. Gross profit up 53.3% yoy to HK$247.0 million due to strong contribution from media products business
. Cash in hand stood at HK$1.7 billion to withstand industry consolidation and tap on new opportunities
Singapore, 26 Feb 2013 - Anwell Technologies Limited (SES:G5X.SI or ANW:SP) ("Anwell" or the "Group"), a global supplier of advanced manufacturing equipment and process technologies for the optical disc, solar and OLED industries has announced its results for the financial year ended 31 December 2012 ("FY2012"). The Group reported an operating profit of HK$12.3 million for FY2012 versus a loss of HK$504.3 million for FY2011. This was mainly due to the strong performance of the media products business.
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Sales from the media products business remains the Group's top revenue contributor, accounting for 59.1% of total revenue with HK$790.2 million in FY2012, and the solar business accounted for 32.7% of total revenue with HK$436.7 million.
Gross profit increased 53.3% yoy to HK$247.0 million in FY2012. Similarly, gross profit margin increased to 18.5% in FY2012 from 11.2% in FY2011. The stronger gross profit contribution from the media products business yoy was mainly due to the reduction in production cost in FY2012.
Finance cost stood at HK$220.8 million for FY2012. This was mainly due to an increase in bank borrowings for operating activities and interest on other financial liabilities for the development of the Group's new solar production facilities in Dongguan.
As a result of the above factors, the Group narrowed its net loss attributable to shareholders significantly from HK$523.8 million in FY2011 to HK$266.2 million in FY2012.
"In FY2012, our traditional mainstay, the media products business, outperformed other business segments as we were able to lower our production cost during the year.
Against the backdrop of increasing demand for solar energy applications in Asian countries, the completion of the Dongguan plant will increase the Group's production capacity. In addition, having successfully constructed its first solar farm in Thailand as an Engineering, Procurement and Construction (EPC) contractor, we have demonstrated that our technological capabilities and flexible project development model are able to address market needs."
Franky Fan, Executive Chairman & CEO
IHS, a renowned solar consultancy firm, projects global solar installations to grow 9.4% to 35 gigawatts in 2013. Although decreasing prices are expected to put downward pressure on overall revenue in the near term, the long term outlook of the solar industry remains intact as industry revenue is forecasted to grow 49.4% to US$115 billion by 2016.
Within the industry, the Group believes that Asia is slowly replacing Europe as the world's largest source for solar installations. Demand is expected to register positive growth as various governments such as India and Thailand continue to roll out favourable policies in support of solar energy. These developments are likely to boost the growth of solar installations in the region.
Moving ahead, the Group will continue to leverage on its technological expertise and new capacities to pursue opportunities in large-scale solar energy projects and at the same time enhance its R&D effort to broaden its product portfolio. We believe that such efforts will enhance the Group's position amongst the leading solar solution providers in the global solar market.
Anwell Technologies Ltd. (SES:G5X.SI or ANW:SP) ("Anwell") is a global leader in providing turnkey production solutions for optical media replication business. The Group's activities include manufacturing and sales of optical media production lines and media products.
With the various proprietary technologies developed since the Group was founded in year 2000, Anwell has continued to study the opportunities to tap into other industries, including OLED, solar industries and etc.
The Group officially announced its entry into the solar business in 2008. The Group began mass production with its own proprietary equipments at its thin film solar production plant in Henan, PRC in March 2010.
For more information, please refer to www.anwell.com.
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