Annual Report 2007

17 Annual Report 2007 年報 Trade payable turnover The trade payable turnover is calculated by dividing the trade payable as of the end of the respective year by cost of sales for the year, multiplied by 365 days. The trade payable turnover days increased from 60 days as of 31 December 2006 to 67 days as of 31 December 2007. With the exception of optoelectronic products suppliers, credit period offered by suppliers typically ranged from 60 to 90 days. With a larger business scale, especially for our optoelectronic products, stronger bargain power was achieved. In particular, our payment terms to one of the main optoelectronic products suppliers was changed from the way of letter of credit at sight to the way of letter of credit in 30 days. Inventory turnover The inventory turnover is calculated by dividing the inventory as of the end of the respective year by cost of sales for the year, multiplied by 365 days. The inventory turnover days decreased from 61 days as of 31 December 2006 to 49 days as of 31 December 2007. To control price fluctuation risks, the Group adopted minimum inventory level policy for the manufacturing of its optoelectronic products. During the year, the contribution of optoelectronic products to overall revenue of the Group was further increased. The inventory turnover decreased accordingly. As the Group adopted stringent measures in inventory management, the inventory turnover decreased accordingly. Gearing ratio The Group financed its business mainly through internally generated resources and in some cases, short-term loans from banks. To meet additional working capital requirements for business expansion, the Group obtained short-term bank loans during the year. All loans are paid off before the two years ended 31 December 2007; consequently, the gearing ratios were zero as of 31 December 2006 and 2007. As of 31 December 2007, the Group did not have any material contingent liabilities or guarantees. 貿易應付款項周轉期 貿易應付款項周轉期乃按相關年度終結時的 貿易應付款項除以年度銷售成本，再乘以 365 日計算。貿易應付款項周轉期由二零零六年 十二月三十一日的 60 日增至二零零七年十二月 三十一日的 67 日。除光電產品供應商外，本集 團一般獲供應商給予 60 至 90 日不等的信貸期。 隨著業務（尤其是光電產品）規模擴大，公司 的議價能力加強。尤其是光電產品一主要供應 商的付款期由即期信用證改為 30 日信用證。 存貨周轉期 存貨周轉日乃按相關年度終結時的存貨額除以 年度銷售成本，再乘以 365 日計算。存貨周轉 日數由二零零六年十二月三十一日的 61 日減至 二零零七年十二月三十一日的 49 日。為控制價 格波動風險，本集團就製造光電產品實施最低 存貨水平政策。本年度光電產品佔本集團整體 收益的比例進一步提高，存貨周轉日亦因而縮 短。同時本集團對存貨管理實施嚴格監管，存 貨周轉期因此相應縮短。 負債比率 本集團的業務資金主要來自內部資源，亦有部 分來自銀行短期借貸。為了應付業務擴展的額 外營運資金需求，本集團於年內獲取短期銀行 貸款。截至二零零七年十二月三十一日止兩年 度前已還清所有貸款，因此於二零零六年及二 零零七年十二月三十一日的負債比率均為零。 於二零零七年十二月三十一日，本集團並無任 何重大或然負債或擔保。