lionasiapac

8/2/2019 lionasiapac

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Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFI LEFigures in Singapore D ollars

A Wr ight I nvestors' Service Research Report :

Lion Asiapac Limited440 Wheelers Farms RoadMilford, CT 06461 U.S.A.

Wright Quality Rating:LANN

Lion Asiapac Limited is an investment holding company. The principal activities of its

subsidiaries consist of investment holding, as well as the design-in and distribution of

semiconductors and related components, limestone processing and scrap metal

trading. The Company operates in four business divisions: Limestone processing,

Scrap metal trading, Electronic component distribution and Investment

holding/others. Its limestone processing business is operated by its subsidiary,

Compact Energy Sdn Bhd. Its scrap metal trading business is operated by LAP

Trading and Marketing Pte Ltd. The electronics division was operated by AE TechnolPte Ltd. On May 25, 2010, the Company acquired a 10.3% interest in Mindax Limited(Mindax). On August 31, 2010, its subsidiary AE Technol Pte Ltd, had ceased its

operations. Its other subsidiaries include Bright Steel Pte Ltd, Ternair Jaya Sdn. Bhd,

Arbon Investment Pte Ltd, Aarau Investment Pte Ltd and Grenchen Investment Pte

Ltd.

Stock Pr ice (11 / 12 / 2010) : 0 .26

Stock Chart

Recent stock performance

1 Week -1.9%

4 Weeks -5.5%

13 Weeks 8.3%

52 Weeks -18.8%

Non Executive Chairma n

Wok Othman

Secretary

Silvester Bernard Grant

SecretaryYen Hui Tan

Officers

Earnings / D iv idends (as o f 9 / 30 / 2010 )

Earnings Dividends

Most Recent Qtr 0.00 0.10

Last 12 Months 0.11 0.11

Ratio Analysis

Key Data

Ticker:

L08

20 10 Sales:

43,772,000

Major I ndustry:Electronics

Sub I ndust ry:

Diversified Electronics

Country:

Singapore

Currency:

Singapore Dollars

Fiscal Year Ends:June

Employees

3,799

Exchanges:

SIN

Share Type:

Ordinary

Market Capitalization:105,435,980

Total Shares

Outstanding:

405,523,000

Closely Held Shar es:

270,830,404


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Price / Earnings Ratio 2.36 Dividend Yield 42.31%

Price / Sales Ratio 2.41 Payout Ratio 100.00%

Price / Book Ratio 0.92 % Held by Insiders 66.79%

Address

10 Arumugam Road

409957

SINGAPORE

Phone

+65 6745 9677

Home Page

http://www.lionapac.com

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,

stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written

permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Comparative Business Analysis

A W right I nvestors' Service Resear ch Report:

Lion Asiapac Limited

Provided By Corporat eIn form ation.com440 Wheelers Farms RoadMilford, CT 06461 U.S.A.

W right Com para tive Business Analysis Report

Report Date: 11/12/2010

Com pany De scription

Lion Asiapac Limited is an investment holding company. The principal activities of its subsidiaries consist of

investment holding, as well as the design-in and distribution of semiconductors and related components,

limestone processing and scrap metal trading. The Company operates in four business divisions: Limestone

processing, Scrap metal trading, Electronic component distribution and Investment holding/others. Its limestoneprocessing business is operated by its subsidiary, Compact Energy Sdn Bhd. Its scrap metal trading business is

operated by LAP Trading and Marketing Pte Ltd. The electronics division was operated by AE Technol Pte Ltd. O

May 25, 2010, the Company acquired a 10.3% interest in Mindax Limited (Mindax). On August 31, 2010, itssubsidiary AE Technol Pte Ltd, had ceased its operations. Its other subsidiaries include Bright Steel Pte Ltd,

Ternair Jaya Sdn. Bhd, Arbon Investment Pte Ltd, Aarau Investment Pte Ltd and Grenchen Investment Pte Ltd.

Competitor Analysis

Lion Asiapac Limited operates within the Semiconductors and related devices sector. This analysis compares LionAsiapac Limited with three other companies: Mul t i- Chem Ltd (2009 sales of 154.62 million Singapore Dollars[US$119.96 million] of which 82% was IT Distribution), Ultro Technologies Limited (2010 sales: 2.62 millionSingapore Dollars [US$2.03 million] of which 96% was Natural Resources), and Europtronic Group Limite d (200

sales of 66.45 million Singapore Dollars [US$51.55 million] of which 68% was Distribution). Note: not all of these

companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

During the year ended June of 2010, sales at Lion Asiapac Limited were 43.77 million Singapore Dollars (US$33.96million). This is a sharp decrease of 29.4% versus 2009, when the company's sales were 61.99 million Singapore

Dollars. Contributing to the drop in overall sales was the 91.4% decline in Electronic Component Distribution, from

35.52 million Singapore Dollars to 3.07 million Singapore Dollars. . However, these declines were partially offset b

the increase in sales of Limestone Processing (up 28.9% to 21.00 million Singapore Dollars) and Scrap Metal

Trading (up 97.5% to 19.70 million Singapore Dollars) .

Recent Sales at Lion Asiapac Limit ed

(Figures in Millions of Singapore Dollars)

Sales of Electronic Component Distribution accounted for only 7% of sales in 2010, versus 100% in 2006. The

company derives almost all of its revenues in Malaysia: in 2010, this region's sales were 41.14 million Singapore

Dollars, which is equivalent to 94.0% of total sales. On a geographical basis, contributing to the decline in thecompany's sales in 2010 were the declines in Indonesia, where sales dropped 99.6% to 23,000.00 Singapore

Dollars. Sales in Singapore were also lower, falling 87.6% (to 927,000.00 Singapore Dollars) . However, not all

regions experienced a decline in sales. Sales in Malaysia increased 34.3% (to 41.14 million Singapore Dollars). Th

company currently employs 3,799. With sales of 43.77 million Singapore Dollars (US$33.96 million) , this equates

6270

94106

62

44

200520062007200820092010


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to sales of US$8,939 per employee. This company's employees do not appear to be very efficient in generating

sales. The sales per employee levels at the three comparable companies vary greatly, from US$7,311 toUS$211,564, as shown in the following table. Some of the variation may be due to the way each of these

companies counts employees (and if they count subcontractors, independent contractors, etc).

Sales Comparisons (Most Recent Fiscal Year)

Recent Stock Perform ance

For the 52 weeks ending 11/12/2010, the stock of this company was down 18.8% to 0.2 6 Singapore Dollars.During the past 13 weeks, the stock has increased 8.3%. During the 12 months ending 9/30/2010, earnings per

share totalled 0.11 Singapore Dollars per share. Thus, the Price / Earnings ratio is 2.36. These 12 month earnings

are lower than the earnings per share achieved during the last fiscal year of the company, which ended in June

of 2010, when the company reported earnings of 0.19 per share. Earnings per share rose 2,027.6% in 2010 from

2009. This company is currently trading at 2.41 times sales. The three companies vary greatly in terms of price

to sales ratio: trading from 0.35 times all the way up to 7.42 times their annual sales. Lion Asiapac Limited is

trading at 0.92 times book value. Since the price to book ratio is less than 1, this means that theoretically, thenet value of the assets is greater than the value of a company as a going concern.

Summary of company valuations (as of 11/12/2010).

