16 (Amendments) COVID-19 Related Rent Concessions Interest Rate Benchmark Reform – Phase 2

HKAS 39, HKFRS 4, HKFRS 7, HKFRS 9 and HKFRS 16 (Amendments)

The adoption of the above amendments to standards did not result in any impact on the results and financial position of the Group.

(b) IFRS Interpretation Committee ("IFRIC") agenda decision adopted by the Group

The Group has voluntarily changed its accounting policy to conform with the IFRIC agenda decision "Translation of a Hyperinflationary Foreign Operation – Presenting Exchange Differences" and the change in accounting policy has applied retrospectively in the annual financial statements for the year ended 31 December 2020.

The accounting policy change resulted in all the translation effects to be presented in other comprehensive income as opposed to directly in equity and presented the cumulative pre-hyperinflation foreign exchange differences in the exchange reserve. The balances of exchange reserve and accumulated losses as at 30 June 2020 have been restated, while having no overall impact on the Group's total equity.

3 重大會計政策

編製此等簡明綜合中期財務資料所採納 之會計政策與編製本集團截至二零二零 年十二月三十一日止年度之年度財務報 表所採納者一致,惟於二零二一年一月一 日或之後開始之會計期間首次採納以下 準則修訂本除外。

(a) 本集團所採納之準則修訂本

香港財務報告準則 第16號(修訂本) Covid-19相關 租金寬減 香港會計準則第39號、 香港財務報告準則 第4號、香港財務 報告準則第7號、 香港財務報告準則 第9號及香港財務 報告準則第16號 (修訂本) 利率基準改革 -第二階段

採納上述準則修訂本並未對本集團 之業績及財務狀況造成任何影響。

(b) 本集團所採納之國際財務報告 準則詮釋委員會(「國際財務報 告準則詮釋委員會」)議程決定 本集團已自願變更其會計政策以符 合國際財務報告準則詮釋委員會之 議程決定「換算惡性通脹海外業務- 呈列匯兌差額」並於截至二零二零 年十二月三十一日止年度之年度財 務報表追溯應用會計政策之變動。

會計政策變動導致於其他全面收益 呈列所有過渡影響而非直接於權益 呈列,於匯兌儲備呈列累計惡性通 脹前匯兌差額。於二零二零年六月 三十日之匯兌儲備及累計虧損之結 餘已重列,而對本集團之總權益並 無整體影響。

	SIGNIFICANT ACCOUNTING POLICIES (Continued)	3	重大會計政策(續)
(b)	IFRS Interpretation Committee ("IFRIC") agenda decision adopted by the Group (Continued)		(b)	本集團所採納之國際財務報告 準則詮釋委員會(「國際財務報 告準則詮釋委員會」)議程決定 (續)
	To conform with the accounting policy adopted by the Group for the year ended 31 December 2020, the condensed consolidated statement of comprehensive income for the six months ended 30 June 2020 was restated and its impact was presented as below:			為符合本集團於截至二零二零年 十二月三十一日止年度所採納的會 計政策,截至二零二零年六月三十 日止六個月的簡明綜合全面收益表 已經重列,其影響呈列如下:
	Condensed consolidated statement of comprehensive income (extract) – For the six months ended 30 June 2020 簡明綜合全面收益表(摘要)		As originally presented	Change of accounting policy	As restated
	-截至二零二零年六月三十日 止六個月		原列 HK\$'000 千港元	會計政策之變動 HK\$'000 千港元	經重列 HK\$'000 千港元
	Exchange differences on translation of foreign operations	換算海外業務之匯兌差額	43	(25,382)	(25,339)
	Other comprehensive loss for the period, net of tax	期內其他全面虧損, 扣除稅項	(5,424)	(25,382)	(30,806)
	Total comprehensive loss for the period	期內全面虧損總額	(57,414)	(25,382)	(82,796)
	Total comprehensive loss attributable to owners of the Company	本公司擁有人應佔全面 虧損總額	(57,399)	(25,382)	(82,781)

14 NEW TIMES ENERGY CORPORATION LIMITED 新時代能源有限公司 Interim Report 2021 二零二一年中期報告

3 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c) New standard, amendments to standards, improvement, interpretation, and accounting guideline that are not yet effective and have not been early adopted by the Group

The following new standard, amendments to standards, improvement, interpretation, and accounting guideline have been issued but are not yet effective for the six months ended 30 June 2021:

3 重大會計政策(續)

(c) 尚未生效且未獲本集團提前採 納之新訂準則、準則之修訂本、 改進、詮釋及會計指引

以下新訂準則、準則之修訂本、改 進、詮釋及會計指引已獲發佈,但 於截至二零二一年六月三十日止六 個月尚未生效:

Effective for annual

		periods beginning on or after 自以下日期或之後 開始之年度期間生效
HKFRS 16 (Amendments)	COVID-19-Related Rent Concessions beyond 30 June 2021	1 April 2021
香港財務報告準則第16號(修訂本)	二零二一年六月三十日之後COVID-19 相關租金寬減	二零二一年四月一日
Annual Improvements to HKFRS Standards 2018 – 2020	Annual Improvements to HKFRSs Standards 2018 – 2020	1 January 2022
香港財務報告準則二零一八年至 二零二零年的年度改進	香港財務報告準則二零一八年至 二零二零年的年度改進	二零二二年一月一日
Amendments to HKFRS 3, HKAS 16, and HKAS 37	Narrow-scope Amendments	1 January 2022
香港財務報告準則第3號、香港會計準則 第16號及香港會計準則第37號(修訂本)	適用範圍較窄之修訂	二零二二年一月一日
Hong Kong Accounting Guideline 5 (Revised)	Merger Accounting for Common Control Combinations	1 January 2022
香港會計指引5(經修訂)	共同控制合併之合併會計法	二零二二年一月一日
HKAS 1 (Amendments)	Classification of Liabilities as Current or Non-current	1 January 2023
香港會計準則第1號(修訂本)	負債分為流動負債或非流動負債	二零二三年一月一日
HKAS 1 (Revised) (Amendments) 香港會計準則第1號(經修訂)(修訂本)	Disclosure of Accounting Policies 會計政策披露	1 January 2023 二零二三年一月一日
HKFRS Practice Statement 2 (Amendment) 香港財務報告準則實務報告第2號(修訂本)	Making Materiality Judgements 作出重大性判斷	1 January 2023 二零二三年一月一日

3 SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c) New standard, amendments to standards, improvement, interpretation, and accounting guideline that are not yet effective and have not been early adopted by the Group (Continued)

3 重大會計政策(續)

(c) 尚未生效且未獲本集團提前採 納之新訂準則、準則之修訂本、 改進、詮釋及會計指引(續)

		Effective for annual periods beginning on or after 自以下日期或之後 開始之年度期間生效
HKAS 8 (Amendments)	Accounting Policies, Change in Accounting	1 January 2023
香港會計準則第8號(修訂本)	Estimates and Errors 會計政策、會計估計變動及錯誤	二零二三年一月一日
HKAS 12 (Amendments)	Income taxes	1 January 2023
香港會計準則第12號(修訂本)	所得稅	二零二三年一月一日
HKFRS 17	Insurance Contracts	1 January 2023
香港財務報告準則第17號	保險合同	二零二三年一月一日
HK (IFRIC) – Int 5	Presentation of Financial Statements –	1 January 2023
	Classification by the Borrower of a Term Loan
香港(國際財務報告詮釋委員會)	that Contains a Repayment on Demand Clause 財務報表的呈列-借款人對載有按要	二零二三年一月一日
-詮釋第5號	求還款條款的定期貸款之分類
HKFRS 4 (Amendments)	Expiry Date of the Deferral Approach	1 January 2023
香港財務報告準則第4號(修訂本)	延後法的屆滿日期	二零二三年一
		月一日
Amendments to HKFRS 10 and HKAS 28	Sale or Contribution of Assets between an Investor	To be determined by
	and its Associate or Joint Venture	the HKICPA
香港財務報告準則第10號及	投資者及其聯營公司或合營企業之間的	待由香港會計
香港會計準則第28號(修訂本)	資產出售或注資	師公會確定
The Group will adopt the above new standard, amendments		本集團將於其生效時採納上述新訂

to standards, improvement, interpretation, and accounting guideline when they become effective. The Group has already commenced an assessment of the related impact of adopting the above new standard, amendments to standards, improvement, interpretation, and accounting guideline, none of which is expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

準則、準則之修訂本、改進、詮釋及 會計指引。本集團已開始評估採納 上述新訂準則、準則之修訂本、改 進、詮釋及會計指引之有關影響, 惟預計概不會於當前或未來報告期 間對本集團及可預見未來之交易產 生重大影響。

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of condensed consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial information, except as described below, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2020.

Fair value of a listed equity investment with suspension of trading

In estimating the fair value of a listed equity investment which is suspended from trading of its shares in the Stock Exchange, and its fair value cannot be measured based on the quoted price in active markets, the fair value is determined by using valuation techniques. The Group has engaged an independent professional valuer to assist in establishing appropriate valuation techniques and inputs to the model. Management has reviewed the valuation report, and discussed the valuation processes and results with the independent professional valuer. The fluctuation in the fair value of the equity investment is reported and analysed by management periodically. For the details about the valuation techniques, refer to Note 5.2(i) (c).

5 FINANCIAL RISK MANAGEMENT

5.1 Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk (including currency risk, price risk and interest rate risk), credit risk and liquidity risk arising in the normal course of its business and financial instruments.

4 重大會計估計及判斷

編製簡明綜合中期財務資料時,管理層須 作出可影響會計政策應用以及資產及負 債、收入及開支呈報金額的判斷、估計及 假設。實際結果可能有別於該等估計。

編製該簡明綜合中期財務資料時,除下文 所述者外,管理層對於應用本集團會計 政策時作出的重大判斷及估計不確定因 素之主要來源與截至二零二零年十二月 三十一日止年度的綜合財務報表所應用 者一致。

暫停買賣上市權益投資之公允價值

在估計其股份在聯交所暫停買賣的上市 權益投資之公允價值時,其公允價值無法 根據活躍市場的報價計量,採用估值技術 釐定其公允價值。本集團已聘請獨立專業 估值師協助制定適當的估值技術及模型 的輸入數據。管理層已審閱估值報告,並 與獨立專業估值師討論估值過程及結果。 權益投資的公允價值波動由管理層定期 報告及分析。估值技術的詳情請參閱附註 5.2(i)(c)。

5 財務風險管理

5.1 財務風險因素

本集團在一般業務過程及金融工 具中涉及多項財務風險:市場風險 (包括外滙風險、價格風險及利率風 險)、信貸風險及流動資金風險。

5 FINANCIAL RISK MANAGEMENT (Continued)

5.1 Financial risk factors (Continued)

The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2020.

There have been no changes in the Group's financial risk management policies and practices since year end.

5.2 Fair value estimation

The details below provide updates on the judgements and estimates made by the Group in determining the fair value of the financial instruments since the last annual financial statements.

(i) Financial instruments carried at fair value

The following table presents the carrying value of the financial instruments measured at fair value at the date of statement of financial position across the three levels of the fair value hierarchy defined in HKFRS 7, "Financial Instruments: Disclosures", with the fair value of each financial instruments categorised in its entirety based on the lowest level of input that is significant to that fair value measurement.

The levels are defined as follows:

• Level 1 (highest level): fair value measured using quoted prices (unadjusted) in active markets for identical financial instruments.
• Level 2: fair values measured using quoted prices in active market for similar financial instruments, or using valuation techniques in which all significant inputs are directly or indirectly based on observable data.
• Level 3 (lowest level): fair value measured using valuation techniques in which any significant input is not based on observable market data.

5 財務風險管理(續)

5.1 財務風險因素(續)

簡明綜合中期財務資料並未載入年 度財務報表所要求的所有財務風險 管理資料及披露資料,應與本集團 截至二零二零年十二月三十一日止 年度之年度財務報表一併閱讀。

自年末以來,本集團之財務風險管 理政策及常規並無任何變更。

5.2 公允價值估計

下文詳細提供自上一年度財務報表 以來本集團於釐定金融工具公允價 值時所作出的判斷及估計的最新資 料。

(i) 按公允價值入賬之金融工具 下表呈列於財務狀況表日期 在香港財務報告準則第7號「金 融工具:披露」所界定之公允 價值三個層次中,以公允價值 計量之金融工具之賬面值,而 各金融工具之公允價值以對 該公允價值計量屬重大之最 低層次輸入數據而整體分類。

所界定之層次如下:

• 第一層(最高層次):以 可識別金融工具活躍市 場所報價格(未經調整) 計量公允價值。
• 第二層:以類似金融工 具活躍市場報價,或以 估值技術(其中所有重 大輸入數據乃直接或間 接以可觀察數據為本) 計量公允價值。
• 第三層(最低層次):以 估值技術(其中任何重 大輸入數據乃並非以可 觀察市場數據為本)計 量公允價值。

5 FINANCIAL RISK MANAGEMENT (Continued)

5 財務風險管理(續)

5.2 公允價值估計(續)

(i) 按公允價值入賬之金融工具

5.2 Fair value estimation (Continued)

(i) Financial instruments carried at fair value (Continued)

(續) Level 1 Level 2 Level 3 Total 第一層 第二層 第三層 總計 HK\$'000 HK\$'000 HK\$'000 HK\$'000 千港元 千港元 千港元 千港元 As at 30 June 2021 (Unaudited) 於二零二一年六月 三十日(未經審核) Assets 資產 Financial assets at fair value through other comprehensive income ("FVOCI"): 按公允價值計入其他 全面收益(「按公允 價值計入其他全面 收益」)之金融資產: – Unlisted equity investments -非上市權益投資 – 34 – 34 Financial assets at fair value through profit or loss ("FVPL"): 按公允價值計入損益 (「按公允價值計入 損益」)的金融資產: – Listed equity investments -上市權益投資 17,414 – 37,064 54,478 – Listed debt investments -上市債務投資 10,087 – – 10,087 – Unlisted equity-linked investments -非上市股本 掛鈎投資 – 4,965 – 4,965 Derivative financial instruments: 衍生金融工具: – Gold future contracts -黃金期貨合約 1,442 – – 1,442 – Paper gold and silver -紙黃金及銀 3,875 – – 3,875 32,818 4,999 37,064 74,881 As at 31 December 2020 (Audited) 於二零二零年 十二月三十一日 (經審核) Assets 資產 Financial assets at FVOCI: 按公允價值計入 其他全面收益之 金融資產: – Unlisted equity investments -非上市權益投資 – 8 – 8 Financial assets at FVPL: 按公允價值計入 損益的金融資產: – Listed equity investments -上市權益投資 53,054 – – 53,054 – Listed debt investments -上市債務投資 14,945 – – 14,945 – Unlisted debt investments -非上市債務投資 – 6,091 – 6,091 67,999 6,099 – 74,098

Liabilities Derivative financial instruments: – Gold future contracts – Paper gold	負債 衍生金融工具: -黃金期貨合約 -紙黃金	644 2,281	– –	– –	644 2,281
		2,925	–	–	2,925

5 FINANCIAL RISK MANAGEMENT (Continued)

5.2 Fair value estimation (Continued)

(i) Financial instruments carried at fair value (Continued)

During the six months ended 30 June 2021, the Group transferred a listed equity investment measured at FVPL from level 1 into level 3 due to no available quoted price in active markets for the shares which were suspended from trading. For the information about level 3 fair value measurements, please refer to Note 5.2(i)(c).

(a) Financial instruments in level 1

The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. Instruments included in level 1 comprise primarily equity and debt investments listed in the Singapore Exchange Securities Trading Limited ("Singapore Exchange") and the Stock Exchange classified as financial assets at FVPL, except for the equity investment which was suspended from trading. Please refer to Note 5.2(i)(c) for details.

5 財務風險管理(續)

• 5.2 公允價值估計(續)
• (i) 按公允價值入賬之金融工具 (續) 截至二零二一年六月三十日 止六個月,由於暫停買賣的股 份於活躍市場上並無可用報 價,本集團已將按公允價值計

入損益計量的上市權益投資 由第一級轉撥至第三級。有關 第三級公允價值計量方法的 資料,請參閱附註5.2(i)(c)。

(a) 第一層金融工具 於交投活躍市場買賣之 金融工具之公允價值根 據財務狀況表日期之市 場報價計算。交投活躍 市場乃指可輕易地及定 期從交易所、經銷商、 經紀人、行業集團、報 價服務或規管機構取得 報價之市場,而有關報 價是在經常進行之真實 公平市埸交易之基礎上 呈現。本集團所持金融 資產所用之市場報價為 當時買入價。該等工具 會被列為第一層。被列 為第一層之工具主要包 括分類為按公允價值計 入損益的金融資產的權 益及債務投資(於新加 坡證券交易所有限公司 (「新加坡交易所」)及聯 交所上市),惟暫停買 賣的權益投資除外。詳 情請參閱附註5.2(i)(c)。

5 FINANCIAL RISK MANAGEMENT (Continued)

5.2 Fair value estimation (Continued)

• (i) Financial instruments carried at fair value (Continued)
• (b) Financial instruments in level 2

The equity interest in Foothills Exploration, Inc. ("Foothills Exploration") is classified as equity investment and carried at FVOCI. The fair value is valued using the market approach with reference to the market price of shares of Foothills Exploration.

The unlisted debt investments and unlisted equitylinked investments are classified as financial assets at FVPL. The fair values are determined based on quoted market prices provided by reputable banks.

