Financial Performance - Total revenue for the year ended June 30, 2024, was HKD 1,188,528, an increase from HKD 431,937 in the previous year, representing a growth of 174%[1] - Gross profit for the year was HKD 93,380, compared to HKD 21,273 in the previous year, indicating a significant increase in profitability[1] - The net profit for the year was HKD 363,441, a turnaround from a net loss of HKD 328,507 in the previous year[1] - Earnings per share for the year were HKD 29.39, compared to a loss per share of HKD 24.46 in the previous year[1] - The company reported a significant increase in financial assets at fair value through profit or loss, rising to HKD 1,793,152 from HKD 886,384[3] - The company recorded other income of HKD 380,428, a substantial improvement from a loss of HKD 136,337 in the previous year[1] - The segment performance showed a profit of HKD 526,284, with a net loss of HKD 52,031 in other areas, resulting in a consolidated profit before tax of HKD 396,018[13] - The company reported a net gain from changes in fair value of HKD 379,870 from financial assets measured at fair value through profit or loss[14] - The company reported a comprehensive loss before tax of HKD (355,841,000)[16] - The company reported a net profit attributable to shareholders of HKD 390,031,000 for the fiscal year ending June 30, 2024, compared to a net loss of HKD 318,547,000 for the previous fiscal year[35] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 4,219,922, up from HKD 3,902,190 in the previous year, reflecting a growth of 8%[3] - The company's equity attributable to owners increased to HKD 3,841,774 from HKD 3,545,239, marking a rise of 8.4%[4] - Cash and cash equivalents stood at HKD 574,680, slightly up from HKD 555,169 in the previous year[3] - Total assets for the segments were reported at HKD 2,548,177, with total liabilities amounting to HKD 214,380[14] - The group's non-current assets were valued at HKD 1,633,082,000 as of June 30, 2024, down from HKD 2,025,899,000 a year earlier, while current assets net value increased to HKD 2,252,960,000 from HKD 1,569,339,000[60] - Total borrowings (excluding lease liabilities) increased to HKD 280,105,000 as of June 30, 2024, from HKD 183,240,000 a year earlier, reflecting a rise in financial leverage[60] - The total liabilities amounted to HKD 316,902,000, with HKD 260,605,000 in reportable segments[17] Revenue Sources - The total revenue for the group amounted to HKD 1,188,528 thousand, with a significant contribution from commodity trading, particularly iron ore, generating HKD 1,169,403 thousand[9] - The group’s revenue from other sources, including interest income from loans, was reported at HKD 19,125 thousand, reflecting a diverse income stream[9] - Total revenue from external customers reached HKD 431,937,000, with HKD 407,776,000 from commodity business and HKD 24,161,000 from financial services[16] - Total revenue for the segment reached HKD 1,169,403, with external customer revenue contributing HKD 1,188,528, including interest income of HKD 19,125[13] Expenses and Costs - Administrative expenses increased to HKD 78,391 from HKD 67,397, reflecting a rise of 16%[1] - The total cost of goods sold for 2024 was HKD 1,117,125,000, significantly higher than HKD 401,786,000 in 2023, indicating an increase of about 177%[24] - Employee costs increased to HKD 46,053,000 in 2024 from HKD 31,514,000 in 2023, reflecting a rise of approximately 46%[24] - The company incurred a total tax expense of HKD 32,340, reflecting its operational costs[15] - The company reported a tax expense of HKD 32,577,000 in 2024, compared to a tax credit of HKD 27,334,000 in 2023, resulting in a change of HKD 59,911,000[26] Investments and Strategic Initiatives - The group operates three reportable segments: Commodity Trading, Resource Investment, and Major Investment and Financial Services, with performance monitored based on sales generated and expenses incurred[10][11] - The company plans to maintain its strategic investments in Mount Gibson, Tanami Gold, Metals X, and Prodigy Gold, with respective ownership stakes of 37.3%, 46.3%, 22.8%, and 44.3%[36] - The investment strategy generated a return of 17.4%, significantly outperforming the benchmark return of -2.9% by 20.3%[47] - The small-cap mining investment portfolio achieved a return of 558.6% since its inception, significantly outperforming its benchmark return of -1.0%[46] - The company recognized an impairment loss of HKD 80,423,000 related to its equity interests in joint ventures, primarily due to write-downs from Mount Gibson and Tanami Gold[36] Risk Management and Governance - The group has implemented a comprehensive risk management framework, regularly reviewing and updating policies to address market conditions and business strategy changes[64] - The group has not actively hedged against currency risks arising from its assets denominated in AUD, while liabilities are primarily in USD and HKD, indicating a potential exposure to foreign exchange fluctuations[61] - The company has established strict internal controls and reporting systems to manage operational risks effectively[66] - The audit committee has reviewed the company's performance for the year ending June 30, 2024[75] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending June 30, 2024[74] Future Outlook - The global economic outlook for 2024 is complex, with concerns over global demand and rising inventory levels, particularly affecting key commodities like copper and iron ore[70] - The company aims to regularly review its investment strategy to mitigate risks associated with market fluctuations, influenced by commodity prices, interest rates, and geopolitical conditions[69] - The cash ratio in the investment portfolio has slightly increased, indicating a cautious approach while seeking quality companies for long-term returns[70]

