Annual Report 2019

29 年報 ANNUAL REPORT 2019 MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 行政費用 於本年度本集團來自持續經營業務之行政費 用報港幣 54,429,000 元（二零一八年：港幣 56,782,000 元），比去年減少 4.1% ，主要是由 於成本控制更為嚴格。 研發費用 於本年度本集團來自持續經營業務之研發 費用報港幣 74,493,000 元，比去年報港幣 76,941,000 元下降 3.2% 。該等費用全都是鋼 簾線分部所產生，儘管於本年度有所減少，但 我們的研發工作已能夠滿足輪胎製造客戶的 要求。 其他收入 本集團來自持續經營業務之其他收入由截至 二零一八年十二月三十一日止年度的港幣 3,756,000 元增加 349.7% 至截至二零一九年 十二月三十一日止年度的港幣 16,891,000 元。 該增長主要由於政府補貼增加以支持企業。 其他虧損，淨額 本集團來自持續經營業務之其他虧損，淨額由 截至二零一八年十二月三十一日止年度的港幣 4,002,000 元增加 229.3% 至二零一九年十二 月三十一日止年度的港幣 13,179,000 元。該 增加主要由於 (i) 生產若干產品的物業、廠房及 設備之減值損失增加港幣 9,745,000 元；及 (ii) 可換股債券之公平值虧損增加港幣 5,944,000 元。但該增加因外匯對沖合約之公平值收益淨 額增加而被部分抵銷。 Administrative expenses Administrative expenses for the continuing operations amounted to HK$54,429,000 (2018: HK$56,782,000) for the year, decreased by 4.1% as compared to last year. This decrease was mainly due to stricter cost control. Research and development expenses Research and development expenses for the continuing operations of the Group amounted to HK$74,493,000 for the year, decreased by 3.2% as compared to HK$76,941,000 for last year. Such expenses were all incurred by the Steel cord segment and whilst reduced during the year under review, our research and development effort has been able to align with the requirements from our tyres manufacturing customers. Other income Other income for the continuing operations of the Group increased by 349.7% from HK$3,756,000 for the year ended 31 December 2018 to HK$16,891,000 for the year ended 31 December 2019. This increase was primarily due to an increase in the government grants for supporting the enterprises. Other losses, net Other losses, net for the continuing operations of the Group increased by 229.3% from HK$4,002,000 for the year ended 31 December 2018 to HK$13,179,000 for the year ended 31 December 2019. This increase was primarily due to (i) an increase of HK$9,745,000 in impairment losses on property, plant and equipment of producing certain products; and (ii) an increase of HK$5,944,000 in fair value loss on Convertible Bonds. However, the increase was offset in part by the increase in net fair value gains on foreign currency hedging contracts.