Annual Report 2018

41 年報 ANNUAL REPORT 2018 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS In respect of cash flows on other activities: 1. The Group recorded net cash outflow on investing activities of HK$31,661,000 during the year, which is mainly Steel cord segment’s capital expenditure of HK$11,375,000 and net placement of pledged bank deposit of HK$21,599,000; and 2. The Group recorded net cash inflow on financing activities of HK$27,503,000 during the year. When net proceeds from bank advances for discounted bills that were matured during the year of HK$131,542,000 were excluded, the Group incurred net cash outflow of HK$104,039,000 on financing activities during the year that represented sum of net reduction of interest bearing borrowings of HK$57,625,000 and interest expenses paid at HK$46,414,000 during the year. Bank balances and cash and interest bearing borrowings The Group’s bank balances and cash (including pledged bank depos i t s ) amoun t ed to HK$145 , 312 , 000 a t 31 December 2018, decreased by 46.2% as compared to HK$270,339,000 at 31 December 2017. Main reason of the decrease in the bank balances and cash is the increase in proportion in bills receivable received from customers instead of receiving payment in form of cash. Total interest bearing borrowings of the Group (comprised of loans from related companies and bank borrowings including discounted bills) were HK$1,100,809,000 at 31 December 2018, increased by 4.9% as compared to HK$1,049,010,000 at 31 December 2017. The rise is mainly due to the increased amount in bank advances of discounted bills during the year. The amount of net interest bearing borrowings (total interest bearing borrowings less bank balances and cash (including pledged bank deposits)) therefore increased from HK$778,671,000 at 31 December 2017 to HK$955,497,000 at 31 December 2018. 至於其他活動的現金流： 1. 本集團於本年度的投資活動錄得現金 流出淨額港幣 31,661,000 元，其中主 要為鋼簾線分部產生的資本開支港幣 11,375,000 元和存放已抵押銀行存款淨 額港幣 21,599,000 元；及 2. 本集團於本年度於融資活動產生現金流 入淨額港幣 27,503,000 元。若不包括出 售在本年到期的貼現票據墊支所得款項 淨額港幣 131,542,000 元，本集團於本 年度融資活動產生現金流出淨額合計港 幣 104,039,000 元，即於本年度減少計 息貸款淨額港幣 57,625,000 元及支付利 息開支港幣 46,414,000 元。 銀行結存及現金及計息貸款 於二零一八年十二月三十一日，本集團之銀 行結存及現金（包括已抵押銀行存款）共港幣 145,312,000 元，比二零一七年十二月三十一 日共港幣 270,339,000 元下降 46.2% 。銀行 結餘及現金減少的主要原因是從客戶收到的 應收票據的比例增加，而不是以現金形式收 取款項。本集團之總計息貸款（包括來自有關 連公司之貸款和銀行貸款）於二零一八年十二 月三十一日報港幣 1,100,809,000 元，比二零 一七年十二月三十一日報港幣 1,049,010,000 元上升 4.9% 。上升主要是由於本年度貼現票 據的銀行墊款增加所致。因此，計息貸款淨額 （計息貸款總額減銀行結餘及現金（包括已抵押 銀行存款））由二零一七年十二月三十一日報 港幣 778,671,000 元上升至二零一八年十二月 三十一日報港幣 955,497,000 元。