BOE Varitronix Income Statement

Financials in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	13,957	13,449	10,760	10,722	7,738
Revenue Growth (YoY)	3.78%	24.98%	0.36%	38.57%	70.93%
Cost of Revenue	11,509	11,218	8,795	8,937	6,359
Gross Profit	2,448	2,230	1,966	1,785	1,379
Selling, General & Admin	1,355	1,128	954.97	683.78	593.82
Other Operating Expenses	582.88	570.6	328.45	345.46	311.15
Operating Expenses	2,205	1,942	1,486	1,195	1,065
Operating Income	242.8	288	479.97	590.33	314.12
Interest Expense	-10.38	-15.36	-25.22	-12.36	-0.92
Interest & Investment Income	106.6	115.44	93.28	52.85	25.4
Earnings From Equity Investments	-	-	-4.47	-0.46	-0.49
Currency Exchange Gain (Loss)	-11.37	-1.63	-4.52	16.84	10.16
Other Non Operating Income (Expenses)	-	-	-	10.2	6.04
EBT Excluding Unusual Items	327.65	386.45	539.04	657.4	354.31
Gain (Loss) on Sale of Investments	66.07	35.11	-0.72	-0.74	-6.54
Gain (Loss) on Sale of Assets	1.65	0.54	1.71	0.98	0.91
Pretax Income	395.37	422.09	540.03	657.65	348.68
Income Tax Expense	53.73	20.51	58.95	98.08	38.96
Earnings From Continuing Operations	341.64	401.59	481.08	559.57	309.72
Minority Interest in Earnings	3.73	-10.3	-5.82	22.88	18.08
Net Income	345.37	391.28	475.26	582.45	327.8
Net Income to Common	345.37	391.28	475.26	582.45	327.8
Net Income Growth	-11.73%	-17.67%	-18.40%	77.69%	377.57%
Shares Outstanding (Basic)	788	789	786	743	727
Shares Outstanding (Diluted)	790	791	789	749	732
Shares Change (YoY)	-0.08%	0.20%	5.38%	2.21%	-0.46%
EPS (Basic)	0.44	0.50	0.60	0.78	0.45
EPS (Diluted)	0.44	0.49	0.60	0.78	0.45
EPS Growth	-11.72%	-17.77%	-22.62%	73.66%	381.73%
Free Cash Flow	-	888.97	684.02	-402.27	418
Free Cash Flow Per Share	-	1.13	0.87	-0.54	0.57
Dividend Per Share	0.153	0.170	0.190	0.230	0.150
Dividend Growth	-10.00%	-10.53%	-17.39%	53.33%	200.00%
Gross Margin	17.54%	16.59%	18.27%	16.65%	17.82%
Operating Margin	1.74%	2.14%	4.46%	5.51%	4.06%
Profit Margin	2.47%	2.91%	4.42%	5.43%	4.24%
Free Cash Flow Margin	-	6.61%	6.36%	-3.75%	5.40%
EBITDA	449.46	494.66	653.14	735.38	455.75
EBITDA Margin	3.22%	3.68%	6.07%	6.86%	5.89%
D&A For EBITDA	206.66	206.66	173.17	145.05	141.63
EBIT	242.8	288	479.97	590.33	314.12
EBIT Margin	1.74%	2.14%	4.46%	5.51%	4.06%
Effective Tax Rate	13.59%	4.86%	10.92%	14.91%	11.17%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.