Financial Performance - The company reported a net profit attributable to shareholders of HK$593,272,000 for the six months ended December 31, 2023, driven by the Resource Investment segment, which generated a profit of HK$237,951,000 and a share of profit from Mount Gibson Iron Limited of HK$265,908,000[30]. - APAC reported a net profit attributable to shareholders of HK$593,272,000 for 1H FY2024, compared to a net loss of HK$43,424,000 for 1H FY2023[36]. - The Group's underlying segment profit for 1H FY2024 was HK$301,758,000, driven by Resource Investment and Commodity Business divisions, generating segment profits of HK$237,951,000 and HK$69,373,000 respectively[36]. - The consolidated profit before taxation was HK$591,908,000, indicating a strong financial performance[120]. - Total revenue for the six months ended December 31, 2023, was HK$941,434,000, a significant increase from HK$108,933,000 in the same period of 2022, representing a growth of approximately 765%[186]. Investments and Assets - The fair value of the Group's listed securities held-for-trading was HK$374,400,000 as of December 31, 2023, compared to HK$256,100,000 as of June 30, 2023[4]. - The Group's non-current assets amounted to HK$2,041,542,000 as of December 31, 2023, while net current assets were HK$2,055,950,000, reflecting an increase from HK$1,569,339,000 as of June 30, 2023[92]. - The Group's non-current assets as of December 31, 2023, totaled HK$3,024,000, compared to HK$2,430,000 as of June 30, 2023, showing an increase of approximately 24.5%[174]. - The largest investment is in Mount Gibson, which is expected to generate free cash flow in the coming years due to increased production at the Koolan Island mine[113]. Revenue Sources - Revenue from trading of commodities, specifically iron ore, amounted to HK$930,478,000 for the six months ended December 31, 2023, compared to HK$98,260,000 in 2022, indicating a growth of around 846%[186]. - Segment revenue for the commodity business was HK$98,260,000, while gross sales proceeds from resource investment amounted to HK$961,756,000 for the six months ended December 31, 2023[120]. - Interest income from loan receivables was HK$10,956,000 for the six months ended December 31, 2023, slightly up from HK$10,639,000 in 2022, reflecting an increase of about 3%[186]. Employee and Remuneration - Total remuneration and pension contributions for 1H FY2024 amounted to HK$13,234,000, an increase from HK$12,835,000 in 1H FY2023[12]. - The Group had 25 employees as of December 31, 2023, down from 28 as of June 30, 2023[12]. - Staff costs, including directors' emoluments, were HK$16,709,000 for the six months ended December 31, 2023, compared to HK$16,367,000 in 2022, indicating a slight increase of about 2.1%[188]. Risk Management and Economic Outlook - The Group did not actively hedge against foreign exchange risks related to Australian Dollar-denominated assets but will monitor this exposure closely[3]. - The Group's risk management framework is regularly reviewed and updated to respond to changes in market conditions and business strategy[15]. - The company remains cautious about the global economic outlook, which may pressure energy prices[64]. - Geopolitical tensions and upcoming elections, particularly the US election in late 2024, are expected to increase risks related to supply chains and energy supply, presenting both opportunities and risks for the company[27]. - The company anticipates a cyclical recovery in the Chinese economy, which may positively impact commodity markets, amid ongoing economic volatility since the Covid-19 pandemic[25]. Dividends and Shareholder Returns - The company has not declared a dividend due to current uncertainties in the global outlook, with plans to reassess its dividend policy based on economic expectations[31]. - An interim dividend of HK10 cents per share was declared, totaling approximately HK$130,249,000, with HK$80,039,000 paid in cash and 54,151,441 shares issued for scrip dividend[109]. - The company remains committed to providing returns to shareholders while navigating the current economic landscape[31]. Commodity Market Insights - Coking coal prices rebounded in 1H FY2024 due to improved sentiment around China's stimulus measures and low inventories[48]. - Spot uranium prices increased from US$56/lb to US$91/lb, significantly benefiting uranium investments in the portfolio[61]. - The performance of equity investments is expected to be influenced by market sentiment, commodity prices, interest rates, geopolitical conditions, and macroeconomic performance, prompting the Group to regularly review its investment strategy[176]. Financial Position and Liabilities - As of December 31, 2023, the Group's borrowings (excluding lease liabilities) were HK$88,000,000, down from HK$183,240,000 as of June 30, 2023[2]. - The gearing ratio as of December 31, 2023, was nil, consistent with the ratio as of June 30, 2023[2]. - Outstanding loan receivables net of loss allowances amounted to approximately HK$193,885,000 as of December 31, 2023, down from HK$346,074,000 as of June 30, 2023[76]. - The Group reversed impairment losses on loan receivables of approximately HK$24,110,000 in 1H FY2024, compared to an impairment loss of HK$8,676,000 in 1H FY2023[76].