The market capitalization of this company is 105.44 million Singapore Dollars (US$81.80 million) . Closely held

shares (i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more

than 5% of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsiderto acquire a majority of the shares without the consent of management and other insiders. The capitalization of

the floating stock (i.e., that which is not closely held) is 35.02 million Singapore Dollars (US$27.17 million) .

Dividend Analysis

During the 12 months ending 9/30/2010, Lion Asiapac Limited paid dividends totalling 0.11 Singapore Dollars per

share. Since the stock is currently trading at 0.26 Singapore Dollars, this implies a dividend yield of 42.3%. None

of the three comparable companies paid any dividends during the previous 12 months. Lion Asiapac Limited last

raised its dividend during fiscal year 2006, when it raised its dividend to 0.04 Singapore Dollars from 0.01

Singapore Dollars. During the same 12 month period ended 9/30/2010, the Company reported earnings of 0.11

Singapore Dollars per share. This is the exact same amount as the company earned per share in 2010; thus, the

company has used all of its profits to pay dividends, and will not use any of its profits to grow the business.

Profitability Analysis

On the 43.77 million Singapore Dollars in sales reported by the company in 2010, the cost of goods sold totalled

36.51 million Singapore Dollars, or 83.4% of sales (i.e., the gross profit was 16.6% of sales). This gross profit

margin is better than the company achieved in 2009, when cost of goods sold totalled 92.1% of sales. In 2010,

the gross margin was the highest of the previous five years (and in 2006 was as low as 3.8%). There was a wid

variation in the gross profit margins at the three comparable companies, from 7.1% of sales to 21.7% of sales.

The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 950,000.00

Singapore Dollars, or 2.2% of sales. This EBITDA margin is better than the company achieved in 2009, when the

EBITDA margin was equal to -3.1% of sales. In 2010, earnings before extraordinary items at Lion Asiapac Limited

were 75.06 million Singapore Dollars, or 171.5% of sales. This profit margin is an improvement over the level thecompany achieved in 2009, when the profit margin was 5.7% of sales. The company's return on equity in 2010

was 39.4%. This was significantly better than the 2.2% return the company achieved in 2009. (Extraordinary

Company

Year

Ended

Sales

(mlns)

Sales

Growth

Sales/

Emp ( US$) Largest Region

Lion Asiapac Limited Jun 2010 43.772 -29.4% 8,939 Malaysia (94.0%)

Multi-Chem Ltd Dec 2009 154.623 12.0% 211,564 other countries (48.5%)

Ultro Technologies Limited Jun 2010 2.620 -78.3% 7,311 Indonesia (57.4%)

Europtronic Group Limited Dec 2009 66.450 -6.0% 42,221 China (87.8%)

Com pany P/ EPrice/

BookPrice/Sales

5 2 W k Pr Chg

Lion Asiapac Limited 2.4 0.92 2.41 -18.80%

Multi-Chem Ltd 8.4 0.74 0.35 -6.25%

Ultro Technologies Limited N/A 2.00 7.42 -16.67%

Europtronic Group Limited N/A 0.66 0.41 -50.00%


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items have been excluded).

Profitability Comparison

Lion Asiapac Limited reports profits by product line. During 2010, the itemized operating profits at all divisions

were 2.28 million Singapore Dollars, which is equal to 5.2% of total sales. Of all the product lines, Limestone

Processing had the highest operating profits in 2010, with operating profits equal to 20.7% of sales. In fact,during each of the previous 3 years, Limestone Processing has had the highest operating profits of all product

lines at Lion Asiapac Limited. Electronic Component Distribution had the lowest operating profit margin in 2010,

with the operating profit showing a loss equivalent to 42.8% of sales. This marks the third year in which

Electronic Component Distribution had the lowest operating profit margins.

I nventory Analysis

As of June 2010, the value of the company's inventory totalled 2.21 million Singapore Dollars. Since the cost ofgoods sold was 36.51 million Singapore Dollars for the year, the company had 22 days of inventory on hand(another way to look at this is to say that the company turned over its inventory 16.5 times per year). In terms

of inventory turnover, this is an improvement over June 2009, when the company's inventory was 4.27 million

Singapore Dollars, equivalent to 27 days in inventory.

Financial Position

As of June 2010, the company's long term debt was 18,000.00 Singapore Dollars and total liabilities (i.e., all

monies owed) were 51.95 million Singapore Dollars. The long term debt to equity ratio of the company is very

low, at only 0.00. This company has a large cash balance: in 2010, the company had only 43.77 million SingaporDollars in sales, but its cash and short term investments as of June 2010 were 125.34 million Singapore Dollars, o

2.9 times the annual sales. As of June 2010, the accounts receivable for the company were 13.55 million

Singapore Dollars, which is equivalent to 113 days of sales. This is an improvement over the end of 2009, when

Lion Asiapac Limited had 138 days of sales in accounts receivable.

Financial Positions

I ndustry Overview

Com pany Year

Gross

Profit

MarginEBI TDA

Margin

Earns

bef.

ext ra

Lion Asiapac Limited 2010 16.6% 2.2% 171.5%

Lion Asiapac Limited 2009 7.9% -3.1% 5.7%

Multi-Chem Ltd 2009 21.7% 7.9% -1.5%

Ultro Technologies Limited 2010 7.1% -245.7% -250.0%

Europtronic Group Limited 2009 10.8% -10.4% -32.3%

Com pany Year

LT Debt /

Equity

Days

AR

Days

I n v .

Lion Asiapac Limited 2010 0.00 113 22

Multi-Chem Ltd 2009 0.00 90 38

Ultro Technologies Limited 2010 0.00 712 N/A

Europtronic Group Limited 2009 0.25 169 114

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSI S: Lion Asiapac Lim ited Per Share-Singapore Dol lars

Year PriceValue Ratios Equity Capita l Earnings Dividends

Fiscal YrEnds:June

MarketPrice

Last

Price/Earnings

Ratio

Price/Book

Ratio

Dividend

Yield

% Earned

Growth

%

ProfitRate

(ROE)

Book

ValueBegin

Yr

12 Month

EarningsPer

Share

%

Change

% Payout

Ratio

12 Mont

DividendPer

Share

2002 0.15 n/c 0.4 0.0% -0.9% -0.9% 0.39ABD -

0.00n/c n/c 0.0

2003 0.15 n/c 0.4 0.0% -1.9% -1.9% 0.38 AD -0.01 n/c n/c 0.0

2004 0.12 4.0 0.4 4.2% 7.8% 9.3% 0.32 AD 0.03 n/c 16.5% 0.0

2005 0.16 3.8 0.4 3.6% 10.0% 11.6% 0.35 BD 0.04 33.3% 13.9% 0.0

2006 0.18 9.8 0.4 22.9% -5.6% 4.6% 0.39 ABD 0.02 -55.7% 223.5% 0.0

2007 0.31 5.8 1.0 3.2% 13.4% 16.4% 0.33 ABD 0.05 199.4% 18.7% 0.0

2008 0.23 20.5 0.4 4.3% 0.2% 2.0% 0.55 BD 0.01 -79.1% 89.3% 0.0

2009 0.19 21.3 0.5 5.4% -0.3% 2.2% 0.39 AD 0.01 -22.3% 114.9% 0.0

2010 0.26 1.4 0.6 0.0% 39.4% 39.4% 0.47 D 0.19 2,027.6% 0.0% 0.0

11/12/2010 0.26 2.3 0.9 42.3% n/a n/a 0.28 0.11 n/c 100.0% 0.1

(A): I NCLUDES OR EXCLUDES EXTRAORDI NARY CHARGE OR CREDI T- INCLS 0.01 PRETAX CR AND NOM PRETAX CHG

FIS 2009, INCLS 0.04 PRETAX CR IN FIS 2007, INCLS 0.05 PRETAX CR AND 0.03 PRETAX CHG IN FIS 2006, INCLS

0.01 PRETAX CHG IN FIS 2004, INCLS 0.01 PRETAX CHG IN 2003, INCLS 0.01 PRETAX CR IN FIS 2002, INCLS 0.001

PRETAX CHG IN FIS 2001, EXCLS 0.104 CHG IN FIS 2000

(B

): I NCLUDES THE EFFECTS OF A CHANGE I N ACCOUNTING POLICI ES OR TAX LAWS - - ADOPTED AMENDMENTS TO

FRS 1 PRESENTATION OF FINANCIAL STATEMENTS - CAPITAL DISCLOSURES, FRS 107 FINANCIAL INSTRUMENTS:

