Interim Report 2020

二零二零年中期報告 33 合豐集團控股有限公司 管理層討論及分析 （續） 財務回顧 經營業績 二零二零年上半年，中國的消費大幅 減少以及本集團之箱板紙生產持續下 降，導致本集團之表現欠佳。本集團之 產品銷量及平均售價均下跌，令收益 下降 45.7% 。收益由二零一九年上半年 之 596,900,000 港元跌至二零二零年上 半年之 324,400,000 港元。銷售成本下 降與收益下跌相符。毛利由 70,300,000 港元跌至 26,900,000 港元。毛利率由 11.8% 跌至 8.3% 。 其他收入由 11 , 100 , 000 港元減少 3,000,000 港元至 8,100,000 港元。此乃 主要由於二零二零年上半年廢品銷售 減少所致。 銷售及分銷成本由 22,100,000 港元減少 38.0% 至 13,700,000 港元。減少乃由於 運輸成本減少所致，這與二零二零年上 半年收益下跌的情況相符。 行政開支由 44,100,000 港元減少至二零 二零年上半年之 36,800,000 港元。出現 16.6% 的跌幅，主要由於豁免支付中國 社會保障基金的若干保險項目以及股 份為基礎的付款減少所致。 其他開支由 7,800,000 港元輕微增加至 8,300,000 港元。並無錄得大幅變動。 財務成本由 2,900,000 港元增加至 3,700,000 港元，乃由於二零二零年上半年 的平均銀行借貸水平及利率上升所致。 息稅折舊攤銷前盈利（未計利息、稅 項、折舊及攤銷前盈利）由 54,400,000 港元減少 32,700,000 港元至 21,700,000 港元。二零二零年上半年錄得期間虧損 27,900,000 港元，而二零一九年上半年 錄得期間利潤 1,700,000 港元。 MANAGEMENT DISCUSSION AND ANALYSIS (continued) FINANCIAL REVIEW Operating results In the first half of 2020, the tremendous decrease in consumption in China and the continuous decline in the Group’s production of containerboard led to a poor performance of the Group. Both sales volume and average selling price of the Group fell, resulting in a drop of revenue by 45.7%. Revenue fell from HK$596.9 million in the first half of 2019 to HK$324.4 million in the first half of 2020. Cost of sales fell in line with the fall in revenue. Gross profit fell from HK$70.3 million to HK$26.9 million. Gross profit margin dropped from 11.8% to 8.3%. Other income fell HK$3.0 million, from HK$11.1 million to HK$8.1 million. It was mainly arisen from less scrap sales in the first half of 2020. Selling and distribution costs fell by 38.0%, decreasing from HK$22.1 million to HK$13.7 million. The fall was attributed to the decrease in transportation cost in line with decrease in revenue in the first half of 2020. Administrative expenses declined from HK$44.1 million to HK$36.8 million in the first half of 2020. The fall of 16.6% was predominantly due to exemption of payment of certain insurance schemes of the social security fund in China and reduction in share-based payments. Other expenses slightly increased from HK$7.8 million to HK$8.3 million. No much change was recorded. The rise in finance costs from HK$2.9 million to HK$3.7 million, was owing to higher average bank borrowing level and higher interest rate in the first half of 2020. EBITDA (earnings before interest, tax, depreciation and amortization) decreased HK$32.7 million, from HK$54.4 million to HK$21.7 million. Loss for the period of HK$27.9 million was recorded in the first half of 2020 while profit for the period of HK$1.7 million was recorded in the first half of 2019.