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Fuwei Films Announces Fourth Quarter and Full Year 2011 Financial Results

BEIJING, April 12, 2012 /PRNewswire-Asia-FirstCall/ --Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced financial results for the fourth quarter and full year ended December 31, 2011.

Financial Results 2011 Highlights

  • Revenues for full year 2011 were RMB537.6 million (US$85.4 million), compared with RMB501.5 million in 2010.
  • For the full year 2011, sales of specialty films were RMB140.5 million (US$22.3 million), or 26.1% of our total revenues, as compared to RMB88.0 million or 17.5% of our revenue in 2010.
  • Overseas sales were RMB145.5 million (US$23.1 million) or 27.1% of total revenues for the full year 2011, compared with RMB103.7 million or 20.7% of total revenues in 2010.

"As we predicted, since the second half of 2011, the rapid capacity expansion of BOPET films around the world resulted in fiercer competition and reduced sales prices. High international crude oil prices also resulted in high prices of raw materials which reduced profit margins in 2011. We were, however, pleased that overseas sales and sales of specialty films designed for the electronics industry and environmentally friendly films increased as a percentage of total sales for the full year," said Mr. Xiaoan He, Chairman and CEO of Fuwei Films.

Fourth Quarter 2011 Results

Revenues for the fourth quarter of 2011 were RMB109.2 million (US$17.4 million), compared with RMB173.5 million in the fourth quarter of 2010, a decrease of RMB64.3 million, or 37.1%, mainly due to decreased sales price and volume.

Sales of specialty films for the fourth quarter of 2011 were RMB32.1 million (US$5.1 million), or 29.4% of total revenues, compared with RMB34.7 million or 20.0% of total revenue, in the fourth quarter of 2010. The decrease was mainly attributable to decreased sales prices compared to those in 2010. However, the sales of specialty films accounted for a higher percentage of total sales.

The following is a breakdown of commodity and specialty film sales for the three-month periods ended December 31, 2011 and 2010 (amounts in thousands):



Three months period ended



December 31,2011

%ofTotal

December 31,2010

%ofTotal



RMB

US$

RMB

Stamping and transfer film


59,819

9,504

54.8%

91,816

52.9%

Printing film


11,725

1,863

10.7%

29,792

17.2%

Metallization film


3,429

545

3.1%

6,626

3.8%

Specialty film


32,076

5,096

29.4%

34,687

20.0%

Base film for other applications


2,164

344

2.0%

10,589

6.1%








Total


109,213

17,352

100%

173,511

100%

Overseas sales for the fourth quarter of 2011 were RMB15.1 million (US$2.4 million), or 13.8% of total revenues, compared with RMB36.1 million or 20.8% of total revenues in the fourth quarter of 2010. The reduction in overseas sales was mainly due to stronger competition and reduced orders in the global market causing a significant drop of overseas sales volume and sales prices in the fourth quarter of 2011 compared with the same period last year.

The following is a breakdown of domestic versus overseas sales for the three-month periods ended December 31, 2011 and 2010 (amounts in thousands):



Three-month period ended



December 31,2011

%ofTotal

December 31,2010

%ofTotal



RMB

US$

RMB

Sales in China


94,106

14,952

86.2%

137,433

79.2%

Sales in other countries


15,107

2,400

13.8%

36,078

20.8%








Total


109,213

17,352

100%

173,511

100.0%

Gross profit for the fourth quarter of 2011 was RMB7.4 million (US$1.2 million), compared with RMB57.6 million in the fourth quarter of 2010. Gross margin was 6.8%, compared with 33.2% in the fourth quarter of 2010. The significant decrease in gross profit was primarily due to the significant decrease in sales prices and increases in raw material costs.

Operating expenses for the fourth quarter of 2011 was RMB12.8 million (US$2.0 million), compared with RMB20.6 million in the fourth quarter of 2010. This decrease was mainly due to the decrease of R&D expenses and antidumping duties.

Operating loss for the fourth quarter of 2011 was RMB5.3 million (US$0.8 million), compared with operating income RMB37.0 million in the fourth quarter of 2010.

Net loss attributable to the Company for the fourth quarter of 2011 was RMB3.8 million (US$0.6 million), compared with net income attributable to the Company RMB25.4 million in the fourth quarter of 2010. Basic and diluted loss per share was RMB0.29 (US$0.05), compared with earnings per share of RMB1.95 in the fourth quarter of 2010.

