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Lenovo Reports Fourth Quarter and Full-Year 2006/07 Results

Information Technology Press Releases วันพฤหัสบดีที่ ๒๔ พฤษภาคม พ.ศ. ๒๕๕๐ ๑๒:๔๐ น.
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HONG KONG--(BUSINESS WIRE)--May. 23, 2007
--   Full-year revenue of US $14.6 billion, up 10%
--   Full-year EBITDA (excluding restructuring) of US$414 million,         up 9%
--   Full-year pre-tax income (excluding restructuring) of US$200         million, up 29%
--   Full-year profit attributable to shareholders (including         restructuring) of US$161 million, up 625%
--   Full-year basic EPS of 1.87 US cents, or 14.61 HK cents, up         640%
--   Net cash reserves of US$946 million (as of March 31, 2007)

Lenovo Group today reported results for its fourth fiscal quarter and full year ended March 31, 2007. Consolidated revenue for the quarter rose 9 percent year over year to US$3.4 billion, driven by stronger performance in all geographies and product segments.

During the fourth quarter, Lenovo's worldwide PC shipments grew more than 17%, well ahead of the industry average of approximately 11 percent. Including the impact of restructuring, Lenovo reported pre-tax income of US$66 million and basic earnings per share of 0.70 US cents, or 5.46 HK cents. The Company's gross profit margin for the fourth quarter reached 15.2 percent, a record for a quarter that reflected the full impact of the acquired business. Net cash reserves as of March 31, 2007, totaled US$946 million. Lenovo's board of directors has proposed a final dividend of 2.80 HK cents, or 0.36 US cents per share.

"It was a solid quarter and strong fiscal year by any number of measures," said Lenovo's chairman, Yang Yuanqing. "Our performance confirms we have not only stabilized our business worldwide, but also that our focus on transactional business and emerging markets is beginning to reap very positive results. Lenovo posted gains in market share, revenue and profit in both the notebook and desktop segments as well as in all of our operating geographies, with the Americas business returning to profitability."

"We have significantly improved our business performance, and now we must build on our momentum and strive to grow faster and more profitably than the industry by providing the best-engineered PCs available on the market today," said William J. Amelio, president and chief executive officer. "Our recently implemented strategic measures - to implement a transaction model globally, improve our supply chain efficiency, enhance our desktop competitiveness, and build the Lenovo brand - will move us swiftly toward closing the efficiency gap between Lenovo and our competitors. We will continue to combine cost competitiveness and efficient delivery capabilities with innovative products to drive increased market share."

GEOGRAPHIC OVERVIEW

--   Lenovo Greater China posted US$1.2 billion in consolidated         revenue in the fourth fiscal quarter, up 13 percent, as the         Company's growth in PC shipments outpaced the industry average         for the Greater China market. Lenovo's performance in China         was boosted by improved operational efficiency, a more         flexible product mix and the development of additional         value-added reseller partners to improve the coverage of         certain vertical markets. The company's Greater China business         accounted for 36 percent of total revenue in the quarter.

--   The Americas accounted for US$997 million in consolidated         revenue, or 29 percent of total revenue, driven by the         completion of the transition of all sales coverage, along with         initial signs of success from the roll-out of the transaction         model into the U.S. Lenovo PC shipments in the Americas during         the quarter increased 9 percent.

--   In the Europe, Middle East and Africa region (EMEA), shipments         increased 14% percent in the fourth fiscal quarter. For the         same period, consolidated revenue totaled US$731 million, or         21 percent of total revenue. Market demand in EMEA was driven         primarily by strong performance in countries where Lenovo has         rolled out its transaction model, supported by the growth in         the consumer and small business segments, as well as emerging         markets throughout the region.

--   Shipments for the Asia Pacific business (excluding Greater         China) increased 18 percent in the fourth fiscal quarter.         Consolidated revenue in Asia Pacific totaled US$473 million in         the fourth quarter, or 14 percent of total revenue.         Performance was driven by expanded transactional business and         the launch of Lenovo consumer products into the geography.

