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Tradelink Electronic Commerce Limited
貿易通電子貿易有限公司
20
Management Discussion & Analysis
管理層討論及分析
股息（續）
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，本公司於過去十一年一直分派所
有可供分派溢利，本年度分派本公司扣除遞延稅項抵免前溢
利之接近
100%
並不表示股息政策有所改變。
流動資金與財務狀況
於二零一六年十二月三十一日，本集團之現金及銀行存款
總額為港幣
44,300,000
元（二零一五年：港幣
146,200,000
元）。於年內，可用現金儲備投資於美元計值之財務資產，
被視為綜合財務狀況表中非流動資產之可供出售債務證券。
總額由二零一五年十二月三十一日港幣
229,400,000
元增
加港幣
177,700,000
元至二零一六年十二月三十一日港幣
407,100,000
元。
於二零一六年十二月三十一日，其他財務資產為定息美元
計值公司債券，於任何單一發行人之個別投資面值不超
過
3,000,000
美元，於少於五年內到期。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。加權平均組合票面利率及孳息率分別約為
4.9%
及
4.4%
。於二零一六年十二月三十一日，總額的
68%
乃投資
於投資級別公司債券，而餘下的
32%
則投資於非投資級別或
並無評級之公司債券。於二零一六年十二月三十一日持有之
所有公司債券均可於公開市場交易。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。
於二零一六年十二月三十一日，本集團資產總值及資產淨值
分別為港幣
564,600,000
元（二零一五年：港幣
576,700,000
元）及港幣
350,400,000
元（二零一五年：港幣
360,600,000
元）。
於二零一六年十二月三十一日，本集團並無借貸（二零一五
年：無）。
資本與儲備
於二零一六年十二月三十一日，股東應佔資本及儲備為港幣
350,400,000
元（二零一五年：港幣
360,600,000
元），較二
零一五年底減少港幣
10,200,000
元，主要由於在二零一六年
五月派發特別股息港幣
23,000,000
元所致。
Dividend (continued)
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 for the past eleven years and nearly 100% of its profit
before charging the deferred tax credit this year does not mean that the policy
has changed.
Liquidity and Financial Position
As at 31 December 2016, the Group has total cash and bank deposits of
HK$44.3 million (2015: HK$146.2 million). During the year, the available
cash reserves were invested in USD-denominated financial assets which were
treated as available-for-sale debt securities under Non-current assets in the
Consolidated Statement of Financial Position. The total amount increased
from HK$229.4 million as at 31 December 2015 to HK$407.1 million as at 31
December 2016 by HK$177.7 million.
The other financial assets as at 31 December 2016 were fixed income USD-
denominated corporate bonds with no more than US$3 million nominal value
each invested in any single issuer with maturity dates less than five years. To
balance the risk and returns, all investments in corporate bonds were made
in accordance with the investment guidelines which are approved by the
Investment Committee. The weighted average of the portfolio coupon and yield
were about 4.9% and 4.4% respectively. As at 31 December 2016, 68% of the
total amount was invested in investment grade corporate bonds. The remaining
32% was invested in non-investment grade or non-rated corporate bonds. All
corporate bonds held as at 31 December 2016 were tradable in open market.
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.
Total assets and net assets of the Group as at 31 December 2016 amounted
to HK$564.6 million (2015: HK$576.7 million) and HK$350.4 million (2015:
HK$360.6 million) respectively.
As at 31 December 2016, the Group had no borrowings (2015: Nil).
Capital and Reserves
As at 31 December 2016, the capital and reserves attributable to shareholders
was HK$350.4 million (2015: HK$360.6 million), a reduction of HK$10.2
million from the end of 2015. The reduction was mainly due to the distribution
of special dividend of HK$23.0 million in May 2016.