STOCK CODE: 277

2 0 2 2 / 2 0 2 3 I N T E R I M R E P O RT

CORPORATE INFORMATION

BOARD OF DIRECTORS

REGISTERED OFFICE

Executive Directors

26th Floor, Tern Centre, Tower I

Chan Hoi Sow

237 Queen's Road Central

(Chairman and Managing Director)

Hong Kong

Chan Yan Tin, Andrew

SHARE REGISTRAR AND TRANSFER OFFICE

Chan Yan Wai, Emily

(Vice Chairman)

Computershare Hong Kong Investor

Chan Yan Lam, Alan

Services Limited

Shops 1712-1716, 17th Floor

Independent Non-Executive Directors

Hopewell Centre, 183 Queen's Road East

Chan Kwok Wai

Wan Chai, Hong Kong

Cheung Chong Wai, Janet

COMPANY SECRETARY

Tse Lai Han, Henry

AUDIT COMMITTEE

Lee Ka Man ACG, ACS

AUDITOR

Chan Kwok Wai

(Chairman)

HLM CPA Limited

Cheung Chong Wai, Janet

Rooms 1501-8, 15/F, Tai Yau Building,

Tse Lai Han, Henry

181 Johnston Road,

REMUNERATION COMMITTEE

Wanchai, Hong Kong

SOLICITORS

Chan Kwok Wai

(Chairman)

Woo, Kwan, Lee & Lo

Chan Yan Tin, Andrew

WEBSITE

Tse Lai Han, Henry

NOMINATION COMMITTEE

www.tern.hk

STOCK CODE

Chan Kwok Wai

(Chairman)

277

Chan Yan Wai, Emily

Tse Lai Han, Henry

PRINCIPAL BANKERS

Credit Suisse Group AG

Hang Seng Bank Limited

Nanyang Commercial Bank, Ltd.

The Bank of East Asia, Limited

- 1 -

The Board of Directors of Tern Properties Company Limited (the "Company") announces that the unaudited condensed consolidated financial results for the Company and its subsidiaries (the "Group") for the six months ended 30 September 2022, together with the comparative figures for the corresponding period in the previous year are as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 September 2022

Six months ended

30 September

2022

2021

Notes

HK$'000

HK$'000

(Unaudited)

(Unaudited)

Turnover

4

25,669

30,865

Property expenses

(939)

(641)

Gross profit

24,730

30,224

Fair value loss on investment properties

(24,130)

(9,200)

Loss on derecognition of debt instruments at

fair value through other comprehensive income

(8)

(9,657)

Loss on disposal of financial assets at

fair value through profit or loss

(2,060)

(1,026)

Unrealised loss on revaluation of financial assets

at fair value though profit or loss

(5,662)

(3,757)

Reversal of impairment loss on debt instruments at

fair value through other comprehensive income

4,269

-

Reversal of allowance for expected credit losses

233

-

Dividend income

467

723

Interest income

8,935

17,300

Other income, gains and losses, net

1,286

2,471

Administrative expenses

(15,703)

(14,865)

(Loss) profit from operations

5

(7,643)

12,213

Finance costs

6

(461)

(1,537)

Share of results of associates

13

(3,703)

(3,860)

(Loss) profit before taxation

(11,807)

6,816

Taxation

7

(2,721)

(2,805)

(Loss) profit for the period attributable to owners

of the Company

(14,528)

4,011

Other comprehensive income (expense):

Items that may be reclassified subsequently to profit or loss:

Net loss arising on revaluation of debt instruments at fair

value through other comprehensive income

(39,270)

(47,754)

Release of cumulative gain or loss on fair value change

on derecognition of debt instruments at

fair value through other comprehensive income

612

46

Reversal of impairment loss on debt instruments

at fair value through other comprehensive income

(4,269)

-

Exchange differences arising on translation of

foreign operations

(510)

(57)

Other comprehensive expense for the period,

net of tax

(43,437)

(47,765)

Total comprehensive expense for the period attributable

to owners of the Company

(57,965)

(43,754)

