NVC two board members have resigned, and former president Wu Changjiang executives began to return.
NVC ( August 29th 02222.HK ) releases announcement to say, Alan Russell Powrie, due to the company's future strategy differences of opinion, resigned from the company of independent non-executive director, chairman of audit committee, member of the Remuneration Committee and nomination committee member positions, with immediate effect.
Two days ago, the company announcement, Goldman Sachs ( Asia) direct director Xu Mingyin in August 24th his resignation from the NVC non-executive directorship, because there are other business arrangements. Goldman Sachs in the NVC shares for 5.6%.
At present, NVC board with five members. At the same time, NVC insiders confirmed to reporters, after the resignation of vice president Xu situation, as well as the friends of the Zhejiang general manager Liu Shuanglong has returned to the nvc.
On the evening of August 28th, the company had announced first-half results, not on the outside are most concerned about the Wu Changjiang regression to explain. According to earlier reports, August 28th NVC board will make an announcement to return to Wu Changjiang, but as of 29, has yet to have any exact information. In 27 days of evening, ' on the Hongkong Stock Exchange issued a notice to clarify, recognized Wu Changjiang for talks with Yan Yan, but insists that Wu Changjiang return NVC have not reached an agreement yet.
The earlier interview parties currently no longer respond to events, unified caliber called all announcements. NVC Huizhou management says, August 27th Wu Changjiang went to Huizhou to see the factory production, " the message said, Wu Changjiang and Yan Yan had a pleasant talk. "
According to the semi-annual report, the first half of the year NVC net profit of $6468000, down 83.7%, year sales revenue dropped 4.1%, including domestic sales dropped 17.4%, referred to by the domestic economic slowdown and the resignation of Wu Changjiang effect.
And declining domestic sales, foreign sales achieved NVC 30% growth, but it is not enough to cover the first half of the overall sales decline. The results show that in addition to source products to achieve 29.3% growth, lamps and lighting appliances 16.9% and 33.1% fall.
The report says, management fees than the 91.9% increase over the same period, to $33454000, growth was mainly on the part of receivables and prepayments of provision for bad debt provision, $9884000. Management fee revenue from 6.5% to 13.1%. The report also pointed out, the board will consider actions, recover and Wu Changjiang have associated people set aside $ 7854000.
The semi-annual report released again since July company once the strike, dealers and suppliers to stop selling off for case. But not on the incident to the company's future performance impact assessment.
An unnamed lighting industry analyst told reporters, NVC released interim results, is not in accordance with the usual analyst conference held. He said should be taken into account by the company recently ", " difficult to explain with analyst ". He called to account for the first half of the domestic economic environment as well as the lighting industry overall growth of only 3% of the larger environment, NVC sales decline is not accidental.
Wu Changjiang resigned in May this year, Yuexiu securities of NVC NVC investigation report shows, first half of this year is expected income growth, annual growth of 10%. At present, NVC NVC official micro-blog message display, vice president Yang Wenbiao has already said it will " die and the early targets 80% ".
Huizhou NVC factory management revealed early aim is to develop annual revenue growth of 20%. But he said, because July has important influence on the outdoor production and sales, the remaining months of catch, the difficulty is very big, and the last year has been very good. NVC in 2011 sales revenue of 589000000 dollars.
On August 29th, NVC stock price falls 5%, reports 1.33 HK dollars / share.
