Annual Report 2018

24 SHOUGANG CONCORD CENTURY HOLDINGS LIMITED 首長寶佳集團有限公司 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS Cost of sales Cost of sales of this segment increased by 14.6% to HK$1,855,792,000 (2017: HK$1,618,980,000) for the year. Certain non-raw material costs that constitute part of cost of sales could not decrease in direct proportion to the unexpected decrease in sales volume and turnover in latter half of first quarter and first part of second quarter in 2018. However, with the effort of our purchasing and operations teams, savings in procurement costs of wire rod (by reducing the use of wire rod agents) and other raw materials incurred overcame the shortfall during the remaining part of the year. Hence, the average unit cost of production of steel cord slightly increased by approximately 3.1% as compared to last year. Gross profit Gross profit of this segment increased by 42.3% over last year to HK$265,397,000 (2017: HK$186,543,000) for the year. Gross profit margin increased from 10.3% last year to 12.5% this year. The increase in unit prices in wire rod was successfully reflected in the selling price of steel cord to our customers. Other income Ot he r i ncome i nc r eased by 9 . 9% ove r l as t yea r t o HK$3,756,000 (2017: HK$3,418,000) for the year, primarily as government grant increased as compared to last year. Impairment loss on trade receivables Impairment loss on trade receivables of HK$1,653,000 was provided during the year (2017: HK$728,000 impairment loss on trade receivables was reversed) primarily on certain steel cord customers, reflecting the challenging market environment in this industry. Impairment loss recognised in respect of property, plant and equipment Based on the impairment assessments of property, plant and equipment of both JESC and TESC, their recoverable amounts exceeded the carrying amounts as at 31 December 2018, we are of the view that no impairment loss is required to be recognised in respect of property, plant and equipment of both JESC and TESC. 銷售成本 於本年度此分部銷售成本上升 14.6% 至港 幣 1,855,792,000 元（ 二 零 一 七 年 ： 港 幣 1,618,980,000 元）。構成銷售成本一部分的 若干非原材料成本不能與二零一八年第一季下 半部和第二季上半部的銷售量和營業額未預期 地下降成正比減少。但是，在我們採購及和營 運團隊的努力下，節省盤條的採購成本（通過 減少使用盤條代理商）和其他原材料，在餘下 年度克服了該不足。因此，鋼簾線的平均單位 生產成本與去年相比輕微增加約 3.1% 。 毛利 此分部的毛利較去年增加 42.3% 至本年度 港 幣 265,397,000 元（ 二 零 一 七 年： 港 幣 186,543,000 元）。毛利率從去年的 10.3% 上 升至今年的 12.5% 。盤條單價的上漲成功地反 映在我們的客戶鋼簾線銷售價格上。 其他收入 本年度其他收入較去年增加 9.9% 至港幣 3,756,000 元（二零一七年：港幣 3,418,000 元），主要是基於政府補貼較去年增加。 應收賬款減值損失撥備 本 年 度 應 收 賬 款 減 值 損 失 撥 備 為 港 幣 1,653,000 元（二零一七年：港幣 728,000 元應 收賬款減值損失已撥回），主要於對若干鋼簾 線客戶，反映了該行業充滿挑戰的市場環境。 物業、廠房及設備之已確認減值損失 於本年度回顧，根據對嘉興東方及滕州東方兩 者之物業、廠房及設備減值評估，彼等於二零 一八年十二月三十一日之可收回金額超過其賬 面值，因此，我們認為無需對有關嘉興東方及 滕州東方各自之物業、廠房及設備確認減值損 失。