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Johnson Electric Holdings Limited Announces Interim Report

编辑:AG集&# 日期:2018-10-01

HONG KONG, Dec. 21 /Xinhua-PRNewswire-FirstCall/ -- Johnson Electric

Holdings Limited (HKSE: 179) announces today its interim report for the six

months ended 30th September 2006.

HIGHLIGHTS

-- Turnover up 68% to US$1,052 million

-- EBITDA up 68% to US$142 million

-- Operating profit up 56% to US$96 million

-- Net profit attributable to shareholders up 22% to US$65 million

-- Earnings per share up 22% to 1.76 US cents per share

-- Borrowings reduced by US$80 million to US$628 million

OVERVIEW OF FINANCIAL RESULTS

For the six months period ended 30th September 2006, Johnson Electric

achieved record sales of US$1,052 million, an increase of 68% over the

comparable period in 2005.

The significant increase in turnover was primarily due to the

acquisitions of Saia-Burgess Electronics and Parlex Corporation which were

completed in November 2005. In addition, the sales of two of the Group's

automotive component operations in China are now consolidated following an

increase in shareholdings that have converted these former joint venture anAAAAAAAA>associated businesses into majority-held subsidiaries. Excluding the

effects of these acquisitions and investments, sales increased by

approximately 6.5% compared to the same period a year earlier.

Johnson Electric's micromotor operations performed satisfactorily in a

challenging market environment typified by high commodity costs and ongoing

competitive price pressures in several market segments. The Group's rapidly

growing trading arm also made progress in expanding its customer base for

sourced precision parts in China and its specialty metals activities

benefited from high material prices and solid demanAAAAAAAA> The recently acquired Saia-Burgess Electronics business performed in

line with our expectations during the period. Parlex, on the other hanAAAAAAAAA>achieved revenue growth slightly ahead of target, but the implementation of

itAAAAtensive restructuring program is taking somewhat longer than planneAAAAAAAA>and one-time costs and charges are delaying itAAAApected progress to

sustained profitability.

Excluding the recently acquired businesses, gross margins improved by

over two percentage points as a result of the combined positive effects of

higher price realisation, product mix changes, and hedging strategies --

which were partially offset by higher material prices and direct labour

expenses.

Including acquired businesses, total Group gross margins improved by

1.1% to 26.4%. After taking into account the amortisation charges of US$9

million related primarily to intangible assets arising out of the

acquisitions of Saia-Burgess Electronics and Parlex and the restructuring

charges and provisions of US$5 million related to the closure of plants in

Dalian, PRC and Cranston,USA, the Group's operating profits increased by 56%

to US$96 million.

The Group incurred financing charges of US$15 million on the debt raiseAAAAAAAA>to complete recent acquisitions and on associated working capital. During

the period, strong operating cash flows enabled the Group to reduce its

outstanding borrowings by US$80 million to US$628 million.

The consolidated profit attributable to shareholders for the first half

of the financial year increased by 22% to US$65 million or 1.76 US cents per

share.

For the full interim report, please refer to

http://xprnnews.xfn.info/johnsonelectric/interimreport2006.pdf .

Media Contact:

Mr. Henry Chiu

Tel: +852-2663-6688