REF Holdings Balance Sheet

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
Cash & Equivalents	68.38	55.3	36.22	17.36	127.57
Short-Term Investments	-	-	18.01	59	-
Trading Asset Securities	0.49	0.45	0.86	0.96	1.43
Cash & Short-Term Investments	68.87	55.75	55.09	77.32	128.99
Cash Growth	23.52%	1.21%	-28.75%	-40.06%	-38.35%
Accounts Receivable	21.84	21.86	22.75	25.26	14.44
Other Receivables	-	0.2	0.27	0.03	2.16
Receivables	21.84	22.06	23.03	25.29	16.6
Prepaid Expenses	1.83	0.91	1.51	1.8	1.71
Other Current Assets	0.3	1.3	7.4	1.31	2.46
Total Current Assets	92.83	80.03	87.03	105.72	149.76
Property, Plant & Equipment	22.12	36.81	13.96	33.39	52.01
Goodwill	1.98	1.98	1.98	1.98	1.98
Long-Term Deferred Tax Assets	1.48	1.39	0.97	0.72	-
Other Long-Term Assets	5.24	5.29	0.29	5.99	6.62
Total Assets	123.65	125.5	104.23	147.8	210.37
Accounts Payable	0.78	0.9	2.41	2.94	2.6
Accrued Expenses	3.88	4.04	10.81	6.19	7.28
Current Portion of Leases	17.8	15.68	7.65	19.43	18.51
Current Income Taxes Payable	0.01	0.65	0.63	0.5	-
Current Unearned Revenue	12.37	2.2	9.09	11.44	16.42
Other Current Liabilities	-	-	-	-	1.06
Total Current Liabilities	34.85	23.46	30.58	40.49	45.88
Long-Term Leases	4.42	20.74	0.89	6.03	23.13
Long-Term Deferred Tax Liabilities	-	-	-	-	0.04
Other Long-Term Liabilities	1.57	1.57	-	1.86	1.86
Total Liabilities	40.83	45.77	31.47	48.38	70.91
Common Stock	2.56	2.56	2.56	2.56	2.56
Additional Paid-In Capital	-	41.23	41.23	41.23	41.23
Retained Earnings	-	34.61	28.94	55.63	95.67
Comprehensive Income & Other	80.26	1.33	0.02	-	-
Shareholders' Equity	82.82	79.73	72.75	99.42	139.46
Total Liabilities & Equity	123.65	125.5	104.23	147.8	210.37
Total Debt	22.22	36.42	8.55	25.46	41.64
Net Cash (Debt)	46.64	19.33	46.54	51.86	87.35
Net Cash Growth	141.26%	-58.46%	-10.26%	-40.62%	-56.05%
Net Cash Per Share	0.18	0.08	0.18	0.20	0.34
Filing Date Shares Outstanding	256	256	256	256	256
Total Common Shares Outstanding	256	256	256	256	256
Working Capital	57.98	56.57	56.45	65.24	103.88
Book Value Per Share	0.32	0.31	0.28	0.39	0.54
Tangible Book Value	80.83	77.75	70.77	97.44	137.48
Tangible Book Value Per Share	0.32	0.30	0.28	0.38	0.54
Machinery	-	10.7	10.73	10.67	10.7
Leasehold Improvements	-	6.49	6.72	6.72	6.64

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