Annual Report 2019

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 HOP FUNG GROUP HOLDINGS LIMITED 合豐集團控股有限公司 8 財務回顧 （續） 經營業績 （續） 所得稅開支已計入 12,800,000 港元之回撥，即遞延稅 項抵免 16,200,000 港元減去利得稅撥備 2,200,000 港 元及預扣稅 1,200,000 港元。 二零一九年錄得虧損 7,900,000 港元，而二零一八年錄 得利潤 30,500,000 港元，利潤減少 38,400,000 港元。 利潤率由 2.1% 下跌至 -0.7% 。 流動資金、財務及資本資源 於二零一九年十二月三十一日，本集團之銀行結餘 及現金為 292,300,000 港元（二零一八年十二月三十一 日： 219,400,000 港元），大部分以人民幣列值。 所有銀 行借貸均為 無抵押，由 221,100,000 港元 減 少至 216,900,000 港元。即期無抵押銀行借貸增加 16,900,000 港 元，而非即期 無 抵押 銀 行 借 貸 減 少 21,100,000 港元。於二零一九年十二月三十一日，本 集團錄得淨現金（銀行結餘及現金總額減銀行借貸總 額）為 75,400,000 港元。 本 集 團 之 流 動 資 產 淨 值 及 流 動 比 率 分 別 為 186,600,000 港 元（二 零 一八 年 十 二 月 三 十 一 日： 262,800,000 港元）及 1.50 （二零一八年十二月三十一 日： 1.64 ）。 本集團用於升級現有設施之資本開支為 60,500,000 港元，及用於支付東南亞項目物業、廠房及設備按金 之款項為 63,800,000 港元。 應收賬款及應付賬款之流轉率分別為 49 日（二零一八 年： 45 日）及 33 日（二零一八年： 29 日）。存貨流轉率由 65 日上升至 84 日，因為二零一八年年末之存貨水平異 常高。 FINANCIAL REVIEW (Continued) Operating results (Continued) HK$12.8 million was credited to income tax expense, being deferred tax credit of HK$16.2 million net provision for profits tax of HK$2.2 million and withholding tax of HK$1.2 million. Loss of HK$7.9 million was recorded in 2019 while profit of HK$30.5 million was recorded in 2018, representing a decrease of profit by HK$38.4 million. Profit margin fell from 2.1% to -0.7%. Liquidity, financial and capital resources At 31st December, 2019, the Group’s bank balances and cash were HK$292.3 million (31st December, 2018: HK$219.4 million), mostly denominated in Renminbi. All bank borrowings were unsecured, falling from HK$221.1 million to HK$216.9 million. Current unsecured bank borrowings increased HK$16.9 million while non-current unsecured bank borrowings declined HK$21.1 million. At 31st December, 2019, the group recorded a net cash level (total bank balances and cash less total bank borrowings) of HK$75.4 million. Net current assets and current ratio of the Group were HK$186.6 million (31st December, 2018: HK$262.8 million) and 1.50 (31st December, 2018: 1.64) respectively. The Group spent HK$60.5 million on capital expenditures for upgrading existing facilities and spent HK$63.8 million for paying deposit for property, plant and equipment for Southeast Asia project. Debtors and creditors turnover were 49 days (2018: 45 days) and 33 days (2018: 29 days) respectively. Inventory turnover has been increased from 65 days to 84 days as inventory level was exceptionally high at year end of 2018.