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AnnualReport年報2007HandsetdisplaysAutomotivedisplaysIndustrialandmedicalequipmentdisplaysPortableconsumerelectronicproductsdisplays2GeneralInformation3FinancialHighlights6TheChairman’sStatement8ManagementDiscussionandAnalysis21Directors’Report32IndependentAuditor’sReport34ConsolidatedIncomeStatement35ConsolidatedBalanceSheet37ConsolidatedStatementofChangesinEquity39ConsolidatedCashFlowStatement41NotestotheConsolidatedFinancialStatements113FinancialSummaryContents01Contents81761-01N.indd301Contents81761-01N.indd325/4/2008PM5:47:0625/4/2008PM5:47:0602TrulyInternationalHoldingsLimited.AnnualReport2007GeneralInformationEXECUTIVEDIRECTORSLamWaiWah,Steven(Chairman)WongPongChun,JamesCheungTatSang,JamesLiJianHuaINDEPENDENTNON-EXECUTIVEDIRECTORSIpChoTing,SpencerHeungKaiSingChungKamKwongCOMPANYSECRETARYANDQUALIFIEDACCOUNTANTNgSuiWa,ThomasAUDITORSDeloitteToucheTohmatsuCertifiedPublicAccountants35/FOnePacificPlace88QueenswayHongKongSHAREREGISTRARS,WARRANTREGISTRARSANDTRANSFEROFFICEInHongKongTricorSecretariesLimited26/FTesburyCentre28Queen’sRoadEastWanchai,HongKongIntheCaymanIslandsMaplesandCalderP.O.Box309GrandCaymanCaymanIslandsBritishWestIndiesBANKERSStandardCharteredBank(HK)LimitedCitibank,N.A.TheHongkongandShanghaiBankingCorporationLimitedHangSengBankTheBankofTokyo-MitsubishiUFJ,Ltd.BankofAmerica,N.A.REGISTEREDOFFICEP.O.Box309GrandCaymanCaymanIslandsBritishWestIndiesPRINCIPALOFFICE2/FChungShunKnittingCentre1–3WingYipStreetKwaiChung,N.T.HongKongWEBSITE’000HK$’000%Turnover6,493,3944,523,826+44Grossprofit1,105,781899,886+23Netprofitfortheyear702,029532,046+32EPSBasicHK$1.49HK$1.15+30DilutedHK$1.46HK$1.13+29DPSInterimHK$0.25HK$0.23+9FinalHK$0.30HK$0.25+20Total:HK$0.55HK$0.48+1504TrulyInternationalHoldingsLimited.AnnualReport2007FinancialHighlights(Continued)Basicearningsanddividendspershare(HKcents)5101520253035AnalysisofEBITDA,gross,operatingandnetprofitmargins(%)(%)05.FinancialHighlights(Continued)TurnoverbygeographicalsegmentsTurnoverbybusinesssegmentsLCDsalesbreakdown03Fin_Highlight81761-01N.indd503Fin_Highlight81761-01N.indd525/4/2008PM5:47:3125/4/2008PM5:47:3106TrulyInternationalHoldingsLimited.AnnualReport2007TheChairman’sStatementIampleasedtoannouncetheGroup’sauditedannualresultsfortheyearended31December2007withsignificantgrowthinbothturnoverandnetprofit.BythesuccessfulimplementationoftheGroup’sfirstTFT-LCD(’’ThinFilmTransitor-LiquidCrystalDisplay’’)panelproductionlineinthethirdquarteroftheyearandtherapidincreaseinitsproductivityandproductionyieldduringthefourthquarter,wearenowinapositiontolabelourselvesasoneofthebestplayersinthesmallsizedisplayindustryintheglobalperspective.Consistentwiththeinterimperiod,significantgrowthinsaleswasconcentratedintheGroup’sLCDbusinesswhichaccountedforapproximately98%oftheconsolidatedturnover.ThethreekeycomponentsintheLCDsalesduringtheyearwereTFT(60%),ColourSuper-twistedNematic(’’CSTN’’)LCD(15%)andMono-STNandTNLCDdisplaysandmodules(25%).Besideshavingadominantmarket-shareintheChinahandsetdisplaymarketespeciallybyourdistinctiveTFTproductsasevidencedbyourexcellentturnovergrowthfortheyearinthatregion,wealsomadeanexceptionalperformanceinotherregionslikeSouthKorea,Europe,etc.WealsoseehugenewbusinessopportunitiesinareaslikeEasternEurope,NorthAmericaandIndiainwhichwewillputmuchmoremarketingeffortstoexploreinthecomingyears.InJanuary2008,theGroupannouncedthepurchaseofequipmenttofurtherincreasetheproductioncapabilityandefficiencyforbothTFTandCSTNpanelsbyinvestingapproximatelyHK$580millionandHK$200millionrespectively.Bythetimewepossesstheseproductionfacilitiesduringtheyear,ourcostofproductionwillbefurtherreducedtocaterespeciallyforthosesalesordersthatrequirehighlycustomiseddesignsandsmallvolumebusinesswhicharenormallyofhigherprofitmarginsandregularlylong-termdemands.Eventhoughweseeanupcomingmarketopportunityandanticipatetoofferamorecompetitiveproductrangetoourcustomers,wedonotunder-estimatethenegativeimpactsbytheincreasesoftheoverallfactoryoverheadsinouruniqueChinaManufacturingBaseduetothecontinuousappreciationofRenminbi(’’RMB’’),increasedwagesandproductionoverheadsbecauseofthegeneralinflationinthePRCandourdedicationtoinvestmentsinR&Dandhumanresources.Anumberofmeasureshavebeenimplementedsincelastyearincludingtheincreaseinproductionautomation,costcuttingTFT-LCD-98%LCDLCDTFT60%CSTNLCD15%STNTNLCD25%TFT5.82TFTCSTN07.TheChairman’sStatement(Continued)campaignsandthehedgingofRMBandotherfinancialexposures.Thesemeasuresareexpectedtomaintainforalongerperiodoftimetoachievethebestresults.Amidthecurrentunfavourableglobalfinancialmarketsituation,webelieveourbusinessisgoingtofurtherdevelopinahealthymanner.Ourlong-termgoalwillstillbemaintainedatmakinganorganicgrowthineveryvitalpartintheorganisationonthesolidplatformwehavebeenbuildingupfornearly30yearsoftheGr