RNS Number:7186R
FoaMasters International Limited
07 April 2008
For Immediate Release 7 April 2008
FoaMasters International Limited
Preliminary Results
for the Financial Year ended 31 December 2007
FoaMasters International Limited ("the Company" or "FoaMasters"), an AIM
listed, pre-dominantly China based manufacturer of premium foam products, is
pleased to announce its maiden preliminary results for the financial year ended
31 December 2007. The Group, being the Company and its subsidiaries, is
profitable, cash generative and is capitalising on a growing domestic demand for
furniture and life-style products in addition to the global relocation of
manufacturing to China.
Financial Highlights
* Strong year on year growth in revenue and profits
* Revenue up 42% to US$102.6 million (2006 : US$72.2 million)
* Gross profit up 43% to US$16.7 million (2006 : US$11.7 million)
* Profit after tax up 44% to US$7.9 million (2006 : US$5.5 million)
Operational Highlights
* Successful penetration of North-Eastern Chinese markets through
the commissioning of its ninth factory in Zhejiang province
* Secured a ten years exclusive technology license for its
environmentally friendly recycled flexible polyurethane foam powder
* Commissioned its first recycled foam powder production facility
in Heshan, China and successfully launched a range of environmentally friendly
foam products
* Production output up 38% to c. 36,000 metric tonnes
(2006 : c. 26,000 metric tonnes)
* First polyurethane foam factory in the world to be accredited by
SATRA for its laboratory testing facilities
* Secured loan/trade re-financing circa US$31 million
* Awarded ISO14001 for its Environment Management Standard
* Completion of a successful IPO on AIM in December 2007
A conference call for analysts and investors will be held at 9.00 a.m. BST (4:00
p.m. China) on Monday 7 April 2008. The Company will be represented by Teh Kim
Seng, Chairman; Jack Cheong, CEO; Richard Cheong, Deputy CEO; Isabella Pai, CFO.
A presentation to accompany the call can be downloaded from the FoaMasters
website at www.foamasters.com
Conference Call Details:
UK Access Number +44 (0)20 8609 1435
UK Toll Free Number 0808 109 1498
Hong Kong Toll Free Number 800 933 253
US Toll Free Number 1866 793 4279
Passcode 478704#
Replay of the conference call will be available for 7 days from 7 April 2008.
Replay Details:
UK Replay Number 0800 358 2189 or 020 8609 0289
US Toll Free Replay Number 1 866 676 5865
Conference Reference 212028#
Commenting on the maiden preliminary results of FoaMasters, Mr. Teh Kim Seng,
Chairman, said:
"2007 was a successful year for FoaMasters during which the Group continued
to demonstrate strong growth across all business divisions. Significantly, we
secured a foothold in the North-Eastern Chinese markets which now gives us a
platform to expand in that region focusing more on discerning Chinese domestic
customers. The successful IPO and admission to AIM is in itself a major
milestone in the transformation of the Group. FoaMasters remains confident that
2008 will be a period of further growth for the Group."
For further information please contact:
FoaMasters International Limited +852 2887 7361
Jack Cheong, Chief Executive Officer
Richard Cheong, Deputy Chief Executive Officer
Teh Kim Seng, Non-executive Chairman
Hanson Westhouse Limited +44 20 7601 6100
Tim Metcalfe
Anita Ghanekar
Martin Davison
Christine Zhang
Buchanan Communications +44 20 7466 5000
Ben Willey benw@buchanan.uk.com
Suzanne Brocks
Nick Melson
Christian Goodbody
Chairman's Statement
Market & Achievements
2007 was a landmark year for FoaMasters during which the Group continued to
demonstrate strong growth and completed a successful IPO and admission to AIM.
Revenue and profits after tax grew more than 42% and 44% respectively despite
some challenging operating conditions in the second half of the year. Growth, in
the face of these challenges, was achieved through a number of factors including
deeper market penetration in China, diversity of product offering and improved
management resources and methods. Our list of branded customers increased during
the year and we also successfully introduced "green" foam into our
manufacturing process.
The sector continues to benefit from the relocation of manufacturing to China
from the USA and Europe. In addition, the growing affluence of the Chinese
people means the domestic market itself is becoming increasingly important for
higher quality product manufacturers such as FoaMasters.