DISCLOSURES, INT FRS 110 INTERIM FINANCIAL REPORTING AND IMPAIRMENT, EARNINGS IMPACT IMMATERIAL, -

ADOPTED FRS 19 (AMENDMENT) FOR EMPLOYEE BENEFITS, FRS 21 (AMENDMENT) FOR THE EFFECTS OF CHANGES

FOREIGN EXCHANGE RATES, FRS 32 (AMENDMENT) FOR FINANCIAL INSTRUMENTS: DISCLOSURES & PRESENTATION

FRS 39 (AMENDMENT) FOR FINANCIAL INSTRUMENTS: RECOGNITION & MEASUREMENT AND INT FRS 104 FOR

DETERMINING WHETHER AN ARRANGEMENT CONTAINS A LEASE, EARNINGS IMPACT IMMATERIAL, - ADOPTED FRS 1

(REVISED2004); FRS 2 (REVISED2004); FRS 8 (REVISED2004); FRS 10 (REVISED2004); FRS 16 (REVISED2004); FRS

17 (REVISED2004); FRS 21 (REVISED2004); FRS 24 (REVISED2004); FRS 27 (REVISED2004); FRS 28 (REVISED2004

FRS 31 (REVISED 2004); FRS 32 (REVISED2004); FRS 33 (REVISED 2004); FRS 39 (REVISED2004), FRS 102 AND FR105 IN FIS 2006, EARNINGS IMPACT IMMATERIAL, ADOPTED FRS 103 FOR BUSINESS COMBINATIONS, EARNINGS

IMPACT NOT SPECIFIED, - ADOPTED SAS 10 (REVISED 2000) FOR EVENTS AFTER THE BALANCE SHEET DATE, SAS

12 (REVISED 2001) FOR INCOME TAXES, SAS 17 (REVISED 2000) FOR EMPLOYEE BENEFITS, SAS 31 FOR

PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS, SAS 32 FOR FINANCIAL INSTRUMENTS-

DISCLOSURE AND PRESENTATION, SAS 35 FOR DISCONTINUING OPERATIONS AND SAS 36 FOR IMPAIRMENT OFASSETS, EARNINGS IMPACT NOT SPECIFIED.

(C): INCLS DISCONTINUED OPS

(D): BASED ON AVERAGE SHARES OUTSTANDI NG, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED JUN 2007 WER

0.0535, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED JUN 2001 WERE 0.032, FULLY DULITED EARNINGS FOR

THE 12 MOS ENDED JUN 2000 WERE 0.001

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established newsmedia, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or bany means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliabbut accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Sales Analysis

SALES ANALYSI S: Lion Asiapac LimitedFigures in t housands of Singapore Dollars

Year

Sales

Cost of

Goods Sold

Earnings before

Interest,

Taxes,

Depreciation, and

Amortization

(EBITDA)

After Tax Income

before

Extraordinary

Charges and

Credits Employees

Amount

inthousands

Year-to-

year

Growth

Amountin

thousands

% of

Sales

Amount

inthousands

% of

Sales

Amount

inthousands

% of

Sales Number

Sales

Per

Employee

After TaxI ncome

PerEmploye

2001 88,535 184.7% 92,900 104.9% 1,498 1.7% 7,867 8.9% 286 309,563 27,50

2002 85,484 -3.4% 84,451 98.8% 469 0.5% -870 -1.0% 77 1,110,182 -11,29

2003 108,213 26.6% 103,166 95.3% 591 0.5% -2,400 -2.2% 69 1,568,304 -34,78

2004 75,018 -30.7% 70,565 94.1% 3,771 5.0% 12,291 16.4% 69 1,087,217 178,13

2005 62,259 -17.0% 59,880 96.2% -551 -0.9% 16,377 26.3% 68 915,574 240,83

2006 69,933 12.3% 67,278 96.2% 4,969 7.1% 7,235 10.3% 3,799 18,408 1,90

2007 93,563 33.8% 82,721 88.4% 25,415 27.2% 21,715 23.2% n/a n/a n/

2008 105,732 13.0% 95,160 90.0% 7,392 7.0% 4,523 4.3% n/a n/a n/

2009 61,987 -41.4% 57,118 92.1% 4,597 7.4% 3,519 5.7% n/a n/a n/

2010 43,772 -29.4% 36,510 83.4% 89,526 204.5% 75,063 171.5% n/a n/a n/

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval

system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliab

but accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Price Analysis

PRI CE ANALYSI S: Lion Asiapac Lim ited Per Share-Singapore Dol lars

Quarter

High

Price

Low

Price

Closing

Price

Quarterly

%Change

12 months

%Change

2002 Jan-Mar 0.220 0.170 0.180 n/a n/a

Apr-Jun 0.180 0.140 0.145 -19.4% n/a

Jul-Sep 0.185 0.115 0.120 -17.2% n/a

Oct-Dec 0.125 0.095 0.100 -16.7% n/a

2003 Jan- Mar 0.125 0.090 0.110 10.0% -38.9%

Apr-Jun 0.160 0.090 0.150 36.4% 3.4%

Jul-Sep 0.205 0.150 0.175 16.7% 45.8%

Oct-Dec 0.215 0.140 0.165 -5.7% 65.0%

2004 Jan-Mar 0.180 0.135 0.155 -6.1% 40.9%

Apr-Jun 0.165 0.120 0.120 -22.6% -20.0%

Jul-Sep 0.180 0.110 0.180 50.0% 2.9%

Oct-Dec 0.205 0.170 0.175 -2.8% 6.1%

2005 Jan-Mar 0.190 0.160 0.160 -8.6% 3.2%

Apr-Jun 0.180 0.145 0.155 -3.1% 29.2%

Jul-Sep 0.190 0.150 0.180 16.1% 0.0%

Oct-Dec 0.220 0.160 0.170 -5.6% -2.9%

2006 Jan- Mar 0.230 0.160 0.175 2.9% 9.4%

Apr-Jun 0.210 0.150 0.175 0.0% 12.9%

Jul-Sep 0.175 0.150 0.160 -8.6% -11.1%

Oct-Dec 0.175 0.155 0.165 3.1% -2.9%

2007 Jan- Mar 0.195 0.160 0.165 0.0% -5.7%

Apr-Jun 0.340 0.165 0.310 87.9% 77.1%

Jul-Sep 0.315 0.185 0.265 -14.5% 65.6%

Oct-Dec 0.310 0.235 0.260 -1.9% 57.6%

2008 Jan- Mar 0.340 0.195 0.260 0.0% 57.6%

Apr-Jun 0.270 0.220 0.230 -11.5% -25.8%

Jul-Sep 0.230 0.140 0.160 -30.4% -39.6%

Oct-Dec 0.170 0.100 0.130 -18.8% -50.0%

2009 Jan-Mar 0.150 0.095 0.110 -15.4% -57.7%

Apr-Jun 0.205 0.115 0.185 68.2% -19.6%

Jul-Sep 0.340 0.165 0.300 62.2% 87.5%


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Oct-Dec 0.375 0.275 0.365 21.7% 180.8%

2010 Jan- Mar 0.475 0.305 0.465 27.4% 322.7%

Apr-Jun 0.470 0.230 0.260 -44.1% 40.5%

Jul-Sep 0.355 0.230 0.265 1.9% -11.7%

11/12/2010 0.260 8.3% -18.8%

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,

stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior writtenpermission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.


