Annual Report 2019

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 ANNUAL REPORT 2019 年度報告 7 財務回顧 經營業績 本集團於二零一九年錄得之收益減少 229,800,000 港 元，由二零一八年之 1,423,900,000 港元減少 16.1% 至 二零一九年之 1,194,100,000 港元。收益減少主要由於 人民幣匯率及平均銷售價下跌所致。 主要原材料廢紙之平均成本有所下跌，但間接費用 跌幅較小，導致銷售成本僅下降 11.8% 。銷售成本由 二零一八年之 1,223,600,000 港元下降至二零一九年之 1,078,800,000 港元。 毛利由二零一八年之 200,200,000 港元減少 42.4% 至二 零一九年之 115,300,000 港元。毛利率由 14.1% 下跌至 9.7% 。 其他收入變化不大，由二零一八年之 21,200,000 港元 減少至二零一九年之 20,600,000 港元。 其他收益及虧損由 7,600,000 港元減少 5,300,000 港元 至 2,300,000 港元，主要是由於匯兌虧損減少。 銷售及分銷成本由二零一八年之 51,200,000 港元減少 10.7% 至二零一九年之 45,700,000 港元。有關減少源 於儘管銷量持平，運輸成本受到嚴格控制所致。 由於薪金減少，行政開支由二零一八年之 92,500,000 港元減少 9.5% 至二零一九年之 83,700,000 港元。 其 他 開 支 由 二 零 一 八 年 之 23,700,000 港 元 減 少 5,500,000 港元至二零一九年之 18,200,000 港元。減少 乃主要由於中國稅項減少所致。 財 務 成 本 由 二 零 一 八 年 之 4,800,000 港 元 增 加 1,400,000 港元至二零一九年之 6,200,000 港元，乃由 於二零一九年內銀行收取之香港銀行同業拆息率較 高所致。 FINANCIAL REVIEW Operating results The Group recorded a decrease in revenue of HK$229.8 million in 2019, representing a fall of 16.1% from HK$1,423.9 million in 2018 to HK$1,194.1 million in 2019. The drop in revenue was mainly attributed to the fall in Renminbi exchange rates and average selling prices. The average costs of main raw material, waste paper fell but overhead fell by less, leading to a decrease in cost of sales only by 11.8%. Cost of sales dropped from HK$1,223.6 million in 2018 to HK$1,078.8 million in 2019. Gross profit declined from HK$200.2 million in 2018 to HK$115.3 million in 2019, representing a 42.4% decrease. Gross profit margin fell from 14.1% to 9.7%. There was no much change for other income, falling from HK$21.2 million in 2018 to HK$20.6 million in 2019. Other gains and losses reducing HK$5.3 million from HK$7.6 million to HK$2.3 million, were mainly due to a fall in exchange loss. Selling and distribution costs reduced 10.7% from HK$51.2 million in 2018 to HK$45.7 million in 2019. The decrease was arisen from stringent control on transportation cost though sales volume was flat. Due to the fall in salaries, administrative expenses fell 9.5% from HK$92.5 million in 2018 to HK$83.7 million in 2019. Other expenses fell HK$5.5 million from HK$23.7 million in 2018 to HK$18.2 million in 2019. The fall was primarily resulted from the decrease in China duty and charges. An increase in finance costs by HK$1.4 million, from HK$4.8 million in 2018 to HK$6.2 million in 2019, was owing to higher HIBOR rates charged by banks throughout 2019.