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Corporate Profile
Chairman's Message
2011 Highlights
For the year ended 31 December 2011, the Group's net profit was RMB 119.9 million compared to RMB81.5 million the year before, an increase of 47%. The aluminium foil rolling business lifted the performance of the Group, with increased revenue and profit. Revenue was RMB1,165.5 million compared to RMB981.5 million in 2010, an increase of 19%. The full year net profit rose to RMB125 million from RMB92 million in 2010, an increase of 36%.
The gravure printing business remained challenging. Due to market consolidation and competition, both revenue and profit margin declined. Revenue was RMB145.9 million compared to RMB164.6 million in 2010, a decrease of 11%. However, reportable segment profit increase slightly from last year's RMB26.1 million to RMB26.8 million.
The aluminium foil lamination business remained a small part of the Group's business. Revenue was RMB0.1 million compared to RMB18.4 million the year before, a decrease of more than 100%. This segment incurred a loss of RMB1.8 million in 2011 compared to a loss of RMB0.6 million in 2010. The reason for the significant drop in business was because Jiangyin Zhongen Lamination Materials Co., Ltd has ceased operations during the year.
Divestment
On 25 October 2010, the Company announced to the Singapore Stock Exchange that it has through its whollyowned subsidiary, Shanghai Asia Company Pte. Ltd., signed conditional sale and purchase agreements to divest all of its equity interests in its Chinese subsidiaries and its Chinese investments, representing substantially all of the assets, liabilities and business of the Group.
The China Securities Regulatory Commission granted approval of the SWP Transaction on 18 January 2012. Subsequently, the Jiangsu provincial government issued certificates of approval on the transfer of SACPL's equity interest in JZAI on 19 January 2012 and on the transfer of SACPL's equity interest in JZLM on 3 February 2012. SACPL has fulfilled all conditions precedent to complete the SWP Transaction. The sales proceeds of RMB750 million were transferred by SWP to a designated escrow account with Bank of China. The GTPL Transaction, conditional upon completion of the SWP Transaction, has also been substantially completed.
Dividend
The Board of Directors has recommended a final tax-exempt cash dividend of 1.00 Singapore cent per ordinary share in respect of the financial year ended 31 December 2011, subject to the approval of shareholders at the forthcoming Annual General Meeting. Upon approval, the dividend will be paid/payable on 31 May 2012.
Tay Joo Soon
Chairman