I N N O T E K L I M I T E D
A N N U A L R E P O R T 2 0 1 5
07
EXECUTIVE DIRECTOR/
MANSFIELD CEO
MESSAGE
DEAR VALUED SHAREHOLDERS,
I am honoured to present you the
annual report for InnoTek Limited
("InnoTek" or the "Group") for the
financial year ended 31 December
2015 ("FY2015"). This is the first time
that I am presenting this report to
you, following my appointments on
2 November 2015 as the Executive
Director of InnoTek and as Chief
E xecut i ve O f f icer o f Mans f i e l d
Manufacturing Company Limited
("Mansfield"), the Group's main
operating subsidiary.
When I first agreed to take up these
appointments two months before
the end of FY2015, I was well aware of
the challenges ahead. The problems
that InnoTek have been facing were
shared with shareholders previously,
and include the increasing costs
of manufac turing in China and
increasing competition from local
competitors, etc.
For InnoTek to return to profitability,
significant changes will be needed
to transform our operations, improve
our value proposition to existing
customers and to win over new
customers. Over the last five months
I have been spending considerable
time at our facilities, and talking
to bot h management and key
customers.
I have identified the main problems
and opportunities. My focus in the
coming months will be to apply
the changes needed to accelerate
corporate recovery. These include:
(1) Further reduction in operating
costs. While there were attempts
by previous management to
lower costs, I believe that more
can be done. We have started
reducing our indirect labour and
will accelerate efforts to reduce
expenses.
(2) Improving skill sets and use
o f t e c hn o l o g y. My i n i t i a l
assessment since taking over
is that our overall skill sets
(especially in mould-making,
machining and management
Lou Yiliang
Executive Director
