eva precision industrial holdings limited 億和精密工業控 · pdf filea...

EVA Precision Industrial Holdings Limited

億和精密工業控股有限公司 Stock code: 838 HK

Final Results Presentation

March 2016

EVA Guangdong Shenzhen (Shiyan) Electronic Industrial Park

Business Highlights

We are one of the few high end manufacturers in China capable of producing moulds and

components with high precision and dimensional accuracies which are key to high quality

office automation (OA) equipment, automobile, hi-tech and consumer electronics

products.

Our unique one-stop services covering a wide range of production processes provides strong

incentives for customers to increase their procurements from us, as this can effectively reduce

the additional costs and excess production lead time that arise from outsourcing different

production processes to different suppliers.

With a proven track record as a valued business partner, certain major OA equipment customers

decided to elevate their strategic partnership with us to a global level, and invited us to establish

a new industrial park in Haiphong, Vietnam, signifying the beginning of our global expansion.

The new Vietnam industrial park is scheduled for production in 2016.

New orders from companies in hi-tech industries such as aerospace and unmanned aerial

vehicles, marking a major step forward into the burgeoning hi-tech market in China. Acquired

an equity stake in a brand owner of GPS smart watches.

Business Highlights

3

Continuous progress in automobile industry. Received “Excellent Supplier” accolade from

a major automobile brand owner for the third consecutive year.

Active in reducing RMB-denominated assets since August 2015, with cash and bank

deposits in RMB reduced significantly from approximately HK$984,759,000 (HK dollars

equivalent) as at 31 July 2015 to HK$264,064,000 (HK dollars equivalent) as at 31

December 2015.

Going forward, any devaluation of RMB is likely to be beneficial to the Group, as a

majority of its operating costs are denominated in RMB.

Dedicated efforts to streamlining costs and headcount, and headcount reduced from

9,075 employees as at 31 December 2014 to 8,804 employees as at 31 December 2015

despite an increase in turnover and the construction of a new industrial park in Vietnam.

Business Highlights (Cont’d)

4

Corporate Overview

EVA Vietnam (Haiphong) Electronic Industrial Park

Company at a Glance

A vertically-integrated precision metal and plastic mould and component manufacturing service provider.

Started off in 1993 in OA equipment market, which is oligopolized by Japanese brand owners and requires very high

dimensional accuracy standards to prevent paper jam and distorted images.

Expansion into automobiles and high end consumer electronics market since a few years ago. Significant

inroads have been made.

Activing seeking new opportunities from the hi-tech market, with new orders from companies in hi-tech industries

such as aerospace and unmanned aerial vehicles.

Major

Business

Precision engineering expertise and laser welding technology distinguished ourselves from other low end

manufacturers.

Well recognized by renowned Japanese brand owners, including Fuji Xerox, Toshiba, Konica Minolta and Epson

etc, which are well known for their demanding quality and production management requirements.

Successful track record in substituting Japanese suppliers in OA equipment market.

Certifications from brand owners in other sectors e.g. FAW-Volkswagen, Dongfeng, Samsung and Shenzhen

Aerospace.

Market

Position

Market share gain in OA equipment market through vertically integrated one stop solution.

Utilized precision engineering expertise to capture the increasing demand for sophisticated moulds and

components tailored for high quality vehicles, hi-tech and consumer electronics products.

Growth

Drivers

Seven industrial parks in 3 provinces and 1 municipality in China: 3 in Shenzhen, 1 in Suzhou, 1 in Zhongshan, 1

in Chongqing and 1 in Wuhan.

New industrial park in Haiphong, Vietnam which is scheduled for production in 2016.

Business

Scale

6

Vertically Integrated One-stop Services

1. Mould design and production

Joint co-development of moulds with customers during customers’ product development processes.

Production and testing of moulds by EVA.

Upon completion of moulds, fees are charged to the customers for the design and production of moulds i.e. titles of moulds are transferred to customers. However, the completed moulds are consigned in EVA’s industrial parks for the future mass production of components.

3. Individual components assembled into semi-finished products

Assembly of various components into semi-finished modules through high precision laser welding and other assembly processes.

Metal stamping moulds Plastic injection moulds

Metal stamping components

Plastic injection components

Lathing products (Principally used as paper rollers)

Semi-finished modules

Finished products

7

2. Component production using completed moulds

Mass production of components by using the completed moulds consigned at EVA’s industrial parks.

