Sino-Forest Reports Strong Third Quarter 2010 Results
To Strengthen Market Leadership Position With the Addition of 500,000 Hectares Through Acquisition and Replanting
TORONTO, Nov. 10, 2010 /PRNewswire-FirstCall/ - Sino-Forest Corporation ("Sino-Forest") (TSX:TRE) announced its financial results today for the three months and nine months ended September 30, 2010. All amounts in this release are expressed in U.S. dollars unless otherwise indicated.
Third Quarter and Nine Months 2010 Financial Highlights
- Revenue increased 63% to $0.6 billion and 50% YTD to $1.2 billion
- EBITDA up 61% to $455 million (43% YTD to $775 million)
- Net Income (after a $24-million non-cash tax charge related to prior
years) rose 12% and 29% YTD*
- Diluted EPS was $0.47, after giving effect to a $0.09 non-cash tax
charge related to prior years*
- Cash Flow From Operating Activities increased 48% in Q3 (34% YTD)
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(US$ millions, Third Quarter Nine months
except margins ended September 30 ended September 30
and per share 2010 2009 Change 2010 2009 Change
amounts) $ $ % $ $ %
-------------------------------------------------------------------------
Revenue 599.5 367.0 63 1,156.3 768.6 50
Gross Profit(1) 221.0 144.6 53 439.5 292.4 50
Gross Profit Margin 37% 39% (2%pts) 38% 38% 0
EBITDA(2) 455.0 282.0 61 775.2 542.3 43
Net Income 118.0 105.6 12 224.5 173.7 29
Diluted Earnings Per
Share* 0.47 0.47 (1) 0.92 0.86 6
Cash Flow From
Operating Activities 326.4 234.2 39 478.1 558.5 (14)
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Notes (1) and (2) are at the end of this release
* During the third quarter of 2010, Sino-Forest recorded an additional
tax provision in the amount of $24.3 million or $0.09 per share
relating to the application of a higher deemed profit rate to the
years 2007, 2008 and 2009 as a result of changes to PRC tax laws and
Sino-Forest's interpretation of such changes. The diluted EPS before
this non-cash tax charge was $0.56.
Allen Chan, Chairman and CEO of Sino-Forest said, "We are very pleased to report another strong quarter as demand for wood fibre continues to increase with China's economic growth. We further strengthened our positions in the PRC's emerging markets, while benefiting from the increased demand for wood as a result of infrastructure development and real estate construction in the PRC. During the third quarter, we resumed our planting programme, which was temporarily delayed by heavy rainfall in the previous quarter. We are in the process of replanting approximately 30,000 hectares in Hunan, Guangxi and Guangdong Provinces."
Mr. Chan added, "To fund our growth initiatives, we raised $600 million last month from a notes offering, which was very well received. In that regard, we extend our gratitude to the long-time and new investors for their confidence in Sino-Forest's long-term strategic business plan and in our capability to successfully execute it. We remain committed to sustainable forestry practices and to aligning our strategies with the PRC Central Government's master plan which encourages a greener and more balanced economy."
Mr. Chan continued, "With the $1.4 billion cash on hand, we plan to expand our geographical reach to the central and western regions of China where we intend to enter into agreements in the near future for the acquisition of an incremental 300,000 hectares of mature saleable trees to the existing base of our commercial plantations. After investing over 16 years in scientific silviculture applications and biotech R&D, we have amassed significant intellectual capital and a solid track record of developing and cultivating fast-growing species that produce high-yield output. We also intend to plant 200,000 hectares over the next two years in our southwest home base, further expanding Sino-Forest's vast portfolio of sustainable plantations. We believe that with this added strategy, in addition to the planned acquisitions, our plantation size will increase substantially from 756,800 hectares to over 1.3 million hectares."
Business Segment Highlights
The following table presents the total revenue breakdown for the three months ended September 30, 2010 and 2009:
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Third Quarter Third Quarter
ended Sep 30, 2010 ended Sep 30, 2009
$'000 % $'000 %
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Wood Fibre Operations
Plantation Fibre 474,871 79.2 295,831 80.6
Trading of Wood Logs 107,603 17.9 60,400 16.4
Manufacturing and Other Operations 17,016 2.9 10,731 3.0
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Total 599,490 100.0 366,962 100.0
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Our revenue increased $233 million in the third quarter of 2010 from last year, due primarily to sales gains of $179 million in plantation fibre and $47 million in trading of wood logs.
