| | | 致：香港交易及結算所有限公司 公司名稱: 網譽科技有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01483 | 說明 | 網譽科技 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100, ...

Fund Allocation - The net proceeds from the 2020 subscription amounted to approximately HKD 177,000,000[3] - Approximately HKD 74,571,000 was allocated for settling the outstanding consideration from the acquisition of Baorunlai Property Holdings Group Limited[3] - The remaining balance of approximately HKD 102,429,000 was designated for general working capital[3] Utilization of Proceeds - As of December 31, 2020, approximately HKD 13,920,000 of the net proceeds was used for settling the outstanding consideration[4] - The remaining unutilized balance for settling the consideration is approximately HKD 60,651,000, which is still designated for that purpose[4] - The company expects to complete the settlement of the remaining consideration by 2026 or earlier[4]

Summary of Key Points Core Viewpoint - On May 27, 36 Hong Kong-listed companies conducted share buybacks totaling 25.22 million shares, with a total buyback amount of 1.047 billion HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 979,000 shares for 500 million HKD, with a highest price of 514.000 HKD and a lowest price of 507.000 HKD, bringing its total buyback amount for the year to 24.53 billion HKD [1][2]. - Meituan-W repurchased 3.02 million shares for 392 million HKD, with a highest price of 132.400 HKD and a lowest price of 122.600 HKD, totaling 392 million HKD in buybacks for the year [1][2]. - China COSCO Shipping repurchased 6.17 million shares for 89.84 million HKD, with a highest price of 14.820 HKD and a lowest price of 14.280 HKD, accumulating 4.41 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 27 was from Tencent Holdings at 500 million HKD, followed by Meituan-W at 392 million HKD [1][2]. - In terms of buyback volume, China COSCO Shipping led with 6.17 million shares, followed by NetEase Technology and Meituan-W with 5 million shares and 3.02 million shares, respectively [1][2]. Group 3: First-Time Buybacks - Notably, Meituan-W and Zhongxu Future conducted their first buybacks of the year on this date [2].

Summary of Key Points Core Viewpoint - On May 20, 33 Hong Kong-listed companies conducted share buybacks totaling 37.3757 million shares, with a total buyback amount of 767 million HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 971,000 shares for 500 million HKD, with a highest price of 517.000 HKD and a lowest price of 512.500 HKD, bringing its total buyback amount for the year to 22.027 billion HKD [1][2]. - AIA Group repurchased 2 million shares for 134 million HKD, with a highest price of 67.650 HKD and a lowest price of 65.650 HKD, totaling 9.059 billion HKD in buybacks for the year [1][2]. - China COSCO Shipping Holdings repurchased 5.56 million shares for 80.3593 million HKD, with a highest price of 14.640 HKD and a lowest price of 14.200 HKD, totaling 3.9112 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 20 was from Tencent Holdings at 500 million HKD, followed by AIA Group at 134 million HKD [1][2]. - In terms of buyback volume, the highest was from Youzan with 10 million shares, followed by China COSCO Shipping Holdings with 5.56 million shares and China COSCO Shipping Development with 5 million shares [1][2].

Summary of Key Points Core Viewpoint - On May 19, 38 Hong Kong-listed companies conducted share buybacks, totaling 38.39 million shares and an aggregate amount of HKD 831 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 979,000 shares for HKD 500 million, with a highest price of HKD 516.50 and a lowest price of HKD 503.00, bringing its total buyback amount for the year to HKD 21.53 billion [1][2]. - AIA Group repurchased 2.34 million shares for HKD 154 million, with a highest price of HKD 66.40 and a lowest price of HKD 64.75, totaling HKD 8.93 billion in buybacks for the year [1][2]. - China COSCO Shipping repurchased 5.56 million shares for HKD 79.36 million, with a highest price of HKD 14.40 and a lowest price of HKD 14.12, accumulating HKD 3.83 billion in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 19 was from Tencent Holdings at HKD 500 million, followed by AIA Group at HKD 154 million [1][2]. - In terms of share quantity, the largest buyback was conducted by Jieli Trading at 9.18 million shares, followed by China COSCO Shipping at 5.56 million shares and NetEase Technology at 4.67 million shares [1][2]. Group 3: Additional Buyback Information - Country Garden Services conducted its first buyback of the year, while Tencent Holdings has made multiple buybacks totaling HKD 21.53 billion [2][3]. - A detailed table of buybacks on May 19 includes various companies, their respective buyback shares, amounts, highest and lowest prices, and cumulative buyback amounts for the year [2][3].

