Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
GOLDEN RESOURCES DEVELOPMENT INTERNATIONAL LIMITED
金 源 米 業 國 際 有 限 公 司
(Incorporated in Bermuda with limited liability)
(Stock code: 677)
2019/2020 INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2019
SUMMARY OF INTERIM RESULTS
The Directors of Golden Resources Development International Limited (the "Company") are pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30th September, 2019 as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS | |||
For the six months ended | |||
30th September, | |||
2019 | 2018 | ||
(Unaudited) | (Unaudited) | ||
Notes | HK$'000 | HK$'000 | |
REVENUE | 3 | 835,021 | 686,529 |
Cost of sales | (552,721) | (481,849) | |
GROSS PROFIT | 282,300 | 204,680 | |
Net unrealized gain on financial assets | |||
at fair value through profit or loss | 1,008 | 2,996 | |
Net other income | 4 | 10,718 | 4,240 |
Selling and distribution costs | (165,409) | (133,561) | |
Administrative expenses | (88,761) | (81,792) | |
Interest on lease liabilities | (10,555) | ― | |
PROFIT/(LOSS) FROM OPERATIONS | 3 | 29,301 | (3,437) |
Share of results of associates | 3,530 | (2,449) | |
PROFIT/(LOSS) BEFORE TAXATION | 5 | 32,831 | (5,886) |
Taxation | 6 | (8,003) | (3,697) |
PROFIT/(LOSS) FOR THE PERIOD | 24,828 | (9,583) | |
Profit/(loss) attributable to: | |||
Shareholders of the Company | 24,768 | (9,511) | |
Non-controlling interests | 60 | (72) | |
24,828 | (9,583) | ||
EARNINGS/(LOSS) PER SHARE | 8 | ||
- Basic | HK1.5 cents | HK(0.6) cents | |
- Diluted | HK1.5 cents | HK(0.6) cents |
1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||
For the six months ended | ||
30th September, | ||
2019 | 2018 | |
(Unaudited) | (Unaudited) | |
HK$'000 | HK$'000 | |
PROFIT/(LOSS) FOR THE PERIOD | 24,828 | (9,583) |
OTHER COMPREHENSIVE LOSS | ||
Items to be reclassified to profit or loss in subsequent periods: | ||
Exchange differences on translation of foreign operations | (4,452) | (6,255) |
Share of other comprehensive loss of associates | (179) | (1,881) |
Other comprehensive loss for the period, net of tax | (4,631) | (8,136) |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 20,197 | (17,719) |
Total comprehensive income/(loss) attributable to: | ||
Shareholders of the Company | 20,904 | (16,446) |
Non-controlling interests | (707) | (1,273) |
20,197 | (17,719) |
2
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30th | 31st | ||
September, | March, | ||
2019 | 2019 | ||
(Unaudited) | (Audited) | ||
Notes | HK$'000 | HK$'000 | |
NON-CURRENT ASSETS | |||
Property, plant and equipment | 185,148 | 164,912 | |
Right-of-use assets | 295,224 | ― | |
Investment properties | 162,790 | 162,790 | |
Intangible asset | 22,505 | 22,505 | |
Interests in associates | 178,435 | 174,926 | |
Financial assets at fair value through profit or loss | 47,547 | 39,691 | |
Prepaid lease payments | 13,731 | 14,170 | |
Rental and related deposits paid | 27,027 | ― | |
Deposit paid for additional interests in financial | |||
assets at fair value through profit or loss | ― | 7,856 | |
932,407 | 586,850 | ||
CURRENT ASSETS | |||
Inventories | 186,844 | 173,938 | |
Trade debtors | 9 | 56,081 | 66,605 |
Other debtors, deposits and prepayments | 67,475 | 68,044 | |
Financial assets at fair value through profit or loss | 271,314 | 259,209 | |
Tax recoverable | ― | 798 | |
Cash and cash equivalents | 260,833 | 252,153 | |
842,547 | 820,747 | ||
CURRENT LIABILITIES | |||
Trade creditors | 10 | 109,486 | 72,266 |
Other creditors and accruals | 84,429 | 74,680 | |
Lease liabilities | 88,134 | ― | |
Tax liabilities | 7,510 | ― | |
289,559 | 146,946 | ||
NET CURRENT ASSETS | 552,988 | 673,801 | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 1,485,395 | 1,260,651 | |
NON-CURRENT LIABILITIES | |||
Lease liabilities | 223,967 | ― | |
Deferred tax liabilities | 2,280 | 2,576 | |
226,247 | 2,576 | ||
1,259,148 | 1,258,075 | ||
CAPITAL AND RESERVES | |||
Share capital | 169,741 | 169,741 | |
Reserves | 1,066,463 | 1,080,151 | |
Shareholders' equity | 1,236,204 | 1,249,892 | |
Non-controlling interests | 22,944 | 8,183 | |
1,259,148 | 1,258,075 |
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th September, 2019
-
BASIS OF PREPARATION
The unaudited condensed financial statements have been prepared in accordance with Hong Kong
Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("the HKICPA") and with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). - SIGNIFICANT ACCOUNTING POLICIES
The unaudited condensed financial statements have been prepared under the historical cost convention, as modified for the revaluation of investment properties and financial assets at fair value through profit or loss which are measured at fair values, as appropriate.
