[HK]澳科控股:二零二零年中期报告
原标题:澳科控股:二零二零年中期报告 Interim Report 2020 中期報告 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code股份代號：2300 Interim Report 2020 中期報告 (incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code股份代號：2300 CONTENTS 目錄 2 Mission and Vision 使命及展望 3 Corporate Information and Shareholders’ Calendar 公司資料及股東日誌 7 Corporate Structure 公司架構 8 Geographical Coverage 地域範圍 10 Financial Highlights 財務摘要 12 Management Discussion and Analysis 管理層討論及分析 20 Other Information 其他資料 30 Condensed Consolidated Financial Statements 簡明綜合財務報表 38 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 澳科控股有限公司 AMVIG Holdings Limited2 使命及展望 MISSION AND VISION Maintain as the market leader in the cigarette packaging printing industry in the People’s Republic of China 保持作為中華人民共和國 卷煙包裝印刷行業的 市場龍頭地位 Strengthen corporate governance and achieve international environmental standards 加強企業管治及達到 國際級環保標準 Commitment to innovation to develop higher end products and value added services 致力創新，開發高檔 產品與增值服務 Maximize shareholders’ value 爭取股東價值 最大化 2 使命及展望 MISSION AND VISION Maintain as the market leader in the cigarette packaging printing industry in the People’s Republic of China 保持作為中華人民共和國 卷煙包裝印刷行業的 市場龍頭地位 Strengthen corporate governance and achieve international environmental standards 加強企業管治及達到 國際級環保標準 Commitment to innovation to develop higher end products and value added services 致力創新，開發高檔 產品與增值服務 Maximize shareholders’ value 爭取股東價值 最大化 CORPORATE INFORMATION Non-executive Chairman Mr. Chan Chew Keak, Billy Executive Directors Mr. Ge Su (Chief Executive Officer) Mr. Liu Shun Fai Non-executive Directors Mr. Jerzy Czubak Mr. Michael Casamento Independent Non-executive Directors Mr. Au Yeung Tin Wah, Ellis Mr. Oh Choon Gan, Eric Mr. Ching Yu Lung (appointed on 16 March 2020) Audit Committee Mr. Au Yeung Tin Wah, Ellis (Chairman) Mr. Oh Choon Gan, Eric Mr. Ching Yu Lung (appointed on 16 March 2020) Remuneration Committee Mr. Au Yeung Tin Wah, Ellis (Chairman) Mr. Oh Choon Gan, Eric Mr. Ching Yu Lung (appointed on 16 March 2020) Nomination Committee Mr. Oh Choon Gan, Eric (Chairman) Mr. Au Yeung Tin Wah, Ellis Mr. Ching Yu Lung (appointed on 16 March 2020) Risk Management Committee Mr. Jerzy Czubak (Chairman) Mr. Ge Su Mr. Liu Shun Fai 公司資料 非執行主席 曾照傑先生 執行董事 葛蘇先生（首席執行官） 廖舜輝先生 非執行董事 Jerzy Czubak先生 Michael Casamento先生 獨立非執行董事 歐陽天華先生 胡俊彥先生 程如龍先生（於二零二零年三月十六日獲委任） 審核委員會 歐陽天華先生（主席） 胡俊彥先生 程如龍先生（於二零二零年三月十六日獲委任） 薪酬委員會 歐陽天華先生（主席） 胡俊彥先生 程如龍先生（於二零二零年三月十六日獲委任） 提名委員會 胡俊彥先生（主席） 歐陽天華先生 程如龍先生（於二零二零年三月十六日獲委任） 風險管理委員會 Jerzy Czubak先生（主席） 葛蘇先生 廖舜輝先生 Investment Committee Mr. Oh Choon Gan, Eric (Chairman) Mr. Ge Su Mr. Jerzy Czubak Corporate Governance Committee Mr. Oh Choon Gan, Eric (Chairman) Mr. Au Yeung Tin Wah, Ellis Mr. Jerzy Czubak Company Secretary Mr. Liu Shun Fai, CPA Auditor RSM Hong Kong Certified Public Accountants Principal Bankers Australia and New Zealand Banking Group Limited Bank SinoPac CTBC Bank Co., Ltd. MUFG Bank, Ltd. United Overseas Bank Limited Principal Share Registrar and Transfer Office in Cayman Islands SMP Partners (Cayman) Limited 3rd Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands Branch Share Registrar and Transfer Office in Hong Kong Tricor Investor Services Limited Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong 投資委員會 胡俊彥先生（主席） 葛蘇先生 Jerzy Czubak先生 企業管治委員會 胡俊彥先生（主席） 歐陽天華先生 Jerzy Czubak先生 公司秘書 廖舜輝先生，CPA 核數師 羅申美會計師事務所 執業會計師 主要往來銀行 澳新銀行集團有限公司 永豐商業銀行 中國信託商業銀行股份有限公司 三菱日聯銀行 大華銀行 開曼群島主要股份過戶及登記總處 SMP Partners (Cayman) Limited 3rd Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 香港股份過戶及登記分處 卓佳證券登記有限公司 香港 皇后大道東183號 合和中心54樓 Registered Office Century Yard Cricket Square Hutchins Drive P.O. Box 2681 GT George Town Grand Cayman Cayman Islands British West Indies Head Office and Principal Place of Business in Hong Kong Room 601-602, 6th Floor COFCO Tower 262 Gloucester Road Causeway Bay Hong Kong Stock Code 註冊辦事處 Century Yard Cricket Square Hutchins Drive P.O. Box 2681 GT George Town Grand Cayman Cayman Islands British West Indies 香港總辦事處及主要營業地點 香港 銅鑼灣 告士打道262號 中糧大廈 6樓601-602室 股份代號 2300 SHAREHOLDERS’ CALENDAR Register of Shareholders Close of Register 2 December 2020 to 4 December 2020 (both days inclusive) Dividend Interim dividend declared: HK6 cents per share Payable on or about 11 December 2020 股東日誌 股東過戶登記 暫停辦理股份過戶登記手續 二零二零年十二月二日 至二零二零年十二月四日 （包括首尾兩日在內） 股息 宣派中期股息：每股6港仙 於二零二零年十二月十一日或前後派付 100% 51% 100% 100% 100% 100% 100% 60% 29% 43% 100% 100% 100% 60% 83% 100% 100% 100% 100% Charm Pro t Holdings Limited 盈健集團 有限公司 Qingdao AMVIG Shuncheng Packaging Co., Ltd. 