Economic Recovery and Market Outlook - The company reported a gradual recovery reflected in high-frequency data and forward-looking PMI numbers, despite ongoing challenges from COVID-19[12]. - By early February 2021, approximately 120 million vaccine doses had been administered globally, with expectations for continued vaccination efforts over the next six months[12]. - Chinese GDP has returned to pre-COVID-19 levels, marking it as the fastest major economy to recover from the pandemic[12]. - The majority of governments are maintaining supportive fiscal and monetary policies, with the US proposing an additional US$1.9 trillion coronavirus relief package[12]. - The outlook for the global economy is optimistic due to the expected rollout of COVID-19 vaccinations, which is anticipated to facilitate a wider economic reopening[111]. Financial Performance - APAC Resources reported a net profit attributable to shareholders of HK$1,177,467,000 for 1H FY2021, a significant increase from HK$46,939,000 in 1H FY2020[19]. - The profit was primarily driven by HK$336,641,000 from the Resource Investment division and HK$580,014,000 from the reversal of impairment loss related to Mount Gibson Iron Limited[19]. - Profit before taxation surged to HK$1,179,203,000 for the six months ended December 31, 2020, compared to HK$48,051,000 in the previous year, indicating strong operational performance[118]. - The profit attributable to owners of the company for the period was HK$1,177,467,000, a substantial increase from HK$46,939,000 in the same period of 2019[120]. - Total comprehensive income for the period attributable to owners of the company was HK$1,369,661,000, compared to HK$48,010,000 in the previous period[130]. Commodity and Resource Investments - The strong recovery in China's manufacturing sector has contributed to a significant rebound in commodity prices, which supports the company's business[12]. - The Platts IODEX 62% CFR China Index increased to the US$120/dmt range for much of 1H FY2021, reaching close to US$170/dmt in January 2021[28]. - The strong iron ore prices are attributed to high Chinese steel production and supply issues, with expectations for normalization in the medium term[28]. - The resource investment division reported a rebound in the resource sector during the first half of FY2021, with small-cap resource stock indices averaging a performance of 63%[51]. - The precious metals segment recorded a fair value gain of HK$69,963,000, with gold prices increasing by 6% during the first half of FY2021[52]. Cash Flow and Financial Position - As of 31 December 2020, non-current assets amounted to HK$2,735,769,000, and net current assets were HK$1,948,107,000, reflecting a current ratio of 32.9 times[69]. - The Group had borrowings of HK$Nil as of 31 December 2020, with undrawn banking facilities amounting to HK$181,356,000[70]. - The Group's current assets net value was HK$1,948,107,000, up from HK$1,506,047,000 as of June 30, 2020, with a current ratio of 32.9 times[73]. - Total assets reached HK$4,744,885,000, compared to HK$3,526,631,000, marking a growth of approximately 34.5%[137]. - Cash and cash equivalents at the end of the period were HK$429,506,000, down from HK$564,154,000 year-over-year[156]. Investment Strategy and Dividends - APAC Resources has not declared a dividend due to current global economic uncertainties, with plans to reassess the dividend policy based on future economic outlook[16]. - The company plans to regularly review its investment strategy to mitigate risks associated with market volatility and seek potential investment opportunities to maximize shareholder value[107]. - An interim dividend of HK$0.10 per share was declared, amounting to approximately HK$121,889,000, which was paid in cash during the six months ended December 31, 2020[102]. Operational Highlights - Mount Gibson reported a net profit after tax of A$75 million for 1H FY2021 from sales of 2.3 million tonnes[28]. - Mount Gibson ended 1H FY2021 with a robust cash reserve of A$436 million, equivalent to A$0.37 per share[28]. - Northern Star produced 479,000 ounces of gold in 1H FY2021, generating underlying free cash flow of A$225 million, with a production target of 1,000,000 ounces for FY2021, reflecting a 10% YoY growth[54]. - The Renison mine produced 2,163 tonnes of tin in 1H FY2021, up 17% year-on-year, with an average realized tin price of A$22,935 per tonne, up 3% year-on-year[40]. - The company is focusing on low carbon industries, including electric vehicles and renewable energy, as a long-term growth area[15].
亚太资源(01104) - 2021 - 中期财报