Financial Performance - For the six months ended December 31, 2023, total revenue reached HKD 941,434 thousand, a significant increase from HKD 108,933 thousand in the same period of 2022[10] - Gross profit for the same period was HKD 77,055 thousand, compared to HKD 5,202 thousand in the previous year, indicating a substantial improvement[10] - The net profit for the period was HKD 572,412 thousand, a turnaround from a loss of HKD 45,251 thousand in the prior year[12] - Basic and diluted earnings per share for the period were HKD 45.5, compared to a loss of HKD 3.3 per share in the same period last year[10] - The total comprehensive income for the period was HKD 627,860 thousand, compared to a loss of HKD 74,729 thousand in the previous year[12] - The company reported a total profit before tax loss of HKD (54,887,000) for the six months ended December 31, 2023, compared to a profit of HKD 102,324,000 in the previous period[34] - The company recognized a gain of HKD 214,274,000 from fair value changes of financial assets held for trading for the six months ended December 31, 2023, compared to HKD 54,447,000 in the same period of 2022[33] - The company reported a net foreign exchange gain of HKD 10,178,000 for the six months ended December 31, 2023, compared to a loss of HKD (30,025,000) in the same period of 2022[33] - The company reported a net profit attributable to shareholders of HKD 593,272,000 for the first half of the 2024 fiscal year, compared to a net loss of HKD 43,424,000 in the same period last year[108] Assets and Liabilities - Non-current assets as of December 31, 2023, amounted to HKD 2,041,542 thousand, slightly up from HKD 2,025,899 thousand as of June 30, 2023[13] - Current assets increased to HKD 2,456,401 thousand from HKD 1,876,291 thousand, reflecting a strong liquidity position[13] - As of December 31, 2023, total equity attributable to owners of the company increased to HKD 4,063,241, compared to HKD 3,545,239 as of June 30, 2023, reflecting a growth of approximately 14.6%[20] - Cumulative profits rose to HKD 2,489,872 from HKD 2,026,849, marking an increase of about 22.9%[20] - Non-current liabilities decreased from HKD 1,514 to HKD 589, indicating a reduction of approximately 61.1%[20] - Current liabilities increased to HKD 415,044 from HKD 316,902, representing a rise of about 31.0%[20] - The total assets less total liabilities amounted to HKD 4,082,899, up from HKD 3,585,288, which is an increase of approximately 13.9%[20] - The net value of current assets reached HKD 2,055,950, compared to HKD 1,569,339, reflecting a growth of about 30.9%[20] - Trade and other payables rose significantly from HKD 103,439 to HKD 201,967, an increase of approximately 94.9%[20] - Bank and other loans decreased from HKD 183,240 to HKD 88,000, a decline of about 52.0%[20] - Deferred tax liabilities increased from HKD 523 to HKD 5,815, indicating a rise of approximately 1005.5%[20] Segment Performance - The company has identified three reportable segments: Merchandise Trading, Resource Investment, and Major Investments and Financial Services, which are monitored for performance and resource allocation[5] - The segment performance showed a total profit before tax of HKD 591,908,000, compared to a loss of HKD 43,424,000 in the previous year[48] - The major investment and financial services segment generated a profit of HKD 35,856,000, a significant improvement from a loss of HKD 15,957,000 in the previous year[103] - In the first half of the 2024 fiscal year, resource investments recorded a fair value gain of HKD 214,274,000, compared to HKD 54,447,000 in the same period of the previous fiscal year, resulting in a segment profit of HKD 237,951,000[122] Investment Strategy and Market Outlook - The company plans to continue expanding its market presence and exploring new investment opportunities in the energy and natural resources sectors[5] - The board believes that equity investment performance will depend on market sentiment, influenced by commodity prices, interest rate changes, geopolitical conditions, and macroeconomic performance[174] - The group will regularly review its investment strategy and take appropriate measures to respond to market changes[174] - The group is adopting a cautious investment approach while seeking quality investment opportunities that can generate substantial long-term returns[167] Dividends - The company declared an interim dividend of HKD 0.10 per share, consistent with the previous year[46] - The company has not recommended any dividend for the six months ending December 31, 2023, compared to no dividend for the same period in 2022[168] - The interim dividend declared for the period ending June 30, 2023, is HKD 0.10 per share, totaling approximately HKD 130,249,000, with cash payment of about HKD 80,039,000 and issuance of 54,151,441 shares for shareholders opting for scrip dividend[168] Risk Management - The group has established a comprehensive risk management framework to address various financial and operational risks[146] - The group is closely monitoring foreign exchange risks related to its long-term investments, particularly as its assets are primarily denominated in AUD while liabilities are in USD and HKD[158] Compliance and Accounting - The company has not applied any new standards or interpretations that have not yet come into effect during the reporting period, ensuring compliance with existing accounting policies[22] - The audit committee has reviewed the group's accounting policies and practices, discussing internal controls and financial reporting matters for the six months ending December 31, 2023[179]

Financial Performance and Losses - The company's resource investment division generated a segment profit of HK$92,801,000 for the year ended June 30, 2023, despite weak performance in the commodity sector[17] - Strategic investments in Mount Gibson and Metals X resulted in significant non-cash impairments of HK$267,769,000 and non-cash fair value losses of HK$77,575,000, respectively, leading to an overall net loss attributable to shareholders of HK$318,547,000[17] - The global economic outlook remains weak, with the company recording a net loss attributable to shareholders of HK$318,547,000, primarily due to non-cash impairment losses from the Mount Gibson investment and fair value adjustments for Metals X[28] - The company's attributable net loss for FY2023 was HKD 318,547,000, compared to HKD 465,994,000 in FY2022, including a significant non-cash impairment loss of HKD 267,769,000 related to Mount Gibson[57] - The company recorded a fair value loss of HKD 156,316,000 on its investment in Shougang Fushan Resources Group, with a carrying value of HKD 265,375,000 as of June 30, 2023[79] - The commodities division recorded a net fair value loss of HKD 129,409,000 in the 2023 fiscal year, with a book value of HKD 324,588,000 as of June 30, 2023 (compared to HKD 552,081,000 as of June 30, 2022)[109] - The base metals division (including copper, nickel, and zinc companies) recorded a net fair value loss of HKD 742,000 in the 2023 fiscal year, with copper prices down 0.4%, nickel down 13%, and zinc down 27%[110] - The major investments and financial services division recorded a loss of HKD 17,635,000 in the 2023 fiscal year (compared to a profit of HKD 32,466,000 in the 2022 fiscal year)[115] Investments and Strategic Moves - The company increased its stake in Metals X Limited to approximately 21.2% as of June 30, 2023, making it an associate company, with a net loss attributable to the company of HK$10,632,000 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 $2,000 per ounce in April and May, but later retreated due to delayed expectations of a US Federal Reserve rate cut, with recent trading range between $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]

