Annual Report 2021

09 合豐集團控股有限公司 • 二零二一年年報 MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續） FINANCIAL REVIEW (Continued) Operating results (Continued) In 2021, HK$56.2 million was credited to income tax expense, being the sum of Hong Kong Profits Tax charge of HK$0.5 million, PRC E n t e r p r i s e I n c ome T a x c h a r g e o f HK$1 . 5 m i l l i o n , Ma c a u Complementary Tax of HK$0.1 million and deferred tax credit of HK$58.3 million. Loss for the year of HK$422.8 million was recorded in 2021 while profit for the year of HK$1.4 million was recorded in 2020, representing a decrease in profit by HK$424.2 million. Profit margin fell from 0.1% to -56.0%. Liquidity, financial and capital resources At 31st December, 2021, the Group’s bank balances and cash were HK$246.7 million (31st December, 2020: HK$291.5 million), mostly denominated in Renminbi. All bank borrowings were unsecured, falling from HK$282.6 million at 31st December, 2020 to HK$226.9 million at 31st December, 2021. At 31st December, 2021, the current unsecured bank borrowings declined HK$31.6 million while non-current unsecured bank borrowings fell HK$24.1 million. The group recorded a net cash level (net of bank balances and cash less total bank borrowings) of HK$19.8 million (31st December, 2020: HK$8.9 million). Gearing ratio (total bank borrowings to total equity) and net gearing ratio (net balance of total bank borrowings less bank balances and cash to equity) were 18.2% and -1.6% respectively (31st December, 2020: 17.4% and -0.5% respectively). At 31st December, 2021, net current assets and current ratio of the Group were HK$225.0 million (31st December, 2020: HK$265.8 million) and 1.8 (31st December, 2020: 1.7) respectively. In 2021, the Group spent HK$18.8 million on capital expenditures for property, plant and equipment in China and spent HK$17.6 million for paying deposit for acquisition of property, plant and equipment in the Philippines. Debtors, creditors and inventory turnover were 49 days (2020: 59 days), 37 days (2020: 32 days) and 44 days (2020: 47 days) respectively. 財務回顧 （續） 經營業績 （續） 於二零二一年， 56,200,000 港元已抵免所得 稅開支，即香港利得稅支出 500,000 港元、 中國企業所得稅支出 1,500,000 港元、澳門 補充稅支出 100,000 港元及遞延稅項抵免 58,300,000 港元的總和。 二零二一年錄得年度虧損 422,800,000 港元， 而二零二零年錄得年度利潤 1,400,000 港元， 利潤減少 424,200,000 港元。利潤率由 0.1% 下跌至 -56.0% 。 流動資金、財務及資本資源 於二零二一年十二月三十一日，本集團之銀 行結餘及現金為 246,700,000 港元（二零二零 年十二月三十一日： 291,500,000 港元），大 部份以人民幣計值。 所有銀行借貸均為無抵押，由二零二零年 十二月三十一日之 282,600,000 港元減少至 二零二一年十二月三十一日之 226,900,000 港元。於二零二一年十二月三十一日，即期 無抵押銀行借貸減少 31,600,000 港元，而非 即期無抵押銀行借貸減少 24,100,000 港元。 本集團錄得淨現金（銀行結餘及現金減銀行 借貸總額之淨額）為 19,800,000 港元（二零二 零年十二月三十一日： 8,900,000 港元）。資 產負債率（銀行借款總額與權益總額之比） 及淨資產負債率（銀行借款總額減銀行結餘 及現金之淨結餘與權益之比）分別為 18.2% 及 -1.6% （二零二零年十二月三十一日：分 別為 17.4% 及 -0.5% ）。 於二零二一年十二月三十一日，本集團之流 動資產淨值及流動比率分別為 225,000,000 港 元（二 零 二 零 年 十 二 月 三 十 一 日： 265,800,000 港元）及 1.8 （二零二零年十二月 三十一日： 1.7 ）。 於二零二一年，本集團用於中國物業、廠房 及設備之資本開支為 18,800,000 港元，及用 於支付於菲律賓購置物業、廠房及設備所付 訂金之款項為 17,600,000 港元。 應收賬款、應付賬款及存貨周轉率分別為 49 日（二零二零年： 59 日）、 37 日（二零二零年： 32 日）及 44 日（二零二零年： 47 日）。