Annual Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 25 2020 ANNUAL REPORT 年報 經營回顧 本集團主要從事製造子午線輪胎用鋼簾線、 切割鋼絲及膠管鋼絲。截至二零二零年十二 月三十一日止年度，本集團來自持續經營業 務之營業額下跌 4.7% 至港幣 2,041,553,000 元（二零一九年：港幣 2,141,380,000 元）﹔然 而，來自持續經營業務之銷售成本下跌 6.6% 至港幣 1,647,231,000 元（二零一九年：港幣 1,763,436,000 元），因此來自持續經營業務之 毛利及毛利率分別增加至港幣 394,322,000 元 （二零一九年：港幣 377,944,000 元）及 19.3% （二零一九年： 17.6% ）。儘管來自持續經營 業務之其他淨虧損由港幣 13,179,000 元增加 至二零二零年十二月三十一日止年度的港幣 59,377,000 元（其中主要包括可換股債券之公 平值虧損、處置舊機器之淨虧損及舊機器之減 值損失），但上述的虧損部份已於本年度被土 地使用權之減值損失撥回的港幣 46,867,000 元抵銷。此外，本年度淨財務成本由港幣 64,704,000 元減至港幣 17,488,000 元。因此， 本集團截至二零二零年十二月三十一日止年 度之淨溢利由去年的港幣 108,344,000 元上升 36.8% 至港幣 148,254,000 元。於本年度，本 集團亦錄得每股基本盈利港幣 7.76 仙，較上一 個年度的港幣 5.63 仙增長約 37.8% 。每股攤薄 盈利由去年的港幣 5.22 仙增加 29.7% 至港幣 6.77 仙。儘管二零二零年營商環境嚴峻，本集 團仍然從經營活動產生正現金流入並維持穩健 財務狀況。董事會建議截至二零二零年十二月 三十一日止財政年度每股派發末期股息港幣 1.5 仙（惟需於即將舉行的股東周年大會上經股 東批核），同比增長 50% 。 Review of operations The Group is principally engaged in the manufacturing of steel cords for radial tyres, sawing wires and hose wires. For the year ended 31 December 2020, the Group’s revenue for the continuing operations decreased by 4.7% to HK$2,041,553,000 (2019: HK$2,141,380,000); however, the cost of sales for the continuing operations decreased by 6.6% to HK$1,647,231,000 (2019: HK$1,763,436,000), therefore the gross profit and gross profit margin for the continuing operations increased to HK$394,322,000 (2019: HK$377,944,000) and 19.3% (2019: 17.6%) respectively. Though the amount of other net losses increased from HK$13,179,000 to HK$59,377,000 for the year ended 31 December 2020, which mainly included fair value loss on the Convertible Bonds, the net losses on disposals of old machineries and impairment losses on old machineries, the aforesaid losses were partially offset by the reversal of impairment losses on land use rights of HK$46,867,000 during the year. Besides, the net finance costs during the year decreased from HK$64,704,000 to HK$17,488,000. Therefore, the Group’s net profit for the year ended 31 December 2020 increased by 36.8% over last year of HK$108,344,000 to HK$148,254,000. During the year, the Group also recorded basic earnings per share of HK7.76 cents, an increase of approximately 37.8% when compared to the previous year of HK5.63 cents. Diluted earnings per share increased by 29.7% from HK5.22 cents in the previous year to HK6.77 cents. Despite the severe operating environment in 2020, the Group still generated positive cash inflow from operations and maintained a sustained healthy financial position. The Board has proposed a final dividend of HK1.5 cents per share in respect of the financial year ended 31 December 2020 (subject to Shareholders’ approval at the forthcoming annual general meeting), representing an increase of 50% year-on-year.