僅供識別
(於百慕達註冊成立之有限公司) 股份代號
2019
ANNUAL REPORT
年報
CONTENTS
03
04
06
14
19
31
43
93
99
100
101
103
104
106
236
Corporate Information
CEO's Message
Management Discussion and Analysis
Biographical Details of Directors and Management
Directors' Report
Corporate Governance Report Environmental, Social and Governance Report Independent Auditor's Report Consolidated Statement of Profit or Loss
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Financial Summary
CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors
Mr. Brett Robert Smith (Deputy Chairman)
Mr. Andrew Charles Ferguson (Chief Executive Officer)
Non-Executive Directors
Mr. Arthur George Dew (Chairman)
(Mr. Wong Tai Chun, Mark as his alternate) Mr. Lee Seng Hui
Mr. So Kwok Hoo
Independent Non-Executive Directors
Dr. Wong Wing Kuen, Albert
Mr. Chang Chu Fai, Johnson Francis
Mr. Robert Moyse Willcocks
Mr. Wang Hongqian
AUDIT COMMITTEE
Dr. Wong Wing Kuen, Albert (Chairman)
Mr. Arthur George Dew
(Mr. Wong Tai Chun, Mark as his alternate) Mr. Chang Chu Fai, Johnson Francis
Mr. Robert Moyse Willcocks
Mr. Wang Hongqian
REMUNERATION COMMITTEE
Dr. Wong Wing Kuen, Albert (Chairman)
Mr. Arthur George Dew
(Mr. Wong Tai Chun, Mark as his alternate) Mr. Chang Chu Fai, Johnson Francis
Mr. Robert Moyse Willcocks
Mr. Wang Hongqian
NOMINATION COMMITTEE
Mr. Arthur George Dew (Chairman)
(Mr. Wong Tai Chun, Mark as his alternate) Dr. Wong Wing Kuen, Albert
Mr. Chang Chu Fai, Johnson Francis
Mr. Robert Moyse Willcocks
Mr. Wang Hongqian
COMPANY SECRETARY
Ms. Lau Tung Ni
AUDITOR
Deloitte Touche Tohmatsu
STOCK CODE
1104
LEGAL ADVISERS
Addisons
Conyers Dill & Pearman
P. C. Woo & Co.
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
Bank of Communications Co., Ltd. Hong Kong Branch DBS Bank (Hong Kong) Limited
Industrial and Commercial Bank of China (Asia) Limited OCBC Wing Hang Bank Limited
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS
Room 2304, 23rd Floor
Allied Kajima Building
138 Gloucester Road
Wanchai
Hong Kong
Tel: +852 2541 0338
Fax: +852 2541 9133
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE
MUFG Fund Services (Bermuda) Limited 4th floor, North Cedar House
41 Cedar Avenue
Hamilton HM 12 Bermuda
H O N G K O N G B R A N C H S H A R E REGISTRAR AND TRANSFER OFFICE
Tricor Secretaries Limited
Level 54, Hopewell Centre
183 Queen's Road East
Hong Kong
WEBSITE
www.apacresources.com
apac.quamir.com
APAC Resources Limited | 03 |
Annual Report 2019 |
CEO'S MESSAGE
Dear Shareholder,
I would like to thank you for your ongoing support and am pleased to announce that APAC Resources generated a net profit of HK$608,432,000 in the year ended 30 June 2019 ("FY 2019"). Key drivers are gains arising from share of results of associates of HK$273,750,000, and a reversal of impairment loss on the carrying value of the Group's investment in Mount Gibson Iron Limited of HK$656,390,000, which benefitted by a strong iron ore price during FY 2019 due to production outages in Brazil. This was partially offset by a tough economic environment which dragged down commodity prices and as a result our core business segments generated a loss of HK$43,083,000.
The "Trade War" between China and US continues to drive global economic headlines. Another round of US tariffs came into effect in early September on US$110 billion of Chinese consumer goods with another US$160 billion of goods expected to be affected in December, and China responding with its own tariffs against roughly US$75 billion of US goods. However, China indicated in late August that it would not immediately retaliate to a tweet from President Trump stating that the US would increase existing 25% tariffs to 30% on 1 October. This has been interpreted by the markets as an attempt to de-escalate the situation with face to face talks suggested for September. While this appears to be positive, we remain cautious in our outlook given the ongoing US-China talks have not yielded results so far, and expect market sentiment to be linked to the outcome of the Trade War.
Tension between Japan and South Korea is also putting pressure on the global economy, with Japan removing South Korea from a list of trusted trading partners, following Japan's decision to restrict exports of specialized products to South Korea, impacting South Korea's key technology industry.
Brexit remains an overhang on the UK and European economies, the UK appears on track for a "hard Brexit" by 31 October, which will result in new tariffs between UK and the EU, as they revert to WTO terms.
The general deterioration in the global economy is clearly reflected in global PMIs, with almost all countries showing a steady downward trend in manufacturing PMIs. In China, the manufacturing PMI for August fell to 49.5 marking a fourth month of contraction. Furthermore, the US yield curve inverted in August, generally seen as a signal for a recession.
In an attempt to counteract weakness, we are seeing central banks and governments considering measures to prop up their economies including fiscal stimulus, tax cuts, interest rate cuts and QE. The US Fed has already cut interest rates in July, and markets are expecting another interest rate cut in September.
04 | APAC Resources Limited |
Annual Report 2019 |
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APAC Resources Limited published this content on 21 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 October 2019 08:35:11 UTC