Financial Performance - The Group recorded a revenue of approximately HK$294,721,000 for the year ended 31 December 2024, representing an increase of approximately 56.4% compared to the re-stated revenue of HK$188,400,000 for 2023[20]. - Gross profit for the year amounted to approximately HK$11,507,000, down from HK$17,677,000 in 2023[21]. - The total comprehensive loss attributable to equity holders of the Company was approximately HK$24,799,000, an improvement from HK$36,829,000 in 2023[21]. - The environmental maintenance business generated revenue of approximately HK$132,607,000 in 2024, a decline from HK$161,419,000 in 2023, attributed to a lack of new project bids[52]. - The environmental maintenance business recorded a segment loss of approximately HK$42,811,000 in 2024, compared to a segment loss of approximately HK$10,053,000 in 2023, primarily due to a provision for loss allowance in trade receivables amounting to approximately HK$29,783,000[53]. - The trading business achieved revenue of approximately HK$73,613,000 in 2024, a significant increase from HK$26,981,000 in 2023, representing a growth of approximately 173%[60]. - The trading business turned around to a segment profit of approximately HK$33,959,000 in 2024, compared to a loss of approximately HK$2,281,000 in 2023[61]. - The media advertising and marketing business generated revenue of approximately HK$88,501,000 since its inception in June 2024[58]. - The media advertising and marketing business incurred a segment loss of approximately HK$79,408,000 due to a sluggish market in the second half of 2024[59]. Assets and Liabilities - Current assets increased to HK$588,688,000 in 2024 from HK$448,082,000 in 2023, reflecting a growth of approximately 31.4%[15]. - Total assets rose to HK$977,508,000 in 2024, compared to HK$588,504,000 in 2023, marking an increase of approximately 66.1%[15]. - Current liabilities increased significantly to HK$446,850,000 in 2024 from HK$130,943,000 in 2023, representing a growth of approximately 241.5%[15]. - Non-current assets increased to HK$388,820,000 in 2024 from HK$140,422,000 in 2023, indicating a growth of approximately 176.5%[15]. - The net assets of the Group decreased to HK$348,414,000 in 2024 from HK$431,042,000 in 2023, a decline of approximately 19.2%[15]. Business Operations - The environmental maintenance business is expanding into regions such as Xinjiang, Hebei, and Inner Mongolia, indicating strategic market expansion efforts[22]. - The Group plans to explore business opportunities in high growth industries in China to generate stable income and long-term value for shareholders[29]. - The Group started the media advertising and marketing business in May 2024, primarily distributing advertisements for a PRC cinema chain[74]. - The Group's media advertising business has expanded to offline consumer scene marketing in shopping malls and cinemas, addressing customer pain points in attracting customers and improving conversion rates[124]. - The commercial closed loop of "precise marketing – driving traffic to store – consumer decision-making" has been established as an industry benchmark for digital services in offline scenarios[128]. Cash Flow and Capital Management - As of 31 December 2024, the Group's cash and cash equivalents were approximately HK$210,486,000, a decrease of 14.2% from approximately HK$245,234,000 as of 31 December 2023[86]. - Capital expenditure for the year was approximately HK$440,201,000, primarily used in the media advertising and marketing business[95]. - The Group's strategy remains to lower the gearing ratio to an acceptable level, maintaining a net cash position as of 31 December 2024[96]. Shareholder Information - The Group's reserves available for distribution to shareholders amounted to approximately HK$386,110,000 as of 31 December 2024[168]. - No dividends were recommended for the year ended 31 December 2024[160]. - The Board will review the dividend policy periodically and may amend it at its discretion[166]. Corporate Governance - Mr. Yu Kin Man Duncan has over 25 years of experience in accounting, financial management, and corporate finance[152]. - Mr. Yu was appointed as the company secretary and chief financial officer of the Company in December 2016[152]. - Mr. Wong Sincere served as an independent non-executive director of Bank of Gansu Co., Ltd from