Annual Report 2020

HOP FUNG GROUP HOLDINGS LIMITED 合豐集團控股有限公司 8 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 財務回顧 （續） 經營業績 （續） 於二零二零年， 5,100,000 港元已計入所得稅開支，即 香港利得稅支出 1,200,000 港元、中國企業所得稅支出 600,000 港元及遞延稅項支出 3,300,000 港元的總和。 於二零一九年，錄得所得稅抵免 12,800,000 港元，其中 包括香港利得稅開支 2,000,000 港元、中國企業所得稅 200,000 港元、中國預扣稅 1,200,000 港元及遞延稅項抵 免 16,200,000 港元。 二零二零年錄得年度利潤 1,400,000 港元，而二零一九年 錄得年度虧損 7,900,000 港元，利潤增加 9,300,000 港元。 利潤率由 -0.7% 上升至 0.1% 。 流動資金、財務及資本資源 於二零二零年十二月三十一日，本集團之銀行結餘及現 金為 291,500,000 港元（二零一九年十二月三十一日： 292,300,000 港元），超過 80% 以人民幣持有。 所有銀行借貸均為無抵押，由二零一九年十二月三十一日 的 216,900,000 港元增加至二零二零年十二月三十一日的 282,600,000 港元。於二零二零年十二月三十一日，即期 無抵押銀行借貸減少 44,800,000 港元，而非即期無抵押銀 行借貸增加 110,500,000 港元。本集團錄得淨現金（銀行 結餘及現金減銀行借貸總額）為 8,900,000 港元（二零一九 年十二月三十一日： 75,400,000 港元）。資產負債率（銀 行借款總額與權益總額之比）及淨資產負債率（銀行借款 總額扣減銀行結餘及現金與權益總額之比）分別為 17.4% 及 -0.5% （二零一九年十二月三十一日：分別為 14.2% 及 -4.9% ）。 於二零二零年十二月三十一日，本集團之流動資產淨值 及流動比率分別為 265,800,000 港元（二零一九年十二月 三十一日： 186,600,000 港元）及 1.7 （二零一九年十二月 三十一日： 1.5 ）。 於二零二零年，本集團用於中國物業、廠房及設備之資本 開支為 36,600,000 港元，及用於支付為菲律賓項目購置物 業、廠房及設備所付訂金之款項為 53,400,000 港元。 應收賬款、應付賬款及存貨之流轉率分別為 59 日（二零 一九年： 49 日）、 32 日（二零一九年： 33 日）及 53 日（二零 一九年： 84 日）。 FINANCIAL REVIEW (Continued) Operating results (Continued) In 2020, HK$5.1 million was charged to income tax expense, being the sum of Hong Kong Profits Tax charge of HK$1.2 million, PRC Enterprise Income Tax charge of HK$0.6 million and deferred tax charge of HK$3.3 million. In 2019, income tax credit of HK$12.8 million was recorded which comprised Hong Kong Profits Tax charge of HK$2.0 million, PRC Enterprise Income Tax of HK$0.2 million, PRC withholding tax of HK$1.2 million and deferred tax credit of HK$16.2 million. Profit for the year of HK$1.4 million was recorded in 2020 while loss for the year of HK$7.9 million was recorded in 2019, representing an increase of profit by HK$9.3 million. Profit margin rose from -0.7% to 0.1%. Liquidity, financial and capital resources As at 31st December, 2020, the Group’s bank balances and cash were HK$291.5 million (31st December, 2019: HK$292.3 million). Over 80% was held in Renminbi. All bank borrowings were unsecured, rising from HK$216.9 million at 31st December, 2019 to HK$282.6 million at 31st December, 2020. As at 31st December, 2020, the current unsecured bank borrowings declined HK$44.8 million while non-current unsecured bank borrowings rose HK$110.5 million. The group recorded a net cash level (bank balances and cash less total bank borrowings) of HK$8.9 million (31st December, 2019: HK$75.4 million). Gearing ratio (total bank borrowings to total equity) and net gearing ratio (total bank borrowings less bank balances and cash to total equity) were 17.4% and -0.5% respectively (31st December, 2019: 14.2% and -4.9% respectively). As at 31st December, 2020, net current assets and current ratio of the Group were HK$265.8 million (31st December, 2019: HK$186.6 million) and 1.7 (31st December, 2019: 1.5) respectively. In 2020, the Group spent HK$36.6 million on capital expenditures for property, plant and equipment in China and spent HK$53.4 million for paying deposit for acquisition of property, plant and equipment for the Philippines project. Debtors, creditors and inventory turnover were 59 days (2019: 49 days), 32 days (2019: 33 days) and 53 days (2019: 84 days) respectively.