DAIWA ASSOCIATE 年报 2012-2013(3)

DAIWA ASSOCIATE 年报 2012-2013

President’s Statement

On behalf of the Board of Directors, I would like to present to shareholders the annual results of Daiwa Associate H oldings Limited (the “Company”) and its subsidiaries (collectively the “Group”) for the year ended 31 March 2013.I am taking this opportunity to express our gratitude to the Group’s staff for their contributions enabling the Group to work through a tough year.RESULTS AND FINANCIAL REVIEW For the year ended 31 March 2013, due to the impact of discontinued business, turnover of continuing business was reported as H K$547.9 million (2012: H K$643.0 million, restated), representing a decrease of 14.8% when compared with last financial year. Gross profit decreased by 2.6% to HK$68.7 million (2012: HK$70.5 million).? The earnings of continuing business before interest, tax, depreciation and amortization (EBITDA) were HK$23.0 million (2012: HK$51.5 million), representing a decrease of H K$28.5 million when compared to the last corresponding period.? The operating profit (EBIT) of the continuing business of the Group was H K$16.7 million (2012: H K$44.4 million), representing an decrease of HK$27.7 million when compared to the last corresponding period.? The net loss of the Group after the loss from discontinued operations was H K$170.7 million (2012: profit H K$8.8 million), representing an decrease of HK$179.5 million when compared to the last year.The Board of Directors has not recommended any payment of a final dividend. During the year, the Group did not declare any interim dividend.At 31 March 2013, the Group’s current assets amounted to H K$272.7 million (2012: H K$609.3 million) and the shareholders’ equity were H K$212.9 million (2012: H K$378.5 million). The current liabilities were H K$225.1 million (2012: HK$429.9 million).

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