Financial Performance and Losses - The company's resource investment division generated a segment profit of HK267,769,000 and non-cash fair value losses of HK318,547,000[17] - The global economic outlook remains weak, with the company recording a net loss attributable to shareholders of HK10,632,000 from its major strategic investments for the fiscal year 2023[21] - The company increased its stake in Prodigy Gold to 49.9% in October 2022, resulting in an attributable post-acquisition loss of HKD 9,721,000 for FY2023[58] - The company holds a 46.3% interest in Tanami Gold, which has a cash balance of AUD 31,000,000 and a 50% interest in the Central Tanami project[42][62] - The company increased its stake in Prodigy Gold from approximately 19.8% to 49.9% following a rights issue in October 2022, which was later diluted to 49.8% due to further share issuance by Prodigy Gold[129] - The company's largest investment, Mount Gibson, has successfully increased productivity at the Koolan Island mine after completing a major waste removal project and is expected to generate free cash flow in the coming years[182] - The company holds a 43.50% stake in United Group through controlled corporate interests, represented by 566,697,630 shares[171] - Shougang Fushan Resources Group Limited holds a 16.51% stake in the company with 215,100,000 shares[171] - Old Peak Asia Fund Ltd. and OPG Holdings LLC each hold a 10.90% stake in the company with 142,178,000 shares[171] - PIA Ltd, acting as an investment manager, holds a 6.10% stake in the company with 79,492,000 shares[171] Commodity and Resource Performance - Mount Gibson's cash reserves, including term deposits and marketable investments net of debt, stood at AUD 139,000,000 as of the end of the fiscal year 2023, equivalent to AUD 0.115 per share[24] - Mount Gibson sold 3 million tons of iron ore in FY2023, with an after-tax profit of AUD 5,000,000, but was impacted by non-cash impairments totaling AUD 75,000,000[39] - Metals X recorded an after-tax profit of AUD 12,100,000 for the six months ending June 30, 2023, with a net asset value of AUD 331,700,000[44] - The Platts IODEX 62% CFR China index averaged USD 103 per dry ton in FY2023, with fluctuations ranging from a low of USD 73 in October 2022 to a high of USD 127 in February 2023[41] - Metals X's Renison mine produced 4,023 tons of tin (50% basis) in FY2023, a 15% year-on-year decrease, with an average realized tin price of AUD 36,429 per ton, down 24% year-on-year[43] - The average tin price in FY2023 was USD 24,420 per ton, with recent concerns over supply issues, including reduced production in Indonesia and potential mining bans in Myanmar, supporting prices around USD 25,000 per ton[64] - Shougang Fushan Resources Group reported an EBITDA of HKD 2,373,000,000 and a post-tax profit of HKD 1,519,000,000 for the six months ended June 30, 2023[80] - Shougang Fushan produced 2.7 million tons of raw coking coal in the first half of 2023, aligning with its annual target of 5.25 million tons[100] - The average benchmark market price for Shougang Fushan's refined coking coal products decreased by 30% year-on-year in the first half of 2023, and its share price dropped by 22%[101] - The commodities business recorded a divisional profit of HKD 3,470,000 in the 2023 fiscal year (compared to a profit of HKD 53,649,000 in the 2022 fiscal year)[114] Financial and Operational Metrics - The company did not issue any debentures during the year ended June 30, 2023[14] - The company did not have any equity-linked agreements that would require the issuance of shares as of the end of the fiscal year 2023[15] - The company's distributable reserves to shareholders as of June 30, 2023, were HKD 1,194,959,000, compared to HKD 892,656,000 in 2022[49] - The company's resource investment segment recorded a fair value gain of HKD 16,813,000 in the 2023 fiscal year, with a segment profit of HKD 92,801,000 after accounting for dividends and other investment income and expenses[83] - The mineral investment portfolio, focused on battery metals, base metals, precious metals, uranium, and other hard commodities, achieved a return of 461.2% since its inception in October 2016, outperforming its benchmark by 459.2%[84] - The energy investment portfolio, which expanded to include renewable energy in late 2019, generated a 103% return over the past three and a half years from February 2020 to August 2023[87] - The resource investment strategy generated a 16.3% return for the fiscal year ending June 30, 2023, outperforming the benchmark return of -3.2% by 