REF HOLDINGS (01631) Cash Flow Statement

1.560
-0.100-6.02%

Not Open May 21 15:56 CST

399.36MMarket Cap130.00P/E (TTM)

REF HOLDINGS (01631) Cash Flow

All

YOY

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(FY)Dec 31, 2025

(Q6)Jun 30, 2025

(FY)Dec 31, 2024

(Q6)Jun 30, 2024

(FY)Dec 31, 2023

(Q6)Jun 30, 2023

(FY)Dec 31, 2022

(Q6)Jun 30, 2022

(FY)Dec 31, 2021

(Q6)Jun 30, 2021

Cash flow from operating activities

Earning before tax

-50.41%3.36M

-13.94%5.22M

-51.29%6.78M

-48.82%6.07M

7.36%13.92M

3.85%11.86M

16.62%12.96M

15.47%11.42M

-47.54%11.12M

-23.84%9.89M

Profit adjustment

Interest (income) - adjustment

-0.18%-1.65M

5.38%-756K

9.58%-1.64M

22.20%-799K

-84.47%-1.82M

-235.62%-1.03M

-31.86%-985K

36.25%-306K

71.96%-747K

72.87%-480K

Interest expense - adjustment

-10.56%1.39M

22.75%777K

164.57%1.55M

88.96%633K

-44.62%587K

-44.35%335K

25.89%1.06M

220.21%602K

-11.74%842K

-68.35%188K

Impairment and provisions:

-256.52%-252K

-50.29%1.52M

122.09%161K

31.27%3.06M

-135.18%-729K

293.12%2.33M

449.41%2.07M

-21.18%-1.21M

-127.53%-593K

-14,328.57%-996K

-Impairment of trade receivables (reversal)

-256.52%-252K

-50.29%1.52M

122.09%161K

31.27%3.06M

-135.18%-729K

293.12%2.33M

449.41%2.07M

-21.18%-1.21M

-134.32%-593K

-14,328.57%-996K

Revaluation surplus:

-77.86%89K

328.57%150K

279.25%402K

154.69%35K

-84.43%106K

-116.20%-64K

-77.74%681K

-74.03%395K

-39.14%3.06M

-64.47%1.52M

-Other fair value changes

-77.86%89K

328.57%150K

279.25%402K

154.69%35K

-84.43%106K

-116.20%-64K

-77.74%681K

-74.03%395K

-39.14%3.06M

-64.47%1.52M

Depreciation and amortization:

-12.47%17.91M

-18.50%8.93M

-12.93%20.47M

-7.08%10.95M

-2.14%23.5M

-2.76%11.79M

8.39%24.02M

2.38%12.12M

2.46%22.16M

10.70%11.84M

-Depreciation

-36.12%1.68M

-52.95%830K

-34.07%2.62M

-12.76%1.76M

-2.36%3.98M

-0.20%2.02M

12.95%4.07M

28.15%2.03M

-0.80%3.61M

-13.79%1.58M

Special items

-71.36%822K

----

296.41%2.87M

213.89%1.36M

151.39%724K

980.00%432K

-92.42%288K

-98.86%40K

3,774.49%3.8M

58,450.00%3.51M

Operating profit before the change of operating capital

-29.13%21.68M

-25.65%15.84M

-15.72%30.59M

-16.95%21.31M

-9.49%36.29M

11.22%25.66M

1.17%40.1M

-9.46%23.07M

-18.09%39.63M

-4.94%25.48M

Change of operating capital

Accounts receivable (increase)decrease

13.12%-543K

30.97%-12.92M

-125.06%-625K

4.90%-18.71M

118.98%2.49M

35.90%-19.68M

-305.88%-13.14M

-165.18%-30.7M

379.85%6.38M

-13.75%-11.58M

Accounts payable increase (decrease)

