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GLG CORP LTD AGM Information 2009

Nov 29, 2009

64991_rns_2009-11-29_4ab5b3ad-dd9f-4a66-99f8-19d0f5460723.pdf

AGM Information

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GLG CORP LTD Annual General Meeting 30th November 2009 WELCOME

1

GLG CORP LTD – 2009 Annual General Meeting

Meeting Format

GLG Corp Ltd Results Deputy Chairman Review Half-Year Ended 31 December 2005 Accounts and Reports Formal Resolutions Other Business - Close GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer 6-7 March 2006 2

GLG CORP LTD – 2009 Annual General Meeting

Introductions

GLG Corp

  • Estina Ang Suan Hong – Executive Chairwoman

  • Samuel Weiss – Non Executive Deputy Chairman

  • Yong Yin Min - Executive Director

  • Eu Mun Leong – Executive Director (Via telephone)

  • Ernest Seow Teng Peng – Independent Non Executive Director

  • Christopher Chong – Independent Non Executive Director

  • Shane Hartwig – Company Secretary

Deloitte Touche Tohmatsu

  • Rod Whitehead – Partner

  • Sarah Boyes – Client Manager

3

GLG Corp Ltd Results

Half-Year Ended 31 December 2005 DEPUTY CHAIRMAN’S REVIEW

GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer 6-7 March 2006 4

Financial Year Summary

Sales decreased 6.27% to US$196.0 million. GLG Corp Ltd NPAT of US$2.1 million (down 66.7% from 2008) Results Half-Year Ended 31 December 2005 EPS of US 2.81 cents. PER 8.5x*. NTA per share US 40 cents. Up 17.0%

GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer

6-7 March 2006

5

Consolidated P&L Analysis: Full-year ended 30 June 2009

30-Jun
2009
US$ million		 30-Jun
2008
US$ million		 %
Change
Revenue 196.0 209.1 (6.26)%
Cost of Sales (176.9) (188.1) (5.95)%
Gross profit 19.1 21.0 (9.05)%
Other Income 1.5 1.2 (50.00)%
Distribution expenses (2 1)
.		 (1 7)
.		 23 53%
.
Administrative expenses (10.3) (10.7) (3.74)%
Finance cost (0.5) (1.5) (66.67)%
Impairment Expense (2.8) - -
Other expenses and share of JV losses (1.9) (1.3) 33.33%
Profit before tax 3.0 7.1 (57.75)%
Income tax expense (0.9) (0.8) 12.50%
Profit after tax 2.1 6.3 (66.67)%
Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%		 Consolidated P&L Analysis:
Half-year ended 31 December 2005
In A$ million at a AUD/USD
exchange rate of 0.73
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Proforma
~~31 December~~
2004
~~31~~
December
~~2005~~
Varience
%
Varienc
e
Interest Expenses
0.282
0.577
0.295
105%
Balance Sheet Analysis: Summary
30 Jun 2009
US$ million
30 Jun 2008
US$ million
Variance
CURRENT ASSETS
Cash
6.8
3.8
78.9%
Trade Receivable
20.0
20.7
(3.4)%
Inventory & other financial assets
2.9
0.2
1350.0%
NON-CURRENT ASSETS
5.6
6.6
(15.15)%
TOTAL ASSETS
35.3
31.3
12.78%
CURRENT LIABILITIES
Borrowings (average)
21.4
20.8
(0.6)
(3)%
Interest Rate
4.44%
7.56%
3.12
70%
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
0.326
(0.031)
0.295
Accounts payable
2.8
3.5
(20.0%)
Interest bearing liabilities
1.8
0.8
125.0%
Other financial liabilities
-
-
-
Tax provision
0.8
0.9
(11.1%)
NON-CURRENT LIABILITIES
Interest bearing liabilities
Deferred Tax liabilities
2.6
0.1
0.9
0.1
(188.9%)
-
NET ASSETS
27.2
25.1
8.37%
EQUITY & RESERVES
27.2
25.1
8.37%

