• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

China Shengda Packaging Group Inc. Announces Fourth Quarter and Full Year 2011 Results


News provided by

China Shengda Packaging Group Inc.

Mar 22, 2012, 04:43 ET

Share this article

Share this article


HANGZHOU, China, March 22, 2012 /PRNewswire-Asia-FirstCall/ -- China Shengda Packaging Group Inc. (NASDAQ: CPGI), a leading Chinese paper packaging manufacturer, today announced its financial results for the three months and full year ended December 31, 2011.

"Revenues of $124 million and net income of $9.6 million were within our guidance ranges. However our markets and our financial performance are currently volatile due to cross-currents of variability affecting the global consumer who buys the final products from our manufacturing customers. We are concentrating on broadening our customer base and vertically integrating into paper manufacture in order to grow our business and at the same time reduce fluctuations in revenues and margins," Mr. Daliang Teng, Chief Executive Officer of China Shengda Packaging, said.

FINANCIAL HIGHLIGHTS FOURTH QUARTER ENDED DECEMBER 31, 2011

 

 

 

 

 

Sales Analysis

 

Fourth Quarter
 Ended
December 31, 2011

Fourth Quarter
 Ended
December 31, 2010

Third Quarter
 Ended
September 30, 2011

 

 

 

 

 

Sales Volume (M sq meters)

 

80.4

99.3

87.6

 

 

 

 

 

Color Cartons (% of total revenues)

 

24.9

25.6

28.3

Flexo Cartons (% of total revenues)

 

75.1

74.4

71.7

 

 

 

 

 

Color Cartons (avg price per sq meter)

 

$0.43

$0.41

$0.44

Flexo Cartons (avg price per sq meter)

 

$0.37

$0.38

$0.36

 

 

 

 

 

 

 

 

 

 

Summary Results (Millions)

 

 

 

 

 

 

 

 

 

Revenues

 

$30.8

$38.2

$33.6

Gross Profit

 

$6.4

$10.8

$6.0

Gross Margin (%)

 

20.8%

28.1%

17.7%

Operating Expenses

 

$4.4

$6.0

$3.5

Operating Income

 

$2.1

$4.8

$2.5

Operating Margin (%)

 

6.7%

12.5%

7.4%

Net Income attributable to common stockholders

 

$1.6

$5.3

$2.3

EPS Basic & Diluted

 

$0.05

$0.16

$0.06

Wtd Avg Shares Outstanding (millions)

 

38.8

37.6

39.3

Fourth Quarter 2011 Results

Revenues decreased $7.4 million, or 19.4%, to $30.8 million for the three months ended December, 31, 2011, from $38.2 million during the same period of 2010. The decrease was primarily a result of lower sales volume. The sales volume decreased 18.9 million square meters, or 19.0%, to 80.4 million square meters for the three months ended December 31, 2011, from 99.3 million square meters during the same period of 2010. The decreased sales volume was mainly the result of two factors: less customer demand from the chemical industry  due to challenges resulting from more restrictive financial policies by the People's Bank of China; and significantly less demand from domestic furniture makers whose US and European customers bought less furniture.

Color cartons accounted for 24.9% of total revenues for in the fourth quarter of 2011 and flexo cartons accounted for 75.1%, compared to 25.6% and 74.4%, respectively, in the same period of 2010. Average per square meter prices for color cartons and flexo cartons during the fourth quarter of 2011 were $0.43 and $0.37, compared to $0.41 and $0.38, respectively, in the same period of 2010.

Consumer and industrial goods manufacturing sectors are the Company's principal markets. Its major customers remained home appliances and electronics manufacturers and food, beverage and cigarette manufacturers in the YRD, which accounted for 32.7% and 33.3%, respectively, of the total revenues in the fourth quarter of 2011.

Gross profit declined 40.3% to $6.4 million from $10.8 million in the same period of 2010. Gross profit from flexo cartons declined 40.2% to $4.6 million from $7.7million in the same period of 2010. Gross profit from color cartons declined 40.7% to $1.8 million from $3.1 million in the same period of 2010. Gross margin declined to 20.8% from 28.1% in the same period of 2010. The decrease in gross margin was primarily due to an increase in the cost of raw materials compared to the same period a year ago.

Selling expenses increased from 2.7% of sales to 4.2% of sales in the fourth quarter as compared to the fourth quarter in 2010. 

