Interim Report 2019

24 Sunny Optical Technology (Group) Company Limited INTERIM REPORT 2019 Management Discussion and Analysis 管理層討論與分析 截至二零一九年六月三十日止六個月,本集團動 用約人民幣 1,188,800,000 元進行投資活動,主 要用作購置物業、機器及設備、以及新產品之產 能初始化設置、購買土地使用權和新項目的必要 設備配置。該等投資增強了本集團的研發及技術 應用能力及生產效率,並拓闊了收入來源。 本集團財務政策保持審慎原則,投資項目多為保 本且固定收益之項目,以求財務狀況穩健的同 時,提高回報。本集團將考慮使用金融工具作對 沖用途(如有需要),並將繼續以其自身的財務資 源作為其未來投資之資金來源。 展望未來,本集團擬進一步投資以加強競爭力。 市場風險的量化和質化披露 利率風險 本集團面對作為營運資金以及用於本集團拓展和 其它用途的資本開支的銀行借貸利率風險。利率 的上調會增加現有及新增債務之成本。於二零一 九年六月三十日,固定利息銀行借貸的實際年利 率約 2.77% ,而可變利息銀行借貸的實際年利率 約 2.92% 至 3.70% 。 匯率波動風險 本集團部分產品會出口銷售至國際市場,同時也 從國際市場購買大量產品,以上交易以美元或其 它外幣計算。有關本集團遠期外匯合約及外匯期 權合約之詳情,請參閱簡明綜合財務報表附註內 的附註 18 。除就本集團業務所進行及以外幣列值 的若干投資外,本集團並未及並無計劃作出任何 外幣投資。 For the six months ended 30 June 2019, the Group’s investments amounted to approximately RMB1,188.8 million, which was primarily for the purchases of property, plant and equipment, as well as the initial production settings for new products, acquisition of land use right and the necessary equipment configurations for new projects. These investments enhanced the Group’s R&D and technological application capability and production efficiency, and thus expanded the sources of revenue. The Group adopts prudent financial policies, having its investment projects mostly capital-protected with fixed income, so as to strive for a stable and healthy financial position while improving returns. The Group will consider to use financial instruments for hedging purposes if necessary and will continue to fund its future investment from its own financial resources. Going forward, the Group intends to make further investments in enhancing its competitiveness. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK Interest Rate Risk The Group is exposed to interest rate risks arising from its bank borrowings for working capital and capital expenditures that are associated with the expansion of the Group and for other uses. The rising of interest rates increases the costs of both existing and new debts. As at 30 June 2019, the effective interest rate on fixed- rate bank borrowings was approximately 2.77% per annum, while the effective interest rate of variable-rate bank borrowings was approximately 2.92% to 3.70% per annum. Foreign Exchange Rate Fluctuation Risk The Group exports a portion of its products to and purchases a considerable amount of products from international markets where transactions are denominated in USD or other foreign currencies. For details of the Group’s foreign currency forward contracts and foreign currency options contracts, please refer to Note 18 of the notes to the condensed consolidated financial statements. Except certain investments which are in line with the Group’s business and which are denominated in foreign currencies, the Group did not and has no plan to make any foreign currency investment.

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