(c) Financial instruments in level 3 The following table presents the changes in level 3 instruments for the six months ended 30 June 2021:

5 財務風險管理(續)

5.2 公允價值估計(續)

• (i) 按公允價值入賬之金融工具 (續)
• (b) 第二層金融工具 Foothills Exploration, Inc.(「 F o o t h i l l s Exploration」)之股權 分類為權益投資,並按 按公允價值計入其他 全 面 收 益 入 賬。公 允 價值乃經參考Foothills Exploration之股份市價 並採用市場法估值。

非上市債務投資及非上 市股權掛鈎投資乃分類 為按公允價值計入損益 的金融資產。公允價值 乃基於聲譽良好的銀行 提供的市場報價釐定。

(c) 第三層金融工具 下表呈列截至二零二一 年六月三十日止六個月 第三層工具的變化:

		Unlisted equity investments 非上市權益投資 (Note 1) (附註1) HK\$'000 千港元	Listed equity investments 上市權益投資 (Note 2) (附註2) HK\$'000 千港元
At 1 January 2021 (Audited)	於二零二一年一月一日
	(經審核)	–	–
Transfer from level 1 to level 3	由第一層轉撥至第三層	–	41,486
Loss recognised in condensed	於簡明綜合損益表
consolidated statement of	確認的虧損
profit or loss		–	(4,422)
At 30 June 2021 (Unaudited)	於二零二一年六月
	三十日(未經審核)	–	37,064

5 FINANCIAL RISK MANAGEMENT (Continued)

5.2 Fair value estimation (Continued)

• (i) Financial instruments carried at fair value (Continued)

• (c) Financial instruments in level 3 (Continued) Notes:

  • 1. The fair value of the equity interest in Borealis Alaska Oil, Inc. ("Borealis") measured at FVOCI was measured based on its net asset value attributable to the Group at the date of the statement of financial position due to no recent private placing of shares and warrants issued by Borealis nor any comparable transactions for the valuation. Other than the net asset value of the equity interest in Borealis, no other significant unobservable inputs were noted. There was no fair value change in the equity interest in Borealis during the six months ended 30 June 2021.

• During the six months ended 30 June 2021, one of the listed equity investments of approximately HK\$37,064,000 (31 December 2020: HK\$43,274,000 which was measured in level 1 hierarchy) was suspended from trading in late January 2021 and transferred out of level 1 into level 3 of the fair value hierarchy. As there was an absence of quoted prices for the shares which were suspended for trading, the fair value was determined by valuation conducted by an independent professional valuer. The fair value was estimated based on the latest market bid price before suspension, adjusted by the share price fluctuation of comparable companies, and applied discounts for lack of marketability by considering the probability of delisting. Should the probability of delisting increased/ decreased by 10%, the loss before taxation would be increased/decreased by approximately HK\$1,696,000 due to the decrease/increase in the fair value of the equity investment.

• 5 財務風險管理(續)

• 5.2 公允價值估計(續)

  • (i) 按公允價值入賬之金融工具 (續)
  • (c) 第三層金融工具(續) 附註:

• 按公允價值計入其 他全面收益計量之 Borealis Alaska Oil, Inc.(「Borealis 」) 之股權的公允價值 乃基於本集團於財 務狀況表日期應佔 資產淨值而計量, 此乃由於Borealis近 期並無就有關估值 私募配售股份及發 行認股權證亦無任 何可資比較交易。 除Borealis股權的資 產 淨 值 外,並 無 注 意到其他重大不可 觀察的輸入數據。 截至二零二一年 六月三十日止六個 月,Borealis之股權 並無公允價值變動。

• 截至二零二一年六 月三十日止六個月, 一項約37,064,000 港 元( 二 零 二 零 年 十二月三十一日: 43,274,000港 元, 按第一層級計量) 的上市權益投資於 二零二一年一月底 暫 停 買 賣,並 由 第 一層轉撥至第三層 公 允 價 值 層 次。由 於暫停買賣股份並 無 報 價,公 允 價 值 由獨立專業估值師 透 過 估 值 釐 定。公 允價值以暫停買賣 前的最新市場報價 為 基 礎 估 計,根 據 可資比較公司的股 價波動進行調整, 並採用計及可能因 除牌而缺乏市場流 動 性 的 折 讓。倘 退 市概率增加╱減少 10%,則 權 益 投 資 公允價值減少╱增 加將導致除稅前虧 損增加╱減少約 1,696,000港元。

5 FINANCIAL RISK MANAGEMENT (Continued)

5.2 Fair value estimation (Continued)

(i) Financial instruments carried at fair value

(Continued)

• (c) Financial instruments in level 3 (Continued) Notes: (Continued)
• 1. (Continued)

The main level 3 unobservable inputs used by the Group in measuring the fair value of the equity investment with suspension of trading are derived and evaluated as follows:

• The benchmarks and share price movements of comparable companies: these are determined based on the companies that operated in similar business and the simple average of the returns of the comparable companies from the latest trading date before suspension to 30 June 2021.
• Discounts for lack of marketability: marketability discounts of 14.60% and 51.40% are used to the adjusted share price in arriving at the fair value of the equity investment under the resumption scenario and under delisting scenario respectively.

5 財務風險管理(續)

5.2 公允價值估計(續)

• (i) 按公允價值入賬之金融工具 (續) (c) 第三層金融工具(續)

• 附註:(續)

• (續)

本集團計量暫停交 易之權益投資的公 允價值時所用的主 要第三層不可觀察 輸入數據乃按以下 各項得出及進行評 估:

• 可資比較公 司的基準及 股 價 變 動: 根據最近期 停牌日前交 易日至二零 二一年六月 三十日期間 從事類似業 務的公司及 可資比較公 司收益率的 簡單平均數 確定。 • 缺乏流通性 折 讓:分 別 對調整後的 股價應用 14.60% 及 51.40%的流 通性折讓,以

計算復牌情 景下及退市 情景下權益 投資的公允 價值。

5 FINANCIAL RISK MANAGEMENT (Continued)

5.2 Fair value estimation (Continued)

• (i) Financial instruments carried at fair value (Continued)
• (c) Financial instruments in level 3 (Continued) Notes: (Continued)
  • 1. (Continued)
  • Probability of delisting: the probability of 14% is estimated by dividing the number of relevant delisted companies on the Main Board of the Stock Exchange by the number of listed companies on the Main Board of the Stock Exchange with suspension of trading.
• (ii) Fair values of financial instruments carried at amortised cost

The carrying amounts of the Group's financial instruments carried at amortised cost are not materially different from their fair values as at 30 June 2021 and 31 December 2020, due to their short maturities.

(iii) Fair values of non-financial assets carried at fair value

The fair value estimation of the physical gold investment, which included in "gold investment" (Note 20), is categorised in level 1 hierarchy. The fair value is based on quoted market prices in an active market at the date of the statement of financial position.

There were no transfers between levels 1 and 2 for recurring fair value measurements of non-financial assets during the period.

5 財務風險管理(續)

5.2 公允價值估計(續)

• (i) 按公允價值入賬之金融工具 (續) (c) 第三層金融工具(續)
• 附註:(續)
  • 1. (續)

• 退 市 概 率: 14%的概率 乃按於聯交 所主板除牌 之有關公司 數目除以暫 停交易於聯 交所主板上 市之公司數 目估算。

(ii) 按攤銷成本入賬之金融工具 之公允價值

於二零二一年六月三十日及 二零二零年十二月三十一日, 由於其到期日較短,本集團按 攤銷成本入賬之金融工具的 賬面值與其公允價值並無重 大差異。

(iii) 按公允價值入賬之非金融資 產之公允價值

實物黃金投資(計入「黃金投 資」(附註20))之公允價值估 計獲分類為第一層級。公允價 值乃基於財務狀況表日期活 躍市場之市場報價。

期內非金融資產並無第一層 及第二層之間的經常性公允 價值計量轉撥。

6 REVENUE AND SEGMENT REPORTING

The principal activities of the Group are (i) exploration, development, production and sale of natural resources in Argentina; and (ii) general and commodities trading in Hong Kong and the Mainland China. Further details regarding the Group's principal activities are disclosed in Note 6(b).

(a) Disaggregation of revenue

Disaggregation of revenue from contracts with customers by major products or service lines is as follows:

6 收益及分部報告

本集團之主要業務為(i)於阿根廷勘探、開 發、生產及銷售天然資源;及(ii)於香港及 中國內地之普通及商品貿易。有關本集團 主要業務的進一步詳情已於附註6(b)披露。

(a) 收益的細分

來自客戶合約的收益以主要產品或 服務線細分如下:

(Unaudited) (未經審核)

Six months ended 30 June

		截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Revenue from contracts with customers within the scope of HKFRS 15 – Sales of physical gold and silver under general and commodities	香港財務報告準則第15號 涵蓋範圍內來自客戶合約 的收益 -銷售普通及商品貿易之 實物黃金及銀
trading – Sales of petroleum-related products under general and	-銷售普通及商品貿易之 石油相關產品	4,840,064	286,408
commodities trading – Sales of oil products under oil	-銷售石油勘探及生產之 石油產品	71,610 16,963	–
exploration and production		4,928,637	11,594 298,002

6 REVENUE AND SEGMENT REPORTING (Continued)

(b) Segment reporting

Management has determined the operating segments based on the reports reviewed by the chief operating decisionmaker that are used to making strategic decisions. The chief operating decision-maker is identified as the executive directors of the Company. The executive directors assess the performance of the operating segments based on the segment assets, segment liabilities, segment revenue and segment results for the purposes of allocating resources and assessing performance.

During the year ended 31 December 2020, the Group has expanded its commodities trading of non-ferrous metal to include physical gold trading. In addition, the Group also entered into the trading of petroleum-related products in the Mainland China. The trading of petroleum-related products in the Mainland China is not a reportable operating segment, as it did not meet the quantitative threshold accordance with HKFRS 8. The results of the general trading have been aggregated into one segment with commodities trading as they have similar nature of business and similar average gross margins. As a result, "commodities trading" segment has been renamed to "general and commodities trading" segment.

During the six months ended 30 June 2021, the Group has further expanded its physical silver trading within the commodities trading operating segment.

6 收益及分部報告(續)

(b) 分部報告

管理層已根據主要經營決策者審閱 的用以作出策略決策的報告釐定經 營分部。主要經營決策者獲認定為 本公司的執行董事。執行董事根據 分部資產、分部負債、分部收益及 分部業績評估經營分部的表現作分 配資源及評估表現用途。

截至二零二零年十二月三十一日止 年度,本集團將其有色金屬商品貿 易擴展至包括實物黃金買賣。此外, 本集團亦進軍中國內地石油相關產 品貿易。中國內地之石油相關產品 貿易並非呈報經營分部,原因為根 據香港財務報告準則第8號,其並未 達致定量下限。普通貿易之業績與 商品貿易合併計入一個分部,原因 為其具有類似業務性質及類似平均 毛利率。因此,「商品貿易」分部重 新命名為「普通及商品貿易」分部。

截至二零二一年六月三十日止六個 月,本集團已進一步拓展其商品貿 易經營分部內之實物銀貿易。

6 REVENUE AND SEGMENT REPORTING (Continued)

(b) Segment reporting (Continued)

Management has identified two reportable segments based on the Group's business model:

• Upstream: This segment is engaged in the exploration, development, production and sale of crude oil. Currently the Group's activities in this regard are carried out in Argentina.
• General and commodities trading: This segment includes trading of non-ferrous metals, physical gold and silver and petroleum-related products.

Segment assets include all the assets with the exception of investments in joint ventures, financial assets at FVOCI and unallocated corporate assets. Segment liabilities include all the liabilities with the exception of deferred tax liabilities and unallocated corporate liabilities.

Segment profit/loss represents the profit/loss resulted by each segment without allocation of assets impairment loss, share of losses of joint ventures, net investment loss, unallocated interest income and expense and other expenses in corporate head office. This is the measure reported to the Group's chief executive decision-maker for the purposes of resource allocation and performance assessment.

Capital expenditure comprises addition to exploration and evaluation assets and property, plant and equipment.

• 6 收益及分部報告(續)
• (b) 分部報告(續) 管理層已根據本集團之業務模式識 別兩個呈報分部:
  • 上游:此分部從事原油勘探、 開發、生產及銷售。目前,本 集團於阿根廷開展該業務。
  • 普通及商品貿易:此分部包括 有色金屬、實物黃金及銀及石 油相關產品貿易。

分部資產包括所有資產,但並不包 括於合營企業之投資、按公允價值 計入其他全面收益之金融資產及未 分配企業資產。分部負債包括全部 負債,但不包括遞延稅項負債及未 分配企業負債。

分部溢利╱虧損指各分部所產生之 溢利╱虧損,且未分配資產減值虧 損、應佔合營企業虧損、投資虧損 淨值、未分配利息收入及開支及公 司總部之其他開支。此為就資源分 配及表現評估而向本集團主要營運 決策者報告之方式。

資本開支包括新增的勘探及評估資 產及物業、廠房及設備。

6 REVENUE AND SEGMENT REPORTING (Continued)

(b) Segment reporting (Continued)

(i) Segment results, assets and liabilities

Information regarding the Group's reportable segments as provided to the Group's chief executive decisionmaker for the purposes of resource allocation and performance assessment for the period is set out below:

6 收益及分部報告(續)

(b) 分部報告(續)

(i) 分部業績、資產及負債 期內,提供予本集團主要營運 決策者用作資源分配及表現 評估之有關本集團呈報分部 資料如下:

				(Unaudited) (未經審核)
	上游	Upstream	General and commodities trading 普通及商品貿易			Total 總計
	Six months ended 30 June			Six months ended 30 June		Six months ended 30 June
	截至六月三十日止六個月			截至六月三十日止六個月		截至六月三十日止六個月
	2021 二零二一年	2020 二零二零年	2021 二零二一年	2020 二零二零年	2021 二零二一年	2020 二零二零年
	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元	HK\$'000 千港元
可呈報分部收益(附註) Reportable segment revenue (Note)	16,963	11,594	4,911,674	286,408	4,928,637	298,002
可呈報分部業績 Reportable segment result	543	(5,115)	2,635	(1,710)	3,178	(6,825)
折舊 Depreciation 黃金投資之 Fair value loss on gold	7,082	1,799	260	–	7,342	1,799
公允價值虧損 investment 衍生金融工具之 Gain/(loss) on derivative	–	–	(4,640)	–	(4,640)	–
收益╱(虧損) financial instruments	–	–	10,749	(2,976)	10,749	(2,976)
存貨撥備 Provision for inventories	–	–	(1,490)	–	(1,490)	–
利息收入 Interest income	1,164	5	35	–	1,199	5
利息開支 Interest expense 添置非流動分部資產 Addition to non-current	–	–	(71)	–	(71)	–
segment assets	4,293	1,187	7,485	507	11,778	1,694
	(Unaudited)	(Audited)	(Unaudited)	(Audited)	(Unaudited)	(Audited)
	(未經審核)	(經審核)	(未經審核)	(經審核)	(未經審核)	(經審核)
	30 June	31 December	30 June	31 December	30 June	31 December
	2021	2020	2021	2020	2021	2020
	二零二一年	二零二零年	二零二一年	二零二零年	二零二一年	二零二零年
	六月三十日 HK\$'000	十二月三十一日 HK\$'000	六月三十日 HK\$'000	十二月三十一日 HK\$'000	六月三十日 HK\$'000	十二月三十一日 HK\$'000
	千港元	千港元	千港元	千港元	千港元	千港元
Reportable segment assets 可呈報分部資產	164,682		391,366		556,048
Reportable segment liabilities 可呈報分部負債	(31,038)	162,324 (28,063)	(80,266)	278,984 (22,109)	(111,304)	441,308 (50,172)

6 REVENUE AND SEGMENT REPORTING (Continued)

(b) Segment reporting (Continued)

(i) Segment results, assets and liabilities (Continued) Note:

Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales during both the current and prior periods. All of the Group's revenue is recognised at a point in time.

(ii) Reconciliations of reportable segment revenue, loss before taxation, assets and liabilities:

6 收益及分部報告(續)

(b) 分部報告(續)

(i) 分部業績、資產及負債(續) 附註:

上文所呈報之分部收益指來自 外部客戶之收益。於本期間及過 往期間,並無分部間銷售額。本 集團之所有收益於某一時間點 確認。

(ii) 可呈報分部收益、除稅前虧 損、資產及負債之對賬表: (Unaudited)

(未經審核)

Six months ended 30 June

截至六月三十日止六個月

		2021	2020
		二零二一年	二零二零年
		HK\$'000	HK\$'000
		千港元	千港元
	收益
Revenue
Reportable segment revenue	可呈報分部收益	4,928,637	298,002
Result	業績
Reportable segment result	可呈報分部業績	3,178	(6,825)
Unallocated interest income	未分配利息收入	497	5,376
Unallocated interest expense	未分配利息開支	(4,208)	(5,587)
Assets impairment loss	資產減值虧損	–	(602)
Other expenses in corporate	公司總部其他開支
head office		(13,660)	(11,335)
Share of losses of joint ventures	應佔合營企業之虧損	(4)	(1,401)
Net investment loss	投資虧損淨值	(5,089)	(32,968)
	除稅前虧損
Loss before taxation		(19,286)	(53,342)

6		REVENUE AND SEGMENT REPORTING (Continued) 6
	(b)	(ii)	Segment reporting (Continued) Reconciliations of reportable segment revenue, loss before taxation, assets and liabilities: (Continued)			分部報告(續) (b) (ii)
					收益及分部報告(續) 可呈報分部收益、除稅前虧 損、資產及負債之對賬表: (續) (Unaudited) (Audited) (經審核) (未經審核) 30 June 31 December 2021 2020 二零二零年 二零二一年 六月三十日 十二月三十一日 HK\$'000 HK\$'000 千港元 千港元 556,048 441,308 937 941 按公允價值計入其他全面 34 8 203,839 502,858 69,530 74,090 127,536 1,354 619 609 958,543 1,021,168 (111,304) (50,172) (18,923) (14,920) (38,000) (141,316) (44,994) (44,994) (5,381) (6,187) (2,921) (4,623)
			Assets	資產
			Reportable segment assets Investments in joint ventures	可呈報分部資產 於合營企業之投資
			Financial assets at FVOCI Unallocated corporate assets	收益之金融資產 未分配企業資產
			– Cash and cash equivalents – Financial assets at FVPL	-現金及現金等價物 -按公允價值計入損益之
			– Other receivables – Others	金融資產 -其他應收款項 -其他
			Consolidated total assets	綜合資產總額
			Liabilities Reportable segment liabilities	負債 可呈報分部負債
			Deferred tax liabilities Unallocated corporate liabilities	遞延稅項負債 未分配企業負債
			– Unallocated borrowings – Deposit received – Unallocated lease liabilities	-未分配借貸 -已收按金 -未分配租賃負債
			– Others Consolidated total liabilities	-其他 綜合負債總額		(221,523)	(262,212)

6 REVENUE AND SEGMENT REPORTING (Continued)

(b) Segment reporting (Continued)

(iii) Geographical information

The Company is domiciled in Bermuda while the Group operates its business primarily in Hong Kong, the Mainland China and Argentina.

