Interim Report 2011

Sunny Optical Technology (Group) Company Limited 舜宇光學科技（集團）有限公司 / Interim Report 2011 中期報告 15 Management Discussion and Analysis 管理層討論與分析 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。董事會預期本集團 將依賴經營活動所得現金淨額及全球發售所 得款項淨額應付短期內的營運資金及其它資 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。 本集團於截至二零一一年六月三十日六個月 期間錄得現金及現金等值淨流入淨額約為人 民幣 109,900,000 元。 資本開支 截至二零一一年六月三十日止六個月，本集 團的資本開支約為人民幣 94,700,000 元。資 本開支主要用作原有產品產能擴張、部份新 產品產能初始化及設立河南新生產基地。所 有資本開支均來源於內部資源。 E. 資本結構 債務 借貸 於二零一一年六月三十日，本集團的銀行貸 款約為人民幣 86,400,000 元（二零一零年： 約為人民幣 113,000,000 元）。本集團安排的 已抵押銀行存款為人民幣 48,000,000 元（二 零一零年：約為人民幣 76,200,000 元）。 於二零一一年六月三十日，在所有銀行貸 款當中，以韓圜結算的貸款約為人民幣 36,500,000 元、以日圓結算的貸款約為人民 幣 3,700,000 元、以美元結算的貸款約為人民 幣 46,200,000 元。本集團的負債比率是指總 借款佔總資本的比例（總資本為總負債與股 東權益之和）約為 4.1% ，反映出本集團財務 狀況處於十分穩健的水平。 The Group, being a self-sufficient company, derives its working capital mainly from net cash generated from operating and investing activities. The Board expects that the Group will rely on net cash from operating activities and the net proceeds from the 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. The Group recorded a net inflow of cash and cash equivalent of approximately RMB109.9 million for the six months ended 30 June 2011. Capital Expenditure For the six months ended 30 June 2011, capital expenditure of the Group amounted to approximately RMB94.7 million, which was mainly spent on expanding production capacity of existing products, initializing capacities for new products and setting up a new production base in Henan Province. All of the capital expenditure was financed by internal resources. E. Capital Structure Indebtedness Borrowings Bank loans of the Group as of 30 June 2011 amounted to approximately RMB86.4 million (2010: approximately RMB113.0 million). Pledged bank deposit amounting to approximately RMB48.0 million was arranged (2010: approximately RMB76.2 million). As of 30 June 2011, among all of the bank loans, approximately RMB36 . 5 mi l l i on we re denomi na t ed i n Ko rean Won , approximately RMB3.7 million were denominated in Japanese Yen, while approximately RMB46.2 million were denominated in U.S. Dollars. The gearing ratio of the Group by reference to the total debt to total book capitalization ratio (with total book capitalization representing the sum of total liabilities and shareholders’ equity) was approximately 4.1%, reflecting that the Group’s financial position was at a sound level.