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<number>
*Source: Bloomberg
Other Growth Updates
近期发展摘要
Expand production capacity of microfibre and PU synthetic leather
• • 2 additional microfibre production lines installed, commenced production in September 2007. The additional PU line also commenced production in September 2007
<number>
Cash Flow 现金流
RMB million Cash Generated from Operations 现金取于营运成本 Cash (used in) Investing Activities 现金 ( 用于 ) 投资项目 FY2007 428.7 FY2006 149.2
Sino Techfibre Limited
FY2007 Results
27 February 2008
RMB’m
1400 1200 1000 800 600 400 200 0 FY2006
Revenue 销售额
% .0 35
944.5 1275.5
0% 7. 2
360.4
281.9
FY2007
<number>
Net Profit 净利润
RMB’m
500 450 400 350 300 250 200 150 100 50 0 FY2006 FY2007 4Q2006 4Q2007
92.1 345.8 137.0 470.6
.1 36
%
4
.7% 8
Increase in gross profit due to higher ASPs and expanded product range 毛利率因平均价格提高及产品种类的增加而提高
Working Capital Ratios (Days) 营运资金比率 ( 天 ) Average Debtors’ Turnover 平均债务周转率 Average Inventory Turnover 平均库存周转率 Average Creditors’ Turnover 平均债权周转率 FY2007 FY2006
India 2% Others 6%
PC R 92%
By Product ( 以产品 )
By Location ( 以地区 )
<number>
Other Financial Highlights 其他财物摘要
31 Dec 2007 Total Assets 总资产 (RMB’m) Total Current Liabilities 总流动负债 (RMB’m) 1,805.3 31 Dec 2006 1,411.8
<number>
Growing Production Capacity
生产产能
Production Lines
PU Synthetic Wet-coating Dry-coating Microfibre Synthetic Pattern Moulding Paper (PMP) Total Production Lines Capacity (‘000) PU (sq m) Microfibre (m) PMP (m) Utilization Rate PU Microfibre
32,655 12,000 -55% 38%
36,390 12,000 40,000 ---
36,390 12,000 80,000
<number>
Q&A
问答
Dip in net profit margin due to higher operating costs and taxation
Gross Profit Margins By Products 毛利润率（品种）
%
47
46.6 46
46
45.4 44.8
45
44
43 FY 2006 PU FY 2007 Mic rofibre
•
TPU
•
TPU is a ultra-thin PU film which is fused with fabric to make high breathable, waterproof material for raincoats and outerwear. Developed by Sino Tech’s R&D team
- Demand for PMP will continue to grow in tandem with the fast growing synthetic leather production
• • • •
Major part of machinery from US arrived China mid Feb 2008 On track to commence trial production in 2Q2008 Meaningful sales contribution – 2H2008 Double production capacity by FY2009
58
55
51
50
21
38
<number>
Business Updates 企业概况
Upstream Expansion – PMP Production
上流发展 - 生产离型纸
What is PMP?
• Comprising a special kind of base paper on which surface chemicals are applied to form patterns which creates the kind of textures and effects on synthetic leather Currently, there are only 6 producers* in the world
(675.2)
(35.8)
Cash (used in)/from Financing Activities 现金取于 /( 用于 ) 财物项目 Cash and Cash Equivalents 现金及现金等价物
(71.2)
594.5
440.9
758.6
<number>
Performance Matrix 表现系数
<number>
RMB
Rising ASP 平均单价
121 121
140 120
101 110
100 80 60
39 47 49 53
40 20 0 1Q2007 2Q2007
P U
3Q2007
Mic rofibre
4Q2007
<number>
Revenue Breakdown (FY2007) 销售额 (2007 年 )
4Q2006
4Q2007
Sales drivers ( 主要销售推动力 ):
Increase in product variety and average selling prices 产品种类和平均价格的增加
PU synthetic leather – 60.4%ቤተ መጻሕፍቲ ባይዱMicrofibre synthetic leather – 39.6%
- Sappi Warren (US) - Arjo Wiggins (UK) - Dainippon Ink & Chemicals (Japan) - Ashal Roll (Japan) - Favini (Italy) - Lintec (Japan)
•
Potential of PMP
•
China is the largest PMP consumer
2003
3 4 --7
2004
4 4 --8
2005
4 4 2 -10
2006
5 5 2 -12
2007
6 5 4 -15
2008
6 6 4 2 18
2009
6 6 4 4 20
18,337 --32% --
21,450 --42% --
21,450 6,000 -67% 62%
28,920 6,000 -56% 80%
146.0
140.1
Total Shareholders’ Funds 总股东权益 (RMB’m) NAV per share* 每股资产净值 (RMB cents)
1,659.3
1,271.7
178.42
136.74
* Based on post-invitation number of shares of 930,000,000
<number>
%
50.0
Profit Margins 利润率
46.2
45.0
45.2
43.3
40.0
40.7 36.6 36.9
35.0
30.0 FY2006 Gross Margin (毛利率) Operating Margin (营运利润率) FY2007 Net Margin (净利率)
