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Financial Results
APAC Resources Limited (“APAC” or the “Company”) and its subsidiaries (collectively, the “Group”) reported a net loss attributable to shareholders of the Company of HK$429,401,000 for the year ended 30 June 2020 (“FY 2020”), compared with a net profit attributable to shareholders of the Company of HK$608,432,000 for the year ended 30 June 2019 (“FY 2019”). In the past 12 months our Resource Investment, and Principal Investment and Financial Services segments generated a combined profit of HK$121,207,000. However, this was offset by a non-cash impairment loss on our ownership in Mount Gibson Iron Limited (“Mount Gibson”) of HK$580,014,000 driven by the weaker Mount Gibson share price.

Primary Strategic Investments

Financial Assets at Fair Value through Profit or Loss

Resource Investment

Commodity Business

Principal Investment and Financial Services

Money Lending

Liquidity, Financial Resources and Capital Structure

As at 30 June 2020, our non-current assets amounted to HK$1,930,522,000 (As at 30 June 2019: HK$2,264,877,000) and net current assets amounted to HK$1,506,047,000 (As at 30 June 2019: HK$1,749,610,000) with a current ratio of 17.7 times (As at 30 June 2019: 135.2 times) calculated on the basis of its current assets over current liabilities. Included in non-current assets and current assets are loan notes of HK$3,916,000 (As at 30 June 2019: HK$51,168,000) and loan receivables of HK$468,876,000 (As at 30 June 2019: HK$401,418,000).

As at 30 June 2020, we had no borrowings (As at 30 June 2019: Nil) and had undrawn banking facilities amounting to HK$298,084,000 secured against certain term deposits of the Group. As at 30 June 2020, we had a gearing ratio of nil (As at 30 June 2019: Nil), calculated on the basis of total borrowings over equity attributable to owners of the Company.

As announced on 11 March 2019, the Company decided to implement a rights issue (the “Rights Issue”) on the basis of one rights share for every two existing shares in issue by issuing 406,297,971 rights shares, with aggregate nominal value of HK$406,297,971, at the subscription price of HK$1.10 per rights share raising gross proceeds of approximately HK$447 million and net proceeds of approximately HK$438 million (approximately HK$1.08 per share). The Rights Issue was completed in April 2019. The subscription price represented a discount of approximately 14.73% to the closing price of HK$1.29 per share as quoted on The Stock Exchange of Hong Kong Limited on 11 March 2019. The directors of the Company considered the Rights Issue would provide an opportunity to raise capital for the Company whilst strengthening the capital base and the financial position of the Company. During 1H FY 2020, approximately HK$237.2 million, which remained unused as at 30 June 2019 and proposed to use for investments in resources sector within a 6-month period from 30 June 2019, was used to further invest in companies involved in the resources sector. As at 30 June 2020, all proceeds from the Rights Issue were used and details of use of proceeds were as follows:

 
   (update as of 25 September 2020) 
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