Page 10 - ar2011

08 Sunpower Group Ltd.
Revenue Breakdown (RMB’ million)
Heat Exchangers
& Pressure
Vessels
Heat Pipes &
Heat-Pipe
Exchangers
Energy-Saving
& Enviromental
Protection Systems
Pipe
Supports
FY2011 FY2010
Income Statement Review
The Group’s revenue for FY2011 increased by 32.8%
from RMB940.8 million in FY2010 to RMB1.25 billion. The
Group recorded a net proft attributable to shareholders of
approximately RMB91.0 million in FY2011, an increase of
5.1% from RMB86.6 million in FY2010.
The Group’s largest business segment, Heat Exchangers
and Pressure Vessels, contributed approximately 69.1% of
the Group’s total revenue in FY2011 as compared to 62.9%
in FY2010. This segment recorded an increase in revenue
of approximately 45.7%, from RMB592.1 million in FY2010
to RMB862.7 million in FY2011, attributed by the increased
number of contracts fulflled during the fnancial year.
Revenue derived from other business segments such as
Heat Pipes and Heat-Pipe Exchangers segment increased
by 2.5% to RMB229.3 million; Pipe Supports segment
increased by 50.8% to RMB85.2 million and Energy-
Saving and Environmental Protection Systems segment
increased by 4.7% to RMB71.7 million in FY2011.
Gross proft increased by 12.3% from RMB243.5
million in FY2010 to RMB273.4 million in FY2011. However,
gross proft margin fell from 25.9% in FY2010 to 21.9% in
FINANCIAL & OPERATIONS REVIEW
FY2011, mainly due to the lower margins derived from
Heat Pipes and Heat-Pipe Exchangers segment. Net
proft attributable to shareholders increased by 5.1%
to RMB91.0 million in FY2011. As such, earnings per
share correspondingly improved from RMB26.3 cents
in FY2010 to RMB27.7 cents in FY2011.
Review of Financial Position
Current assets increased by 17.0% from RMB1.15
billion as at 31 December 2010 to RMB1.35 billion as at
31 December 2011, contributed mainly by the following
factors:
Trade receivables increased by RMB197.8 million to
RMB807.5 million as at 31 December 2011, driven by
the higher sales volumes and delivery of contracts
during the last quarter of 2011;
Inventories increased by RMB130.8 million to
RMB289.9 million as at 31 December 2011 as the
Group stocked up on raw materials, which leads to
higher work-in-progress in preparation to fulfll the
outstanding orders for FY2012; and
•
•
862.7
592.1
229.3 223.7
71.7 68.5 85.2 56.5