Financial Performance - For the fiscal year ending December 31, 2023, the company reported a profit attributable to shareholders of HKD 11.7 million, an increase of 4.9% year-on-year, while revenue decreased by 4.4% to HKD 124.0 million[5]. - The company recorded revenue of approximately HKD 124,041,000 for the year, a decrease of 4.4% compared to HKD 129,710,000 in 2022[14]. - Revenue from printing services decreased by 20.7% to approximately HKD 64,911,000, while translation services revenue increased by 33.0% to approximately HKD 47,854,000[14]. - Gross profit decreased by 4.5% to approximately HKD 63,246,000, with a stable gross profit margin of 51.0%[16]. - Net profit for the year was approximately HKD 11,714,000, an increase of 4.9% from HKD 11,162,000 in 2022, resulting in a net profit margin of 9.4%[21]. - The company's service costs decreased by 4.2% to approximately HKD 60,795,000, aligning with the revenue decline[16]. - Financial costs decreased by 43.8% to approximately HKD 603,000 due to reduced financial expenses related to leased properties[20]. Market Conditions - The Hang Seng Index fell by 14% in 2023, and the total fundraising amount in Hong Kong dropped to HKD 46.3 billion, a significant decline of 56% year-on-year, marking a 20-year low[11]. - The company faced significant pressure on its core financial printing services due to the downturn in the Hong Kong capital market, which is closely correlated with its performance[11]. - The company anticipates economic growth slowdown and geopolitical uncertainties affecting the global macro outlook, but remains resilient in facing market challenges[38]. Strategic Initiatives - The company aims to enhance its translation services and explore new potential translation business opportunities to mitigate the impact of reduced demand for printed documents[7]. - The company plans to leverage new opportunities arising from the Hong Kong Stock Exchange's introduction of a new listing framework and GEM listing reforms aimed at high-growth enterprises[7]. - The company is focused on diversifying its revenue streams and improving operational efficiency in response to increasing competition in the market for annual reports and compliance documents[11]. - The company plans to tighten cost control measures in response to market conditions and aims to capture opportunities for long-term value and sustainable returns for shareholders[38]. Corporate Governance - The company emphasizes good corporate governance to enhance shareholder value and ensure accountability within its management structure[52]. - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Listing Rules to regulate its business activities and decision-making processes prudently[54]. - The board has established an audit committee, a remuneration committee, and a nomination committee to enhance corporate governance and risk management[55]. - Independent non-executive directors constitute at least one-third of the board, ensuring independence and proper professional qualifications[65]. - The company has implemented mechanisms to ensure independent viewpoints are obtained in board decisions, with annual reviews of their effectiveness[66]. Risk Management - The company emphasizes the importance of good risk management for long-term sustainable development, with a focus on defining risk tolerance to achieve strategic goals[30]. - The risk management framework includes a three-tier approach to identify, assess, mitigate, and respond to risks, with business units responsible for the first line of defense[31]. - The board believes that the risk management and internal control systems are effective and sufficient after annual review[112]. Shareholder Engagement - The company has adopted a stakeholder engagement policy to ensure shareholders receive timely information and can actively participate in company affairs[125]. - The company ensures that shareholders can communicate directly with the board during annual general meetings[125]. - Shareholders can request a special general meeting if they hold at least 10% of the paid-up capital with voting rights[119]. Financial Reporting and Compliance - The independent auditor has confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[189]. - The company has engaged an external professional organization to perform internal audit functions and review the effectiveness of the risk management and internal control systems[112]. - The company has implemented control measures and processes for assessing expected credit loss provisions[198]. Board Composition and Meetings - The board of directors includes both executive and independent non-executive members, with specific terms for re-election at the annual general meeting[163]. - The board held six meetings during the year, with attendance rates of 5/6 for the chairman and 6/6 for other directors[73]. - The Nomination Committee held a meeting on March 1, 2023, to review the board structure, size, and diversity, and to assess the independence of independent non-executive directors[99]. Compensation and Remuneration - The company has established a remuneration committee to review the remuneration policies and structures for directors and senior management, considering operational performance and market standards[158]. - The total remuneration for senior management (excluding directors) includes one individual earning between HKD 1,500,001 and HKD 2,000,000, one earning between HKD 3,000,001 and HKD 3,500,000, and one earning between HKD 3,500,001 and HKD 4,000,000[106]. - The remuneration for Ms. Fan increased from HKD 65,000 to HKD 68,000 per month as of December 31, 2023[167].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 REF Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：1631） 截 至 二 零 二 三 年 十 二 月 三 十 一 日 止 年 度 的 年 度 業 績 公 告 年 度 業 績 REF Holdings Limited（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 布 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 三 年 十 二 月 三 十 一 日 止 年 度（「本 年 度」） 的 綜 合 年 度 業 績 連 同 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 經 審 核 比 較 數 字。財 務 資 料 經 由 董 事 ...

[Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2023, the Group's revenue increased by 4.9% year-on-year to HKD 75.55 million, with gross profit rising 10.1% to HKD 40.08 million, resulting in profit attributable to owners of the company of HKD 10.09 million, a 2.9% increase, and basic earnings per share of 3.94 HK cents Performance Summary for the Six Months Ended June 30, 2023 | Metric | For the Six Months Ended June 30, 2023 (HKD thousands) | For the Six Months Ended June 30, 2022 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 75,551 | 72,053 | +4.9% | | Gross Profit | 40,082 | 36,404 | +10.1% | | Profit Before Tax | 11,861 | 11,421 | +3.9% | | Profit for the Period | 10,087 | 9,801 | +2.9% | | Basic Earnings Per Share (HK cents) | 3.94 | 3.83 | +2.9% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2023, the Group's total assets decreased to HKD 119.26 million from HKD 147.80 million at the end of 2022, with total liabilities at HKD 48.15 million and net assets at HKD 71.11 million, a 28.5% decrease from HKD 99.42 million at the beginning of the period, primarily due to dividend distribution Financial Position Summary | Metric | As of June 30, 2023 (HKD thousands) | As of December 31, 2022 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 26,613 | 42,078 | -36.8% | | Current Assets | 92,648 | 105,723 | -12.4% | | **Total Assets** | **119,261** | **147,801** | **-19.3%** | | Current Liabilities | 46,277 | 40,488 | +14.3% | | Non-current Liabilities | 1,874 | 7,890 | -76.2% | | **Total Liabilities** | **48,151** | **48,378** | **-0.5%** | | **Net Assets** | **71,110** | **99,423** | **-28.5%** | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2023, total shareholders' equity decreased from HKD 99.42 million at the beginning of the period to HKD 71.11 million, primarily due to a HKD 38.40 million dividend distribution, partially offset by HKD 10.09 million in profit for the period - During the period, the total equity attributable to owners of the company significantly decreased due to a dividend payment of **HKD 38.40 million**, despite recording a profit of **HKD 10.09 million**[4](index=4&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2023, the Group generated net cash inflow of HKD 11.95 million from operating activities, a reversal from a net outflow in the prior period, with net cash inflow of HKD 60.03 million from investing activities primarily due to fixed deposit withdrawals, and net cash outflow of HKD 48.37 million from financing activities mainly for dividends and lease liabilities, increasing period-end cash and cash equivalents to HKD 40.97 million Cash Flow Summary | Cash Flow Activities | For the Six Months Ended June 30, 2023 (HKD thousands) | For the Six Months Ended June 30, 2022 (HKD thousands) | | :--- | :--- | :--- | | Net Cash From/(Used in) Operating Activities | 11,953 | (3,689) | | Net Cash From/(Used in) Investing Activities | 60,027 | (14,404) | | Net Cash Used in Financing Activities | (48,367) | (61,521) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **23,613** | **(79,614)** | | **Cash and Cash Equivalents at End of Period** | **40,972** | **47,951** | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information, Basis of Preparation and Accounting Policies](index=8&type=section&id=Notes%201-3) The Group primarily engages in financial printing services and investment holding, with financial statements presented in HKD, prepared in accordance with HKAS 34, and new/revised HKFRSs applied without significant impact on financial position - The company is an investment holding company, with its subsidiaries primarily engaged in financial printing services in Hong Kong[10](index=10&type=chunk) - This interim report is unaudited but has been reviewed by the company's audit committee[12](index=12&type=chunk) - New and revised Hong Kong Financial Reporting Standards were applied during the period, but they did not have a significant impact on the Group's financial position and performance[16](index=16&type=chunk) [Revenue and Segment Information](index=11&type=section&id=Notes%204-5) All of the Group's revenue is derived from financial printing services, operating under a single segment with all business and assets located in Hong Kong, where translation service revenue significantly grew by 46.1% year-on-year while printing service revenue declined by 12.7%, with no single customer contributing over 10% of total revenue Revenue Breakdown | Service Type | For the Six Months Ended June 30, 2023 (HKD thousands) | For the Six Months Ended June 30, 2022 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Printing | 39,920 | 45,719 | -12.7% | | Translation | 29,592 | 20,255 | +46.1% | | Media Publication | 6,039 | 6,079 | -0.7% | | **Total** | **75,551** | **72,053** | **+4.9%** | - The Group operates only one business segment, providing financial printing services, with all revenue and assets originating from Hong Kong[20](index=20&type=chunk) - No single customer contributed more than **10%** of the Group's total revenue during the period[21](index=21&type=chunk) [Key Profit or Loss Items](index=12&type=section&id=Notes%206-9) Net other income for the period was HKD 1.13 million, a year-on-year decrease primarily due to a HKD 1.60 million government grant in the prior period, while finance costs decreased by 43.3% to HKD 0.35 million, and tax expense increased by 9.5% to HKD 1.77 million, consistent with the growth in profit before tax - Net other income and losses decreased from **HKD 1.52 million** in the prior period to **HKD 1.13 million**, mainly due to a **HKD 1.60 million** government grant from the "Employment Support Scheme" received in the prior period, which was not present in the current period[22](index=22&type=chunk) - Finance costs decreased from **HKD 0.61 million** to **HKD 0.35 million**, primarily due to a reduction in interest on lease liabilities[23](index=23&type=chunk) - Tax expense was **HKD 1.77 million**, an increase of **9.5%** from **HKD 1.62 million** in the prior period[25](index=25&type=chunk) [Dividends and Earnings Per Share](index=14&type=section&id=Notes%2010-11) The Board does not recommend an interim dividend for the six months ended June 30, 2023, while a final dividend totaling HKD 38.40 million for the year ended 2022 was paid during the period, and basic earnings per share increased to 3.94 HK cents from 3.83 HK cents in the prior period - The Board does not recommend the declaration of any interim dividend for the six months ended June 30, 2023[27](index=27&type=chunk) - On May 12, 2023, the company paid a final dividend of **15 HK cents** per share for the year ended 2022, totaling **HKD 38.40 million**[27](index=27&type=chunk) - Basic earnings per share increased from **3.83 HK cents** in the prior period to **3.94 HK cents**, with diluted earnings per share being the same as basic earnings per share due to the absence of potentially dilutive ordinary shares[28](index=28&type=chunk) [Details of Assets and Liabilities](index=16&type=section&id=Notes%2012-17) This section details the composition and changes in the Group's major assets and liabilities, noting a significant