97.57%-155K

282.87%1.92M

-386.30%-6.38M

-123.85%-1.05M

222.30%2.23M

-4.22%4.41M

58.05%-1.82M

278.82%4.6M

-904.86%-4.34M

-270.62%-2.57M

prepayments (increase)decrease

-61.03%422K

-168.70%-1.13M

1,705.00%1.08M

538.91%1.64M

-86.87%60K

-33.59%257K

157.56%457K

131.13%387K

-140.24%-794K

-232.80%-1.24M

Special items for working capital changes

262.62%10.08M

176.80%1.91M

-137.03%-6.2M

-507.05%-2.48M

35.01%-2.61M

158.32%610K

64.56%-4.02M

6.86%-1.05M

-36.94%-11.35M

56.08%-1.12M

Cash from business operations

70.39%31.48M

700.28%5.63M

-51.96%18.47M

-93.75%703K

78.28%38.46M

405.01%11.25M

-26.95%21.57M

-141.16%-3.69M

-31.27%29.53M

-45.72%8.96M

Other taxs

26.49%-1.11M

52.37%-312K

34.09%-1.51M

-193.44%-655K

-6,091.89%-2.29M

--701K

91.33%-37K

----

93.41%-427K

-102.45%-23K

Net cash from operations

79.01%30.37M

10,970.83%5.31M

-53.10%16.96M

-99.60%48K

67.95%36.17M

424.02%11.95M

-26.01%21.53M

-141.26%-3.69M

-20.23%29.1M

-48.76%8.94M

Cash flow from investment activities

Interest received - investment

0.18%1.65M

-5.38%756K

0.00%1.64M

-22.20%799K

66.80%1.64M

235.62%1.03M

31.86%985K

-36.25%306K

-71.96%747K

-72.87%480K

Decrease in deposits (increase)

----

-56.06%18.01M

-120.38%-12.02M

169.47%40.99M

521.43%59M

---59M

---14M

----

Sale of fixed assets

----

538.46%83K

663.64%84K

--13K

--11K

Purchase of fixed assets

10.66%-243K

-254.72%-188K

-101.48%-272K

---53K

78.54%-135K

----

95.34%-629K

94.08%-794K

-42,118.75%-13.51M

---13.4M

Recovery of cash from investments

----

--19.07M

--12.75M

Cash on investment

---122K

----

73.73%-217K

----

91.79%-826K

Net cash from investment operations

-93.39%1.28M

103.95%446K

-54.39%19.38M

-118.79%-11.28M

172.30%42.5M

516.74%60.03M

-1,169.08%-58.78M

-1,366.80%-14.4M

-97.35%5.5M

-101.64%-982K

Net cash before financing

-12.93%31.65M

151.30%5.76M

-53.80%36.35M

-115.60%-11.23M

311.21%78.66M

497.83%71.98M

-207.64%-37.24M

-327.36%-18.09M

-85.82%34.6M

-89.72%7.96M

Cash flow from financing activities

Interest paid - financing

10.56%-1.39M

-22.75%-777K

-164.57%-1.55M

-88.96%-633K

44.62%-587K

44.35%-335K

-25.89%-1.06M

-220.21%-602K

11.74%-842K

68.35%-188K

Dividends paid - financing

----

25.00%-38.4M

33.33%-51.2M

-50.00%-76.8M

---76.8M

Net cash from financing operations

-7.37%-18.55M

-25.72%-8.5M

71.12%-17.28M

86.02%-6.76M

18.01%-59.82M

21.38%-48.37M

21.98%-72.96M

29.02%-61.52M

-30.60%-93.52M

-760.68%-86.67M

Effect of rate

-325.00%-18K

57.14%-12K

-55.56%8K

---28K

--18K

----

Net Cash

-31.32%13.1M

84.77%-2.74M

1.20%19.07M

-176.18%-17.99M

117.10%18.84M

129.66%23.61M

-87.04%-110.21M

-1.15%-79.61M

-134.16%-58.92M

-216.91%-78.71M

Begining period cash

52.67%55.3M

108.65%36.22M

-86.39%17.36M

-31.60%127.57M

1,231.00%186.49M

Cash at the end

23.65%68.38M

188.67%52.55M

52.67%55.3M

-55.57%18.2M

108.65%36.22M

-14.55%40.97M

-86.39%17.36M

-55.51%47.95M

-31.60%127.57M

32.50%107.78M

Cash balance analysis

Currency Unit

HKD

Accounting Standards

HKAS

Audit Opinions

Unqualified Opinion

Auditor

National Health Accounting Firm Co., Ltd.