The IPO and admission to AIM was a major milestone in the transformation of the
Group from a family run business to a truly international company. The admission
not only provides access to international capital markets, but also raises the
profile of the Group as a leader in the flexible polyurethane ("PU") foam
industry in China, and indeed the whole Asian region.
Strategy Ahead
We will continue to pursue our de-centralised manufacturing strategy to serve
our customers better, and will seek to strengthen our presence in the
north-eastern Chinese market. FoaMasters will also continue to invest in R&D and
enter new product segments. By introducing the "recycled" foam, we want to
appeal to a group of customers who are more environmentally conscious and we
will aggressively pursue this line of development in 2008. In addition, we will
focus on improving margins, and to this end, we will dedicate more resources to
the finished goods segment for both the export and Chinese domestic markets and
start marketing our self-branded bedding products.
Finally, although we plan to generate growth organically, we will assess
acquisition and investment opportunities that complement our existing core
business and skills and that will help us achieve our longer term objectives.
Board & Employees
FoaMasters assembled a new board prior to its IPO in December 2007 comprising an
industry specialist, corporate financiers and seasoned AIM senior finance
executives to complement the three senior executives who have been the key
drivers of the business over the last few years. This is the board that will
steer the Group going forward.
On behalf of the Board, I would like to thank all our dedicated staff whose
devotion, efforts and hard-work have contributed to the success of this landmark
year, and last but not least, our customers, suppliers, business associates and
shareholders for their continuous support.
Outlook
Whilst 2007 was a great year for many businesses in Asia, the mortgage and
credit crunch crises unravelling in the second half of 2007 have brought about a
degree of uncertainty in some of our markets particularly in the West. However,
the Board remains confident that 2008 will be a period of further growth for the
Group.
Teh Kim Seng
Chairman
7th April, 2008
CEO & Deputy CEO's Business Review
It is our pleasure to present the maiden preliminary results of the FoaMasters
Group for the year ended 31 December 2007 during which the Group maintained its
leading position in the flexible polyurethane foam industry in China.
Industry Review
In 2007 volatile raw material prices, tighter industrial regulation and
increasing costs in China resulted in new challenges for the flexible
polyurethane industry. The macro economic slowdown due to the US subprime issues
and rising oil prices dampened China's export market towards the end of the
year. These challenges have adversely affected many smaller players in the
industry who, unlike FoaMasters, do not enjoy economies of scale. FoaMasters has
benefited from this by taking over their market shares. The Group has further
mitigated the situation through the growth achieved from the domestic markets in
China.
Our established customer base showed an increased inclination to shift their
plant expansion into Asian countries such as China and Vietnam and FoaMasters
continues to benefit from this increasing migration.
In 2008, more management measures on operational efficiency and new product
launches will be introduced to meet the challenges facing the industry in order
to sustain our growth and maintain our leading market position.
Financial Results
The Group recorded strong growth for the third consecutive year with turnover of
US$102.6 million, an increase of 42% over the previous year. Substantial growth
was derived from the first full year operation of InnoTech, the Group's new
plant in Anji, in the northeast of China, as well as from export growth in its
bedding product division. At the same time, our domestic China sales continued
to increase at a growth rate that is ahead of the Group as a whole, although
strong growth was also recorded in the remaining plants.
In addition, operating profit increased by 41% and profit after tax improved by
44%, these reflect the improved efficiencies of the Group's operations. The
Group also benefited from volume discounts in purchase agreements negotiated as
the Group expanded, as well as several cost saving measures to reduce labour
cost.
Production Capacity
FoaMasters has been capitalizing on the scaled economies of its raw materials by
growing organically with the introduction of a new plant annually since 2004.
The annual production output for the Group in 2007 was c. 36,000 metric tonnes.
This is a 38% increase on 2006.
Raw foam production output growth was 36%, and finished bedding products growth
was 49%. This growth was achieved through the re-engineering of our production
and machine design, which increased the efficiency of our production lines.
With "Just-In-Time" manufacturing and deliveries, we were able to compete and
create more values for our customers, capturing more of the market share in
existing and new markets.
With the expansion of the FoamTech plant in the Jiashan County, which targets
the sofa and office chair industries in that region, another 6,000-9,000 metric
tonnes have been added to the Group's annual production capacity.
As a further strategic move, the Group also started to shift its bedding
production facilities from our plant in Zhuhai, to a newer and much larger state
of the art plant in Heshan. The Heshan plant has an increased production
capacity of between 12,000-15,000 metric tonnes annually. This will provide
ample room for expansion of our bedding products, targeted at both the export
and domestic markets.