increase in trade receivables and corresponding rise in expected credit loss provisions, alongside an increase in bank balances and cash due to full withdrawal of fixed deposits, while trade payables remained stable [Trade Receivables](index=16&type=section&id=Note%2013) As of June 30, 2023, net trade receivables significantly increased by **66.9%** to **HKD 42.16 million** from **HKD 25.26 million** at the end of 2022, with expected credit loss provisions rising from **HKD 3.49 million** to **HKD 5.82 million**, and the most notable increase observed in receivables aged 61 to 90 days Changes in Trade Receivables | Item | As of June 30, 2023 (HKD thousands) | As of December 31, 2022 (HKD thousands) | | :--- | :--- | :--- | | Trade Receivables | 47,976 | 28,747 | | Less: Provision for Expected Credit Losses | (5,819) | (3,488) | | **Net** | **42,157** | **25,259** | - Bad debts written off during the period amounted to **HKD 0.45 million**, primarily due to the delisting or liquidation of the relevant debtors by the Stock Exchange[37](index=37&type=chunk) [Cash and Deposits](index=20&type=section&id=Note%2015) As of June 30, 2023, the Group's cash and cash equivalents significantly increased to **HKD 40.97 million** from **HKD 17.36 million** at the end of 2022, with fixed deposits of **HKD 59.00 million** originally maturing beyond three months fully withdrawn during the period Composition of Cash and Deposits | Item | As of June 30, 2023 (HKD thousands) | As of December 31, 2022 (HKD thousands) | | :--- | :--- | :--- | | Bank Balances and Cash | 10,472 | 17,359 | | Fixed deposits with original maturity within three months | 30,500 | – | | **Cash and Cash Equivalents** | **40,972** | **17,359** | | Fixed deposits with original maturity over three months | – | 59,000 | [Share Capital, Financial Instruments and Related Party Transactions](index=22&type=section&id=Notes%2018-20) As of June 30, 2023, the company's issued share capital remained unchanged at **256,000,000** ordinary shares, with financial assets at fair value through profit or loss (primarily actively traded assets) valued at **HKD 1.03 million**, and no other significant related party transactions during the period apart from directors' remuneration - The company's issued share capital is **256,000,000** shares with a par value of **HKD 0.01** per share, and there was no change in the share capital structure during the period[45](index=45&type=chunk) - Financial assets at fair value through profit or loss (Level 1 fair value measurements) had a fair value of **HKD 1.03 million** at period-end, higher than **HKD 0.96 million** at the beginning of the year[50](index=50&type=chunk) - Significant related party transactions during the period consisted of remuneration for key management personnel (i.e., directors), details of which are disclosed in Note 8[52](index=52&type=chunk) [Management Discussion and Analysis](index=26&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=26&type=section&id=Business%20Review) Despite a weak Hong Kong capital market due to global interest rate hikes and geopolitical factors, leading to record low IPO fundraising, the Group successfully offset declining printing service revenue by optimizing its income mix, particularly through robust growth in translation services, coupled with prudent cost control measures, enhancing profitability and achieving a slight increase in profit for the period - Facing a weak Hong Kong IPO market, the Group adjusted its strategy to focus on developing translation services to meet challenges and expand its customer base[55](index=55&type=chunk) Revenue by Service Category | Service Category | For the Six Months Ended June 30, 2023 (HKD thousands) | % of Total Revenue | For the Six Months Ended June 30, 2022 (HKD thousands) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Printing Services | 39,920 | 52.8% | 45,719 | 63.5% | | Translation Services | 29,592 | 39.2% | 20,255 | 28.1% | | Media Publication Services | 6,039 | 8.0% | 6,079 | 8.4% | | **Total** | **75,551** | **100.0%** | **72,053** | **100.0%** | - Revenue from printing services decreased by **12.7%** year-on-year due to the postponement of existing initial public offering projects[57](index=57&type=chunk) - The Group implemented significant sales and marketing initiatives in translation services, leading to a substantial **46.1%** year-on-year increase in revenue for this segment[58](index=58&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) During the period, the Group's overall financial performance showed stable growth, with total revenue increasing by **4.9%**, gross profit by **10.1%**, and gross margin improving to **53.1%**, while effective cost control led to reduced administrative and finance expenses, resulting in a **2.9%** net profit increase to **HKD 10.09 million**, maintaining healthy gearing and current ratios Financial Summary | Metric | For the Six Months Ended June 30, 2023 | For the Six Months Ended June 30, 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD thousands) | 75,551 | 72,053 | +4.9% | | Gross Profit (HKD thousands) | 40,082 | 36,404 | +10.1% | | Gross Margin | 53.1% | 50.5% | +2.6 percentage points | | Net Profit (HKD thousands) | 10,087 | 9,801 | +2.9% | | Net Profit Margin | 13.4% | 13.6% | -0.2 percentage points | - Administrative expenses decreased by **2.9%** year-on-year, primarily due to reduced costs for personal protective equipment provided to employees and clients[66](index=66&type=chunk) - As of June 30, 2023, the gearing ratio was **0.24**, a decrease from **0.26** at the beginning of the year[72](index=72&type=chunk) [Capital Management and Operations](index=31&type=section&id=Capital%20Management%20and%20Operations) The Board did not recommend an interim dividend for the period, but a final dividend of **HKD 38.40 million** for the previous year was paid, with the company's capital structure remaining stable and no changes in share capital, while the Group had **101** full-time employees at period-end, with reduced staff costs year-on-year, and no significant capital commitments, asset pledges, or contingent liabilities during the period - The Board does not recommend the declaration of any interim dividend for the current period[76](index=76&type=chunk) - As of June 30, 2023, the Group had **101** full-time employees in Hong Kong, a decrease from **109** in the prior period[78](index=78&type=chunk) - There were no significant capital expenditures, major acquisitions or disposals, asset pledges, or contingent liabilities during the period[80](index=80&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) [Prospects](index=33&type=section&id=Prospects) Looking ahead, management anticipates continued volatility in the Hong Kong capital market due to global economic uncertainties, but favorable policies such as the Stock Exchange's recent listing regime for specialist technology companies may present opportunities, which the Group is committed to seizing promptly as they arise - Management believes that while the effects of economic stimulus policies remain to be seen, new policies from the Stock Exchange, such as the listing regime