The following table sets out information about the geographical location of (i) the Group's revenue from external customers and (ii) the Group's non-current assets other than financial assets at FVOCI ("specified non-current assets"). The geographical location of the Group's revenue is based on the locations of customers. The geographical location of the specified non-current assets is based on (i) the physical location of the asset, in the case of property, plant and equipment and exploration and evaluation assets; and (ii) the location of the operation to which they are allocated, in the case of prepayments, deposits and other receivables. In the case of investments in joint ventures, it is based on the location of the operation of such joint ventures.

6 收益及分部報告(續)

(b) 分部報告(續) (iii) 地區資料

本公司於百慕達註冊,而本集 團主要於香港、中國內地及阿 根廷經營業務。

下表載列(i)本集團來自外部客 戶之收益;及(ii)本集團之非流 動資產(不包括按公允價值 計入其他全面收益之金融資 產)(「特定非流動資產」)地 理位置之資料。本集團收益的 地理位置乃基於客戶所在地。 特定非流動資產之地理位置 乃基於(i)就物業、廠房及設備 及勘探及評估資產而言,資產 本身位處之地點;及(ii)就預付 款項、按金及其他應收款項而 言,彼等獲分配之營運地區。 就於合營企業之投資而言,則 以該合營企業業務所在地點 為準。

			(Unaudited) (未經審核)		(Audited) (經審核)
			Revenue from		Specified
		external customers 來自外部客戶之收益 Six months ended 30 June 截至六月三十日止六個月		non-current assets 特定非流動資產
		2021	2020	30 June 2021	31 December 2020 二零二零年
		二零二一年 HK\$'000 千港元	二零二零年 HK\$'000 千港元	二零二一年 六月三十日 HK\$'000 千港元	十二月 三十一日 HK\$'000 千港元
Hong Kong Mainland China Argentina Singapore	香港 中國內地 阿根廷 新加坡	4,272,516 71,610 16,963 567,548	286,408 – 11,594 –	136,391 355 128,918 –	1,682 483 128,370 –
		4,928,637	298,002	265,664	130,535

7 OTHER INCOME, GAINS AND LOSSES, NET

7. 其他收入、收益及虧損淨額

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Bank interest income	銀行利息收入	1,696	5,381
Drilling service income Gain/(loss) on derivative financial	鑽井服務收入 衍生金融工具收益╱(虧損)	–	469
instruments		10,749	(2,976)
Fair value loss on gold investment	黃金投資之公允價值虧損
(Note 20)	(附註20)	(4,640)	–
Hyperinflation monetary adjustments (Note)	惡性通脹貨幣性調整(附註)	5,526	8,079
Net foreign exchange losses	外匯虧損淨額	(2,403)	(14,567)
Others	其他	589	171
		11,517	(3,443)

Note:

In May 2018, the Argentine peso underwent a severe devaluation resulting in the three-year cumulative inflation of Argentina to exceed 100%, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by HKAS 29, "Financial Reporting in Hyperinflationary Economies", for the activities of the Argentine subsidiaries and branches from 1 January 2018 onwards.

Under HKAS 29, the non-monetary assets and liabilities stated at historical cost, the equity and the statement of profit or loss of subsidiaries and branches operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index, and monetary items that are already stated at the measuring unit at the end of the reporting period are not restated.

附註:

於二零一八年五月,阿根廷披索經歷嚴重 貶值,導致阿根廷三年累計逾100%的通 脹,因此引發阿根廷附屬公司及分公司之 活動自二零一八年一月一日起按照香港 會計準則第29號「惡性通脹經濟財務申報」 的規定,須過渡至惡性通脹會計法的要 求。

根據香港會計準則第29號,按歷史成本列 賬之非貨幣性資產與負債、權益及於惡性 通脹經濟環境營運之附屬公司及分公司 之損益表,須採用一項一般物價指數就當 地貨幣一般購買力之變動予以重列,而已 於報告期末按計量單位列示之貨幣性項 目則不予重列。

7 OTHER INCOME, GAINS AND LOSSES, NET (Continued)

Note: (Continued)

To measure the impact of inflation on the Group's financial position and results, the Group has elected to use the Wholesale Price Index (Indice de Precios Mayoristas) for periods up to 31 December 2016, and the Retail Price Index (Indice de Precios al Consumidor) thereafter. These price indices have been recommended by the Government Board of the Argentine Federation of Professional Councils of Economic Sciences.

Current period hyperinflation monetary adjustment for the change in price index amounting to approximately HK\$5,526,000 (2020: HK\$8,079,000) was recognised in the condensed consolidated statement of profit or loss.

8 EXPENSES BY NATURE

Loss before taxation has been arrived after charging the following items:

7 其他收入、收益及虧損淨額(續)

附註:(續)

為計量通脹對本集團的財務狀況及業績 所造成的影響,本集團於直至二零一六 年十二月三十一日期間已選用批發價值 指數(Indice de Precios Mayoristas),以及於 其後選用零售價值指數(Indice de Precios al Consumidor)。該等價值指數經由阿根廷 聯邦局經濟科學專業理事會的政府委員 會建議。

本期間於綜合損益表確認價格指數變動 之惡性通脹貨幣調整約為5,526,000港元 (二零二零年:8,079,000港元)。

8 按性質劃分之開支

除稅前虧損乃經扣除以下項目後達致:

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Cost of inventories recognised as expense	確認為開支之存貨成本	4,908,028	287,637
Depreciation of property,	物業、廠房及設備折舊
plant and equipment Depreciation of right-of-use assets	使用權資產折舊	7,091 260	1,809 1,122
Employee benefit expenses	僱員福利開支(包括董事酬金)
(including directors' remuneration)		8,018	8,892
Provision for inventories	存貨撥備	1,490	–
Processing charges	加工費用	8,109	493
Legal and professional fee	法律及專業費用	8,228	2,119
Agency fee	代理費	2,193	141
Others	其他	6,651	5,130
Total cost of sales and general and	銷售成本以及一般及行政開支總額
administrative expenses		4,950,068	307,343

9 ASSETS IMPAIRMENT LOSS

9 資產減值虧損

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Exploration and evaluation assets	勘探及評估資產	–	602

10 NET INVESTMENT LOSS

10 投資虧損淨值

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Net losses in listed equity investments (Note 19) Net loss/(gain) in listed and unlisted	上市股本投資之虧損淨額 (附註19) 上市及非上市債務投資之	5,425	34,222
debt investments (Note 19) Net gains in unlisted equity-linked debt investments (Note 19)	虧損╱(收益)淨額(附註19) 非上市股本掛鈎債務投資之 收益淨額(附註19)	95 (431)	(702) (552)
		5,089	32,968

11 FINANCE COSTS

11 融資成本

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Interest on borrowings Interest on lease liabilities	借貸利息 租賃負債利息	4,111 168	5,522 65
		4,279	5,587

12 INCOME TAX EXPENSE/(CREDIT)

12 所得稅開支╱(抵免)

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Current tax – The Mainland China Provision for the period	即期稅項-中國內地 期內撥備	9	–
Current tax – Overseas Provision for the period	即期稅項-海外 期內撥備	163	–
Deferred tax Charged/(credited) to profit or loss	遞延稅項 於損益扣除╱(計入)	2,223	(1,352)
		2,395	(1,352)

Pursuant to the rules and regulations of Bermuda and the British Virgin Islands ("BVI"), the Company and its subsidiaries incorporated in Bermuda and the BVI are not subject to any income tax in Bermuda and the BVI for both the current and prior periods.

根據百慕達及英屬處女群島(「英屬處女 群島」)之規則及法規,本公司及其附屬 公司於百慕達及英屬處女群島註冊成立 且於當前及過往期間均無須繳納百慕達 及英屬處女群島任何所得稅。

12 INCOME TAX EXPENSE/(CREDIT) (Continued)

Hong Kong profits tax has been provided for at the rate of 16.5% for the six months ended 30 June 2021 (2020: 16.5%) on the estimated assessable profit for the period. No provision for Hong Kong profits tax has been made for the six months ended 30 June 2021 as the Group's operations in Hong Kong had no assessable profits (2020: Nil).

Subsidiaries of the Group in Argentina are subject to Argentina corporate income tax at 30% (2020: 30%).

Subsidiaries of the Group in the Mainland China are subject to Corporate Income Tax ("CIT") in accordance with the Law of the PRC on Corporate Income Tax (the "CIT Law"). Under the CIT Law, the income tax rate applicable to these subsidiaries is 25% (2020: 25%). One of the subsidiaries is entitled to tax concession and tax relief whereby the profit of this subsidiary is taxed at a preferential income tax rate of 2.5% (2020: Nil).

Taxation for other overseas subsidiaries of the Group is charged at the appropriate current rates of taxation ruling in the relevant countries and regions.

13 DIVIDEND

The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2021 (2020: Nil).

14 LOSS PER SHARE

(a) Basic loss per share

The calculation of basic loss per share is based on the Group's loss attributable to owners of the Company of approximately HK\$21,685,000 (2020: HK\$51,975,000) and weighted average number of ordinary shares in issue during the period of approximately 8,758,881,000 shares (2020: 8,758,881,000 shares).

(b) Diluted loss per share

For the six months ended 30 June 2021 and 2020, basic and diluted loss per share was the same as there were no potentially dilutive ordinary shares in issue during the period.

12 所得稅開支╱(抵免)(續)

於截至二零二一年六月三十日止六個月, 香港利得稅乃根據本期間之估計應課稅 溢利按16.5%(二零二零年:16.5%)之稅 率作出撥備。截至二零二一年六月三十日 止六個月,由於本集團於香港之業務並無 應課稅溢利,故並無計提香港利得稅撥備 (二零二零年:無)。

本集團於阿根廷之附屬公司須按30%稅 率(二零二零年:30%)繳納阿根廷企業 所得稅。

本集團於中國內地的附屬公司須根據中 國企業所得稅法(「企業所得稅法」)繳納 企業所得稅(「企業所得稅」)。根據企業 所得稅法,該等附屬公司適用的所得稅稅 率為25%(二零二零年:25%)。一間附 屬公司享有稅收優惠及稅收減免,因此該 附屬公司的溢利按優惠所得稅稅率2.5% 繳稅(二零二零年:無)。

本集團其他海外附屬公司之稅項按相關 國家及地區之現行適當稅率徵收。

13 股息

董事會不建議就截至二零二一年六月 三十日止六個月派付任何中期股息(二 零二零年:無)。

14 每股虧損

(a) 每股基本虧損

每股基本虧損乃根據本公司擁有 人應佔本集團虧損約21,685,000港 元(二零二零年:51,975,000港元) 及本期間已發行普通股加權平均數 約8,758,881,000股(二零二零年: 8,758,881,000股)計算。

(b) 每股攤薄虧損 截至二零二一年及二零二零年六月 三十日止六個月,由於期內概無發 行潛在可攤薄的普通股,故每股基 本及攤薄虧損相同。

15 EXPLORATION AND EVALUATION ASSETS

15 勘探及評估資產

		Exploration rights (Note (a)) 勘探權 (附註(a)) HK\$'000 千港元	Exploratory drilling (Notes (a) and (b)) 勘探鑽井 (附註(a) 及 (b)) HK\$'000 千港元	Geological studies 地質研究 HK\$'000 千港元	Others 其他 HK\$'000 千港元	Total 總計 HK\$'000 千港元
At 1 January 2020 (Audited)	於二零二零年
	一月一日(經審核)
Cost Accumulated impairment	成本 累計減值	3,228,271 (3,228,271)	137,372 (33,537)	181,986 (181,986)	33,991 (33,991)	3,581,620 (3,477,785)
		–	103,835	–	–	103,835
Six months ended 30 June 2020 (Unaudited)	截至二零二零年 六月三十日止 六個月(未經審核)
At 1 January 2020	於二零二零年一月一日	–	103,835	–	–	103,835
Additions Impairment	添置 減值	– –	1,252 (602)	– –	– –	1,252 (602)
Hyperinflation adjustments	惡性通脹調整	–	(5,085)	–	–	(5,085)
At 30 June 2020	於二零二零年六月三十日	–	99,400	–	–	99,400
At 30 June 2020 (Unaudited)	於二零二零年六月三十日 (未經審核)
Cost Accumulated impairment	成本 累計減值	3,227,171 (3,227,171)	126,873 (27,473)	158,643 (158,643)	31,570 (31,570)	3,544,257 (3,444,857)
		–	99,400	–	–	99,400
At 1 January 2021 (Audited)	於二零二一年一月一日 (經審核)
Cost Accumulated impairment	成本 累計減值	3,226,181 (3,226,181)	89,212 (26,084)	137,637 (137,637)	31,429 (31,429)	3,484,459 (3,421,331)
		–	63,128	–	–	63,128
Six months ended 30 June 2021 (Unaudited)	截至二零二一年 六月三十日止 六個月(未經審核)
At 1 January 2021	於二零二一年一月一日	–	63,128	–	–	63,128
Additions	添置	–	408	–	–	408
Transfer (Note (b)) Hyperinflation adjustments	轉讓(附註(b)) 惡性通脹調整	– –	(57,320) (6,216)	– –	– –	(57,320) (6,216)
At 30 June 2021	於二零二一年六月三十日	–	–	–	–	–
At 30 June 2021 (Unaudited)	於二零二一年六月三十日
Cost Accumulated impairment	(未經審核) 成本 累計減值	3,225,575 (3,225,575)	25,092 (25,092)	124,781 (124,781)	31,343 (31,343)	3,406,791 (3,406,791)
		–	–	–	–	–

15 EXPLORATION AND EVALUATION ASSETS (Continued)

Notes:

(a) The total costs of exploration rights and exploratory drilling amounting to approximately HK\$3,225,575,000 (31 December 2020: HK\$3,226,181,000) and HK\$25,092,000 (31 December 2020: HK\$26,084,000) as at 30 June 2021 represent the Group's 69.25% interest in the Tartagal concession and Morillo concession (collectively the "T&M Concessions") which are the concessions in the province of Salta in Northern Argentina, through an Union of Temporary Enterprise ("T&M UTE"). Exploration permits were granted for oil and developments of hydrocarbons in the T&M Concessions for an initial period of four years starting from 29 December 2006 and additional extensions up to an aggregate of nine years may be obtained. The Group submitted applications to the Secretary of Energy of Province of Salta, Argentina ("Salta SOE") for extensions of the exploration permits and obtained the approvals in July 2010, July 2011, December 2013, March 2016 and March 2018 respectively. Pursuant to the approval document issued in March 2018, the exploration permits were extended to 13 September 2019. If successful hydrocarbon discoveries are made, the exploration permits could be converted to exploitation permits for a term of 25 years with a possible extension of 10 years.

The Group submitted its application to the Salta SOE for a further extension of the exploration permits in May 2019, and for entering the second exploratory period in early September 2019.

However, on 17 September 2019, the Salta SOE issued resolutions rejecting both the Group's applications of one-year extension and entering into the second exploratory period in the T&M Concessions ("Resolutions"). In late September 2019, the Group have submitted its appeal to the Minister of Production in the Province of Salta in order to seek the revocation of the Resolutions. Based on the latest communication with the related authorities in the Province of Salta and a legal opinion obtained from an independent Argentinian legal counsel, the Group believes there is significant uncertainty in regard to the timing and possibility of a positive appeal result in favour of the Group. The Group recognised full impairment in respect of the exploration and evaluation assets related to T&M Concessions as at 31 December 2019.

There was no significant update on the appeal in respect of the revocation of the Resolutions during the six months ended 30 June 2021.