Half-ye
ar ended 31

30 Jun 2009
US$ million
December

30 Jun 2008
US$ million		 2005
Variance
CURRENT ASSETS
Cash		 6.8 3.8 78.9%
In A$ million at a AUD/USD
exchange rate of 0.73
Trade Receivab		 Proforma

le		 Varience %
Varienc		 20.0 20.7 (3.4)%
(For illustration purposes only.
The reporting currency of GLG
is the US$)
Inventory & oth		 ~~31 December~~
2004
er financial		 ~~31~~
December
~~2005~~
assets		 e 2.9 0.2 1350.0%
NON-CURRENT ASSETS 5.6 6.6 (15.15)%
TOTAL ASSETS 35.3 31.3 12.78%
2.8 3.5 (20.0%)
Interest Expenses
CURRENT LIAB
Accounts payab		 0.282
ILITIES
le		 0.577 0.295 105%
Borrowings (average)
Interest bearing		 21.4
liabilities		 20.8 (0.6) (3)% 1.8 0.8 125.0%
- - -
Interest Rate
Other financial		 4.44%
liabilities		 7.56% 3.12 70%
Tax provision 0.8 0.9 (11.1%)
Interest Variance due to interest rate increase
NON-CURRENT LIABILITIES		 0.326
Interest variance due to borrowings decrease
Interest bearing liabilities
Deferred Tax liabilities		 2.6
0.1		 0.9
0.1		 (188.9%)
-
(0.031)
NET ASSETS 27.2 25.1 8.37%
Total Net Increase in Interest
EQUITY & RESERVES		 0.295 27.2 25.1 8.37%

7

Cash Flow Statement Consolidated P&L Analysis:
lion at a AUD/USD
e rate of 0.73
tration purposes only.
rting currency of GLG
$)
Proforma
31 December
2004
31
December
2005
Varience
%
Varienc
e
Receipts from customers
Payments to suppliers and employees
Interest paid
Income taxes refund/ (paid)
Interest received		 196.7
(194.7)
(0.6)
(1.1)
0.1		 207.2
(198.6)
(0.9)
(1.0)
0.2
In A$ mil
exchang
(For illus
The repo
is the US		 lion at a AUD/USD
e rate of 0.73
tration purposes only.
rting currency of GLG
$)
Interest pa
Income ta
Interest re		 Proforma
31 December
2004
id
xes refund/
ceived		 31
December
2005
(paid)		 Varience %
Varienc
e
Net Opera
~~Net Investi~~		 ting Cash F
~~ng Cash Fl~~		 lows
~~ows~~		 0.4
(0.3)
6.9
(0.4)
Intere~~s~~
~~t Expenses~~
~~Diidd~~		 ~~0.282~~
~~id~~		 ~~0.577~~ ~~0.295~~ ~~105%~~ -
2.8		 (4.6)
(0.6)
Borrow ings (average)
~~vens~~
Drawdown		 21.4
~~pa~~
/(Repayme		 20.8
nt) of bor		 (0.6)
rowings		 (3)%
Interest Rate
Net Financ
Net increa
4.44%
ing Cash F
se (decreas		 7.56%
lows
e) in cash		 3.12
held		 70% 2.8
2.9
3.8
6.7
(5.2)
1.3
2.5
3.8
Interest Variance due to interest rate increase
Interest variance due to borrowings decrease
Total Net Increase in Interest
Cash at the Beginning Period
Cash at End of Period		 0.326
(0.031)
0.295

GLG Corp Ltd Marketplace Update GLG Corp Ltd Results 2009/2010 Half-Year Ended 31 December 2005

GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer 6-7 March 2006 9

GLG Corp Ltd: Marketplace Update

GLG Corp Ltd Low consumer confidence. Results Retail sales declines have continued into fiscal 2010. Half-Year Ended 31 December 2005 Buying patterns from customers remained reactive, leading to “see how it sells and react orders”, smaller bulk purchases, increased number of smaller orders;