for specialist technology companies, are expected to boost Hong Kong's IPO market and enhance the city's competitiveness[88](index=88&type=chunk) - The Group will remain vigilant and ready to seize market opportunities as they emerge[88](index=88&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Directors' and Shareholders' Interests](index=34&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) This section discloses the shareholdings of directors and major shareholders, noting that as of June 30, 2023, Mr. Lau Man Tak, Chairman and Non-executive Director, is deemed to hold **75%** of the company's shares through his controlled corporation, with Jumbo Ace Enterprises Limited being the direct controlling shareholder beneficially owning **75%** of the shares - Mr. Lau Man Tak, Chairman of the Board, is deemed to have an interest in **192,000,000** shares, representing **75%** of the company's issued share capital[90](index=90&type=chunk) - Major shareholder Jumbo Ace Enterprises Limited beneficially owns **192,000,000** shares, representing **75%** of the total[91](index=91&type=chunk) [Corporate Governance](index=36&type=section&id=Corporate%20Governance) The company has adopted and complied with all applicable code provisions of the Hong Kong Listing Rules' Corporate Governance Code during the reporting period, with the Board committed to maintaining good corporate governance for long-term sustainable shareholder growth, and all directors confirming compliance with the standard code for securities transactions - The Board is satisfied that the company has complied with all applicable code provisions set out in the Corporate Governance Code during the period[93](index=93&type=chunk) - All directors confirmed that they have complied with the standard code for securities transactions by directors throughout the period[94](index=94&type=chunk) [Other Disclosures](index=37&type=section&id=Other%20Disclosures) This section provides other compliance information, stating that neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities during the period, no share options have been granted since the adoption of the share option scheme in 2015, and the Audit Committee has reviewed this interim results report - During the period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[97](index=97&type=chunk) - Since the adoption of the share option scheme in 2015, the company has not granted any share options, and thus there are no outstanding share options[98](index=98&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated results and is of the opinion that they have been prepared in compliance with applicable accounting standards and regulations, with adequate disclosures made[100](index=100&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本 公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 REF Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：1631） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中期業績 REF Holdings Limited（「本公司」）董事會（分別為「董事」及「董事會」）宣布，本 公司及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月 的未經審核簡明綜合業績連同相關比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 千港元 千港元 附註 （未經審核） （未經審核） 收益 4 75,551 72,053 服務成本 (35,469) (35,649) 毛利 40,082 36,404 其他收益及虧損淨額 1,131 1,517 ...

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 129,710,000, a decrease of 4.0% compared to HKD 135,082,000 in 2021[5] - Annual profit increased by 29.4% to HKD 11,162,000 from HKD 8,628,000 in the previous year[5] - Gross profit margin decreased by 2.4 percentage points to 51.1% from 53.5%[5] - The group's revenue for the year was approximately HKD 129,710,000, a decrease of about 4.0% compared to the previous year[29] - The profit attributable to shareholders was approximately HKD 11,162,000, an increase of about 29.4% from the previous year[37] - The printing services revenue was approximately HKD 81,898,000, a decrease of about 8.0% from HKD 89,033,000 in the previous year, accounting for 63.1% of total revenue[24] - The translation services revenue was approximately HKD 35,976,000, a slight increase of about 0.5% from the previous year, representing 27.8% of total revenue[26] - The media release services revenue was approximately HKD 11,836,000, an increase of about 15.4% from the previous year, making up 9.1% of total revenue[27] - The group's gross profit was approximately HKD 66,228,000, a decrease of about 8.3% from HKD 72,204,000 in the previous year, with a gross profit margin of 51.1%[28] - The group's net profit margin increased by 2.2 percentage points to 8.6% for the year[38] - The group's service costs increased by approximately 1.0% to HKD 63,482,000, while maintaining strict cost control despite the revenue decline[30] Assets and Liabilities - Net asset value decreased by 28.7% to HKD 99,423,000 from HKD 139,461,000[8] - Cash and cash equivalents decreased by 40.1% to HKD 76,359,000 from HKD 127,565,000[8] - Current ratio decreased by 21.2% to 2.6 from 3.3[8] - As of December 31, 2022, the company's debt-to-asset ratio was 0.26, down from 0.30 on December 31, 2021[39] - The company's cash and cash equivalents, including deposits maturing after three months, were approximately HKD 76,359,000 as of December 31, 2022, a decrease from HKD 127,565,000 on December 31, 2021[40] - The current ratio, calculated as current assets divided by current liabilities, was 2.6 times as of December 31, 2022, compared to 3.3 times in the previous year[40] Capital Expenditures and Dividends - Capital expenditures for the year were approximately HKD 1,005,000, significantly lower than HKD 13,510,000 in the prior year[42] - The board proposed a final dividend of HKD 0.15 per share for the year, totaling HKD 38,400,000, down from HKD 51,200,000 in the previous year[43] - As of December 31, 2022, the company's distributable reserves amounted to approximately HKD 50,382,000, down from HKD 83,586,000 the previous year[172] - The company has a dividend policy that is subject to the board's discretion based on business operations, profitability, and cash requirements[179] Corporate Governance - The board emphasized the importance of corporate governance and risk management practices to ensure sustainable growth[80] - The board of directors includes a mix of executive and independent non-executive directors, with independent directors making up at least one-third of the board[90] - The company has implemented mechanisms to ensure independent viewpoints are considered in board decisions, which are reviewed annually for effectiveness[91] - The independent non-executive directors confirmed that there were no violations of the non-competition commitment by the controlling shareholders during the year[105] - The board is committed to ensuring good corporate governance practices and regularly reviews its policies and procedures[130] Management and Employee Relations - The management team includes experienced professionals with over 22 years in finance and accounting, and over 10 years in accounting and auditing[68][70] - The company emphasizes a safe and healthy work environment for employees, promoting work-life balance[64] - The total employee cost for the year was approximately HKD 