DGAP-News: Greater China Precision Components Ltd.: 2009 Final Financial Results
(firmenpresse) - Greater China Precision Components Ltd. / Final Results
30.04.2010 13:30
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2009 Final Financial Results:
- Revenues RMB 245.894 Mio. (EUR 25.1 Mio.); an increase of 21.58% compared
to 2008
- Net Profit RMB 31.759 Mio. (EUR 3.2 Mio.); a decrease of -24,42% compared
to 2008
GCPC / 2009 Final Financial Results
SINGAPORE/HUIZHOU, 30 April, 2010: GCPC (ISIN SG9999005052 / WKN A0MZS3 /
Ticker 49G) publishes final report of 2009 and outlook for 2010.
GCPC achieved a sales increase of 21.58% from RMB 202.247 Mio. in 2008 to
RMB 245.894 Mio. in 2009. The increase can mainly be attributed to strong
orders from new customers procured during 2009.
Operating profit came in at RMB 36.6 Mio. (2008: RMB 42.0 Mio.). Operating
margins were 14.87% (2008: 20.78%). The decrease in operating profit
margins compared to 2008 was mainly due to lower average selling prices and
an increase in labor costs.
Net profit was RMB 31.759 Mio. (2008: RMB 42.022 Mio.). As expected, GCPC
had to pay income taxes in 2009 after having been exempted for a two year
period in 2007 and 2008.
GCPC reported EPS of RMB 1.20 (EUR 0.12) (2008: RMB 1.54).
As at 31.12.2009, cash&bank balances were RMB 30.5 Mio.
The Board of GCPC recommends to pay a first time and final dividend of RMB
0.30 per share (before withholding tax where applicable) for FY 2009.
Outlook
The new production plant is now in full operation since the first quarter
of 2010. The new production base will substantially increase our production
capacities and capabilities allowing us to handle a far higher production
level with a better quality assurance. Therefore, GCPC believes that it is
now in an excellent position to secure increased orders from existing
customers as well as to attract new customers.
A substantial portion of GCPC's 2009 revenues was derived from major
domestic handset brands, many of whom GCPC has a close and long-term
business relationship. As these domestic customers continue to expand their
business internationally, we believe, we are well positioned to grow above
average with these customers. In addition, GCPC will continue to pursue new
business opportunities with international handset brands.
GCPC expects the operating environment to remain challenging with pressure
on selling prices, rising labor costs and higher fixed manufacturing
overheads. Consequently GCPC will intensify its marketing efforts to secure
orders for higher margin products. In addition, to cope with the rising
manufacturing costs, particularly labor costs, GCPC will strive to improve
the production efficiency, increase quality control and quicken the pace of
automation.
With the recovery of the global economy, GCPC expects the handset market
conditions to improve. In this respect, GCPC remains optimistic that
revenues in FY2010 will be better than revenues in FY2009.
For detailed information on GCPC please visit www.greater-cpc.com
The Board of Directors / Singapore, 30 April 2010
GCPC's key figures for 2009 at a glance (in RMB Mio.):
(conversion rate used is 1 RMB=0.1021 EUR per 31/12/2009)
2009 2008 Change %*The calculation of the basic EPS for 2009 and 2008 is based on the
-------------------------------------------------- ------- ------- ------
Sales RMB 245.9 202.2 21.6
Earnings before interest and taxes (EBIT) RMB 36.7 42.9 -14.5
Net profit RMB 31.8 42.0 -24.3
Basic earnings per share (EPS) RMB 1.20* 1.54* -22.1
Gross profit margin % 26.3 30.1 -12.6
Net profit margin % 12.9 20.8 -38.0
Depreciation RMB 12.7 10.8 17.6
Capital expenditures RMB 96.2 88.1 9.2
Number of employees (average) 2,008 1,450 38.5
Average number of shares (million) 26.4 27.4 -3.6
2009 2008 Change %
Cash&bank balances RMB 30.5 56.4 -45.9
Other current assets RMB 249.7 273.2 -8.6
Fixed Assets RMB 251.3 168.3 49.3
Current liabilities RMB 115.1 109.8 4.8
weighted average number of ordinary shares in issue of 26,420,581 and
27,358,924, respectively.
Financial Calendar
- Entry and General Standard Conference, Frankfurt, 5 May 2010
- Annual General Meeting, Huizhou, 8 June 2010
- Half year report 2010: 28 August 2010
- Annual report 2010: 30 April 2011
Forward-looking statements:
This press release contains statements about future developments that are
based on currently available information and may involve risks and
uncertainties, the result of which may be that the actual results differ
from the forward-looking statements. Statements about future developments
are based on assumptions that might turn out to be incorrect and must not
be interpreted as guarantees. For example, these include unforeseeable
changes of the general political, economic, and social conditions.
About GCPC
GCPC (www.greater-cpc.com; ISIN: SG9999005052, Ticker: 49G) is one of the
leading one-stop providers of mobile handset casings in China. GCPC's
primary business is the manufacturing of spray painted mobile handset
casings. As a one-stop service provider, GCPC provides its customers with
services, such as product design development, molding and prototyping, raw
materials and components procurement, plastic injection, spray painting and
assembling services. Substantially all of its products are sold to
customers that are based in China, including electronics manufacturing
service providers, or EMS for international brands of mobile handset
original equipment manufacturers (OEMs). GCPC does not manufacture products
under its own brand. GCPC operates its business primarily through its
subsidiary, Green Precision Components (Huizhou) Co., Ltd in Huizhou City,
Guangdong Province, China.
Mr. Andy Zhang
Phone: +86-752-3318868
Fax: +86 752 3315868
E-mail: investor(at)greater-cpc.com
Internet: www.greater-cpc.com
30.04.2010 13:30 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Greater China Precision Components Ltd.
7 Temasek Boulevard #13-02 Suntec Tower One
038987 Singapur
Singapur
Phone: +65 6339 9866
Fax: +65 6332 1169
E-mail: investor(at)greater-cpc.com
Internet: www.greater-cpc.com
ISIN: SG9999005052
WKN: A0MZS3
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart; Open
Market (Entry Standard) in Frankfurt
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