貿易通2019 年年報

二零一九年年報 貿易通電子貿易有限公司 27 Management Discussion and Analysis (Continued) 管理層討論及分析 （續） 財務回顧（續） 建議末期股息將於二零二零年五月八日股東週年 大會上提交股東審批。倘獲得批准，末期股息將 於二零二零年五月二十九日或前後派付予二零二 零年五月十四日名列本公司股東名冊之股東。 董事會謹此向股東重申本公司於二零零五年首次 公開招股時所闡明之股息政策，即本公司將會分 派不少於可供分派溢利之 60% 作為股息。事實 上，本公司於過去一直分派所有可供分派溢利， 本年度分派本公司溢利之逾 92% 並不表示股息政 策有所改變。 流動資金與財務狀況 於二零一九年十二月三十一日，本集團之現金及 銀行存款總額為港幣 143,400,000 元（二零一八 年：港幣 86,500,000 元）。本集團之現金結餘增加 乃主要由於其他財務資產中持有的兩項公司債券 於二零一九年內分別到期及被提早贖回及向銀行 存入現金儲備所致。 於二零一九年十二月三十一日，非流動及流動資 產中的其他財務資產分別為港幣 279,100,000 元 （二 零 一 八 年：港 幣 305,500,000 元）及 港 幣 38,500,000 元（二零一八年：港幣 42,200,000 元）， 即 各 自 投 資 於 任 何 單 一 發 行 人 面 值 不 超 過 3,000,000 美元於五年內到期的定息美元計值企業 債券的公允價值。於二零一九年十二月三十一 日，加權平均組合票面利率及孳息率分別約為 4.1% （二 零 一 八 年： 3.9% ）及 3.8% （二 零 一 八 年： 3.7% ）。於二零一九年十二月三十一日，總 額的 65% （二零一八年： 71% ）投資於投資級別企 業債券，而餘下 35% （二零一八年： 29% ）則投資 於非投資級別或沒有評級的企業債券。於二零 一九年十二月三十一日持有的所有企業債券均可 於公開市場交易。 為平衡風險與回報，公司債券之所有投資均按照 投資委員會批准之投資指引進行，該委員會由本 公司三名獨立非執行董事及一名非執行董事組 成。於確定任何獲得新業務之機會前，現金盈餘 停於公司債券中，作為我們財務營運一部分，以 提高本集團現金盈餘收益率。 Financial Review (Continued) The proposed final dividend will be submitted to shareholders for approval at the annual general meeting on 8 May 2020. If approved, the final dividend will be paid to shareholders whose names appear on the register of members of the Company on 14 May 2020, on or about 29 May 2020. The Board reminds shareholders that the Company’s dividend policy enunciated at the time of our IPO in 2005 is that it will pay no less than 60% of its distributable profit as dividend. The fact that the Company has paid out all of its attributable profit in the past and nearly 92% of profit attributable to shareholders this year does not mean that the policy has changed. Liquidity and Financial Position As at 31 December 2019, the Group had total cash and bank deposits of HK$143.4 million (2018: HK$86.5 million). The increase in the Group’s cash balance was mainly due to the maturity and early redemption of two corporate bonds respectively in the other financial assets during 2019 and the cash reserves were placed to deposit with banks. The other financial assets as at 31 December 2019 in the non-current and current assets amounted to HK$279.1 million (2018: HK$305.5 million) and HK$38.5 million (2018: HK$42.2 million) respectively, represented the fair value of the fixed income USD-denominated corporate bonds with no more than US$3.0 million nominal value each invested in any single issuer with maturity dates less than five years. As at 31 December 2019, the weighted average of the portfolio coupon and yield were about 4.1% (2018: 3.9%) and 3.8% (2018: 3.7%) respectively. As at 31 December 2019, 65% (2018: 71%) of the total amount was invested in investment grade corporate bonds. The remaining 35% (2018: 29%) was invested in non-investment grade or non-rated corporate bonds. All corporate bonds held as at 31 December 2019 were tradable in open market. To balance risk and returns, all investments in corporate bonds were made in accordance with the investment guidelines which had been approved by the Investment Committee comprising three Independent Non-executive Directors and one Non-executive Director of the Company. Before any opportunities were identified to acquire new businesses, the cash surplus were parked in corporate bonds as part of our treasury operations to improve the yield of the Group’s cash surpluses.