Annual Report 2008

Sunny Optical Technology (Group) Company Limited 舜宇光學科技（集團）有限公司 22 Management Discussion and Analysis 管理層討論及分析 本集團自給自足，營運資金主要來自經營活動所 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集團股份在全球發售 （「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。 本集團於截至二零零八年十二月三十一日止 年度錄得現金及現金等值淨流出額約人民幣 156,400,000 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 七年及二零零八年財政年度的經營活動所得現 金淨額分別約為人民幣 160,100,000 元及人民幣 202,700,000 元。經營活動所得現金淨額增加主 要是由於貿易應收款項結餘減少。 貿易應收款項周轉日數由二零零七年的 73 日減至 二零零八年的 52 日。在金融危機時刻，本集團實 施更嚴格的追收貿易款項措施，尤其對非品牌客 戶。因此，更多貿易應收款項按時收回，進一步 縮短本集團的貿易應收款項周轉期。 貿易應付款項周轉期由二零零七年的 67 日減至二 零零八年的 43 日。主要原因為在二零零七年底， 本集團向其一中家主要供應商集中採購大批量的 芯片，使貿易應付款餘額增加，貿易應付款項周 轉期亦相應較正常水平延長。在二零零九年，公 司將根據實際需求即時採購，尚無集中採購計劃。 存貨周轉日數由二零零七年的 49 日減至二零零八 年的 45 日。本集團就製造產品實施最低存貨水平 政策及對存貨管理實施嚴格監管，存貨周轉期因 此相應縮短。 The Group, being a self-sufficient company, has its working capital mainly coming from net cash generated from operating 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. The Group recorded a net decrease in cash and cash equivalent of approximately RMB156.4 million for the year ended 31 December 2008. 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 RMB160.1 million and RMB202.7 million for the financial year 2007 and 2008 respectively. The increase in net cash generated from operating activities was mainly because of the decreased trade receivables balance. The trade receivable turnover decreased from 73 days in 2007 to 52 days in 2008. The Group implemented more stringent measure on trade receivable collection in time of financial crisis, especially on the non-branded customers. Therefore, this increased the ability to collect trade receivables on time and further improving the Group’s trade receivable turnover days. The trade payable turnover decreased from 67 days in 2007 to 43 days in 2008. It was because there was a bulk purchase of sensors from one of major suppliers by the Group at the year ended 2007. It resulted in the increase in trade payables balance and thus the trade payable turnover days by a longer than normal level. In 2009, the Company adapts the just-in-time purchases based on actual demand, no bulk purchase is planned. The inventory turnover decreased from 49 days in 2007 to 45 days in 2008. The Group adopted minimum inventory level policy for manufacturing and stringent measures in inventory management, the inventory turnover days decreased accordingly.