Wood Fibre Operations
Plantation Fibre
-------------------------------------------------------------------------
Third Quarter ended Sep 30, 2010
-------------------------------------------------------------------------
Vol. Av.
sold price Total
Hectares per m(3) revenue
'000 m(3) $ $'000
-------------------------------------------------------------------------
Standing timber 14,642 2,500 65 161,461
Harvested logs 25,808 3,878 81 313,410
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Total 40,450 6,378 74 474,871
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Third Quarter ended Sep 30, 2009
-------------------------------------------------------------------------
Vol. Av.
sold price Total
Hectares per m(3) revenue
'000 m(3) $ $'000
-------------------------------------------------------------------------
Standing timber 18,681 2,793 63 176,919
Harvested logs 10,771 1,477 81 118,912
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Total 29,452 4,270 69 295,831
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Revenue from sales of plantation fibre increased 60.5% to $474.9 million in Q3 2010, compared to $295.8 million in the same period in 2009, mainly due to an increase in revenue from harvested logs. The average sales per hectare increased 16.9% to $11,740 per hectare in Q3 2010, compared to $10,045 per hectare in the same period last year.
The average yield per hectare sold as standing timber was 171 m(3) in Q3 2010, 14% higher than in the same quarter in 2009 (150 m(3)). The average yield per hectare sold as harvested logs increased 9% to 150 m(3) for Q3 2010 compared to 137 m(3) last year.
During the three months ended September 30, 2010, we sold approximately 16,896 hectares of plantation trees, which were acquired under our master agreements, mainly in Hunan and Guangxi. As of September 30, 2010, we had approximately 756,800 hectares of forest plantations, an increase of 60% from Q3 2009.
Trading of Wood Logs
Revenue from trading of imported and domestic wood products and logs increased 78.2% to $107.6 million in Q3 2010, compared to $60.4 million in Q3 2009, primarily due to a higher volume of Russian wood logs sold.
Manufacturing and Other Operations Revenue
Revenue from this business segment increased 58.6% to $17.0 million in Q3 2010, compared to $10.7 million in the same period in 2009, mainly due to higher sales of engineered wood flooring.
Gross Profit
Gross profit increased 52.8% to $221.0 million in Q3 2010, compared to $144.6 million in the same period in 2009. Gross profit margin decreased to 36.9% of revenue in Q3 2010, compared to 39.4% in Q3 2009, mainly due to lower gross profit margin from plantation fibre operations.
Gross Profit Margin
Plantation Fibre
Gross profit margin from sales of standing timber remained at $33 per m(3) in Q3 2010, even though margin percentage decreased to 50.8% from 52.8% in Q3 2009. The gross profit margin from sales of harvested logs was 42.2% or $34 per m(3) in Q3 2010, compared to 38.3% or $31 per m(3) in the same period in 2009. These increases were mainly due to a decrease in average timber cost per m(3) as a result of better yield per hectare in Q3 2010.
Trading of Wood Logs
Gross profit margin from trading of imported and domestic wood products and logs decreased to 4.8% in Q3 2010, compared to 7.2% in the same period in 2009.
Manufacturing and Other Operations
Gross profit margin from our manufacturing and other operations decreased to 7.9% in the three months ended September 30, 2010 from 11.8% in Q3 2009.
Selling, General and Administration Expenses
Our SG&A expenses increased 76.8% to $24.3 million in Q3 2010, compared to $13.8 million in Q3 2009. This was mainly due to increased accrued incentive compensation, R&D costs and consultancy services fees, and incremental costs of newly acquired subsidiaries in 2010.
Provision for Income Taxes
The provision for income taxes was $48.2 million in the three months ended September 30, 2010 compared to $10.2 million in the same period in 2009. The increase was the result of a $23.9 million tax provision due to higher earned income and an increase in the deemed profit percentage rate to 15% used in recording the income tax provision in Q3 2010 compared to a 10% rate in Q3 2009 as a result of changes to PRC tax laws and Sino-Forest's interpretation thereof. Furthermore, due to such changes, an additional $24.3 million provision was recorded in the quarter as Sino-Forest applied a deemed profit percentage rate of 15% in certain provinces in the PRC where Sino-Forest did business in the 2007, 2008 and 2009 years, rather than the previously applied 10% rate.
