Impro Investors

Investors

Overview

On June 28, 2019, Impro Precision Industries Limited (abbreviation: Impro Precision, stock code: 1286) was listed on the Main Board of The Stock Exchange of Hong Kong. Morgan Stanley and BOCI were the joint sponsors of the IPO.

Impro Precision was founded in 1998. The company is a global top 10 manufacturer of high-precision, high-complexity and mission-critical casting and machined components for diverse and dispersed end-markets, serving a number of globally recognized industry leaders. Impro Precision has established global manufacturing footprints and global service network, with 19 production facilities in China, Turkey, Germany, the Czech Republic and Mexico. Currently the company has more than 6,500 employees worldwide and its products are sold to more than 30 countries and regions.

According to the Roland Berger Report, Impro Precision is the world’s 7th largest independent and China’s largest investment casting manufacturer and also the world’s 4th largest precision machining company in the end-markets of automotive, aerospace and hydraulics. The company is also one of the few suppliers offering one-stop solutions, including initial research and development, tooling design and manufacturing, casting, heat treatment, secondary machining and surface treatment.

Stock Information

Financial Highlights

Key Financial Information
(in HK$’000, except percentages) 1H/2021 1H/2020 FY2020 FY2019 FY2018 FY2017 FY2016
Revenue 1,823,930 1,368,631 2,924,614 3,640,170 3,749,113 3,049,143 2,547,214
Gross Profit 498,322 365,922 767,300 1,131,516 1,207,767 977,872 769,337
Gross Profit Margin 27.3% 26.7% 26.2% 31.1% 32.2% 32.1% 30.2%
Profit/(Loss) attributable to shareholders of the Company 175,014 (269,845) (148,191) 538,856 409,603 401,559 339,373
Adjusted profit attributable to shareholders of the Company (1) 214,220 182,907 313,409 575,756 618,326 444,977 344,212
Adjusted EBITDA(1) 477,414 409,842 801,944 1,101,485 1,141,825 917,623 776,176
Adjusted EBITDA Margin 26.2% 29.9% 27.4% 30.3% 30.5% 30.1% 30.5%
Net cash generated from operating activities 310,981 452,437 888,652 974,100 777,585 751,946 633,473
Free cash flow from operations (1) (260,236) 284,756 363,930 461,843 215,877 350,880 246,846
Key Financial Information, As of
(in HK$’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
Note:
(1) As defined in 2021 Interim Results Announcement

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