Asia Standard International : Interim Report 2022

Asia Standard International

Group Limited

Interim Report 2022

HKSE Stock Code: 129

Contents

1. Corporate Information
2. Financial Highlights
3. Management Discussion and Analysis

1. Report on Review of Interim Financial Information
2. Condensed Consolidated Profit and Loss Account - Unaudited
3. Condensed Consolidated Statement of Comprehensive Income - Unaudited
4. Condensed Consolidated Balance Sheet - Unaudited

1. Condensed Consolidated Statement of Cash Flows - Unaudited
2. Condensed Consolidated Statement of Changes in Equity - Unaudited
3. Notes to the Interim Financial Information

45 Other Information

Corporate Information

Directors

Registered Office

Legal Advisers

Executive

Mr. Fung Siu To, Clement (Chairman) Mr. Poon Jing (Managing Director

• and Chief Executive) Mr. Poon Hai
  Mr. Poon Yeung, Roderick Mr. Lun Pui Kan
  Mr. Kwan Po Lam, Phileas

Independent non-executive

Mr. Koon Bok Ming, Alan

Mr. Leung Wai Keung, JP

Mr. Wong Chi Keung

Audit Committee

Mr. Koon Bok Ming, Alan (Chairman)

Mr. Leung Wai Keung, JP

Mr. Wong Chi Keung

Remuneration

Committee

Mr. Wong Chi Keung (Chairman)

Mr. Fung Siu To, Clement

Mr. Poon Hai

Mr. Koon Bok Ming, Alan

Mr. Leung Wai Keung, JP

Nomination

Committee

Mr. Fung Siu To, Clement (Chairman)

Mr. Leung Wai Keung, JP

Mr. Wong Chi Keung

Authorised

Representatives

Mr. Fung Siu To, Clement

Mr. Lun Pui Kan

Company Secretary

Mr. Tung Kwok Lui

Victoria Place,	Stephenson Harwood
5th Floor,		18th Floor, United Centre,
31 Victoria Street,	95 Queensway,
Hamilton HM 10,	Hong Kong
Bermuda
		Appleby
Principal Office in	Suites 4201-03 & 12,
Hong Kong	42/F, One Island East,
		Taikoo Place,
30th Floor, YF Life Tower,	18 Westlands Road,
33 Lockhart Road,	Quarry Bay, Hong Kong
Wanchai, Hong Kong
Telephone	2866 3336	Independent Auditor
Facsimile	2866 3772
Website http://www.asiastandard.com	PricewaterhouseCoopers
E-mail [e-mail]	Certified Public Accountants
		Registered Public Interest
Principal Bankers	Entity Auditor
		22nd Floor, Prince's Building,
HSBC		Central, Hong Kong
Bank of China (Hong Kong)
Hang Seng Bank	Share Registrar in
United Overseas Bank	Bermuda
Industrial and Commercial Bank of
China (Asia)	MUFG Fund Services (Bermuda)
DBS (Hong Kong) Bank	Limited
The Bank of East Asia	4th Floor North,
Shanghai Commercial Bank	Cedar House,
Chiyu Banking Corporation	41 Cedar Avenue,
Fubon Bank (Hong Kong)	Hamilton HM 12,
Chong Hing Bank	Bermuda
CMB Wing Lung Bank
UBS		Hong Kong Branch
Bank of Singapore	Share Registrar and
Bank Morgan Stanley	Transfer Office
Credit Suisse AG
Bank Julius Baer	Computershare Hong Kong Investor
		Services Limited
		Shops 1712-1716, 17th Floor,
		Hopewell Centre,
		183 Queen's Road East,
		Wanchai, Hong Kong

2 ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2022

Financial Highlights

	Six months ended
	30th September
	2022	2021	Change
(in HK$ million, except otherwise indicated)
Consolidated profit and loss account
Revenue	1,083	1,278	-15%
Profit attributable to shareholders of the Company	39	147	-73%
Earnings per share - basic (HK$)	0.03	0.11	-73%
	30th September	31st March
	2022	2022	Change
Consolidated balance sheet
Total assets	33,842	35,022	-3%
Net assets	14,789	16,410	-10%
Equity attributable to shareholders of the Company	14,559	16,014	-9%
Net debt	16,749	16,188	+3%
Supplementary information with hotel properties at valuation (note):
Revalued total assets	43,335	43,831	-1%
Revalued net assets	24,282	25,219	-4%
Equity attributable to shareholders of the Company	22,409	23,299	-4%
Net gearing - net debt to revalued net assets	69%	64%	+5%

Note: According to the Group's accounting policies, hotel properties were carried at cost less accumulated depreciation. To give further information on the economic substance of its hotel properties investments, the Group hereby presents supplementary unaudited financial information taking into account the fair market value of these hotel properties.

The hotel properties were revalued by Vigers Appraisal & Consulting Limited, independent professional valuers, on an open market value basis as at 30th September 2022 and 31st March 2022.

ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2022

3

Management Discussion and Analysis

Development project "Capital Cove" in Tongzhou, Beijing

RESULTS

The Group recorded a revenue of HK$1,083 million (2021: HK$1,278 million) for the first half of the financial year with profit attributable to shareholders of the Company at HK$39 million (2021: HK$147 million). The Group's joint venture in Beijing commenced to recognise profit following the handover of completed residential units to homebuyers during the period. Although continued to be disrupted by the COVID-19 pandemic, our hotel operation has improved and produced positive contribution to our Group. However, the decrease in investment revenue from our investment portfolio together with the net unrealised losses generated from mark down to market price and further provisions on expected credit loss, rendered the Group to record a decrease in profit compared to corresponding interim period last year.

PROPERTIES SALES, DEVELOPMENT AND LEASING

SALES AND DEVELOPMENT

Mainland China

In Tongzhou, Beijing, the construction of the residential portion of our 50% owned joint venture development was completed during this interim period. This 2,360,000 sq. ft. development comprises 964 residential units in 6 towers, and 2 commercial office towers. As at 30th September 2022, about 75% of the residential units were sold and achieved a total contracted sales of approximately RMB4.7 billion. Residential units handover to home buyers had commenced and about 45% were delivered during the interim period. It is expected that the rest of the handover will be completed during the second half of the financial year. Sub-structure works for the two commercial towers are in progress.

4 ASIA STANDARD INTERNATIONAL GROUP LIMITED Interim Report 2022