12/44

Company Fundamentals\Earnings & Dividends Analysis

EARNI NGS AND DI VI DENDS ANALYSI S: Lion Asiapac Lim ited Per Share-Singapore Dol lars Fiscal Ye ar Ends in Jun e

(A):INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT- INCLS 0.01 PRETAX CR AND NOM

PRETAX CHG IN FIS 2009, INCLS 0.04 PRETAX CR IN FIS 2007, INCLS 0.05 PRETAX CR AND 0.03 PRETAX CHG INFIS 2006, INCLS 0.01 PRETAX CHG IN FIS 2004, INCLS 0.01 PRETAX CHG IN 2003, INCLS 0.01 PRETAX CR IN FIS

2002, INCLS 0.001 PRETAX CHG IN FIS 2001, EXCLS 0.104 CHG IN FIS 2000

(B):INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED

AMENDMENTS TO FRS 1 PRESENTATION OF FINANCIAL STATEMENTS - CAPITAL DISCLOSURES, FRS 107FINANCIAL INSTRUMENTS: DISCLOSURES, INT FRS 110 INTERIM FINANCIAL REPORTING AND IMPAIRMENT,

EARNINGS IMPACT IMMATERIAL, - ADOPTED FRS 19 (AMENDMENT) FOR EMPLOYEE BENEFITS, FRS 21

(AMENDMENT) FOR THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES, FRS 32 (AMENDMENT) FORFINANCIAL INSTRUMENTS: DISCLOSURES & PRESENTATION, FRS 39 (AMENDMENT) FOR FINANCIAL

INSTRUMENTS: RECOGNITION & MEASUREMENT AND INT FRS 104 FOR DETERMINING WHETHER AN

ARRANGEMENT CONTAINS A LEASE, EARNINGS IMPACT IMMATERIAL, - ADOPTED FRS 1 (REVISED2004); FRS

(REVISED2004); FRS 8 (REVISED2004); FRS 10 (REVISED2004); FRS 16 (REVISED2004); FRS 17 (REVISED2004); FRS21 (REVISED2004); FRS 24 (REVISED2004); FRS 27 (REVISED2004); FRS 28 (REVISED2004); FRS 31 (REVISED 2004);FRS 32 (REVISED2004); FRS 33 (REVISED 2004); FRS 39 (REVISED2004), FRS 102 AND FRS 105 IN FIS 2006,

EARNINGS IMPACT IMMATERIAL, ADOPTED FRS 103 FOR BUSINESS COMBINATIONS, EARNINGS IMPACT NOSPECIFIED, - ADOPTED SAS 10 (REVISED 2000) FOR EVENTS AFTER THE BALANCE SHEET DATE, SAS 12(REVISED 2001) FOR INCOME TAXES, SAS 17 (REVISED 2000) FOR EMPLOYEE BENEFITS, SAS 31 FOR

PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS, SAS 32 FOR FINANCIAL INSTRUMENTS-

DISCLOSURE AND PRESENTATION, SAS 35 FOR DISCONTINUING OPERATIONS AND SAS 36 FOR IMPAIRMEN

OF ASSETS, EARNINGS IMPACT NOT SPECIFIED.

(C): INCLS DISCONTINUED OPS

Fiscal

Years

Earnings Per Share Dividends Per Share

1 2 Mont hs QuarterlyReport edEarnings 1 2 Months QuarterlyReport edDividends

Earnings

%

Change

Q1Sep.

Q2Dec.

Q3Mar.

Q4Jun. Dividends

%

Change

Q1Sep.

Q2Dec.

Q3Mar.

Q4Jun.

%

Payo

1999 0.01 -50.8% n/a 0.01 n/a n/a 0.00 n/c n/a n/a n/a 0.00 62.7

2000 AD0.00 -85.9% n/a 0.01 n/a -0.01 0.00-

100.0%n/a n/a n/a 0.00 n/c

2001C

AD0.03 2,550.0% n/a 0.02 n/a 0.01 0.00 n/c n/a n/a n/a 0.00 0.0

2002ABD-

0.00n/c n/a 0.00 n/a -0.01 0.00 n/c n/a n/a n/a 0.00 0.0

2003 AD-0.01 n/c n/a 0.01 n/a -0.01 0.00 n/c n/a n/a n/a 0.00 0.0

2004 AD0.03 n/c n/a 0.01 n/a 0.02 0.01 n/c n/a n/a n/a 0.01 0.0

2005 BD0.04 33.3% n/a 0.01 n/a 0.03 0.01 12.0% n/a n/a n/a 0.01 9.9

2006 ABD0.02 -55.7% n/a 0.02 n/a -0.00 0.04 614.3% n/a 0.04 n/a 0.00 n/c

2007 ABD0.05 199.4% n/a 0.02 n/a 0.04 0.01 -75.0% n/a 0.00 n/a 0.01 0.0

2008 BD0.01 -79.1% n/a 0.01 n/a 0.00 0.01 0.0% n/a 0.00 n/a 0.01 89.7

2009 AD0.01 -22.3% 0.00 0.01 0.00 -0.01 0.01 0.0% n/a 0.00 n/a 0.01 n/c

2010 D0.19 2,027.6% 0.07 0.10 0.00 0.01 n/a n/c 0.00 0.00 0.10 n/a 86.4

2011 n/a n/c 0.00 n/a n/a n/a n/a n/c n/a n/a n/a n/a n/c


13/44

(D):BASED ON AVERAGE SHARES OUTSTANDING, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED JUN2007 WERE 0.0535, FULLY DILUTED EARNINGS FOR THE 12 MOS ENDED JUN 2001 WERE 0.032, FULLY DULITED

EARNINGS FOR THE 12 MOS ENDED JUN 2000 WERE 0.001

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a

retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information i

believed reliable, but accuracy, completeness and opinions are not guaranteed.