Financial Performance - Total revenue for the year ending June 30, 2023, was HKD 431,937,000, an increase from HKD 348,678,000 in the previous year, representing a growth of approximately 24%[71] - The company reported a loss before tax of HKD 355,841,000 for the year ending June 30, 2023, compared to a loss of HKD 446,061,000 in the previous year, indicating an improvement of about 20%[71] - The net loss for the year was HKD 328,507,000, a decrease from HKD 465,994,000 in the previous year, reflecting a reduction of approximately 30%[71] - Basic and diluted loss per share for the year was HKD 24.46, an improvement from HKD 36.95 in the previous year[71] - Total comprehensive loss for the year was HKD 383,151,000, down from HKD 612,820,000 in the prior year, indicating a reduction of 37.5%[73] - The company reported a consolidated loss before tax of HKD 355,841,000 for the period[99] - The company reported a net loss attributable to shareholders of HKD 318,547,000 for the fiscal year ending June 30, 2023, compared to a net loss of HKD 465,994,000 for the previous fiscal year[142] Asset and Liability Management - Total assets decreased from HKD 4,471,917,000 in 2022 to HKD 3,902,190,000 in 2023, representing a decline of 12.8%[1] - Non-current assets decreased from HKD 2,386,729,000 in 2022 to HKD 2,025,899,000 in 2023, a reduction of 15.1%[1] - Current assets decreased from HKD 2,085,188,000 in 2022 to HKD 1,876,291,000 in 2023, reflecting a decrease of 10.0%[1] - The company's total assets less total liabilities amounted to HKD 3,585,288,000 as of June 30, 2023, down from HKD 4,050,231,000 in the previous year[66] - The company's equity attributable to owners decreased to HKD 3,545,239,000 from HKD 4,050,231,000, representing a decline of approximately 12%[66] - The group holds securities with a fair value of HKD 256,100,000 as collateral for bank financing, down from HKD 491,157,000 in the previous year[38] - The company's total liabilities for trade and other payables amounted to HKD 113,305,000, an increase from HKD 99,173,000 in the previous year[140] Investment and Segment Performance - The company recorded a net fair value loss of HKD 742,000 in the base metals segment, with copper prices down 0.4%, nickel down 13%, and zinc down 27%[26] - The energy segment generated a net fair value gain of HKD 8,206,000, with significant investments in National Atomic Company Kazatomprom JSC yielding a fair value gain of HKD 1,062,000[28] - Precious metals recorded a net fair value income of HKD 98,194,000, with Northern Star contributing HKD 45,544,000 to this figure[23] - The major investment and financial services segment reported a loss of HKD 17,635,000, compared to a profit of HKD 32,466,000 in the previous year[31] - The company's commodity business recorded a segment profit of HKD 3,470,000, down from HKD 53,649,000 in the previous fiscal year[30] - The segment performance showed a profit of HKD 78,636,000 from resource investments, while the financial services segment reported a loss of HKD 17,635,000, resulting in a total segment profit of HKD 58,955,000[99] Cash Flow and Liquidity - The company’s cash holdings averaged 30% throughout the year, reflecting a cautious approach due to a declining macroeconomic outlook[20] - The current ratio improved to 6.1 times as of June 30, 2023, up from 5.2 times on June 30, 2022, indicating better liquidity management[35] - The group faced a significant increase in employee count from 15 to 28 due to the acquisition of Prodigy Gold as a subsidiary since October 2022[39] Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share for the year ending June 30, 2023, consistent with the previous year's final dividend[56] - The total dividend declared for the year was HKD 130,249,000, down from HKD 260,425,000 in the previous year[128] - The company plans to implement a scrip dividend scheme, subject to approval from the Stock Exchange of Hong Kong[58] Economic Outlook and Strategic Plans - The company anticipates potential economic stimulus plans in China to support commodity development despite current consumer confidence issues[55] - The group will continue to seek investment opportunities to maximize shareholder value while regularly reviewing its investment strategies in response to market conditions[54] - The company plans to closely monitor foreign exchange risks, particularly as its assets are primarily denominated in AUD while liabilities are in USD and HKD[36] Impairment and Fair Value Adjustments - The company recognized a loss of HKD 276,851,000 from impairment of interests in associates[99] - The company recognized significant non-cash impairment losses of HKD 267,769,000 related to its investment in Mount Gibson[142] - The company recorded a fair value loss of HKD 129,409,000 in the precious commodities segment, with a carrying amount of HKD 324,588,000 as of June 30, 2023, down from HKD 552,081,000 a year earlier[79] - The company recognized a fair value loss of HKD 37,668,000 on trade receivables[126] - The impairment loss on interests in associates was HKD 742,220,000, compared to HKD 465,369,000 in the previous year[133] Market and Trading Performance - The company reported a significant increase in revenue from commodity trading, with iron ore sales reaching HKD 407,776,000, up from HKD 315,355,000[91] - Revenue from external customers in China reached HKD 427,519,000, a significant increase from the previous year[116] - The average Platts IODEX 62% CFR China index price for iron ore was USD 103 per dry ton in fiscal year 2023, with fluctuations between USD 73 and USD 127 during the year[147]

Financial Performance - For the six months ended December 31, 2022, the company reported a net loss attributable to shareholders of HK$43,424,000, a significant improvement compared to a net loss of HK$275,329,000 for the same period in 2021[23]. - The loss in 1H FY2023 was primarily driven by a HK$152,007,000 impairment loss on the company's interest in Mount Gibson Iron Limited[23]. - The net attributable profit from primary strategic investments was HK$2,057,000 in 1H FY2023, compared to a net loss of HK$105,467,000 in 1H FY2022[24]. - The company reported a loss for the period of HK$43,424, compared to a loss of HK$32,473 in the previous year, indicating an increase in losses of approximately 33.5%[199]. - The total comprehensive expense for the period was HK$329,605, compared to HK$54,276 in the previous year, reflecting an increase of approximately 507.5%[195]. - The company’s accumulated profits decreased to HK$2,301,972 from HK$2,666,310, a decline of approximately 13.7%[195]. Segment Performance - The Resource Investment division generated a segment profit of HK$114,919,000, contributing