Annual Report 2021

25 年報 2021 ANNUAL REPORT MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 財資政策 本集團的財資政策集中於流動資金管理和監控 財務風險，包括利率風險、匯兌風險和交易對 手風險。其目的是確保本集團有充足的財務資 源以在財務狀況可行情況下維持業務增長。 本集團的剩餘資金一般以短期存款（以歐元、 港元、人民幣或美元為單位）存放在香港及中 國信譽良好的銀行。本集團的資金籌措主要包 括銀行的貸款及可換股債券，貸款組合會考慮 本集團的資金流動及利息成本而作出。 股本、資金流動及財政資源 股本及資產淨值 本公司管理其資本架構的目的以確保本集團之 業務能繼續可持續增長及為股東提供一個長期 合理的回報。 於二零二一年十二月三十一日，本公司已發行 股份總數目為 1,898,652,556 股（二零二零年： 1,899,024,556 股）。本集團於二零二一年十二 月三十一日之資產淨值報港幣 1,732,946,000 元，比二零二零年十二月三十一日的港幣 1,645,571,000 元上升 5.3% 。於二零二一年 十二月三十一日的每股資產淨值報港幣 0.91 元，比於二零二零年十二月三十一日每股報港 幣 0.87 元亦上升 4.6% 。 發行可換股債券 於二零一八年十二月十八日，本公司與京西控 股（關連人士及首鋼基金的附屬公司）訂立認購 協議，據此，本公司發行而京西控股認購本金 額最高為港幣 150,000,000 元的可換股債券。 年利率為 4.0% 而換股價為每股股份港幣 0.33 元，自發行日六個月起開始轉換至期末。期限 由發行日起三年，可由京西控股延長兩次，每 次一年至可換股債券發行日期後至第五個週年 當日。 TREASURY AND FUNDING POLICIES The treasury and funding policies of the Group concentrate on the management of liquidity and the monitoring of financial risks, including interest rate risk, currency risk and counterparty risks. The objectives are to ensure the Group has adequate financial resources to maintain business growth with a viable financial position. Surplus funds of the Group are generally placed on short term deposits denominated in EUR, HKD, RMB or USD with reputable banks in Hong Kong and the PRC. The financing of the Group principally comprises bank loans and Convertible Bonds. The financing portfolio takes into consideration of the liquidity of the Group and interest costs. SHARE CAPITAL, LIQUIDITY AND FINANCIAL RESOURCES Share capital and net asset value The Company manages its capital structure with the objectives of ensuring that the businesses of the Group can maintain a sustainable growth and providing a long- term reasonable return to its Shareholders. The total number of issued shares of the Company was at 1,898,652,556 Shares at 31 December 2021 (2020: 1,899,024,556 Shares). Net asset value of the Group was HK$1,732,946,000 at 31 December 2021, increased by 5.3% as compared to HK$1,645,571,000 at 31 December 2020. Net asset value per Share was HK$0.91 at 31 December 2021, also increased by 4.6% as compared to HK$0.87 per Share at 31 December 2020. Issuance of Convertible Bonds On 18 December 2018, the Company entered into the Subscription Agreement with Jingxi Holdings (a related party and a wholly owned subsidiary of Shougang Fund) whereby the Company issued and Jingxi Holdings subscribed for the Convertible Bonds in the principal amount of HK$150,000,000. The interest rate is 4.0% per annum while Conversion Price is HK$0.33 per Share, with conversion available commencing 6 months from issuance date till end of term. Tenor is 3 years from issuance date which can be extended by Jingxi Holdings for one year twice to the date falling on the fifth anniversary of the issue date of the Convertible Bonds.