Annual Report 2009

Sunny Optical Technology (Group) Company Limited 舜宇光學科技（集團）有限公司 / Annual Report 2009 年報 26 Management Discussion and Analysis 管理層討論與分析 The Group, being a self-sufficient company, derives its working capital mainly from net cash generated from operating and investing activities. The Directors expect that the Group will rely on net cash from operating activities and the net proceeds from the global offering of the Company’s shares in the year 2007 (“Global Offering”) to meet its working capital and other capital expenditure requirements in the near future. In the long run, the Group will be funded by net cash from operating activities and, if necessary, by additional equity financing or bank borrowings. During the year, there was no material change in the funding and treasuring policy of the Group. The Group recorded a net increase in cash and cash equivalent of approximately RMB352.0 million for the year ended 31 December 2009. 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 RMB202.7 million and RMB130.6 million for the financial years 2008 and 2009 respectively. The decrease in net cash generated from operating activities was mainly because of the increased in trade receivables balance. The trade receivable turnover increased from 52 days in 2008 to 72 days in 2009. The increase in trade receivable turnover days was mainly because of increased sales in Q4 contributed by the economic recovery when compared with the corresponding period last year. In addition, in order to improve our competitiveness, the Group has granted more favourable credit terms to certain international renowned customers. The trade payable turnover increased from 43 days in 2008 to 75 days in 2009. The increase in trade payable turnover days was mainly because of a significant increase in purchases made near year end as compared with the corresponding period in previous year. The inventory turnover increased from 45 days in 2008 to 52 days in 2009. The increase in inventory turnover day was mainly because significant purchases were made near year end, pulling up the inventory balance. Investing Activities The Group recorded a net cash inflow from investing activities of approximately RMB228.6million for the financial year 2009, mainly for the proceeds on disposal of financial assets designated as at fair value through profit or loss. 本集團自給自足，營運資金主要來自經營及投資 活動所得淨現金。董事預期本集團將依賴經營活 動所得現金淨額及於二零零七年本公司股份在全 球發售（「全球發售」）的所得款項淨額應付短期 內的營運資金及其他資本開支需求。長遠而言， 本集團會以經營活動所得淨現金以及額外股權融 資或銀行借貸（如有需要）所得資金經營。於年 內，本集團資金及財務政策並無重大變動。 本集團於截至二零零九年十二月三十一日止年度 期間錄得現金及現金等值項目增加淨額約人民幣 352,000,000 元。 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。二零零 八年及二零零九年財政年度的經營活動所得現 金淨額分別約為人民幣 202,700,000 元及人民幣 130,600,000 元。經營活動所得現金淨額減少主 要是由於貿易應收款項結餘增加。 貿易應收款項周轉日數由二零零八年的 52 日增加 至二零零九年的 72 日。貿易應收款項周轉日數增 加主要是由於相對於去年同期，經濟復甦使得第 四季銷售額增長所致。此外，為提升競爭力，本 集團已向若干國際知名客戶授予更為有利的信貸 期。 貿易應付款項周轉期由二零零八年的 43 日增至二 零零九年的 75 日。貿易應付款項周轉日數增加主 要是由於相對於去年同期，年底作出的採購大幅 增長所致。 存貨周轉日數由二零零八年的 45 日增至二零零九 年的 52 日。存貨周轉日數增加主要是由於年底作 出大額採購提高存貨餘額所致。 投資活動 本集團於二零零九年財政年度的投資活動所得現 金淨額約人民幣 228,600,000 元，主要從出售公 允值計入損益之金融資產所得款項。