to an underlying segment profit of HK$102,324,000 for the group[23]. - The Commodity Business generated a segment profit of HK$6,993,000, a decrease of 86.1% compared to HK$50,192,000 in 1H FY2022[104]. - The Principal Investment and Financial Services segment reported a loss of HK$15,957,000 in 1H FY2023, compared to a profit of HK$24,843,000 in 1H FY2022[105]. - The Precious Metals segment generated a net fair value profit of HK$35,331,000 in 1H FY2023, with a carrying value of HK$376,387,000 as of 31 December 2022[125]. Investment Strategy - The company remains cautious for 2023 due to the risk of further interest rate hikes as inflation remains high[21]. - The company is focusing on low carbon industries, including electric vehicles, battery metals, and renewable energy, as these are expected to be enduring growth sectors[21]. - The company has not declared a dividend at this interim stage due to current uncertainties in the global outlook[21]. - The company is closely monitoring the reopening of China, which may support certain "old economy" commodities[21]. - The company anticipates that measures to support the economy, such as new infrastructure projects, could bolster near-term commodity prices[16]. - The group plans to continue a prudent investment approach, focusing on high-quality investment opportunities that can generate substantial long-term returns[188]. Market Conditions - The company has faced challenges due to global economic conditions, including interest rate hikes by the US Federal Reserve and their impact on equity valuations[40]. - The ongoing Russia-Ukraine conflict continues to create uncertainty in energy exports, affecting market conditions[41]. - Chinese steel demand has been relatively muted, impacting the restocking desire of steel mills despite low coking coal inventories[86]. - Demand for tin remains strong, driven by the semiconductor and solar PV industries, with prices rebounding to US$27,500 per tonne[68]. Asset Management - The company's strategic investments in Metals X and Shougang Fushan represented significant portions of total assets, with Metals X valued at HK$365,120,000 (8.4% of total assets) and Shougang Fushan at HK$312,844,000 (7.2% of total assets) as of December 31, 2022[64][60]. - Shougang Fushan experienced a fair value loss of HK$88,783,000, while Metals X generated an unrealised gain of HK$39,671,000 in 1H FY2023[60][64]. - The company’s investments in financial assets at fair value through profit or loss primarily include holdings in Metals X and Resource Investment, with both investments constituting over 5% of total assets[31]. - As of 31 December 2022, the Group's non-current assets amounted to HK$2,254,614,000, down from HK$2,386,729,000 as of 30 June 2022[110]. Cash Flow and Liquidity - Net cash generated from investing activities was HK$167,419, a significant increase from HK$16,641 in the prior period, representing a growth of approximately 906.5%[199]. - Interest received decreased to HK$11,737 from HK$21,656, reflecting a decline of approximately 45.9%[199]. - The group had outstanding warrants of 160,187,175 units that lapsed after October 6, 2022, with a total of HK$100,310,000 raised from exercised warrants used for investments in the natural resources sector[172]. - The group maintained a gearing ratio of nil as of December 31, 2022, consistent with the previous year[135]. Future Outlook - The company is focused on increasing productivity at the Koolan Island mine, which is expected to generate strong free cash flow in the future[188]. - The group is cautiously optimistic about the outlook for commodities in 2023, anticipating potential stimulus measures in China following a challenging 2022[184]. - The group will regularly review its investment strategy to mitigate risks associated with market sentiment and economic conditions[183].

Financial Performance - The Major Investment and Financial Services segment recorded a loss of HKD 15,957,000 in the first half of the fiscal year 2023, compared to a profit of HKD 24,843,000 in the same period of fiscal year 2022[1]. - The total revenue from external customers for the six months ended December 31, 2022, was HKD 108,933,000, an increase from HKD 82,917,000 for the same period in the previous year[14]. - The loss before tax for the period was HKD 54,887,000, a reduction from a loss of HKD 265,980,000 in the previous year, indicating improved financial performance[54]. - The total comprehensive loss for the period was HKD 74,729,000, compared to HKD 329,605,000 in the prior year, reflecting a substantial decrease in losses[60]. - For the six months ended December 31, 2022, the company reported a net loss attributable to shareholders of HKD 43,424,000, compared to a net loss of HKD 275,329,000 for the same period in 2021[108]. Assets and Liabilities - As of December 31, 2022, the Group's non-current assets were valued at HKD 2,254,614,000, down from HKD 2,386,729,000 as of June 30, 2022[3]. - The company's total assets as of December 31, 2022, were HKD 4,365,848,000, down from HKD 4,471,917,000 as of June 30, 2022[65]. - The group’s total liabilities were HKD 472,263,000 as of December 31, 2022[130]. - The Group's borrowings (excluding lease liabilities) as of December 31, 2022, were HKD 226,814,000, down from HKD 289,617,000 as of June 30, 2022[4]. Revenue and Sales - The Group's revenue from external customers in China for the six months ended December 31, 2022, was HKD 107,978,000, compared to HKD 71,914,000 for the same period in the previous year[14]. - The group reported customer contract revenue from commodity trading (iron ore) of HKD 98,260,000 for the six months ended December 31, 2022, compared to HKD 61,835,000 in the same period of 2021, representing a growth of 58.8%[75]. - The total amount from the sale of resource investments was HKD 1,872,906,000[30]. Impairment and Provisions - The Group made an impairment provision of approximately HKD 8,676,000 for receivables during the first half of fiscal year 2023, compared to a reversal of impairment loss of HKD 404,000 in the same period of fiscal year 2022[2]. - The impairment loss on interests in associates was HKD 166,477,000, a notable decrease from HKD 759,867,000 in the prior period, suggesting better asset management[54]. - The company recognized impairment losses of HKD 152,007,000 for Mount Gibson Iron Limited (MGX) during the reporting period, compared to HKD 752,976,000 in the previous period[99]. Employee and Compensation - The total compensation and retirement contributions for the first half of fiscal year 2023 amounted to HKD 12,835,000, a decrease from HKD 22,161,000 in the same period of fiscal year 2022[7]. - The Group had 23 employees as of December 31, 2022, an increase from 15 employees as of June 30, 2022, primarily due to the addition of Prodigy Gold as a subsidiary[7]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.10 per share for the year ending June 30, 2022, totaling approximately HKD 130,248,552, paid on February 20, 2023[44]. - The company declared a final dividend of HKD 0.10 per share, totaling HKD 130,249,000, down from HKD 260,425,000 in the previous year[91]. Market and Economic Outlook - The company remains cautiously optimistic about the commodity