青島澳科順誠 包裝有限公司 Mega Vision Enterprises Limited Bellgate International Limited Designer Global Group Limited World Grand Holdings Limited 偉建集團 有限公司 Easy eld Paci c Limited Nanjing Sanlong Packing Co., Ltd. 南京三隆 包裝有限公司 Anhui Qiaofeng Package Printing Co., Ltd. 安徽僑豐包裝 印刷有限公司 AMVIG Group Limited 澳科集團 有限公司 100% 100% 100% AMVIG Investment Limited 澳科投資有限公司 Hangzhou Weicheng Printing Co., Ltd. 杭州偉成 印刷有限公司 Xi'an Great Sky Laser Hologram Co., Ltd. 西安大天激光 圖像有限公司 Outstanding Viewpoint Limited 萃觀有限公司 Cigarette packaging printing plant 卷煙包裝印刷廠 Transfer paper and laser film manufacturing plant 轉移紙及鐳射膜製造廠 Investment holding company 投資控股公司 Leigh-Mardon Paci c Packaging Pte Ltd. Famous Plus Group Limited 祺耀集團 有限公司 Ever Honest Industries Limited 永發實業 有限公司 Gainful Investments Limited 勁富投資 有限公司 Kunming World Grand Innovation Printing Co., Ltd. 昆明偉建科創 印務有限公司 Beijing Leigh- Mardon Paci c Packaging Co., Ltd. 北京黎馬敦太平 洋包裝有限公司 Qingdao Leigh-Mardon Packaging Co., Ltd. 青島黎馬敦 包裝有限公司 Dongguan KWG Colour Printing Co., Ltd. 東莞智源 彩印有限公司 Yunnan Qiaotong Package Printing Co., Ltd. 雲南僑通包裝 印刷有限公司 100% 100% 51% Glory Express International Limited 世陞國際有限公司 澳科控股有限公司 AMVIG Holdings Limited8 GEOGRAPHICAL COVERAGE 地域範圍 Hangzhou Weicheng Printing Co., Ltd. (“Hangzhou Weicheng”) 杭州偉成印刷有限公司（「杭州偉成」） Cigarette packaging printing plant 卷煙包裝印刷廠 Dongguan KWG Colour Printing Co., Ltd. (“Dongguan KWG”) 東莞智源彩印有限公司（「東莞智源」） Cigarette packaging printing plant 卷煙包裝印刷廠 Beijing Leigh-Mardon Paci c Packaging Co., Ltd. (“Beijing Plant”) 北京黎馬敦太平洋包裝有限公司（「北京廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Kunming World Grand Innovation Printing Co., Ltd. (“Kunming Plant”) 昆明偉建科創印務有限公司（「昆明廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Anhui Qiaofeng Package Printing Co., Ltd. (“Qiaofeng Plant”) 安徽僑豐包裝印刷有限公司（「僑豐廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Anhui 安徽 Dongguan 東莞 Beijing 北京 Hangzhou 杭州 Kunming 昆明 8 GEOGRAPHICAL COVERAGE 地域範圍 Hangzhou Weicheng Printing Co., Ltd. (“Hangzhou Weicheng”) 杭州偉成印刷有限公司（「杭州偉成」） Cigarette packaging printing plant 卷煙包裝印刷廠 Dongguan KWG Colour Printing Co., Ltd. (“Dongguan KWG”) 東莞智源彩印有限公司（「東莞智源」） Cigarette packaging printing plant 卷煙包裝印刷廠 Beijing Leigh-Mardon Paci c Packaging Co., Ltd. (“Beijing Plant”) 北京黎馬敦太平洋包裝有限公司（「北京廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Kunming World Grand Innovation Printing Co., Ltd. (“Kunming Plant”) 昆明偉建科創印務有限公司（「昆明廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Anhui Qiaofeng Package Printing Co., Ltd. (“Qiaofeng Plant”) 安徽僑豐包裝印刷有限公司（「僑豐廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Anhui 安徽 Dongguan 東莞 Beijing 北京 Hangzhou 杭州 Kunming 昆明 Nanjing Sanlong Packing Co., Ltd. (“Nanjing Plant”) 南京三隆包裝有限公司（「南京廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Yunnan Qiaotong Package Printing Co., Ltd. (“Qiaotong Plant”) 雲南僑通包裝印刷有限公司（「僑通廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Xi'an Great Sky Laser Hologram Co., Ltd. (“Xi'an Plant”) 西安大天激光圖像有限公司（「西安廠房」） Laser film manufacturing plant 鐳射膜製造廠 Qingdao Leigh-Mardon Packaging Co., Ltd. (“Qingdao Plant”) 青島黎馬敦包裝有限公司（「青島廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Nanjing 南京 Qingdao 青島 Zhaotong 昭通 Qingdao 青島 Qingdao AMVIG Shuncheng Packaging Co., Ltd. (“Qingdao Shuncheng”) 青島澳科順誠包裝有限公司（「青島順誠」） Transfer paper & laser film manufacturing plant 轉移紙及鐳射膜製造廠 Xi'an 西安 Nanjing Sanlong Packing Co., Ltd. (“Nanjing Plant”) 南京三隆包裝有限公司（「南京廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Yunnan Qiaotong Package Printing Co., Ltd. (“Qiaotong Plant”) 雲南僑通包裝印刷有限公司（「僑通廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Xi'an Great Sky Laser Hologram Co., Ltd. (“Xi'an Plant”) 西安大天激光圖像有限公司（「西安廠房」） Laser film manufacturing plant 鐳射膜製造廠 Qingdao Leigh-Mardon Packaging Co., Ltd. (“Qingdao Plant”) 青島黎馬敦包裝有限公司（「青島廠房」） Cigarette packaging printing plant 卷煙包裝印刷廠 Nanjing 南京 Qingdao 青島 Zhaotong 昭通 Qingdao 青島 Qingdao AMVIG Shuncheng Packaging Co., Ltd. (“Qingdao Shuncheng”) 青島澳科順誠包裝有限公司（「青島順誠」） Transfer paper & laser film manufacturing plant 轉移紙及鐳射膜製造廠 Xi'an 西安 Cigarette packaging printing plant 卷煙包裝印刷廠 Transfer paper and laser film manufacturing plant 轉移紙及鐳射膜製造廠 9 Turnover營業額 (HK$m)（百萬港元） 2,503 2,448 1,287 1,216 2,408 1,354 1,094 1,133 1,227 1,181 1,133 1H 201720182019 2020 二零二零年 二零一七年二零一八年 二零一九年 上半年 Product Mix 產品組合 Turnover for 1H2020 二零二零年上半年營業額 High-Mid End 中高檔 Mid End 中檔 Mid-Low End 中低檔 20% 27% 53% 51% 27% 22% Gross Profit Margin毛利率 30% 30% 29% 28% 1H 201720182019 2020 二零二零年 二零一七年二零一八年 二零一九年 上半年 Product Mix 產品組合 Gross Profit Margin for 1H2020 二零二零年上半年毛利率 High-Mid End 中高檔 Mid End 中檔 Mid-Low End 中低檔 41% 13% 24% 37% 13% 27% 1H2019 1H2020 1H2019 1H2020 二零一九年上半年二零二零年上半年二零一九年上半年二零二零年上半年 Profit Attributable to Owners of the CompanyEarnings Per Share 本公司擁有人應佔溢利 每股盈利 (HK$m)（百萬港元） (HK cents)（港仙） 37.2 103 151 164 174 113 188 146 185 125 141 18.3 15.0 18.9 15.0 35.0 35.1 346 326 325 313 30.0 267 15.7 113 146 1H 1H 201720182019 2020201720182019 2020 二零二零年二零二零年 二零一七年二零一八年 二零一九年 上半年 二零一七年二零一八年 二零一九年 上半年 Second Half 下半年 Second Half 下半年 Second Half 下半年 Second Half 下半年 First Half 上半年 First Half 上半年 First Half 上半年 First Half 上半年 Reported ProfitUnderlying Profit, excluding exchange differences Reported ProfitUnderlying Profit, excluding exchange differences 已呈報溢利and on a constant currency basis 已呈報溢利and on a constant currency basis (at the average exchange rate in 1H2019)(at the average exchange rate in 1H2019) 基礎溢利，扣除匯兌差額及按固定貨幣基準基礎溢利，扣除匯兌差額及按固定貨幣基準 （按二零一九年上半年平均匯率）（按二零一九年上半年平均匯率） Dividend Paid/Recommended 已派發 ╱建議派付股息 (HK cents)（港仙） 17.5 14.9 7.3 7.6 14.4 6.4 8.0 First Half 上半年 4.0 8.1 5.4 6.0 6.0 Second Half 下半年 Special Dividend 特別股息 1H 201720182019 2020 二零二零年 二零一七年二零一八年 二零一九年 上半年 For the six months ended 30 June 截至六月三十日止六個月 2020 2019 Changes 二零二零年二零一九年變動百分比 HK$ million HK$ million 百萬港元百萬港元 % 279 170 140 176 139 28.7 11.0 16.2 17.7 12.1 20.218.8 15.7 19.933.7 12.1 13.5 15.2 Turnover 營業額 1,133 1,181 -4% Gross profit 毛利 321 366 -12% Profit attributable to owners of the Company113 188 -40% 本公司擁有人應佔溢利 Underlying* profit attributable to owners of the Company146 185 -21% 本公司擁有人應佔基礎*溢利 Earnings per share – basic (HK cents) 每股盈利－基本（港仙） 12.1 20.2 -40% Interim dividend per share (HK cents) 每股中期股息（港仙） 6.0 8.1 -26% Special dividend per share (HK cents) 每股特別股息（港仙） – 4.0 N/A 不適用 * Excluding exchange differences and on a constant currency basis * 扣除匯兌差額及按固定貨幣基準 The board (the “Board”) of directors (the “Directors”) of AMVIG Holdings Limited (the “Company” or “AMVIG”) is pleased to present the unaudited condensed consolidated financial results of the Company and its subsidiaries (together the “Group”) for the six months ended 30 June 2020 (the “Reporting Period”). BUSINESS REVIEW China Tobacco Industry Despite the outbreak of the coronavirus disease 2019 (“COVID-19”), sales of cigarettes in China improved in the first half of 2020. Cigarettes sold in volume and value increased by 1.95% and 5.6%, respectively. This once again shows a relatively inelastic demand in cigarette products in China and also the importance of tax revenue brought by tobacco. It also indicated the continuous improvement in product mix. It should also be noted that the number of new variants being introduced to the market during the six months ended 30 June 2020 reduced substantially when compared to corresponding period of last year. On the other hand, the number of variants being taken out due to poor performance outnumbered the number of new variants. This indicated a higher degree of consolidation of cigarette products in China following the “Three Large Policy” adopted by the State Tobacco Monopoly Administration since last year. Group Performance In late 2019, Yunnan China National Tobacco Corporation (“CNTC”) announced changes to tender rules, placing more emphasis on price as opposed to technical elements aiming to stem out corruption. Such measure affected all tobacco packaging suppliers of Yunnan CNTC. Although the volume increased as a result of the tender, it inevitably exerted margin pressure on the Group’s orders in the Yunnan province. In addition, the COVID-19 outbreak in late January 2020 has been a challenge for the whole of China. Facing this, the Group has taken extra precaution and responded very successfully to the challenge. None of the Group’s employees had contracted the virus since the start of the outbreak. Nevertheless, the prolonged suspension of production in all factories to minimize the risk of infection at workplaces since Chinese New Year had caused disruptions to supply chains and delays in productions and orders for the Group. Accordingly, the Group’s performance was impacted by the COVID-19 outbreak and the recent tender in Yunnan during the Reporting Period. 