15 勘探及評估資產(續)

附註:

(a) 於二零二一年六月三十日之勘探權及 勘探鑽井的總成本達約3,225,575,000 港元(二零二零年十二月三十一日: 3,226,181,000港元)及25,092,000港 元( 二 零 二 零 年 十 二 月 三 十 一 日: 26,084,000港元),為本集團透過Union of Temporary Enterprise(「T&M UTE」) 持有Tartagal特許權區及Morillo特許權 區(統稱「T&M特許權區」,位於阿根 廷北部薩爾塔省的特許權區)69.25% 的權益。T&M特許權區內之石油及碳 氫化合物開發獲授勘探許可,自二零 零六年十二月二十九日起最初為期四 年,並可額外續期,最多合共九年。本 集團已向阿根廷薩爾塔省能源部長(「薩 爾塔省能源部長」)遞交勘探許可續期 申請,並分別於二零一零年七月、二零 一一年七月、二零一三年十二月、二零 一六年三月及二零一八年三月獲得批 准。根據於二零一八年三月獲發的批准 文件,勘探許可延至二零一九年九月 十三日。倘成功發現碳氫化合物,勘探 許可能夠轉換為為期25年的開採許可, 並可能續期10年。

本集團於二零一九年五月向薩爾塔省 能源部長遞交勘探許可進一步續期申 請,並於二零一九年九月初遞交進入 第二個勘探期申請。

然而,於二零一九年九月十七日,薩爾 塔省能源部長發出決議案,否決本集 團於T&M特許權區續期一年及進入第 二個勘探期的兩份申請(「決議案」)。 於二零一九年九月底,本集團向薩爾塔 省生產部提起上訴,旨在尋求撤銷決 議案。基於與薩爾塔省相關部門的最 新溝通及從阿根廷獨立法律顧問提供 的法律意見,本集團認為,有利於本集 團的正面上訴結果的時間及可能性存 在重大不確定性。於二零一九年十二 月三十一日,本集團就有關T&M特許權 區的勘探及評估資產確認悉數減值。

於截至二零二一年六月三十日止六個 月,並無有關撤銷決議案上訴的重大 最新資料。

15 EXPLORATION AND EVALUATION ASSETS (Continued)

Notes: (Continued)

(b) The balances also included the drilling activities in the Los Blancos Concession (formerly known as Chirete Concession) in the province of Salta in Northern Argentina ("Los Blancos Concession"), in which the Group farmed into 50% participating interest under a farm-in agreement with Pampa Energia S.A., a joint participation partner (the "Partner").

In 2016, the Group had an oil discovery in the HLG.St.LB.x-1002 exploratory well drilled in October 2015 in the Los Blancos Concession and agreed with the Partner that the additional cost for further drilling activities would be financed by the two participants.

In 2018, the Group drilled another exploratory well, HLG.St.LB.x-2001 in the Los Blancos Concession and significant oil and gas were discovered.

In 2019, the construction of the Group's permanent production facilities at HLG.St.LB.x-2001 exploratory well has been completed.

On 15 October 2020, the exploitation permit for Los Blancos Concession has been granted by the provincial authorities of Salta. The exploitation permit officially entitles the Group to produce crude oil in the Los Blancos Concession for the next 25 years.

In January 2021, the Group transferred the remaining balance of exploratory drilling for Los Blancos Concession from exploratory drilling to property, plant and equipment, following the finalisation of the geographical coordinates of the area of exploitation with the provincial authorities of Salta. The carrying amount of approximately HK\$57,320,000 in exploratory drilling has been assessed for impairment before reclassification to property, plant and equipment and no impairment was considered necessary on the date of transfer.

16 PROPERTY, PLANT AND EQUIPMENT

During the six months ended 30 June 2021, addition to the cost of property, plant and equipment were HK\$11,378,000 (2020: HK\$7,510,000) and the transfer from exploration and evaluation assets to property, plant and equipment was HK\$57,320,000 (2020: Nil). For the details of the commitments for the purchase of property, plant and equipment, refer to Note 26.

15 勘探及評估資產(續)

附註:(續)

(b) 結餘亦包括阿根廷北部薩爾塔省的Los Blancos特許權區(前稱Chirete特許權 區)(「Los Blancos特許權區」)的鑽 井活動,本集團根據與Pampa Energia S.A.( 一 個 共 同 參 與 夥 伴(「合作夥 伴」))訂立之購入安排購入Los Blancos 特許權區的50%參與權益。

於二零一六年,本集團就二零一五年 十月鑽探的Los Blancos特許權區HLG. St.LB.x-1002勘探井發現石油並與合作 夥伴達成協定,進一步鑽井活動的額 外開支將由兩個參與方撥付。

於二零一八年,本集團於Los Blancos特 許權區的HLG.St.LB.x-2001鑽探另一處 勘探井,並發現大量石油及天然氣。

於二零一九年,本集團於HLG.St.LB. x-2001勘探井的永久性生產設施興建 完成。

於二零二零年十月十五日,薩爾塔省當 局已授出Los Blancos特許權區的勘探許 可。勘探許可證正式授權本集團在未來 25年於Los Blancos特許權區生產原油。

於二零二一年一月,於與薩爾塔省當局 敲定勘探區域的地理坐標後,本集團 將Los Blancos特許權區的勘探鑽井餘 下結餘自勘探鑽井轉撥至物業、廠房 及設備。賬面值約57,320,000港元之勘 探鑽井於重新分類至物業、廠房及設 備前已進行減值評估,且於轉撥日期, 概無減值被視作必須。

16 物業、廠房及設備

截至二零二一年六月三十日止六個 月,物業、廠房及設備的成本增加額為 11,378,000港元(二零二零年:7,510,000 港元),且自勘探及評估資產轉撥至物業、 廠房及設備的數額為57,320,000港元(二 零二零年:無)。購買物業、廠房及設備的 承諾詳情,請參閱附註26。

16 PROPERTY, PLANT AND EQUIPMENT (Continued)

As at 30 June 2021, since the carrying amount of the net assets of the Group was more than its market capitalisation, management considered that there was impairment indicator at the end of the reporting period. The Group conducted the impairment assessment for its oil properties, which mainly included "machinery" and "oil production assets" of property, plant and equipment, totaled of approximately HK\$125,580,000. Since the recoverable amount exceeded its carrying amount, no impairment loss was considered as necessary on 30 June 2021.

17 INVENTORIES

16 物業、廠房及設備(續)

於二零二一年六月三十日,由於本集團的 資產淨值之賬面值高於其市值,管理層認 為於報告期末有減值跡象。本集團已就 其石油資產(主要包括有關物業、廠房及 設備的「器械」及「石油生產資產」,總金 額約為125,580,000港元)作出減值評估。 由於可收回金額超過其賬面值,故於二零 二一年六月三十日,認為無須計提減值虧 損。

17 存貨

	(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
Physical gold and silver held for trading 持有用作交易的實物黃金及銀 易耗品 Consumables 石油相關產品 Petroleum-related products 石油產品 Oil products	170,117 13,985 10,664 84 194,850	15,980 12,756 – 64 28,800

During the six months ended 30 June 2021, the Group has made a provision of inventories amounting to approximately HK\$1,490,000 (2020: Nil) for physical silver and was included in cost of sales.

截至二零二一年六月三十日止六個月,本 集團已就實物銀作出存貨撥備約1,490,000 港元(二零二零年:無),並計入銷售成 本。

18 TRADE AND OTHER RECEIVABLES

18 應收貿易賬款及其他應收款項

		(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
Trade receivables (Note (b))	應收貿易賬款(附註(b))	1,726	61,271
Other debtors	其他債務人	6,806	5,168
Deposits paid for a potential acquisition (Note (c))	就潛在收購已付按金(附註(c))	127,354	–
Other deposits	其他按金	5,065	5,200
Amount due from a joint venture (Note (d))	應收一間合營企業的金額 (附註(d))	577	565
Financial assets measured at	按攤銷成本計量的金融資產
amortised cost		141,528	72,204
Value-added tax recoverable	可收回增值稅	3,437	3,618
Other tax recoverables	其他可收回稅項	2,109	1,858
Other prepayments	其他預付款項	1,662	3,469
		148,736	81,149
Reconciliation to the condensed consolidated statement of financial position:	與簡明綜合財務狀況表之對賬:
Non-current	非流動	131,409	4,316
Current	流動	17,327	76,833
		148,736	81,149

18			TRADE AND OTHER RECEIVABLES (Continued)	18	應收貿易賬款及其他應收款項 (續)
	Notes:				附註:
	(a)		The Board considers that the carrying amounts of deposits, trade and other receivables are measured at amortised cost approximate their fair values as the impact of discounting is not significant.		(a)	允價值相若。	由於折現的影響並不重大,董事會認 為按攤銷成本計量之按金、應收貿易 賬款及其他應收款項的賬面值與其公
	(b)	allowance, is as follows:	Trade receivables are due within 30 days (31 December 2020: 30 days) from the date of billing. The following is an ageing analysis of trade receivables, presented based on the invoice date and net of loss		(b)		應收貿易賬款自開出票據日期起30日 (二零二零年十二月三十一日:30日) 內到期。應收貿易賬款按發票日期及 扣除虧損撥備後呈列之賬齡分析如下:
						(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
		0 – 30 days 31 – 60 days 61 – 90 days Over 90 days	0至30日 31至60日 61至90日 90日以上			1,250 127 138 211	59,801 85 1,178 207
						1,726	61,271

• (c) In March 2021, the Group entered into a letter of intent (the "LOI") with an independent third party in relation to a potential acquisition of the entire interest in a company, principally engaging in the oil and gas industry (the "Potential Acquisition"). Pursuant to the LOI, the Group paid an initial refundable deposit amounting to approximately HK\$6,165,000 to the independent third party. The Group deposited, on 29 June 2021, an amount of approximately HK\$121,189,000 as a client money held by a solicitor appointed by the Group which is refundable to the Group on demand. As of the date of approval of this condensed consolidated interim financial information, the Group is still negotiating with the independent third party to finalise the formal acquisition agreements for the Potential Acquisition.
• 二零二一年六月二十九日,本集團向 由本集團委任律師持有的客戶款項存 入約121,189,000港元,該款項可按本 集團要求退還。截至批准本簡明綜合 中期財務資料日,本集團仍在與獨立 第三方進行磋商,以落實有關潛在收 購事項的正式收購協議。
• (d) 應收合營企業的款項為無抵押、免息
• (d) The amount due from a joint venture is non-secured, interest-free and repayable on demand.
• 及按要求償還。

(c) 於二零二一年三月,本集團與獨立第 三方就潛在收購就一間主要從事油氣 行業的公司的全部權益(「潛在收購 事項」)訂立意向函(「意向函」)。根據 意向函,本集團向獨立第三方支付約 6,165,000港元的首次可退還按金。於

19 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

19 按公允價值計入損益之金融資產

		(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
Listed equity investments	上市股本投資(附註(i)及(iv))
(Notes (i) and (iv))		54,478	53,054
Listed debt investments	上市債務投資(附註(ii)及(iv))
(Notes (ii) and (iv))		10,087	14,945
Unlisted debt investments	非上市債務投資(附註(ii)及(iv))
(Notes (ii) and (iv))		–	6,091
Unlisted equity-linked investments	非上市股本掛鈎投資
(Notes (iii) and (iv))	(附註(iii)及(iv))	4,965	–
		69,530	74,090

Notes:

• (i) The listed equity investments represent listed shares on the Stock Exchange and are stated at fair value in level 1 hierarchy, except for a listed equity investment with suspension of trading, which is measured in level 3 hierarchy. Refer to Note 5.2 for details. Net investment loss of approximately HK\$5,425,000 (2020: HK\$34,222,000) (Note 10) has been recognised in profit or loss during the six months ended 30 June 2021.
• (ii) The listed debt investments represent the senior notes listed on the Singapore Exchange or the Stock Exchange and are stated at fair value. The unlisted debt investments are issued by a company listed on the Stock Exchange and are designated as financial assets at FVPL. Net investment loss of approximately HK\$95,000 (2020: net investment gain of approximately HK\$702,000) (Note 10) has been recognised in profit or loss during the six months ended 30 June 2021.
• (iii) The unlisted equity-linked investments represent investments which contain embedded derivatives, the return of which are determined with reference to the closing price of certain equity investments listed on the Stock Exchange. The unlisted equity-linked investments were designated as financial assets at FVPL at initial recognition. For the six months ended 30 June 2021, net investment gain of approximately HK\$431,000 (2020: HK\$552,000) (Note 10) has been recognised in profit or loss.

• (iv) Information about the methods and assumptions used in determining fair value is provided in Note 5.2(i).

• (i) 上市股本投資指於聯交所上市的股份 並於第一層次按公允價值列賬,惟暫 停交易的上市股本投資(於第三層次 計量)除外。詳情請參閱附註5.2。截至 二零二一年六月三十日止六個月已於 損益內確認凈投資虧損約5,425,000港 元(二零二零年:34,222,000港元)(附 註10)。

• (ii) 上市債務投資為於新加坡證券交易所 或聯交所上市之優先票據及按公允價 值列賬。非上市債務投資乃由一間於聯 交所上市的公司發行及指定為按公允 價值計入損益之金融資產。於截至二零 二一年六月三十日止六個月之投資虧 損淨額約95,000港元(二零二零年:投 資收益淨額約702,000港元)(附註10) 已於損益內確認。
• (iii) 非上市股本掛鈎投資為包含嵌入式衍 生工具之投資,其回報乃參考若干於 聯交所上市之股本投資之收市價釐定。 非上市股本掛鈎投資於初始確認時指 定為按公允價值計入損益之金融資產。 截至二零二一年六月三十日止六個月, 投資收益淨額約431,000港元(二零二 零年:552,000港元)(附註10)已於損 益內確認。
• (iv) 有關釐定公允價值所用之方法及假設 的資料載於附註 5.2(i)。

附註:

20 GOLD INVESTMENT

20 黃金投資

	(Unaudited) (未經審核) 30 June	(Audited) (經審核) 31 December
	2021 二零二一年 六月三十日 HK\$'000 千港元	2020 二零二零年 十二月三十一日 HK\$'000 千港元
持作投資之黃金,按公允價值 Gold held for investment, at fair value	63,949	68,589

The balance represented investment in physical gold bullions which was measured at fair value. The purposes of holding physical gold bullions is to achieve capital appreciation and capture the effectiveness of gold as inflation-proofing instruments. The fair value loss of approximately HK\$4,640,000 (2020: Nil) (Note 7) has been recognised in profit or loss during the six months ended 30 June 2021.

For the fair value measurement of gold investment, please refer to Note 5.2(iii).

21 TRADE AND OTHER PAYABLES

結餘指於按公允價值計量的實物金條的 投資。持有實物金條的目的乃為實現資 本增值及抓住黃金作為防通脹工具的有 效性。於截至二零二一年六月三十日止六 個月,已於損益內確認公允價值虧損約 4,640,000港元(二零二零年:零)(附註 7)。

黃金投資之公允價值計量請參閱附註 5.2(iii)。

21 應付貿易賬款及其他應付款項

		(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
Trade payables (Note (ii)) Other creditors and accrued charges (Note (iii))	應付貿易賬款(附註(ii)) 其他應付款項及應計費用 (附註(iii))	4,374 62,098	5,695 64,524
Financial liabilities measured at amortised cost Other tax payables	按攤銷成本計量之金融負債 其他應付稅項	66,472 467	70,219 228
		66,939	70,447

21		TRADE AND OTHER PAYABLES (Continued)		21	(續)		應付貿易賬款及其他應付款項
	Notes:				附註:
	(i)	one year or are repayable on demand.	All of the trade and other payables are expected to be settled within		(i)		預期所有應付貿易賬款及其他應付款 項須於一年內償付或按要求償還。
	(ii)		The following is an ageing analysis of the trade payables presented based on the invoice date at the end of the reporting period:		(ii)	期呈列之賬齡分析如下:	於報告期末,應付貿易賬款按發票日
						(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
		0 – 30 days 31 – 60 days 61 – 90 days Over 90 days	0至30日 31至60日 61至90日 90日以上			2,201 334 241 1,598	4,147 50 48 1,450
						4,374	5,695

• (iii) Included in other creditors and accrued charges is a deposit of approximately HK\$44,994,000 (31 December 2020: HK\$44,994,000) received from two independent third parties which appointed a subsidiary of the Company as trustee to pursue an acquisition. The potential acquisition had been cancelled and the deposit is to be returned to those third parties.
• (iii) 其他應付款項及應計費用包括自兩名 獨立第三方收到約44,994,000港元(二 零二零年十二月三十一日:44,994,000 港元)的按金,該等第三方委任本公司 一間附屬公司為受託人以尋求一項收 購。該項潛在收購已被取消,按金將退 還予該等第三方。

22 CONTRACT LIABILITIES

22 合約負債

		(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
Receipt in advance from customers	就銷售貨品預收客戶款項
for sales of goods – Current liabilities	-流動負債	58,240	31

22 CONTRACT LIABILITIES (Continued)

A contract liability is recognised for revenue relating to sales of goods at the time of the non-refundable advance payment received from customers and is released when sales of goods transferred at a point in time are recognised.

The following table shows how much of the revenue recognised in the current period relates to carried-forward contract liabilities.

22 合約負債(續)

合約負債於收到客戶不可退還預付款時 就與銷售貨品有關的收益予以確認,並於 確認於某一時點轉移的貨品銷售時予以 解除。

下表列示於本期間確認且與結轉合約負 債有關的收益。

於本期間內,概無確認與上一期間已履行

之履約義務有關之收益。

		(Unaudited) (未經審核) Six months ended 30 June 截至六月三十日止六個月
		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Revenue recognised that was included in the contract liabilities balance at the beginning of the year	計入年初合約負債餘額的 已確認收益	31	212

There is no revenue recognised during the current period related to performance obligations that were satisfied in prior period.

23 BORROWINGS

23 借貸

		(Unaudited) (未經審核) 30 June 2021 二零二一年 六月三十日 HK\$'000 千港元	(Audited) (經審核) 31 December 2020 二零二零年 十二月三十一日 HK\$'000 千港元
Unsecured term loans due for repayment within 1 year Unsecured term loans due for repayment after 1 year: After 1 year but within 2 years	一年內到期償還之 無抵押定期貸款 一年後到期償還之 無抵押定期貸款: 一年後但兩年內	38,000 –	143,067 3,000
		38,000	146,067
Reconciliation to the condensed consolidated statement of financial position:	與簡明綜合財務狀況表的對賬:
– Non-current portion – Current portion	-非流動部分 -流動部分	– 38,000	3,000 143,067
		38,000	146,067

The term loans carried fixed interest rates at 8% (31 December 2020: ranging from 4% to 8%) per annum.

