"AAC Acoustic Holdings Inc." has changed to "AAC Technologies Holdings Inc."   

Current PostionHomeAbout AACLatest News2009 Annual Results

2009 Annual Results

Net Profit Record High at RMB615 million
10.5% Quarter-to-Quarter Growth in Basic Earnings per Share
Full Recovery with High Growth Momentum

Financial Highlights

For the year ended 31st December Change 2009 vs 2008 For the fourth quarter in 2009 RMB' million For the third quarter in 2009 RMB'million Change 2009 4Q vs 3Q
2009 RMB' million 2009 RMB' million
Revenue 2,203 2,256 -2.30% 695 682 1.90%
Gross Profit 989 940 5.20% 326 317 2.80%
Gross Profit Margin 44.90% 41.70% +3.2pts 46.90% 46.50% +0.4pts
Profit Attributable to Owners of the Company 615 590 4.20% 221 200 10.50%
Net Profit Margin 27.90% 26.20% +1.7pts 31.80% 29.30% +2.5pts
Earnings per Share – Basic RMB50.08 cents RMB48.01 cents 4.30% RMB18.00 cents RMB16.29 cents 10.50%

(29th March, 2010 – Hong Kong) – AAC Acoustic Technologies Holdings Inc. ("AAC Acoustic" or "the Company"; HKEx: 02018), a world leading miniature components total solution provider, announced today its results for the year ended 31st December, 2009. During the year, the Company has completely pulled out from the impact of the global financial tsunami in early 2009 and regained its growth momentum, achieving even better financial performance compared to 2008.

The Board proposed a final dividend of HK15.5 cents per ordinary share for the year ended 31st December, 2009 (2008: HK10.9 cents). The final dividend, together with the interim dividend, represents a payout ratio of about 40% of the profit attributable to owners of the Company for the year.

For 2009, the Company's revenue was RMB2,203 million (2008: RMB2,256 million). Gross profit was RMB989 million (2008: RMB940 million), representing an increase of 5.2% from 2008, while gross profit margin was 44.9% (2008: 41.7%). Profit attributable to owners of the Company and EPS for 2009 were RMB615 million and RMB50.08 cents (2008: RMB590 million and RMB48.01 cents), representing an increase of 4.2% and 4.3% respectively from that of 2008. Net margin for 2009 was 27.9% (2008: 26.2%).

For 4Q'2009, the Company's revenue was RMB695 million, representing an increase of 1.9% from 3Q'2009. Gross profit for the quarter was RMB326 million, representing an increase of 2.8% from 3Q'2009 whereas gross profit margin was 46.9%, up from the 46.5% achieved in 3Q'2009. Profit attributable to owners of the Company and EPS for 4Q'2009 were RMB221 million and RMB18.00 cents, respectively, representing an increase of 10.5% and 10.5%, respectively, from that of 3Q'2009. Net margin was 31.8% for 4Q'2009, significantly higher than the 29.3% achieved in 3Q'2009.

The internal process effectiveness and the cost improvement programmes continued to enhance the Company's production efficiency and cost structures. With the increase in profitability and return to growth in the second quarter of 2009 together with the anticipated improvement in business climate in 2010, the Company is confident about its future financial performance. As at 31st December, 2009, AAC Acoustic had a total of RMB1.7 billion in cash and bank balances, representing an increase of RMB469 million from that of 2008.

The Company has made progress in research and development of the design and packaging of Micro-Electro-Mechanical Systems (MEMS), Low Temperature Co-fired Ceramics (LTCC) technology as well as the technologies related to active noise-cancellation and sound projection. New research areas include Voice Coil Motor (VCM) auto-focus and related digital processing methods and software in noise-cancellation, which are expected to expand the Company's product portfolio and revenue streams.

AAC Acoustic will continue to leverage on its existing technology platform, customer base and manufacturing competencies to extend its leading position in acoustic components, and furthermore, to go beyond acoustics market to launch additional non-acoustic miniature components in areas of touch and imaging.

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