outlook for 2023, as China is in the early stages of economic recovery after a challenging 2022[47]. - The board believes that capital investment performance will depend on market conditions influenced by commodity prices, interest rate changes, geopolitical situations, and macroeconomic performance[46]. - The company is concerned that the U.S. Federal Reserve may maintain high interest rates longer than the market expects, potentially leading to overall economic weakness[47]. Investments and Strategic Focus - The company plans to continue a prudent investment strategy while seeking quality investment opportunities that can generate substantial long-term returns[48]. - The company is focusing on increasing production capacity at the Koolan Island mine, which is expected to generate strong free cash flow in the coming years[48]. - The group continues to seek new acquisition opportunities in its commodity business following the restart of operations at Koolan Island[84]. Foreign Exchange and Financial Instruments - The company reported a foreign exchange loss of HKD 30,025,000 in the current period, compared to a gain of HKD 2,855,000 in the previous year[15]. - The group’s financial assets are primarily denominated in AUD, with liabilities mainly in AUD, USD, and HKD, indicating exposure to foreign exchange risks[87]. Environmental and Governance - The company has recognized a total environmental provision of approximately HKD 12,449,000 related to environmental guarantees[36]. - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations[49].

Financial Performance - The company reported a consolidated profit of HKD 257,687,000 for the year ending June 30, 2022, primarily driven by strong performance in the resource investment segment, which contributed HKD 171,572,000 to the profit[16]. - For the fiscal year ending June 30, 2022, the company reported a loss attributable to shareholders of HKD 465,994,000, compared to a profit of HKD 1,357,290,000 for the previous fiscal year[18]. - The company's major strategic investments in Mount Gibson and Tanami Gold resulted in a net loss of HKD 340,418,000 for the fiscal year 2022, down from a profit of HKD 130,374,000 in the previous year[19]. - The company recorded a fair value gain of HKD 114,142,000 from its investment in Shougang Fushan, with a book value of HKD 379,705,000 as of June 30, 2022[33]. - The company recorded a fair value gain of HKD 21.14 million from other commodities and non-commodity-related investments[57]. - The commodity business generated a segment profit of HKD 53.65 million for the fiscal year 2022, compared to HKD 55.91 million in the previous fiscal year[58]. - The major investments and financial services segment reported a profit of HKD 32.47 million, down from HKD 50.20 million in the previous fiscal year[59]. Market Outlook - The company maintains a cautious outlook on the economic environment due to expectations of further interest rate hikes and tightening monetary policy, while specific commodities like battery metals and electric vehicles present growth opportunities[16]. - The company acknowledges the impact of geopolitical risks and external uncertainties on commodity markets, which have increased volatility[11]. - The company expresses a cautious stance on China's economic outlook due to ongoing "zero-COVID" policies and their effects on economic development and commodity demand[12]. - The company recognizes the potential for a bull market contingent on China's reopening and increased government stimulus measures[12]. - The company maintains a cautious outlook on commodities and stock markets due to ongoing monetary tightening policies by the Federal Reserve and China's dynamic zero-COVID policy, which may lead to global growth weakness[89]. Investments and Acquisitions - The company issued a total of 243,778,782 warrants to eligible shareholders, with 83,236,235 warrants exercised by June 30, 2022, raising approximately HKD 99,883,000 for investments in the natural resources sector[72]. - The acquisition of Allied Properties Resources Limited was completed on August 13, 2021, for approximately HKD 102,582,000, gaining a 25.83% stake in Dragon Resources, which operates mining and processing facilities in Finland and Sweden[74]. - On March 18, 2022, the company completed the acquisition of Baoyun Limited for HKD 75,000,000, acquiring a 45% stake in Huaneng Shouguang Wind Power Co., Ltd., which focuses on wind power generation[75]. - The company holds approximately 19.83% of Prodigy Gold NL and plans to participate in a rights issue to raise up to AUD 11,650,000, with a potential subscription of approximately AUD 2,310,000[84]. Financial Position - As of June 30, 2022, the group's non-current assets were valued at HKD 2.39 billion, while current assets net value was HKD 1.69 billion[61]. - The group had borrowings of HKD 289.62 million as of June 30, 2022, compared to zero in the previous year[62]. - The company reported no significant capital commitments as of June 30, 2022, indicating a stable financial position[76]. - The fair value of investments in Mount Gibson and Metals X decreased to HKD 956,057,000 and HKD 246,730,000 respectively, due to stock price declines and currency depreciation[83]. Shareholder Returns - The company plans to distribute a final dividend of HKD 0.10 per share for the year, with a commitment to reassess its dividend policy based on economic forecasts[17]. - The proposed final dividend for the year ending June 30, 2022, is HKD 0.10 per share, consistent with the previous year's final and special dividends[115]. - As of June 30, 2022, the distributable reserves available for shareholders amount to HKD 892,656,000, a decrease from HKD 1,266,534,000 in the previous year[129]. Governance and Management - The company has a strong management team with extensive experience in finance and investment[104]. - The CFO has over 32 years of experience in finance and accounting within international enterprises and Hong Kong listed companies[104]. - The company has independent non-executive directors with significant backgrounds in banking and corporate finance[98][101]. - The company has established a strong governance structure with members from various financial and accounting associations[101][102]. - The independent directors have served on multiple listed companies, enhancing the company's credibility[98][101]. Risk Management - The company continues to monitor the impact of the COVID-19 pandemic on its financial position and operations, with no significant adverse effects reported for the fiscal year 2022[78]. - The company has implemented various measures to minimize risks associated with COVID-19 while ensuring business continuity[81]. - The board report includes a business review covering key risks and uncertainties faced by the group[119]. Compliance and Regulations - The company emphasizes compliance with applicable laws and regulations governing its business operations, including the Securities Listing Rules[124]. - The company has not entered into any equity-linked agreements during the year that would result in the issuance of shares[128]. - The company maintains sufficient public float as per the listing rules, ensuring compliance with regulatory requirements[191].

