REF Holdings Balance Sheet

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

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	17.51	55.3	36.22	17.36	127.57	186.49
Short-Term Investments	35.03	-	18.01	59	-	-
Trading Asset Securities	0.43	0.45	0.86	0.96	1.43	22.73
Cash & Short-Term Investments	52.97	55.75	55.09	77.32	128.99	209.22
Cash Growth	7.98%	1.21%	-28.75%	-40.06%	-38.35%	-16.30%
Accounts Receivable	33.26	21.86	22.75	25.26	14.44	20.94
Other Receivables	0.36	0.2	0.27	0.03	2.16	3.3
Receivables	33.62	22.06	23.03	25.29	16.6	24.24
Prepaid Expenses	2.55	0.91	1.51	1.8	1.71	0.58
Other Current Assets	0.66	1.3	7.4	1.31	2.46	8.72
Total Current Assets	89.8	80.03	87.03	105.72	149.76	242.76
Property, Plant & Equipment	28.08	36.81	13.96	33.39	52.01	14.85
Goodwill	1.98	1.98	1.98	1.98	1.98	1.98
Long-Term Deferred Tax Assets	1.7	1.39	0.97	0.72	-	0.94
Other Long-Term Assets	5.27	5.29	0.29	5.99	6.62	-
Total Assets	126.84	125.5	104.23	147.8	210.37	260.53
Accounts Payable	1.8	0.9	2.41	2.94	2.6	3.84
Accrued Expenses	5	4.04	10.81	6.19	7.28	10.06
Current Portion of Leases	16.08	15.68	7.65	19.43	18.51	9.3
Current Income Taxes Payable	1.39	0.65	0.63	0.5	-	-
Current Unearned Revenue	4.12	2.2	9.09	11.44	16.42	27.14
Other Current Liabilities	-	-	-	-	1.06	1.4
Total Current Liabilities	28.39	23.46	30.58	40.49	45.88	51.73
Long-Term Leases	12.62	20.74	0.89	6.03	23.13	1.17
Long-Term Deferred Tax Liabilities	-	-	-	-	0.04	-
Other Long-Term Liabilities	1.57	1.57	-	1.86	1.86	-
Total Liabilities	42.57	45.77	31.47	48.38	70.91	52.9
Common Stock	2.56	2.56	2.56	2.56	2.56	2.56
Additional Paid-In Capital	41.23	41.23	41.23	41.23	41.23	41.23
Retained Earnings	39.09	34.61	28.94	55.63	95.67	163.84
Comprehensive Income & Other	1.38	1.33	0.02	-	-	-
Shareholders' Equity	84.26	79.73	72.75	99.42	139.46	207.63
Total Liabilities & Equity	126.84	125.5	104.23	147.8	210.37	260.53
Total Debt	28.7	36.42	8.55	25.46	41.64	10.47
Net Cash (Debt)	24.28	19.33	46.54	51.86	87.35	198.75
Net Cash Growth	508.88%	-58.46%	-10.26%	-40.62%	-56.05%	-10.81%
Net Cash Per Share	0.09	0.08	0.18	0.20	0.34	0.78
Filing Date Shares Outstanding	256	256	256	256	256	256
Total Common Shares Outstanding	256	256	256	256	256	256
Working Capital	61.42	56.57	56.45	65.24	103.88	191.04
Book Value Per Share	0.33	0.31	0.28	0.39	0.54	0.81
Tangible Book Value	82.28	77.75	70.77	97.44	137.48	205.65
Tangible Book Value Per Share	0.32	0.30	0.28	0.38	0.54	0.80
Machinery	-	10.7	10.73	10.67	10.7	9.67
Leasehold Improvements	-	6.49	6.72	6.72	6.64	5.86

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