Industry Leading Technologies

Mould is the “Mother Tool” of manufacturing

Products are replicated from moulds.

Quality of a mould has a decisive impact on the quality of a product.

A 1/1,000th mm defect in a mould will result in a 1/100th mm defect in the product.

Demand very high level of engineering skills, sophistication and technology.

Shorten production lead time

High quality moulds eliminate the needs for subsequently fine-tuning or repairing

products that would otherwise be required if low quality moulds are used.

Essential for hi-tech and consumer electronics markets as product life cycle

becomes shorter and shorter.

In a different league from low end OEMs

EVA is one of the few hi-tech companies in China capable of producing moulds

with precision and dimensional accuracies comparable to overseas peers such as

Japanese or German manufacturers.

8

Products Product Sophistication

Industry Leading Technologies (Cont’d)

High-precision metal stamping moulds of 0.005mm precision.

Deficiency rate of below 10 PPM (<10 defected outputs for every

1 million units of components produced).

30-45 days production lead-time for moulds (market average

90-120 days).

Metal stamping moulds and components

Moulds for thin-walled plastic products with thickness of only

0.2mm.

Moulds for high-precision plastic gears.

Meets Japan Industrial Standards (JIS) Grade 2 or below.

In-mould decoration (IMD) and environmental friendly hot runner

technologies.

High-precision shafts mainly used as paper rollers.

Diameter distortion less than 0.02mm.

Efficient simultaneous processing of different lathing procedures.

Capable of producing shafts from multiple materials including

aluminum, plastic and steel.

9

Plastic injection moulds and components

Lathing components

Industry Leading Technologies (Cont’d)

Products Product Sophistication

Laser welding

Computerized inspection device

Robotic assembly

Traditionally used in aviation and luxury sport car industries.

Low temperate welding to minimize excessive melting and distortion

during welding process, and thus eliminate the need for secondary

processing.

Concentrated laser beam with welding area of < 0.2mm i.e. small

heat-affected zones suitable for handling highly precise components.

Self-developed devices with built-in red ray systems for testing

dimensional accuracies.

Capable of detecting defects of less than 0.01 mm.

Remarkably reduce product deficiency rate and eliminate manual

inspection error.

Accelerate product inspection time by 70% compared to manual

inspection.

Self-developed robotic systems to automate assembly process.

Accelerate production lead time by 40% compared to manual

assembly.

Significantly reduce the cost of labour.

Essential for producing high tensile structural parts for automobiles and

precision equipment.

10

Office Automation (OA) Equipment

Continues to be one of our growth drivers

Drives profit growth and generates cash

flows to fund expansion in other sectors.

Market share gain

Global partnership with world-class customers

The supplier base of OA equipment

market is presently fragmented.

Other suppliers in this market are highly

specialized in product type i.e. they are

unable to produce a wide range of

components in OA equipment like EVA.

Market share gain through vertically

integrated one-stop solution.

Achieved CAGR in turnover of more than

20% in the past 10 years.

Customers include world-class OA

equipment brand owners which are

well known for their demanding quality

requirements.

Elevate strategic partnership with

customers to a global level through

the establishment of a new industrial

park in Haiphong, Vietnam.

11

Automobiles

According to IBIS World, China’s automobile components industry is forecast to grow at an average annualized rate of 7.0%,

totaling US$759.2 billion in 2020. At the same time, customers’ demand is rapidly changing from low cost to higher quality

vehicles and the Chinese government is nurturing higher end local suppliers with a view to reducing the reliance on foreign

suppliers for sophisticated automobile moulds and components. These factors create an increasing demand for the precision

manufacturing services offered by EVA in the automobile industry.

Automobiles

Acquired in 2011 through the purchase of an

automobile mould company.

To source orders from automobile makers in

Chongqing and adjacent cities such as Ford, Mazda,

Suzuki, Changan and FAW-Volkswagen.

2,000T fully automated servo line and robotic

welding lines capable of producing components for

high tensile parts for automobiles, which require high

safety and anti-collision standards.

Digidie Chongqing (Dadukou) Automobile Industrial Park

2,000T Servo Line

12

Factory Building Robotic Welding Line

Automobiles (Cont’d)

Commenced commercial production in early

2014.

Currently produces moulds and components

and provides automated welding for high

tensile parts primarily used for passenger cars

such as the Dongfeng Citroen and Peugeot

series.

Other existing and targeted customers include

other automakers located in Wuhan and

adjacent cities, such as Dongfeng, Honda,

Renault and General Motors.