2011 Full Year Results

For the fiscal year ended December 31, 2011,our net revenues were RMB537.6 million (US$85.4 million), which was an increase of RMB36.2 million or 7.2%, as compared to 2010. The increase in revenue was mainly due to the increased average unit price and sales volume of high value-added products in the product portfolio.

In the full year 2011, sales of specialty films were RMB140.5 million (US$ 22.3 million), or 26.1% of our total revenues, as compared to RMB88.0 million or 17.5% of our revenue in 2010. This rise in sales was mainly attributable to the increased demand for films designed for the electronics industry and environmentally friendly films.

The Company's revenue by significant types of films for the periods ended December 31, 2011 and 2010 is as follows (amounts in thousands):


December 31, 2011

December 31, 2010


RMB

US$

% of Total

RMB

% of Total

Stamping and transfer film

293,768

46,675

54.6%

282,033

56.2%

Printing film

55,218

8,773

10.3%

76,720

15.3%

Metallization film

28,205

4,481

5.3%

28,108

5.6%

Specialty film

140,491

22,322

26.1%

87,956

17.5%

Base film for other applications

19,963

3,172

3.7%

26,641

5.4%


537,645

85,423

100%

501,458

100%

Overseas sales for full year 2011 were RMB145.5 million (US$23.1 million), or 27.1% of total revenues, compared with RMB103.7 million or 20.7% of total revenues in 2010. The increase of overseas sales mainly is attributed to the increase of the export volume and sales prices of BOPET products.

The following is a breakdown of domestic versus overseas sales for the periods ended December 31, 2011 and 2010 (amounts in thousands):



2011

%ofTotal

2010

%ofTotal



RMB

US$

RMB

Sales in China


392,195

62,313

72.9%

397,781

79.3%

Sales in other countries


145,450

23,110

27.1%

103,677

20.7%










537,645

85,423

100.0%

501,458

100.0%

Our gross profit during the year ended December 31, 2011 was RMB85.5 million (US$13.6 million) representing a gross margin of 15.9%, reduced by RMB45.1 million or 10.1%, compared to RMB130.6 million or 26.0% for the year ended December 31, 2010. The decrease in gross margin was mainly due to the increase of raw material prices and the increase in cost of sales compared with the increase in sales price.

Operating expenses during the year ended December 31, 2011 were RMB54.7 million (US$8.7 million), which was a decrease of RMB16.2 million, or 22.8%, as compared to the same period for 2010. This change was mainly due to the decrease of accrued class action indemnity and related legal fees, and allowance for doubtful trade receivables as well as the anti-dumping duty.

Other expenses during the year ended December 31, 2011 was RMB5.7 million (US$0.9 million), which was a decrease of RMB3.2 million, or 35.3%, as compared to the same period for 2010. The decrease was mainly due to the short-term financial income being more than bank loan interest increase.

The effective tax rates in 2011 and 2010 are 15.8% and 21.8%, respectively. The lower effective tax rate in 2011 is primarily due to lower profit in 2011 and the carry forward net loss for the period ended 2010.

Net income attributable to the Company for full year 2011 was RMB21.1 million (US$3.3 million), compared with RMB40.8 million in 2010.

Net cash used in operating activities was RMB14.0 million (US$2.2 million) for the year ended December 31, 2011 as compared to net cash provided from operating activities of RMB98.6 million for the year ended December 31, 2010. This decrease was mainly due to the increase of receivables from clients and other receivables and reduced advances from our customers.

Cash and cash equivalents on December 31, 2011 was RMB44.2 million (US$7.0 million), compared with RMB171.2 million as of December 31, 2010. This decrease was mainly due to deposit for the Letter of Credit for Dornier equipment and advances paid regarding the equipment.

2011 Highlights

In January 2011, our subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei") was granted the Award for Cooperative and Innovative Manufacturing, Study and Research of Small and Medium Enterprise ("SME")", and the First Award of Private SME Innovation of Shandong Province by SME Productivity Promotion Center of Shandong Province, and SME Innovative Committee of Technological Promotion of Shandong Province. Our brand "Fuwei Films" was selected as one of the "Famous Shandong Brand" by Shandong Provincial Quality Supervision Bureau; and the Scientific Innovative Enterprise of Shandong Province by the Department of Science & Technology of Shandong Province.

In May 2011, Shandong Fuwei was awarded a renewed National Industrial Product Manufacturing Permission, upon passing the review of the key projects on food plastic packaging materials and containers.