	(FY)Dec 31, 2025	(Q6)Jun 30, 2025	(FY)Dec 31, 2024	(Q6)Jun 30, 2024	(FY)Dec 31, 2023	(Q6)Jun 30, 2023	(FY)Dec 31, 2022	(Q6)Jun 30, 2022	(FY)Dec 31, 2021	(Q6)Jun 30, 2021
Cash flow from operating activities
Earning before tax	-50.41%3.36M	-13.94%5.22M	-51.29%6.78M	-48.82%6.07M	7.36%13.92M	3.85%11.86M	16.62%12.96M	15.47%11.42M	-47.54%11.12M	-23.84%9.89M
Profit adjustment
Interest (income) - adjustment	-0.18%-1.65M	5.38%-756K	9.58%-1.64M	22.20%-799K	-84.47%-1.82M	-235.62%-1.03M	-31.86%-985K	36.25%-306K	71.96%-747K	72.87%-480K
Interest expense - adjustment	-10.56%1.39M	22.75%777K	164.57%1.55M	88.96%633K	-44.62%587K	-44.35%335K	25.89%1.06M	220.21%602K	-11.74%842K	-68.35%188K
Impairment and provisions:	-256.52%-252K	-50.29%1.52M	122.09%161K	31.27%3.06M	-135.18%-729K	293.12%2.33M	449.41%2.07M	-21.18%-1.21M	-127.53%-593K	-14,328.57%-996K
-Impairment of trade receivables (reversal)	-256.52%-252K	-50.29%1.52M	122.09%161K	31.27%3.06M	-135.18%-729K	293.12%2.33M	449.41%2.07M	-21.18%-1.21M	-134.32%-593K	-14,328.57%-996K
Revaluation surplus:	-77.86%89K	328.57%150K	279.25%402K	154.69%35K	-84.43%106K	-116.20%-64K	-77.74%681K	-74.03%395K	-39.14%3.06M	-64.47%1.52M
-Other fair value changes	-77.86%89K	328.57%150K	279.25%402K	154.69%35K	-84.43%106K	-116.20%-64K	-77.74%681K	-74.03%395K	-39.14%3.06M	-64.47%1.52M
Depreciation and amortization:	-12.47%17.91M	-18.50%8.93M	-12.93%20.47M	-7.08%10.95M	-2.14%23.5M	-2.76%11.79M	8.39%24.02M	2.38%12.12M	2.46%22.16M	10.70%11.84M
-Depreciation	-36.12%1.68M	-52.95%830K	-34.07%2.62M	-12.76%1.76M	-2.36%3.98M	-0.20%2.02M	12.95%4.07M	28.15%2.03M	-0.80%3.61M	-13.79%1.58M
Special items	-71.36%822K	----	296.41%2.87M	213.89%1.36M	151.39%724K	980.00%432K	-92.42%288K	-98.86%40K	3,774.49%3.8M	58,450.00%3.51M
Operating profit before the change of operating capital	-29.13%21.68M	-25.65%15.84M	-15.72%30.59M	-16.95%21.31M	-9.49%36.29M	11.22%25.66M	1.17%40.1M	-9.46%23.07M	-18.09%39.63M	-4.94%25.48M
Change of operating capital
Accounts receivable (increase)decrease	13.12%-543K	30.97%-12.92M	-125.06%-625K	4.90%-18.71M	118.98%2.49M	35.90%-19.68M	-305.88%-13.14M	-165.18%-30.7M	379.85%6.38M	-13.75%-11.58M
Accounts payable increase (decrease)	97.57%-155K	282.87%1.92M	-386.30%-6.38M	-123.85%-1.05M	222.30%2.23M	-4.22%4.41M	58.05%-1.82M	278.82%4.6M	-904.86%-4.34M	-270.62%-2.57M
prepayments (increase)decrease	-61.03%422K	-168.70%-1.13M	1,705.00%1.08M	538.91%1.64M	-86.87%60K	-33.59%257K	157.56%457K	131.13%387K	-140.24%-794K	-232.80%-1.24M
Special items for working capital changes	262.62%10.08M	176.80%1.91M	-137.03%-6.2M	-507.05%-2.48M	35.01%-2.61M	158.32%610K	64.56%-4.02M	6.86%-1.05M	-36.94%-11.35M	56.08%-1.12M
Cash from business operations	70.39%31.48M	700.28%5.63M	-51.96%18.47M	-93.75%703K	78.28%38.46M	405.01%11.25M	-26.95%21.57M	-141.16%-3.69M	-31.27%29.53M	-45.72%8.96M
Other taxs	26.49%-1.11M	52.37%-312K	34.09%-1.51M	-193.44%-655K	-6,091.89%-2.29M	--701K	91.33%-37K	----	93.41%-427K	-102.45%-23K
Net cash from operations	79.01%30.37M	10,970.83%5.31M	-53.10%16.96M	-99.60%48K	67.95%36.17M	424.02%11.95M	-26.01%21.53M	-141.26%-3.69M	-20.23%29.1M	-48.76%8.94M
