Tradelink 2018 Interim Report

13 貿易通電子貿易有限公司  二零一八年中期報告 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二零一八年六月三十日止 六個月的中期股息每股 3.5 港仙（二零一七年：每股 3.2 港 仙），增加 9.4% 。中期派息率約為本集團期內溢利（撇除 DTTNCo 的遞延稅項支出港幣 1,100,000 元及因首次應用新 會計準則而對期初可供分派儲備作出港幣 1,800,000 元的 調整於本期間扣除）的 73.9% 。中期派息率接近過往年度 的比率，約為 75% 。 流動資金與財務狀況 於二零一八年六月三十日，本集團的現金及銀行存款總 額為港幣 73,000,000 元（二零一七年十二月三十一日：港 幣 84,100,000 元）。 於二零一八年六月三十日，港幣 352,500,000 元（二零一七 年十二月三十一日：港幣 367,200,000 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 3.9% （二零一七年十二月 三十一日： 4.0% ）及 3.7% （二零一七年十二月三十一日： 3.8% ）。於二零一八年六月三十日，總額的 76% （二零 一七年十二月三十一日： 74% ）投資於投資級別企業債 券，而餘下 24% （二零一七年十二月三十一日： 26% ）則 投資於非投資級別或沒有評級的企業債券。於二零一八 年六月三十日持有的所有企業債券均可於公開市場交易。 為平衡風險與回報，所有企業債券均根據由三名獨立非 執行董事及一名非執行董事組成的投資委員會批准的投 資指引進行投資。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。在 利率預期趨升的情況下，債券組合的公允價值下降屬意 料之內。 於二零一八年六月三十日，本集團的資產總值及資產淨 值分別為港幣 535,800,000 元（二零一七年十二月三十一 日：港幣 561,900,000 元）及港幣 330,900,000 元（二零一七 年十二月三十一日：港幣 354,400,000 元）。 於二零一八年六月三十日，本集團並無借款（二零一七年 十二月三十一日：無）。 資本與儲備 於二零一八年六月三十日，股東應佔資本及儲備為港幣 330,900,000 元（二 零 一 七 年 十 二 月 三 十 一 日：港 幣 354,400,000 元），較二零一七年年底減少港幣 23,500,000 元。 資產抵押及或有負債 於二零一八年六月三十日，本集團向政府提供四項合共 港幣 4,300,000 元的銀行擔保（二零一七年十二月三十一 日：兩項合共港幣 2,200,000 元的銀行擔保），確保本集團 妥善履行與政府訂立的合約條款。銀行擔保以押記存款 合共港幣 4,300,000 元（二零一七年十二月三十一日：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。 Dividend The Board has resolved to declare an interim dividend of HK 3.5 cents per share (2017: HK 3.2 cents per share) for the six months ended 30 June 2018 to shareholders, an increase of 9.4%. The interim dividend payout ratio is about 73.9% of the Group’s profit for the period excluding the deferred tax charge of DTTNCo at HK$1.1 million and had the adjustment to the opening distributable reserve of HK$1.8 million upon the initial application of the new accounting standards been charged to this period. The interim dividend payout ratio is close to the ratios for the previous years at about 75%. Liquidity and Financial Position As at 30 June 2018, the Group had total cash and bank deposits of HK$73.0 million (31 December 2017: HK$84.1 million). The other financial assets as at 30 June 2018 at the amount of HK$352.5 million (31 December 2017: HK$367.2 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 3.9% (31 December 2017: 4.0%) and 3.7% (31 December 2017: 3.8%) respectively. As at 30 June 2018, 76% (31 December 2017: 74%) of the total amount was invested in investment grade corporate bonds. The remaining 24% (31 December 2017: 26%) was invested in non-investment grade or non-rated corporate bonds. All corporate bonds held as at 30 June 2018 were tradable in open market. 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. The cash surpluses were parked in corporate bonds as part of our treasury operations to improve the yield of the Group’s cash surpluses. Amid the expected rising interest rate, the decrease in fair value of the bond portfolio was as expected. Total assets and net assets of the Group as at 30 June 2018 amounted to HK$535.8 million (31 December 2017: HK$561.9 million) and HK$330.9 million (31 December 2017: HK$354.4 million) respectively. As at 30 June 2018, the Group had no borrowings (31 December 2017: Nil). Capital and Reserves As at 30 June 2018, the capital and reserves attributable to shareholders were HK$330.9 million (31 December 2017: HK$354.4 million), a reduction of HK$23.5 million from the end of 2017. Charges on Assets and Contingent Liabilities As at 30 June 2018, the Group obtained four bank guarantees totaling HK$4.3 million (31 December 2017: two bank guarantees totaling 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$4.3 million (31 December 2017: HK$2.2 million). Other than the foregoing, the Group did not have any other charges on its assets.