August 2017 to October 2023[151]. - Mr. Wong Sincere has extensive experience in cross-border acquisitions and commercial transactions[147]. - The Company did not make any charitable donations during the year[169]. Disposals and Acquisitions - The Group disposed of its medical devices business for RMB22,500,000, resulting in a gain on disposal of approximately HK$26,723,000[44]. - A proposed disposal of the property leasing business is set at a consideration of HK$77,525,000 (equivalent to RMB71,788,700), pending certain conditions[45]. - The Group completed the disposal of a 90% equity interest in Shanghai Umitai Medical Technology Co. Ltd for a consideration of RMB22,500,000 on 1 August 2024[102]. - The Group's disposal group will no longer be treated as subsidiaries, and their financial results will not be consolidated with the Group's results following the completion of the disposal agreement[110].

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 294,721,000, representing an increase of 56.3% compared to HKD 188,400,000 in 2023[2] - The gross profit decreased to HKD 11,507,000 from HKD 17,677,000, indicating a decline of 34.8% year-over-year[2] - Operating loss for the year was HKD 85,611,000, compared to a loss of HKD 27,341,000 in the previous year, reflecting an increase in losses of 213.5%[2] - The net loss attributable to equity holders of the company was HKD 76,221,000, up from a loss of HKD 40,132,000 in 2023, marking an increase of 90.0%[3] - The total loss before tax for the group was HKD 100,447,000, compared to a loss of HKD 23,228,000 in the previous year, indicating a significant increase in losses[18] - The company reported a basic loss per share of HKD 0.06 for continuing operations, compared to HKD 0.02 in the previous year[4] - The group reported a total comprehensive loss attributable to equity holders of approximately HKD 24.80 million, an improvement from a loss of about HKD 36.83 million in the previous year[70] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 977,508,000, a significant increase from HKD 588,504,000 in 2023, representing a growth of 66.1%[5] - Non-current assets increased to HKD 388,820,000 from HKD 140,422,000, showing a rise of 176.5% year-over-year[5] - Current assets rose to HKD 588,688,000, compared to HKD 448,082,000 in the previous year, reflecting an increase of 31.4%[5] - Total liabilities increased to HKD 629,094,000 from HKD 157,462,000, indicating a rise of 299.5%[6] - The company reported contract assets of HKD 34.700 million for 2024, an increase from HKD 16.358 million in 2023[27] - Contract liabilities amounted to HKD 3,475,000, representing obligations to provide advertising services for which the company has received payment from clients[30] Revenue Breakdown - The group reported external revenue of HKD 294,721,000 for the environmental maintenance business, a decrease from HKD 294,721,000 in the previous year[18] - The media advertising and marketing business generated external revenue of HKD 88,501,000, compared to HKD 73,613,000 in the previous year, reflecting a growth of approximately 20.1%[18] - The trading business reported external revenue of HKD 161,419,000, up from HKD 161,419,000 in the previous year[18] - Revenue from environmental maintenance services was HKD 132.607 million in 2023, compared to HKD 161.419 million projected for 2024[26] - Media advertising and marketing business generated HKD 88.501 million in revenue in 2023, with operations starting in May 2024[26] - The environmental maintenance business generated revenue of approximately HKD 132.61 million in the current year, down from approximately HKD 161.42 million in the previous year, indicating a decline in performance[73] Expenses and Costs - Total expenses for 2024 were HKD 391,627,000, up from HKD 215,228,000 in 2023, with significant increases in employee benefits expenses (up 12.9% to HKD 115,364,000) and costs related to media advertising and marketing[32] - Financial costs for 2024 were HKD 23,910,000, compared to HKD 221,000 in 2023, indicating a substantial increase in interest expenses related to advertising issuance rights and embedded marketing contracts[34] - The company’s total revenue cost for 2024 was HKD 283,214,000, significantly higher than HKD 170,723,000 in 2023, indicating increased operational costs[32] - General and administrative