China Shengda Packaging Group Inc. Reports Full Year 2013 Financial Results
PR Newswire Association LLC |
"2013 was another challenging year for the paper packaging industry as
Full Year 2013 Financial Highlights:
- Revenues increased by 7.1% year-over-year to
$134.2 million for the year of 2013 with revenues of paper cartons and other paper products decreasing 4.7% to$119.4 million mainly due to decrease in sales volume. - The paper mill at our Shuangsheng subsidiary, which officially went into production in
June 2013 , produced 51.5 thousand tons of corrugating medium paper and generated$18.5 million in revenues for the year of 2013. - Gross profit decreased by 13.8% to
$19 .5 million for the year of 2013. Gross margin was 14.5% for the year of 2013 compared to 18.0% for the year of 2012. The decreases in gross profit and gross margin were mainly related to high production cost of corrugating medium paper at our paper mill. - Net income attributable to the Company's stockholders decreased by 50.8%, to
$2.7 million for the year of 2013. - Basic and diluted earnings per share were
$0.07 for the year of 2013, compared to$0.14 for the year of 2012.
Twelve Months Ended
Sales Analysis (Millions) |
Twelve Months |
Twelve Months |
Revenues– Paper Cartons (millions) |
|
|
Revenues– Corrugating Medium Paper (millions) |
|
NA |
Revenues– Inter-segment Transactions Elimination (millions) |
( |
NA |
Color Cartons (% of total revenues) |
26.3% |
28.7% |
Flexo Cartons (% of total revenues)) |
62.7% |
71.3% |
Paper Cartons Sales Volume (M sq meters) |
301.2 |
317.4 |
Corrugating Medium Paper Sales Volume ('000 tons) |
51.5 |
NA |
Color Cartons (avg price per sq meter) |
|
|
Flexo Cartons (avg price per sq meter) |
|
|
Corrugating Medium Paper (avg price per ton) |
|
NA |
Summary Results (Millions) |
Twelve Months |
Twelve Months |
Revenues |
|
|
Gross Profit |
|
|
Gross Margin (%) |
14.5% |
18.0% |
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin (%) |
1.6% |
5.2% |
Net Income attributable to stockholders |
|
|
EPS Basic & Diluted |
|
|
Wtd Avg Shares Outstanding (millions) |
38.8 |
38.8 |
Total revenues for the year ended
Color cartons and flexo cartons accounted for 26.3% and 62.7% of total revenues for the year of 2013, compared to 28.7% and 71.3%, respectively, for the year of 2012. Average sales prices per square meter for color cartons and flexo cartons were approximately
Consumer and industrial goods manufacturing sectors remained the Company's principal markets. Major customers remained home appliances & electronics manufacturers, and food, beverage & cigarette manufacturers in the
Gross profit decreased by
Selling expenses increased by
General and administrative expenses increased by
Net income attributable to the Company's common stockholders decreased by
Financial Condition
As of
Recent Developments
On
In
About
Safe Harbor Statements
This press release may contain forward-looking statements. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company's ability to develop and market new products, the ability to reach full production capacity of the new paper mill, the ability to access capital for expansion and continued investment in R&D, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in profit margins of principal product and other factors discussed from time to time in the Company's filings with the
Company Contact:
China Shengda Packaging Group Inc.
Tel: +86-571 8283 8770
E-mail: [email protected]
Website: http://www.cnpti.com
Investor Relations Contact:
Email: [email protected]
Website: http://www.weitian-ir.com
|
||||
CONSOLIDATED BALANCE SHEETS |
||||
(Amounts in US$) |
||||
|
||||
ASSETS |
2013 |
2012 |
||
Current assets |
||||
Cash and cash equivalents |
|
11,903,937 |
||
Restricted cash |
10,129,756 |
22,615,099 |
||
Accounts and notes receivable, net |
42,710,653 |
33,203,457 |
||
Inventories |
18,605,074 |
15,543,213 |
||
Prepayments and other receivables |
1,583,203 |
955,953 |
||
Amount due from related parties |
225,822 |
207,112 |
||
Deductible value added tax |
3,056,867 |
- |
||
Total current assets |
82,880,870 |
84,428,771 |
||
Non-current assets |
||||
Property, plant and equipment, net |
68,481,643 |
70,184,832 |
||
Land use right |
11,988,879 |
11,881,160 |
||
Customer relationships, net |
- |
74,766 |
||
Deferred tax assets |
1,505,981 |
403,121 |
||
Goodwill |
181,481 |
175,941 |
||
Total assets |
|
167,148,591 |
||
LIABILITIES AND EQUITY |
||||
Current liabilities |
||||
Accounts and notes payable |
|
45,246,615 |
||
Amounts due to related party |
2,131,846 |
269,505 |
||
Accrued expenses and other payables |
2,889,933 |
2,310,270 |
||
Taxes payable |
1,215,127 |
1,360,386 |
||
Short-term loans |