定期貸款按固定年利率8%(二零二零年 十二月三十一日:介乎4%至8%)計息。

24 SHARE CAPITAL

24 股本

Authorised and issued share capital			法定及已發行股本
		No. of shares		No. of shares
		股份數目		股份數目
		2021		2020
		二零二一年		二零二零年
		'000	HK\$'000	'000	HK\$'000
	千股 千港元		千股	千港元
Authorised: At 1 January, 30 June and 31 December	法定: 於一月一日、六月三十日及 十二月三十一日
Ordinary shares of HK\$0.01 each	每股面值0.01港元之普通股	200,000,000	2,000,000	200,000,000	2,000,000
Ordinary shares, issued and fully paid: At 1 January, 30 June and 31 December	普通股,已發行及繳足: 於一月一日、六月三十日及 十二月三十一日
Ordinary shares of HK\$0.01 each	每股面值0.01港元之普通股	8,758,881	87,589	8,758,881	87,589

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

25 MATERIAL RELATED PARTY TRANSACTIONS

The directors of the Company consider the immediate parent and ultimate controlling party of the Group to be Max Sun Enterprises Limited and Chow Tai Fook Capital Limited respectively, which are incorporated in the BVI.

For the purposes of this condensed consolidated interim financial information, parties are considered to be related to the Group if the party has the ability, directly or indirectly, to exercise significant influence over the Group in making financial and operating decisions. Related parties may be individuals (being members of key management personnel, significant shareholders and/or their close family members) or other entities and include entities which are under the significant influence of related parties of the Group where those parties are individuals. Parties are also considered to be related if they are subject to common control.

普通股持有人有權收取不時宣派之股息 及有權於本公司大會上就每股投一票。就 本公司之剩餘資產而言,所有普通股均享 有同等地位。

25 重大關聯方交易

本公司董事認為本集團的直接母公司及 最終控股方分別為於英屬處女群島註 冊成立之萬新企業有限公司及Chow Tai Fook Capital Limited。

就本簡明綜合中期財務資料而言,倘一方 有能力直接或間接於本集團作出財務及 經營決策時發揮重大影響力,則有關各方 即被視為與本集團有關聯。關聯方可能為 個人(即主要管理層成員、主要股東及╱ 或彼等的近親)或其他實體,包括受本集 團屬個人的關聯方重大影響的實體。受共 同控制的各方亦被視為有關聯。

25 MATERIAL RELATED PARTY TRANSACTIONS (Continued)

Save as disclosed elsewhere in this condensed consolidated interim financial information, the Group entered into the following material related party transactions:

(a) Key management personnel remuneration

Remuneration for key management personnel of the Group, including amounts paid to the Company's directors and senior management, is as follows:

25 重大關聯方交易(續)

除本簡明綜合中期財務資料其他地方所 披露者外,本集團進行之重大關聯方交易 如下:

(a) 主要管理層人員酬金

本集團主要管理層人員酬金(包括 已付予本公司董事及高級管理層之 款項)如下:

(Unaudited) (未經審核)

Six months ended 30 June

截至六月三十日止六個月

		2021	2020
		二零二一年	二零二零年
		HK\$'000	HK\$'000
		千港元	千港元
Short-term employee benefits	短期僱員福利	3,296	4,207
Post-employment benefits	離職後福利	–	9
		3,296	4,216

(b) Other related party transactions

(Unaudited) (b) 其他關聯方交易

(未經審核) Six months ended 30 June 截至六月三十日止六個月

		2021 二零二一年 HK\$'000 千港元	2020 二零二零年 HK\$'000 千港元
Rent and management fee paid to an associate of an intermediate parent of the Company (Note) IT management and support fees paid to an associate of an intermediate parent of	已付本公司間接母公司之 聯營公司租金及管理費 (附註) 已付本公司間接母公司之 聯營公司資訊科技管理及 支援費	1,340	1,214
the Company		69	66

25 MATERIAL RELATED PARTY TRANSACTIONS

(Continued)

(b) Other related party transactions (Continued) Note:

The Group entered into lease contracts in respect of its office with an associate of an intermediate parent of the Company. As at 30 June 2021, the aggregated balance of lease liabilities due to related party in respect of the leased office was amounting to approximately HK\$5,382,000 (31 December 2020: HK\$6,187,000).

(c) Loan from a related party

In December 2020, the Group entered into a loan agreement with an associate of an intermediate parent of the Company (the "Lender"), pursuant to which the Group agreed to accept, and the Lender agreed to grant, an unsecured loan in the principal amount of RMB4,000,000 (equivalent to approximately HK\$4,497,000) carrying interest at 4% per annum for a term of one month maturing on 15 January 2021. As at 31 December 2020, included in borrowings (see Note 23) was the aggregated amount of loan and accrued interest due to the Lender of approximately RMB4,007,000 (equivalent to approximately HK\$4,751,000). The loan and accrued interest had been settled in full during the six months ended 30 June 2021.

In May 2021, the Group has advanced an unsecured loan from the Lender in the principal amount of RMB7,640,000 (equivalent to approximately HK\$9,166,000) carrying interest at 4% per annum for a term of one month maturing on 30 June 2021. The loan and accrued interest had been settled in full on 30 June 2021.

25 重大關聯方交易(續)

(b) 其他關聯方交易(續) 附註:

本集團與本公司間接母公司之聯營 公司訂立有關辦公室的租賃合約。於 二零二一年六月三十日,就租賃辦公 室應付關聯方之租賃負債總結餘為 約5,382,000港元(二零二零年十二月 三十一日:6,187,000港元)。

(c) 來自一名關聯方貸款

於二零二零年十二月,本集團與本 公司間接母公司之聯營公司(「貸 方」)訂立貸款協議,據此,本集團 同意接受,而貸方同意授出本金 為人民幣4,000,000元(相當於約 4,497,000港元)之無抵押貸款,按 年利率4%計息,期限為一個月, 於二零二一年一月十五日到期。於 二零二零年十二月三十一日,借貸 (見附註23)包括應付貸方之貸款及 應計利息總額約人民幣4,007,000元 (相當於約4,751,000港元)。貸款及 應計利息已於截至二零二一年六月 三十日止六個月悉數結清。

於二零二一年五月,本集團向貸方 墊付本金額為人民幣7,640,000元 (相當於約9,166,000港元)之無抵押 貸款,按年利率4%計息,期限為一 個月,於二零二一年六月三十日到 期。貸款及應計利息已於二零二一 年六月三十日悉數結清。

26 COMMITMENTS

The Group had the following capital commitments at the date of statement of financial position:

26 承擔

於財務狀況表日期本集團擁有之資本承 擔如下:

		(Unaudited) (未經審核)	(Audited) (經審核)
		30 June	31 December
		2021	2020
		二零二一年	二零二零年
		六月三十日	十二月三十一日
		HK\$'000	HK\$'000
		千港元	千港元
Authorised but not contracted for	已授權但未訂約	155,308	236,606

27 LITIGATION

On 4 June 2021, a wholly-owned subsidiary of the Group, was notified of the initiation of an arbitration process against it by the Partner. The origin of the alleged claim arises from the dispute with the Partner in relation to the calculation and settlement of farm-in cost, due to differences in the interpretation by the two parties of the relevant clause and terminology contained in the Farm – Out Agreement ("FOA"). The Partner is now seeking for the restitution of the subsidiary's 50% participating interest in the Los Blancos Concession, the removal of the subsidiary as the operator of Los Blancos Concession, and the request of payments for the potential disputed difference. The Group is of the view that, on the basis of the legal advice from the Group's internal counsel and the external solicitor, it is not probable that the claim from the Partner would lead to the restitution of the Group's 50% participating interest in Los Blancos Concession and removal as the operator, given that there is no actual breach of the FOA. The maximum exposure for the alleged claim is estimated at approximately US\$180,000 (equivalents to approximately HK\$1,404,000). No provision had been provided in respect of the potential disputed difference as at 30 June 2021, as the directors of the Company determined that the outflow of economic benefit in relation to the alleged claim is not probable and is dependent on the outcome of the arbitration process or out-of-court settlement.

27 訴訟

於二零二一年六月四日,本集團的一間全 資附屬公司獲通知,合作夥伴對其啟動仲 裁程序。指稱索償源於因與合作方對出讓 協議(「出讓協議」)中的相關條款及術語 的解釋不同而導致雙方於計算及結算勘 探權購買費用方面的爭議。該合作夥伴現 在要求歸還該附屬公司予Los Blancos特許 權區中50%的參與權益,取消該附屬公司 作為Los Blancos特許權區經營者的資格, 並要求支付潛在的爭議差額。本集團認 為,根據本集團內部律師和外部律師的法 律意見,鑑於並無實際違反出讓協議的情 況下,合作夥伴的索償不太可能導致本集 團歸還在Los Blancos特許權區中50%的參 與權益和取消其經營者資格。據估計,指 稱索償的最高承擔風險約為180,000美元 (相當於約1,404,000港元)。於二零二一 年六月三十日,由於本公司董事認為取決 於仲裁程序或庭外和解的結果,與指稱索 償有關的經濟利益流出的可能性不大,因 此並無為潛在的爭議差額計提撥備。

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 中期財務資料之審閱報告

TO THE BOARD OF DIRECTORS OF NEW TIMES ENERGY CORPORATION LIMITED

(incorporated in Bermuda with limited liability)

INTRODUCTION

We have reviewed the interim financial information set out on pages 5 to 50, which comprises the condensed consolidated statement of financial position of New Times Energy Corporation Limited (the "Company") and its subsidiaries (together, the "Group") as at 30 June 2021 and the condensed consolidated statement of profit or loss, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated cash flow statement for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34, "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants. The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with Hong Kong Accounting Standard 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on this interim financial information based on our review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

致新時代能源有限公司董事會

(於百慕達註冊成立之有限公司)

引言

吾等已審閱第5頁至第50頁所載之中期財務資 料,包括新時代能源有限公司(「貴公司」)及其 附屬公司(統稱「貴集團」)於二零二一年六月 三十日之簡明綜合財務狀況表及截至該日止六 個月期間之簡明綜合損益表、簡明綜合全面收 益表、簡明綜合權益變動表及簡明綜合現金流 量表,以及主要會計政策概要及其他說明附註。 香港聯合交易所有限公司證券上市規則要求按 照其相關規定及香港會計師公會頒佈的香港會 計準則第34號「中期財務報告」的要求編製中 期財務資料報告。按照香港會計準則第34號「中 期財務報告」的要求編製及呈列本中期財務資 料乃 貴公司董事的責任。吾等的責任為基於 吾等的審閱對本中期財務資料發表意見,並根 據委聘條款的約定,僅向 閣下(作為整體)報 告吾等的意見,除此之外本報告並無其他目的。 吾等不會就本報告的內容對任何其他人士負責 或承擔責任。

審閱範圍

吾等根據香港會計師公會頒佈的香港審閱工作 準則第2410號「實體的獨立核數師對中期財務 資料的審閱」進行審閱。中期財務資料的審閱 工作包括主要向財務及會計事項負責人作出查 詢,並執行分析性複核及其他審閱程序。由於 審閱的範圍遠小於按照香港審計準則進行審計 的範圍,故吾等無法保證能注意到審計中可能 發現的所有重大事項。因此,吾等不會發表審 計意見。

REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 中期財務資料之審閱報告

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim financial information of the Group is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34, "Interim Financial Reporting".

OTHER MATTER

The comparative information for the condensed consolidated statement of financial position is based on the audited financial statements as at 31 December 2020. The comparative information for the condensed consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows, and related explanatory notes, for the six months ended 30 June 2020 has not been audited or reviewed.

結論

按照我們的審閱,我們並無發現任何事項,令 我們相信 貴集團的中期財務資料未有在各 重大方面根據香港會計準則第34號「中期財 務報告」擬備。

其他事項

簡明綜合財務狀況表的比較資料乃以於二零二 零年十二月三十一日之經審核財務報表為基準。 截至二零二零年六月三十日止六個月之簡明綜 合損益表、簡明綜合全面收益表、簡明綜合權 益變動表及簡明綜合現金流量表之比較資料及 相關說明附註尚未獲審核或審閱。

PricewaterhouseCoopers Certified Public Accountants

Hong Kong, 27 August 2021

羅兵咸永道會計師事務所 執業會計師

香港,二零二一年八月二十七日

GENERAL REVIEW

During the six month period ended 30 June 2021, the Group's main activities were oil & gas production in Argentina, and commodities trading, specifically physical gold and silver trading.

While the Group incurred an operating financial loss of HK\$21.681 million, the financial position of the Group was in good shape, with decreasing debt and a healthy cash balance.

While international oil prices have rebounded to over USD70 per barrel in the first half of 2021, the domestic price per barrel in Argentina was considerably lower during the same period. However, the demand for crude oil in the country has been less affected, due to Argentina government's policy to minimise social restriction measures as much as possible, so that daily life and economic activity can be carried on relatively unhindered.

In respect of the Group's commodities trading business, specifically its physical gold trading, there has been a dampening of gold prices during the last six months to June 2021. Volume of physical gold trades nevertheless has remained robust during this period. To guard against exposure to gold price volatility, the Group operates a policy of fully hedging all its physical trades.

Following the success of its physical gold trading business, the Group in June 2021 commenced plans to setup a refinery in Hong Kong for processing precious metals, including gold, silver, platinum and palladium. The Group at present is in the process of renovating a newly leased property, where the refinery is to be located, and sourcing the specialised plant and equipment that will be installed at the facilities. The Group anticipates the new refinery will become operational in the first half of 2022, subject to the timing of prerequisite registration and licence approvals.

On the mergers and acquisition ("M&A") front, the Group continues to contemplate and pursue M&A opportunities in both the oil and gas sector, as well as in renewables energy business. The Group has yet to enter into any legally binding transactions.

整體回顧

截至二零二一年六月三十日止六個月期間,本 集團的主要業務為於阿根廷的石油及天然氣生 產及以實物金銀貿易為主的商品貿易。

儘管本集團產生經營財務虧損21.681百萬港元, 惟本集團的財務狀況良好,債務減少且現金結 餘穩健。

即使國際油價於二零二一年上半年反彈至逾每 桶70美元,但阿根廷國內每桶價格較同期國際 油價低得多。然而,由於阿根廷政府為日常生 活及經濟活動可相對無阻礙地進行而實施盡量 減少社交限制措施的政策,因此國內的原油需 求受影響不大。

就本集團商品貿易業務而言,尤其是實物黃金 買賣,金價於截至二零二一年六月的過去六個 月回落。然而於本期間實物黃金交易量仍保持 強勁。為免承受金價波動性的風險,本集團實 施全面對沖所有實物交易的政策。

繼成功運作實物黃金買賣業務後,本集團於二 零二一年六月著手在香港設立能加工金、銀、 鉑及鈀等貴金屬的精煉廠。目前本集團正在翻 新一間新租賃精煉廠所處的物業,且正在採購 將會在該等設施內安裝的專業化的廠房及設備。 本集團預期新的精煉廠將於二零二二年上半年 投入營運,惟須待不可缺少的註冊文件及執照 審批的時間而定。

在併購(「併購」)方面,本集團繼續考慮及尋求 石油及天然氣領域以及可再生能源業務的併購 機會。本集團尚未訂立任何具法律約束力的交 易。

OIL & GAS EXPLORATION AND PRODUCTION IN ARGENTINA

Los Blancos Concession

Operated by High Luck Group Limited ("High Luck"), the Group's wholly owned Argentina subsidiary, the Los Blancos Concession ("Los Blancos") covers a surface area of approximately 95 km2 in the Province of Salta in Northern Argentina, with estimated net proven plus probable reserves of approximately 1.8 million barrels of oil equivalent ("MMBOE") attributable to the Group. This is after the recent relinquishment of the remaining exploratory area by High Luck, following the granting of a 25 year permit in the exploitation area.

Los Blancos is an oil exploitation concession in which the Group has a 50% participating interest, with Pampa Energia S.A. (NYSE:PAM) being the owner of the other 50%. Being the operator of the concession, High Luck is responsible for the day to day production, operation and management decisions of the field.

Operations update

During the six month period ended 30 June 2021, Argentina continued to be gripped by the COVID-19 pandemic, with record high numbers of new infections per day in the country. Despite the situation, the Argentina government has persevered to keep nationwide social restriction measures to a minimum, in order to allow its economy to operate as unaffected as possible.

In January 2021, oil production at Los Blancos was halted for a month to allow for routine pressure volume tests and analysis to be conducted on the well. The tests and inspections allowed the Group to determine the optimum balance between the rate of oil production per day, while preserving the integrity and the life of the well.

During the six months to June 2021, the Group endured a number of labour union interference/strikes which temporarily disrupted oil production and deliveries at Los Blancos. The interference/strikes were the result of exaggerated labour union demands, including the creation of non-essential jobs to be filled exclusively by union members, and demands for "improvement" of working conditions, despite existing conditions exceeding the required regulatory standards. Though the on-going issues remain in a deadlock, High Luck and the labour union have managed to agree to mitigate operational interruptions, on the understanding that open dialogue be maintained with a view to reaching a compromise on this latest set of demands.