Product R&D
FoaMasters secured an exclusive technology license from Mobius Technology Inc,
(based in California) for its recycled foam powder for China and Vietnam and in
November 2007, the Group commissioned its first recycled foam powder production
facility in Heshan, China. We have already developed new products such as the
EnviroMasters(TM) range of green foam using the Mobius recycled foam powder. The
Group expects that this will be well received by customers in more
environmentally conscious countries. This technology also opens up avenues for
new applications using finely granulized scrap foam powder, such as shoes inner
soles.
Combining the EnviroMaster(TM) foam with the new bamboo fibre fabric recently
launched, our designers have developed a new Evergreen(TM) series of mattresses
that are eco-friendly. This series of mattresses will be launched at trade shows
throughout 2008. We have also been awarded two patents for a mattress packaging
case and pillow design, which demonstrates the design ability and creativity of
our R&D team.
Our engineers at McGenic, our own PU machine making subsidiary, have created and
implemented new machine designs, saving 1-2% in top skin wastages. A pre-mixer
for improved silicone mixing has also led to improved cell structure in our
foam. The team has also designed and built a horizontal blade contour cutting
machine that produces dust free contoured foam products. This is a marked
improvement on previous fast wire contour cutting machines.
The Group is also looking out for new developments such as non petroleum-based
polyol derived from renewable feedstocks such as palm oil, soya bean oil and
others. The Group will continue to study and explore the latest technological
breakthroughs in the polyurethane industry to maintain its market leading
position in its product offerings.
Awards & Accreditations
In June 2007, FoaMasters received its accreditation from SATRA for its
laboratory testing procedures, becoming the first polyurethane foam factory in
the world to be accredited by SATRA. This is a strong endorsement of our
commitment to quality, giving confidence to our customers and helping to improve
sale orders. This in-house ability also greatly reduced our testing costs which
would otherwise have been incurred by external testing.
FoaMasters was also awarded ISO14001 accreditation in 2007 for environmental
management standards in two of its plants, with the remaining plants in the
final stages of accreditation. We believe that FoaMasters is the first foam
factory in China to achieve such an award and this is in line with the
increasingly stringent industrial and environmental controls being implemented
in China.
Human Resources
In anticipation of the new labour law that took effect in January 2008, the
Group has put in place process re-engineering, automation and employee
piece-rate salary schemes. These measures have improved the efficiencies of the
Group's business by 22% and reduced the total manpower requirement,
offsetting some of the potential impact of increasing labour costs in China.
The total number of staff employed on a Group level increased by c. 12% from
1,539 in 2006 to 1,719 in 2007. However average labour force per factory dropped
by 10% as a result of cost saving measures taken by the Group.
FoaMasters has always been focused on human resources, with a yearly intake of
20-30 graduates to keep pace with the ongoing group expansion, and departmental
heads receiving continuous internal and periodic external training.
Our Group policy is to recruit externally for top level management, hereby
benefiting from diverse industry experience.
The Group places strong emphasis on the quality of its team, which is reflected
in the overall achievements in 2007.
Funding
The Group restructured its financing facilities in mid 2007 and secured loan/
trade re-financing of c. US$31 million. The increase in trade lines facilitates
the purchase of higher volume of raw materials as well as aiding to fuel the
growth and expansion of our plants.
Market Expansion and Strategy
In line with its strategy, the Group continued to grow organically with the
commissioning of its newest plant in Jiashan, China, in December 2007. This
marked a further geographical expansion of the Group into the north-east of
China where another new plant has been earmarked. With the opening up of the
Vietnamese market and the continuing flow of investments, the Group intends to
expand its operations in Vietnam.
With the growing affluence of the Chinese populace leading to higher demand of
better quality foam products, the Group is exploring new markets and looking to
increase its market share in the China domestic foam market. There are plans to
further increase our presence in the domestic foam products market with our own
labelled brand S'Fonia(TM) and through the finished goods division. We are in
the process of setting up a dedicated bedding product marketing team to further
consolidate our market presence with the S'Fonia(TM)products.
To take advantage of the high-margin, high growth medical market, FoaMasters has
also expanded into health-care therapeutic bedding products with its series of
memory foams. With the Mobius scrap foam recycling technique, we have also
started marketing such environmental products under the trade name
EnviroMastersTM, which has been well received by key customers like True
Seatings and Primo.
