Tradelink 2019 Interim Report

11 貿易通電子貿易有限公司  二零一九年中期報告 Management Discussion and Analysis (Continued) 管理層討論及分析 （續） 本集團於二零一九年上半年的折舊前經營開支為港幣 89,600,000 元，較上一回顧期內增加港幣 5,400,000 元或 6.4% 。僱員成本由港幣 56,700,000 元增至港幣 59,300,000 元，按年增加港幣 2,600,000 元或 4.6% 。其他經營成本由 港幣 15,900,000 元增加至港幣 18,200,000 元，較去年同期 增加港幣 2,300,000 元或 15.1% 。此乃完全由於美元匯率 波動對債券組合造成的影響，自去年上半年的匯兌收益 港幣 1,800,000 元，至本年度為虧損港幣 900,000 元。期內 折舊開支為港幣 4,000,000 元，較去年增加港幣 600,000 元。 回顧期內，本集團的經營溢利為港幣 38,800,000 元，較去 年同期下降 13.5% 。 回顧期內，本集團應佔中國聯營公司業績為應佔溢利港 幣 1,400,000 元，較二零一八年同期高出港幣 1,000,000 元。 於二零一八年年末，我們的全資附屬公司 DTTNCo 向其客 戶 提 供 電 子 解 決 方 案 的 遞 延 稅 項 資 產 結 餘 為 港 幣 3,700,000 元。由於 DTTNCo 今年繼續產生溢利，故動用了 遞延稅項資產並於二零一九年上半年產生遞延稅項支出 港幣 1,100,000 元，與上一個回顧期間近乎相同。 截至二零一九年六月三十日止六個月，本集團未經審核 除 稅 後 溢 利 為 港 幣 34,200,000 元，較 去 年 同 期 減 少 10.7% 。 二零一九年首六個月的每股基本盈利為 4.31 港仙，較二 零一八年同期的每股 4.82 港仙減少 0.51 港仙。二零一九年 首六個月的每股攤薄盈利亦為 4.31 港仙，較二零一八年 同期的 4.82 港仙減少 0.51 港仙。 股息 董事會已議決向股東宣派截至二零一九年六月三十日止 六個月的中期股息每股 3.3 港仙（二零一八年：每股 3.5 港 仙），減少 5.7% 。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）的 74.4% 。中 期派息率接近過往年度比率，約為 75% 。 流動資金與財務狀況 於二零一九年六月三十日，本集團的現金及銀行存款總 額為港幣 122,000,000 元（二零一八年十二月三十一日：港 幣 86,500,000 元）。 於二零一九年六月三十日，非流動及流動資產中的其他 財務資產分別為港幣 299,900,000 元（二零一八年十二月 三十一日：港幣 305,500,000 元）及港幣 15,600,000 元（二 零一八年十二月三十一日：港幣 42,200,000 元），即各自 投資於任何單一發行人面值不超過 3,000,000 美元於五年 內到期的定息美元計值企業債券的公允價值。於二零 一九年六月三十日，加權平均組合票面利率及孳息率分 別約為 3.9% （二零一八年十二月三十一日： 3.9% ）及 3.7% （二零一八年十二月三十一日： 3.7% ）。於二零一九 年六月三十日，總額的 67% （二零一八年十二月三十一 日： 71% ）投資於投資級別企業債券，而餘下 33% （二零 一八年十二月三十一日： 29% ）則投資於非投資級別或 沒有評級的企業債券。於二零一九年六月三十日持有的 所有企業債券均可於公開市場交易。 The Group’s operating expenses before depreciation for the first half of 2019 were HK$89.6 million, up by HK$5.4 million or 6.4% over the last review period. Staff costs increased from HK$56.7 million to HK$59.3 million, up by HK$2.6 million or 4.6% year-on-year. The other operating costs increased from HK$15.9 million to HK$18.2 million, up by HK$2.3 million or 15.1% over the same period last year. This was entirely due to the impact of the fluctuation in the exchange rate of the US dollar on our bond portfolio, from an exchange gain of HK$1.8 million during the first half of last year to a loss of HK$0.9 million this year. Depreciation charges for the period amounted to HK$4.0 million, was HK$0.6 million higher than last year. The Group’s profit from operations for the review period was HK$38.8 million, a drop of 13.5% over the same period last year. The Group’s share of results from PRC associates for the review period was a share of profit of HK$1.4 million, higher than that for the same period in 2018 by HK$1.0 million. Our wholly-owned subsidiary, DTTNCo, providing e-solutions to its customers, had a deferred tax asset balance amounted to HK$3.7 million as at the end of 2018. As DTTNCo continued to generate profit this year, the deferred tax asset was utilized and gave rise to a deferred tax charge of HK$1.1 million for the first half of 2019, which was nearly the same as that of last review period. The Group’s unaudited after tax profit for the six months ended 30 June 2019 came to HK$34.2 million, a decline of 10.7% over the same period last year. Basic earnings per share for the first six months of 2019 was HK 4.31 cents, lower than that for the same period in 2018 at HK 4.82 cents per share by HK 0.51 cents. Diluted earnings per share for the six months of 2019 was also HK 4.31 cents, lower than that for the same period in 2018 at HK 4.82 cents by HK 0.51 cents. Dividend The Board has resolved to declare an interim dividend of HK 3.3 cents per share (2018: HK 3.5 cents per share) for the six months ended 30 June 2019 to shareholders, a drop of 5.7%. The interim dividend payout ratio is about 74.4% of the Group’s profit for the period excluding the deferred tax charge of DTTNCo at HK$1.1 million. 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 2019, the Group had total cash and bank deposits of HK$122.0 million (31 December 2018: HK$86.5 million). The other financial assets as at 30 June 2019 in the non-current and current assets amounted to HK$299.9 million (31 December 2018: HK$305.5 million) and HK$15.6 million (31 December 2018: HK$42.2 million) respectively, represented the fair value of the 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. As at 30 June 2019, the weighted average of the portfolio coupon and yield were about 3.9% (31 December 2018: 3.9%) and 3.7% (31 December 2018: 3.7%) respectively. As at 30 June 2019, 67% (31 December 2018: 71%) of the total amount was invested in investment grade corporate bonds. The remaining 33% (31 December 2018: 29%) was invested in non-investment grade or non-rated corporate bonds. All corporate bonds held as at 30 June 2019 were tradable in open market.