Investors
Overview
On June 28, 2019, Impro Precision Industries Limited (“Impro Precision”, together with its subsidiaries, the “Group”, stock code: 1286) was listed on the Main Board of The Stock Exchange of Hong Kong Limited. Total newly issued shares (before green shoe) are 333,300,000 shares, representing 18.2% of enlarged share capital. The IPO price was HK$3.00 per share and the Company raised approximately HK$1.0 billion gross proceeds which will be used to expand and upgrade production capacity including Mexico plants development; repay interest-bearing banks borrowings; selectively pursue potential acquisitions of businesses that complement the Group’s business model and are in line with the Group’s growth strategy; and for working capital and general corporate purposes.
On the listing date (before green shoe), Mr. Lu Ruibo (Founder and Chairman), Baring Asia Private Equity, China General Technology Group, China Structural Reform Fund Corporation, ASF Radio and other public shareholders own 62.1%, 12.9%, 5.2%, 4.0%, 1.6% and 14.2% of shares of the Company, respectively.
Morgan Stanley Asia Limited and BOCI Asia Limited are the Joint Sponsors of this IPO.
Financial Highlights
| (in HK$’000, except percentages) | 1H/2021 | 1H/2020 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,823,930 | 1,368,631 | 2,924,614 | 3,640,170 | 3,749,113 | 3,049,143 | 2,547,214 |
| Gross Profit | 498,322 | 365,922 | 767,300 | 1,131,516 | 1,207,767 | 977,872 | 769,337 |
| Gross Profit Margin | 27.3% | 26.7% | 26.2% | 31.1% | 32.2% | 32.1% | 30.2% |
| (Loss) /Profit attributable to shareholders of the Company | 175,014 | (269,845) | (148,191) | 538,856 | 409,603 | 401,559 | 339,373 |
| Adjusted profit attributable to shareholders of the Company (1) | 214,220 | 182,907 | 313,409 | 575,756 | 618,326 | 444,977 | 344,212 |
| Adjusted EBITDA(1) | 477,414 | 409,842 | 801,944 | 1,101,485 | 1,141,825 | 917,623 | 776,176 |
| Adjusted EBITDA Margin | 26.2% | 29.9% | 27.4% | 30.3% | 30.5% | 30.1% | 30.5% |
| Net cash generated from operating activities | 310,981 | 452,437 | 888,652 | 974,100 | 777,585 | 751,946 | 633,473 |
| Free cash flow from operations (1) | (260,236) | 284,756 | 363,930 | 461,843 | 215,877 | 350,880 | 246,846 |
| (in HK$’000, except percentages) | 6/30/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 |
|---|---|---|---|---|---|---|
| Total Assets | 6,099,150 | 5,672,295 | 5,964,242 | 5,567,987 | 5,334,145 | 4,607,389 |
| Total Liabilities | 1,896,587 | 1,639,398 | 1,937,285 | 2,883,808 | 2,805,072 | 2,627,364 |
| Net Assets | 4,202,563 | 4,032,897 | 4,026,957 | 2,684,179 | 2,529,073 | 1,980,025 |
| Adjusted Return on Equity(1) | 8.4% | 7.8% | 17.2% | 23.9% | 19.8% | 17.9% |
| Net Gearing Ratio | 13.2% | 6.2% | 12.6% | 63.1% | 65.2% | 86.8% |
| Interest Coverage (Times) | 21.9 | 11.6 | 9.2 | 6.3 | 6.8 | 5.5 |
(1) As defined in 2019 Annual Results Announcement