Annual Report 2007

Management Discussion and Analysis 管理層討論及分析 26 Sunny Optical Technology (Group) Company Limited 舜宇光學科技（集團）有限公司 Operating activities Cash inflow from operations is mainly derived from cash receipt from sales of the Group’s products. Cash outflow from operations is principally generated for the purchase of raw materials, staff costs, selling and distribution expenses and administrative expenses. Net cash from operating activities was approximately RMB258.2 million and RMB160.1 million for the year ended 31 December 2006 and 31 December 2007 respectively. The decrease in net cash generated from operating activities was mainly because of the expansion of business scale, which is proven by our financial results from our stronger sales. Trade receivables balance increased accordingly. Moreover, the Group granted a longer credit term to those internationally renowned customers during the year. Investing activities The Group recorded a net cash outflow from investing activities of approximately RMB208.9 million for the year ended 31 December 2007, mainly for the purchase of property, plant and equipment. Approximately RMB28.0 million was paid in July 2007 for the acquisition of land and buildings erected thereon, which were previously leased by the Group for manufacture and research and development of optical instruments. Moreover, the Group has invested USD1.0 million, equivalent to RMB7.5 million (at an exchange rate as at 30 September 2007), in a Korean company, representing 8.56% shareholding. In addition, the Group has invested RMB22.5 million to acquire an instrument company named Shanghai Hengping Scientific Instrument Co., Ltd. (now known as Shanghai Sunny Hengping Scientific Instrument Co., Ltd.), with a controlling shareholding by 64.29%. It was purchased to diversify the range of analytical instrument products. Financing activities The Group also recorded a net cash inflow from financing activities of approximately RMB432.2 million for the year ended 31 December 2007. The inflow mainly came from the proceeds from the issue of new shares for approximately RMB745.1 million. Major outflow was the payment of dividend to shareholders of approximately RMB236.0 million as declared in the previous years. Capital expenditures Capital expenditure was mainly used for purchase of property, plant and equipment in order to expand production capacity with our larger business scale. For the year ended 31 December 2007, the Group’s capital expenditure was approximately RMB170.3 million. 經營活動 營運所得現金主要來自本集團產品銷售現金收 入。營運所用現金主要用於購買原材料、員工 成本、銷售及分銷支出以及行政開支。截至二 零零六年十二月三十一日及二零零七年十二月 三十一日止年度的經營活動所得現金淨額分別 約為人民幣 258,200,000 元及人民幣 160,100,000 元。經營活動所得現金淨額減少主要是由於業 務規模擴大（本集團的財務業績足證銷售額強 勁增長），貿易應收款項結餘亦相應增加。此 外，本集團於年內向部分信貸良好的國際知名 客戶提供更長的信貸期。 投資活動 本 集 團 於 截 至 二 零 零 七 年 十 二 月 三 十 一 日 止 年 度 的 投 資 活 動 所 耗 現 金 淨 額 約 人 民 幣 208,900,000 元，主要用於購置物業、機器及 設備。本公司在二零零七年七月將約人民幣 28,000,000 元用於收購本集團過往租用作為 生產及研發光學儀器之土地及上蓋物業。此 外，本集團於本年度出資 1,000,000 美元，相 等於人民幣 7,500,000 元（於二零零七年九月 三十日之匯率），參股一家韓國公司，佔其已 發行股本的 8.56% ，此外，本集團出資人民幣 22,500,000 元收購一家儀器公司上海恒平科學 儀器有限公司（現名為上海舜宇恒平科學儀器 有限公司） 64.29% 的股權，用於擴展本集團光 學分析儀器領域的產品。 融資活動 本集團截至二零零七年十二月三十一日止年度 融資活動所得現金淨額約人民幣 432,200,000 元，主要來自發行新股份所得款項約人民幣 745,100,000 元，而主要流出則是向股東派付於 過往年度所宣派共約人民幣 236,000,000 元的股 息。 資本開支 資本開支主要用作購置物業、機器及設備以擴 大產能，應付更大的業務規模。截至二零零七 年十二月三十一日止年度，本集團的資本開支 約為人民幣 170,300,000 元。