In Summary
We are confident that we are progressing and expanding in the right direction.
We will continue to innovate and adapt to maintain our leading position in the
PU industry in China.
On behalf of the Board of Directors and Management, we would like to thank our
business associates for their trust and confidence in us. We also wish to
express our appreciation for our dedicated and committed team at FoaMasters,
which has made 2007 a successful year.
Jack Cheong C V, CEO
Richard Cheong C K, Deputy CEO
7th April, 2008
Group Income Statement
Proforma
Year ended 31 December Year ended 31 December
2007 2006
Note US$'000 US$'000
Continuing operations
Turnover 4 102,620 72,165
Cost of sales (85,880) (60,467)
Gross profit 16,740 11,698
Other income 631 504
Distribution and selling expenses (2,974) (2,137)
Administrative expenses (4,883) (3,390)
Other operating expenses (396) (220)
Profit from operations 9,118 6,455
Finance income 302 167
Finance cost (938) (261)
Share of profits of associates 405 292
Profit before tax 8,887 6,653
Taxation 2 (1,003) (1,181)
Profit for the year 7,884 5,472
Group Income statement (Cont'd)
Proforma
Year ended 31 Year ended 31
December December
2007 2006
US$'000 US$'000
Attributable to:
Equity holders of the parent 7,980 5,482
Reserves (42) -
Minority interests (54) (10)
7,884 5,472
Earnings per share - continuing operations
Basic and diluted 3 US$0.10 US$0.07
Group Balance Sheet
As at 31 December 2007
Proforma
2007 2006
US$'000 US$'000
Non-current assets
Goodwill 809 756
Investment properties 3,220 2,881
Property, plant and equipment 12,134 7,653
Interest in associates 2,943 2,538
Prepaid land and lease payments 1,173 733
Available-for-sale financial assets 58 54
20,337 14,615
Current assets
Inventories 11,244 8,497
Trade receivables 23,048 18,453
Prepayments, deposits and other receivables 2,692 2,345
Due from directors 749 410
Due from a related company - 84
Due from associates 1,349 654
Pledged bank deposits 9,566 3,943
Cash and cash equivalent 5,698 2,375
54,346 36,761
Total assets 74,683 51,376
Group Balance Sheet
As at 31 December 2007
Proforma
2007 2006
Equity US$'000 US$'000
Capital and reserves
Share capital 835 -
Share premium 977 -
Share option reserve 55 -
Merger reserve (786) 1
Statutory reserve 95 53
Currency translation reserve 1,706 651
Retained earnings 27,430 19,639
Equity attributable to equity holders 30,312 20,344
Minority interest 133 79
30,445 20,423
Non-current liabilities
Long term interest-bearing borrowings 191 965
Deferred tax liabilities 547 481
738 1,446
Current liabilities
Trade payables 9,915 10,432
Bills payable 15,037 7,729
Accruals and other payables 3,221 1,405
Due to related parties 1,465 2,238
Current portion of interest-bearing borrowings 9,826 4,186
Current tax liabilities 4,036 3,517
43,500 29,507
Total liabilities 44,238 30,953
Total equity and liabilities 74,683 51,376
Group Statement of Cash Flows
For the year ended 31 December 2007
Proforma
2007 2006
US$'000 US$'000
Cash flows from
operating activities
Profit for the period before tax 8,887 6,653
Adjustments for:
Allowance for receivables - 112
Amortisation of prepaid land lease payments 17 21
Depreciation 1,068 883
Interest income (302) (167)
Finance cost 862 261
Fair value (gains)/loss on investment properties (347) (157)
Share of profits of associates (405) (292)
Gain on disposal of interest in an associate - (1)
Share based payment 49 -
Plant and equipment written-off 64 -
Losses on disposal of property, plant and equipment - 6
Operating cash flows before movements in working capital 9,893 7,319
Increase in trade and other receivables (4,936) (7,100)
Increase in inventories (2,747) (3,242)
(Increase)/decrease in amounts due from directors (584) 21
Decrease/(increase) in amounts due from a related company 84 (23)
Increase in amounts due to a related company 85 -
Decrease in amounts due to directors (613) (347)
Increase in trade and other payables 8,607 6,776
Net cash generated from operating activities 9,789 3,404
Interest paid (862) (261)
Tax paid (418) (37)
Net cash from operating activities 8,509 3,106
Group Statement of Cash Flow (cont'd)
For the year ended 31 December 2007
Proforma
2007 2006
US$'000 US$'000
Cash flows from investing activities
