Operations Review - ChartNexus

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Operations Review LOTUS Against the backdrop of profitability in the previous financial year, Lotus was confident of further improving its performance in 2009 in line with its Strategic Business Plan before the turn of events in September 2008 which culminated in the global financial and economic crisis. Nevertheless, for the fiscal year ended 31 March 2009, Lotus increased its turnover to £110m or RM574.8m compared to £108m or RM564.3m in the year before. This was underpinned by the diversity of the Lotus business driven by the growth in third party high technology engineering consultancy revenue, the ability of the Cars Division to act swiftly to negate the impact of the global downturn and the contribution of Lotus Light Weight Structures. As a net exporter of its products and services, a weakening sterling at the time had benefited Lotus and acted as a self-hedging mechanism for nonsterling denominated costs. Conversely, however, the volatile movement of the sterling against world currencies also resulted in substantial unrealised foreign exchange losses which together with provisions for bad debts, pension protection levy and asset impairment contributed adversely to the net loss posted. 88 Operations During the course of the fiscal year, Lotus produced 2,202 vehicles compared to 2,649 units in the previous year. This included the production of 388 Tesla allelectric roadsters. In order to improve sales, Lotus introduced new derivatives to refresh its current model line-up which include the Europa SE, Exige 260, 2-Eleven 190 as well as the restyled 2010 model year Exige launched at the March 2009 Geneva Motorshow. As a result, Lotus saw better global market penetration compared to its competitors in most territories. In July 2008 Lotus’ first new model in 13 years, the Evora, was unveiled at the British International Motorshow to international acclaim. The world’s first mid-engine 2+2 supercar had its formal press launch in Scotland in May 2009 resulting in the Evora dominating the global media headlines. The Evora, which was launched in 2008, was Lotus’ first new model in 13 years.
Evora’s successful press launch is a clear reflection of the niche vehicle product engineering capability of Lotus Cars which attracted hundreds of orders and a substantial number of road test requests and firm enquiries from prospective buyers even before the planned sales launch. It took a clean sheet of paper and a little over 27 months to design, develop and validate the Evora and put it into production. This supercar, remains true to Lotus’ heritage and core philosophies of being Visually Stunning, Exhilarating, Agile and Responsive. Production of the Evora began early 2009 with first deliveries to customers commencing in June. In anticipation of the Evora sales launch and to lay the foundation for future new models, Lotus continued to focus on strengthening its global distribution and dealer networks. Markets now include Saudi Arabia, Indonesia and Taiwan, bringing the current total dealer-distributor network to 162 across 42 countries. In addition, Lotus, through its high technology engineering consultancy division, continued to provide worldwide year-on-year incremental third party business with turnover from the division increasing by 23%. This is a significant achievement given that OEMs and other engineering clients have scaled back their product plans and deferred some Operations Review Lotus Evora was unveiled at the British Motorshow. investments in outsourced projects towards the end of 2008. The growth follows years of proactive market-driven policies to expand and market clear core product offerings and improve the global sales and delivery process. An example of new high technology domains acquired as a result of this policy are EV (electrical vehicle), bio fuels and hybrid technologies which are moving towards becoming leading world ecological products. Lotus Engineering successfully completed the development of its well-publicised EV sports car for a western OEM which has been showcased in various auto shows. Lotus is also proud to have successfully carried out mutual engineering, development and showing in China of its EVs based on the Saga and Persona platforms with parent company, PROTON. PROTON 2009 ANNUAL REPORT 89
Page 1 and 2: PROTON’s MPV, the Exora, goes int
Page 3 and 4: PROTON Shah Alam Operations Review
Page 5 and 6: To boost sales in the wake of econo
Page 7: Operations Review Production of the
Page 11 and 12: A Lotus showroom in Europe. Operati
Page 13 and 14: PROTON 2009 ANNUAL REPORT 93
Page 15 and 16: Quality in Supply Operations Review
Page 17 and 18: Quality in the Market Quality excel
Page 21 and 22: Prospects Undoubtedly the economy w
Page 23 and 24: 5-Year Export Volume and 2009/10 Fo
Page 25 and 26: Indonesia Performance and Operation
Page 27 and 28: Operations Review An agreement was
Page 29 and 30: Thailand Performance and Operations
Page 31 and 32: The Persona is launched Down Under.
Page 33 and 34: Prospects The year 2009 is expected
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Page 39 and 40: PROTON Malaysia Open 2009, an annua
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Page 43 and 44: PROTON conducts numerous training p
Page 45 and 46: Additionally, Yayasan PROTON carrie
Page 47 and 48: Operations Review As part of our co
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Page 53 and 54: End of Life Vehicles The quality of
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The Board is also committed to abid
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Statement on Corporate Governance I
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Statement on Corporate Governance P
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Statement on Corporate Governance T
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Statement on Corporate Governance D
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Statement on Corporate Governance B
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Statement on Corporate Governance D
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Statement on Corporate Governance R
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Statement on Corporate Governance P
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Revaluation Policy on Landed Proper
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Additional Compliance Information T
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Risk Management Risk management is
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Statement on Internal Control The B
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• Regular visits to operating uni
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Risk Governance and Structure Board
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war, terrorism, politics, natural d
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Bright Outlook Despite challenges,
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Aug 2008 PROTON gives away bicycles
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Dec 2008 BWF Super Series Masters F
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May 2009 Dato’ Mustapa Bin Mohame
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Moving Ahead Being committed to met
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DIRECTORS’ REPORT The Directors h
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DIRECTORS’ REPORT (CONTINUED) STA
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INCOME STATEMENTS FOR THE FINANCIAL
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BALANCE SHEETS AS AT 31 MARCH 2009
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COMPANY STATEMENT OF CHANGES IN EQU
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CASH FLOW STATEMENTS FOR THE FINANC
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NOTES TO THE FINANCIAL STATEMENTS -
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INDEPENDENT AUDITORS REPORT TO THE
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SHAREHOLDING STATISTICS AS AT 30 JU
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SHAREHOLDING STATISTICS AS AT 30 JU
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PROPERTIES OWNED BY PROTON GROUP AS
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Notice of Annual General Meeting NO
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Statement Accompanying the Notice o
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✂ FORM OF PROXY PROTON ANNUAL REP
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