expenses rose to about HKD 60,709,000, a 40.2% increase from HKD 43,290,000 in 2023[83] - Employee benefits expenses totaled approximately HKD 115,364,000, reflecting a 12.9% increase from HKD 102,211,000 in 2023[84] Business Operations - The company is primarily engaged in environmental maintenance, media advertising, and marketing, as well as trading businesses[8] - The group continues to operate two business segments: environmental maintenance and trading, while also launching a media advertising and marketing business[16] - The company plans to expand its media advertising and marketing services, primarily targeting cinema advertising in China[26] - The company aims to strengthen its business model through precise marketing and scenario-based experiences, addressing challenges in offline customer conversion[101] - The company will continue to explore business opportunities in high-growth sectors in China to ensure stable and sustainable revenue sources[101] Corporate Actions - The group has sold its medical device sales business and is in the process of selling its property leasing business, classifying these as discontinued operations[16] - The company completed the sale of a subsidiary, generating a profit of HKD 26,723,000, with cash proceeds from the sale amounting to HKD 24,648,000[40] - The company plans to sell its property leasing business for RMB 71,788,700 (approximately HKD 77,525,000), pending certain conditions[41] - The company entered into an agreement to sell 90% of its stake in Shanghai Youmitai Medical Technology Co., Ltd. for RMB 22,500,000 (approximately HKD 24,648,000), with the sale expected to impact future financial performance[38] Governance and Compliance - The company has complied with the corporate governance code throughout the year, ensuring adherence to legal and business standards[102] - The audit committee, composed of three independent non-executive directors, has reviewed the annual results for the year[106] - The executive directors are Mr. Sang Kangqiao and Mr. Xu Wenzhe, while the non-executive director is Ms. Chen Wenting, and the independent non-executive directors are Mr. Xu Zhihao, Mr. Lin Jiade, and Mr. Huang Chengsi[109]

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HK$105,424,000, representing an increase of 2.7% compared to the same period in the previous financial year[4]. - Loss from continuing operations attributable to shareholders increased to HK$3,933,000 for the Interim Period, compared to HK$1,124,000 for the Corresponding Period[4]. - Loss attributable to equity holders of the Company amounted to HK$4,811,000 for the Interim Period, up from HK$1,945,000 in the Corresponding Period[4]. - Basic and diluted loss per share for profit from continuing operations for the Interim Period was HK0.5 cents[4]. - Total loss for the period was HK$7,664,000, compared to a loss of HK$465,000 in the previous year[7]. - The total comprehensive loss for the six months ended June 30, 2024, was HK$17,754,000, compared to HK$1,375,000 in the same period of 2023, indicating a significant increase in losses[8]. - Loss attributable to equity holders from continuing operations was HK$3,933,000, up from HK$1,124,000 in 2023, reflecting a worsening operational performance[8]. - The company recorded a basic and diluted loss per share of HK$0.6 for the period, compared to HK$0.3 in the previous year, indicating a decline in profitability[9]. - The company incurred a loss for the period of HK$4,811 million, contributing to a total comprehensive loss of HK$10,090 million[13]. - The Group's gross profit for the Interim Period was HK$7,581,000, down from HK$11,523,000 in the Corresponding Period[6]. Cash Flow and Assets - The company reported a net cash outflow from operating activities of HK$71,205 million for the period, compared to a net inflow of HK$4,061 million in the previous period[15]. - The cash and cash equivalents at the end of the period stood at HK$301,516 million, up from HK$185,323 million at the end of the previous period[15]. - The company declared no dividends for the period, consistent with the previous year[9]. - The company reported a current income tax expense of HK$2,280,000 for the six months ended June 30, 2024, compared to HK$1,697,000 in 2023, reflecting an increase in tax obligations[58][59]. - The company experienced a foreign exchange loss of