In the current period, the Group has adopted the following new or revised standards and amendments (the "new HKFRSs") issued by the HKICPA, which are or have become effective for the Group's financial year beginning on 1st April, 2019:
HKFRSs (Amendments) | Annual Improvements to HKFRSs 2015-2017 Cycle |
HKFRS 9 (Amendments) | Prepayment Features with Negative Compensation |
HKFRS 16 | Leases |
HKAS 19 (Amendments) | Employee Benefits |
HKAS 28 (Amendments) | Long-term Interests in Associates and Joint Ventures |
HK(IFRIC) - Int 23 | Uncertainty over Income Tax Treatments |
The adoption of the new HKFRSs has had no material effect on the condensed consolidated financial statements of the Group for the current or prior accounting periods except for HKFRS 16 which will be explained below. Accordingly, no prior period adjustment has been required.
Impacts and changes in accounting policies of application on HKFRS 16 "Leases"
The Group has applied HKFRS 16 for the first time in the current period. HKFRS 16 superseded HKAS 17 "Leases" and the related interpretations.
As a lessee
On transition, the Group has made the following adjustments upon application of HKFRS 16:
- The Group recognised lease liabilities of HK$245,405,000 and right-of-use assets of HK$231,182,000 at 1st April, 2019.
- When recognising the lease liabilities for leases previously classified as operating leases, the Group has applied incremental borrowing rates of the relevant group entities at the date of initial application. The weighted average lessee's incremental borrowing rate applied is 4.25%.
4
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)
The reconciliation of lease liabilities as at 1st April, 2019 to the operating leases commitments as at 31st March, 2019 is as follows:
At 1st April, | |
2019 | |
HK$'000 | |
Operating lease commitments disclosed as at 31st March, 2019 | 289,410 |
Lease liabilities discounted at relevant incremental borrowing rates | 245,550 |
Less: Recognition exemption - short-term leases | (145) |
Lease liabilities as at 1st April, 2019 | 245,405 |
Analysed as: | |
Current | 69,738 |
Non-current | 175,667 |
245,405 | |
The carrying amount of right-of-use assets as at 1st April, 2019 comprises the following:
Right-of-use assets relating to operating leases recognized upon application of HKFRS 16
By class:
Land and buildings
At 1st April, 2019 HK$'000
231,182
231,182
The following table summarises the impacts of transition to HKFRS 16 on retained profits at 1st April, 2019.
Retained earnings
Depreciation of right-of-use assets from commencement dates upon application of HKFRS 16
Interest on lease liabilities from commencement dates upon application of HKFRS 16
Less: Lease expenses of operating leases under HKAS 17 before 1st April, 2019
Impact at 1st April, 2019
Impacts of adopting HKFRS 16 at 1st April, 2019 HK$'000
180,857
37,450
(204,084)
14,223
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2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
Impacts and changes in accounting policies of application on HKFRS 16 "Leases" (Continued)
The following adjustments were made to the amounts recognised in the condensed consolidated statement of financial position at 1st April, 2019. Line items that were not affected by the changes have not been included.
