Annual Report 2021

26 SHOUGANG CENTURY HOLDINGS LIMITED 首佳科技製造有限公司 MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 換股價乃由本集團與京西控股參考股份的現 行市價經公平磋商後釐定。於二零一九年二月 十一日，發行可換股債券完成。認購事項所得 款項淨額（經扣除成本及開支約港幣 1 百萬元 後）約為港幣 149 百萬元及預期用作下列用途： (i) 約港幣 37.3 百萬元用於償還本集團利率較高 的計息貸款（首控香港及其關聯方提供的貸款 除外）； (ii) 約港幣 110 百萬元用於為滕州東方二 期項目的資本投資提供資金，惟受限於建設成 本及補充滕州東方及嘉興東方的生產需求所需 時間；及 (iii) 所得款項餘額約港幣 1.7 百萬元用 於補充一般營運資金。 於二零二一年及二零二零年十二月三十一日， 本集團已根據擬定的用途全部動用上述所得款 項。於二零二一年十二月三十一日後，本公司 收到京西控股發出的延期通知以延長到期日至 二零二三年二月十一日，並且收到轉換通知以 按換股價為每股換股股份港幣 0.33 元轉換本金 額為港幣 24,000,000 元之可換股債券。換股股 份於二零二二年二月七日發行。 銀行結存及現金及計息貸款 於二零二一年十二月三十一日，本集團之銀 行結存及現金（包括已抵押銀行存款）共港幣 269,354,000 元，比二零二零年十二月三十一 日 報 港 幣 177,570,000 元 上 升 51.7% 。本 集 團之總計息貸款（包括來自一間關連公司之 貸款、銀行貸款及可換股債券）於二零二一年 十二月三十一日報港幣 687,686,000 元，比二 零二零十二月三十一日報港幣 660,942,000 元增加 4.0% 。因此，計息貸款淨額（計息貸 款總額減去已抵押的銀行存款、銀行結存 及現金）由二零二零年十二月三十一日的港 幣 483,372,000 元減少至二零二一年十二月 三十一日的港幣 418,332,000 元。 The Conversion Price was arrived at after arm’s length negotiations between the Group and Jingxi Holdings with reference to the prevailing market prices of the Shares. On 11 February 2019, the issuance of the Convertible Bonds was completed. The net proceeds from the Subscription, after deducting the costs and expenses of approximately HK$1 million, are approximately HK$149 million and are expected to be used as follows: (i) as to approximately HK$37.3 million for repaying interest-bearing borrowings with higher interest rate of the Group (excluding borrowings provided by Shougang HK and its related party(ies)); (ii) as to approximately HK$110 million for funding the capital investment for the TESC Phase II Project subject to the construction cost and time needed to supplement the production need for both TESC and JESC; and (iii) as to approximately HK$1.7 million, being the remaining proceeds for supplementing general working capital. As at 31 December 2021 and 2020, the Group had fully utilised the aforesaid proceeds according to the intended usage. Subsequent to 31 December 2021, the Company received from Jingxi Holdings an extension notice to extend the maturity date to 11 February 2023 and a conversion notice to convert the Convertible Bonds in the principal amount of HK$24,000,000 at the Conversion Price of HK$0.33 per Conversion Share. The Conversion Shares were issued on 7 February 2022. Bank balances and cash and interest bearing borrowings The Group’s bank balances and cash (including pledged bank deposits) amounted to HK$269,354,000 at 31 December 2021, increased by 51.7% as compared to HK$177,570,000 at 31 December 2020. Total interest bearing borrowings of the Group (comprised of loan from a related company, bank borrowings and Convertible Bonds) were HK$687,686,000 at 31 December 2021, increased by 4.0% as compared to HK$660,942,000 as at 31 December 2020. The amount of net interest bearing borrowings (total interest bearing borrowings less pledged bank deposits and bank balances and cash) therefore decreased from HK$483,372,000 at 31 December 2020 to HK$418,332,000 at 31 December 2021.