澳科控股有限公司（「本公司」或「澳科控股」） 董事（「董事」）會（「董事會」）欣然呈報本公司 及其附屬公司（合稱「本集團」）截至二零二零 年六月三十日止六個月（「報告期間」）之未經 審核簡明綜合財務業績。 業務回顧 中國煙草行業 二零二零年上半年中國卷煙銷售於二零一九年 新冠狀病毒（「COVID-19」）疫情爆發的情況下 仍有所改善。卷煙銷售數量及金額分別增長 1.95%及5.6%。此再次說明中國卷煙產品的需 求相對缺乏彈性，亦顯示煙草帶來稅收的重要 性，同時也說明產品結構不斷改善。 此外，值得注意的是截至二零二零年六月三十 日止六個月推出的新牌號數量較去年同期大幅 減少。另一方面，因業績不佳而受淘汰的牌號 數量多於新牌號數量。此顯示自去年以來，隨 著國家煙草專賣局實行「三大政策」，中國卷煙 產品的整合程度有所提高。 本集團業績 二零一九年底，雲南中國煙草總公司（「中國煙 草總公司」）宣佈修改招標規則，更強調價格而 非技術要素，目的為杜絕貪腐。此措施影響雲 南中國煙草總公司所有煙草包裝供應商。儘管 招標結果使數量增加，仍無可避免對本集團於 雲南省之訂單造成利潤壓力。此外，二零二零 年度一月下旬爆發的COVID-19疫情對整個中國 實屬挑戰。面對此情況，本集團採取額外的防 範措施，非常成功應對挑戰。疫情爆發以來， 本集團並無任何員工感染病毒。然而，自農曆 新年以來，所有工廠長期停產，以減低工作場 所受感染的風險，導致供應鏈受阻，使本集團 的生產及訂單出現延誤。因此，於報告期間， 本集團業績遭受COVID-19疫情及近期雲南招標 所影響。 Management have started to take measures, which include reducing costs and expenses, in order to mitigate the adverse impacts arising from both COVID-19 and changes to the Yunnan tender rules during the Reporting Period. However, it took some time for these measures to be in place and the savings to ramp up. Nevertheless, operating expenses and finance costs dropped when compared to the corresponding period of last year and these had, to a certain extent, mitigated some of the impact of the abovementioned adverse factors. Excluding the exchange difference incurred on the Group’s Hong Kong dollar denominated borrowings, and on a constant currency basis, the Group’s underlying profit reduced by 21.2% when compared to the first half of last year. The Group’s profit attributable to owners of the Company reduced by 40.1% from HK$187.8 million in the first half of 2019 to HK$112.6 million during the Reporting Period. The Board has declared an interim dividend of HK6 cents per share to shareholders of the Company. FINANCIAL REVIEW Turnover For the Reporting Period, the Group’s results were affected by the COVID-19 outbreak, which caused suspension in a number of our operations and delays in orders. In addition, as reported previously, revision of tendering rules in Yunnan Province, which put more emphasis on price, posed pricing pressure for our plants in Yunnan. However, the aforementioned factors which depressed the Group turnover were offset partially by the consolidation of results of our Nanjing Plant, which has become a subsidiary of the Company since the second half of 2019. Despite this, the Group’s turnover showed a decrease of 4.1%. On a constant currency basis, turnover increased slightly by 0.4% when compared to the corresponding period in 2019. Gross Profit As a result of the COVID-19 outbreak and the changes to the Yunnan tender rules, the Group experienced margin pressure due to higher unit fixed costs and reduced unit selling prices for our plants in Yunnan. Gross profit margin dropped from 31% in the first half of 2019 to 28.4% for the Reporting Period. 管理層已開始採取措施，包括減少成本及費 用，以減輕報告期內由COVID-19及雲南修改 招標規則所帶來的不利影響。然而，落實該等 措施以達至提升節約的效果頗為耗時。儘管如 此，經營開支及融資成本與去年同期相比已有 所下降，能若干程度緩解上述不利因素之部分 影響。 剔除本集團以港元計值的借款所產生的匯兌差 額，及按固定貨幣基準，本集團的基礎溢利較 去年上半年減少 21.2%。於報告期間，本公司 擁有人應佔本集團溢利由二零一九年上半年的 187,800,000港元減少 40.1%至112,600,000港元。 董事會已向本公司股東宣派每股6港仙的中期 股息。 財務回顧 營業額 於報告期間，本集團業績遭受COVID-19疫情所 影響，導致不少業務暫停及訂單延遲。此外， 如先前報告所述，雲南省招標規則修訂為更著 重於價格，對吾等之雲南廠房帶來了價格壓 力。然而，上述影響本集團營業額之因素由本 集團南京廠房（自二零一九年下半年已成為本 公司一間附屬公司）之綜合業績所部份抵銷。 儘管如此，本集團營業額下降4.1%。按固定貨 幣基準計算，營業額與二零一九年同期相比輕 微增長0.4%。 毛利 由於COVID-19疫情及雲南招標規則修改，導 致單位固定成本較高及吾等之雲南廠房之單位 售價降低，本集團因而承受利潤壓力。毛利率 自二零一九年上半年的31%下降至報告期間的 28.4%。 