Impacts on assets and (liabilities) as at 1st April, 2019
Carrying | |
amount | |
previously | |
reported at | |
31st March, | |
2019 | |
HK$'000 | |
(Audited) | |
Non-current assets | |
Right-of-use assets | - |
Rental and related deposits paid | - |
Current assets | |
Other debtors, deposits and prepayments | 68,044 |
Current liabilities | |
Lease liabilities | - |
Non-current liabilities | |
Lease liabilities | - |
Capital and reserves | |
Reserves | 1,080,151 |
Impacts of adopting HKFRS 16 HK$'000
231,182
22,028
(22,028)
69,738
175,667
(14,223)
Carrying amount under HKFRS 16 at 1st April, 2019 HK$'000 (Restated)
231,182
22,028
46,016
69,738
175,667
1,065,928
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3. SEGMENT INFORMATION
An analysis of the Group's segment information by operating segments is as follows:
Operating segments
Statement of profit or loss for the six months ended 30th September, 2019
Convenience | |||||||
Rice | store | Securities | Property | Corporate | |||
operation | operation | investment | investment | and others | Consolidated | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
REVENUE | |||||||
Total sales | 391,625 | 441,254 | - | 2,142 | - | 835,021 | |
RESULTS | |||||||
Segment results | 45,016 | (19,293) | 2,484 | 655 | 439 | 29,301 | |
Share of results of | |||||||
associates | (161) | - | - | 1,090 | 2,601 | 3,530 | |
Profit before taxation | 32,831 | ||||||
Taxation | (8,003) | ||||||
Profit for the period | 24,828 | ||||||
Profit attributable to: | |||||||
Shareholders of | |||||||
the Company | 24,768 | ||||||
Non-controlling | |||||||
interests | 60 | ||||||
24,828 |
Segment assets and liabilities as at 30th September, 2019
Convenience | |||||||
Rice | store | Securities | Property | Corporate | |||
operation | operation | investment | investment | and others | Consolidated | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
ASSETS | |||||||
Segment assets | 202,684 | 606,976 | 271,712 | 253,012 | 262,135 | 1,596,519 | |
Interests in associates | 14,739 | - | - | 109,467 | 54,229 | 178,435 | |
Consolidated total assets | 1,774,954 | ||||||
LIABILITIES | |||||||
Segment liabilities | 32,953 | 461,810 | - | 1,140 | 10,113 | 506,016 | |
Unallocated corporate | |||||||
liabilities | 9,790 | ||||||
Consolidated total liabilities | 515,806 |
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3. SEGMENT INFORMATION (Continued) Operating segments (Continued)
Statement of profit or loss for the six months ended 30th September, 2018
Convenience | |||||||
Rice | store | Securities | Property | Corporate | |||
operation | operation | investment | investment | and others | Consolidated | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
REVENUE | |||||||
Total sales | 369,833 | 314,792 | - | 1,904 | - | 686,529 | |
RESULTS | |||||||
Segment results | 18,371 | (26,054) | 4,134 | 486 | (374) | (3,437) | |
Share of results of | |||||||
associates | 12 | - | - | 634 | (3,095) | (2,449) | |
Loss before taxation | (5,886) | ||||||
Taxation | (3,697) | ||||||
Loss for the period | (9,583) | ||||||
Loss attributable to: | |||||||
Shareholders of | |||||||
the Company | (9,511) | ||||||
Non-controlling | |||||||
interests | (72) | ||||||
(9,583) |
Segment assets and liabilities as at 31st March, 2019
Convenience | |||||||
Rice | store | Securities | Property | Corporate | |||
operation | operation | investment | investment | and others | Consolidated | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
ASSETS | |||||||
Segment assets | 223,237 | 247,666 | 259,812 | 248,266 | 252,892 | 1,231,873 | |
Interests in associates | 13,888 | - | - | 108,575 | 52,463 | 174,926 | |
Unallocated corporate assets | 798 | ||||||
Consolidated total assets | 1,407,597 | ||||||
LIABILITIES | |||||||
Segment liabilities | 34,775 | 99,261 | - | 1,172 | 11,738 | 146,946 | |
Unallocated corporate | |||||||
liabilities | 2,576 | ||||||
Consolidated total liabilities | 149,522 |
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3. SEGMENT INFORMATION (Continued)
Geographical segments
The Group's operations are located in Hong Kong, Vietnam and other regions.