於阿根廷的石油及天然氣勘探及生產

Los Blancos特許權區

Los Blancos特許權區(「Los Blancos」)由本集團 於阿根廷的獨資附屬公司高運集團有限公司 (「高運」)運作,位於阿根廷北部薩爾塔省,地 表面積約為95平方公里,歸屬於本集團的估計 探明加概略儲量凈額約為1.8百萬桶油當量(「百 萬桶油當量」)。而這是繼高運公司於近期獲頒 授為期25年開採的許可證,及放棄餘下勘探區 之後的儲量估算。

Los Blancos特許權區為本集團擁有50%參與權 益的石油特許權區,而Pampa Energia S.A.(紐交 所:PAM)則擁有餘下50%的參與權益。作為該 特許權區的營運商,高運負責該油田的日常生 產、營運及管理決策。

營運最新情況

於截至二零二一年六月三十日止六個月期間, 阿根廷繼續受新冠肺炎疫情所困擾,國內每日 新感染人數錄得新高。儘管如此,阿根廷政府 一直堅持將全國範圍內的社交限制措施保持在 最低限度,以令其經濟盡可能不受影響地運行。

於二零二一年一月,Los Blancos特許權區石油停 產一個月,以便對油井進行常規壓力體積測試 和分析。通過測試和檢驗,本集團可以釐定每 日產油量與保持油井完整性及壽命之間的最佳 平衡。

截至二零二一年六月止六個月,本集團遭受多 次工會干預╱罷工,暫時中斷Los Blancos的石油 生產和交付。干預╱罷工乃由工會浮誇的要求 所致,包括增設由工會成員專門填補的非必要 工作崗位,以及要求「改善」工作狀況,儘管現 有狀況已超出所需的監管標準。儘管該問題仍 處於僵局,但高運與工會已達成協議,緩解業 務經營中斷,並達成諒解,即保持公開對話,以 期就最近一系列要求達成妥協。

Average daily production achieved by the Group's 50% participating interest in Los Blancos during the first half of 2021 was approximately 295 bopd (barrels of oil per day). Production has since been increased to 400 bopd starting from August 2021. As the operator of the concession, the Group is pleased to report that light sweet crude oil with an API gravity of approximately 37º and zero water content and other contaminants continues to freely flow under high wellhead pressure.

Tartagal Oriental and Morillo Concessions

The Tartagal Oriental and Morillo Concessions ("T&M Concessions") is located in the Province of Salta in Northern Argentina, and comprises of two oil blocks. The concessions cover a total surface area of 10,583 km2 and have an estimated net resource of 130.0 MMBOE attributable to the Group.

Prior to the refusal by the previous provincial authorities of Salta to grant the Group an exploration permit extension beyond the expiry date of 13 September 2019, the Group was a 69.25% participating interest holder in the concessions and the operator of the field. The Group fully impaired the entire asset value of the T&M Concessions in 2019.

The Group continues to negotiate with the Province of Salta with a view towards a settlement of all disputes.

Oil Price

During the six month period ended 30 June 2021, international oil prices have witnessed a steady rebound to over USD70 per barrel, as optimism for a global economic recovery spreads, and the members of the Organization of the Petroleum Exporting Countries ("OPEC") are in consensus regarding the level of oil output for the near term.

Despite the positive sentiment of the international oil market, the price per barrel of oil in Argentina was considerably lower, during the same six month period. Though Argentina continued to be gripped by the COVID-19 pandemic, domestic economic activity and demand for crude oil was relatively unaffected as a result of government policy to minimise social restriction measures, as far as possible.

於二零二一年上半年本集團就於Los Blancos的 50%的參與權益取得的平均每日產量為每日約 295桶。自二零二一年八月起,產量已增至每日 400桶。作為特許權區的營運商,本集團欣然報 告,在無水及其他污染物的情況下,輕質低硫 原油在高井口壓力下繼續自動流出,API比重約 為37º。

Tartagal Oriental及Morillo特許權區

Tartagal Oriental及Morillo特許權區(「T&M特 許權區」)位於阿根廷北部薩爾塔省,包括兩 個石油區塊。該等特許權區涵蓋總地表面積 10,583平方公里,而本集團的推測資源量淨額 為130.0百萬桶油當量。

在薩爾塔前當局拒絕授出於二零一九年九月 十三日屆滿日期後的勘探許可證續期前,本 集團於特許權區持有69.25%的參與權益,且 為特許權區的營運商。本集團已於二零一九 年就T&M特許權區的全部資產價值作出悉數 減值。

本集團持續與薩爾塔省磋商,旨在解決所有 爭議。

油價

截至二零二一年六月三十日止六個月期間, 國際油價穩步回升至每桶70美元,由於對全 球經濟持續復甦保持樂觀,石油輸出國組織 (「歐佩克」)短期內就石油產量達成共識。

儘管國際石油市場氣氛向好,於同六個月期 間,阿根廷每桶石油價格卻相對較低。儘管阿 根廷繼續受新冠肺炎疫情所困擾,由於政府 實施盡可能減少社交限制措施的政策,國內 經濟活動及原油需求相對未受影響。

Devaluation of Argentine Pesos and Hyperinflation

During the six months to 30 June 2021, the Argentine Pesos ("ARS") further devalued from a rate of ARS84.1 per USD at the beginning of the year, to ARS95.6 per USD by 30 June 2021. This equated to 13.7% decline.

In regards to the Argentina economy, the country continues with its struggle to contain the spiralling hyperinflation. As at 30 June 2021, the annualized inflation rate was 41.3%, compared to 36.1% at end of previous year.

With the substantial depreciation of the Argentine Pesos and hyperinflation, Argentina is an increasingly challenging business environment to operate in. Due to capital restrictions preventing the Group from purchasing USD with ARS at the official exchange rate for repatriation purposes, and the unofficial "Blue Dollar Rate" being prohibitively high, the Group is evaluating the possible options available for High Luck and the ARS denominated cash that is accumulating in Argentina.

COMMODITIES TRADING

Over the past six months ended 30 June 2021, the Group's physical gold and silver trade business had a total trading volume of HK\$4,480 million. The Group's physical gold trade business is operated via an established and reputable intermediary, with a long history and presence in Hong Kong. To ensure the Group is not financially exposed to the day to day fluctuations of gold prices, all physical gold trades, and physical gold inventories held by the Group are hedged with financial hedging instruments.

Due to the success that the Group has been experiencing with the physical gold trading business, the Group is proceeding with plans to setup its own precious metals refinery, with a view to growing its trading volume and profit margins. In June 2021, the Group signed a five year lease agreement for a property in Hong Kong, where the new refinery will be situated. The renovation work and the sourcing of specialised plant and equipment to be installed at the facilities has already begun. Subject to the timing of industry registration and licence approvals, the Group anticipates the new refinery will be operational in the first half of 2022.

阿根廷披索貶值及惡性通脹

截至二零二一年六月三十日止六個月,阿根 廷披索(「阿根廷披索」)進一步貶值,由年初 的84.1阿根廷披索兌1美元跌至二零二一年六 月三十日的95.6阿根廷披索兌1美元。跌幅達 13.7%。

阿根廷經濟方面,國家持續受通賬性壓力所困 擾。於二零二一年六月三十日,於本年度錄得 41.3%的全年通賬,而上一年度末為36.1%。

儘管阿根廷披索的大幅貶值及惡性通脹,阿 根廷的營商環境日益具挑戰性。由於資本限 制,以阿根廷披索購入美元的官方外匯匯率 及非官方的「藍美元」匯率過高,限制本集團 匯出按作回撤用途的資金,本集團正在評估 高運及在阿根廷所積累的以阿根廷披索計值 的現金的可能選項。

商品貿易

截至二零二一年六月三十日止過往六個月, 本集團的實物黃金及白銀買賣業務的總交易 額為4,480,000,000港元。本集團的實物黃金 買賣業務乃由一家在香港擁有悠久歷史和地 位全面知名中介機構經營。為確保本集團不 會因黃金價格的日常波動而面臨財務風險, 所有實物黃金買賣及本集團持有的實物黃金 存貨均由金融對沖工具對沖。

由於本集團已於實物黃金買賣業務取得成功, 本集團即進行設立自身貴金屬精煉廠的計劃, 目的是提升其貿易額及利潤率。於二零二一 年六月,本集團就位於香港的一處物業(即新 的精煉廠所在地)簽立為期五年的租賃協議。 本集團已開始翻新工程及採購將於該設施安 裝的專業化廠房及設備。撇除行業註冊及執 照審批時間的規限,本集團預期新精煉廠將 於二零二二年上半年投入營運。

Regarding the Group's plan to establish a wholly owned foreign enterprise ("WOFE") in Nanjing in early 2021 for the purpose of hydrocarbon commodities trading, the Group will temporarily defer the commencement date to a later date until the market conditions further improve and become more compelling.

Following the recent legislative change enacted by China's central government to transform Hainan Province into a free trade port, the Group has established a branch office in Hainan, with a view to exploring new opportunities in this potential high growth, business friendly, tax favourable region.

MERGERS AND ACQUISITIONS

During the six month period ended 30 June 2021, the Group considered a number of non-binding offers for M&A opportunities in the oil and gas sector. The Group has yet to enter into any legally binding transactions. It is expected that potential acquisitions will be financed by existing internal resources and no public fund raising of the Company is required.

The Group is continuously on the lookout for the acquisition of clean energy assets at reasonable and sustainable prices to enhance its shareholders' value. The Group remains committed to the future investment and development of clean energy for global sustainability, and will explore ways in which it can achieve Net Zero Emissions.

FINANCIAL REVIEW

The Group's revenue for the six months ended 30 June 2021 was approximately HK\$4,928.64 million (2020 first half: HK\$298.00 million). The revenue derived from general and commodities trading for the six months ended 30 June 2021 was approximately HK\$4,911.67 million (2020 first half: HK\$286.41 million). The increase in revenue derived from general and commodities trading was due to (i) expansion in sales of physical gold, (ii) commencement of sales of physical silver since March 2021 and (iii) trading of petroleum-related products in PRC for the six months ended 30 June 2021. The revenue derived from sales of oil products under the Group's oil exploration and production business for the six months ended 30 June 2021 was approximately HK\$16.96 million. This represented an increase of approximately 46.31% as compared with the revenue of approximately HK\$11.59 million for the corresponding period in 2020.

就本集團計劃於二零二一年初於南京成立以 作碳氫化合物商品交易的外商獨資企業(「外 商獨資企業」)而言,本集團暫時押後啟動日 期至較後日期,直至市場條件進一步改善及 變得吸引的情況。

繼中國中央政府將海南省轉型為自由貿易港 而實施近期的立法變動後,本集團已於海南 區設立一間分公司辦事處,旨在於該潛在高 增長、營商環境好、稅項優惠地區物色新機遇。

併購

截至二零二一年六月三十日止六個月期間, 本集團就石油及天然氣領域的併購機會考慮 多項不具約束力的收購建議。本集團尚未訂 立任何具法律約束力的交易。預計潛在收購 事項將由現有內部資源提供資金,且本公司 毋需進行公開集資活動。

本集團持續尋找收購價格合理及可持續發展 的清潔能源資產,為股東增值。本集團仍致力 投資及發展未來全球可持續發展的清潔能源, 並將探討可實現零排放目標的方法。

財務回顧

截至二零二一年六月三十日止六個月,本集團 收益約為4,928,640,000港元(二零二零年上半 年:298,000,000港元)。截至二零二一年六月 三十日止六個月,源自普通及商品貿易的收益 約為4,911,670,000港元(二零二零年上半年: 286,410,000港元)。普通及商品貿易產生收益 增加乃由於(i)實物黃金銷售擴大、(ii)自二零二一 年三月開始銷售實物白銀及(iii)截至二零二一年 六月三十日止六個月於中國買賣石油相關產品 所致。於截至二零二一年六月三十日止六個月, 本集團石油勘探及生產業務之石油產品銷售所 產生的收益約為16,960,000港元,較二零二零年 同期之收益約11,590,000港元增加約46.31%。

The Group reported a gross profit of approximately HK\$5.42 million for the six months ended 30 June 2021 (2020 first half: HK\$9.87 million).

For the six months ended 30 June 2021, the Group recorded gains of approximately HK\$11.52 million in other income, gains and losses, net (2020 first half: losses of HK\$3.44 million), mainly resulting from a decrease in net exchange loss and an increase in gain on derivative financial instruments, partially offset by decrease in bank interest income and hyperinflation monetary gains.

General and administrative expenses of the Group for the six months ended 30 June 2021 were approximately HK\$26.85 million, which represented an increase of approximately 39.76% as compared with approximately HK\$19.21 million for the corresponding period in 2020.

The Group recognised net investment loss in respect of financial instruments of approximately HK\$5.09 million for the six months ended 30 June 2021 (2020 first half: HK\$32.97 million), mainly as a result of a relatively stable stock market in Hong Kong during the six months ended 30 June 2021, compared to the same period in 2020.

Finance costs of the Group for the six months ended 30 June 2021 was approximately HK\$4.28 million, representing a decrease of approximately 23.41% as compared with approximately HK\$5.59 million for the corresponding period in 2020.

Share of losses in joint venture operations of the Group for the six months ended 30 June 2021 were approximately HK\$4,000, representing a decrease of approximately 99.71% as compared with approximately HK\$1.40 million for the corresponding period in 2020.

Income tax expense of the Group for the six months ended 30 June 2021 was approximately HK\$2.40 million; whilst it was an income tax credit of approximately HK\$1.35 million for the corresponding period in 2020.

For the six months ended 30 June 2021, the Group recorded a significant decrease in the loss attributable to the owners of the Company by 58.28%, to approximately HK\$21.69 million, mainly as a result of the increase in other income, gains and losses, net, and the decrease in net investment loss.

Basic loss per share for the six months ended 30 June 2021 was approximately HK0.25 cent (2020 first half: HK0.59 cent).

截至二零二一年六月三十日止六個月,本集團 錄得毛利約5,420,000港元(二零二零年上半年: 9,870,000港元)。

截至二零二一年六月三十日止六個月,本集 團於其他收入、收益及虧損淨額錄得收益約 11,520,000港元(二零二零年上半年:虧損 3,440,000港元),乃主要由於匯兌虧損淨額減 少及衍生金融工具收益增加,惟被銀行利息收 入及惡性通脹貨幣性收益減少所部份抵銷。

截至二零二一年六月三十日止六個月,本集團 的一般及行政開支約為26,850,000港元,較二零 二零年同期約19,210,000港元增加約39.76%。

截至二零二一年六月三十日止六個月,本集團 確認金融工具投資虧損淨額約5,090,000港元(二 零二零年上半年:32,970,000港元),乃主要由 於與二零二零年同期相比,截至二零二一年六 月三十日止六個月香港股市相對穩定。

截至二零二一年六月三十日止六個月,本集團 的融資成本約為4,280,000港元,較二零二零年 同期約5,590,000港元減少約23.41%。

截至二零二一年六月三十日止六個月,應佔本 集團合營企業虧損約為4,000港元,較二零二零 年同期約1,400,000港元減少約99.71%。

截至二零二一年六月三十日止六個月,本集團 的所得稅開支約為2,400,000港元;而二零二零 年同期則為所得稅抵免約1,350,000港元。

截至二零二一年六月三十日止六個月,本集團 錄得本公司擁有人應佔虧損大幅減少58.28% 至約21,690,000港元,主要是由於其他收入、收 益及虧損淨額增加以及投資虧損淨值減少所致。

截至二零二一年六月三十日止六個月的每股基 本虧損約為0.25港仙(二零二零年上半年:0.59 港仙)。

The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2021 (2020 first half: Nil).

CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL RESOURCES

In respect of the aggregate net proceeds of approximately HK\$557.23 million ("2016 Subscription Shares Proceeds") raised from the subscription of shares in July 2016 and November 2016, approximately HK\$449.32 million had been used up to 30 June 2021, according to its intended use as stated in the circular of the Company dated 28 June 2016, and the announcements of the Company dated 28 October 2016 and 27 August 2018. On 26 March 2020, the Company announced a change of its intended use of the unused balances of the 2016 Subscription Shares Proceeds and the Open Offer Proceeds (as defined below). Details of the change were set out in the announcement of the Company dated 26 March 2020. As at 30 June 2021, the unused balance of the 2016 Subscription Shares Proceeds was approximately HK\$107.91 million. The actual use of the 2016 Subscription Shares Proceeds during the six months ended 30 June 2021 was approximately HK\$23.13 million, for the investment in short-term financial instruments.

In respect of the net proceeds of approximately HK\$736.40 million ("Open Offer Proceeds") raised from the open offer in April 2017, approximately HK\$412.75 million had been used up to 30 June 2021, according to its intended use as stated in the circular of the Company dated 28 February 2017, the offering memorandum of the Company dated 27 March 2017, and the announcement of the Company dated 27 August 2018. On 26 March 2020, 29 April 2020 and 18 March 2021, the Company announced changes on its intended use of the unused balances of the 2016 Subscription Shares Proceeds and the Open Offer Proceeds. Details of the changes were set out in the announcements of the Company dated 26 March 2020, 29 April 2020 and 18 March 2021. As at 30 June 2021, the unused balance of the Open Offer Proceeds was approximately HK\$323.65 million. The actual use of the Open Offer Proceeds during the six months ended 30 June 2021 was approximately HK\$150.12 million, for the purposes of expansion of metal commodities trading as intended.

董事會不建議就截至二零二一年六月三十日止 六個月派付任何中期股息(二零二零年上半年: 無)。

資本結構、流動資金及財務資源

就於二零一六年七月及二零一六年十一月認購 股份籌集的所得款項淨額合共約557,230,000港 元(「二零一六年認購股份所得款項」)而言,直 至二零二一年六月三十日,約449,320,000港元 已用於本公司日期為二零一六年六月二十八日 的通函及本公司日期為二零一六年十月二十八 日及二零一八年八月二十七日的公告所述的擬 定用途。於二零二零年三月二十六日,本公司 宣佈二零一六年認購股份所得款項及公開發售 所得款項(定義見下文)之未動用結餘之擬定 用途變動。變動詳情載於本公司日期為二零二 零年三月二十六日之公告。於二零二一年六月 三十日,二零一六年認購股份所得款項的尚未 動用結餘約為107,910,000港元。截至二零二一 年六月三十日止六個月,二零一六年認購股份 所得款項的實際用途為約23,130,000港元用於 投資短期金融工具。

就於二零一七年四月自公開發售籌集的所得 款項淨額約736,400,000港元(「公開發售所得 款項」)而言,直至二零二一年六月三十日, 約412,750,000港元已用於本公司日期為二零 一七年二月二十八日的通函、本公司日期為二 零一七年三月二十七日的發售備忘錄以及本公 司日期為二零一八年八月二十七日的公告所述 的擬定用途。於二零二零年三月二十六日、二 零二零年四月二十九日及二零二一年三月十八 日,本公司宣佈二零一六年認購股份所得款項 及公開發售所得款項之未動用結餘之擬定用 途變動。變動詳情載於本公司日期為二零二零 年三月二十六日、二零二零年四月二十九日及 二零二一年三月十八日之公告。於二零二一年 六月三十日,公開發售所得款項的尚未動用結 餘約為323,650,000港元。截至二零二一年六月 三十日止六個月,公開發售所得款項的實際用 途為按擬定用於擴張金屬商品貿易,金額約為 150,120,000港元。

The following table summarises the use of net proceeds for the 2016 Subscription Shares Proceeds and Open Offer Proceeds for the six months ended 30 June 2021.