Additions to prepaid lease payments (411) -
Increase in amounts due from associates - (326)
Proceeds from disposal of property, plant and equipment - 41
Proceeds from disposal of interest in an associate - 90
Purchases of property, plant and equipment (5,054) (2,054)
Interest received 302 167
Increase in other investment (4) -
Net cash used in investing activities (5,167) (2,082)
Cash flows from financing activities
Proceeds from issue of shares 2,700 -
Issue expenses (1,682)
Bank and other loans raised 10,974 6,525
Repayment of bank and other loans (6,955) (6,171)
Advance to associates company (695) -
Advance to subsidiaries - -
Net cash from financing activities 4,342 354
Group Statement of Cash Flow (cont'd)
For the year ended 31 December 2007
Proforma
2007 2006
US$'000 US$'000
Net increase in cash and cash equivalents 7,684 1,378
Effect of foreign exchange rate changes 531 363
Cash and cash equivalents at beginning of year 4,262 2,521
Cash and cash equivalents at end of year 12,477 4,262
Analysis of cash, cash equivalents and bank
overdraft
Bank and cash balances 5,698 2,375
Pledged bank deposits 9,566 3,943
Bank overdrafts (2,787) (2,056)
12,477 4,262
GROUP CHANGES IN EQUITY STATEMENT
For the year ended 31 December 2007
Share Share Share Merger Foreign Statutory Retained Total Minority Total
capital premium options reserve currency reserve earnings interest equity
reserves translation
reserve
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
At 1 - 1 651 53 19,639 20,344 79 20,423
January
2007
Translation - 1,055 - 3 1,058 - 1,058
differences
Profit for - - 7,830 7,830 54 7,884
the year
Issue of 835 2,665 - - - - - 3,500 - 3,500
shares of
the Company -
Issue - (1,682) - - - - (1,682) - (1,682)
expenses
Share - (6) 55 - - - - 49 - 49
option
expenses
Subsidiary - (787) - - - (787) - (787)
Share and
reserves
Transfer to - - - - 42 (42) - - -
statutory
reserve
At 31 835 977 55 (786) 1,706 95 27,430 30,312 133 30,445
December
2007
Notes to the financial information
1. General information
The financial information set out in the preliminary announcement does not
constitute the Company's statutory accounts for the period ended 31 December
2007.
The accounts have been prepared in accordance with International Financial
Reporting Standards and the accounting policies adopted in the Company's AIM
Admission Document dated 29 November 2007, as well as applying the principles of
uniting of interests (merger accounting) to the acquisition by the Company of
FoaMasters Asia Limited.
The auditors have yet to sign their report on the 2007 accounts. The statutory
financial statements for the period ended 31 December 2007 will be finalised on
the basis of the financial information presented by the Directors in this
preliminary announcement. The auditors of South East Asia Holdings Limited, the
sole subsidiary of FoaMasters Asia Limited, have reported on the 2006 financial
statements; their report was unqualified.
The financial information set out in this announcement was approved by the Board
on 7 April 2008.
The directors do not recommend the payment of a dividend.
2. Taxation
Proforma
2007 2006
US$'000 US$'000
Current tax
- Hong Kong Profits Tax 678 1,025
- China Enterprise Income Tax 258 32
- Overseas Income Tax 6 4
Deferred tax 61 120
1,003 1,181
Hong Kong Profits Tax has been provided at a rate of 17.5% on the estimated
assessable profit for the year ended 31 December 2006 and 31 December 2007.
The tax charge on profits assessable elsewhere has been calculated at the rates
of tax prevailing in the countries, in which the Group operates, based on
existing legislation, interpretation and practices in respect thereof.
Pursuant to relevant laws and regulations in the China, the China incorporated
subsidiaries of the Group are exempt from China enterprise income tax for the
two years from their first profit-making year and, for a further three years,
entitled to a 50% relief from China enterprise income tax. First Asia
Polyurethane Products Co. Ltd. and InnoTech Polyurethane Foam (Zhejiang) Co. Ltd
were in their first profit-making year during the year ended 31 December 2007.
Therefore, these two subsidiaries were exempt from enterprise income tax for
this period.