The following table provides an analysis of the Group's sales by location of markets, irrespective of the origin of the goods/services:
Revenue by | |||||
geographical markets | |||||
For the six months ended | |||||
30th September, | |||||
2019 | 2018 | ||||
(Unaudited) | (Unaudited) | ||||
HK$'000 | HK$'000 | ||||
Hong Kong | 386,393 | 364,496 | |||
Vietnam | 441,254 | 314,792 | |||
Others | 7,374 | 7,241 | |||
835,021 | 686,529 | ||||
4. | NET OTHER INCOME | ||||
For the six months ended | |||||
30th September, | |||||
2019 | 2018 | ||||
(Unaudited) | (Unaudited) | ||||
HK$'000 | HK$'000 | ||||
Interest revenue on: | |||||
- Financial assets at fair value through profit or loss | 1,233 | 1,264 | |||
- Financial assets measured at amortized cost | 1,599 | 850 | |||
2,832 | 2,114 | ||||
Dividend from financial assets at fair value through | |||||
profit or loss | 1,259 | 1,149 | |||
Net realized (loss)/gain on disposal of financial assets at | |||||
fair value through profit or loss | (338) | 242 | |||
Net foreign exchange loss | (727) | (2,065) | |||
Net loss on disposal of property, plant and equipment | (812) | (912) | |||
Sundry income | 8,504 | 3,712 | |||
10,718 | 4,240 |
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5. PROFIT/(LOSS) BEFORE TAXATION Profit/(loss) before taxation is arrived at after charging:
For the six months ended | ||||
30th September, | ||||
2019 | 2018 | |||
(Unaudited) | (Unaudited) | |||
HK$'000 | HK$'000 | |||
Depreciation and amortisation of property, | ||||
plant and equipment | 20,676 | 18,236 | ||
Depreciation of right-of-use assets | 38,318 | - | ||
Amortisation of prepaid lease payments | 257 | 260 | ||
Interest on lease liabilities | 10,555 | - | ||
6. | TAXATION | |||
For the six months ended | ||||
30th September, | ||||
2019 | 2018 | |||
(Unaudited) | (Unaudited) | |||
HK$'000 | HK$'000 | |||
Current tax: | ||||
Hong Kong | 8,287 | 4,197 | ||
Other regions in the PRC | 12 | 18 | ||
8,299 | 4,215 | |||
Overprovision in prior years: | ||||
Hong Kong | - | (1) | ||
Deferred tax | (296) | (517) | ||
Taxation attributable to the Company and | ||||
its subsidiaries | 8,003 | 3,697 |
Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both periods, except for the first HK$2,000,000 of a qualified entity's assessable profit which is calculated at 8.25%, in accordance with the two-tiered profit tax rate regime. Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.
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7. DIVIDEND
- Dividend attributable to the interim period:
For the six months ended
30th September,
20192018
(Unaudited) (Unaudited)
HK$'000 HK$'000
Interim dividend declared after the | ||
interim period end of HK1.1 cents | ||
per share on 1,697,406,458 shares | ||
(2018: HK1.1 cents per share on | ||
1,697,406,458 shares) | 18,671 | 18,671 |
The interim dividend declared after the interim period end has not been recognised as a liability at the interim period end date.
- Dividend attributable to the previous financial year, approved and paid during the interim period:
For the six months ended
30th September,
20192018
(Unaudited) (Unaudited)
HK$'000 HK$'000
Final dividend in respect of the | ||
previous financial year, approved | ||
and paid during the interim period, | ||
of HK1.2 cents per share on | ||
1,697,406,458 shares | ||
(2018: HK1.2 cents per share on | ||
1,697,406,458 shares) | 20,369 | 20,369 |
8. EARNINGS/(LOSS) PER SHARE
The calculation of the basic earnings/(loss) per share attributable to the shareholders of the Company is based on the following data:
For the six months ended
30th September,
20192018
(Unaudited) (Unaudited)
HK$'000 HK$'000
Earnings/(loss) for the purpose of basic earnings/(loss) | ||
per share | 24,768 | (9,511) |
The Company has no dilutive potential ordinary shares in issue at the end of both periods.