General and administrative ("G&A") expenses decreased 38.1% to $3.1 million from $5.0 million in the same period of 2010. As a percentage of revenues, G&A expenses for the three months ended December 31, 2011 decreased to 10.0%, as compared to 13.0% for the same period of 2010.

Income tax expense was $0.3 million for the three months ending December 31, 2011, compared to a credit of $0.4 million for the same period of 2010. The increase in income tax expense was mainly attributable to the fact that Great Shengda was subject to the uniform income tax rate of 25% for the first nine months of 2010. In October 2010, Great Shengda qualified as a National High-Tech Enterprise, a status recognized by China's Ministry of Science and Technology, Ministry of Finance, and State Administration of Taxation. In December 2010, the status was approved by the local tax bureau. Accordingly, under the PRC Enterprise Income Tax Law, Great Shengda is eligible for a preferential tax rate of 15% for the calendar years of 2010, 2011 and 2012, as opposed to the uniform income tax rate of 25%. The preferential tax rate of 15% was retroactively effective as of January 1, 2010, and the retroactive effect was accounted for in the fourth quarter of 2010.

Net income attributable to common stockholders decreased to $1.6 million, or $0.05 per diluted share, from $5.3 million, or $0.16 per diluted share, in the same period of 2010.

Twelve Months Ended December 31, 2011

Revenue for the full year of 2011 was $124.0 million, a decrease of $6.1 million or 4.7% from revenue of $130.1 million for the full year of 2010, mainly due to a decrease in sales volume, partially offset by the increase in average per square meter prices. The sales volume decreased 23.2 million square meters, or 6.7%, to 321.7 million square meters from 344.9 million square meters during the same period of 2010.  Gross profit decreased by $10.8 million, or 29.7%, to $25.7 million for the year ended December 31, 2011, from $36.5 million for the year ended December 31, 2010. Gross profit as a percentage of revenues was 20.7% for the year ended December 31, 2011, as compared to 28.1% for the year ended December 31, 2010, mainly due to increased cost of goods sold.  Net income attributable to the Company's common stockholders decreased by $9.7 million, or 50.1%, to $9.6 million or $0.25 per diluted share for the year ended December 31, 2011, from $19.3 million or $0.63 per diluted share for the year ended December 31, 2010.

Financial Condition

As of December 31, 2011, China Shengda Packaging had cash and cash equivalents of $19.3 million and restricted cash of $7.9 million. Shareholders' equity was $98.8 million, compared with $86.1 million as of December 31, 2010.

Net cash used in operating activities was $9.7 million for the year ended December 31, 2011, as compared to $20.0 million in net cash provided by operating activities for the same period in 2010. This was attributable to net income of $9.6 million, adjusted by depreciation and amortization expenses of $4.1 million, and a net decrease in cash from working capital items of $23.4 million. The net decrease in working capital items was mainly due to the decrease in accounts and notes payable of $27.4 million and increase in accounts and notes receivable of $4.1 million, partially offset by the decrease in restricted cash of $5.0 million. The $27.4 million decrease in accounts and notes payable is mainly due to the decrease of notes payable during the year ended December 31, 2011 amounting to $25.2 million.       

Net cash used in investing activities was $9.6 million for the year ended December 31, 2011, as compared to $31.4 million for the year ended December 31, 2010. The $9.6 million net cash used in investing activities during the year ended December 31, 2011 was attributable to the purchases of property, plant and equipment and prepayment paid for construction in progress.

Net cash provided by financing activities was $1.9 million for the year ended December 31, 2011, as compared to $34.0 million net cash provided by financing activities for the year ended December 31, 2010. During the year ended December 31, 2011, the Company received proceeds from borrowings amounting to $34.5 million and repaid loans amounting to $32.1 million. The Company also purchased shares of its common stock amounting to $0.7 million.

Conference Call Information

The Company will also host a conference call at 9:00 a.m. Eastern Time on Friday, March 23, 2012.

Listeners may access the call by dialing +1 (877) 275-8968 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (706) 643-1666. The conference participant passcode is 63667717.

A replay of the conference call will be available for 14 days starting from 10:00 am ET on Friday, March 23, 2012. To access the replay, dial +1 (855) 859-2056. International callers should dial +1 (404) 537-3406. The passcode is 63667717.

About China Shengda Packaging Group Inc.

