Financial Performance - APAC Resources reported a net profit attributable to shareholders of HKD 390 million for the fiscal year ending June 30, 2024, compared to a net loss of HKD 319 million in the previous fiscal year[4]. - The resource investment segment generated a segment profit of HKD 404 million, driving the overall strong performance of the company[7]. - The major strategic investments contributed a net profit of HKD 28 million, a significant recovery from a net loss of HKD 10.6 million in the previous fiscal year[8]. - APAC Resources declared a final dividend of HKD 0.10 per share, reflecting the strong financial performance for the fiscal year 2024[5]. - The company reported a net profit after tax of AUD 6 million for FY2024, up from AUD 5 million in FY2023, driven by increased sales volume and iron ore prices[9]. - The commodity business achieved a segment profit of HKD 84,031,000 in fiscal year 2024, a significant increase from HKD 3,470,000 in fiscal year 2023[30]. - The major investment and financial services segment reported a profit of HKD 38,531,000 in fiscal year 2024, recovering from a loss of HKD 17,635,000 in fiscal year 2023[31]. Strategic Investments - The company's strategic investments in Mount Gibson, Tanami Gold, and Metals X showed resilience in a volatile market, with Mount Gibson's cash and investment net assets increasing from AUD 139 million to AUD 441 million[4]. - The company holds equity interests of 37.3% in Mount Gibson, 46.3% in Tanami Gold, 22.8% in Metals X, and 44.3% in Prodigy Gold[8]. - Mount Gibson's Koolan Island project achieved a sales volume of 4.1 million wet tonnes in FY2024, a significant increase from 3.0 million wet tonnes in FY2023[9]. - The company is focusing on identifying potential investment opportunities to maximize shareholder value amidst market fluctuations[53]. - The company plans to focus on investing in quality assets that will benefit from structural trends in the resource sector[4]. Market Outlook - The company maintains a cautious outlook due to global economic uncertainties, particularly concerns over potential recession in the U.S. and structural issues in China's economy[4]. - The long-term fundamentals for commodities remain strong, driven by global efforts for carbon reduction and ongoing urbanization and infrastructure development[4]. - The global economic outlook for 2024 is complex, with concerns over global demand and rising inventory levels impacting key commodities like copper and iron ore[54]. - The company is experiencing cautious investor sentiment, with commodity market positions at their lowest since early 2019[54]. Operational Performance - Iron ore sales revenue rose from AUD 450.586 million in FY2023 to AUD 667.678 million in FY2024, despite non-cash inventory costs and impairment charges offsetting some gains[9]. - The average iron ore price for FY2024 was USD 114 per dry tonne, with prices fluctuating between USD 136 and USD 95 during the year[10]. - Metals X produced 10,037 tonnes of tin concentrate in FY2024, with an EBITDA of AUD 184 million based on a tin price of AUD 41,680 per tonne[12]. - Prodigy Gold recorded a net loss of AUD 10 million in FY2024, primarily due to exploration expenses and impairment of capitalized exploration costs[16]. Financial Position - As of June 30, 2024, the company's non-current assets were valued at HKD 1,633,082,000, down from HKD 2,025,899,000 as of June 30, 2023[39]. - The current ratio improved to 7.7 times as of June 30, 2024, compared to 6.1 times as of June 30, 2023[39]. - As of June 30, 2024, the company's distributable reserves amounted to HKD 1,058,322,000, down from HKD 1,194,959,000 in 2023[85]. - The company has pledged listed securities with a fair value of HKD 416,000,000 as collateral for bank financing[41]. Governance and Management - The company is committed to maintaining high standards of corporate governance and financial management practices[60][61]. - The board includes members with significant qualifications and experience in finance, governance, and engineering, ensuring robust oversight[60][61][65]. - The company has established strict internal controls and effective reporting systems to manage operational risks[48]. - The board's responsibilities include overall strategy, annual and interim performance reviews, and approval of significant contracts and transactions[132]. Risk Management - The company has a system in place to identify, assess, and manage risks associated with its business activities[161]. - The audit committee is informed about significant audit findings and any deficiencies in internal control identified during the audit[200]. - The company has established a whistleblower policy to allow employees and business partners to report potential misconduct confidentially[164]. Shareholder Communication - The company maintains good communication with shareholders through various formal channels, including interim reports and annual reports[166]. - The board has reviewed the implementation and effectiveness of the shareholder communication policy during the year[169]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements give a true and fair view of the Group's financial position as of June 30, 2024[173]. - The financial statements were prepared in compliance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[173]. - The audit committee approved the external auditor's proposed audit scope and fees for the year ending June 30, 2024[153].
亚太资源(01104) - 2024 - 年度财报