DAIWA ASSOCIATE 年报 2012-2013(5)

DAIWA ASSOCIATE 年报 2012-2013

President’s Statement

In the reported year, the Group successfully completed a rights issue of 78,847,889 ordinary shares of HK$0.1 each in the share capital at a subscription price of HK$0.20 per rights share in the proportion of one rights share for every four shares in issue, raising net proceeds of H K$14,923,000 for working capital purpose. The Group did not repurchase any ordinary shares in the open market.BUSINESS REVIEW AND PROSPECT In the reported year, due to the increase in minimum wages, labor shortage and appreciation of Renminbi, labor cost and other overheads of the manufacturing segment kept increasing. In the manufacturing segment of consumer electronics and telecommunications, due to the prolonged contraction of the American and European markets and the keen competition from small local Chinese manufacturers, the Group had suffered considerable losses in this segment. The Group has discontinued this business segment to eliminate continuous losses. The Group has also disposed part of the business in the segment of electronic components distribution to eliminate the high risk and low margin operations.In these discontinued operations, the Group had also provided for substantial impairment of plant and machinery, production equipment, tools, inventories and account receivables. This, being set off by the gain on disposal of subsidiaries of H K$39.5 million, has resulted in a loss from discontinued operations of HK$184.6 million.After the discontinuation of the Consumer Electronics and Electronic Components and Parts Manufacturing segment and after the disposition of some of the subsidiaries in electronic component distribution, the Group is engaged in the following major businesses:— Electronic Components Distribution;— Personal Computer Products Distribution; and — EMS (Contract Electronic Manufacturing Services).Electronic Components Distribution Turnover of electronic components distribution segment was H K$201.0 million (2012: H K$210.6 million, restated) representing a decrease of 4.6% when compared with the last financial year. 78,847,889 0.10 0.20 14,923,000

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