Digidie Hubei (Wuhan) Automobile Industrial Park

Factory Building Automated Robotic Assembly

2,500T Press Line

13

Automobiles (Cont’d)

EVA Guangdong Shenzhen (Guangming)

Industrial Incubation Park was purposely

built in 2008 to extend the application of our

precision moulds from just OA equipment to

a wider range of applications such as

automobiles. It is capable of producing

moulds for various parts of automobiles

including car seat frames, air filter housings

and high tensile parts.

Digidie Guangdong (Zhongshan) Automobile

Industrial Park was recently merged into

EVA’s automobile business line, targeting

at automobile components.

These two industrial parks are set to serve

the automobile market in Guangdong

Province, in which reputable automakers

such as Guangzhou Automobile Group,

Toyota, Honda and Audi are located.


Industrial Incubation Park

EVA Guangdong Shenzhen (Guangming) Industrial Incubation Park and

Digidie Guangdong (Zhongshan) Automobile Industrial Park

Digidie Guangdong (Zhongshan)

Automobile Industrial Park

14

Hi-tech and Consumer Electronics Products

EVA Guangdong Shenzhen (Tianliao) Smart Device Industrial Park

Established in 2012 and was assigned as EVA’s principal production base for hi-tech and consumer electronics

products.

Started off by producing moulds and components for smartphones and mobile tablets, and subsequent explored into

the markets of other hi-tech products.

Notable new customers include a state-owned aerospace company producing satellites and a high profile technology

company in Shenzhen producing unmanned aerial vehicles.

Acquired an equity stake in a hi-tech startup company which develops and sells GPS smart watches.

Factory building SMT lamination Multi-layer coating system

15

Hi-tech and Consumer Electronics Products (Cont’d)

According to BofA Merrill Lynch, major

technology products had an estimated

global market size of US$1,032.5 billion in

2015. Besides, the rapid development of

other smart devices is expected to bring

about another wave of revolution to the hi-

tech sector.

In recent years, Shenzhen has emerged

as a hi-tech hub in China, which creates a

rapidly increasing demand for sophisticated

moulds and components as dimensional

accuracy and product quality are essential

for hi-tech products.

As an enterprise headquartered in

Shenzhen for more than 20 years, EVA

has successfully built up a reputation for

high quality manufacturing services which

is attractive to a lot of hi-tech companies.

EVA Guangdong Shenzhen (Tianliao) Smart Device Industrial Park (Cont’d)

16

Unmanned aerial vehicle

Smart children watches

Microcredit

Shenzhen Jinggong Microcredit Limited

A 60% owned subsidiary established in late 2012.

Recruited a professional team from Agricultural

Bank of China for credit management.

Has a loan policy to ensure any individual loan

not to exceed 5% of the portfolio to diversify

credit risk.

Loans are made only to borrowers whose

backgrounds are well known to us, and are

secured by properties or equipment of the

borrowers.

Taking into account the slower growth of China’s

economy, we took a conservative step and

increased the allowance for loan impairment of

the micro-lending company to cover all overdue

loans during the year. Although impairment

allowance was fully made against these loans in

the financial statements, these loans were

actually secured by assets and we will undertake

appropriate efforts for their recoveries.

17

Note 1: Cash conversion cycle is defined as the total sum of inventory and debtors’ turnover days less creditors’ turnover days.

Our Competitive Strength

One of the few manufacturers

in China capable of producing

moulds with high precision

and dimensional accuracies

State-of-the-art technology

and equipment

Strategic partnership with

numerous universities for

research and development

Strong management and

engineering team with more

than 20 years of experience in

industry

Efficient cash conversion

cycle1 over the years

Dedicated to streamlining

costs and headcount through

production automation and

other cost control measures.

Customer Accolades

Technology

Management Corporate

Governance

Solid track record in serving

world-class customers such as

Canon, Fuji Xerox, Toshiba,

Konica Minolta and Epson,

which are well known for their

demanding quality requirements

Long-term global partnership

with renowned customers clearly

demonstrated by their invitation of

us to establish a new industrial

park in Vietnam.