14/44

Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Lion Asiapac LimitedFigures are expressed as Percent of Total Assets.Total Assets are in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006

Fiscal Year End Date 6/30/2010 6/30/2009 6/30/2008 6/30/2007 6/30/2006

Assets

Total Assets 168.4 211.7 196.1 268.1 200.1

Cash & Short Term Investments 74.4% 31.1% 26.2% 23.5% 31.3%

Cash 3.7% 2.1% 1.8% 5.0% 31.1%

Short Term Investments 70.7% 29.0% 24.5% 18.5% 0.2%

Receivables (Net) 8.0% 11.1% 15.8% 7.4% 9.7%

Inventories -Total 1.3% 2.0% 5.0% 3.5% 3.3%

Raw Materials 1.1% 1.1% 1.7% 0.5% 0.0%

Work in Process 0.0% 0.0% 0.0% 0.0%

Finished Goods 0.2% 0.9% 3.3% 3.0% 3.3%

Progress Payments & Other 0.0% 0.0% 0.0% 0.0%

Prepaid Expenses 0.1% 0.0% 0.1% 0.0% 0.0%

Other Current Assets 0.0% 46.5% 11.1% 2.7% 15.8%

Current Assets - Total 83.9% 90.8% 58.3% 37.1% 60.1%

Long Term Receivables 0.0% 0.0% 0.0% 1.9%

Investment in AssociatedCompanies

0.0% 0.0% 0.0%

Other Investments 4.4% 0.0% 33.1% 55.9% 37.0%

Property Plant and Equipment -Gross

14.8% 11.0% 10.1% 7.5% 1.4%

Accumulated Depreciation 3.1% 1.8% 1.5% 0.5% 0.5%

Property Plant and Equipment Net

11.7% 9.2% 8.6% 7.0% 0.9%

Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred Charges 0.0% 0.0% 0.0% 0.0% 0.0%

Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%


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Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders'Equity

Total Liabilities & Shareholders'

Equity

168.4 211.7 196.1 268.1 200.1

Accounts Payable 3.0% 1.7% 5.2% 3.3% 6.2%

Short Term Debt & Current Portionof Long Term Debt

0.0% 0.0% 0.8% 0.3% 7.8%

Accrued Payroll

Income Taxes Payable 1.5% 1.3% 1.6% 1.2% 1.9%

Dividends Payable 24.1% 0.2% 0.4%

Other Current Liabilities 0.8% 1.0% 6.3% 5.5% 13.5%

Current Liabilities - Total 29.4% 4.0% 13.9% 10.5% 29.8%

Long Term Debt 0.0% 0.0% 0.0% 0.0% 0.0%

Long Term Debt ExcludingCapitalized Leases

0.0% 0.0% 0.0% 0.0% 0.0%

Capitalized Lease Obligations 0.0% 0.0% 0.0% 0.0% 0.0%

Provision for Risks and Charges

Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred Taxes 1.4% 5.0% 2.3% 4.0% 1.9%

Deferred Taxes - Credit 1.4% 5.0% 2.4% 4.0% 1.9%

Deferred Taxes - Debit 0.0% 0.0% 0.0%

Deferred Tax Liability in UntaxedReserves

Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%

Total Liabilities 30.9% 9.0% 16.2% 14.6% 31.7%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 1.0% 1.1% 2.4% 1.7% 2.3%

Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock Issued forESOP


16/44

ESOP Guarantees - PreferredIssued

Common Equity 68.1% 89.9% 81.4% 83.7% 66.1%

Total Liabilities & Shareholders'Equity

100.0% 100.0% 100.0% 100.0% 100.0%

Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this sitemay be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,

recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.


17/44

Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Lion Asiapac LimitedFigures are the Percent Changes from the Prior Year.

Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets -20.5% 7.9% -26.8% 34.0% -10.2%

Cash & Short Term Investments 90.3% 28.0% -18.3% 0.4% -30.7%

Cash 38.2% 31.0% -74.3% -78.4% 43.5%

Short Term Investments 94.1% 27.8% -3.1% 10,930.1% -99.0%

Receivables (Net) -42.1% -24.6% 57.2% 2.2% 10.3%

Inventories -Total -48.2% -56.7% 5.7% 42.9% 8.3%

Raw Materials -19.4% -30.7% 139.0%

Work in Process

Finished Goods -82.4% -70.0% -17.8% 21.5% 8.3%

Progress Payments & Other

Prepaid Expenses 5.2% -3.0% -24.8% 600.0% -13.6%

Other Current Assets -99.9% 350.6% 202.3% -77.2% 2,511.0%

Current Assets - Total -26.5% 68.1% 15.0% -17.4% 4.3%

Long Term Receivables -51.2%


Other Investments -100.0% -56.8% 102.3% 373.4%


6.6% 18.0% -1.8% 624.1% 102.0%



1.2% 15.3% -9.6% 909.3% 195.9%

Other Assets

Deferred Charges

Tangible Other Assets


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Intangible Other Assets

Total Assets -20.5% 7.9% -26.8% 34.0% -10.2%



Equity

-20.5% 7.9% -26.8% 34.0% -10.2%

Accounts Payable 39.7% -65.0% 13.8% -28.2% 45.4%


5.9% -97.7% 106.6% -95.4% 1,125.0%

Accrued Payroll

Income Taxes Payable -2.5% -12.5% -5.7% -14.1% 262.2%

Dividends Payable -21.9%

Other Current Liabilities -36.1% -82.3% -15.7% -45.2% 220.0%

Current Liabilities - Total 485.5% -68.9% -3.9% -52.6% 208.4%

Long Term Debt -64.7% -40.7% -32.8% -100.0%


-100.0%

Capitalized Lease Obligations -64.7% -40.7% -32.8%


Deferred Income

Deferred Taxes -77.6% 130.4% -57.6% 187.7%

Deferred Taxes - Credit -77.6% 127.8% -57.1% 185.2%

Deferred Taxes - Debit -100.0%


Other Liabilities

Total Liabilities 172.9% -40.2% -18.7% -38.2% 6.8%

Non-Equity Reserves

Minority Interest -24.1% -51.4% 4.9% -1.4% 1.2%

Preferred Stock



19/44


Common Equity -39.8% 19.3% -28.9% 69.8% -16.9%


-20.5% 7.9% -26.8% 34.0% -10.2%




20/44

Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Lion Asiapac LimitedFigures in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets 208.9 219.8 221.1 229.3 212.3

Cash & Short Term Investments 73.7 66.7 61.6 55.6 44.8

Cash 18.0 25.4 32.6 36.2 35.3

Short Term Investments 55.7 41.3 29.0 19.4 9.5

Receivables (Net) 21.4 22.2 23.9 21.8 21.6

Inventories -Total 6.4 7.2 7.5 6.9 6.0

Raw Materials 1.8 1.4

Work in Process

Finished Goods 4.7 5.8 6.6 6.6 6.2

Progress Payments & Other 0.0

Prepaid Expenses 0.1 0.1 0.1 0.0 0.0

Other Current Assets 31.9 32.1 12.7 9.2 7.8

Current Assets - Total 133.5 128.3 105.8 93.4 80.2

Long Term Receivables 7.3


Other Investments 59.3 60.9 64.3 54.6 24.6


18.2 13.5 9.1 6.1 5.2

Accumulated Depreciation 2.9 2.0 1.4 1.4 2.8


15.4 11.5 7.7 4.6 2.4

Other Assets 0.0 0.0 0.0 0.0 0.0

Deferred Charges 0.0 0.0 0.0 0.0 0.0

Tangible Other Assets 0.0 0.0 0.0 0.0 0.0


21/44

Intangible Other Assets 0.0 0.0 0.0 0.0 0.0

Total Assets 208.9 219.8 221.1 229.3 212.3



Equity

208.9 219.8 221.1 229.3 212.3

Accounts Payable 8.0 8.8 10.0 9.8 10.6


3.6 3.8 5.5 16.9 28.0

Accrued Payroll

Income Taxes Payable 3.1 2.8 2.4 2.1 1.6

Dividends Payable

Other Current Liabilities 11.5 13.0 13.5 12.0 9.6

Current Liabilities - Total 34.6 28.6 31.6 40.9 49.9

Long Term Debt 0.1 8.0 18.0 20.8 20.8


0.0 8.0 18.0 20.8 20.8

Capitalized Lease Obligations 0.1 0.1 0.0 0.0 0.0


Deferred Income 0.0 0.0 0.0

Deferred Taxes 6.4 5.9 3.8 2.9 0.7

Deferred Taxes - Credit 6.4

Deferred Taxes - Debit


Other Liabilities 0.0 0.0 0.0 2.8 5.5

Total Liabilities 41.1 42.5 53.4 67.4 77.0

Non-Equity Reserves 0.0 0.0 0.0 0.0 0.0

Minority Interest 3.6 4.1 4.4 4.2 3.7

Preferred Stock 0.0 0.0 0.0 0.0 0.0



22/44


Common Equity 164.3 173.1 163.3 157.7 131.6


208.9 219.8 221.1 229.3 212.3




23/44

Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Lion Asiapac LimitedFigures are expressed as Percent of Net Sales or Revenues.Net Sales or Revenues are in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 43.8 62.0 105.7 93.6 69.9