Net Income for the Period
As a result of the foregoing, net income for the period increased 11.8% to $118.0 million in the three months ended September 30, 2010, compared to $105.6 million in the same period in 2009. Overall net income for the period as a percentage of revenue decreased to 19.7% in the three months ended September 30, 2010, compared to 28.8% in the same period in 2009.
Cash flows from operating activities of continuing operations
Net cash provided from operating activities increased to $326.4 million in Q3 2010, compared to $234.2 million in the same period in 2009. The increase was due to an increase in cash provided by operations, offset by the increase in cash used in working capital, which mainly resulted from a net effect of the increase in accounts receivables, inventories, prepaid expenses, and accounts payable and accrued liabilities.
Capital Expenditures
-------------------------------------------------------------------------
Three months ended September 30
2010 2009
Hectares $'million Hectares $'million
-------------------------------------------------------------------------
Tree acquisition 69,569 464.5 61,981 279.7
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Tree acquisition - acq of
subsidiaries - -
-------------------------------------------------------------------------
Re-planting and maintenance of
plantations 8.4 14.5
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Panel manufacturing and others 4.5 3.0
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Panel manufacturing & others -
acq of subsidiaries 3.6 -
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Total 481.0 297.2
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Nine months ended September 30
2010 2009
Hectares $'million Hectares $'million
-------------------------------------------------------------------------
Tree acquisition 145,653 852.1 179,072 677.8
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Tree acquisition - acq of
subsidiaries 86,786 283.1 -
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Re-planting and maintenance of
plantations 24.9 28.2
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Panel manufacturing and others 17.5 10.8
-------------------------------------------------------------------------
Panel manufacturing & others -
acq of subsidiaries 10.2 -
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Total 1,187.8 716.8
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Recent Development
On November 2, 2010, Sino-Forest announced the acquisition of MFVL Limited, a New Zealand plantation company that owns approximately 13,000 hectares of freehold land with at present approximately 5.6 million m(3) total recoverable volume of radiata pine. Sino-Forest will continue to support Omnicorp's growth plan and subject to certain approvals including from Omnicorp minority shareholders, the shares of MFVL will be transferred to Omnicorp, at cost plus all costs and expenses reasonably incurred. Omnicorp is focused on importing quality fibre into the PRC from jurisdictions outside of the PRC.
Outlook
The draft 12th Five-year plan (2011-2015) was approved at the PRC Central Government's 5th plenary meeting, which took place in October 2010. Although the plan is subject to revision and final approval at the next National Plenary Committee to be held in March 2011, it is generally perceived that the Central Government intends to make China less dependent on exports and more reliant on domestic consumer spending, and plans to improve livelihoods in rural villages through urbanization and employment creation. Based on the draft plan, the Central Government also intends to shift towards better and greener growth, to accelerate rural modernization through construction of affordable housing and improvements in agriculture, infrastructure as well as coordinated regional development. Therefore, we remain very optimistic about China's domestic growth and demand for wood fibre. We remain committed to sustainable, long-term planting in China by sowing scientifically advanced seedlings, which we have developed through R&D aimed at achieving higher fibre quality and yield output at our planted plantations.
Notice of Conference Call
Sino-Forest will hold a conference call for analysts and investors to discuss its third quarter results on Wednesday, November 10, 2010 at 8:30 am EST / 9:30 pm HKT. To participate, please dial +1-647-427-7450 for local and international callers, or for North America toll-free access 888-231-8191. Alternatively, to listen to the live webcast and replay in a listen-only mode, go to Sino-Forest's website under "Investor Relations - Earnings Releases" or click on the following link: http://www.sinoforest.com/earningsreleases.asp.
About Sino-Forest Corporation
Sino-Forest is a leading, commercial forest plantation operator in China. Its principal businesses include the ownership and management of forest plantation trees and sales of standing timber, wood logs, and complementary manufacturing of downstream engineered-wood products. Sino-Forest also holds a majority interest in Omnicorp Limited (HK:0094), a Hong Kong listed investment holding company with access to concession forest in Suriname, South America. Sino-Forest's common shares have traded on the Toronto Stock Exchange under the symbol TRE since 1995. Learn more at www.sinoforest.com.
