Extracted from Annual Report 2009

We focused on our core business of Restoring the Environment with Technology and Solutions and consolidated our position by managing the post consumer electronics and electrical equipment segment for the year 2009 and continue to focus on servicing this segment along with the manufacturing industries.

Our Group also continued to extend their support to the electronics and electrical equipment manufacturers in their respective corporate and social responsibilities.

FINANCIAL REVIEW

The Group's revenue for FY 2009 was S$47.2 million, compared to S$82.8 million in FY 2008.

This was primarily due to the decline in the trading of e-waste / metals and copper refining products as a result of weak market demand in the associated products.

Our gross profit margin improved from a loss position to a profit position. Our gross profit increased by S$22.7 million as compared to FY 2008. This was primarily due to the reversal of impairment for inventory obsolescence.

The Group's loss before tax had reduced from S$140.2 million in FY 2008 to S$25.5 million in FY 2009. There was significant reversal of impairment losses on metal inventories and reduction of impairment of trade receivables, and property, plant and equipment for the current financial year.

SEGMENTAL REVIEW

Provision of Total Environmental Solutions and Services

Recycling and Refining of Metals Division
This division focused on providing e-waste management solution services including the recycling, recovery and refining of Platinum Group Metals (PGM) and copper. Revenue contributed by the division amounted to S$25.6 million in FY2009 represented by 54.2% of total revenue.

Trading of E-waste and Metals Division
This division contributed S$11.7 million represented by 24.7% of total revenue.

Recycling & Manufacturing of IC Trays Division
This division manufactures IC Trays using recycled engineering plastics and also manages and recycles IC Trays for customers. The division contributed S$0.7 million represented by 1.4% of total revenue.

The Group's Piling, Rental & Servicing of Machinery and Sale of Machinery & Spares Division

These divisions are involved in providing piling services for the construction industry as well as rental and sale of cranes and heavy machinery for the construction industry. The divisions contributed S$9.3 million in revenue to the Group, representing 19.7% of total revenue.

OUTLOOK

Environmental challenges have created rooms for our growth. We strongly believe that our technology and solutions will play a key role to overcome the environmental challenges.

Going forward, the Group remains focused and fully committed to our core business and will further expand our presence globally.