Interim Report 2019

32 Hop Fung Group Holdings Limited Interim Report 2019 MANAGEMENT DISCUSSION AND ANALYSIS (continued) 管理層討論及分析 （續） FINANCIAL REVIEW (continued) Liquidity, financial and capital resources (continued) Net current assets and current ratio of the Group as at 30th June, 2019 were HK$254.7 million (31st December, 2018: HK$262.8 million) and 1.77 (31st December, 2018: 1.64) respectively. The Group spent HK$43.0 million on capital expenditure, basically for general maintenance and deposit paid for acquiring pulp-making machinery in the first half of 2019. The average inventory, debtors and creditors turnover days were 77 days (31st December, 2018: 65 days), 48 days (31st December, 2018: 45 days) and 38 days (31st December, 2018: 29 days) respectively. The total bank borrowings reduced to HK$208.4 million as at 30th June, 2019 (31st December, 2018: HK$221.1 million). Gearing ratio fell from 14.3% to 13.3%. Net cash of HK$77.3 million (total bank balances and cash less total bank borrowings) was recorded as at 30th June, 2019. The current bank borrowings rose HK$9.0 million and non-current bank borrowings fell HK$21.7 million. Contingent liabilities The tax audits conducted by the IRD on the Company and its subsidiaries for the years of assessment 2004/2005 to 2012/2013 are still on- going. The IRD had issued protective assessments for the years of assessment 2004/2005 to 2012/2013 to certain subsidiaries of the Group. Ob j e c t i o n s we r e l odg e d a g a i n s t a l l t h e s e assessments. The Directors of the Company has assessed the financial impact of the application of HK(IFRIC)-Int 23 and anticipate that the effect will be immaterial to the Group. 財務回顧 （續） 流動資金、財務及資本資源 （續） 本集團於二零一九年六月三十日之 流動資產淨值及流動比率分別為 254,700,000 港元（二零一八年十二月 三十一日： 262,800,000 港元）及 1.77 （二零一八年十二月三十一日： 1.64 ）。 本集團之資本開支為 43,000,000 港 元，基本用於二零一九年上半年的日 常維護及購置製漿機器的訂金。 平均存貨、應收賬款及應付賬款週轉 日數分別為 77 日（二零一八年十二月 三十一日： 65 日）、 48 日（二零一八年 十二月三十一日： 45 日）及 38 日（二零 一八年十二月三十一日： 29 日）。 於二零一九年六月三十日，銀行借貸 總額減少至 208,400,000 港元（二零 一八年十二月三十一日： 221,100,000 港 元 ）。 負 債 比 率 由 14.3% 降 至 13.3% 。於二零一九年六月三十日， 現金淨額（銀行結餘與現金總額減銀行 借貸總額）錄得 77,300,000 港元。即 期銀行貸款增加 9,000,000 港元，而非 即期銀行貸款下跌 21,700,000 港元。 或然負債 稅務局仍在就本公司及其附屬公司之 二零零四年╱二零零五年至二零一二 年╱二零一三年課稅年度進行稅務稽 查。稅務局曾就二零零四年╱二零零 五年至二零一二年╱二零一三年課稅 年度向本集團若干附屬公司發出保障 性評稅。本集團已就所有該等評稅提 出反對。本公司董事已經評估應用香 港（國際財務報告詮釋委員會）－詮釋 第 23 號的財務影響，並預期對本集團 的影響甚微。