HK$10,090,000 due to translation differences on foreign operations, compared to a loss of HK$910,000 in 2023[8]. - The company reported a total asset increase to HK$732,260,000 as of June 30, 2024, compared to HK$588,504,000 at the end of 2023, representing a growth of approximately 24.5%[10]. - Cash and cash equivalents rose to HK$301,516,000 from HK$245,234,000, marking an increase of approximately 22.9%[10]. - Total liabilities increased to HK$321,109,000 from HK$157,462,000, reflecting a rise of approximately 104.5%[12]. Segment Performance - Revenue from environmental maintenance services was HK$81,351,000, down from HK$91,318,000 in 2023, indicating a decrease of about 11%[47]. - The trading business, particularly in cosmetic products, saw significant growth, with revenue increasing to HK$19,142,000 from HK$8,994,000, marking a rise of approximately 113%[47]. - Revenue from media advertisement business reached HK$3,791,000, compared to no revenue in the same period last year, indicating a successful entry into this segment[47]. - Rental income from property leasing was HK$996,000, down from HK$1,364,000 in 2023, reflecting a decrease of approximately 27%[47]. - Discontinued operations in medical device sales generated revenue of HK$3,328,000, down from HK$7,289,000 in the previous year, a decline of about 54%[47]. - The geographical revenue breakdown showed that revenue from China was HK$87,330,000, down from HK$93,663,000, while revenue from Hong Kong increased to HK$18,094,000 from HK$8,994,000[44]. Operational Changes - The company completed the disposal of its medical devices business for a consideration of RMB22,500,000 on April 30, 2024, aiming to cut losses and reallocate resources[60][61]. - The Group's strategic decision to sell the medical devices business was influenced by the unstable market conditions and poor sales performance in that segment[86]. - The Group invested in the media advertisement business starting June 2024, expanding its operational segments[82]. - The Group's capital expenditure for the Interim Period was approximately HK$1,057,273, primarily used in the environmental maintenance business, compared to HK$Nil in the corresponding period[102]. Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the Interim Period[109]. - The Audit Committee consists of three independent non-executive directors, chaired by Mr. Lam Ka Tak[110]. - The unaudited interim financial results for the Group have been reviewed by the Audit Committee[110]. - The Group has no material contingent liabilities as of June 30, 2024[105]. - The Company does not recommend payment of a dividend for the Interim Period[105].

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately HKD 105,424,000, an increase of 2.7% compared to HKD 102,657,000 for the same period last year[2]. - The loss attributable to equity holders of the company for the six months was HKD 4,811,000, compared to a loss of HKD 1,945,000 in the same period last year[3]. - Basic and diluted loss per share for continuing operations was HKD 0.5 cents, up from HKD 0.2 cents in the previous year[4]. - The company reported a gross profit of HKD 7,581,000, down from HKD 11,523,000 in the previous year[2]. - The company reported a total comprehensive loss of HKD 17,754,000 for the period, compared to a total comprehensive loss of HKD 1,375,000 in the previous year[4]. - The comprehensive loss for the six months ended June 30, 2024, was HKD 17,754,000, compared to a comprehensive loss of HKD 3,771,000 for the same period in 2023, indicating a significant increase in losses[7]. - The company reported a cumulative loss of HKD 311,514,000 as of June 30, 2024, up from HKD 275,197,000 as of June 30, 2023, representing an increase of approximately 13%[7]. - The total comprehensive loss attributable to owners for the six months ended June 30, 2024, was HKD 9,957,000, compared to HKD 3,771,000 for the same period in 2023, highlighting a worsening financial performance[7]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 732,260,000, an increase from HKD 588,504,000 as of December 31, 2023[6]. - Total liabilities increased to HKD 321,109,000 from HKD 157,462,000 as of December 31, 2023[6]. - As of June 30, 2024, the total equity amounted to HKD 411,151,000, a decrease from HKD 472,738,000 as of January 1, 2023, reflecting a decline of approximately 