Annual Report 2018

106 SHOUGANG CONCORD CENTURY HOLDINGS LIMITED 首長寶佳集團有限公司 董事會報告書 REPORT OF THE DIRECTORS FINANCIAL KEY PERFORMANCE INDICATORS (continued) Gearing ratio Gearing ratio (calculated as total interest bearing borrowings less bank balances and cash (included pledged bank deposits) divided by Shareholders’ equity) of the Group increased from 56.0% at 31 December 2017 to 71.4% at 31 December 2018. The higher gearing ratio was due to the overall interest bearing borrowings increased by 4% while the bank balances and cash (included pledged bank deposits) decreased at a higher ratio. Average turnover period of trade receivables Average turnover period on trade receivables (calculated as average trade receivables for the year (exclusive of value- added tax in respect of sales in the PRC) divided by gross revenue times 365 days) was 97 days for the year, longer by 3 days as compared to 94 days for the previous year. Percentage of past due trade receivables The percentage of past due trade receivables (calculated as the amount of past due trade receivables divided by total amount of trade receivables) was 24.6% at 31 December 2018, increased by 1.4 percentage points as compared to 23.2% at 31 December 2017. Average turnover period on inventories Average turnover period on inventories (calculated as average amount of inventories for the year divided by cost of sales times 365 days) was 58 days for the year, longer by 7 days as compared to 51 days for the previous year. 財務關鍵表現指標 （續） 負債比率 本集團於二零一八年十二月三十一日之負債比 率（以計息貸款總額減銀行結存及現金（包括抵 押銀行存款）除以股東權益計算）由二零一七 年十二月三十一日報 56.0% 上升至 71.4% 。 較高的資產負債比率是由於整體計息借款增加 4% ，而銀行結餘及現金（包括抵押銀行存款） 則下降比率較高。 應收賬款平均周轉期 本集團於本年度的應收賬款平均周轉期（以本 年度平均應收賬款除以總營業額（不包括於中 國銷售的增值稅）乘以 365 天計算）為 97 天，比 於去年度為 94 天增加 3 天。 逾期應收賬款百分比 於二零一八年十二月三十一日的逾期應收賬款 的百分比（以逾期應收賬款除以應收賬款總額 計算）為 24.6% ，與二零一七年十二月三十一 日的 23.2% 相比上升 1.4 個百分點。 存貨平均周轉期 本年度的存貨平均周轉期（以本年度的平均 存貨金額除以銷售成本乘以 365 天計算）為 58 天，比去年的 51 天增加 7 天。