Page 1

ď Š

Environmental, Health & Safety Management Systems

Auto Component Mfg of The Year (Spore) 2007 - 2010

Most Transparent Company Award 2005 - 2010

FY2010 Results Briefing 28th February 2011 Presented by Mr Steven Koh, Deputy CEO/Executive Director

Prepared by Grace Wong

1


Contents

• • • • •

Introduction 2010 Performance Review Business Segmental Review Outlook Q&A

2


ď Š

Introduction Armstrong Industrial Corporation Limited is a leading foam and rubber components manufacturer specializing in noise, vibration & heat management for the automotive and electronics industries.

3


ď Š

Group Performance Review

4


Performance Highlights - YoY 4Q2010 vs 4Q2009  Gross Profit increased by 15.7% to S$15.4 million from S$13.3 million with improved Gross Margin  Net Profit attributable to shareholders maintained at S$6.2 million.  Net profit margin declines 0.4% mainly due to JPY appreciation and USD depreciation against SGD.

5


Key Financial Results – YoY (S$’000)

4Q10

4Q09

% Chg

Turnover

56,234

50,362

 11.7

Gross Profit

15,389

13,298

 15.7

Gross Margin (%)

27.4

26.4

Operating Profit

8,389

7,715

 8.7

Profit Before Tax

8,295

7,654

 8.4

Net Profit

6,652

6,219

 7.0

Net Profit attributable to shareholders

6,184

6,211

 0.4

Net Profit Margin (%)

11.0

12.3

EPS (cents)

1.23

1.24

 0.8

6


Performance Highlights - YTD

FY2010 vs FY2009  Record Revenue & Net Profit achieved  Gross Profit increased by 40.5% to S$62.0 million from S$44.2 million with Gross Margin improving from 25.4% to 27.5%  Net Profit attributable to shareholders grew by 77.1% to S$24.9 million.  Recommends final dividend of two Singapore cents to supplement interim dividend of two Singapore cents, a yield of 10.4% based on closing share price on 24 Feb 2011 of S$0.385

7


Key Financial Results – YTD (S$’000)

FY10

FY09

% Chg

Turnover

225,449

173,683

 29.8

Gross Profit

62,014

44,152

 40.5

27.5

25.4

Operating Profit

33,605

19,070

 76.2

Net Profit attributable to shareholders

24,903

14,059

 77.1

Net Profit Margin (%)

11.0

8.1

EPS (cents)

4.97

2.81

 76.9

39,041

24,492

 59.4

Gross Margin (%)

EBITDA

8


ď Š

Key Financial Ratios - YTD Ratios

FY 2010

FY 2009

104

103

- Current Ratio (x)

2.28

2.33

- Gearing (Gross)

0.14

0.12

-ROE

25.60

15.75

-ROA

24.44

14.77

NTA (Cents)

19.91

18.57

Cash Cycle (Days) Liquidity Ratio

Return (%)

9


ď Š

Cash Conversion Cycle Days

Full Year ended FY2010

FY2009

Receivables Turnover

84

87

Inventory Turnover

71

76

Payables Turnover

51

60

104

103

Cash Cycle (Annualised)

10


Selected Balance Sheet Items (S$’000)

31 Dec 2010

31 Dec 2009

% Chg

Fixed Assets

40,155

40,057

 0.2

Working Capital (CA-CL)

69,123

60,906

 13.5

Total Assets

164,594

149,482

 10.1

Cash

26,247

30,285

 13.3

Total Borrowings

14,337

10,925

 31.2

Total Equity

108,410

99,629

 8.8

11


Business Segmental Review • GEOGRAPHICAL • INDUSTRY SEGMENTS

12


Geographical Highlights 4Q2010 vs 4Q2009  China overtook Singapore to become the largest revenue contributor accounting for 31.8% with growth of 29.7% driven by the Automotive & Consumer Electronics segments. FY2010 vs FY2009  All geographical segments posted growth.  China spearheaded the growth of 51.2% accounting for 32.1% of Group sales from 27.5%.  Overseas sales accounted for 71.1% of Group sales, an increase from 65.6%.

13


Geography Turnover – YoY (S$’000)

4Q10

4Q09

% Chg

Singapore

16,053

17,872

 10.2

China

17,888

13,786

 29.7

Thailand

13,963

11,563

 20.8

Indonesia

4,501

3,700

 21.7

Malaysia

3,097

2,930

 5.7

Vietnam

732

510

 43.6

56,234

50,362

 11.7

Total

14


Geography Turnover – YTD (S$’000)

FY10

FY09

% Chg

Singapore

65,088

59,800

 8.8

China

72,340

47,840

 51.2

Thailand

55,363

40,685

 36.1

Indonesia

15,753

13,533

 16.4

Malaysia

13,971

10,102

 38.3

Vietnam

2,934

1,722

 70.4

225,449

173,683

 29.8

Total

15


ď Š

Geography Turnover FY2010

4QYOY

China 31.8% (+4.5%)

Thailand 24.8% (+1.9%)

Vietnam 1.3% (+0.3%) Malaysia 5.5% (-0.3%)

Singapore 28.5% (-7.0%)

Indonesia 8.0% (+0.7%)

China 32.1% (+4.6%)

Thailand 24.6% (+1.2%)

Vietnam 1.3% (+0.3%) Malaysia 6.2% (+0.4%)

Singapore 28.9% (-5.5%)

Indonesia 7.0% (-0.8%)

Note : Changes in contribution % are in brackets 16


Industry Segments Highlights -YoY 4Q2010 vs 4Q2009  Data Storage sales down as the industry has normalized to a single digit growth after a strong 1H2010. Automotive sales grew 26.1% with all countries recorded sales improvements. FY2010 vs FY2009  All industry segments posted substantial growth. Automotive continue to lead the business growth of 46.9% increasing its contribution from 27.4% to 31.0%.

17


Industry Segments Turnover – YoY (S$’000)

4Q10

4Q09

% Chg

Automotive

17,529

13,896

26.1

Data Storage

13,534

15,310

11.6

Consumer Electronics

18,091

15,955

13.4

Office Automation

6,602

4,906

34.6

479

294

63.0

56,234

50,361

11.7

Others Total

18


Industry Segments Turnover – YTD

(S$’000)

FY10

FY09

% Chg

Automotive

69,797

47,528

 46.9

Data Storage

53,378

50.687

 5.3

Consumer Electronics

77,250

56,683

 36.3

Office Automation

23,341

17.735

 31.6

Others

1,683

1,050

 60.3

225,449

173,683

 29.8

Total

19


ď Š

Industry Segments Turnover 4QYOY Consumer Electronics

FY2010 Consumer Electronics

Automotive

32.2% (+0.5%)

(+3.6%)

Data Storage Others 0.9% (+0.3%)

24.1% (-6.4%)

Others 0.7% (+0.1%)

Automation

Office Automation

11.7% (+2.0%)

10.4% (+0.2%)

Office

Automotive

34.3% (+1.7%)

31.2%

31.0% (+3.6%)

Data Storage 23.7% (-5.5%)

Note : Changes in contribution % are in brackets 20

Armstrong Industrial Strong Buy Issued  

Armstrong Industrial Strong Buy Issued

Read more
Read more
Similar to
Popular now
Just for you