下表概述截至二零二一年六月三十日止六個月 的二零一六年認購股份所得款項及公開發售所 得款項的所得款項淨額用途。

Intended use	擬定用途	Unused amount of net proceeds as at 31 December 2020 於二零二零年	Change in use of proceeds on 18 March 2021 於二零二一年	Actual use of net proceeds during the six months ended 30 June 2021 截至 二零二一年 六月三十日	Unused amount of net proceeds as at 30 June 2021 於二零二一年
		十二月三十一日 的所得款項淨額 尚未動用金額 HK\$ million 百萬港元	三月十八日 所得款項 用途之變動 HK\$ million 百萬港元 (Note 5) (附註5)	止六個月的 所得款項淨額 實際用途 HK\$ million 百萬港元	六月三十日的 所得款項淨額 尚未動用金額 HK\$ million 百萬港元
2016 Subscription Share Proceeds 二零一六年認購股份所得款項 – Argentina operational purposes	-阿根廷營運目的				20.50 (Note 1)
– Investment in oil and gas, power generation and renewable energy	-投資石油及天然氣、發電及 可再生能源	20.50 79.36	– –	– –	(附註1) 79.36 (Note 2) (附註2)
– Investment in short to medium term financial instruments and general administrative purposes	-投資短期至中期金融工具及 一般行政目的	31.18	–	(23.13)	8.05 (Note 3) (附註3)
Total	合計	131.04	–	(23.13)	107.91
Open Offer Proceeds – Argentina operational purposes – Investment in oil and gas,	公開發售所得款項 -阿根廷營運目的 -投資石油及天然氣、發電及	59.29	(59.29)	–	– 209.29
power generation and renewable energy – Expansion of metal commodities	可再生能源 -擴張金屬商品貿易	150.00	59.29	–	(Note 2) (附註2) 114.36
trading		264.48	–	(150.12)	(Note 4) (附註4)
Total	合計	473.77	–	(150.12)	323.65

Notes:

附註:

• 1. The expected timeline in relation to the use of the unused amount of net proceeds as at 30 June 2021 will depend on the Group's business, and oil and gas investment plans in Argentina, which are discussed in the section headed "Operations update" and "Mergers and acquisitions" under Management Discussion and Analysis to this interim financial information. The unused amount of net proceeds as at 30 June 2021 is expected to be utilised on or before year ended 31 December 2022. The deferral in usage of the proceeds from the previous anticipated timeline was due to the Argentina business being financially self-sufficient, following the Los Blancos oil discovery and commercial production, as well as delays in the drilling of new wells due to the depressed oil prices.
• 1. The unused amount of net proceeds as at 30 June 2021 is expected to be utilised on or before 30 June 2022. Over the past number of years, the Group investigated multiple investment opportunities, but had deferred utilising the proceeds, due to inherent uncertainties that exist in regards to the timing and outcome of negotiations with counterparties.
• 1. The unused amount of net proceeds as at 30 June 2021 is expected to be utilised on or before the year ending 31 December 2021.
• 1. The unused amount of net proceeds as at 30 June 2021 is expected to be utilised on or before the year ending 31 December 2023.
• 1. Details of the change in use of proceeds are set out in the announcement of the Company dated 18 March 2021.

The Group maintains a treasury policy (as reviewed or modified from time to time when deemed necessary) for the investment of surplus cash. Surplus cash is primarily maintained in the form of term deposits with licensed banks. Management closely monitors the Group's liquidity position to ensure that the Group has sufficient financial resources to meet its funding requirements from time to time.

The Group entered into certain derivative financial instruments for economic hedging purposes in order to mitigate the financial impact of price fluctuations in gold and silver inventories and gold investment held by the Group. The use of these derivative financial instruments is closely monitored and controlled by the Group.

As at 30 June 2021, the Group's net current assets amounted to approximately HK\$502.82 million (31 December 2020: HK\$649.84 million) and the Group had cash and cash equivalents of approximately HK\$341.66 million (31 December 2020: HK\$640.92 million).

• 1. 使用該淨所得款項於二零二一年六月三十日 時尚未動用金額的預期時間表將取決於本集 團於阿根廷之業務以及油氣投資計劃,詳情 已於本中期財務資料中管理層討論及分析下 之「營運最新情況」以及「併購」各節討論。 於二零二一年六月三十日該所得款項尚未動 用金額淨額預期將於截至二零二二年十二月 三十一日止年度或之前動用。推遲動用先前 預期時間表的所得款項是由於阿根廷業務於 Los Blancos石油發現及商業生產之後在財務 上自給自足,以及由於油價低迷而推遲鑽探 新井。
• 1. 於二零二一年六月三十日該尚未動用淨所得 款項金額預期將於二零二二年六月三十日或 之前動用。過去數年,本集團已考察多個投資 機會,但由於與交易對手磋商的時間及結果 存在固有不確定性,因此推遲動用所得款項。
• 1. 於二零二一年六月三十日該尚未動用淨所得 款項金額預期將於截至二零二一年十二月 三十一日止年度或之前動用。
• 1. 於二零二一年六月三十日該該尚未動用淨所 得款項金額預期將於截至二零二三年十二月 三十一日止年度或之前動用。
• 1. 該所得款項用途變更詳情載於本公司日期為 二零二一年三月十八日的公告。

本集團維持以盈餘現金進行投資的資金政策(在 被視為必要時不時檢討或修改)。盈餘現金主 要以持牌銀行定期存款的方式存置。管理層密 切監察本集團的流動資金狀況,以確保本集團 有足夠財務資源以應付其不時的資金需求。

本集團訂立若干作經濟對沖用途之衍生金融工 具以減輕本集團所持有金銀存貨及黃金投資之 價格波動之財務影響。本集團密切監視及控制 該等衍生金融工具之用途。

於二零二一年六月三十日,本集團的流動資產 淨值約為502,820,000港元(二零二零年十二月 三十一日:649,840,000港元),而本集團的現金 及現金等價物約為341,660,000港元(二零二零 年十二月三十一日:640,920,000港元)。

Cash and cash equivalents of the Group as at 30 June 2021 were mainly denominated in Hong Kong Dollar, United States Dollar, Argentine Peso and Renminbi.

As at 30 June 2021, total equity of the Group was approximately HK\$737.02 million (31 December 2020: HK\$758.96 million). Net asset value per share equated to approximately HK\$0.08 (31 December 2020: HK\$0.09). Debt ratio, calculated as total liabilities divided by total assets, was approximately 23.11% (31 December 2020: 25.68%).

The Group financed its operations from a combination of working capital, borrowings and proceeds from the issuance of shares of the Company.

Borrowings

As at 30 June 2021, included within the carrying amount of borrowings of the Group was unsecured debt securities of approximately HK\$38 million (31 December 2020: HK\$141.32 million) denominated in Hong Kong Dollar and carrying interest at fixed rate. As at 30 June 2021, there was no unsecured short-term loan (31 December 2020: approximately HK\$4.75 million denominated in Renminbi and carrying interest at fixed rate). The decrease in borrowings was mainly due to the repayment of certain borrowings during the period. Details of the maturity of the carrying amount of the Group's borrowings are set out in Note 23 to this interim financial information.

Gearing Ratio

As at 30 June 2021, gearing ratio, calculated on the basis of interest bearing borrowings divided by total equity, was approximately 5.16% (31 December 2020: 19.25%).

Charge on Assets

As at 30 June 2021, the Group did not have any charge on its assets (31 December 2020: Nil).

Contingent Liabilities

As at 30 June 2021, saved as disclosed in Note 27 to this interim financial information, the Group did not have other material contingent liabilities (31 December 2020: Nil).

本集團於二零二一年六月三十日的現金及現金 等價物主要以港元、美元、阿根廷披索及人民 幣計值。

於二零二一年六月三十日,本集團權益總額約 為737,020,000港元(二零二零年十二月三十一 日:758,960,000港元)。每股資產淨值相等於 約0.08港元(二零二零年十二月三十一日:0.09 港元)。債項比率(按負債總額除以資產總值計 算)約為23.11%(二零二零年十二月三十一日: 25.68%)。

本集團以其營運資金、借貸及本公司發行股份 的所得款項為營運撥付資金。

借貸

於二零二一年六月三十日,計入本集團以港元 計值並按固定利率計息的借貸賬面金額的款項 為無抵押債務證券,金額約38,000,000港元(二 零二零年十二月三十一日:141,320,000港元)。 於二零二一年六月三十日,並無按固定利率計 息的以人民幣計值的無抵押短期貸款(二零二 零年十二月三十一日:約4,750,000港元)。借貸 減少乃主要由於期內償還若干借貸所致。本集 團借貸賬面金額的到期詳情載於本中期財務資 料附註23。

資產負債比率

於二零二一年六月三十日,以計息借貸除以權 益總額計算的資產負債比率約為5.16%(二零 二零年十二月三十一日:19.25%)。

資產押記

於二零二一年六月三十日,本集團並無任何資 產押記(二零二零年十二月三十一日:無)。

或然負債

於二零二一年六月三十日,除本中期財務資料 附註27所披露者外,本集團並無其他重大或然 負債(二零二零年十二月三十一日:無)。

Capital Commitments

Details of the capital commitments of the Group as at 30 June 2021 are set out in Note 26 to this interim financial information.

Principal Risks and Uncertainties

The Group's financial condition, results of operations, businesses and prospects are subject to a number of risks and uncertainties including business risks, operational risks and financial risks.

The Group's business of commodities trading is exposed to development risk, as well as supply chain risk. The Group mitigates these risk factors by developing its customer base in order to achieve better operating performance on its commodities trades, and also by expanding its supplier base to achieve a stable supply of commodities.

The Group's business activities in exploration, development, production and sale of crude oil are susceptible to geological, exploration and development risks. The Group strives to establish and maintain comprehensive technical and operational teams. Through detailed planning, analysis and discussion amongst the teams, and with support from experienced consultants and experts, the Group is able to manage and mitigate the risks arising from changes in the business environment to a reasonably acceptable level.

In the normal course of business, the Group is exposed to credit risk, liquidity risk, interest rate risk, currency risk, price risk arising from prices fluctuation of crude oil and commodities, and equity price risk arising from its investment in equity securities.

In addition to the abovementioned risks and uncertainties, there may be other risks and uncertainties which the Group has not identified, or is aware of, or considers it to be of minimal impact to the Group presently, but has the potential to become significant in the future.

資本承擔

本集團於二零二一年六月三十日的資本承擔詳 情載於本中期財務資料附註26。

主要風險及不確定性

本集團的財務狀況、經營業績、業務及前景受 制於一定的風險及不確定性,包括業務風險、 經營風險及財務風險。

本集團的商品貿易業務面臨發展風險以及供 應鏈風險。本集團通過發展其客戶基礎以在 商品貿易方面實現更佳的營運表現,並透過 擴大其供應商基礎達致穩定的商品供應,從 而緩解該等風險因素。

本集團在勘探、開發、生產及銷售原油方面的 業務活動易受地質、勘探及開發風險影響。本 集團致力建立及維持全面的技術及經營團隊。 透過團隊間細緻的規劃、分析及討論,以及經 驗豐富的顧問及專家的支持,本集團能夠將 營商環境變化引致的風險管控並降低至可以 承受的合理範圍內。

於一般業務過程中,本集團面臨信貸風險、流 動資金風險、利率風險、貨幣風險及原油及商 品價格波動引致的價格風險,以及股權證券 投資引致的股價風險。

除上述風險及不確定性外,亦可能有其他本 集團尚未識別或知悉或目前認為對本集團的 影響不大但日後可能變成重大的風險及不確 定性。

Foreign Exchange Exposure

Assets and liabilities of the Group are mainly denominated in Hong Kong Dollar, United States Dollar, Argentine Peso and Renminbi. Most of these assets and liabilities are in the functional currency of the operations to which the transactions relate. The currencies giving rise to foreign exchange risk is primarily those from the Group's exploration and production activities in Argentina and investments in foreign companies. The Group currently does not have a foreign currency hedging policy. However, the management of the Group will monitor the foreign exchange exposures on an on-going basis and will consider hedging instruments should the need arise.

Employees

As at 30 June 2021, the Group employed a total of 50 (31 December 2020: 36) permanent employees in Hong Kong, China and Argentina. Total employee benefit expenses (including directors' remuneration) for the six months ended 30 June 2021 amounted to approximately HK\$8.02 million (2020 first half: HK\$8.89 million). The Group provides its employees with competitive remuneration packages relative to their job performance, qualifications, experience, and prevailing market conditions in the respective geographical locations and businesses in which the Group operates.

Relationship with Suppliers, Customers and other Stakeholders

The Group understands the importance of maintaining a good relationship with its suppliers, customers, social communities and governments to meet its objectives and long-term goals. Save as disclosed in the section headed "Business Review", there was no material or significant dispute between the Group and its suppliers, customers and/or stakeholders during the period.

Material Acquisitions and Disposals

The Group did not have material acquisitions or disposals of subsidiaries, associated companies, and joint ventures during the six months ended 30 June 2021.

Significant Investments

As at 30 June 2021, the Group held financial assets at fair value through profit or loss and gold investment in gold bullion amounting to approximately HK\$69.53 million and HK\$63.95 million respectively.

外匯風險

本集團資產及負債主要以港元、美元、阿根廷 披索及人民幣計值。此等資產及負債大部分以 與交易有關之業務的功能貨幣計值。貨幣外匯 風險主要來自本集團於阿根廷進行勘探及生產 活動以及投資於外國公司。本集團現時並無外 幣對沖政策。然而,本集團管理層將持續監察 外匯風險,並將於有需要時考慮對沖工具。

僱員

於二零二一年六月三十日,本集團於香港、中 國及阿根廷僱用合共50名(二零二零年十二月 三十一日:36名)長期僱員。截至二零二一年六 月三十日止六個月,僱員福利開支總額(包括 董事酬金)約為8,020,000港元(二零二零年上 半年:8,890,000港元)。本集團向其僱員提供具 競爭力的薪酬方案,乃與彼等的個人工作表現、 資歷及經驗相符,以及按本集團營運所在各地 區及業務的相關市況釐定。

與供應商、客戶及其他權益人的關係

本集團明白與其供應商、客戶、社會團體及政 府維持良好關係,對本集團實現其目標及長 遠目標而言十分重要。除「業務回顧」一節所 披露者外,本集團與其供應商、客戶及╱或權 益人於期內並無重要或重大糾紛。

重大收購及出售事項

本集團於截至二零二一年六月三十日止六個月 並無附屬公司、聯營公司及合營企業之重大收 購或出售事項。

重大投資

於二零二一年六月三十日,本集團持有按公允 價值計入損益之金融資產及金條的黃金投資分 別約為69,530,000港元及63,950,000港元。

(i) Financial assets at fair value through profit or loss As at 30 June 2021, the Group's financial assets at fair value through profit or loss comprised of listed equity investments, unlisted equity-linked investments and listed debt investments amounting to approximately HK\$54.48 million, HK\$4.97 million, and HK\$10.09 million, respectively.

Details of the listed equity investments as at 30 June 2021 are set out below:

(i) 按公允價值計入損益之金融資產 於二零二一年六月三十日,本集團按公允 價值計入損益之金融資產包括上市股本 投資、非上市股本掛鈎投資及上市債務投 資分別約為54,480,000港元、4,970,000港 元及10,090,000港元。

於二零二一年六月三十日,上市股本投資 之詳情載列如下:

Name of company 公司名稱	Principal business 主要業務	Fair value at 30 June 2021 於二零二一年 六月三十日的 公允價值 HK\$ million 百萬港元	Net fair value (gains)/losses for six months ended 30 June 2021 截至二零二一年 六月三十日 止六個月公允價值 (收益)╱虧損淨值 HK\$ million 百萬港元
Beijing Gas Blue Sky Holdings Limited (Stock code: 6828) (Note (ii)) 北京燃氣藍天控股有限公司 (股份代號:6828)(附註(ii))	Sales and distribution of natural gas and other products 天然氣及其他產品銷售及分銷	37.07	6.21 (Note (i)) (附註(i))
NWS Holdings Limited (Stock Code: 659) 新創建集團有限公司 (股份代號:659)	Development of, investment in and/or operation of roads, commercial aircraft leasing, construction and insurance; and investment in and/or operation of environmental and logistic projects, facilities and transport 道路、商用飛機租賃、建築及 保險開發、投資及╱或經營; 及環境及物流項目、設施及 運輸、投資及╱或經營	4.29	(0.55) (Note (i)) (附註(i))
China Overseas Land & Investment Ltd. (Stock code: 688) 中國海外發展有限公司 (股份代號:688)	Property development and investment and other operation 物業發展及投資以及其他業務	6.32	(0.28) (Note (i)) (附註(i))
JD Health International Inc. (Stock code: 6618) 京東健康股份有限公司 (股份代號:6618)	The online healthcare platform and online retail pharmacy in China 中國在線醫療健康平台及 在線零售藥房	6.80	0.20 (Note (i)) (附註(i))
		54.48	5.58

Notes:

• (i) The amounts represented (gains)/losses arising from the change in fair value for the six months ended 30 June 2021.
• (ii) Beijing Gas Blue Sky Holdings Limited halted trading from 18 January 2021. As there was an absence of quoted prices for the shares which were suspended for trading, the fair value was determined by valuation conducted by the independent professional valuer. The fair value was estimated based on the latest market bid price before suspension, adjusted by the share price fluctuation of comparable companies, and applied discounts for lack of marketability by considering the probability of delisting.

