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二零一七年年報
貿易通電子貿易有限公司
Management Discussion and Analysis
(Continued)
管理層討論及分析
（續）
Liquidity and Financial Position (Continued)
The other financial assets as at 31 December 2017 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 risk and return, 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. The weighted average of the portfolio coupon and yield
were about 4.0% (31 December 2016: 4.9%) and 3.8% (31 December
2016: 4.4%) respectively. As at 31 December 2017, 74% (31 December
2016: 68%) of the total amount was invested in investment grade
corporate bonds. The remaining 26% (31 December 2016: 32%) was
invested in non-investment grade or non-rated corporate bonds. All
corporate bonds held as at 31 December 2017 were tradable in open
market except one corporate bond that has been suspended from
trading since April 2017 due to the financial difficulties encountered by
the issuer. 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 2017
amounted to HK$561.9 million (2016: HK$564.6 million) and HK$354.4
million (2016: HK$350.4 million) respectively.
As at 31 December 2017, the Group had no borrowings (2016: Nil).
Capital and Reserves
As at 31 December 2017, the capital and reserves attributable to
shareholders was HK$354.4 million (2016: HK$350.4 million), an increase
of HK$4.0 million from the end of 2016.
Charges on Assets and Contingent Liabilities
As at 31 December 2017, the Group has obtained two bank guarantees
totaling HK$2.2 million (2016: two bank guarantees of HK$2.2 million)
issued to the Government for the due performance by the Group
pursuant to the terms of the contracts with the Government. The bank
guarantees are secured by a charge over deposits totaling HK$2.2 million
(2016: HK$2.2 million).
Other than the foregoing, the Group did not have any other charges on
its assets.
流動資金與財務狀況（續）
於二零一七年十二月三十一日，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，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。加權平均組合票面利率及孳息率分別約
為
4.0%
（二零一六年十二月三十一日：
4.9%
）及
3.8%
（二零一六年十二月三十一日：
4.4%
）。於
二零一七年十二月三十一日，總額的
74%
（二零
一六年十二月三十一日：
68%
）乃投資於投資級
別公司債券，而餘下的
26%
（二零一六年十二月
三十一日：
32%
）則投資於非投資級別或並無評
級之公司債券。於二零一七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，惟一項
公司債券除外，其自二零一七年四月起因發行人
遭遇財政困難而暫停買賣。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。
於二零一七年十二月三十一日，本集團資產總值
及資產淨值分別為港幣
561,900,000
元（二零一六
年：港 幣
564,600,000
元）及 港 幣
354,400,000
元
（二零一六年：港幣
350,400,000
元）。
於二零一七年十二月三十一日，本集團並無借貸
（二零一六年：無）。
資本與儲備
於二零一七年十二月三十一日，股東應佔資本及
儲 備 為 港 幣
354,400,000
元（二 零 一 六 年：港 幣
350,400,000
元），較二零一六年年底增加港幣
4,000,000
元。
資產抵押及或有負債
於二零一七年十二月三十一日，本集團向政府提
供兩項合共港幣
2,200,000
元之銀行擔保（二零
一六年：兩項港幣
2,200,000
元之銀行擔保），確保
本集團妥善履行與政府訂立之合約條款。銀行擔
保以押記存款合共港幣
2,200,000
元（二零一六
年：港幣
2,200,000
元）作為抵押。
除上述者外，本集團並無任何其他資產抵押。