Cost of Goods Sold 83.4% 92.1% 90.0% 88.4% 96.2%

Depreciation, Depletion & Amortization 3.1% 3.8% 1.5% 0.6% 0.3%

Gross Income 13.4% 4.0% 8.5% 11.0% 3.5%

Selling, General & Administrative Expenses 2.1%

Other Operating Expenses 12.3% 11.0% 4.3% 5.7% 14.1%

Operating Expenses - Total 101.0% 106.9% 95.8% 94.7% 110.6%

Operating Income -1.0% -6.9% 4.2% 5.3% -10.6%

Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 7.6% 0.0%

Extraordinary Charge - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%

Non-Operating Interest Income 2.9% 3.0% 1.2% 2.3% 1.8%

Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0%

Other Income/Expense - Net 199.4% 7.6% 0.0% 11.4% 15.6%

Earnings before Interest, Taxes, Depreciation &Amortization (EBITDA)

204.5% 7.4% 7.0% 27.2% 7.1%

Earnings before Interest & Taxes(EBIT) 201.4% 3.6% 5.4% 26.6% 6.8%

Interest Expense on Debt 0.0% 0.1% 0.0% 0.1% 0.4%

Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Income 201.3% 3.5% 5.4% 26.5% 6.4%

Income Taxes 31.1% 1.8% 0.9% 2.7% 4.4%

Minority Interest -1.3% -3.9% 0.2% 0.6% 1.1%

Equity in Earnings 0.0% 0.0% 0.0% 0.0% 9.7%

After Tax Other Income/Expense 0.0% 0.0% 0.0% 0.0% 0.0%

Discontinued Operations 0.0% -0.2%

Net Income before Extraordinary Items/PreferredDividends

171.5% 5.7% 4.3% 23.2% 10.3%


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Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available toCommon

171.5% 5.7% 4.3% 23.2% 10.3%

Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site

may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,



25/44

Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Lion Asiapac LimitedFigures are the Percent Changes from the Prior Year.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues -29.4% -41.4% 13.0% 33.8% 12.3%

Cost of Goods Sold -36.1% -40.0% 15.0% 23.0% 12.4%

Depreciation, Depletion & Amortization -41.6% 44.3% 197.3% 146.6% 4.7%

Gross Income 134.5% -71.9% -13.2% 323.2% 12.3%

Selling, General & AdministrativeExpenses

Other Operating Expenses -21.0% 51.0% -15.8% -45.7% 146.5%

Operating Expenses - Total -33.3% -34.6% 14.3% 14.5% 20.7%

Operating Income -197.2% -10.3%

Extraordinary Credit - Pretax -

100.0%

Extraordinary Charge - Pretax

Non-Operating Interest Income -30.5% 44.8% -41.2% 69.8% 247.6%

Reserves - Increase/Decrease

Pretax Equity in Earnings

Other Income/Expense - Net 1,761.6% 8,917.3% -99.5% -2.0% 1,441.0%

Earnings before Interest, Taxes,Depreciation & Amortization (EBITDA)

1,847.5% -37.8% -70.9% 411.5%

Earnings before Interest & Taxes(EBIT) 3,840.5% -61.1% -76.8% 423.9%

Interest Expense on Debt -71.4% 19.5% -39.7% -73.3% -82.0%

Interest Capitalized

Pretax Income 3,928.1% -61.7% -76.9% 452.1% Income Taxes 1,149.9% 12.7% -62.1% -17.1% 376.0%

Minority Interest -

1,171.2%-57.4% -33.2% 3.8%

Equity in Earnings -

100.0%-66.1%

After Tax Other Income/Expense


26/44

Discontinued Operations

Net Income before ExtraordinaryItems/Preferred Dividends

2,033.1% -22.2% -79.2% 200.1% -55.8%

Extraordinary Items & Gain/Loss Sale ofAssets

Preferred Dividend Requirements Net Income after Preferred Dividends -available to Common

2,033.1% -22.2% -79.2% 200.1% -55.8%





27/44

Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Lion Asiapac LimitedFigures in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 75.0 78.7 81.3 81.8 80.2

Cost of Goods Sold 67.8 72.4 75.1 76.7 77.1

Depreciation, Depletion & Amortization 1.2 1.0 0.6 0.3 0.2

Gross Income 6.0 5.3 5.6 4.8 2.9

Selling, General & Administrative Expenses

Other Operating Expenses 6.4 6.1 5.7 5.5 5.8

Operating Expenses - Total 75.6 79.5 81.3 82.5 83.1

Operating Income -0.6 -0.8 -0.0 -0.7 -2.9

Extraordinary Credit - Pretax 1.4 1.4 1.4 1.4 0.6

Extraordinary Charge - Pretax 0.0 0.0 -0.5 -0.1 -0.1

Non-Operating Interest Income 1.6 1.4 1.1 0.8 0.4

Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 0.0

Pretax Equity in Earnings

Other Income/Expense - Net 22.7 5.4 4.7 4.9 3.4

Earnings before Interest, Taxes, Depreciation & Amortization(EBITDA)

26.4 8.4 8.2 6.8 1.8

Earnings before Interest & Taxes(EBIT) 25.2 7.4 7.6 6.5 1.6

Interest Expense on Debt 0.1 0.4 0.7 1.2 1.8

Interest Capitalized 0.0 0.0 0.0 0.0 0.0

Pretax Income 25.1 7.0 6.9 5.4 -0.2

Income Taxes 4.3 1.7 1.6 1.6 1.2

Minority Interest -0.3 -0.0 0.7 1.0 1.1

Equity in Earnings 1.4 5.3 7.9 8.3 9.1

After Tax Other Income/Expense 0.0 0.0 0.0 0.0 0.0

Discontinued Operations -0.0

Net Income before Extraordinary Items/Preferred Dividends 22.4 10.7 12.4 11.0 6.5

Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0 0.0 0.0


28/44

Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0

Net Income after Preferred Dividends - available to Common 22.4 10.7 12.4 11.0 6.5





29/44

Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Lion Asiapac LimitedCurrency figures are in millions of Singapore Dollars.Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2010 2009 2008 2007 2006


Total Capital 116.4 192.7 164.4 229.1 136.8

Percent of Total Capital

Short Term Debt 0.0% 0.0% 0.9% 0.3% 11.5%

Long Term Debt 0.0% 0.0% 0.1% 0.1% 0.0%

Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%

Total Liabilities 44.6% 9.9% 19.4% 17.1% 46.3%

Minority Interest 1.5% 1.2% 2.9% 2.0% 3.3%

Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Retained Earnings 46.8% 41.2% 39.3% 28.0% 33.9%