53,149,000, slightly down from HKD 53,608,000 in the previous year[45] - The company has a commitment to environmental policies, although no specific standards were mandated for its operations in Hong Kong[62] Strategic Initiatives and Future Outlook - The company plans to continue monitoring sustainable growth and low-carbon transformation, focusing on energy efficiency optimization and renewable energy transition[24] - The company provided guidance for the next fiscal year, projecting a revenue growth of 25% to $625 million[79] - New product launches are expected to contribute an additional $50 million in revenue, with a focus on innovative technology solutions[79] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[79] - A strategic acquisition of a smaller competitor is anticipated to enhance the company's product offerings and increase market competitiveness[79] Compliance and Risk Management - The company has complied with all applicable laws and regulations during the year[65] - The company has established strict procedures for handling insider information and external inquiries[65] - The company has a whistleblowing policy and system in place for employees and stakeholders to report potential misconduct confidentially[117] - The company has implemented an anti-corruption and integrity system as part of its employee handbook, requiring employees to report any suspected bribery or corruption cases[149] Shareholder Information - The company has maintained a public float of no less than 25% as of the report date[158] - The upcoming annual general meeting is scheduled for April 13, 2023, at 11:00 AM Hong Kong time[158] - The company has a clear procedure for shareholders to propose motions at general meetings, requiring at least 10% of the paid-up capital to request a special general meeting[152] - The company has engaged external professionals to perform internal audit functions, enhancing the effectiveness of its risk management and internal control systems[145]

Revenue and Profit - Revenue for the six months ended June 30, 2022, was HKD 72,053,000, a decrease of 6.9% compared to HKD 77,190,000 in the same period of 2021[4] - Gross profit for the same period was HKD 36,404,000, down 14.1% from HKD 42,378,000 in 2021[4] - Profit attributable to owners of the company for the six months was HKD 9,801,000, an increase of 26.1% compared to HKD 7,772,000 in the prior year[4] - The company reported a pre-tax profit of HKD 11,421,000, which is a 15.5% increase from HKD 9,891,000 in the previous year[4] - For the six months ended June 30, 2022, the company reported a profit attributable to shareholders of HKD 9,801,000, an increase of 26.1% compared to HKD 7,772,000 for the same period in 2021[82] - Basic earnings per share for the six months ended June 30, 2022, was HKD 3.83, up from HKD 3.04 in the same period of 2021, representing a growth of 25.9%[86] - Net profit for the period was approximately 9.8 million HKD, an increase of about 2.0 million HKD or 25.6% from 7.8 million HKD in the previous period[173] Revenue Breakdown - The revenue from printing services was HKD 45,719,000, down from HKD 51,719,000, reflecting a decline of 11.5%[51] - Printing service revenue was approximately 45.7 million HKD, a decrease of about 11.6% from 51.7 million HKD in the previous period, accounting for approximately 63.5% of total revenue[151] - Translation service revenue was approximately 20.2 million HKD, a slight decrease of about 1.0% from 20.4 million HKD in the previous period, representing about 28.0% of total revenue[152] - Media release service revenue increased by approximately 19.6% to about 6.1 million HKD, compared to 5.1 million HKD in the previous period, accounting for approximately 8.5% of total revenue[161] Assets and Liabilities - Total current assets decreased to HKD 113,934,000 from HKD 149,764,000, reflecting a decline of 24%[8] - Total liabilities increased to HKD 51,458,000 from HKD 45,880,000, representing an increase of 12.9%[12] - The net asset value of the company decreased to HKD 98,062,000 from HKD 139,461,000, a decline of 29.6%[19] - Cash and cash equivalents decreased significantly to HKD 47,951,000 from HKD 127,565,000, a drop of 62.4%[8] - Trade receivables, net of expected credit loss provisions, stood at HKD 46,347,000 as of June 30, 2022, compared to HKD 14,440,000 as of December 31, 2021, indicating a significant increase[90] - Trade payables increased to HKD 4,985,000 as of June 30, 2022, compared to HKD 2,602,000 as of December 31, 2021, reflecting a growth of approximately 91%[110] - Total current liabilities decreased from HKD 10,202,000 as of December 31, 2021, to HKD 12,420,000 as of June 30, 2022[113] Cash Flow and Expenditures - Operating cash flow for the period was negative at HKD (3,689,000), compared to positive cash flow in the previous year[29] - The company incurred capital expenditures of HKD (794,000) for the purchase of machinery and equipment, down from HKD (13,401,000) in the prior year[31] - The company’s cash flow from financing activities was HKD (61,521,000), a decrease from HKD (86,670,000) in the prior period[doc id='37'] - The total liabilities increased, with cash used in investing activities reported at HKD (14,404,000) compared to HKD (982,000) previously[doc id='37'] - Capital expenditure for the period was approximately 800,000 HKD, significantly lower than 13.4 million HKD in the previous period, primarily for operational needs[177] Employee and Administrative Expenses - Total employee benefits expenses for the six months ended June 30, 2022, amounted to HKD 27,801,000, an increase of 6.8% from HKD 26,035,000 in the previous year[78] - Total employee costs for the period were approximately HKD 29,200,000, an increase from approximately HKD 27,200,000 in the prior period[182] - Administrative expenses decreased by approximately 2.6 million HKD or 11.5% to about 20.0 million HKD, mainly due to the absence of one-time office relocation expenses[168] Government Subsidies and Tax - The company recognized government subsidies amounting to HKD 1,600,000 related to the COVID-19 employment support scheme, compared to zero in the previous year[65] - The company recognized a total tax expense of HKD 1,620,000 for the six months ended June 30, 2022, a decrease of 23.6% from HKD 2,119,000 in the same period of 2021[69] - The company received government subsidies related to the employment support scheme amounting to HKD 788,000 as of June 30, 2022, compared to zero as of December 31, 2021[101] Share Capital and Dividends - The company did not declare any interim dividend for the six months ended June 30, 2022, while a final dividend of HKD 0.20 per share was declared for the previous year, totaling HKD 51,200,000[81] - The company's issued share capital as of June 30, 2022, was HKD 2,560,000, comprising 256,000,000 shares, with no changes during the period[181] - The company’s total issued and paid-up share capital remained at HKD 100,000,000 as of June 30, 2022, consistent with December 31, 2021[114] Financial Position and Investments - The company continues to adopt a prudent approach to equity investments amid market volatility[193] - The group held a total equity investment portfolio valued at approximately HKD 1,000,000 as of June 30, 2022, down from HKD 1,400,000 as of December 31, 2021[189] - The fair value of financial assets measured at fair value through profit or loss was HKD 10,557,000, representing 0.6% of the total asset value[190] - The group had no significant capital commitments as of June 30, 2022, compared to HKD 391,000 as of December 31, 2021[187] - There were no major investments or capital asset plans as of June 30, 2022[196] - The group did not engage in any acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[197] - The group had no significant contingent liabilities or guarantees as of June 30, 2022[195]