Committed to creating values

for shareholders

Constant dividend payouts of

roughly 30% of net profits since

IPO

18

Key Milestones

2002 2005 2006 2008 2010 2016 2014 2012 2011

Relocation of

production facilities

to EVA Guangdong

Shenzhen (Shiyan)

Electronic

Industrial Park

Establishment

of

Started off in the OA

equipment market

IPO on the Hong Kong

Stock Exchange (Stock

code: 00838HK)

EVA Jiangsu

(Suzhou)

Electronic

Industrial Park

commenced

operation, signifying

our first step to

expand outside

Guangdong

Completed EVA

Guangdong Shenzhen

(Guangming)

Industrial Incubation

Park to extend the

applications of our

precision moulds from

just OA equipment to

hi-tech, consumer

electronics and

automobile products

A new industrial

park in Zhongshan

commenced

operation

Completed EVA

Guangdong

Shenzhen (Tianliao)

Smart Device

Industrial Park to

provide additional

factory areas for hi-

tech and consumer

electronics products

Phase 2 of Digidie

Chongqing (Dadukou)

Automobile Industrial

Park was completed

Digidie Hubei (Wuhan)

Automobile Industrial

Park for automobile

components

commenced commercial

production

Acquired an automobile

mould company in

Chongqing, being our

first production base to

specialize in automobile

market

Started to use the

Digidie brand for

automobile business

The new EVA

Vietnam (Haiphong)

Electronic

Industrial Park is

scheduled for

production in 2016

1993

19

Industrial Parks

EVA currently has seven industrial parks in China: 3 in Shenzhen, 1 in Suzhou, 1 in Zhongshan, 1 in Chongqing and 1 in

Wuhan. A new industrial park in Haiphong, Vietnam is scheduled for production in 2016.

Digidie Hubei (Wuhan)


GFA: 49,000 sq.m. (Phase 1)

Land area: 166,000 sq.m.


Industrial Incubation Park

GFA: 55,000 sq.m.


EVA Jiangsu (Suzhou)

Electronic Industrial Park

GFA: 82,000 sq.m.


Digidie Chongqing (Dadukou)


GFA: 31,000 sq.m. Land area: 100,000 sq.m.

Digidie Guangdong (Zhongshan)


GFA: 35,000 sq.m.


EVA Guangdong Shenzhen (Shiyan)


GFA: 95,000 sq.m. Land area: 65,000 sq.m.

EVA Guangdong Shenzhen (Tianliao)

Smart Device Industrial Park

GFA: 48,000 sq.m.


EVA Vietnam (Haiphong)


GFA: 12,000 sq.m.


20

Major Awards and Accolades

Year Honors Company / Organization

2004 Excellent Supplier Award Toshiba

2004 Certificate of Green Activity Canon

2005 Chemical Substances Management System

Certificate Ricoh

2005 Acclamation Certificate Konica Minolta

2004–2007 Very Valuable Vendor Award Canon

2007 Supplier Special Improvement Award Fuji Xerox

2009–2015 Golden Quality Award Konica Minolta

2009 Distinguished Supplier Award General Electric

2009–2016 EQCD Remarkable Contribution Award Canon

2009–2015 National High and New Technology

Enterprise Certification Chinese Government

2010 Special Contribution Award Midea

2010 Product Assembly Service Certification Kyocera Mita

2010 Environmental Collaboration Program

Certificate Konica Minolta

2011 Part-Defect on Arrival Zero Award Konica Minolta

21

Major Awards and Accolades (Cont’d)

Year Honors Company / Organization

2009–2015 Supplier QCC Forum Award Kyocera Mita

2011 Certificate in Chemical Substance

Management Standard Brother

2011–2015 Premiere Partner Award Fuji Xerox

2012–2013 Special Contribution Award Canon

2013–2015 Excellent Supplier Award Dongfeng

2013 Best Quality Award Toshiba

2013 Mould Supplier Certification FAW-Volkswagen

2014–2015 Excellent Supplier Award Konica Minolta

2014–2016 Excellent Supplier Award Canon

2014 Excellent Corporate Partner Dongfeng

2014 Unit Improvement Contest

Champion Award Canon

2015 Improvement Forum – Excellent Supplier

Presentation Award Fuji Xerox

2015 Gratitude Certificate Shenzhen Aerospace

2016 Golden Quality Award Samsung

2016 Excellent Improvement Award Konica Minolta

22

37.5% 62.5%

Total number of shares in issue as at 29 February 2016 = 1,879 million shares

Outstanding share options of 39 million options as at 29 February 2016, a majority were

granted to employees below director grade

Shareholding Structure

Zhang Family Public

Shareholders

23

Experienced Management Team

24

Management Position

Mr. ZHANG Yaohua CEO

Co-founder of the Group

More than 20 years of operational management experience in the precision moulding industry