Other Income Other income, comprising mainly exchange gain, interest income and subcontracting fee income, was HK$22.7 million (2019: HK$32.6 million). The decrease was mainly due to less subcontracting works in one of our plants located in Hubei, which was affected by the COVID-19 outbreak, as well as the absence of any exchange gain during the Reporting Period. Whereas in the first half of 2019, HK$3.2 million of exchange gain was recognised on the Group’s Hong Kong dollar denominated borrowings. Operating Costs For the Reporting Period, operating expenses (including selling and distribution costs and administrative expenses) reduced from HK$111.3 million to HK$106.6 million. It should also be noted that this was against the background of additional operating expenses of our Nanjing Plant being consolidated in the Reporting Period, whereas those expenses were equity accounted for in the first half of 2019. Such savings resulted from the management’s efforts in containing expenses, as well as less travel and entertainment expenses being incurred since the COVID-19 outbreak. Other Operating Expenses Other operating expenses for the Reporting Period primarily represent an exchange loss of HK$26.4 million incurred on the Group’s Hong Kong dollar denominated borrowings as Renminbi depreciated against Hong Kong dollars. There was no such exchange loss in the corresponding period of last year. Finance Costs Finance costs decreased from HK$40.9 million in the first half of 2019 to HK$25.5 million for the Reporting Period due to less outstanding bank borrowings as well as less costs incurred on hedging during the Reporting Period. 其他收入 其他收入，主要包括匯兌收益、利息收入及分 包費用收入，為22,700,000港元（二零一九年： 32,600,000港元）。下降乃主要由於吾等位於湖 北的其中一家廠房因受COVID-19疫情影響而分 包工作減少，以及於報告期間並無任何匯兌收 益所致。而於二零一九年上半年，本集團以港 元計值的借款確認匯兌收益為3,200,000港元。 經營成本 於報告期間，經營開支（包括銷售及分銷 成本及行政開支）由 111,300,000港元下降至 106,600,000港元。此外，亦由於報告期內併入 了南京廠房的額外經營開支，而該等開支於二 零一九年上半年以權益方式入賬。該等節約為 管理層致力控制開支之成果，以及自COVID-19 疫情爆發期間減少差旅及招待費用所致。 其他經營開支 於報告期間的其他經營開支主要由於人民幣兌 港元貶值，本集團以港元計值的借款產生的匯 兌虧損26,400,000港元所致。去年同期並無匯 兌損失。 融資成本 融資成本由二零一九年上半年的40,900,000港 元下降至本報告期間的25,500,000港元，乃由 於未償還銀行借款減少及報告期間內對沖產生 之成本減少所致。 Share of Profit of Associates Share of profit of associates, which mainly represents the Group’s share of results of our Yunnan Qiaotong Plant, dropped significantly to HK$5.9 million during the Reporting Period from HK$41.5 million in the first half of 2019. The decrease was mainly due to the impacts of COVID-19 outbreak, the effect of the tender in Yunnan and the exclusion of our share of results in our Nanjing Plant during the Reporting Period after our acquisition of 52% of its equity interests in second half of 2019. Taxation The effective tax rate of the Group was 26% in the first half of 2020, it has risen slightly due to non-tax deductible exchange loss incurred during the Reporting Period. Profit Attributable to Owners of the Company Excluding the exchange difference incurred on the Group’s Hong Kong dollar denominated borrowings, and on a constant currency basis, the Group’s underlying profit reduced by 21.2% when compared to the first half of last year. The Group’s profit attributable to owners of the Company reduced by 40.1% from HK$187.8 million in the first half of 2019 to HK$112.6 million during the Reporting Period. The decrease was mainly due to the impacts of COVID-19 outbreak as well as the pricing pressure derived from the tender in Yunnan. Segmental Information During the Reporting Period, substantially all the turnover was derived from printing of cigarette packages. Financial Position As at 30 June 2020, total assets of the Group amounted to HK$6,579 million and its total liabilities amounted to HK$2,552 million, representing a decrease of HK$7 million and an increase of HK$8 million, respectively as compared to 31 December 2019. Both total assets and total liabilities remained at similar levels during the Reporting Period. 應佔聯營公司溢利 應佔聯營公司溢利主要為本集團應佔雲南僑通 廠房業績，自二零一九年上半年的41,500,000 港元大幅減少至報告期間的5,900,000港元。該 下降主要受COVID-19疫情爆發、雲南招標及我 們於二零一九年下半年收購南京廠房52%的股 權後，報告期內剔除我們南京廠房的業績份額 所影響。 稅項 二零二零年上半年本集團的實際稅率為26%， 由於受報告期間產生不可作為稅務扣除開支之 匯兌虧損所影響，該實際稅率略為上升。 本公司擁有人應佔溢利 扣除因本集團以港幣計值的借款產生的匯兌差 額及按固定貨幣基準，本集團的基礎溢利較去 年的上半年度減少 21.2%。本集團於報告期間 錄得本公司擁有人應佔溢利112,600,000港元， 較二零一九年上半年的187,800,000港元減少 40.1%。該減少主要受COVID-19疫情爆發的影 響以及由雲南招標產生的價格壓力所致。 分部資料 於報告期間，絕大部分營業額來自卷煙包裝印 刷。 財務狀況 於二零二零年六月三十日，本集團之總資產為 6,579,000,000港元，總負債為2,552,000,000港 元，分別較二零一九年十二月三十一日減少 7,000,000港元及增加8,000,000港元，而總資產 及總負債於報告期間維持於相若水平。 Borrowings and Banking Facilities 借款及銀行信貸 As at 30 June 2020, the Group had gross interest-bearing 於二零二零年六月三十日，本集團持有計息 borrowings of approximately HK$1,549 million (2019: HK$1,549 借款總額約1,549,000,000港元（二零一九年： million), remaining the same as the end of last year. 1,549,000,000港元），維持與去年年底相同。 