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 ...

Financial Performance - The company recorded revenue of approximately HKD 190,491,000, a decrease of about 1.0% compared to the previous year[28]. - The profit attributable to the company's owners was approximately HKD 33,538,000, representing a decrease of about 8.7% year-on-year[28]. - The gross profit margin was 51.1%, down from 51.7% in the previous year, reflecting a decrease of 0.6%[11]. - The net profit margin was 17.6%, down from 19.1% in the previous year, indicating a decrease of 1.5%[11]. - Total revenue decreased by approximately HKD 1.9 million or 1.0% to approximately HKD 190.5 million from HKD 192.4 million in 2018, primarily due to a decrease in printing service revenue[43]. - The company's profit attributable to owners for the year was approximately HKD 33.5 million, a decrease of about 8.7% from HKD 36.7 million in 2018, with a net profit margin of approximately 17.6%[50]. - The gross profit for the year was approximately HKD 97.4 million, a decrease of about 2.1% from HKD 99.5 million in 2018, with gross profit margins of approximately 51.1% and 51.7% for 2019 and 2018, respectively[45]. Assets and Liabilities - Total assets increased to HKD 320,903,000, a rise of 19.5% compared to HKD 268,605,000 in the previous year[19]. - Net assets rose to HKD 240,567,000, an increase of 16.2% from HKD 207,029,000 in the previous year[19]. - Cash and cash equivalents, including time deposits and bank balances, amounted to HKD 232,251,000, an increase of 11.6% from HKD 208,112,000[19]. - Current assets increased to approximately HKD 287,000,000 (2018: HKD 256,300,000) while current liabilities rose to approximately HKD 71,800,000 (2018: HKD 61,100,000)[61]. - The group maintained a debt-to-asset ratio of 11.3% as of December 31, 2019, following the adoption of HKFRS 16[61]. Dividends - The company did not recommend the payment of a dividend for the year, consistent with the previous year[29]. - The board does not recommend a dividend for the year, consistent with the previous year[84]. Revenue Breakdown - Printing revenue for the year ended December 31, 2019, was approximately HKD 133.7 million, a decrease of about 2.1% from HKD 136.5 million in 2018, accounting for approximately 70.2% of total revenue[37]. - Translation revenue for the year was approximately HKD 43.4 million, an increase of about 1.4% from HKD 42.8 million in 2018, representing approximately 22.8% of total revenue[38]. - Media release revenue for the year was approximately HKD 13.4 million, an increase of about 2.3% from HKD 13.1 million in 2018, accounting for approximately 7.0% of total revenue[39]. Operating Expenses - Operating expenses for the year included selling and distribution expenses of approximately HKD 16.2 million, a decrease of about 5.3% from HKD 17.1 million in 2018[47]. - Administrative expenses for the year were approximately HKD 41.1 million, a decrease of about 2.1% from HKD 42.0 million in 2018, due to enhanced cost control measures[48]. Corporate Governance - The board of directors emphasizes good corporate governance practices to enhance shareholder value and accountability[101]. - The board of directors consists of at least one-third independent non-executive directors, ensuring compliance with listing rules[114]. - All independent non-executive directors confirmed their independence in accordance with the listing rules[114]. - The company has a whistleblowing policy to allow employees and stakeholders to report potential misconduct[145]. - The board has adopted a nomination policy to evaluate, select, and recommend candidates for the board, considering factors such as diversity, qualifications, experience, and independence[159]. - The company has established procedures for shareholders to propose motions at general meetings, requiring a written request from shareholders holding at least 10% of the paid-up capital[180]. Risk Management - The group has implemented a risk management framework to enhance internal controls and ensure compliance with listing rules[70][72]. - 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 during the year[177]. - The board is responsible for maintaining effective risk management and internal control systems, which are reviewed annually to ensure they are adequate[176]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 25% to $187.5 million[99]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on expanding the product line in the next quarter[99]. - Market expansion plans include entering two new regions, which are projected to increase market share by 10%[99]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the financial services sector[99]. Employee and Management - The total employee cost, including directors' remuneration, was approximately HKD 59,500,000 (2018: HKD 56,300,000) with 126 full-time employees as of December 31, 2019 (2018: 118)[65]. - The management team has extensive experience, with over 20 years in the financial printing industry, ensuring strong leadership[98]. Compliance and Regulations - The company ensures compliance with accounting standards and financial reporting regulations[141]. - The company has not identified any significant uncertainties that may cast doubt on its ability to continue as a going concern[172]. - The company operates entirely in Hong Kong, with transactions primarily in HKD, minimizing foreign exchange risk[82].

Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 98,507,000, representing an increase of 7.3% from HKD 92,006,000 in the same period of 2018[3] - Gross profit for the same period was HKD 50,411,000, up from HKD 47,318,000, reflecting a gross margin improvement[3] - Profit before tax decreased to HKD 22,668,000, down 3.8% from HKD 23,564,000 in 2018[3] - Net profit for the period was HKD 18,899,000, a decrease of 3.8% compared to HKD 19,646,000 in the previous year[3] - Basic and diluted earnings per share were HKD 7.38, down from HKD 7.67 in the same period last year[3] - The printing segment generated revenue of HKD 68,912,000, up from HKD 65,396,000, reflecting a growth of 3.8%[79] - The translation services segment reported revenue of HKD 23,072,000, a 11.5% increase compared to HKD 20,653,000 in 2018[79] - The net profit attributable to the company's owners for the six months ended June 30, 2019, was HKD 18,899,000, down from HKD 19,646,000 in 2018, representing a decrease of 3.8%[100] - Basic earnings per share for the six months ended June 30, 2019, were HKD 7.38, compared to HKD 7.67 for the same period in 2018, indicating a decline of 3.8%[100] - Profit for the period was approximately HKD 18,900,000, a decrease of about 3.6% from HKD 19,600,000 for the same period last year[184] Assets and Liabilities - Total assets as of June 30, 2019, were HKD 276,608,000, compared to HKD 256,335,000 at the end of 2018, showing growth in asset base[6] - The company reported a net cash outflow from operating activities of HKD 9,890,000, compared to an outflow of HKD 2,845,000 in the previous year[21] - Cash and cash equivalents decreased to HKD 12,004,000 from HKD 12,922,000, reflecting a reduction in liquidity[25] - The company’s total equity increased to HKD 225,928,000 from HKD 207,029,000, indicating a strengthening of the financial position[12] - As of June 30, 2019, trade receivables amounted to HKD 52,295,000, an increase from HKD 28,560,000 as of December 31, 2018, representing an 83.2% growth[122] - The company's current lease liabilities due within one year are HKD 18,534,000, while total lease liabilities stand at HKD 36,342,000[115] - The total cash and bank balances, including time deposits, decreased to HKD 189,500,000 from HKD 208,112,000 as of December 31, 2018, reflecting a decline of 8.9%[133] - Trade payables increased to HKD 7,505,000 as of June 30, 2019, compared to HKD 6,003,000 as of December 31, 2018, indicating a 25% rise[135] - The company’s debt-to-asset ratio was 16.1%[185] - The current ratio as of June 30, 2019, was 3.6 times, compared to 4.2 times as of December 31, 2018[188] Employee and Operational Expenses - Total employee benefits expenses increased to HKD 26,316,000 from HKD 22,061,000, marking a rise of 19.5%[87] - Administrative expenses rose by approximately 15.3%, from about HKD 17,600,000 to approximately HKD 20,300,000[181] - The total employee cost for the six months ended June 30, 2019, was approximately HKD 29.4 million, an increase from HKD 25.3 million for the same period in 2018[190] Lease Accounting - The company has adopted new Hong Kong Financial Reporting Standards, including HKFRS 16 on leases, which replaces HKAS 17 and introduces significant changes in accounting for leases[36] - As of January 1, 2019, the company recognized lease liabilities of approximately HKD 45,317,000 and right-of-use assets of approximately HKD 42,443,000[64] - The weighted average incremental borrowing rate used by the company as a lessee was 5.38%[64] - The company applied HKFRS 16 retrospectively, confirming cumulative effects on the initial application date without restating comparative information[58] - The company identified lease liabilities related to operating leases amounting to HKD 48,274,000 as of December 31, 2018, after deducting total future interest expenses of HKD 2,957,000[66] - The company’s right-of-use assets recognized on January 1, 2019, included adjustments related to lease incentives provided by lessors[69] - The company will reassess lease liabilities if there are changes in lease terms or evaluations of purchase options[51] - The company’s lease liabilities are adjusted for interest accruals and lease payments post-initial recognition[51] - The company’s lease modifications are accounted for as a separate lease when they expand the scope of the lease by adding rights to use one or more underlying assets[52] - The company’s assessment of lease terms, including renewal options, significantly impacts the recognized amounts of lease liabilities and right-of-use assets[70] Corporate Information - The company is primarily an investment holding company providing financial printing services, with unaudited consolidated financial statements for the six months ended June 30, 2019, presented in Hong Kong dollars (HKD) [27] - The registered office of the company is located in Grand Cayman, Cayman Islands, with its main operational headquarters in Hong Kong [1] - The company was incorporated in the Cayman Islands on February 5, 2014, and its shares are listed on the main board of the Hong Kong Stock Exchange [1] - The company’s ultimate holding company is a British Virgin Islands registered entity, with the chairman serving as a non-executive director [1] - The financial statements are rounded to the nearest thousand Hong Kong dollars (HKD) [27] - The company did not declare any dividends for the six months ended June 30, 2019, consistent with 2018[94] - The company continues to adopt a prudent approach in making investment decisions amid market fluctuations[195] Other Financial Metrics - The company reported a loss of HKD 1,033,000 recognized in profit or loss during the period[119] - Other income and losses decreased by approximately 36.4%, from about HKD 1,100,000 to approximately HKD 700,000[177] - The company held a total equity investment portfolio valued at approximately HKD 18.5 million as of June 30, 2019, compared to none as of December 31, 2018[195] - The company did not have any significant capital commitments as of June 30, 2019, and December 31, 2018[191] - There were no major contingent liabilities or guarantees as of June 30, 2019, and December 31, 2018[200] - The company issued a total of 256 million shares with a nominal value of HKD 0.01 per share, with no changes in share capital during the period[189] - The company maintained no pledges on its assets as of June 30, 2019, and December 31, 2018[199]

REF Holdings Limited 股份代號: 1631 Stock Code: 1631 2018 Annual Report Annual Report 2018 年 報 2018 年 報 目錄 | --- | --- | |-------|-------------------------------| | | | | | | | | 2 公司資料 | | | 3 財務摘要 | | | 5 主席報告 | | | 7 管理層討論及分析 | | | 14 董事及高級管理人員 | | | 17 企業管治報告 | | | 33 董事會報告 | | | 41 獨立核數師報告 | | | 47 綜合損益及其他全面收益表 | | | 48 綜合財務狀況表 | | | 49 綜合權益變動表 | | | 50 綜合現金流量表 | | | 51 綜合財務報表附註 | | | 100 五年財務概要 | | | | 公司資料 | --- | --- | |-----------------------|--------------------------| | | | | 董事會 | | | 執行董事 | | | 趙鶴茹 ...