Financial Performance - The company recorded revenue of approximately HKD 135,100,000 for the year, representing a year-on-year decrease of 8.4% due to delays or cancellations of existing IPO projects [24]. - Profit attributable to the owners of the company was approximately HKD 8,600,000, a year-on-year decrease of about 53.0%, attributed to the absence of government subsidies and one-time relocation expenses [24]. - The company's total revenue for the year was approximately HKD 135.1 million, a decrease of about 8.4% from the previous year's revenue of HKD 147.5 million [42]. - Net profit for the year was approximately HKD 8.6 million, a decrease of about 53.0% from HKD 18.3 million in the previous year [51]. - The company's gross profit increased by 3.9% to approximately HKD 72.2 million, with a gross profit margin of 53.5%, an increase of 6.4 percentage points [52]. - The net profit margin decreased to 6.4%, down by 6.0 percentage points compared to the prior year [10]. Assets and Liabilities - Total assets decreased to HKD 210,373,000, a decline of 19.3% from HKD 260,531,000 in the previous year [18]. - Net assets fell to HKD 139,461,000, down 32.8% from HKD 207,633,000 year-on-year [18]. - Cash and cash equivalents decreased to HKD 127,565,000, a reduction of 31.6% from HKD 186,487,000 in the previous year [18]. - The current ratio decreased to 3.3, down 29.8% from 4.7 in the previous year [18]. - The asset-liability ratio increased to 0.3 from 0.05 in the previous year, attributed to an increase in lease liabilities [53]. Revenue Breakdown - Printing services generated revenue of approximately HKD 89 million, down about 7.3% from HKD 96 million in the previous year, accounting for approximately 65.9% of total revenue [32]. - Translation services revenue was approximately HKD 35.8 million, a decrease of about 8.9% from HKD 39.3 million, representing about 26.5% of total revenue [38]. - Media release services revenue was approximately HKD 10.3 million, down about 15.6% from HKD 12.2 million, contributing approximately 7.6% to total revenue [39]. Expenses - The company's service costs decreased by approximately 19.4% to HKD 62.9 million, primarily due to the acquisition of a translation service company [43]. - Sales and distribution expenses increased by approximately 7.8% to HKD 13.8 million, mainly due to the resumption of sales activities post-COVID-19 vaccination [47]. - Administrative expenses rose by approximately 12.6% to HKD 41.9 million, driven by one-time costs related to office relocation and personal protective equipment for employees and clients [48]. Dividends - The company plans to pay a final dividend of HKD 0.20 per share, considering its financial condition and performance [24]. - The board proposed a final dividend of HKD 0.20 per share for the year ended December 31, 2021, totaling HKD 51.2 million, down from HKD 76.8 million in the previous year [58]. Corporate Governance - The management team emphasized the importance of maintaining strong corporate governance to enhance shareholder value [105]. - The board of directors has established several committees to oversee financial and operational strategies, ensuring compliance with regulatory standards [108]. - The company has adopted new corporate governance codes effective from January 1, 2022, to further strengthen its governance framework [107]. - The board has adopted a diversity policy to ensure a balanced mix of skills, experience, and perspectives among its members [131]. - The roles of chairman and CEO are separated to maintain a balance of power and authority within the company [133]. Internal Controls and Compliance - The company adheres to the internal control principles based on the Committee of Sponsoring Organisations of the Treadway Commission, focusing on internal environment, risk assessment, control activities, information and communication, and internal supervision [79]. - The company has implemented a series of internal control policies aimed at ensuring efficient operations and reliable financial reporting [179]. - The company has engaged an external professional firm to perform internal audit functions and review the effectiveness of its risk management and internal control systems [180]. - The company has complied with all applicable laws and regulations in its business operations during the year [83]. Employee and Investment Information - The total employee cost for the year was approximately HKD 53.6 million, a decrease from HKD 54.7 million in the prior year, with 122 employees as of December 31, 2021 [60]. - The group held a total of approximately HKD 1.4 million in equity investments as of December 31, 2021, significantly down from HKD 22.7 million in the previous year [67]. - The group sold most of its equity investment portfolio during the year to reduce risk due to market volatility [68]. - The company plans to invest its funds in a diversified portfolio of investment products, including listed securities, to safeguard the value of its funds and achieve capital appreciation [88]. Meetings and Attendance - The company held its annual general meeting on April 23, 2021, with full attendance from all directors [127]. - All independent non-executive directors participated in board meetings, with attendance recorded at 100% for all four meetings held during the year [123]. - The Compensation Committee held two meetings in 2021 to evaluate the performance of directors and senior management, and to review their discretionary bonuses [153]. - All members of the Compensation Committee attended both meetings, with Mr. Li, Mr. Leung, and Mr. Huang each having a 100% attendance rate [155]. - The Nomination Committee held one meeting in 2021 to review the board structure, size, and diversity, and to assess the independence of non-executive directors [159]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected EBITDA margin of C% [100]. - New product launches are anticipated to contribute an additional D million in revenue, with a focus on innovative technology solutions [100]. - The company is expanding its market presence in E regions, aiming for a market share increase of F% by the end of the next fiscal year [100]. - Recent acquisitions are expected to enhance operational capabilities and are projected to add G million in annual revenue [100]. - The company has invested H million in R&D for new technologies, aiming to improve product efficiency and customer satisfaction [100].

