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9 February 2007
Chairman’s Statement
Dear Shareholders,
On behalf of the Board of Directors, I am pleased to present ecoWise Holdings
Limited’s (the “Group”) annual report for the financial year ended 31 October
2006 (“FY2006”).
Financial Review
The performance of the Group in the year under review was an achievement with
considerable improvement in returns as compared with the previous year and is an
encouraging indicator for the coming year.
The Group’s revenue for the financial year recorded an increase of $11.0 million
or 140.8% to $18.8 million. This exceptional performance was boosted mainly by
strong contributions from our recovery of industrial materials. This commendable
result was also attributable to new customers added and an increase in
shipbuilding and ship repair activities in Singapore.
Gross profit margin improved from 34.3% in FY2005 to 53.3% in FY2006 as a result
of reduced disposal costs and wider usage of our recycled materials. In line
with the increase in revenue and business expansion, operating expenses
consisting of administrative, distribution and finance expenses increased 69.0%.
Nonetheless, the Group’s profit attributable to shareholders increased 506.8%
from a loss of $0.9 million to a profit of $3.5 million.
Shareholders’ value improved correspondingly with earnings per share rising from
a loss of 1.12 cents in FY2005 to an earning of 4.51 cents in FY2006, an
appreciation of 502.6%. Return on equity also improved from negative 13.2% to
positive 43.0%.
Dividend
With our adequate financial resources and relative low gearing, I am privileged
and pleased to recommend payment of a final net dividend of 1.0 cent per share
one-tier tax-exempt, subject to the approval of shareholders at the annual
general meeting.
Looking Ahead
For 2007, the Group will continue to focus on its four core businesses of
management of renewable energy, recovery of industrial materials, recycling of
organic materials and provision of integrated environmental management
solutions.
The Group will concentrate on expanding into related environmental businesses
which are synergistic to the Group’s business. With our strong resources, the
Group is in the position to supplement its organic growth with strategic
acquisitions.
The Group is actively exploring and evaluating new business opportunities in the
“waste to energy” sector. With the biomass fired cogeneration plant operating
smoothly, we have plans to better utilize the environmentally friendly energy
generated from the plant for industrial process or heating. We shall capitalize
on our experience by expanding along the renewable energy value chain.
The shipbuilding and ship repair industries are expected to continue to be
active in 2007 and will continue to have a positive impact on our recovery of
industrial materials business.
Our horticulture materials recycling and processing capabilities have been
enhanced and reorganised. In 2006, we obtained the Singapore Green Label award
from the Singapore Environment Council and certification from the Biological
Farmers of Australia for our compost. We shall continue working with strategic
partners to seek further integration of our recycling processes and moving up
the value chain.
We will remain focused on our core competency, to turn challenges into
opportunities, to continue with innovative process technology and looking for
opportunities to offer our environmental engineering services to companies in
this region.
Appreciation
On behalf of the Board of Directors, I would like to express our deep
appreciation to our valued customers, vendors and business partners for their
unwavering support. I would also like to commend our management team and staff
for their dedication, hard work and contributions which have resulted in the
Group’s turnaround and record performance.
Last but not least, I would like to convey my sincere appreciation and gratitude
to my fellow Directors for their commitment and contribution to the Group. And
finally, my deepest appreciation to you, our shareholders for your continued
support, understanding and confidence in us. The road ahead will be exciting and
I invite you to join us in the next phase of growth.
Lee Thiam Seng
Executive Chairman
January 2007
主席致辞
尊敬的股东们：
您们好！我谨代表董事会的全体成员，荣幸地在此发布绿科控股有限公司（“集团”）截止于2006年10月31日的财务年度报告。
财务回顾
2006年绿科集团取得了可观的业绩增长，期许着绿科更成功的未来！
集团的全年营业额创1880万元，增长了1100万元，增长幅度达140.8％。工业材料再循环业务为集团作出了重要的贡献，这主要归功于新客户的增加，以及造船业和船舶修理业的蓬勃发展。
生产毛利从2005年的34.3％增加到了2006年的53.3％，这主要归功于集团不仅推广了再生材料的使用范围，而且降低了废料的处置费。随着业务的增长，包括行政费用、销售费用和财政费用在内的营业费用相应上涨了69.0％。尽管如此，集团可供股东分配的利润仍然增长了506.8％，从2005年的亏损90万元上扬到2006年的350万元。
集团的每股盈余从2005年的每股亏损1.12分，到2 0 0 6 年每股盈利4 . 5 1 分，
增幅比例达502.6％。与此同时，股东收益相应提升。股本回报率从负13.2％上升为正43.0％。
股息
鉴于目前集团持有足够的现金，负债也相对较低。我很荣幸地在此宣布，董事会已提议发放每股1分的终期免税股息酬谢股东。当然，发放股息亦取决于股东常年大会的批准。
未来展望
在2007年，集团将拓展四大核心产业。它们分别为：再生能源管理、工业材料再循环、有机废料再生及综合环境工程管理服务。
我们将积极地利用集团的宝贵资源进行可能的战略并购，进军相关的环境产业，以推动集团的发展。
集团正在“废转能”领域积极探索和评估新的业务发展机遇。我们的生物质能热电厂已经顺利运转，它所产生的电力和蒸汽将为集团带来新的业务。我们将凭借此方面的经验，扩大在再生能源方面的发展。
造船业和船舶修理业预计在2007年保持其强劲势头，它将进一步促进集团工业材料再循环业务的发展。
集团的有机废料再生和生产加工能力在重组后取得显著提高。在2006年，我们的“绿科”有机肥料荣获新加坡环境理事会颁发的“新加坡绿色标签”奖，并顺利通过澳大利亚有机农作物协会的认证。
同时，我们也将秉承集团的核心竞争力，化挑战为机遇，继续创新生产工艺并努力寻找机会进军本区域的环境工程服务市场。
鸣谢
在此，谨让我代表董事会的全体成员向绿科集团所有的客户、厂商和商业伙伴表示我们最忠心的感谢，谢谢你们一如既往的支持和关爱。同时，也感谢我们的管理团队和全体员工，正是有了你们的辛勤工作和努力贡献，绿科才能扭亏为盈，创出佳绩！
我也籍此机会，向所有董事会的同僚表示感谢，是你们的坚持不懈和运筹帷幄，才有绿科今天可喜的成绩。最后，我要将最诚挚的感谢献给我们所有的股东，谢谢你们不舍不弃的支持、理解和信任！绿科迈向未来的路将会更精彩，请接受我的邀请，加入我们的行列，与我们一起共创辉煌！
李添胜
董事主席
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