Plastec 2012 Annual 年报.pdfVIP

2012 Annual Report July 27, 2012 Dear Fellow Shareholders: We are very pleased to report profitable results and strong cash generation during fiscal 2012 despite difficult and unusual circumstances surrounding our industry. In addition to a general slowdown in exports, the Japanese earthquake and tsunami, along with the floods in Thailand, affected many of our larger electronics customers. This delayed new product cycles for our 2012 fiscal year, which are typically our highest margin line of business. We feel that the primary reason for our consistent profitability despite the headwinds throughout the year was Plastec’s continued strong relationships with its clients. We have maintained these relationships, many of which have been clients for over five years, largely and demonstrably due to our focus on high-precision molding solutions and quality control, with our rate of goods returned having been improved further to 0.34% in fiscal 2012 from 0.74% in the prior year. Since founding the business in 1993, Plastec has remained focused on and dedicated to providing one-stop integrated plastic manufacturing services to a large multinational customer base for the production of precision plastic parts and components. Over the past year, we remained committed to growth at our existing locations. We have already completed construction of two facility expansions to increase our manufacturing capacity in terms of floor space by a total of approximately 34,000 square meters. Fiscal 2012 Financial Review For the year ended April 30, 2012, our total sales were $165.5 million, compared to $169.7 million from the prior year. The decrease in revenues is largely due to a general slowdown in the markets that we served. Despite this, we remained profitable, reporting net income of $6.5 million and EBITDA of $28.7 million. Our balance sheet remained strong, with $25.6 million