All interest-bearing borrowings are unsecured, denominated in 所有計息借款均為無抵押、以港元計值及按浮 Hong Kong dollars and bear interest at floating rates. The maturity 動利率計息。本集團計息借款總額之到期日列 profile of the Group’s gross interest-bearing borrowings is as 載如下： follows: 30 June 2020 31 December 2019 二零二零年二零一九年 六月三十日十二月三十一日 (Unaudited) (Audited) （未經審核）（經審核） HK$’ 000 HK$’ 000 千港元千港元 On demand or within one year按要求或於一年內 1,548,983 1,549,091 As of 30 June 2020, the Group did not have any committed but undrawn banking facilities (2019: Nil). Capital Structure As at 30 June 2020, the Group had net assets of HK$4,027 million comprising non-current assets of HK$4,284 million, net current liabilities of HK$230 million and non-current liabilities of HK$27 million. Gross gearing ratio, measured by total interest-bearing borrowings as a percentage of equity was 38% as at 30 June 2020, same as that as of 31 December 2019. Charges on the Group’s Assets As at 30 June 2020, assets with carrying amount of approximately HK$10 million (2019: HK$7 million) were pledged to banks in respect of banking facilities granted to the Group. Significant Investments As at 30 June 2020, the Group had no significant investments (2019: Nil). 截至二零二零年六月三十日，本集團並沒有 任何已承諾但未動用的銀行信貸額（二零一九 年：無）。 資本架構 於二零二零年六月三十日，本集團持有資 產淨值4,027,000,000港元，包括非流動資產 4,284,000,000港元、流動負債淨值230,000,000 港元及非流動負債27,000,000港元。 總資產負債比率（以計息借款總額除以權益 之百分比計算）於二零二零年六月三十日為 38%，與二零一九年十二月三十一日相同。 本集團資產抵押 於二零二零年六月三十日，本集團就獲授 銀行信貸而抵押予銀行之資產帳面值約為 10,000,000港元（二零一九年：7,000,000港元）。 重大投資 於二零二零年六月三十日，本集團並無任何重 大投資（二零一九年：無）。 Contingent Liabilities As at 30 June 2020, the Group did not have any significant contingent liabilities (2019: Nil). Capital Commitments As at 30 June 2020, the Group had capital commitments contracted but not provided for in respect of acquisition of property, plant and equipment of HK$37 million (2019: HK$50 million). Working Capital The current ratio increased slightly from 88% as at the last year end to 91% as at 30 June 2020 due to a slight increase in working capital and cash balance during the Reporting Period. Foreign Currency Exposure During the Reporting Period, the Group’s business transactions were mainly denominated in Renminbi. All bank borrowings were denominated in Hong Kong dollars. During the Reporting Period, the Group did not have any derivative financial instruments or hedging instruments outstanding. The management will closely monitor its currency and interest rate exposures in order to implement suitable hedging policy as and when appropriate to minimize such risks. Treasury Policies The Group adopts a prudent approach with respect to treasury and funding policies, with a focus on risk management and transactions that are directly related to the underlying business of the Group. MATERIAL ACQUISITION AND DISPOSAL The Group had no material acquisitions or disposals of subsidiaries, associates or joint ventures during the Reporting Period. 或然負債 於二零二零年六月三十日，本集團並無任何重 大或然負債（二零一九年：無）。 資本承擔 於二零二零年六月三十日，本集團就購置物 業、廠房及設備作出已訂約但未撥備之資本承 擔為37,000,000港元（二零一九年：50,000,000 港元）。 營運資金 流動比率由去年年底之88%略為增加至二零二 零年六月三十日之91%，該增加為報告期間內 營運資金及現金結餘增加所致。 外匯風險 於報告期間，本集團之業務交易主要以人民幣 計值，而所有銀行借款則以港元計值。 於報告期間，本集團概無任何未償還衍生金融 工具或對沖工具。管理層將密切監察其貨幣 及利率風險，以便在適當時實施適當的對沖政 策，以盡量減低該等風險。 財資政策 本集團對財資及融資政策取態審慎，集中於風 險管理及與本集團相關業務有直接關係之交 易。 重大收購及出售 本集團於報告期間並無重大收購或出售附屬公 司、聯營公司及合資企業的事項。 REMUNERATION POLICIES AND EMPLOYEE INFORMATION As at 30 June 2020, the Group had 2,727 full time employees in Hong Kong and the People's Republic of China (“PRC”). Total staff costs (including Directors’ emoluments) amounted to HK$136 million (2019: HK$126 million) for the Reporting Period. The Group’s remuneration policies are consistent with the ones disclosed in the annual report of the Company for 2019. PROSPECTS While COVID-19 has been a challenge for the whole world, China is faring much better currently in terms of recovery. All of our production facilities have resumed operations and the disruptions to the supply of certain products were also largely resolved in the second quarter of the year. With a lack of substitutes for cigarettes and the strategic importance