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貿易通電子貿易有限公司
二零一七年中期報告
13
Management Discussion and Analysis
(Continued)
管理層討論及分析
（續）
股息
董事會已議決向股東宣派截至二零一七年六月三十日止六個
月的中期股息每股
3.2
港仙（二零一六年：每股
2.4
港仙），
增加
33.3%
。中期派息率約為本集團期內溢利（撇除遞延稅
項支出港幣
1,000,000
元）的
74.1%
。中期派息率與過往年
度比率一致，約為
75%
。
流動資金與財務狀況
於二零一七年六月三十日，本集團的現金及銀行存款總額
為港幣
29,700,000
元（二零一六年十二月三十一日：港幣
44,300,000
元）。
於二零一七年六月三十日，港幣
283,400,000
元（二零一六
年十二月三十一日：港幣
407,100,000
元）的其他財務資產
為定息美元計值企業債券，於五年內到期。加權平均組合
票面利率及孳息率分別約為
4.8%
（二零一六年十二月三十一
日：
4.9%
）及
4.2%
（二零一六年十二月三十一日：
4.4%
）。為
平衡風險與回報，所有企業債券均根據投資指引進行投資，
由三名獨立非執行董事及一名非執行董事組成的投資委員會
批准。於二零一七年六月三十日，總額的
57%
（二零一六年
十二月三十一日：
68%
）投資於投資級別企業債券，而餘下
43%
（二零一六年十二月三十一日：
32%
）則投資於非投資級
別或沒有評級的企業債券。於二零一七年六月三十日持有的
所有企業債券均可於公開市場交易，惟其中一項企業債券因
其發行人面臨財政困難而自二零一七年四月起暫停該債券之
買賣。於確定任何獲得新業務的機會前，現金盈餘寄存在企
業債券中，作為我們財政營運一部分，以提高本集團現金盈
餘收益率。
於二零一七年六月三十日，本集團的資產總值及資產淨值
分別為港幣
540,800,000
元（二零一六年十二月三十一日：
港幣
564,600,000
元）及港幣
338,100,000
元（二零一六年
十二月三十一日：港幣
350,400,000
元）。
於二零一七年六月三十日，本集團並無借款（二零一六年
十二月三十一日：無）。
資本與儲備
於二零一七年六月三十日，股東應佔資本及儲備為港
幣
338,100,000
元（二零一六年十二月三十一日：港幣
350,400,000
元），較二零一六年底減少港幣
12,300,000
元。
Dividend
The Board has resolved to declare an interim dividend of HK 3.2 cents per
share (2016: HK 2.4 cents per share) for the six months ended 30 June 2017
to shareholders, an increase of 33.3%. The interim dividend payout ratio is
about 74.1% of the Group’s profit for the period excluding the deferred tax
charge of HK$1.0 million. The interim dividend payout ratio is consistent with
the ratios for the pervious years at about 75%.
Liquidity and Financial Position
As at 30 June 2017, the Group has total cash and bank deposits of HK$29.7
million (31 December 2016: HK$44.3 million).
The other financial assets as at 30 June 2017 at the amount of HK$283.4
million (31 December 2016: HK$407.1 million) were fixed income USD-
denominated corporate bonds with maturity dates less than five years. The
weighted average of the portfolio coupon and yield were about 4.8% (31
December 2016: 4.9%) and 4.2% (31 December 2016: 4.4%) respectively.
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 which is composed of 3 Independent Non-executive Directors and
1 Non-executive Director. As at 30 June 2017, 57% (31 December 2016:
68%) of the total amount was invested in investment grade corporate bonds.
The remaining 43% (31 December 2016: 32%) was invested in non-investment
grade or non-rated corporate bonds. All corporate bonds held as at 30 June
2017 were tradable in open market except one corporate bond that has been
suspended trading since April 2017 due to 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 30 June 2017 amounted to
HK$540.8 million (31 December 2016: HK$564.6 million) and HK$338.1
million (31 December 2016: HK$350.4 million) respectively.
As at 30 June 2017, the Group had no borrowings (31 December 2016: Nil).
Capital and Reserves
As at 30 June 2017, the capital and reserves attributable to shareholders was
HK$338.1 million (31 December 2016: HK$350.4 million), a reduction of
HK$12.3 million from the end of 2016.