The reconciliation between the income tax expense and the product of profit
before tax multiplied by the tax applicable to the principal operating
subsidiaries is as follows:
Proforma
2007 2006
US$'000 US$'000
Profit before tax (excluding share of profits of associates) 8,482 6,361
Tax at 17.5% (2006:17.5%) 1,484 1,113
Tax effect of income that is not taxable (160) (219)
Tax effect of expenses that are not deductible 148 371
Tax effect of temporary differences previously not recognised - 33
Tax effect of temporary differences not recognised - (5)
Tax effect of 50% concession for sub-contracting arrangement
in the China (319) (103)
Effect of different tax rates of subsidiaries (150) (9)
Income tax expense 1,003 1,181
The new China enterprise income tax law passed by the Tenth National People's
Congress on 16 March 2007 introduces various changes which include the
unification of the enterprise income tax rate for domestic and foreign
enterprises at 25%. The new tax law will be effective from 1 January 2008. The
impact of the new tax law on the Group's Financial Information will depend on
the detailed implementation rules and regulations that have not been issued as
of the date of this Financial Information. Therefore, the Group cannot
reasonably estimate the financial impact of the new tax law to the Group at this
stage.
3. Earnings Per Share - Continuing Operations
The calculation of the basic and diluted earnings per share attributable to the
ordinary equity holders of the Group is based on the following:
Proforma
2007 2006
US$'000 US$'000
Earnings
Earnings attributable to equity holders 7,884 5,472
Weighted average number of ordinary shares
2007 2006
Number Number
'000 '000
Weighted average number of ordinary shares in
issue 80,259 80,000
Weighted average number of ordinary shares - diluted
Weighted average number of ordinary shares in issue 80,259 80,000
Adjustment for share options 164 -
Weighted average number of ordinary shares for 80,423 80,000
diluted earnings per share
Basic earnings per share US$0.10 US$0.07
Diluted earnings per share US$0.10 US$0.07
4. Revenue and Segment Analysis
The Group's operations are located in Hong Kong, Macau, the People's
Republic of China ("PRC") and Vietnam. As all the comparatives carry out
similar activities and such, the directors have identified segments based on
type of product.
Business segment
2007
Foam Bedding & Chemical Machineries Others TOTAL
products furniture products
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Revenue 75,410 17,644 9,434 132 - 102,620
Segment results 10,632 4,113 1,909 86 - 16,740
Other income - - - - - 631
Unallocated expenses - - - - - (8,253)
Profits from operations - - - - - 9,118
Finance income 302
Finance costs - - - - - (938)
Share of profits of - - - - - 405
associates
Profit before tax 8,887
Segment assets 44,794 5,378 19,609 509 4,393 74,683
Segment liabilities 9,399 2,906 30,326 287 1,320 44,238
Capital expenditure 4,692 276 1 76 9 5,054
Depreciation 773 253 17 4 21 1,068
Amortisation 17 - - - - 17
Proforma
2006
Foam products Bedding & Chemical products Others TOTAL
furniture
US$'000 US$'000 US$'000 US$'000 US$'000
Revenue 53,840 10,905 7,420 - 72,165
Segment results 8,420 3,144 134 - 11,698
Other income 504
Unallocated expenses (5,747)
Profits from operations 6,455
Finance income 167
Finance costs (261)
Share of profits of 292
associates
Profit before tax 6,653
Segment assets 37,400 6,151 2,789 5,036 51,376
Segment liabilities 16,266 9,114 3,326 2,247 30,953
Capital expenditure 1,873 151 - 31 2,054
Depreciation 699 151 6 27 883
Amortisation 21 21
Geographical segments
2007
Revenue Total Assets Capital
Expenditure
US$'000 US$'000 US$'000
PRC - domestic consumption 15,239 50,073 4,864
PRC - overseas consumption 51,318 - -
Hong Kong, Macau and Taiwan 7,801 20,260 190
Vietnam 2,681 4,350 -
United States of America 14,096 - -
Europe 11,485 - -
102,620 74,683 5,054
Proforma
2006
Revenue Total Assets Capital
Expenditure
US$'000 US$'000 US$'000
PRC - domestic consumption 10,109 36,206 647
PRC - overseas consumption 45,106 - 1,352
Hong Kong, Macau and Taiwan 5,922 10,639 55
Vietnam 2,600 3,192
United States of America 8,428 1,339
72,165 51,376 2,054
This information is provided by RNS
The company news service from the London Stock Exchange
END
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