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9. TRADE DEBTORS
The Group allows an average credit period of 30-60 days to its trade customers. The following is an aging analysis of trade debtors at the end of the reporting period according to the delivery date:
30th | 31st | |
September, | March, | |
2019 | 2019 | |
(Unaudited) | (Audited) | |
HK$'000 | HK$'000 | |
Within 30 days | 25,469 | 26,740 |
31-60 days | 19,491 | 26,035 |
61-90 days | 7,520 | 11,138 |
Over 90 days | 3,601 | 2,692 |
56,081 | 66,605 |
As at 30th September, 2019, the balance of trade debtors over 90 days of approximately HK$3,601,000 (31st March, 2019: HK$2,692,000) were past due but not impaired as the balances were related to debtors with sound repayment history and no recent history of default.
10. TRADE CREDITORS
The following is an aging analysis of trade creditors at the end of the reporting period according to the delivery date:
30th | 31st | |
September, | March, | |
2019 | 2019 | |
(Unaudited) | (Audited) | |
HK$'000 | HK$'000 | |
Within 30 days | 107,311 | 71,349 |
31-60 days | 954 | 392 |
61-90 days | 342 | 21 |
Over 90 days | 879 | 504 |
109,486 | 72,266 |
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CHAIRMAN STATEMENT
I am pleased to report the Group's strong revenue growth and margin improvement in both Vietnam Circle K convenience stores and our leading Hong Kong rice brands. These results demonstrate clear improvements in our operational performance and indicate a positive trend in efficiency and effectiveness of our dedicated and hard-working teams in HK and Vietnam.
Circle K Convenience Stores (Vietnam)
In Vietnam, as of 30 September 2019, the Group operated 366 Circle K convenience stores, compared to 293 at this time last year, covering six major cities and provinces in Ho Chi Minh City, Hanoi, Vung Tau, Binh Duong, Can Tho and Ha Long. The business performance of Circle K stores for the half year was very encouraging. Our steady revenue growth coupled with the improvement in profit margin, resulted in positive EBITDA for the half year ended 30 September 2019.
These results were due to the integration of increasing O2O (online-to-offline) businesses leveraged on the expanding geographical footprint of the stores, increase in customer base and per transaction value, enhancement of our supply chain management, and most importantly our local management teams and front-line staffs. We view the Circle K stores to be an evolving business platform for the Group's long- term growth prospect in Vietnam.
Rice Brands (Hong Kong)
In Hong Kong, the rice operating business environment continued to be competitive and challenging, especially in context of the headline news.
The revenue for the Group's rice business rose 6% to HK$392 million for the half year ended 30 September 2019 compared with same period last year. During this period, the Group managed to improve the profit margin despite the international premium rice price persisting in high level. The Group continued to improve cost control measures, optimize operational efficiency and strengthen customer services management teams and systems as the market leader in the highly competitive Hong Kong rice market.
To meet and satisfy changing customer demographics, profiles, tastes and trends, we launched the Kangaroo Low Glycemic Index Rice (GI-Rice) as well as the Golden Elephant Microwavable Cooked Thai Jasmine Rice (GO-Rice). Both new offerings have been well-received by the marketplace as "well- being'' across all product categories gains increasing traction, especially in increasing demand by gluten- free-diets (GFD) and low glycemic-index (GI) -conscious customers, combined with demand for quality, consistency, value, convenience and single-serving portions.
13
CHAIRMAN STATEMENT (Continued)
Outlook
The Group is optimistic about our diversification strategy and the impressive growth and development witnessed in Vietnam. As the only country in South East Asia boasting a 6-7% GDP growth consistently over recent years, our group remain resilient on the development of industries and infrastructure in the region. This can be witnessed through robust growth in all sectors of industries, most notably retail, hard industries and e-commerce.
It is with this rationale in mind, founded by existing data, that the Group committed to build a logistics joint venture with S.F. Express (Overseas) Limited to service the growing economy of Vietnam. GSL Global Company Limited ("GSL"), the joint venture between the aforementioned companies, aims to provide high-quality logistics services by extending its services to segments of production, supply, sales and distribution of all goods and services, whilst leveraging on the national coverage and distribution network of our Circle K business unit. Logistics products of the company mainly include various types of express services such as express delivery, intra-city delivery, warehousing services and international express delivery; also cold-chain transportation services for the customers for the fresh produce, food products and pharmaceutical segments. By focusing on customers' needs, GSL provides diversified products and comprehensive logistic services.