Revenue and Profitability - Revenue for the six months ended June 30, 2021, was HKD 77,190,000, a decrease of 7% compared to HKD 83,253,000 for the same period in 2020[3] - Profit attributable to owners of the company for the period was HKD 7,772,000, down 27% from HKD 10,601,000 in the prior year[3] - The company reported a pre-tax profit of HKD 9,891,000, a decrease of 24% compared to HKD 12,987,000 in the same period last year[3] - The company reported a profit attributable to shareholders of HKD 7,772,000 for the six months ended June 30, 2021, a decrease of 26.0% compared to HKD 10,601,000 in the same period of 2020[77] - Basic earnings per share for the six months ended June 30, 2021, was HKD 3.04, down from HKD 4.14 in the same period of 2020, reflecting a decline of 26.6%[81] - Net profit for the period was approximately HKD 7,800,000, a decrease of about HKD 2,800,000 or 26.4% from the previous period's HKD 10,600,000, mainly due to one-time office relocation expenses and competitive market conditions[168] Assets and Liabilities - Total assets as of June 30, 2021, were HKD 169,970,000, down from HKD 208,806,000 at the end of 2020[19] - Current assets decreased to HKD 108,419,000 from HKD 191,036,000 in the previous year[19] - The company’s total equity attributable to owners decreased to HKD 138,605,000 from HKD 207,633,000 in the previous year[23] - The company’s lease liabilities increased to HKD 47,050,000 as of June 30, 2021, compared to HKD 10,474,000 in the previous year, indicating an expansion in leasing commitments[94] - The company's debt-to-asset ratio increased to 0.34 as of June 30, 2021, from 0.05 as of December 31, 2020, due to an increase in lease liabilities[170] - The group did not hold any significant investments as of June 30, 2021, and had no major contingent liabilities or guarantees[187][191] Cash Flow and Financing - The company’s cash and cash equivalents were HKD 107,775,000, a significant decrease from HKD 186,487,000 at the end of 2020[17] - Operating cash flow before tax profit was HKD 8,970,000, down from HKD 16,512,000 in the previous year[32] - The net cash flow from investing activities was a net outflow of HKD 982,000, compared to an inflow of HKD 59,952,000 in the previous period[35] - The net cash used in financing activities amounted to HKD 86,670,000, compared to HKD 10,070,000 in the prior period[35] - Cash and cash equivalents decreased by HKD 78,712,000, ending the period at HKD 107,775,000, down from HKD 186,487,000 at the beginning of the period[35] Revenue Breakdown - Revenue from financial printing services for the six months ended June 30, 2021, was HKD 77,190,000, a decrease of 7.5% from HKD 83,253,000 in the same period last year[48] - Printing services generated revenue of approximately HKD 51.7 million, accounting for about 67.0% of total revenue, compared to HKD 55.0 million and 66.0% in the prior period[148] - Translation service revenue for the period was approximately HKD 20,400,000, a decrease of about 5.6% from the previous period's HKD 21,600,000, primarily due to clients' cost-saving measures[149] - Media release revenue for the period was approximately HKD 5,100,000, down 23.9% from approximately HKD 6,700,000 in the previous period, attributed to reduced demand during the Covid-19 pandemic[156] Operational Performance and Strategy - The company plans to focus on new product development and market expansion strategies in the upcoming periods[4] - The overall performance for the first half of 2021 showed significant recovery compared to the second half of 2020, although it remained slightly below the first half of 2020[142] - The company aims to provide a unique experience for clients through a comprehensive range of financial printing services, including design, translation, and media release[142] - The company has implemented business continuity measures to ensure uninterrupted service delivery to clients during the pandemic[142] - The outlook for the group's operational performance remains uncertain, with challenges anticipated due to the spread of more transmissible COVID-19 variants[195] Employee and Expenses - The total employee benefit expenses for the period were HKD 26,035,000, slightly down from HKD 26,067,000 in the same period of 2020[74] - The company's service costs decreased by approximately HKD 8,500,000 or 19.6% to about HKD 34,800,000, primarily due to cost savings from acquiring a translation service company[160] Investments and Future Plans - The group has no specific plans for significant investments or capital assets as of June 30, 2021[192] - Recent amendments to Hong Kong listing rules may impact the group's future performance, including the implementation of paperless IPO processes starting July 2021[195] - The group plans to leverage its competitive advantages in branding and network to expand its customer base and enhance professional services[195]