Financial Performance - Total revenue for the year ended June 30, 2022, was HKD 348,678,000, a decrease of 38.3% from HKD 564,600,000 in 2021[3] - The company reported a loss attributable to owners of HKD 465,994,000 for the year, compared to a profit of HKD 1,357,290,000 in the previous year[6] - Basic and diluted loss per share was HKD 36.95, down from earnings of HKD 111.35 per share in 2021[7] - Gross profit for the year was HKD 81,095,000, representing a decline of 21% from HKD 102,632,000 in the prior year[4] - The company recorded a consolidated loss before tax of HKD 446,061,000, indicating challenges in profitability[40] - The company reported a net loss of HKD 465,994,000 for the year 2022, compared to a profit of HKD 1,357,290,000 in 2021[77] Revenue Sources - The company reported total revenue of HKD 3,301,312,000 from resource investments, with a significant contribution from external customers[40] - The company’s resource trading segment generated revenue of HKD 315,355,000, contributing to its diversified income streams[40] - Total revenue from financial assets at fair value through profit or loss was HKD 288,078,000 in 2022, down from HKD 646,759,000 in 2021, representing a decrease of approximately 55.6%[62] - The total revenue from external customers for the year ended June 30, 2022, was HKD 564,600,000, with significant contributions from China (HKD 335,300,000) and Hong Kong (HKD 10,682,000) [59] Assets and Liabilities - The company's total assets decreased to HKD 4,471,917,000 from HKD 4,937,783,000, a decline of 9.4%[22] - Total liabilities increased to HKD 421,686,000 from HKD 114,190,000, a significant rise of 269%[21] - The total assets of the company amounted to HKD 4,471,917,000, with major investments and financial services accounting for HKD 368,031,000[42] - The total liabilities of the company were HKD 421,686,000, with significant obligations in trade and other payables[42] Expenses and Costs - Administrative expenses decreased to HKD 62,278,000 from HKD 111,267,000, a reduction of 44%[4] - Employee costs, including salaries and allowances, amounted to HKD 25,668,000 in 2022, down from HKD 80,703,000 in 2021, reflecting a decrease of approximately 68.2%[66] - The total cost of goods sold recognized as an expense was HKD 259,206,000 in 2022, down from HKD 459,983,000 in 2021, indicating a decrease of approximately 43.6%[66] Foreign Exchange and Impairment - The company reported a significant foreign exchange loss of HKD 144,157,000 compared to a gain of HKD 155,570,000 in the previous year[10] - The company reported a net foreign exchange loss of HKD 22,097,000 for the year [56] - The impairment loss recognized on interests in associates was HKD 465,369,000 in 2022, compared to an impairment gain of HKD 580,014,000 in 2021[79] - The company reported a fair value loss of HKD 37,668,000 on trade receivables in 2022, compared to a loss of HKD 3,498,000 in 2021[62] Investments and Acquisitions - The group completed the acquisition of 100% of the issued share capital of Allied Properties Resources Limited for approximately HKD 102,582,000, which holds a 25.83% stake in Dragon Resources Limited[141] - On March 18, 2022, the group completed the acquisition of 100% of the issued share capital of Baowen Limited for HKD 75,000,000, which holds a 45% stake in Huaneng Shouguang Wind Power Co., Ltd.[142] - The company holds a 46.3% interest in Tanami Gold, which has a cash balance of AUD 33,000,000[100] - The fair value of investments in Mount Gibson and Metals X decreased to HKD 956,057,000 and HKD 246,730,000 respectively, which may impact impairment losses for the year ending June 30, 2023[150] Strategic Outlook - The company plans to conduct flexible investments in selected commodities while continuing to seek long-term investment opportunities that can generate substantial returns[155] - The company maintains a cautious outlook on commodity and stock market prospects due to ongoing inflation control measures by the US Federal Reserve and China's dynamic zero-COVID policy[154] - The company has implemented measures to minimize risks related to COVID-19, ensuring business operations continue safely[148] Corporate Governance - The financial statements for the year ending June 30, 2022, have been reviewed by the audit committee[159] - The company fully complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules for the year ending June 30, 2022[158] - The board recommends adopting new bylaws to align with the core shareholder protection levels outlined in the listing rules appendix three[162]

Economic Outlook - The company is navigating the ongoing COVID-19 pandemic, with Hong Kong experiencing its fifth wave, but experts do not foresee a long-term impact on economic activity [13]. - Global inflation is rising due to a focus on goods consumption rather than services, with financial markets predicting 5 to 7 rate hikes by the US Federal Reserve in 2022 [13]. - Chinese economic data has been muted in 2021, but the government has shifted towards economic stability and monetary easing, which includes lowering policy rates and increasing government bond issuance [13]. - The company expresses cautious optimism regarding the outlook for the Chinese economy following a challenging year in 2021 [13]. - Geopolitical tensions, particularly between Russia and Ukraine, pose risks to commodity markets, especially for oil, gas, coal, aluminum, and wheat [13]. - The company is cautious on the outlook for equities in 2022 due to the US Federal Reserve lifting rates, but China's easing cycle may support commodity demand [99]. Financial Performance - APAC Resources reported a net loss attributable to shareholders of HK$275,329,000 for the six months ended 31 December 2021, compared