Annual Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 31 2020 ANNUAL REPORT 年報 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 71,404,000 元，比 去 年 報 港 幣 74,493,000 元下降 4.1% 。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我們輪胎製造客戶 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 二零一九年十二月三十一日止年度的港幣 16,891,000 元減少 43.7% 至截至二零二零年 十二月三十一日止年度的港幣 9,509,000 元。 該減少主要由於在二零一九年滕州東方收到土 地使用權證及相關一次性之政府補貼。 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 截至二零一九年十二月三十一日止年度的港幣 13,179,000 元增加 350.5% 至二零二零年十二 月三十一日止年度的港幣 59,377,000 元。該增 加主要由於 (i) 殘舊及閒置的物業、廠房及設備 之減值損失增加了港幣 6,489,000 元； (ii) 可換 股債券之公平值虧損增加了港幣 15,594,000 元；及 (iii) 出售殘舊及閒置的物業、廠房及設備 之淨虧損增加了港幣 19,448,000 元。 土地使用權之減值損失撥回 截至二零二零年十二月三十一日止年度，土地 使用權之減值損失撥回報港幣 46,867,000 元 （二零一九年：港幣 17,456,000 元），這是由於 本集團在二零二零年十月取得滕州東方二期項 目餘下面積的建設工程規劃許可證。 財務成本，淨額 於本年度本集團來自持續經營業務之財務成 本，淨額由去年港幣 64,704,000 元下降 73.0% 至港幣 17,488,000 元，這主要是由於銀行貸款 及來自一間關連公司貸款之利息支出減少；同 時間，本集團於本年度錄得可換股債券之外幣 匯兌收益。 Research and development expenses Research and development expenses for the continuing operations of the Group amounted to HK$71,404,000 for the year, decreased by 4.1% as compared to HK$74,493,000 for last year. Such expenses were all incurred by the steel cord segment and whilst reduced during the year, 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 decreased by 43.7% from HK$16,891,000 for the year ended 31 December 2019 to HK$9,509,000 for the year ended 31 December 2020. This decrease was primarily due to the land use right certificates and the related one-time government grant received by TESC in 2019. Other losses, net Other losses, net for the continuing operations of the Group increased by 350.5% from HK$13,179,000 for the year ended 31 December 2019 to HK$59,377,000 for the year ended 31 December 2020. This increase was primarily due to (i) an increase of HK$6,489,000 in impairment losses on old and idle property, plant and equipment; (ii) an increase of HK$15,594,000 in fair value loss on Convertible Bonds; and (iii) an increase of HK$19,448,000 in net disposal loss of old and idle property, plant and equipment. Reversal of impairment losses on land use rights Reversal of impairment losses on land use rights amount to HK$46,867,000 for the year ended 31 December 2020 (2019: HK$17,456,000) because the Group obtained the construction project planning permit on remaining area of TESC Phase II Project in October 2020. Finance costs, net Finance costs, net for the continuing operations of the Group decreased by 73.0% from HK$64,704,000 to HK$17,488,000 during the year. This is mainly due to the decrease of interest expenses on bank borrowing and a related company’s loan while the Group recorded foreign exchange gains on the Convertible Bonds during the year.