<number>
*Source: Bloomberg
Other Growth Updates
近期发展摘要
Expand production capacity of microfibre and PU synthetic leather
• • 2 additional microfibre production lines installed, commenced production in September 2007. The additional PU line also commenced production in September 2007
<number>
Cash Flow 现金流
RMB million Cash Generated from Operations 现金取于营运成本 Cash (used in) Investing Activities 现金 ( 用于 ) 投资项目 FY2007 428.7 FY2006 149.2
Sino Techfibre Limited
FY2007 Results
27 February 2008
RMB’m
1400 1200 1000 800 600 400 200 0 FY2006
Revenue 销售额
% .0 35
944.5 1275.5
0% 7. 2
360.4
281.9
FY2007
<number>
Net Profit 净利润
RMB’m
500 450 400 350 300 250 200 150 100 50 0 FY2006 FY2007 4Q2006 4Q2007
92.1 345.8 137.0 470.6
.1 36
%
4
.7% 8
Increase in gross profit due to higher ASPs and expanded product range 毛利率因平均价格提高及产品种类的增加而提高
Working Capital Ratios (Days) 营运资金比率 ( 天 ) Average Debtors’ Turnover 平均债务周转率 Average Inventory Turnover 平均库存周转率 Average Creditors’ Turnover 平均债权周转率 FY2007 FY2006
India 2% Others 6%
PC R 92%
By Product ( 以产品 )
By Location ( 以地区 )
<number>
Other Financial Highlights 其他财物摘要
31 Dec 2007 Total Assets 总资产 (RMB’m) Total Current Liabilities 总流动负债 (RMB’m) 1,805.3 31 Dec 2006 1,411.8
<number>
Growing Production Capacity
生产产能
Production Lines
PU Synthetic Wet-coating Dry-coating Microfibre Synthetic Pattern Moulding Paper (PMP) Total Production Lines Capacity (‘000) PU (sq m) Microfibre (m) PMP (m) Utilization Rate PU Microfibre
32,655 12,000 -55% 38%
36,390 12,000 40,000 ---
36,390 12,000 80,000
<number>
Q&A
问答
Dip in net profit margin due to higher operating costs and taxation
Gross Profit Margins By Products 毛利润率（品种）
%
47
46.6 46
46
45.4 44.8
45
44
43 FY 2006 PU FY 2007 Mic rofibre
•
TPU
•
TPU is a ultra-thin PU film which is fused with fabric to make high breathable, waterproof material for raincoats and outerwear. Developed by Sino Tech’s R&D team
- Demand for PMP will continue to grow in tandem with the fast growing synthetic leather production
• • • •
Major part of machinery from US arrived China mid Feb 2008 On track to commence trial production in 2Q2008 Meaningful sales contribution – 2H2008 Double production capacity by FY2009
58
55
51
50
21
38
<number>
Business Updates 企业概况
Upstream Expansion – PMP Production
上流发展 - 生产离型纸
What is PMP?
• Comprising a special kind of base paper on which surface chemicals are applied to form patterns which creates the kind of textures and effects on synthetic leather Currently, there are only 6 producers* in the world
(675.2)
(35.8)
Cash (used in)/from Financing Activities 现金取于 /( 用于 ) 财物项目 Cash and Cash Equivalents 现金及现金等价物
(71.2)
594.5
440.9
758.6
<number>
Performance Matrix 表现系数
<number>
RMB
Rising ASP 平均单价
121 121
140 120
101 110
100 80 60
39 47 49 53
40 20 0 1Q2007 2Q2007
P U
3Q2007
Mic rofibre
4Q2007
<number>
Revenue Breakdown (FY2007) 销售额 (2007 年 )
4Q2006
4Q2007
Sales drivers ( 主要销售推动力 ):
Increase in product variety and average selling prices 产品种类和平均价格的增加
PU synthetic leather – 60.4%ቤተ መጻሕፍቲ ባይዱMicrofibre synthetic leather – 39.6%
- Sappi Warren (US) - Arjo Wiggins (UK) - Dainippon Ink & Chemicals (Japan) - Ashal Roll (Japan) - Favini (Italy) - Lintec (Japan)
•
Potential of PMP
•
China is the largest PMP consumer
2003
3 4 --7
2004
4 4 --8
2005
4 4 2 -10
2006
5 5 2 -12
2007
6 5 4 -15
2008
6 6 4 2 18
2009
6 6 4 4 20
18,337 --32% --
21,450 --42% --
21,450 6,000 -67% 62%
28,920 6,000 -56% 80%
146.0
140.1
Total Shareholders’ Funds 总股东权益 (RMB’m) NAV per share* 每股资产净值 (RMB cents)
1,659.3
1,271.7
178.42
136.74
* Based on post-invitation number of shares of 930,000,000
<number>
%
50.0
Profit Margins 利润率
46.2
45.0
45.2
43.3
40.0
40.7 36.6 36.9
35.0
30.0 FY2006 Gross Margin (毛利率) Operating Margin (营运利润率) FY2007 Net Margin (净利率)
<number>