Responsible for the operation and management of the Group

President of Shenzhen Machinery Association, vice president of Guangdong Die & Mould

Industry Association, Shenzhen Enterprise Confederation, Shenzhen Entrepreneur Association

and Shenzhen General Chamber of Commerce

A member of the Shenzhen Committee of the Chinese People’s Political Consultative

Conference

Mr. ZHANG Jian Hua Vice

Chairman


Substantial experience in organizational planning and business risk monitoring in the

precision moulding industry

Responsible for the Group’s organizational structure and business risk management

Previously worked for the tax bureau in Shenzhen and accumulated extensive experience

in tax regulations and communications with government departments in China

Mr. ZHANG Hwo Jie Chairman


More than 20 years of experience in marketing, strategic planning and corporate management in the

precision moulding industry

Responsible for the Group's overall strategic planning and marketing development

Obtained “Young Industrialist Award of Hong Kong” in December 2008

Bestowed as an honorary fellow by The Professional Validation Council of Hong Kong Industries in

2014

A member of the Chongqing Committee of the Chinese People’s Political Consultative Conference

Credentials

Looking ahead to 2016, China’s economic growth is expected to be more moderate and global

economic recovery will remain uncertain. However, the market does not lack opportunities. In

particular, the gradual transition of China into a more balanced and sophisticated economy presents

ample new opportunities.

As an enterprise headquartered in Shenzhen, the Group has witnessed the emergence of Shenzhen as

the hi-tech hub in China in recent years. This has created a strong demand for precision

manufacturing services since quality and dimensional accuracy standards are also essential for hi-

tech products.

In recent years, engineering expertise becomes increasingly important in China’s automobile

industry as customers’ demand has been rapidly shifting from low cost to higher quality vehicles. The

Chinese government is also nurturing higher end local suppliers with a view to gradually reducing the

reliance on foreign suppliers for sophisticated automobile moulds and components. These factors

create a lot of new opportunities for manufacturers with proven track record in engineering and quality

standards like EVA.

Outlook

25

Our entry into Vietnam not only provides us with an exciting opportunity for overseas expansion, but

more importantly enlarges our addressable market within OA equipment industry since we were

unable to supply to our customers’ existing assembly plants in Vietnam in the past due to geographical

distance.

Any devaluation of RMB is likely to alleviate our cost pressure as a majority of our operating costs

such as salaries and overheads are in Renminbi, and we had significantly reduced our RMB-

denominated assets since August 2015. In addition, we will continue to take other steps to streamline

our costs. Therefore, we remain confident about the Group’s prospect.

Outlook (Cont’d)

26

Financial Information

Digidie Chongqing (Dadukou) Automobile Industrial Park

0

50

100

150

200

250

300

FY2014 FY2015

Turnover

2,000

2,500

3,000

3,500

4,000

FY2014 FY2015

HK$M

HK$M

2015 Business Results

YoY Growth:

2.3%

YoY Growth:

-25.9%

During the year, many customers requested us to develop the moulds for their new products which were under development in 2015. Therefore, mould sales increased by 23.0% to HK$538,913,000 and reached historical high again.

However, as most of our customers’ new products had not yet launched to the market in 2015, component sales remained at a similar level as compared to 2014. Therefore, total turnover only increased by 2.3% despite a strong growth in mould sales.

Net profit for the year was negatively affected by non-recurring items. During the year, the Group recorded exchange losses of HK$21,628,000 from revaluation of RMB-denominated assets. Besides, taking into account a slower growth of China’s economy, the Group took a conservative step and increased the allowance for loan impairment of its micro lending company by HK$18,992,000 to cover all overdue loans. Coupled with a general increase in employment and other costs in China’s manufacturing industry, the Group’s net profit decreased by 25.9% to HK$205,469,000.

The exchange losses from revaluation of RMB-denominated assets were only one-off items, since we took conscious steps to significantly reduce our RMB-denominated assets since August 2015. Going forward, any devaluation of RMB is likely to benefit the Group as a majority of its operating costs are denominated in RMB.

Although impairment allowance was fully made against all overdue loans of the micro lending company in the financial statements, these loans were actually secured by assets and we will undertake appropriate efforts for their recoveries.