10,048,000 |
3,500,000 |
||
Current portion of long-term borrowing |
4,500,000 |
4,500,000 |
||
Total current liabilities |
53,605,128 |
57,186,776 |
||
Non-current liabilities |
||||
Long-term loans |
- |
4,500,000 |
||
Deferred tax liabilities |
- |
18,691 |
||
Total liabilities |
|
61,705,467 |
||
Commitment and contingencies |
- |
- |
||
Equity |
||||
Stockholders' equity |
||||
Common stock ( |
38,791 |
39,456 |
||
Treasury stock (nil and 665,500 shares at |
- |
(729,444) |
||
Additional paid-in capital |
43,036,464 |
43,765,243 |
||
Appropriated retained earnings |
7,240,218 |
6,997,530 |
||
Unappropriated retained earnings |
48,360,582 |
45,859,324 |
||
Accumulated other comprehensive income |
12,459,426 |
9,101,639 |
||
Total equity for stockholders of China Shengda Packaging |
111,135,481 |
105,033,748 |
||
Noncontrolling interest |
298,245 |
409,376 |
||
Total equity |
111,433,726 |
105,443,124 |
||
Total liabilities and equity |
|
167,148,591 |
||
|
||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
||||
(Amounts in US$) |
||||
Year ended |
||||
2013 |
2012 |
|||
Revenues |
134,182,900 |
125,308,951 |
||
Cost of goods sold |
114,729,483 |
102,739,063 |
||
Gross profit |
19,453,417 |
22,569,888 |
||
Operating expenses |
||||
Selling expenses |
5,774,715 |
5,080,011 |
||
General and administrative expenses |
11,535,135 |
11,019,764 |
||
17,309,850 |
16,099,775 |
|||
Other income (expenses) |
||||
Interest income |
847,575 |
353,458 |
||
Interest expense |
(835,975) |
(717,946) |
||
Subsidy income |
813,213 |
352,748 |
||
Other income (expense) |
(211,121) |
27,091 |
||
613,692 |
15,351 |
|||
Non operating expenses |
202,529 |
- |
||
Income before income tax expense and noncontrolling interest |
2,554,730 |
6,485,464 |
||
Income tax expense (benefit) |
(79,579) |
915,461 |
||
Net income |
2,634,309 |
5,570,003 |
||
Net loss attributable to noncontrolling interest |
109,637 |
5,016 |
||
Net income attributable to Company's common stockholders |
2,743,946 |
5,575,019 |
||
Basic and diluted earnings per share |
0 |
0 |
||
Weighted-average number of shares outstanding - basic and diluted |
38,790,811 |
38,790,811 |
||
Comprehensive income: |
||||
Net income |
2,634,309 |
5,570,003 |
||
Foreign currency translation adjustment |
3,356,293 |
843,196 |
||
Comprehensive income |
5,990,602 |
6,413,199 |
||
Comprehensive loss attributable to noncontrolling interest |
111,131 |
5,018 |
||
Net comprehensive income attributable to the Company's common stockholders |
6,101,733 |
6,418,217 |
||
|
||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
(Amounts in US$) |
||||
Year ended |
||||
2013 |
2012 |
|||
Cash flows from operating activities |
||||
Net income |
2,634,309 |
5,570,003 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation and amortization expenses |
6,024,574 |
4,541,247 |
||
Loss from disposal of property, plant and equiment |
211,121 |
- |
||
Change in operating assets and liabilities: |
||||
Restricted cash |
7,932,880 |
(9,696,077) |
||
Accounts and notes receivable |
(8,325,237) |
3,941,038 |
||
Inventories |
(2,537,833) |
4,066,201 |
||
Prepayments and other receivables |
(611,783) |
(14,905) |
||
Accounts and notes payable |
(13,660,440) |
20,189,874 |
||
Amount due from(to) related party |
1,816,916 |
58,256 |
||
Deferred tax |
(1,094,535) |
(109,870) |
||
Accrued expenses and other payables |
93,132 |
645,088 |
||
Tax payables |
(471,008) |
(2,025,570) |
||
Net cash provided by (used in) operating activities |
(7,987,904) |
27,165,285 |
||
Cash flows from investing activities |
||||
Purchase of property, plant and equipment |
(4,877,444) |
(27,743,857) |
||
Disposal of property, plant and equipment |
106,422 |
- |
||
Net cash used in investing activities |
(4,771,022) |
(27,743,857) |
||
Cash flows from financing activities |
||||
Proceeds from short-term loans |
6,460,000 |
6,671,614 |
||
Proceeds from long-term loan |
- |
4,473,943 |
||
Repayment of short-term loans |
(4,420,893) |
(13,326,141) |
||
Restricted cash |
5,087,250 |
(4,997,303) |
||
Investment from non controlling interests |
- |
209,487 |
||
Net cash flows provided by (used in) financing activities |
7,126,357 |
(6,968,400) |
||
Effect of foreign currency exchange rate fluctuation on |
298,127 |
156,820 |
||
Net changes in cash and cash equivalents |
(5,334,442) |
(7,390,152) |
||
Cash and cash equivalents, beginning of year |
11,903,937 |
19,294,089 |
||
Cash and cash equivalents, end of year |
6,569,495 |
11,903,937 |
||
Cash paid during the year for: |
||||
Interest paid |
826,842 |
658,335 |
||
Income taxes paid |
1,248,707 |
1,171,447 |
SOURCE
Wordcount: | 2421 |
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