Retail focus on reducing product cost

- Cost r GK educ Soh tion pressure drives consolidation of buying teams Chief Executive Officer at the large US retailers Eu Mun Leong - Chief Financial Officer 6-7 March 2006

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10
A Global Textile & Apparel Supply Chain Manager
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GLG Corp Ltd: GLG Response to Marketplace

New Sales Channels GLG Corp Ltd Joint Venture in United States Results Half-Year Ended 31 December 2005 Value Based: Dollar General. Provision of design services Europe: Higher sales to Benetton; Management Disc pi lines Cost GK Contr Soh ol and Margin Review; Chief Executive Officer Eu Mun Leong - Chief Financial Officer Clo ~~se~~ monitoring of Customer Credit Status; Factory consolidation – sourcing from Brunei has ceased.

GLG Brand (sleepwear) expanded from Singapore to Hong Kong, Taiwan and Thailand6-7 March 2006

11

Sales Bookings and Shipments Update (US$ Million)

FY08 FY09 Remarks Actual Sales Sales Bookings Q1: Jul – Sep 51.9 51.1 Shipments 100% completed Q2: Oct – Dec 48.1 42.4 65% of Bookings shipped. * Q3: Jan – Mar 47.2 46.2 Bookings are approx 80% complete. Q4: Apr-Jun 48.8 Mild market recovery may result in stronger bookings in Q4. Full Year Total 196.0 *Some of Dec 09’s shipments may be pushed into Q3: Jan 2010 shipment window.

12

GLG Corp Ltd Outlook and Prospects GLG Corp Ltd Results Half-Year Ended 31 December 2005 GK Soh Chief Executive Officer Eu Mun Leong - Chief Financial Officer 6-7 March 2006 13

GLG Corp Ltd 2009/10 Outlook

GLG Corp Ltd Results

Half-Year Ended 31 December 2005 Trading conditions in the United States remained slow, mild recovery likely only in second half of 2010;

No forecast growth in revenue;

Cost control should assist in improving profitability but may be affected by weakness in the US$ and higher commodity prices; and GK Soh Chief Executive Officer Revie Eu w of business model should enable the Group to adapt Mun Leong - Chief Financial Officer to changing buying conditions brought on by the ongoing challenges in the US market.

6-7 March 2006

14

Thank You

15

GLG CORP LTD – 2009 Annual GeneralMeeting

2009 ACCOUNTS AND REPORTS

16

GLG CORP LTD – 2009 Annual GeneralMeeting

FORMAL RESOLUTIONS

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GLG CORP LTD – 2009 Annual GeneralMeeting

Resolutions

Resolution 1 – Adoption of Remuneration Report

Resolution 2 – Re-Election of Director Christopher Chong Meng Tak

Resolution 3 – Re-Election of Director Ernest Seow Teng Peng

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GLG CORP LTD – 2009 Annual GeneralMeeting Resolutions – Proxy Voting

GLG Corp Ltd 2009 Annual General Meeting Proxy Voting For Open Against Resolution 1: Adoption of Remuneration Report 59,392,462 30,000 37,500 Resolution 2: Re-election of Christopher Chong Meng Tak 59,457,262 30,000 9,000 Resolution 3: Re-election of Mr Ernest Seow Teng Peng 59,457,262 30,000 9,000 19

GLG CORP LTD – 2009 Annual GeneralMeeting

OTHER BUSINESS AND QUESTION TIME

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Thank You

21

Cautionary note on forward-looking statements

This presentation may contain statements regarding the business of GLG Corp Limited and its subsidiaries (‘Group’) that are of a forward looking nature and are therefore based on management’s assumptions about future developments.

Such forward looking statements are intended to be identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘will’, ‘expect’, and ‘project’ and similar expressions as they relate to the Group. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors.

Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. Such factors that may affect GLG Corp’s future financial results are detailed in our 2009 Annual Report. The reader and/or listener is cautioned to not unduly reply on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward looking statements.

22

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