of tax revenue that tobacco brings to the PRC, the long-term outlook of Chinese tobacco sector remains positive. While the 2019 tender in Yunnan may be disruptive to the Group in the near term, we believe stamping out corruption would have a major positive impact for the industry and the Group over time as new businesses are to be won on merits. With its long-term track record in providing high-quality cigarette packages capable of being run on high-speed machines and having maintained high corporate governance standards, the Group is well placed to maintain a strong presence in the turbulent market. In response to the pricing outcome of the recent Yunnan tender process, the Group will continue to implement a mitigation plan to address the expected near-term impact of lower prices. These measures include reducing raw material costs, increase automation, and work with customers in using more cost-efficient materials and designs. The impact of the measures will hopefully be fully reflected in the second half when those are fully ramped up. 薪酬政策及僱員資料 於二零二零年六月三十日，本集團在香港及 中華人民共和國（「中國」）聘用2,727名全職僱 員。報告期間之總員工成本（包括董事酬金） 為136,000,000港元（二零一九年：126,000,000 港元）。本集團之薪酬政策與本公司二零一九 年年報所披露者一致。 前景 COVID-19為全球帶來挑戰，就目前而言，中國 的復甦情況表現較為超卓。我們所有的生產設 施均已恢復運營，某些產品的供應中斷於今年 第二季度亦得到解決。由於缺乏卷煙替代品及 煙草帶給中國稅收的戰略重要性，中國煙草業 的長遠前景仍屬樂觀。 二零一九年雲南招標在短期內可能對本集團造 成影響，然而我們相信，從長遠來看，根除 貪腐將對該行業及本集團產生重大正面影響， 因新業務將只會由較優秀的企業取得。憑藉長 期以來提供可在高速機器上運行的優質卷煙包 裝的記錄，且吾等致力維持高度的企業管治水 平，本集團有能力在動盪的市場中保持穩固地 位。 針對近期雲南招標的定價結果，本集團將繼續 實施補救計劃，以應對價格下降的預期短期影 響。該等措施包括降低材料成本、提高自動化 程度，以及與客戶商討採用較具成本效益的材 料及設計。期望該等措施的影響於下半年全面 實施後可獲得充分體現。 In addition, following the relocations of our Beijing and Dongguan Plants at the end of 2019, management have been focusing on ramping up their production in the Reporting Period after the resumption of operations. The benefits of full production of those two plants will hopefully filter through in the second half of 2020. Despite the abovementioned challenges, the cash flow from operations of the Group remains stable and healthy, which amounted to HK$161.3 million for the Reporting Period. In addition, the Group has extended its bank borrowings for a term of another three years on 12 August 2020. In view of the satisfactory financial position and cash flow of the Group, the Board recommended an interim dividend of HK6 cents per share. Once again, the Company would like to take this opportunity to thank its shareholders and stakeholders for their unfailing support to the management in this challenging environment. EQUITY FUND RAISING There was no equity fund raising activity by the Company during the Reporting Period, nor were there any unutilised proceeds brought forward from any issue of equity securities made in previous financial years. 此外，於二零一九年底北京及東莞廠房搬遷之 後，管理層一直致力於在恢復運營後的報告期 間提高產量。亦寄望兩家廠房全面生產的效益 可於二零二零年下半年體現。 儘管面臨上述挑戰，本集團經營現金流仍保持 穩健，報告期內為161,300,000港元。此外，本 集團已於二零二零年八月十二日將銀行借款期 再延長三年。鑒於本集團財務狀況及現金流令 人滿意，董事會建議派發中期股息每股6港仙。 本公司藉此機會再次感謝其股東及持份者在充 滿挑戰的環境中對管理層的不懈支持。 股本集資 本公司於報告期內並無進行股本集資活動，概 無於過往會計年度發行股本證券所募集的資金 尚未使用。 INTERIM DIVIDEND The Board has declared an interim dividend of HK6 cents per share (2019: HK8.1 cents per share and special dividend of HK4 cents per share) for the Reporting Period to the shareholders of the Company whose names appear on the register of members of the Company at the close of business on 4 December 2020. The interim dividend will be paid on or about 11 December 2020. CLOSURE OF REGISTER OF MEMBERS To ascertain the shareholders’ entitlement to the interim dividend, the register of members of the Company will be closed from Wednesday, 2 December 2020 to Friday, 4 December 2020 (both days inclusive), during which period no transfer of shares of the Company will be registered. In order to qualify for entitlement to the interim dividend for the Reporting Period, all transfers of shares of the Company accompanied by the relevant share certificates and the appropriate transfer forms must be lodged with the Company’s branch share registrar in Hong Kong, Tricor Investor Services Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:00 p.m. on Tuesday, 1 December 2020. DISCLOSURE OF INTERESTS (a) Director’s interests and short positions in the securities of the Company and its associated corporations As at 30 June 2020, the following Directors or the chief executive of the Company had or were deemed to have interests or short positions in the shares, underlying shares or debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (“SFO”)) (i) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provision of the SFO); or (ii) which were required, pursuant to section 352 of the SFO, to be entered in the register referred to therein; or 中期股息 董事會已議決向於二零二零年十二月四日辦公 時間結束時名列本公司股東名冊之本公司股東 宣派報告期間的中期股息每股6港仙（二零一九 年：每股8.1港仙及特別股息每股4港仙）。