Tradelink 2018 Annual Report

Management Discussion and Analysis (Continued) 管理層討論及分析 （續） Tradelink Electronic Commerce Limited Annual Report 2018 24 Financial Review (Continued) The impairment loss of other financial assets in 2018 was HK$0.2 million, represented the net increase in the estimation of the expected credit losses on the Group’s other financial assets held during the year. During the first half of 2018, the Group disposed of the remaining half of an impaired corporate bond in our bond portfolio with the relevant impairment loss had already been reflected in 2017. The share of results in 2018 from PRC associates was a profit of HK$1.5 million, as compared to the share of profit amounted to HK$2.4 million in 2017. Nanfang’s results were affected by the implementation of the national single window in the Guangdong area, which stopped it from generating revenue from the traditional river manifest declaration service during the latter part of 2018. The Group’s pre-tax profit for 2018 came to HK$106.2 million, higher than 2017 by HK$17.8 million. Net profit for the year was HK$89.8 million, increased by 21.1% as compared to 2017. Basic earnings per share for 2018 were HK 11.3 cents, higher than that for 2017 at HK 9.3 cents by HK 2.0 cents. Diluted earnings per share for 2018 were also HK 11.3 cents, higher than that for 2017 at HK 9.3 cents by HK 2.0 cents. Dividend The Board has recommended a final dividend of HK 6.0 cents per share for 2018 (2017: HK 6.3 cents per share). The proposed final dividend, which together with the interim dividend of HK 3.5 cents per share (2017: HK 3.2 cents per share) paid on 9 October 2018, will result in a total dividend of HK 9.5 cents for 2018, same as the total dividend for 2017. The total amount of interim and proposed final dividend for 2018 represents a payment of 84.1% of the Group’s profit attributable to shareholders for 2018. The dividend payout ratio of 84.1% of the Group’s profit for the 2018 does not represent a departure from the Group’s usual practice of a 100% pay-out. The HK 6.0 cents per share final dividend in fact represents nearly 100% of the Company’s distributable profit in 2018. The difference reflects the gap between profit attributable to shareholders and profit distributable to shareholders. The gap arises because the negative fair value reserve balance at 31 December 2018 is regarded as a realized loss and has to be deducted from profit attributable to shareholders in the context of the Hong Kong’s Companies Ordinance for profit distribution. Therefore, the HK 6.0 cents per share final dividend in fact represents nearly 100% of the Company’s distributable profit in 2018. 財務回顧（續） 於二零一八年，其他財務資產減值虧損為港幣 200,000 元，即本集團年內持有的其他財務資產的 預期信貸虧損估算淨增加。於二零一八年上半 年，本集團出售債券組合中餘下的一半已減值企 業債券，其相關減值虧損已於二零一七年反映。 應佔中國聯營公司業績於二零一八年為溢利港幣 1,500,000 元，而二零一七年則為應佔溢利港幣 2,400,000 元。南方的業績受到廣東地區實施國家 單一窗口所影響，於二零一八年後期阻止其自傳 統小船艙單報關服務產生收益。 本 集 團 二 零 一 八 年 的 除 稅 前 溢 利 達 港 幣 106,200,000 元，較 二 零 一 七 年 多 出 港 幣 17,800,000 元。年度溢利淨額為港幣 89,800,000 元，較二零一七年增加 21.1% 。 二零一八年之每股基本盈利為 11.3 港仙，較二零 一七年每股 9.3 港仙增加 2.0 港仙。二零一八年之 每股攤薄盈利亦為 11.3 港仙，較二零一七年每股 9.3 港仙增加 2.0 港仙。 股息 董事會建議派付二零一八年末期股息每股 6.0 港 仙（二零一七年：每股 6.3 港仙）。建議末期股息連 同於二零一八年十月九日支付之中期股息每股 3.5 港仙（二零一七年：每股 3.2 港仙），將使二零一八 年股息總額為每股 9.5 港仙，與二零一七年相同。 二零一八年的中期及建議末期股息總額即支付二 零一八年股東應佔本集團溢利的 84.1% 。 股息派付率為本集團二零一八年溢利的 84.1% ， 並不表示偏離本集團派息率為 100% 的慣例。末 期股息每股 6.0 港仙，佔二零一八年本公司可分派 溢利接近 100% 。差異反映股東應佔溢利與可分 派予股東溢利的差額。差額增加乃由於二零一八 年十二月三十一日的負公允價值儲備結餘被視為 已變現虧損，並須按香港公司條例就溢利分派而 自股東應佔溢利中扣除所致。因此，末期股息每 股 6.0 港仙佔本公司二零一八年可分派溢利幾近 100% 。