(Loss) earnings per share

9

HK1.45 cents

Basic and diluted

(HK5.24 cents)

- 2 -

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2022

Non-current assets Investment properties Property, plant and equipment Right-of-useassets

Interests in associates

Debt instruments at fair value through other comprehensive income

Financial assets at fair value through profit or loss Deferred rental income

Deferred tax assets

Current assets

Trade and other receivables

Debt instruments at fair value through other comprehensive income redeemable within one year

Financial assets at fair value through profit or loss Deferred rental income - current portion

Tax recoverable Pledged bank deposits Bank balances and cash

Current liabilities

Other payables and receipts in advance Deposits received from tenants

Tax payable Lease liabilities

Secured bank borrowings - due within one year

Net current assets

Total assets less current liabilities

Non-current liabilities Deposits received from tenants Lease liabilities

Secured bank borrowings - due after one year Deferred tax liabilities

Net assets

Capital and reserves

Share capital

Reserves

Total equity

- 3 -

30 September

31 March

2022

2022

Notes

HK$'000

HK$'000

(Unaudited)

(Audited)

10

2,139,428

2,163,826

11

1,107

1,625

12

15,256

15,584

13

262,567

267,101

14

178,347

183,531

14

430

430

407

977

119

109

2,597,661

2,633,183

15

11,079

9,885

14

1,430

1,341

14

16,911

33,069

924

381

2,092

3,404

42,014

20,417

102,404

134,713

176,854

203,210

6,611

6,322

9,282

8,861

1,727

474

16

569

562

17

2,827

3,006

21,016

19,225

155,838

183,985

2,753,499

2,817,168

9,200

9,994

16

-

286

17

45,861

47,150

33,752

32,929

88,813

90,359

2,664,686

2,726,809

18

229,386

229,386

2,435,300

2,497,423

2,664,686

2,726,809

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2022

Fair value

through

other

comprehensive

income

Share

Exchange

("FVTOCI")

Dividend

Retained

capital

reserve

reserve

reserve

profits

Total

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

At 1 April 2022 (Audited)

229,386

1,048

(93,366)

4,158

2,585,583

2,726,809

Loss for the period

-

-

-

-

(14,528)

(14,528)

Other comprehensive income (expense):

Net loss arising on revaluation of debt

instruments at FVTOCI

-

-

(39,270)

-

-

(39,270)

Release of cumulative gain or loss on

fair value change on derecognition of

debt instruments at FVTOCI

-

-

612

-

-

612

Reversal of impairment loss on debt instruments at

fair value through other comprehensive income

-

-

(4,269)

-

-

(4,269)

Exchange differences arising on

translation of foreign operations

-

(510)

-

-

-

(510)

Total comprehensive expense for the period

-

(510)

(42,927)

-

(14,528)

(57,965)

Dividends declared (note 8)

-

-

-

1,386

(1,386)

-

Dividends paid

-

-

-

(4,158)

-

(4,158)

At 30 September 2022 (Unaudited)

229,386

538

(136,293)

1,386

2,569,669

2,664,686

At 1 April 2021 (Audited)

229,386

1,016

(2,021)

5,822

2,648,151

2,882,354

Profit for the period

-

-

-

-

4,011

4,011

Other comprehensive income (expense):

Net loss arising on revaluation of debt

instruments at FVTOCI

-

-

(47,754)

-

-

(47,754)

Release of cumulative gain or loss on

fair value change on derecognition

of debt instruments at FVTOCI

-

-

46

-

-

46

Exchange differences arising on

translation of foreign operations

-

(57)

-

-

-

(57)

Total comprehensive income (expense)

for the period

-

(57)

(47,708)

-

4,011

(43,754)

Dividends declared

-

-

-

3,327

(3,327)

-

Dividends paid

-

-

-

(5,822)

-

(5,822)

At 30 September 2021 (Unaudited)

229,386

959

(49,729)

3,327

2,648,835

2,832,778

- 4 -

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Disclaimer

Tern Properties Company Limited published this content on 23 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2022 08:15:08 UTC.