Annual Report 2018

21 年報 ANNUAL REPORT 2018 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS However, due to net loss in foreign exchange of HK$20,771,000 (sum of HK$3,770,000 gain in non-finance portion net off with HK$24,541,000 loss on interest bearing borrowings) from the depreciation of RMB against HKD incurred during this year at a magnitude of 4.8%, the overall growth of sales revenue and sales volume plus reduction in operation expenses could not bring forth positive impact on the net profit. The Group had net loss of HK$8,681,000 during the year, compared with net loss of HK$68,518,000 from previous year. Steel cord Overall performance The growth of the automobile industry in the PRC slowed down during the year and resulted in a negative annual growth for the first time among 30 years. According to the information from China Associations of Automobile Manufacturers, the production of new vehicles accounted to 28 million units in 2018, representing a decrease of 4.2% as compared to 3.2% positive growth in 2016/2017. During 2018, the production volume of passenger cars decreased by 5.2% over last year; whereas the production volume of commercial vehicles increased by 1.7% over the prior year. Despite the performance was below expectation in the latter half of the first quarter and early second quarter, with the industrious effort of our sales division, this segment still achieved a growth in sales volume of 7.9% over last year, reflecting the result of our strategy to expand our coverage on large-scale and multinational tyre manufacturers and the fine-tuning of sales mix to flexibly meet our customers’ requirements. In respect of selling price of steel cord, the average selling price had an increase of 6.7% year-on-year. With an increase in sales volume, average selling price and commendable effort of our production team in controlling costs, the gross profit improved significantly this year to HK$265,397,000, as compared to HK$186,543,000 last year, by 42.3% increase as explained earlier in “ Review of Operations ” section. With a higher gross profit, EBITDA also increased from last year at HK$78,929,000 to HK$228,646,000 this year. This segment recorded strong operating profit of HK$93,264,000 this year as opposed to operating loss of HK$47,106,000 last year. 然而，由於本年度人民幣兌港元貶值幅 度為 4.8% ，導致外幣匯兌淨虧損為港幣 20,771,000 元（非融資部分收益港幣 3,770,000 元扣除計息貸款虧損港幣 24,541,000 元合 計），銷售營業額和銷量的整體增長加上營運 開支的減少未能令淨溢利帶來正面影響。本集 團在本年度的淨虧損為港幣 8,681,000 元，而 去年淨虧損則為港幣 68,518,000 元。 鋼簾線 整體表現 於本年度，中國汽車行業增長放緩，並導致 三十年來首次出現年度負增長。據中國汽車 工業協會資料，二零一八年新車輛產量下降 4.2% 至 2,800 萬輛，對比二零一六╱二零一七 年錄得 3.2% 正增長。於二零一八年，轎車生 產量較去年減少 5.2% ；而商用車生產量則較 去年上升 1.7% 。 儘管第一季度下半年及第二季度初期的業績低 於預期，但憑藉銷售部門的辛勤努力，該分部 的銷售量仍比去年增長 7.9% ，反映了我們擴 大大型及跨國輪胎製造商的覆蓋，並微調對銷 售組合以靈活地滿足客戶要求的策略之成果。 在鋼簾線銷售價格方面，平均售價同比去年上 升 6.7% 。 隨著銷售量、平均銷售價格及我們的生產團 隊努力地控制成本，本年度的毛利大幅增 加至港幣 265,397,000 元，而去年則為港幣 186,543,000 元，增幅為 42.3% ，誠如「 經營 回顧 」一節早前所解釋。 由於毛利較高， EBITDA 亦由去年的港幣 78,929,000 元增加至今年的港幣 228,646,000 元。此分部於本年錄得強勁經營溢利港幣 93,264,000 元，而去年則錄得經營虧損港幣 47,106,000 元。