Annual Report 2020

ANNUAL REPORT 2020 年度報告 7 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 財務回顧 經營業績 本集團於二零二零年錄得之收益減少 153,700,000 港元， 由二零一九年之 1,194,100,000 港元減少 12.9% 至二零二 零年之 1,040,400,000 港元。收益減少主要由於二零二零 年上半年中國需求的大幅減少導致銷售量下降所致。 除銷量下跌外，主要原材料廢紙及箱板紙之平均成本有所 下跌，導致銷售成本下降 15.4% 。銷售成本由二零一九年 之 1,078,800,000 港元下降至二零二零年之 912,500,000 港 元。 毛利由二零一九年之 115,300,000 港元增加 10.9% 至二 零二零年之 127,900,000 港元。毛利率由 9.7% 上升至 12.3% 。 其他收入由二零一九年之 20,600,000 港元增加至二零二零 年之 23,100,000 港元。有關增加主要來自中國政府退回的 增值稅。 其他收益及虧損由二零一九年之淨虧損 2,300,000 港元增 加至二零二零年之淨收益 4,100,000 港元，主要是由於人 民幣升值產生匯兌收益。 銷售及分銷成本由二零一九年之 45,700,000 港元減少 16.6% 至二零二零年之 38,100,000 港元。有關減少與收益 減幅一致。 行政開支由二零一九年之 83,700,000 港元減少 4.3% 至二 零二零年之 80,100,000 港元。此乃主要由於以股份為基礎 的款項下跌所致。 其他開支由二零一九年之 18,200,000 港元增加至二零二零 年之 21,400,000 港元。此乃主要由於中國關稅及開支增加 以及支付予中國一家銀行的顧問費用所致。 財務成本由二零一九年之 6,200,000 港元增加 2,600,000 港 元至二零二零年之 8,800,000 港元，乃由於二零二零年內 借款水平較高所致。 FINANCIAL REVIEW Operating results The Group recorded a decrease in revenue of HK$153.7 million in 2020, representing a fall of 12.9% from HK$1,194.1 million in 2019 to HK$1,040.4 million in 2020. The drop in revenue was mainly attributed to the decline in sales volume resulting from the tremendous decrease in demand in China in the first half of 2020. In addition to the decline in sales volume, the average costs of main raw materials, waste paper and containerboard fell, leading to a decrease in cost of sales by 15.4%. Cost of sales dropped from HK$1,078.8 million in 2019 to HK$912.5 million in 2020. Gross profit increased from HK$115.3 million in 2019 to HK$127.9 million in 2020, representing an increase of 10.9%. Gross profit margin rose from 9.7% to 12.3%. Other income increased from HK$20.6 million in 2019 to HK$23.1 million in 2020. Such increase was mainly contributed from valued added tax refund from the Chinese government. Other gains and losses rose from net loss of HK$2.3 million in 2019 to net gain of HK$4.1 million in 2020, primarily due to exchange gains resulting from appreciation of Renminbi. Selling and distribution costs shrank 16.6% from HK$45.7 million in 2019 to HK$38.1 million in 2020. The decrease was in line with the decrease in revenue. Administrative expenses fell 4.3% from HK$83.7 million in 2019 to HK$80.1 million in 2020. It was mainly arisen from the fall in share- based payment. Other expenses increased from HK$18.2 million in 2019 to HK$21.4 million in 2020. It was mainly due to the increase in china duty and charges and the consultancy fee paid to a bank in China. An increase in finance costs by HK$2.6 million, from HK$6.2 million in 2019 to HK$8.8 million in 2020, was owing to higher borrowing level in 2020.