The carrying value for each of the above listed equity investments is less than 5% of the total assets of the Group.

At as 30 June 2021, the Group held two debt investments listed in Singapore, and an investment of unlisted equitylinked investments. The carrying value for each of these three investments was less than 5% of the total assets of the Group. For the six months ended 30 June 2021, the Group recognised a net investment gain of approximately HK\$336,000, which comprised of interest income of approximately HK\$1,157,000 and a loss arising from the change in fair value of approximately HK\$821,000, on the listed and unlisted debt securities in the condensed consolidated statement of profit or loss.

(ii) Gold investment

As at 30 June 2021, the Group held gold investment at a fair value of approximately HK\$63.95 million, representing approximately 6.67% of the total assets of the Group. For the six months ended 30 June 2021, the Group recognised a loss arising from the change in fair value of gold investment amounting to approximately HK\$4.64 million which was largely offset by the hedging gains on derivative financial instruments for the gold investment amounting to HK\$4.71 million. The purpose of holding gold bullion is to achieve capital appreciation. Historically, gold has been an effective inflation proofing commodity.

EVENTS AFTER THE REPORTING PERIOD

Save as disclosed above, the Group does not have any material subsequent events after 30 June 2021 and up to the date of this report.

Conclusion

The Group would like to express its sincere gratitude to employees and shareholders for their continued support. The Group will continue to develop and grow while aiming to enhance its financial position and business foundation to create long-term shareholders' value.

附註:

• (i) 該金額為於截至二零二一年六月 三十日止六個月公允價值變動產生 的(收益)╱虧損。
• (ii) 北京燃氣藍天控股有限公司自二零 二一年一月十八日起短暫停牌。由 於被暫停交易之股份並無市場報價, 其公允價值由一位獨立專業估值師 通過估值釐定。公允價值乃根據被 暫停交易前最新市場買入價進行估 計,並按可比較公司之股價波動進 行調整,且採用計及可能因除牌而 缺乏市場流動性的折現率。

前述上市股本投資各自賬面值低於本集 團總資產之5%。

於二零二一年六月三十日,本集團持 有兩項於新加坡上市的債務投資及一 項非上巿股本掛鈎投資的投資。該等 三項投資各自賬面值低於本集團總資 產之5%。截至二零二一年六月三十日 止六個月,本集團就上市及非上巿債 務證券於簡明綜合損益表確認投資收 益淨額約336,000港元,包括利息收入 約1,157,000港元及公允價值變動產生 的虧損約821,000港元。

(ii) 黃金投資

於二零二一年六月三十日,本集團持有 黃金投資的公允價值約為63,950,000 港元,佔本集團總資產約6.67%。截至 二零二一年六月三十日止六個月,本 集團就黃金投資確認公允價值變動產 生的虧損約4,640,000港元,很大程度 上被黃金投資衍生金融工具的對沖收 益4,710,000港元所抵銷。持有金條的 目的為實現升值。從歷史上看,黃金一 直是一種有效的防通脹商品。

報告期後事項

除上文所披露者外,本集團於二零二一年六 月三十日後及截至本報告日期並無任何重大 期後事項。

結語

本集團衷心感謝一直以來全體員工及股東的大 力支持。本集團將繼續發展及增長,並嘗試改 善財政狀況及業務基礎,以提升長期股東價值。

SHARE OPTION SCHEME

The share option scheme adopted on 17 May 2011 had a term of 10 years and was expired on 16 May 2021. No share option scheme is currently in operation.

During the period under review, no share options were granted nor cancelled under the share option scheme.

DIRECTORS' RIGHT TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed in the sections headed "Directors' Interests in Securities" and "Share Option Scheme", at no time during the period under review was the Company or the Company's subsidiary or holding company or a subsidiary of the Company's holding company a party to any arrangements to enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

DIRECTORS' INTERESTS IN SECURITIES

As at 30 June 2021, as recorded in the register kept by the Company under section 352 of the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) (the "SFO") in respect of information required to be notified to the Company and the Stock Exchange by the Directors and/or chief executive of the Company pursuant to the SFO or to the Model Code for Securities Transactions by Directors of Listed Issuers (or any other applicable code), there were no interests, whether long or short positions, held or deemed to be interested by any of the Directors or chief executive of the Company in shares, underlying shares or debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO), nor had there been any rights to subscribe for any shares, underlying shares or debentures of the Company and its associated corporations held or deemed to be interested by any of them as at 30 June 2021.

SUBSTANTIAL SHAREHOLDERS' INTERESTS

As at 30 June 2021, the following persons/corporations had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO and in accordance with information received by the Company.

購股權計劃

於二零一一年五月十七日採納的購股權計劃的 期限為10年及於二零二一年五月十六日屆滿。 目前並無實施任何購股權計劃。

於回顧期內,概無根據購股權計劃授出或註銷 任何購股權。

董事購買股份或債權證之權利

除「董事於證券之權益」及「購股權計劃」兩節 所披露者外,於回顧期內任何時間,本公司或 其附屬公司或控股公司或本公司控股公司之附 屬公司概無訂立任何安排,致使董事可藉購入 本公司或任何其他法人團體之股份或債權證而 獲益。

董事於證券之權益

於二零二一年六月三十日,根據本公司按香港 法例第571章證券及期貨條例(「證券及期貨條 例」)第352條而存置的登記冊所載錄本公司的 董事及╱或最高行政人員根據證券及期貨條例 或上市發行人董事進行證券交易的標準守則(或 任何其他適用守則)須向本公司及聯交所發出 通知的資料,本公司的任何董事或最高行政人 員概無持有或被視為持有本公司及其相聯法團 (定義見證券及期貨條例第XV部)的股份、相關 股份或債權證的好倉或淡倉權益,彼等於二零 二一年六月三十日亦無持有或被視為持有可認 購本公司及其相聯法團任何股份、相關股份或 債權證的任何權利。

主要股東之權益

於二零二一年六月三十日,以下人士╱法團於 本公司的股份或相關股份中擁有根據證券及期 貨條例第XV部第2及3分部條文規定須向本公司 披露或記入本公司根據證券及期貨條例第336 條須予存置的登記冊,且符合本公司所接獲資 料的權益或淡倉。

Long position of substantial Shareholders' interests in issued ordinary shares of the Company

主要股東於本公司已發行普通股權益之 好倉

Name of Shareholders 股東名稱	Capacity/Nature of interests 身份╱權益性質	Number of issued ordinary shares held 所持已發行 普通股數目	Approximate percentage of the total issued share capital 佔已發行股本 總額概約百分比 (note (vii)) (附註(vii))
Max Sun Enterprises Limited ("Max Sun") (Note (i))	Beneficially owned	5,737,129,098	65.50%
萬新企業有限公司(「萬新」)(附註(i))	實益擁有
Chow Tai Fook Nominee Limited ("CTFNL") (Note (ii))	Interests in a controlled corporation	5,737,129,098	65.50%
周大福代理人有限公司(「周大福代理人」) (附註(ii))	受控法團權益
Chow Tai Fook (Holding) Limited ("CTFHL") (Note (iii))	Interests in a controlled corporation	5,761,900,848	65.78%
周大福(控股)有限公司(「周大福控股」) (附註(iii))	受控法團權益
Chow Tai Fook Capital Limited ("CTFC") (Note (iv))	Interests in a controlled corporation	5,761,900,848	65.78%
Chow Tai Fook Capital Limited(「CTFC」) (附註(iv))	受控法團權益
Cheng Yu Tung Family (Holdings) Limited ("CYTFH") (Note (v))	Interests in a controlled corporation	5,761,900,848	65.78%
Cheng Yu Tung Family (Holdings) Limited (「CYTFH 」)(附註(v))	受控法團權益
Cheng Yu Tung Family (Holdings II) Limited ("CYTFH-II") (Note (vi))	Interests in a controlled corporation	5,761,900,848	65.78%
Cheng Yu Tung Family (Holdings II) Limited (「CYTFH-II 」)(附註(vi))	受控法團權益
Elberta Holdings Limited Elberta Holdings Limited	Beneficially owned 實益擁有	794,850,000	9.07%

Notes:

As at 30 June 2021:

• (i) The entire issued share capital of Max Sun was legally and beneficially owned by CTFNL.
• (ii) CTFNL held 100% direct interest in Max Sun and was accordingly deemed to have an interest in the shares held by Max Sun.
• (iii) CTFHL held 99.70% direct interest in CTFNL and was accordingly deemed to have an interest in the shares of CTFNL.
• (iv) CTFC held 81.03% direct interest in CTFHL and was accordingly deemed to have an interest in the shares of CTFHL.
• (v) CYTFH held 48.98% direct interest in CTFC and was accordingly deemed to have an interest in the shares of CTFC.
• (vi) CYTFH-II held 46.65% direct interest in CTFC and was accordingly deemed to have an interest in the shares of CTFC.
• (vii) The approximate percentage of interests held was calculated on the basis of 8,758,880,988 ordinary shares of the Company in issue.

UPDATE ON DIRECTORS' INFORMATION

Upon specific enquiry and confirmations from each of the Directors, there is no change in the information of the Directors required to be disclosed pursuant to Rule 13.51B of the Listing Rules since the Company's last published annual report.

附註:

於二零二一年六月三十日:

• (i) 萬新之全部已發行股本由周大福代理人在法 律上及實益擁有。
• (ii) 周大福代理人直接持有萬新之100%權益,因 此被視為於萬新所持之股份中擁有權益。
• (iii) 周大福控股直接持有周大福代理人之99.70% 權益,因此被視為於周大福代理人之股份中 擁有權益。
• (iv) CTFC直接持有周大福控股之81.03%權益,因 此被視為於周大福控股之股份中擁有權益。
• (v) CYTFH直接持有CTFC之48.98%權益,因此被 視為於CTFC之股份中擁有權益。
• (vi) CYTFH-II直接持有CTFC之46.65%權益,因此 被視為於CTFC之股份中擁有權益。
• (vii) 所持權益概約百分比乃按8,758,880,988股本 公司已發行普通股為基準計算。

董事最新資料

根據向每位董事作出特別查詢及各董事的確認, 自本公司刊發上年度年報後,概無董事資料之 變更須按上市規則第13.51B條作出披露。

CORPORATE GOVERNANCE AND OTHER INFORMATION

Corporate Governance Code

The Group strives to attain and maintain high standards of corporate governance best suited to the needs of its businesses and the best interests of its stakeholders as the Board believes that effective governance is essential to the maintenance of the Group's competitiveness and to its healthy growth. The Company has adopted and applied the principles of the code provisions of the Corporate Governance Code (the "CG Code") as set out in Appendix 14 of the Listing Rules. The Company periodically reviews its corporate governance practices to ensure its continuous compliance with the CG Code. In the opinion of the Directors, the Company was in compliance with the applicable code provisions of the CG Code for the six months ended 30 June 2021 and, where appropriate, the applicable recommended best practices of the CG Code, save and except for the following deviation:

Code Provision C.1.2

Under code provision C.1.2 of the CG Code, management should provide all members of the board with monthly updates giving a balanced and understandable assessment of the Company's performance, position and prospects in sufficient detail to enable the Board as a whole and each Director to discharge their duties under Rule 3.08 and Chapter 13 of the Listing Rules. During the period under review, the management of the Company did not provide monthly updates to all members of the Board as required by the code provision C.1.2 of the CG Code, as all the executive Directors were involved in the daily operations of the Group and were fully aware of the performance, position and prospects of the Company, and the management of the Company had provided to all Directors (including, non-executive Director and independent non-executive Directors) quarterly updates giving a balanced and understandable assessment of the Company's performance, position and prospects in sufficient details prior to the regular board meetings. In addition, the management of the Company had provided all members of the Board, in a timely manner, updates on any material changes to the performance, position and prospects of the Company and sufficient background or explanatory information for matters brought before the Board.

企業管治及其他資料

企業管治守則

董事會相信有效的管治是本集團保持競爭力及 穩健發展的要素。因此,本集團因應其業務需 要及權益人的最佳利益,致力奉行及維持最適 合的高水平企業管治。本公司已採納及應用上 市規則附錄十四所載企業管治守則(「企業管治 守則」)守則條文的原則。本公司定期檢討其企 業管治常規,以確保其持續遵守企業管治守則。 董事認為,截至二零二一年六月三十日止六個 月,本公司一直遵守企業管治守則的適用守則 條文,以及(如適用)企業管治守則的適用建議 最佳常規,惟下文偏離者除外:

守則條文C.1.2

根據企業管治守則的守則條文C.1.2,管理層應 每月向董事會全體成員提供更新資料,載列有 關本公司的表現,財務狀況及前景的公正及易 於理解的評估,內容足以讓各董事履行《上市 規則》第3.08條及第十三章所規定的職責。於 回顧期內,由於所有執行董事均有參與本集團 的日常運作,故彼等均對本公司的表現、財務 狀況及前景具充份了解,且本公司管理層已於 常規董事會會議舉行前向全體董事(包括非執 行董事及獨立非執行董事)提供季度更新資料, 載列有關本公司的表現,財務狀況及前景的公 正及易於理解且詳細的評估,故本公司管理層 並無按照企業管治守則的守則條文C.1.2的規 定,每月向董事會全體成員提供每月更新資料。 此外,本公司管理層已於本公司的表現、財務 狀況及前景有任何重大變動時,及時向董事會 全體成員提供相關的更新資料,以及就呈交董 事會的事宜提供充份的背景或說明資料。

BOARD COMPOSITION AND BOARD PRACTICES

The Board is collectively responsible for the oversight of the management of the business and affairs of the Group with the objective of enhancing shareholders' value. The Board consists of a total of six Directors, comprising two Executive Directors, one Non-executive Director, and three Independent Non-executive Directors. More than one-third of the Board are Independent Non-executive Directors and more than one of them have appropriate professional qualifications, or accounting or related financial management expertise as required by the Listing Rules. All Directors (including Independent Non-executive Directors) are subject to retirement by rotation once every three years and are subject to reelection in accordance with the Company's Bye-Laws and the CG Code.

All Directors have made active contribution to the affairs of the Board and the Board has always acted in the best interests of the Group. In addition to regular Board meetings, the Chairman meets with the Independent Non-executive Directors without the presence of other Directors at least once every year.

MODEL CODE FOR DIRECTOR'S SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules. Specific enquiry has been made to all the Directors and the Directors have confirmed that they have complied with the Model Code throughout the six months ended 30 June 2021.

REVIEW OF INTERIM RESULTS

The interim results of the Group for the six months ended 30 June 2021 have been reviewed by the audit committee of the Company. The unaudited interim financial information as of and for the six months ended 30 June 2021 has been reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Hong Kong Institute of Certified Public Accountants.

董事會構成及董事會常規

董事會集體負責監督本集團的業務及事務管理, 旨在提升股東的價值。董事會共由六名董事組 成,包括兩名執行董事、一名非執行董事及三 名獨立非執行董事。三分之一以上的董事會成 員為獨立非執行董事,且超過一名董事具有適 當的專業資格,或上市規則規定的會計或相關 財務管理專業知識。全體董事(包括獨立非執 行董事)須每三年輪值退任一次,並須根據本 公司細則及企業管治守則重選連任。

全體董事已對董事會事務作出積極的貢獻,且 董事會亦一直以本集團的最佳利益行事。除定 期董事會會議外,主席每年於並無其他董事出 席的情況下至少與獨立非執行董事會面一次。

董事進行證券交易的標準守則

本公司已採納上市規則附錄十所載上市發行人 董事進行證券交易的標準守則(「標準守則」)。 本公司已向全體董事作出具體查詢,而董事已 確認於截至二零二一年六月三十日止六個月內 一直遵守標準守則。

審閱中期業績

本集團截至二零二一年六月三十日止六個月之 中期業績已由本公司審核委員會審閱。於及截 至二零二一年六月三十日止六個月之未經審核 中期財務資料已由羅兵咸永道會計師事務所按 照香港會計師公會頒佈的香港審閱委聘準則第 2410號,「由實體的獨立核數師執行中期財務 資料審閱」進行審閱。

PURCHASE, SALE AND REDEMPTION OF LISTED SECURITIES

During the period under review, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's securities listed on the Stock Exchange.

COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS

As far as the Board and management are aware, the Group has complied in material respects with the relevant laws and regulations that have a significant impact on the business and operation of the Group. During the period under review, there was no material breach of or noncompliance with the applicable laws and regulations by the Group.

INTERIM DIVIDEND

The Board does not recommend the payment of any interim dividend for the six months ended 30 June 2021 (2020: Nil).

By order of the Board CHENG, Kam Chiu Stewart Chairman

Hong Kong, 27 August 2021

購買、出售及贖回上市證券

於回顧期內,本公司及其任何附屬公司概無購 買、出售或贖回本公司於聯交所上市的任何證 券。

遵守相關法律及規例

就董事會及管理層所知,本集團已在各重大方 面遵守對本集團業務及營運有重大影響之相關 法律及規例。於回顧期內,並無出現本集團嚴 重違反或未有遵守適用法律及規例之情況。

中期股息

董事會不建議就截至二零二一年六月三十日止 六個月派付任何中期股息(二零二零年:無)。

承董事會命 鄭錦超 主席

香港,二零二一年八月二十七日