13%[7]. - The company’s non-current assets decreased to HKD 114,016,000 from HKD 140,422,000 as of December 31, 2023[5]. - Cash and cash equivalents as of June 30, 2024, were approximately HKD 301,516,000, an increase of about 23.0% from HKD 245,234,000 as of December 31, 2023[48]. - Trade receivables amounted to approximately HKD 171,230,000, an increase of about 12.0% compared to the previous amount as of December 31, 2023[49]. - The company’s trade payables as of June 30, 2024, totaled HKD 5,265,000, reflecting a decrease from HKD 20,528,000 at the end of the previous year[32]. Revenue Breakdown - Revenue from environmental maintenance services decreased to HKD 81,351,000, down 11% from HKD 91,318,000 year-on-year[17]. - Revenue from property leasing was HKD 996,000, a decline of 27% compared to HKD 1,364,000 in the previous year[17]. - Revenue from media advertising was HKD 3,791,000, with no revenue reported in the same period last year[17]. - Revenue from cosmetics trading increased significantly to HKD 19,142,000, compared to HKD 8,994,000 in the previous year, representing a 112% growth[17]. - The environmental maintenance business generated revenue of approximately HKD 81,351,000, a decrease of about 10.7% compared to HKD 91,318,000 in the same period last year[39]. - The media advertising business generated revenue of approximately HKD 3,791,000, with a total of 54 advertising contracts signed, expecting to achieve at least RMB 150 million in total advertising revenue for the year[40]. - Total revenue for the group was approximately HKD 105,424,000, an increase of about 2.7% compared to HKD 102,657,000 in the same period last year, primarily due to increased revenue from the cosmetics trade business[43]. Expenses and Financial Income - General and administrative expenses for the six months ended June 30, 2024, totaled HKD 12,113,000, an increase from HKD 11,240,000 in the same period of 2023[19]. - Financial income for the period was HKD 2,109,000, down from HKD 3,263,000 in the previous year[20]. - Income tax expense for the six months ended June 30, 2024, was HKD 2,280,000, compared to HKD 1,697,000 in the same period of 2023[21]. - The cost of revenue for the period was approximately HKD 97,843,000, an increase of about 7.4% compared to HKD 91,134,000 in the same period last year[44]. Corporate Actions and Governance - The company did not declare any interim dividend for the period[4]. - The company did not recommend the payment of an interim dividend for the current period, consistent with the previous year[57]. - The board approved the sale of the medical device business for RMB 22,500,000 on April 30, 2024, to mitigate losses and improve liquidity[37]. - The company sold 90% of its stake in Shanghai Youmitai Medical Technology Co., Ltd. for RMB 22,500,000, completing the sale on August 1, 2024[53]. - The company has adopted a share award scheme to recognize and reward contributions from eligible participants, with a maximum limit of 10% of the issued share capital[60]. - The company has complied with the corporate governance code throughout the interim period[65]. - The audit committee, composed of three independent non-executive directors, reviewed the interim financial results[67]. Future Outlook and Strategy - The company plans to continue expanding its media advertising and cosmetics trading businesses, exploring opportunities in high-growth sectors in China post-pandemic[61]. - The company expresses gratitude to employees, shareholders, and business partners for their continuous support and trust amid market challenges[69]. Employee Information - As of June 30, 2024, the company had 898 employees, an increase from 872 employees as of June 30, 2023[56].

Share Incentive Plan - The company adopted a share incentive plan on August 10, 2021, aimed at recognizing contributions from eligible participants and retaining talent for growth and development [7]. - The maximum number of shares that can be granted under the share incentive plan is capped at 10% of the company's issued share capital as of the adoption date, which amounts to 79,500,000 shares [11]. - The individual limit for shares granted to selected participants is set at 3% of the company's issued share capital, totaling 23,850,000 shares [11]. - The remaining duration of the share incentive plan is approximately 8 years [11].