Annual Report 2018

28 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 Gross profit In addition to revenue decreased by 57.0% as compared to last year, gross profit recorded a decrease of 95.1% as compared to last year to HK$363,000 (2017: HK$7,412,000) for the year. Gross profit margin dropped by 2.1 percentage points from 2.4% last year to 0.3% for the year. The selling price in copper market was declining in the first half of 2018. Attributable to the discounted selling price to clear out inventory (remaining portion sold in scrap value) prior to the closure of PRC factory premises, gross profit margin was reduced. Another factor caused the decrease in gross profit was the redundancies of operations staff accounted for higher cost of goods sold. Reverse in impairment loss on trade receivables A reversal in impairment loss on trade receivables of HK$287,000 (2017: Nil) had been made for a trade receivable during this year. Loss on disposal of fixed assets Upon the closure of rented factory premises of Copper and brass products segment in PRC in September 2018, remaining fixed assets were sold in secondary market. Net proceeds were below their net asset value and thereby incurred loss on disposal of property, plant and equipment of HK$569,000 for the year (2017: HK$33,000). Relationship with key customers and suppliers The revenue from sales to top five customers of the Group accounted for 48.3% (2017: 42.2%) of total revenue of the Group for the year, while the revenue from sales to the largest customer accounted for 16.5% (2017: 14.4%) of the Group for the year. All of the top five customers for the year are customers of Steel cord segment, they are well-known radial tyres manufacturers either in the PRC or in worldwide markets, and have business relationships with the Group for over five years. The credit period granted to these top five customers are from a range of 30 to 90 days, which was similar to the credit periods granted to other customers of the Group. We have reviewed the receivables position of these customers at the end of the reporting period and are of the view that no impairment loss on the receivables of the top five customers is required. 毛利 除營業額較去年減少 57.0% 外，毛利較去年減 少 95.1% 至本年度港幣 363,000 元（二零一七 年：港幣 7,412,000 元）。毛利率從去年的 2.4% 下降 2.1 個百分點至本年的 0.3% 。銅市 場的銷售價格於二零一八年上半年下跌。基於 中國廠房關閉前清理庫存（剩餘部分以廢料價 值出售）以折扣銷售價發售，令毛利率有所下 降。另一個因素造成毛利減少是操作僱員遣散 導致較高的銷售成本。 撥回應收賬款減值損失 於本年度已為應收賬款撥回應收賬款減值損失 港幣 287,000 元（二零一七年：無）。 出售固定資產之虧損 於二零一八年九月銅和黃銅材料分部之中國租 賃廠房關閉後，剩餘的固定資產於二手市場出 售。所得款項淨額低於其資產淨值，因此產 生物業、廠房及設備出售虧損港幣 569,000 元 （二零一七年：港幣 33,000 元）。 與重要客戶和供應商的關係 本集團銷售予首五大客戶之營業額，約佔本 年度本集團總營業額之 48.3% （二零一七年： 42.2% ），其中銷售予最大客戶之營業額佔本 年度本集團總營業額之 16.5% （二零一七年： 14.4% ）。 所有於本年度的首五大客戶為鋼簾線分部的客 戶，該等客戶為在中國或世界各地市場知名的 子午線輪胎生產商，並與本集團維持超過五年 的業務關係。給予該等首五大客戶的信用賬期 範圍由 30 至 90 日，與給予本集團其他客戶的 信用賬期相近。我們審閱了該等客戶在報告期 末的應收賬款情況，並認為不需要計提五大客 戶之應收款項減值損失。