to a net profit of HK$1,177,467,000 for the same period in 2020 [19]. - The loss included a significant impairment of HK$752,976,000 related to Mount Gibson Iron Limited, partially offset by gains of HK$342,584,000 from the change in fair value of Metals X Limited [19]. - Excluding non-cash items, the underlying segment profit was HK$287,865,000, driven by a strong performance in the Resource Investment division, which generated a segment profit of HK$212,830,000 [19]. - The net attributable loss from primary strategic investments for 1H FY2022 was HK$105,467,000, compared to a net profit of HK$151,048,000 in 1H FY2021 [20]. - Total revenue for the six months ended December 31, 2021, was HK$82,917,000, a decrease of 72.9% compared to HK$306,598,000 for the same period in 2020 [107]. - Gross profit for the same period was HK$57,114,000, representing an increase of 6.3% from HK$53,421,000 in the previous year [107]. - The company reported a loss attributable to owners of the company of HK$275,329,000 for the six months ended December 31, 2021, compared to a profit of HK$1,177,467,000 in the same period of 2020 [109]. - The company reported a significant increase in other gains and losses, totaling HK$557,791,000 for the period, compared to HK$415,621,000 in the previous year [107]. Investment Strategy - APAC Resources is cautious heading into 2022 due to weakness in financial markets related to tightening monetary policy, despite a tight supply-demand balance for several commodities [17]. - The company is focusing on low carbon industries, including electric vehicles, battery metals, and renewable energy, while also selectively considering "old economy" commodities like coal [17]. - The company plans to adopt a cautious investment approach in the short term while seeking quality investment opportunities that can yield substantial long-term returns [104]. - The largest investment is in Mount Gibson, which is ramping up production at the Koolan Island mine, positioning for strong free cash flow generation in the coming years [100]. - The company remains selective with investments in the near term, focusing on high-quality opportunities for long-term attractive returns [100]. Commodity Market Insights - Mount Gibson Iron Limited suspended operations at the Shine Iron Ore Project in November 2021 due to falling iron ore prices and high freight costs [21]. - The Koolan Island Restart Project achieved commercial production in June 2019 and has 21 million tonnes of 65.5% Fe reserves, with plans to increase production in the second half of FY2022 [22]. - The Platts IODEX 62% CFR China index fell from approximately US$210 per dry metric tonne in July to US$80 per dry metric tonne in November, currently around US$135 per dry metric tonne [28]. - Mount Gibson reported a net loss after tax of A$66 million for 1H FY2022 from sales of 0.7 million tonnes [28]. - Sales guidance for FY 2022 is set at 2 million tonnes, with 1.7 million tonnes expected from Koolan Island [28]. - The average benchmark market selling prices of clean coking coal products increased by approximately 78% year-on-year in 2021 [38]. - Tin prices rose from US$32,600 per tonne to around US$43,500 per tonne during the first half of FY2022, driven by low inventory levels [41]. Financial Position and Liabilities - As of 31 December 2021, non-current assets totaled HK$2,568,937,000, while net current assets amounted to HK$1,774,214,000, with a current ratio of 5.2 times [60]. - The company had borrowings of HK$118,771,000 as of 31 December 2021, with undrawn banking facilities amounting to HK$433,942,000 [61]. - The Group's current assets net value was HK$1,774,214,000, a decrease from HK$2,076,671,000 as of June 30, 2021, with a current ratio of 5.2 times compared to 20.7 times previously [64]. - The Group's borrowings (excluding lease liabilities) stood at HK$118,771,000 as of December 31, 2021, with unused bank financing amounting to HK$433,942,000 [65]. - The company recognized dividends payable of HK$260,425,000 as of December 31, 2021, compared to no dividends payable as of June 30, 2021 [114]. - Current liabilities increased significantly to HK$421,027,000 from HK$105,250,000, marking a rise of approximately 300.3% [114]. - Total liabilities rose to HK$430,737,000 compared to HK$114,190,000, indicating an increase of around 276.5% [114]. Operational and Segment Performance - The Group operates through three reportable segments: Commodity business, Resource investment, and Principal investment and financial services [147]. - Segment revenue from external customers for the six months ended 31 December 2021 was HK$82,917,000, which includes HK$61,835,000 from commodity business and HK$21,082,000 from interest income [155]. - The gross sales proceeds from resource investment amounted to HK$1,872,906,000 for the same period [155]. - The company experienced an impairment loss of HK$759,867,000 on interests in associates for the six months ended December 31, 2021 [107]. - The share of results of associates showed a profit of HK$105,439,000, recovering from a loss of HK$151,659,000 in the previous year [122]. - The company recorded a consolidated profit before taxation of HK$1,179,203,000 [164]. - The company experienced a reversal of impairment loss on interest in an associate amounting to HK$580,014,000 [164]. Employee and Corporate Governance - The total remuneration and pension contributions for the first half of FY2022 amounted to HK$22,161,000, an increase from HK$19,244,000 in the first half of FY2021 [71]. - The Group has 15 employees as of December 31, 2021, unchanged from June 30, 2021 [71]. - The Group's operational risks are managed through robust internal controls and regular evaluations by the internal audit team [80].