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Annual Report 2016
二零一六年年報
19
Management Discussion & Analysis
管理層討論及分析
財務回顧（續）
於二零一六年年內，本集團就其於中國聯營公司之投資所佔
業績錄得虧損淨額港幣
10,600,000
元，而去年則分佔溢利港
幣
6,600,000
元，變動港幣
17,200,000
元。該變動之原因如
下：首先，於二零一五年十二月出售所持國富瑞股權後我們
不再分佔其溢利。於二零一五年，分佔國富瑞溢利金額為港
幣
9,400,000
元。第二，我們在上海提供第四方物流服務之
聯營公司上海匯通仍處於業務擴充階段，並於二零一六年產
生虧損。我們於年內分佔之上海匯通虧損為港幣
7,400,000
元，較二零一五年虧損金額高出港幣
4,000,000
元。第三，
本集團就南方於法律案件之損失作出全額撥備。本年度分佔
南方之虧損金額為港幣
3,900,000
元。
於二零一六年十二月三十一日，我們全資附屬公司
DTTNCo
向其客戶提供電子解決方案有稅項虧損港幣
54,100,000
元。
DTTNCo
為物流、倉儲、第三方物流及零售業客戶開發電子
商貿供應鏈解決方案，預期將令其收益及溢利有所增長。有
證據顯示，應課稅溢利足以動用稅項虧損。
DTTNCo
已根據
目前會計準則確認遞延稅項資產。遞延稅項抵免金額計算
得出將為港幣
8,900,000
元。連同其他遞延稅項抵免，稅項
抵免總額為港幣
9,000,000
元，並用作抵銷利得稅撥備港幣
11,100,000
元。綜合損益賬之稅項淨額成為稅項撥備港幣
2,100,000
元。
本集團二零一六年之除稅後溢利達港幣
79,300,000
元，按年
輕微下降
2.6%
。倘不計及
DTTNCo
稅項虧損所致遞延稅項抵
免之影響港幣
8,900,000
元，則本集團二零一六年之除稅後
溢利將為港幣
70,400,000
元。
二零一六年之每股基本盈利為
9.9
港仙，較二零一五年每股
10.2
港仙減少
0.3
港仙。二零一六年之每股攤薄盈利亦為
9.9
港仙，較二零一五年每股
10.2
港仙減少
0.3
港仙。
股息
董事會建議派付二零一六年末期股息每股
6.3
港仙（二零一五
年：每股
5.1
港仙），增幅
23.5%
。建議末期股息連同於二零
一六年十月六日支付之中期股息每股
2.4
港仙（二零一五年：
每股
3.6
港仙）之派息率為本集團溢利（經扣除遞延稅項抵免
港幣
8,900,000
元）
98.3%
。
建議末期股息將於二零一七年五月十一日股東週年大會上提
交股東審批。倘獲得批准，末期股息將於二零一七年五月
三十一日或前後派付予二零一七年五月十八日名列本公司股
東名冊之股東。
Financial Review (continued)
During the year of 2016, the Group’s share of results from our investments in
the PRC associates was a net loss of HK$10.6 million as compared to a share
of profit of HK$6.6 million last year, a swing of HK$17.2 million. The reasons
of the swing were that, firstly, the cessation of sharing Guofurui’s profit after
the disposal of our stake in December 2015. The amount of profit shared from
Guofurui in 2015 was HK$9.4 million. Secondly, U-Link, our PRC associate
operating 4PL business in Shanghai, was still in its business development
mode and incurred losses in 2016. Our share of U-Link’s loss during the year
at HK$7.4 million, higher than the amount of loss shared in 2015 by HK$4.0
million. Thirdly, the Group made a full provision for Nanfang’s loss in a legal
case. The amount of loss shared from Nanfang this year was HK$3.9 million.
As at 31 December 2016, our wholly-owned subsidiary, DTTNCo providing
e-solutions to its customers has tax losses of HK$54.1 million. DTTNCo
has developed a suite of supply-chain e-solutions to customers in logistics,
warehousing, 3PL and retail industries and is expected to grow its revenue
as well as its profit. There is evidence of sufficient taxable profit to utilise the
tax losses. DTTNCo has recognised the deferred tax assets in accordance
with the current accounting standards. The amount of deferred tax credit is
calculated to be HK$8.9 million. Together with the other deferred tax credits,
the total credit amount was HK$9.0 million and is used to off-set the profits tax
provision of HK$11.1 million. The net taxation in the consolidated profit and
loss account becomes a tax provision of HK$2.1 million.
The Group’s after tax profit for 2016 came to HK$79.3 million, a slight decline
of 2.6% year-on-year. Excluding the effect of the deferred tax credit from
DTTNCo tax losses of HK$8.9 million, the Group’s after tax profit for 2016
would be HK$70.4 million.
Basic earnings per share for 2016 was HK 9.9 cents, lower than that for 2015
at HK 10.2 cents by HK 0.3 cents. Diluted earnings per share for 2016 was
also HK 9.9 cents, lower than that for 2015 at HK 10.2 cents by HK 0.3 cents.
Dividend
The Board has recommended a final dividend of HK 6.3 cents per share for
2016 (2015: HK 5.1 cents per share), an increase of 23.5%. The proposed
final dividend, together with the interim dividend of HK 2.4 cents per share
(2015: HK 3.6 cents per share) paid on 6 October 2016, represents a dividend
payout ratio of 98.3% of the Group’s profit excluding the deferred tax credit of
HK$8.9 million.
The proposed final dividend will be submitted to shareholders for approval at
the annual general meeting on 11 May 2017. If approved, the final dividend
will be paid to shareholders whose names appear on the Register of Members
of the Company on 18 May 2017, on or about 31 May 2017.