In June 2011, Shandong Fuwei signed a letter of intent on PETG heat shrinkable label film supply for the second half of 2011 with China Bottlers Procurement Consortium, the authorized procurement service provider for the Coca-Cola Bottling (COKE) system in China.

In August 2011, we received three utility patents from the Ministry of State Intellectual Property Office of the PRC. These utility patents relate to anti-condensation automotive window film, oligomer-proof automotive window PET base film and anti-flaming matte film for architectural heat insulation.

Mr. He concluded, "In 2012, we are confronted with more challenges. Therefore, we are focused on constructing our BOPET thick film production line, producing films mainly used in the electronics, electrical, solar energy and other industries, which we view as a key market segment for Fuwei Films' potential growth, and it is expected to be put into trial run by the end of 2012. In addition, we attach great importance to cost cutting this year so as to address the tough market with more supply than demand and significant decline in prices."

Conference Call Information

The Company will host a teleconference on Friday, April 13, 2012, at 9:00 a.m. ET / 9:00 p.m. Beijing time to discuss the financial results. To participate in the call, please dial +1-877-407-9205 in North America, or +1-201-689-8054 internationally, approximately 10 minutes prior to the scheduled start time.

A replay of the call can also be accessed via telephone by calling +1-877-660-6853 in North America, or +1-201-612-7415 internationally, and entering the following access codes: Account#: 286 and Conference ID: 391626. The replay will be available until May 13, 2012, at 11:59 p.m. ET.

About Fuwei Films

Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei"). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei's BOPET film is widely used to package food, medicine, cosmetics, tobacco, and alcohol, as well as in the imaging, electronics, and magnetic products industries.

Safe Harbor

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the U.S. Securities and Exchange Commission which, among other things, include both the short and long-term effects of the global financial crisis on the Company and the BOPET film industry; competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.

For more information, please contact:

In China:

Miss Lysander Lee
Investor Relations Officer
Phone: +86 133 615 59266

In the U.S.:

Ms. Leslie Wolf-Creutzfeldt
Investor Relations
Grayling
Phone: +1-646-284-9472
Email: leslie.wolf-creutzfeldt@grayling.com

Financial Tables to Follow

FUWEI FILMS (HOLDINGS) CO., LTD and SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of December 31, 2011 and 2010

(amounts in thousands, except share and per share data)







2011

2010



RMB

US$

RMB

ASSETS

Current assets





Cash and cash equivalents


44,172

7,018

171,227

Restricted cash


102,212

16,240

1,314

Accounts and bills receivable, net


52,457

8,334

25,482

Inventories


41,774

6,637

52,577

Advance to suppliers


8,808

1,399

10,974

Prepayments and other receivables


31,172

4,953

540

Deferred tax assets - current


1,309

208

1,344

Total current assets


281,904

44,789

263,458






Plant, properties and equipment, net


277,119

44,030

284,891

Construction in progress


179,386

28,502

197,193

Lease prepayments, net


20,047

3,185

21,024

Advance to suppliers - long term


3,060

486

2,787

Goodwill


10,276

1,633

10,276

Long-term deposit


16,760

2,663

16,760

Deferred tax assets - non current


1,622

258

1,763






Total assets


790,174

125,546

798,152






LIABILITIES AND EQUITY

Current liabilities





Short-term borrowings


168,501

26,772

142,000

Accounts payables


19,317

3,069

14,296

Advance from customers


11,876

1,887

37,291

Accrued expenses and other payables


5,798

921

20,993

Total current liabilities


205,492

32,649

214,580






Long-term loans


10,000

1,589

30,000

Deferred tax liabilities


1,811

288

1,822

Total liabilities


217,303

34,526

246,402






Equity





Shareholders' equity





Common Stock (of US$0.129752 par value; 20,000,000 shares authorized; 13,062,500 issued and outstanding)


13,323

2,117

13,323

Additional paid-in capital


311,907

49,557

311,907

Statutory reserve


37,441

5,949

35,195

Retained earnings


209,768

33,329

190,933

Cumulative translation adjustment


1,230

195

1,186

Total shareholders' equity


573,669

91,147

552,544

Non-controlling interest


(798)

(127)

(794)

Total equity


572,871

91,020

551,750

Total liabilities and equity


790,174

125,546

798,152


FUWEI FILMS (HOLDINGS) CO., LTD and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the Years Ended December 31, 2011, 2010 and 2009

(amounts in thousands, except share and per share data)








