Paris, March 25th, 2008 - Lionax, the first Chinese company listed on Euronext, today announced its results for the fiscal year ended December 31, 2007. The Lionax Group's results were audited and certified by KTO auditors and submitted to the Supervisory Board on the 15th of March 2008.
Results highlights
- Full year 2007 sales of €1,700,118* (18,276,268 HKD) up from €2089** (HKD 20,808) in 2006;
- 2007 Net income was € 202,640*, (HKD 2,178,390) compared to € -27,626** (HKD -275,162) in 2006;
above initial Net income forecast of € 147,059* (HKD 1,580,884) communicated in the offering circular;
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* At average 2007 exchange rates of 1 €= 10.75 HKD
** At 2006 average exchange rates of 1 € = 9.96 HKD
James Yang, CEO and Board Chairman, commented:
"I am very pleased to announce that Lionax has achieved 2007 revenue of HKD 18,276,268, representing a significant progression of volumes from a very low base in 2006. We have also achieved a net income of HKD 2,178,390, which is higher than our initial projections.
The rapid growth of our TPMS core products sales in 2007 is a reflection of the huge demand for such products, which have become a legal requirement in the United States since September 1st 2007. This has triggered awareness of TPMS products benefits in terms of road safety and is having a positive impact on the global demand.
Lionax's TPMS products provide a competitive safety solution for vehicle manufacturers and owners. The delivered orders in 2007 are a key step in the implementation of our strategy to penetrate the American and European automotive TPMS markets. In 2008 we forecast a huge demand for TPMS on global market.
For Lionax we foresee a continued and steady growth for the year 2008, thanks to the rapid growth of Lionax core business of TPMS products, and based on purchased orders received so far.
Lionax estimates 2008 revenues to be at HKD 96,750,000 (or €9,000,000*) and 2008 net income to be at HKD 11,300,000 (or €1,050,000*)."
Full year results
|
Year ended 31 December 2007
HKD |
Year ended 31 December 2007
€* |
Year ended 31 December 2006
HKD |
Year ended 31 December 2006
€** |
Revenue
Cost of sales |
18,276,268
12,816,783 |
1,700,118
1,192,259 |
20,808
17,324 |
2,089
1,739 |
Gross profit
Other revenue and gain
Selling and distribution expenses
Administration expenses
Other operating expenses |
5,459,485
2,699,292
(665,255)
(4,639,278)
(93,455) |
507,859
251,096
(61,884)
(431,560)
(8,693) |
3,484
10,774
(46,074)
(234,530)
(2,814) |
350
1,082
(4,626)
(23,547)
(283) |
Operating income
Finance cost |
2,760,789
(189,267) |
256,818
(17,606) |
(269,160)
(6,002) |
(27,024)
(603) |
Profit before income tax
Income tax expense
|
2,571,522
(393,132) |
239,211
(36,570) |
(275,162)
0 |
(27,627)
0 |
Net Income |
2,178,390 |
202,640 |
(275,162) |
(27,627) |
EPS |
21.7 cents |
2.02 cents |
(4.6 cents) |
(0.46 cents) |
* At 2007 average exchange rates 1 € = 10.75 HKD
** At 2006 average exchange rates 1 € = 9.96 HKD
Lionax's key milestones
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Lionax celebrates first shipment of SecuTire TPMS to U.S. market
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Lionax becomes the first Chinese company listed in Euronext
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Lionax builds quality leadership with ISO/TS 16949 Automotive Certification
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Lionax has developed a new generation of GPS product successfully!
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Lionax setup a wholly owned company in Hong Kong to explore new business opportunities in global auto parts supply chain
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Lionax TPMS product is accepted by Yutong Group, one of the largest bus manufacturers in China
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Lionax secures a contract on the US Recreational Vehicle market
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Lionax wins a "TPMS" contract for Shanghai's bus market
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Kysonix/Lionax will gain great governmental support to Promote China automotive electronics industry
About LIONAX
The Company, listed on Euronext, the Paris stock exchange with stock symbol "MLION", designs and develops innovative Tire Pressure Monitoring System (TPMS); navigation integrated product with GPS, TPMS and rear view camera; and digital pressure sensor for automotive industry. Lionax's products help its customers to enhance safety, save money and meet regulatory requirements affordably. LIONAX makes this possible through technology innovation, manufacturing excellence, research leadership and best-in-class team of scientists, engineers and management based in China and the USA.
Contacts:
Financial Dynamics France:
Press Contact Investor Relations
Elodie Marchand Valéry Lepinette
elodie.marchand@fd.com valery.lepinette@fd.com
Phone : 33(0) 1 47 03 68 17 Phone : 33(0) 1 47 03 68 62
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