China Shengda Packaging Group Inc. is a leading paper packaging company in China. It is principally engaged in the design, manufacturing and sale of flexo-printed and color-printed corrugated paper cartons in a variety of sizes and strengths. It also manufactures corrugated paperboards, which are used for the production of its flexo-printed and color-printed cartons. The company provides paper packaging solutions to a wide variety of industries, including food, beverage, cigarette, household appliance, consumer electronics, pharmaceuticals, chemicals, machinery and other consumer and industrial sectors in China. For more information, visit http://www.cnpti.com.

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 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 Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Company Contact:

Investor Relations Contact:

China Shengda Packaging Group Inc.

CCG Investor Relations

Daliang Teng, CEO

Mark Collinson

Tel: +86-571 82835778

Tel: +1-310-954-1343

E-mail: [email protected]

Email: [email protected]

Website: http://www.cnpti.com

Website: http://www.ccgasiair.com

CHINA SHENGDA PACKAGING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Amounts in US
$)

 

 

 

 

 

Three months ended December 31,

 

Year ended
December 31,

 

2011

 

2010

 

2011

 

2010

 

(Unaudited)

 

(Unaudited)

 

 

 

 

Revenues

$30,795,570

 

$38,230,829

 

$123,950,886

 

$130,089,290

Cost of goods sold

24,375,286

 

27,470,374

 

98,295,930

 

93,594,547

Gross profit

6,420,284

 

10,760,455

 

25,654,956

 

36,494,743

Operating expenses

 

 

 

 

 

 

 

Selling expenses

1,292,580

 

1,028,195

 

4,675,049

 

4,219,484

General and administrative expenses

3,075,035

 

4,968,969

 

10,248,426

 

8,770,951

 

4,367,615

 

5,997,164

 

14,923,475

 

12,990,435

Other income (expenses)

 

 

 

 

 

 

 

Interest income

99,490

 

178,064

 

400,050

 

667,825

Interest expense

(134,634)

 

(110,393)

 

(609,600)

 

(534,736)

Subsidy income

93,771

 

 

 

1,059,423

 

 

Other expense

(184,120)

 

 

 

(184,120)

 

 

 

(125,493)

 

67,671

 

665,753

 

133,089

Income before income tax expense and noncontrolling interest

1,927,176

 

4,830,962

 

11,581,354

 

23,637,397

 

 

 

 

 

 

 

 

Income tax expense (credit)

302,779

 

(437,880)

 

1,746,805

 

3,884,189

Net income

1,624,397

 

5,268,842

 

9,650,429

 

19,753,208

Less: net income (expense) attributable to noncontrolling interest

1,287

 

 

 

1,287

 

(415,279)

Net income attributable to Company's common stockholders

$1,625,684

 

$5,268,842

 

$9,651,716

 

$19,337,929

 

 

 

 

 

 

 

 

Basic and diluted earnings per share

$0.05

 

$0.16

 

$0.25

 

$0.63

Weighted-average number of shares outstanding - basic and diluted

38,790,811

 

37,630,224

 

39,261,219

 

30,721,788

 

 

 

 

 

 

 

 

Comprehensive income:

 

 

 

 

 

 

 

Net income

1,624,397

 

5,268,842

 

9,650,429

 

19,753,208

Foreign currency translation adjustment

527,093

 

725,645

 

3,543,472

 

1,727,149

Comprehensive income

2,151,490

 

5,994,487

 

13,193,901

 

21,480,357

Less: comprehensive income (expense) attributable to noncontrolling interest

1,308

 

(3,396)

 

1,308

 

(416,977)

 

$2,152,798

 

$5,991,091

 

$13,195,209

 

$21,063,380

CHINA SHENGDA PACKAGING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in US$)

 

 

 

 

 

December 31,

ASSETS

 

2011

 

2010

Current assets

 

 

 

 

Cash and cash equivalents

 

$ 19,294,089

 

$ 35,581,323

Restricted cash

 

7,851,387

 

12,424,230

Accounts and notes receivable, net

 

36,835,095

 

31,370,130

Inventories

 

19,449,954

 

19,201,776

Prepayments and other receivables

 

929,126

 

3,510,304

Amount due from related parties

 

133,608

 

166,747

Total current assets

 

84,493,259

 

102,254,510

 

 

 

 

 

Non-current assets

 

 

 

 

Property, plant and equipment, net

 

34,573,246

 

32,690,544

Prepayment for land use right to related party

 

11,805,000

 

11,377,500

Prepayment for construction in progress

 

5,424,412

 

-

Customer relationships, net

 

550,316

 

989,307

Deferred tax assets

 

409,845

 

457,964

Goodwill

 