Common Equity 98.5% 98.8% 97.1% 98.0% 96.7%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt 0.0 -0.1 0.1 -1.5 1.4

Long Term Debt -0.0 -0.0 -0.0 0.0 -4.0

Other Liabilities 0.0 0.0 0.0 0.0 0.0

Total Liabilities 3.3 -1.3 -0.7 -2.4 0.4

Minority Interest -0.1 -0.2 0.0 -0.0 0.0

Preferred Stock 0.0 0.0 0.0 0.0 0.0

Retained Earnings -2.5 1.5 0.0 1.8 -1.3

Common Equity -7.6 3.1 -6.5 9.2 -2.7

Total Capital -7.6 2.8 -6.5 9.2 -6.7

Year to Year Percent Changes

Short Term Debt 5.9% -97.7% 106.6% -95.4% 1,125.0%

Long Term Debt -64.7% -40.7% -32.8% -100.0%

Other Liabilities


30/44

Total Liabilities 172.9% -40.2% -18.7% -38.2% 6.8%

Minority Interest -24.1% -51.4% 4.9% -1.4% 1.2%

Preferred Stock

Retained Earnings -31.3% 22.9% 0.7% 38.1% -21.7%

Common Equity -39.8% 19.3% -28.9% 69.8% -16.9%Total Capital -39.6% 17.2% -28.2% 67.5% -32.8%

Total Liabilities & CommonEquity

Total Liabilities 52.0 19.0 31.8 39.2 63.4

Net Change in Liabilities as% of Total Liabilities

63.4% -67.2% -23.0% -61.7% 6.4%

Common Equity 114.7 190.4 159.6 224.5 132.2Net Change in Common Equity as% of Common Equity

-66.0% 16.2% -40.7% 41.1% -20.3%

Cash Flow

Operating Activities 1.0 7.2 -8.4 12.5 -3.7

Financing Activities -65.0 -5.4 -3.9 -15.1 -47.6

Investing Activities -124.2 -11.0 -1.3 -3.0 -71.8




31/44

Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Lion Asiapac Limited

Fiscal Year 2010 2009 2008 2007 2006


Receivables Turnover 3.2 2.6 3.4 4.7 3.6

Receivables - Number of Days 154.2 160.4 87.7 76.2 96.1

Inventory Turnover 11.3 8.1 9.9 10.4 10.7

Inventory - Number of Days 32.4 45.1 36.8 35.0 34.1

Gross Property, Plant & EquipmentTurnover

1.8 2.7 5.3 4.6 25.1

Net Property, Plant & EquipmentTurnover

2.2 3.2 6.2 5.0 37.7

Depreciation, Depletion &Amortization% of Gross Property, Plant &Equipment

5.5% 10.1% 8.3% 2.7% 8.0%

Depreciation, Depletion &AmortizationYear to Year Change

-0.1 0.1 0.1 0.0 0.0

Depreciation, Depletion &Amortization

Year to Year % Change

-41.6% 44.3% 197.3% 146.6% 4.7%





32/44

Financial Ratio Analyses\Asset Utilization

Asset Utilization: Lion Asiapac LimitedFigures are expressed as the ratio of Net Sales.Net Sales are in millions of Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Net Sales 43.8 62.0 105.7 93.6 69.9

Cash & Cash Equivalents 286.4% 106.3% 48.7% 67.3% 89.7%

Short-Term Investments 272.1% 99.0% 45.4% 52.9% 0.6%

Accounts Receivable 31.0% 37.8% 29.4% 21.1% 27.6%

Inventories 5.0% 6.9% 9.3% 10.0% 9.3%

Other Current Assets 0.2% 159.0% 20.7% 7.7% 45.3%

Total Current Assets 322.7% 310.1% 108.1% 106.3% 172.0%

Total Long Term Receivables &Investments

16.8% 0.0% 61.3% 160.3% 111.5%

Long Term Receivables 0.0% 0.0% 0.0% 5.5%

Investments in AssociatedCompanies

0.0% 0.0% 0.0%

Other Investments 16.8% 0.0% 61.3% 160.3% 106.0%

Property, Plant & Equipment -Gross

56.9% 37.7% 18.7% 21.6% 4.0%


Property Plant & Equipment - Net 45.1% 31.5% 16.0% 20.0% 2.7%

Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Total Assets 384.7% 341.5% 185.5% 286.6% 286.2%





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Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Lion Asiapac LimitedValues per Employee are in Singapore Dollars.

Fiscal Year 2006 2005 2004

Fiscal Year End Date 6/30/2006 6/30/2005 6/30/2004

Employees 3,799 68 69

Values per Employee

Sales 18,408 915,574 1,087,217

Net Income 1,904 240,838 178,130

Cash Earnings -1,382 61,721 480,652

Working Capital 15,974 1,411,265 812,942

Total Debt 4,124 606,574 841,319

Total Capital 36,004 2,992,809 2,820,449

Total Assets 52,680 3,277,059 3,163,188

Year to Year % Change per Employee

Employees 5,486.8% -1.4%

Sales -98.0% -15.8%

Net Income -99.2% 35.2%

Cash Earnings -102.2% -87.2%

Working Capital -98.9% 73.6%

Total Debt -99.3% -27.9%

Total Capital -98.8% 6.1%

Total Assets -98.4% 3.6%





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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Lion Asiapac Limited

Fiscal Year 2010 2009 2008 2007 2006


EBIT/Total Interest Expense 6,296.3 45.7 140.4 365.7 18.6

EBIT/Net Interest

EBIT/(Total Interest Exp + Pfd Div) 6,296.3 45.7 140.4 365.7 18.6

EBIT/Dividends on Common Shares 1.4 0.6 1.4 0.2

EBIT/(Dividends on Common + Pfd) 1.4 0.6 1.4 0.2

EBITDA/Total Interest Expense 6,394.7 93.8 180.3 373.8 19.5

EBITDA/Net Interest

EBITDA/(Total Interest Exp + PfdDiv)

6,394.7 93.8 180.3 373.8 19.5

EBITDA/Dividends on Com Shares 1.4 1.1 1.8 0.2

EBITDA/(Dividends on Com + Pfd) 1.4 1.1 1.8 0.2





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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Lion Asiapac Limited

Fiscal Year 2010 2009 2008 2007 2006


Long Term Debt % of EBIT 0.0% 2.3% 1.5% 0.5% 0.0%

Long Term Debt % of EBITDA 0.0% 1.1% 1.2% 0.5% 0.0%

Long Term Debt % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Long Term Debt % of TotalCapital

0.0% 0.0% 0.1% 0.1% 0.0%

Long Term Debt % of Com Equity 0.0% 0.0% 0.1% 0.1% 0.0%

Total Debt % of EBIT 0.1% 3.8% 27.4% 3.4% 330.1%

Total Debt % of EBITDA 0.1% 1.8% 21.3% 3.3% 315.3%

Total Debt % of Total Assets 0.0% 0.0% 0.8% 0.3% 7.8%

Total Debt % of Total Capital 0.0% 0.0% 1.0% 0.4% 11.5%

Total Debt % of Total Capital &Short Term Debt

0.0% 0.0% 1.0% 0.4% 10.3%

Total Debt % of Common Equity 0.0% 0.0% 1.0% 0.4% 11.8%

Minority Interest % of EBIT 2.0% 102.4% 81.8% 18.1% 96.0%

Minority Interest % of EBITDA 1.9% 49.8% 63.7% 17.7% 91.7%

Minority Interest % of Total Assets 1.0% 1.1% 2.4% 1.7% 2.3%

Minority Interest % of Total Capital 1.5% 1.2% 2.9% 2.0% 3.3%

Minority Interest % of Com Equity 1.5% 1.2% 3.0% 2.0% 3.4%

Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Capital 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Common Equity % of Total Assets 68.1% 89.9% 81.4% 83.7% 66.1%