Cash flow from investment activities
Interest received - investment	0.18%1.65M	-5.38%756K	0.00%1.64M	-22.20%799K	66.80%1.64M	235.62%1.03M	31.86%985K	-36.25%306K	-71.96%747K	-72.87%480K
Decrease in deposits (increase)	----	----	-56.06%18.01M	-120.38%-12.02M	169.47%40.99M	521.43%59M	---59M	---14M	----	----
Sale of fixed assets	----	----	----	----	----	----	538.46%83K	663.64%84K	--13K	--11K
Purchase of fixed assets	10.66%-243K	-254.72%-188K	-101.48%-272K	---53K	78.54%-135K	----	95.34%-629K	94.08%-794K	-42,118.75%-13.51M	---13.4M
Recovery of cash from investments	----	----	----	----	----	----	----	----	--19.07M	--12.75M
Cash on investment	---122K	---122K	----	----	----	----	73.73%-217K	----	91.79%-826K	91.79%-826K
Net cash from investment operations	-93.39%1.28M	103.95%446K	-54.39%19.38M	-118.79%-11.28M	172.30%42.5M	516.74%60.03M	-1,169.08%-58.78M	-1,366.80%-14.4M	-97.35%5.5M	-101.64%-982K
Net cash before financing	-12.93%31.65M	151.30%5.76M	-53.80%36.35M	-115.60%-11.23M	311.21%78.66M	497.83%71.98M	-207.64%-37.24M	-327.36%-18.09M	-85.82%34.6M	-89.72%7.96M
Cash flow from financing activities
Interest paid - financing	10.56%-1.39M	-22.75%-777K	-164.57%-1.55M	-88.96%-633K	44.62%-587K	44.35%-335K	-25.89%-1.06M	-220.21%-602K	11.74%-842K	68.35%-188K
Dividends paid - financing	----	----	----	----	25.00%-38.4M	25.00%-38.4M	33.33%-51.2M	33.33%-51.2M	-50.00%-76.8M	---76.8M
Net cash from financing operations	-7.37%-18.55M	-25.72%-8.5M	71.12%-17.28M	86.02%-6.76M	18.01%-59.82M	21.38%-48.37M	21.98%-72.96M	29.02%-61.52M	-30.60%-93.52M	-760.68%-86.67M
Effect of rate	-325.00%-18K	57.14%-12K	-55.56%8K	---28K	--18K	----	----	----	----	----
Net Cash	-31.32%13.1M	84.77%-2.74M	1.20%19.07M	-176.18%-17.99M	117.10%18.84M	129.66%23.61M	-87.04%-110.21M	-1.15%-79.61M	-134.16%-58.92M	-216.91%-78.71M
Begining period cash	52.67%55.3M	52.67%55.3M	108.65%36.22M	108.65%36.22M	-86.39%17.36M	-86.39%17.36M	-31.60%127.57M	-31.60%127.57M	1,231.00%186.49M	1,231.00%186.49M
Cash at the end	23.65%68.38M	188.67%52.55M	52.67%55.3M	-55.57%18.2M	108.65%36.22M	-14.55%40.97M	-86.39%17.36M	-55.51%47.95M	-31.60%127.57M	32.50%107.78M
Cash balance analysis
Currency Unit	HKD	HKD	HKD	HKD	HKD	HKD	HKD	HKD	HKD	HKD
Accounting Standards	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS	HKAS
Audit Opinions	Unqualified Opinion	--	Unqualified Opinion	--	Unqualified Opinion	--	Unqualified Opinion	--	Unqualified Opinion	--
Auditor	National Health Accounting Firm Co., Ltd.	--	National Health Accounting Firm Co., Ltd.	--	National Health Accounting Firm Co., Ltd.	--	National Health Accounting Firm Co., Ltd.	--	National Health Accounting Firm Co., Ltd.	--

FY: Financial Year. Refers to the 10-K file disclosed by the listed company to the SEC.

Q: Quarter. Refers to the 10-Q file disclosed by the listed company to the SEC. Q1, Q2, Q3, and Q4 are quarterly reports each with a span of 3 months; Q6 and Q9 are cumulative reports, with Q6 including 6 months and Q9 9 months.

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