Annual Report 2018

34 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 Note *: During the year under review, the Group entered into foreign currency hedging contracts to minimise its exposure to fluctuation of RMB with an aggregate notional amount of HKD180,000,000 and at future rates from RMB0.8757/HKD1 to RMB0.8913/HKD1. These contracts were classified as “fair value on derivatives held for trading” and were fully settled on 28 December 2018. Distribution and selling expenses D i s t r i b u t i o n a n d s e l l i n g e x p e n s e s amo u n t e d t o HK$69,698,000 (2017: HK$65,579,000) for the year, increased by 6.3% over last year, mainly due to the sales revenue of Steel cord segment increased by 17.5%. Administrative expenses Administrative expenses amounted to HK$58,936,000 (2017: HK$71,771,000) for the year, decreased by 17.9% as compared to last year. Despite the revenue of the Group increased by 6.7% as compared to last year, with stricter cost control in both plants in JESC and TESC and Hong Kong Headquarters, the ratio of administrative expenses to revenue lowered from 3.4% last year to 2.6% this year. Research and development expenses Resea r ch and deve l opmen t expenses o f t he Gr oup amounted to HK$76,941,000 for the year, increased by 23.3% as compared to HK$62,385,000 last year. Such expenses were all incurred by the Steel cord segment, which have been mentioned in “ Steel cord ” section above. 附註 * ：於年度回顧，本集團訂立其名義金額為港幣 180,000,000 元外幣對沖合約以盡量減少人民 幣波動的風險，及其期貨利率由人民幣 0.8757 元╱港幣 1 元至人民幣 0.8913 元╱港幣 1 元。 該等合約分類為「持作買賣之衍生工具之公平 值」，並於二零一八年十二月二十八日全數結 清。 分銷及銷售費用 本年度分銷及銷售費用總計港幣 69,698,000 元（二零一七年：港幣 65,579,000 元），比去 年上升 6.3% ，主要由於鋼簾線分部的營業額 上升 17.5% 所致。 行政費用 本年度行政費用總計港幣 58,936,000 元（二 零一七年：港幣 71,771,000 元），比去年下 跌 17.9% 。儘管本集團營業額比去年上升 6.7% ，但由於嘉興東方、滕州東方兩廠及香 港總部成本控制更為嚴格，行政費用佔營業 額的比率因此由去年 3.4% 下跌至本年度的 2.6% 。 研發費用 於本年度，本集團的研發費用總計港幣 76,941,000 元，比去年港幣 62,385,000 元上 升 23.3% ，誠如已在上文「 鋼簾線 」一節所述， 這些費用全都是由鋼簾線分部所產生。