2011

2010

2009



RMB

US$

RMB

RMB







Revenues, net


537,645

85,423

501,458

320,731

Cost of goods sold


452,173

71,843

370,905

296,118







Gross profit


85,472

13,580

130,553

24,612







Operating expenses






- Distribution expenses


19,930

3,167

21,642

15,227

- Administrative expenses


34,806

5,530

49,281

25,932







Total operating expenses


54,736

8,697

70,922

41,159







Operating income (loss)


30,736

4,883

59,630

(16,547)







Other income (expense)






- Interest income


2,612

415

544

154

- Interest expense


(10,227)

(1,625)

(8,846)

(6,540)

- Others income (expense), net


1,872

297

(575)

(92)







Total other income (expense)


(5,743)

(913)

(8,877)

(6,478)







Income (loss) before income tax (expense) benefit


24,993

3,970

50,754

(23,024)







Income tax (expense) benefit


(3,955)

(628)

(11,059)

4,064







Net Income (loss)


21,038

3,342

39,695

(18,960)







Net (loss) income attributable non-controlling interest


(43)

(7)

(1,088)

3







Net income (loss) attributable to the Company


21,081

3,349

40,783

(18,963)







Other comprehensive income (loss)






-Foreign currency translation adjustments attributable to non-controlling interest


39

6

18

-

-Foreign currency translation adjustments attributable to the Company


44

7

193

(68)







Comprehensive income (loss) attributable to non-controlling interest


(4)

(1)

(1,070)

3

Comprehensive income (loss) attributable to the Company


21,125

3,356

40,976

(19,032)







Earnings (loss) per share,
Basic and diluted


1.61

0.26

3.12

(1.45)







Weighted average number ordinary shares,






Basic and diluted


13,062,500

13,062,500

13,062,500

13,062,500


FUWEI FILMS (HOLDINGS) CO., LTD and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2011, 2010 and 2009

(amounts in thousands)






2011

2010

2009


RMB

US$

RMB

RMB

Cash flow from operating activities





Net income (loss)

21,038

3,342

39,695

(18,960)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities





- Depreciation of property, plant and equipment

43,783

6,956

36,731

35,464

- Amortization of intangible assets

454

72

454

889

- Deferred income taxes

165

26

5,231

(4,064)

- Bad debt (recovery) expense

(354)

(56)

(266)

697

- Inventory provision

3,533

561

-

4,242

Changes in operating assets and liabilities





- Accounts receivable

(26,620)

(4,229)

3,404

11,609

- Inventories

7,270

1,155

(7,538)

(18,693)

- Advance to suppliers

2,167

344

(7,018)

2,890

- Prepaid expenses and other current assets

(30,180)

(4,795)

523

(4,929)

- Accounts payable

5,021

798

(11,581)

(4,475)

- Accrued expenses and other payables

(7,185)

(1,142)

8,341

1,902

- Advance from customers

(25,415)

(4,038)

24,683

3,827

- Tax payable

(7,695)

(1,223)

5,917

(2,411)






Net cash (used in) provided by operating activities

(14,018)

(2,228)

98,575

7,988






Cash flow from investing activities





Purchases of property, plant and equipment

(35,943)

(5,711)

(2,951)

(87,758)

Restricted cash related to trade finance

(100,915)

(16,034)

11,217

(2,130)

Advanced to suppliers - non current

(273)

(43)

(420)

1,941

Amount decrease in construction in progress

17,806

2,829

39,926

82,290

Amount decrease in deposit

-

-

4,240

-






Net cash (used in) provided by investing activities

(119,325)

(18,959)

52,012

(5,657)






Cash flow from financing activities





Principal payments of short-term bank loans

(142,000)

(22,562)

(11,179)

(11,585)

Proceeds from short-term bank loans

148,501

23,594

5,000

20,000






Net cash provided by (used in) financing activities

6,501

1,032

(6,179)

8,415






Effect of foreign exchange rate changes

(213)

1,276

16

236






Net (decrease) increase in cash and cash equivalent

(127,055)

(18,879)

144,424

10,982






Cash and cash equivalent





At beginning of the year

171,227

25,897

26,804

15,823

At end of the year

44,172

7,018

171,227

26,804

SUPPLEMENTARY DISCLOSURE:





Interest paid

10,227

1,625

8,846

8,399

Income tax paid

9,654

1,534

3,658

-






SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCIAL ACTIVITIES:

During the year ended December 31, 2011, the Company acquired equipment by incurring accounts payable in the amount of:

1,730

275


7,071

SOURCE Fuwei Films (Holdings) Co., Ltd.

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