Financial Performance - Revenue for the year ended December 31, 2020, was HKD 147,495,000, a decrease of 22.6% from HKD 190,491,000 in 2019[10] - Profit attributable to owners of the company for 2020 was HKD 18,266,000, down 45.5% from HKD 33,538,000 in 2019[10] - Gross margin decreased to 47.1% in 2020 from 51.1% in 2019, a decline of 4.0%[10] - Net profit margin fell to 12.4% in 2020 compared to 17.6% in 2019, a decrease of 5.2%[10] - The printing services revenue was approximately HKD 96,000,000, a decrease of about 28.2% from HKD 133,700,000 in the previous year, accounting for approximately 65.1% of total revenue[35] - Translation services revenue was approximately HKD 39,300,000, down about 9.4% from HKD 43,400,000, representing about 26.6% of total revenue[36] - Media release services revenue was approximately HKD 12,200,000, a decrease of about 9.0% from HKD 13,400,000, contributing approximately 8.3% to total revenue[37] - The company's gross profit decreased by about 28.6% to approximately HKD 69,500,000, with gross profit margins of approximately 47.1% and 51.1% for the current and previous year, respectively[43] Assets and Liabilities - Total assets as of December 31, 2020, were HKD 260,531,000, down 18.8% from HKD 320,903,000 in 2019[19] - Net assets decreased to HKD 207,633,000 in 2020, a reduction of 13.7% from HKD 240,567,000 in 2019[19] - Cash and cash equivalents were HKD 186,487,000, down 19.7% from HKD 232,251,000 in 2019[19] - As of December 31, 2020, the group's current assets decreased to approximately HKD 242.8 million from HKD 287 million in 2019, while current liabilities decreased to approximately HKD 51.7 million from HKD 71.8 million in 2019[55] - The total assets of the group decreased to approximately HKD 260.5 million from HKD 320.9 million in 2019, and total equity decreased to approximately HKD 207.6 million from HKD 240.6 million in 2019[58] - The group held a total cash and bank balance of approximately HKD 186.5 million as of December 31, 2020, down from HKD 232.3 million in 2019, with a current ratio of approximately 4.7 compared to 4.0 in 2019[58] Debt and Equity - The company maintained a low debt-to-equity ratio of 0.05 in 2020, down 54.5% from 0.11 in 2019[19] - The group's debt-to-equity ratio improved to approximately 0.05 as of December 31, 2020, down from 0.11 in 2019, with no bank borrowings or overdrafts reported[58] Expenses and Cost Management - Selling and distribution expenses decreased by about 21.0% to approximately HKD 12,800,000, primarily due to reduced marketing activities during the COVID-19 outbreak[45] - Administrative expenses were reduced by about 8.8% to approximately HKD 37,200,000, as the company strictly controlled administrative costs[46] Dividends - The company declared an interim dividend of HKD 0.20 per share, totaling HKD 51,200,000, and a proposed final dividend of HKD 0.30 per share, totaling HKD 76,800,000 for the year[85] - The total dividend for the year amounts to HKD 0.50 per share, compared to no dividends declared in the previous year[85] Corporate Governance - The company has a strong commitment to corporate governance, ensuring accountability and enhancing shareholder value through effective management structures and internal controls[102] - The board of directors includes a balanced mix of executive and independent non-executive directors, with independent directors accounting for at least one-third of the board[111] - The company has established an audit committee, a remuneration committee, and a nomination committee to oversee key governance functions[104] - The management team has extensive experience in the financial printing industry, with over 22 years of experience for the managing director and over 10 years for the sales director[99] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations, ensuring compliance throughout the reporting period[104] Risk Management - The company has implemented a series of internal control policies aimed at ensuring efficient operations and reliable financial reporting[178] - The risk management and internal control systems are reviewed annually, and external professional firms have been engaged to assess their effectiveness[179] Employee Relations - The company maintains good relationships with customers and suppliers, with no complaints received from suppliers during the year[82] - All employee salaries were paid on time, with no disputes regarding salary payments, ensuring reasonable compensation for employees[82] - The group employed 129 full-time employees as of December 31, 2020, with total employee costs amounting to approximately HKD 54.7 million, down from HKD 59.5 million in 2019[65] Future Outlook - The operating environment for 2021 remains uncertain due to potential impacts from the COVID-19 pandemic[86] - The company plans to enhance its market competitiveness and improve financial printing services to meet customer demands despite facing challenges from regulatory changes[27] - The company plans to invest surplus funds in a diversified portfolio of investment products, including listed securities, to safeguard capital value[84]

REF Holdings Limited 股份代號: 1631 期 報 告 中 簡明綜合財務報表 截至六月三十日止六個月 二零二零年 二零一九年 千港元 千港元 REF Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）宣布，本公司及其附屬公 司（統稱「本集團」）截至二零二零年六月三十日止六個月（「本期間」）的未經審核簡明綜 合業績連同相關比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二零年六月三十日止六個月 附註 （未經審核） （未經審核） | --- | --- | --- | --- | |----------------------------------------|-------|----------|----------| | | | | | | | | | | | 收益 | 4 | 83,253 | 98,507 | | 服務成本 | | (43,303) | (48,096) | | | | | | | | | | | | 毛利 | | 39,950 | 50,411 | | 其他收益及虧損 | 6 | (1,395) | 678 | | 銷售及分銷開支 ...