Net Profit

28

Consolidated Income Statement

YoY

Expressed in HK$'000 2015 2014 Chg

Revenue 3,533,026 3,454,977 2%

Cost of sales (2,597,999) (2,549,519) 2%

Gross profit 935,027 905,458 3%

Other income 10,301 8,349 23%

Other losses - net (17,454) (904) 1831%

Selling and marketing costs (181,447) (163,931) 11%

General and administrative expenses (488,644) (404,495) 21%

Operating profit 257,783 344,477 -25%

Finance income 18,478 23,287 -21%

Finance costs (34,956) (35,538) -2%

Share of loss of an associate (1,767) (2,911) -39%

Profit before income tax 239,538 329,315 -27%

Income tax expense (24,058) (42,544) -43%

Profit for the year 215,480 286,771 -25%

Non-controlling interest (10,011) (9,646) 4%

Profit attributable to equity holders of the

Company 205,469 277,125 -26%

Dividend 61,709 84,321

Gross Margin 26.5% 26.2%

Operating Margin 7.3% 10.0%

Net Margin 5.8% 8.0%

Dividend Payout Ratio 30.0% 30.4%

Financial Performance

Mould sales increased significantly because many customers

requested us to develop the moulds for their new products which

were under development in 2015. However, as these new products

had not yet launched to the market in 2015, component sales

remained at a similar level as compared to 2014. Total turnover

only increased by 2.3% despite a strong growth in mould sales.

Gross profit margin improved slightly to 26.5%, primarily caused by

the strong growth in mould sales (which are higher margin products)

that raised the percentage of mould sales to total turnover during

the year.

Operating profit decreased because: (1) the Group recorded

exchange losses of HK$21,628,000 from revaluation of RMB assets;

(2) the Group increased the allowance for loan impairment of its

micro lending company by HK$18,992,000 to cover all overdue

loans; and (3) the Group continued to encounter a general increase

in employment and other costs in China’s manufacturing industry in

2015.

Effective tax rate reduced to 10.0% because the Group’s micro

lending company incurred operating loss and had no income tax

expense in 2015. In the past, the micro lending company was

subject to the highest income tax rate among our subsidiaries

because most of the other subsidiaries are “National High and New

Technology Enterprises” and enjoy preferential tax treatments. The

absence of income tax expense from the micro lending company

diluted the effective tax rate of the Group.

Net profit decreased to HK$205,469,000, which was caused by the

drop in operating profit as explained above.

29

Financial Summary

0

10

20

30

40

0

200

400

600

800

1,000

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015

Revenue Gross Profit and Margin

0

1,000

2,000

3,000

4,000


0

5

10

15

20

0

100

200

300

400


Margin percentage

0

500

1,000

1,500

2,000

2,500

3,000


%

Net Profit and Margin Net Assets

HK$M HK$M

HK$M HK$M %

30

Other Key Financial Ratios

0

20

40

60

80

100

Days

0.0

0.5

1.0

1.5

2.0

0

5

10

15

20

25

Note 1: Cash conversion cycle is defined as the total sum of inventory and debtors’ turnover days less

creditors’ turnover days.

Note 2: Net debt-to-equity ratio is calculated based on the total balance of bank borrowings and finance

lease liabilities less cash and bank balances and divided by shareholders’ equity.

Cash conversion cycle at 63 days.

Net debt-to-equity at 8.5%.

Stable dividend payout ratio at roughly 30% of net profit over the years.

Net cash

Net cash

0

10

20

30

40

50 %

%

Cash Conversion Cycle1 Current Ratio Net Debt-to-Equity Ratio2

Dividend Payout Ratio

31

Digidie Hubei (Wuhan) Automobile Industrial Park

The End

Whilst all the projections and estimates given in this presentation have been made with

assumptions considered by the Group’s management to be most realistic at the relevant time,

neither the Group nor its management can guarantee their accuracies or completeness. This

presentation is not an investment advice, nor an offer or solicitation for the purchase or sale of

any financial instrument. Past performance is not indicative of future results. Investors should

make their own investment decisions without totally relying on the information contained

herein. Only investors with sufficient knowledge and experience in financial matters to

evaluate merits and risks should consider an investment in the Group. Other persons should

not take any action on the basis of this presentation.

Disclaimer

33

For more information:

EVA Precision Industrial Holdings Limited

Francis Wong

Phone: +852 2620 6488

Email: [email protected]

Fax: +852 2191 9978

eva precision industrial holdings limited 億和精密工業控 · pdf filea...

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