Note (1) to the Financial Highlights table: Gross profit for any period is defined as total revenue less cost of sales. Gross profit is presented as additional information because we believe that it is a useful measure for certain investors to determine our operating performance. Gross profit is not a recognized term under Canadian GAAP and should not be considered as an alternative to net income as an indicator of our operating performance or any other measure of performance derived in accordance with Canadian GAAP. Because it is not a Canadian GAAP measure, gross profit may not be comparable to similar measures presented by other companies.
Note (2) to the Financial Highlights table: EBITDA for any period is defined as income from continuing operations for the period after adding back depreciation and amortization and depletion of timber holdings in cost of sales, for the period. EBITDA is presented as additional information because we believe that it is a useful measure for certain investors to determine our operating cash flow and historical ability to meet debt service and capital expenditure requirements. EBITDA is not a measure of financial performance under Canadian GAAP and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with Canadian GAAP.
Cautionary note: No stock exchange or regulatory authority has approved or disapproved of information contained herein. Certain information included in this news release is forward-looking and is subject to important risks and uncertainties. When used in this news release, the words "believe", "intend", "estimate", "expect", "plan" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations. The results or events predicted in these statements may differ materially from actual results or events and are no guarantees of future performance of Sino-Forest. Factors which could cause results or events to differ from current expectations include, among other things: our ability to acquire rights to additional standing timber, our ability to meet our expected plantation yields, the cyclical nature of the forest products industry and price fluctuation in and the demand and supply of logs, our reliance on joint venture partners, authorized intermediaries, key customers, suppliers and third party service providers, our ability to operate our production facilities on a profitable basis, changes in currency exchange rates and interest rates, and PRC economic, political and social conditions and government policy, and stock market volatility, other factors not currently viewed as material could cause actual results to differ materially from those described in the forwarding-looking statements. For additional information with respect to certain of these and other factors, see the reports filed by Sino-Forest Corporation with applicable Canadian securities administrators. Sino-Forest Corporation disclaims any intention or 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.
CONSOLIDATED STATEMENTS OF INCOME AND
RETAINED EARNINGS
(Expressed in thousands of United States dollars, except for
earnings per share information) (Unaudited)
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
$ $ $ $
-------------------------------------------------------------------------
Revenue 599,490 366,962 1,156,263 768,615
Costs and expenses
Cost of sales 378,504 222,324 716,811 476,206
Selling, general and
administration 24,333 13,760 59,673 44,849
Depreciation and
amortization 1,187 1,160 3,463 3,450
-------------------------------------------------------------------------
404,024 237,244 779,947 524,505
-------------------------------------------------------------------------
Income from
operations
before the
undernoted 195,466 129,718 376,316 244,110
Interest expense (31,341) (17,323) (89,225) (51,154)
Interest income 1,920 2,580 8,912 6,760
Exchange losses (1,493) (217) (2,386) (580)
(Loss) gain on
changes in fair
value of financial
instruments (432) 1,938 (4,419) 3,545
Other income 453 - 908 1,272
-------------------------------------------------------------------------
Income before
income taxes 164,573 116,696 290,106 203,953
Provision for
income taxes (48,199) (10,199) (66,550) (22,515)
-------------------------------------------------------------------------
Net income from
continuing
operations 116,374 106,497 223,556 181,438
Net loss from
discontinued
operations (274) (880) (970) (7,767)
-------------------------------------------------------------------------
Net income before
non-controlling
interests 116,100 105,617 222,586 173,671
Non-controlling
interests 1,936 - 1,935 -
-------------------------------------------------------------------------
Net income for the
period 118,036 105,617 224,521 173,671
-------------------------------------------------------------------------
Earnings per share
Basic, for net
income for the
period 0.48 0.48 0.92 0.87
Diluted, for net
income for the
period 0.47 0.47 0.92 0.86
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Earnings per share
from continuing
operations
Basic, for net
income for the
period 0.48 0.48 0.93 0.91
Diluted, for net
income for the
period 0.47 0.48 0.92 0.90
-------------------------------------------------------------------------
Loss per share from
discontinued
operations
Basic, for net loss
for the period (0.00) (0.00) (0.00) (0.04)
Diluted, for net loss
for the period (0.00) (0.00) (0.00) (0.04)
-------------------------------------------------------------------------