174,497

 

168,178

Total assets

 

$137,430,575

 

$147,938,003

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts and notes payable

 

$ 18,750,719

 

$ 44,904,679

Amounts due to related party

 

137,689

 

360,358

Accrued expenses and other payables

 

1,651,283

 

1,824,539

Taxes payable

 

3,358,902

 

2,770,434

Short-term loans

 

10,073,600

 

11,680,900

Total current liabilities

 

33,972,193

 

61,540,910

 

 

 

 

 

Non-current liabilities

 

 

 

 

Long-term loans

 

4,500,000

 

-

Deferred tax liabilities

 

137,579

 

247,327

    Total liabilities

 

38,609,772

 

61,788,237

 

 

 

 

 

Commitment and contingencies

 

-

 

-

Equity

 

 

 

 

Stockholders' equity

 

 

 

 

Common stock (US$0.001 par value,  190,000,000 shares authorized, 39,456,311 shares issued at December 31, 2011 and 2010,  38,790,811 and 39,456,311 outstanding at December 31, 2011 and 2010, respectively)

 

39,456

 

39,456

Treasury stock (665,500 shares and nil at December 31, 2011 and 2010, respectively)

 

(729,444)

 

-

Additional paid-in capital

 

43,765,243

 

43,765,243

Appropriated retained earnings

 

6,843,616

 

6,551,179

Unappropriated retained earnings

 

40,438,219

 

31,078,940

Accumulated other comprehensive income

 

8,258,441

 

4,714,948

Total equity for stockholders of China Shengda  Packaging

 

98,615,531

 

86,149,766

Noncontrolling interest

 

205,272

 

-

    Total equity

 

98,820,803

 

86,149,766

Total liabilities and equity

 

$137,430,575

 

$147,938,003

CHINA SHENGDA PACKAGING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in US$)

 

 

 

 

 

Years ended December 31,

 

 

2011

 

2010

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Net income

 

$          9,650,429

 

$          19,753,208

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization expenses

 

4,062,690

 

3,095,023

Deferred tax

 

(52,861)

 

(37,266)

Change in operating assets and liabilities:

 

 

 

 

Restricted cash

 

4,959,627

 

(7,678,086)

Accounts and notes receivable

 

(4,058,520)

 

(10,502,721)

Inventories

 

465,795

 

(10,148,037)

Prepayments and other receivables

 

2,669,982

 

(1,040,080)

Accounts and notes payable

 

(27,399,010)

 

28,518,878

Amount due  to/from related parties

 

(193,679)

 

(2,243,281)

Accrued expenses and other payables

 

(237,971)

 

334,496

Tax payables

 

476,677

 

(75,760)

Net cash (used in) provided by operating activities

 

(9,656,841)

 

19,976,374

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Prepayment for acquiring land use right to related party

 

-

 

(11,095,500)

Purchase of property, plant and equipment

 

(4,238,079)

 

(9,620,706)

Cash paid for construction in progress

 

(5,338,256)

 

(7,469,085)

Cash paid for acquiring SZAA, net of cash acquired

 

-

 

(210,075)

Cash paid for acquiring non-controlling interests

 

-

 

(3,000,000)

Net cash used in investing activities

 

(9,576,335)

 

(31,395,366)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Net proceeds from public offering

 

-

 

29,676,723

Net proceeds from private placement

 

-

 

4,016,535

Proceeds from borrowings

 

34,466,621

 

25,629,630

Repayment of short-term loans

 

(32,064,300)

 

(25,185,185)

Dividend paid to Cheng Loong

 

-

 

(127,443)

Cash paid for treasury stock( Note1&17)

 

(729,444)

 

-

Investment from noncontrolling interests

 

207,768

 

-

Net cash provided by financing activities

 

1,880,645

 

34,010,260

Effect of foreign currency exchange rate fluctuation on cash and cash equivalents

 

1,065,297

 

294,611

Net changes in cash and cash equivalents

 

(16,287,234)

 

22,885,879

Cash and cash equivalents, beginning of years

 

35,581,323

 

12,695,444

Cash and cash equivalents, end of years

 

$          19,294,089

 

$          35,581,323

 

 

 

 

 

Cash paid during the years for:

 

 

 

 

Interest paid

 

$               609,600

 

$               508,441

Income taxes paid

 

$            2,731,251

 

$            3,887,439

 

 

 

 

 

SOURCE China Shengda Packaging Group Inc.

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.