PRODUCT OVERVIEW

--   Lenovo's Notebook computers continued to be the largest         contributor to total revenue. Notebook shipments in the fourth         fiscal quarter were up 29 percent year over year, and         consolidated revenue was US$1.9 billion, or 55 percent of         total revenue for the quarter.

--   In the fourth fiscal quarter, Lenovo's Desktop shipments rose         11 percent year over year. Consolidated revenue was US$1.4         billion in the quarter, or 41 percent of total revenue.

--   Shipments of Lenovo's Mobile Handset business, conducted         primarily in China, increased 12 percent in the fourth fiscal         quarter, generating consolidated revenue of US$126 million, or         4 percent of total revenue.

FULL YEAR RESULTS

For the 2006/07 fiscal year, consolidated revenue increased 10 percent year over year to US$14.6 billion. Lenovo's PC shipments grew 12 percent year over year, ahead of the industry average of 10 percent. In the same period, pre-tax income (excluding restructuring) grew 29% to US$200 million. The Company's full-year gross profit margin reached an annual record 14.0%.

Reflecting the impact of restructuring, Lenovo reported full-year profit attributable to shareholders of US$161 million and basic earnings per share for the 2006/07 fiscal year of 1.87 US cents (or 14.61 HK cents) versus 0.25 US cents (or 1.95 HK cents) for the 2005/06 fiscal year.

About Lenovo Group Ltd.

Lenovo (HKSE: 992) (ADR: LNVGY) is dedicated to building the world's best-engineered personal computers. Lenovo's business model is built on innovation, operational efficiency and customer satisfaction, as well as a focus on investment in emerging markets. Formed by Lenovo Group's acquisition of the former IBM Personal Computing Division, the company develops, manufactures, and markets reliable, high-quality, secure, and easy-to-use technology products and services worldwide. Lenovo has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information, see www.lenovo.com.                               LENOVO GROUP                           FINANCIAL SUMMARY           For the fiscal quarter and year ended March 31, 2007                 (in $US millions, except per share data)                                                   Y/Y             Y/Y                                   Q4       Q4       %       FY       %                                   06/07   05/06   CHG     06/07*   CHG ------------------------------- ---------------------- --------------- Turnover                         $3,416   $3,125     9.3% $14,590     9.9% ------------------------------- ---------------------- --------------- Gross Profit                       518     437   18.5%   2,037     9.6% ------------------------------- ---------------------- --------------- Operating Expenses                 (460)   (456) (0.9%)   (1,838)   1.6% ------------------------------- ---------------------- --------------- Other (Expense)/Income**             (4)     (21)   80.9%       1     N/A ------------------------------- ---------------------- --------------- Pre-Tax Income/(Loss) before   restructuring cost                 54     (40)   N/A       200   29.0% ------------------------------- ---------------------- --------------- Net Restructuring Cost   Reversed/(Cost)                     12     (70)   N/A       (12)   82.9% ------------------------------- ---------------------- --------------- Pre-Tax Income/(Loss)               66     (110)   N/A       188   122.0% ------------------------------- ---------------------- --------------- Profit/(Loss) Attributable to   Shareholders                       60     (116)   N/A       161   625.5% ------------------------------- ---------------------- --------------- EPS (US cents)   Basic                           0.70   (1.30)   N/A     1.87   640.4%   Diluted                         0.68   (1.29)   N/A     1.84   644.0% ------------------------------- ---------------------- --------------- Dividend per share (HK cents)                         2.80     2.80     ---     5.20     --- ------------------------------- ---------------------- --------------- EBITDA                             117       32   265.6%     414     8.5% ------------------------------- ---------------------- --------------- * Included only 11 months of contribution from acquired IBM's personal   computer business in FY2005/06 for comparison. ** Including finance income, finance cost and share of   profits/(losses) of jointly controlled entities and associated   companies.             CONTACT: Lenovo Group

Hong Kong
Angela Lee, (852) 2516-4810
angelalee@lenovo.com
or
Beijing
Jay Chen, (8610) 5886-2552
chenji@lenovo.com
or
U.S.
Julie Gottlieb, (203) 522-8336
jgottlie@us.lenovo.com

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