analysis should be read in conjunction with our financial statements and accompanying notes, as well as our selected operating data, included elsewhere in this Offering Circular. Our financial statements
waived. The conversion of the loan is subject to the equity value of SGAH calculated from SGAH’s future financial performance. The synthetic convertible loan has been conditioned to be converted into 1
conditioned to be converted into 1 ordinary share (equivalent to 0.01% of all registered and paid-up shares of SGAH) as at 31 March 2020. Such ordinary share will not bear any special rights and is merely a
3.15 26% Core EBITDA/t (US$/t)) 111 122 90 23% 110 89 24% Net Operating Debt to Equity 0.54 0.57 0.88 (39)% 0.54 0.88 (39)% Note: (1) Consolidated financials are based upon elimination of intra-company
operating results for year 2019. 2. Resolved to propose to 2020 Annual General Shareholder Meeting to consider and approve the omission of appropriation of earnings for legal reserve and the omission of the
the operating results for year 2019. 2. Resolved to propose to 2020 Annual General Shareholder Meeting to consider and approve the omission of appropriation of earnings for legal reserve and the
, combined with other issues and debts from past to present, have put the Company in another financial crisis. From the continuing operating loss and the lack of liquidity since 2008, the Company did not have
operating loss and the lack of liquidity since 2008, the Company did not have sufficient funds to operate its business and had to cease the production of hot rolled coil, which further resulted in the