中 期股息將於二零二零年十二月十一日或前後派 付。 暫停辦理股份過戶及登記手續 為確保股東可享有中期股息，本公司之股東名 冊將於二零二零年十二月二日（星期三）至二 零二零年十二月四日（星期五）（首尾兩日包括 在內）暫停辦理股份過戶及登記手續。於此段 期間內，本公司將不會進行任何股份之過戶或 登記。如欲符合享有報告期間中期股息之資 格，所有本公司之股份過戶文件連同有關股票 及適當之過戶表格須不遲於二零二零年十二月 一日（星期二）下午四時正前送交本公司之香 港股份過戶登記分處卓佳證券登記有限公司， 地址為香港皇后大道東183號合和中心54樓。 權益之披露 (a) 董事於本公司及其相聯法團之證券 中之權益及淡倉 於二零二零年六月三十日，以下本公司董 事或主要行政人員於本公司及其相聯法 團（定義見香港法例第571章《證券及期貨 條例》（「證券及期貨條例」）第XV部）之股 份、相關股份或債權證中擁有或被視為擁 有(i)根據證券及期貨條例第 XV部第7及第8 分部須通知本公司及聯交所之權益或淡倉 （包括彼等根據證券及期貨條例之有關條 文被列為或被視作擁有之權益或淡倉）； 或(ii)根據證券及期貨條例第352條須記錄 於該條例所指之登記冊之權益或淡倉；或 (iii) which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies contained in the Listing Rules: Name of DirectorNature of interest 董事姓名 權益性質 (iii)根據上市規則所載上市公司董事進行證 券交易的標準守則須通知本公司及聯交所 之權益或淡倉： No. of underlying Approximate shares held percentage of (Note)issued share 所持相關capital 股份數目Position佔已發行股本 （附註） 倉盤 概約百分比 Mr. Ge Su Beneficial owner 168,285 Long 0.02% 葛蘇先生實益擁有人好倉 Mr. Liu Shun Fai Beneficial owner 84,142 Long 0.01% 廖舜輝先生實益擁有人好倉 Note: The underlying shares represent share options granted by the Company, further details of which are set out in the section headed “Share Option Scheme” below. Save as disclosed above, as at 30 June 2020, none of the Directors nor the chief executive of the Company had or was deemed to have any interests or short positions in the shares, underlying shares or debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO) (i) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO); or (ii) which were required, pursuant to section 352 of the SFO, to be entered in the register referred to therein; or (iii) which were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies contained in the Listing Rules. 附註：相關股份指本公司授出之購股權，詳情載列 於下文「購股權計劃」一節。 除上文所披露者外，於二零二零年六月三十 日，本公司董事或主要行政人員概無於本公 司及其相聯法團（定義見證券及期貨條例第XV 部）之股份、相關股份或債權證中擁有或被視 為擁有(i)根據證券及期貨條例第XV部第7及第8 分部須通知本公司及聯交所之權益或淡倉（包 括彼等根據證券及期貨條例有關條文被列為或 被視作擁有之權益或淡倉）；或(ii)根據證券及 期貨條例第352條規定須記錄於該條例所指之 登記冊之權益或淡倉；或(iii)根據上市規則所 載之《上市公司董事進行證券交易的標準守則》 須通知本公司及聯交所之權益或淡倉。 (b) Persons who have an interest or short position which is discloseable under Divisions 2 and 3 of Part XV of the SFO So far as is known to the Directors and the chief executive of the Company, as at 30 June 2020, the following persons (not being Directors or chief executive of the Company) had, or were deemed to have, interests or short positions in the shares or underlying shares which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO: Name of ShareholderCapacity 股東名稱 身份 (b) 擁有根據證券及期貨條例第XV部第 2及第3分部須披露權益或淡倉之人 士 據本公司董事及主要行政人員所知，於二 零二零年六月三十日，以下人士（並非本 公司之董事或主要行政人員）於股份或相 關股份中擁有或被視為擁有根據證券及期 貨條例第XV部第2及第3分部之條文須向本 公司及聯交所披露之權益或淡倉： Approximate percentage of issued share Number of capitalshares heldPosition佔已發行股本 所持股份數目 倉盤 概約百分比 Amcor plc ARP LATAM Holdco Ltd (Note)（附註） Amcor Pty Ltd (formerly known as 原名為Amcor Limited) (Note)（附註） Amcor Packaging (Asia) Pty Limited (Note)（附註） Amcor Fibre Packaging-Asia Pte Limited (Note)（附註） Wellington Management Group LLP Pandanus Partners L.P. Pandanus Associates Inc FIL Limited FMR LLC Interest of controlled corporation 受控制法團權益 Interest of controlled corporation 受控制法團權益 Interest of controlled corporation 受控制法團權益 Interest of controlled corporation 受控制法團權益 Beneficial owner 實益擁有人 Investment manager 投資經理 Interest of controlled corporation 受控制法團權益 Interest of controlled corporation 受控制法團權益 Investment manager 投資經理 Interest of controlled corporation 受控制法團權益 442,550,000 shares 442,550,000股 442,550,000 shares 442,550,000股 442,550,000 shares 442,550,000股 442,550,000 shares 442,550,000股 442,550,000 shares 442,550,000股 130,064,580 shares 130,064,580股 77,652,039 shares 77,652,039股 77,652,039 shares 77,652,039股 77,652,039 shares 77,652,039股 77,110,403 shares 77,110,403股 Long 好倉 （未完）  |