Looking ahead, the development of our Vietnam Circle K convenience stores and our Hong Kong rice brands are both very positive. The Group views continuous and selective technology upgrades and integration as high-value assets and significant added-values to our Businesses. The Group's CAPEX budget reflects investments into our existing IT infrastructures and utilizing leading-edge technologies to enhance our customer service delivery, sales efficiency and timely data-driven decisions for prioritizing key performance metrics of the Group.
With net cash position of HK$261 million as of 30 September 2019 and a strong balance sheet, the Group is well positioned to engage in favourable business investment opportunities and to diversify our operations to generate stable long-term returns for the shareholders.
14
LIQUIDITY AND FINANCIAL RESOURCES
The Group had cash balance of approximately HK$261 million as at 30th September, 2019. With cash and other current assets of approximately HK$843 million as at 30th September, 2019 as well as available banking facilities, the Group has sufficient financial resources to satisfy its commitments and working capital requirements.
INTERIM DIVIDEND
The Directors have declared an interim dividend of HK1.1 cents per share for the year ending 31st March, 2020 (2018/2019: HK1.1 cents per share) to the shareholders on the Register of Members of the Company at the close of business on Friday, 20th December, 2019.
It is expected that the interim dividend will be paid to the shareholders on or about Wednesday, 8th January, 2020.
CLOSURE OF REGISTER OF MEMBERS
The Register of Members of the Company will be closed from Monday, 16th December, 2019 to Friday, 20th December, 2019, both days inclusive, during which period no transfer of shares will be registered.
In order to qualify for the interim dividend, all transfers of shares accompanied by the relevant share certificates and the appropriate transfer forms must be lodged with the Company's Branch Share Registrar in Hong Kong, Tricor Standard Limited, Level 54, Hopewell Centre, 183 Queen's Road East, Hong Kong for registration not later than 4:30 p.m. (Hong Kong time) on Friday, 13th December, 2019.
EMPLOYEES AND REMUNERATION POLICY
The total number of employees for the Group is about 3,631.
Remuneration packages are reviewed by the Group from time to time. In addition to salary payments, other fringe benefits for the staff include retirement benefits schemes and medical insurance scheme, as well as quarters and housing allowances for certain staff. The Group has taken out personal accident insurance for senior staff and the staff who frequently travel overseas on business trips.
CORPORATE GOVERNANCE PRACTICES
The Company adopted all the code provisions in the Corporate Governance Code and Corporate Governance Report (the "Code") as set out in Appendix 14 to the Listing Rules as its own code on corporate governance. The Company has complied with the Code throughout the six months ended 30th September, 2019.
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
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 as its own code of conduct regarding securities transactions by the Directors of the Company. All Directors have confirmed, following specific enquiry by the Company, that they fully complied with the required standard as set out in the Model Code throughout the review period.
15
AUDIT COMMITTEE
The audit committee comprising three Independent Non-executive Directors, Mr. Joseph LAM Yuen To, Mr. Michael YU Tat Chi and Mr. Ronald YAN Mou Keung, had reviewed with management the accounting principles and practices adopted by the Group and discussed auditing, internal control and financial reporting matters including the review of the unaudited financial statements of the Group for the six months ended 30th September, 2019.
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SHARES
Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed shares for the six months ended 30th September, 2019.
PUBLICATION OF THE INTERIM RESULTS AND INTERIM REPORT
The interim results announcement is published on the website of Hong Kong Exchanges and Clearing Limited (www.hkex.com.hk) and the website of the Company (www.grdil.com). The 2019/2020 interim report will be dispatched to shareholders and will be published on the aforementioned websites in due course.
On behalf of the Board
Golden Resources Development International Limited
Laurent LAM Kwing Chee
Chairman
Hong Kong, 27th November, 2019
As at the date of this announcement, the executive directors of the Company are Mr. Laurent LAM Kwing Chee (Chairman), Mr. Anthony LAM Sai Ho (Vice Chairman and Chief Executive Officer), Madam LAM Sai Mann, Ms. Morna YUEN Mai-tong and Mr. TSANG Siu Hung. The non-executive director of the Company is Mr. Dennis LAM Saihong. The independent non-executive directors of the Company are Mr. Joseph LAM Yuen To, Mr. Michael YU Tat Chi and Mr. Ronald YAN Mou Keung.
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Golden Resources Development International Ltd. published this content on 27 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 November 2019 10:42:02 UTC