Common Equity % of Total Capital 98.5% 98.8% 97.1% 98.0% 96.7%

Total Capital % of Total Assets 69.2% 91.0% 83.8% 85.4% 68.3%

Capital Expenditure % of Sales 1.8% 7.0% 0.9% 18.4% 2.1%


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37/44

Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Lion Asiapac Limited

Fiscal Year 2010 2009 2008 2007 2006


Total Current Assets % Net

Sales

322.7% 310.1% 108.1% 106.3% 172.0%

Cash % of Current Assets 4.4% 2.4% 3.0% 13.5% 51.8%

Cash & Equivalents % of CurrentAssets

88.7% 34.3% 45.0% 63.3% 52.1%

Quick Ratio 2.8 10.5 3.0 2.9 1.4

Receivables % of Current Assets 9.6% 12.2% 27.2% 19.9% 16.1%

Receivable Turnover - number of

days

154.2 160.4 87.7 76.2 96.1

Inventories % of Current Assets 1.6% 2.2% 8.6% 9.4% 5.4%

Inventory Turnover - number ofdays

32.4 45.1 36.8 35.0 34.1

Inventory to Cash & Equivalents -number of days

20,417.7 5,554.6 1,878.8 2,428.7 3,456.4

Receivables % of Total Assets 8.0% 11.1% 15.8% 7.4% 9.7%

Current Ratio 2.8 22.7 4.2 3.5 2.0Total Debt % of Total Capital 0.0% 0.0% 1.0% 0.4% 10.3%

Funds from Operations % ofCurrent Liabilities

-21.8% 22.3% 33.2% 49.5% -8.8%

Funds from Operations % ofLong Term Debt

-60,000.0%

3,700.0% 10,493.0% 10,934.4%

Funds from Operations % ofTotal Debt

-20,000.0%

2,220.0% 571.9% 1,646.6% -33.5%

Funds from Operations % ofTotal Capital

-9.3% 1.0% 5.5% 6.1% -3.8%

Cash Flow (in milllions ofSingapore Dollars)

Operating Activities 1.0 7.2 -8.4 12.5 -3.7

Financing Activities -65.0 -5.4 -3.9 -15.1 -47.6

Investing Activities -124.2 -11.0 -1.3 -3.0 -71.8


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39/44

Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Lion Asiapac LimitedFigures are expressed as per unit of respective shares.Figures are in Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Sales 0.11 0.15 0.26 0.23 0.17

Operating Income -0.00 -0.01 0.01 0.01 -0.02

Pre-tax Income 0.22 0.01 0.01 0.06 0.01

Net Income (Continuing Operations) 0.18 0.00 0.01 0.05 0.02

Net Income Before Extra Items 0.19 0.01 0.01 0.05 0.02

Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income After ExtraordinaryItems

0.19 0.01 0.01 0.05 0.02

Net Income Available to CommonShares

0.19 0.01 0.01 0.05 0.02

Fully Diluted Earnings 0.19 0.01 0.01 0.05 0.02

Common Dividends 0.01 0.01 0.01 0.04

Cash Earnings -0.03 0.00 0.02 0.03 -0.01

Book Value 0.28 0.47 0.39 0.55 0.33

Retained Earnings 0.13 0.20 0.16 0.16 0.11

Assets 0.42 0.52 0.48 0.66 0.49





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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Lion Asiapac LimitedCurrency figures are in Singapore Dollars.

Fiscal Year 2010 2009 2008 2007 2006


Gross Income Margin 13.4% 4.0% 8.5% 11.0% 3.5%

Operating Income Margin -1.0% -6.9% 4.2% 5.3% -10.6%

Pretax Income Margin 201.3% 3.5% 5.4% 26.5% 6.4%

EBIT Margin 201.4% 3.6% 5.4% 26.6% 6.8%

Net Income Margin 171.5% 5.7% 4.3% 23.2% 10.3%

Return on Equity - Total 49.2% 2.0% 2.4% 12.2% 5.0%

Return on Invested Capital 48.6% 2.0% 2.3% 11.4% 4.1%

Return on Assets 39.5% 1.7% 2.0% 9.3% 3.5%

Asset Turnover 0.3 0.3 0.5 0.3 0.3

Financial Leverage 0.0% 0.0% 1.0% 0.4% 11.8%

Interest Expense on Debt 14,000 49,000 41,000 68,000 255,000

Effective Tax Rate 15.5% 49.8% 16.9% 10.3% 68.6%

Cash Flow % Sales -24.7% 3.0% 8.5% 15.0% -7.5%

Selling, General & AdministrativeExpenses % of Sales

2.1%

Research & Development Expense

Operating Income Return On TotalCapital

-39.6% 17.2% -28.2% 67.5% -32.8%





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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Lion Asiapac LimitedCurrency figures are in millions of U.S. Dollars.

Wright Quality Rating LANN

Investment Acceptance Rating LANNTotal Market Value of Shares Outstanding - Three Year Average 72

- Current Year 86

Public Market Value (Excludes Closely Held) - Three Year Average 24

- Current Year 29

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange ListingsSIN

Number of Institutional Investors 0

Number of Shareholders 4,176

Closely Held Shares as % of Total Shares Outstanding 66.8%Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site




42/44

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Lion Asiapac Limited


Financial Strength Rating LANN

Total Shareholders' Equity (Millions of U.S. Dollars) 82

Total Shareholders' Equity as % Total Capital 98.5%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 0.0%

Long Term Debt (Millions of Singapore Dollars) 0

Lease Obligations (Millions of Singapore Dollars) 0

Long Term Debt including Leases (Millions of Singapore Dollars) 0Total Debt as % of Total Capital 0.0%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & PreferredDividends

6,296.3

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & PreferredDividends

-69.2

Quick Ratio (Cash & Receivables / Current Liabilities) 2.8

Current Ratio (Current Assets / Current Liabilities) 2.8Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site




43/44

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Lion Asiapac Limited


Profitability & Stability Rating LANN

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 13.7%

- Basic Trend 3.6%

Cash Earnings Return on Equity - Time-Weighted Average 0.4%

- Basic Trend -1.1%

Cash Earnings Return on Equity - Stability Index 7.0%

Return On Assets (Time-Weighted Average) 11.3%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 13.9%Operating Income as % of Total Assets (Time-Weighted Average) -0.4%

Operating Income as % of Total Capital (Adjusted Rate) -0.3%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 13.9%

Operating Income as % of Total Assets (Time-Weighted Average) -0.4%

Operating Income as % of Total Capital (Adjusted Rate) -0.3%





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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Lion Asiapac LimitedFigures are expressed on a Per Share Basis.


Growth Rating LANNNormal Earnings Growth 8.5%

Cash Earnings Growth -25.0%

Cash Earnings Stability Index 5.9%

Earned Equity Growth 9.0%

Dividend Growth 25.0%

Operating Income Growth 0.0%

Assets Growth -4.2%

Sales/Revenues Growth -4.1%




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