19.5%[106] - The resource investment portfolio's net asset value increased from HKD 482.675 million to HKD 561.199 million during the fiscal year 2023, with a gain of HKD 78.524 million[106] - The precious metals segment, primarily gold holdings, recorded a net fair value gain of HKD 98.194 million for the fiscal year 2023[108] - Northern Star (ASX: NST) contributed a fair value gain of HKD 45.544 million and had a carrying value of HKD 76.837 million as of June 30, 2023[108] - Westgold Resources Limited (ASX: WGX) recorded a fair value gain of HKD 9.703 million and had a carrying value of HKD 44.114 million as of June 30, 2023[108] - Centerra Gold Inc. (TSX: CG) contributed a fair value gain of HKD 7.387 million for the fiscal year 2023[108] - Gold prices strengthened in the second half of the 2023 fiscal year, trading above 1,900 and $1,950 per ounce[109] - The company recorded a net fair value gain of HKD 5,335,000 from other commodities (diamonds, manganese, rare earths, lithium, and mineral sands) and non-commodity-related investments, with a book value of HKD 113,025,000 as of June 30, 2023 (compared to HKD 177,578,000 as of June 30, 2022)[113] - As of June 30, 2023, the company's borrowings (excluding lease liabilities) were HKD 183,240,000 (compared to HKD 289,617,000 as of June 30, 2022), with undrawn credit facilities, bank, and other loan financing amounting to HKD 381,500,000[117] - The company's fair value of listed securities held for trading was HKD 256,100,000 as of June 30, 2023 (compared to HKD 491,157,000 as of June 30, 2022), which were pledged to a bank as collateral for bank financing[120] - The company's total number of employees increased to 28 as of June 30, 2023 (compared to 15 as of June 30, 2022), primarily due to the addition of Prodigy Gold as a subsidiary, with total remuneration and pension contributions amounting to HKD 24,295,000 in the 2023 fiscal year (compared to HKD 19,282,000 in the 2022 fiscal year)[122] - Outstanding receivables (net of impairment provisions) were HKD 346,074,000 as of June 30, 2023, compared to HKD 362,698,000 in the previous year, with impairment provisions of HKD 11,715,000 for the year[144] - Non-current assets stood at HKD 2,025,899,000 as of June 30, 2023, down from HKD 2,386,729,000 in the previous year, while net current assets were HKD 1,569,339,000, with a current ratio of 6.1x[144] - The company has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the fiscal year ending June 30, 2023[151] - The company has no significant investment or capital asset plans as of June 30, 2023[151] - The company will regularly review its investment strategy to mitigate risks related to market sentiment, commodity prices, interest rate changes, geopolitical conditions, and macroeconomic performance[152] - The company will seek potential investment opportunities to maximize shareholder value[152] - AP Finance Limited provided an unsecured revolving loan facility of up to HKD 200,000,000 to the company, with an annual interest rate of HIBOR plus 3%, repayable within 12 months[198] - The loan facility was increased to HKD 300,000,000 and the final repayment date was extended to September 14, 2023[198] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the year, with the option to receive it in fully paid new shares instead of cash[35] Market and Economic Conditions - The Federal Reserve raised interest rates by approximately 500 basis points over the past twelve months to curb inflation, with similar actions taken by most developed countries' central banks[29] - The company remains cautious about the outlook for commodity prices, expecting short-term investment opportunities due to potential central bank rate cuts and strong demand for selected commodities related to energy transition trends[13] Subsidiary and Associate Performance - Prodigy Gold recorded a net loss after tax of AUD 5.2 million for the fiscal year 2023, with a cash balance of AUD 6.1 million as of June 30, 2023[98] - Northern Star, a major gold producer, produced 1.563 million ounces of gold in the 2023 fiscal year and generated free cash flow of AUD 359,000,000, with a target production of 1.6 to 1.75 million ounces for the 2024 fiscal year[89] - Tanami Gold NL is owned approximately 46.30% by the company through its wholly-owned subsidiary, making it an associated corporation under the Securities and Futures Ordinance[180] - Mount Gibson partially participates in investments and trading of listed securities in the resources and related industries through its subsidiaries[197]
亚太资源(01104) - 2023 - 年度财报