Retained earnings
Retained earnings,
beginning of period 1,160,759 837,611 1,054,257 769,557
Net income for the
period 118,036 105,617 224,521 173,671
Transfer from
statutory reserve - - 17 -
-------------------------------------------------------------------------
Retained earnings,
end of period 1,278,795 943,228 1,278,795 943,228
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thousands of United States dollars) (Unaudited)
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
$ $ $ $
-------------------------------------------------------------------------
Net income for
the period 118,036 105,617 224,521 173,671
Other comprehensive
income:
Unrealized gains on
foreign currency
translation of
self-sustaining
operations 35,627 1,096 50,640 1,590
Unrealized gains on
financial assets
designated as
available-for-sale 485 6,650 2,490 10,955
Reversal of unrealized
gains on financial
assets designated as
available-for-sale (485) - (2,490) -
-------------------------------------------------------------------------
Other comprehensive
income 35,627 7,746 50,640 12,545
-------------------------------------------------------------------------
Comprehensive income 153,663 113,363 275,161 186,216
-------------------------------------------------------------------------
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CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars) (Unaudited)
As at As at
September 30, December 31,
2010 2009
$ $
-------------------------------------------------------------------------
ASSETS
Current
Cash and cash equivalents 816,551 1,102,366
Short-term deposits 32,788 70,387
Accounts receivable 406,105 282,306
Inventories 89,348 45,978
Prepaid expenses and other 86,255 54,747
Convertible bonds - 29,446
Assets of discontinued operations - 1,531
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Total current assets 1,431,047 1,586,761
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Timber holdings 2,992,447 2,183,489
Capital assets, net 99,761 77,377
Intangible assets 162,697 636
Other assets 122,054 115,636
-------------------------------------------------------------------------
4,808,006 3,963,899
-------------------------------------------------------------------------
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Bank indebtedness 122,524 103,991
Current portion of long-term debt 87,670 -
Accounts payable and accrued liabilities 400,836 250,287
Income taxes payable 10,854 7,346
Liabilities of discontinued operations 12,803 12,156
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Total current liabilities 634,687 373,780
-------------------------------------------------------------------------
Long-term debt 1,066,303 925,466
Future income tax liabilities 78,743 -
-------------------------------------------------------------------------
Total liabilities 1,779,733 1,299,246
-------------------------------------------------------------------------
Non-controlling interests 45,362 -
-------------------------------------------------------------------------
Shareholders' equity
Equity portion of convertible senior notes 158,883 158,883
Share capital 1,255,793 1,213,495
Contributed surplus 12,999 12,200
Accumulated other comprehensive income 274,788 224,148
Statutory reserve 1,653 1,670
Retained earnings 1,278,795 1,054,257
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Total shareholders' equity 2,982,911 2,664,653
-------------------------------------------------------------------------
4,808,006 3,963,899
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Commitments and Contingencies
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of United States dollars) (Unaudited)
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
$ $ $ $
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CASH FLOWS FROM
OPERATING ACTIVITIES
Net income for the
period 118,036 105,617 224,521 173,671
Net loss from
discontinued
operations 274 880 970 7,767
Add (deduct) items
not affecting cash
Depletion of timber
holdings included
in cost of sales 258,380 151,079 395,436 294,716
Depreciation and
amortization 2,010 1,160 5,630 3,450
Accretion of
convertible senior
notes 6,610 3,354 19,267 9,764
Stock-based
compensation 696 1,173 2,868 3,498
Loss (gain) on
changes in fair
value of financial
instruments 432 (1,937) 4,419 (3,545)
Unrealized exchange
losses (gains) (860) 193 (1,779) 196
Other 846 (1,047) (850) (1,091)
-------------------------------------------------------------------------
386,424 260,472 650,482 488,426
Net change in non-cash
working capital
balances (59,995) (26,308) (172,347) 70,071
-------------------------------------------------------------------------
Cash flows from
operating activities
of continuing
operations 326,429 234,164 478,135 558,497
-------------------------------------------------------------------------
Cash flows (used in)
from operating
activities of
discontinued
operations (166) 232 (491) (2,342)
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CASH FLOWS USED IN
INVESTING ACTIVITIES
Additions to timber
holdings (411,542) (303,930) (776,259) (729,703)
Increase in other
assets (36,649) (14,457) (48,698) (20,065)
Additions to capital
assets (7,628) (2,932) (22,398) (8,805)
Decrease (increase)
in non-pledged
short-term deposits 5,245 (5,122) 13,165 (6,600)
Business acquisitions (856) - 3,163 -
Acquisition of
convertible bonds - - - (200)
Proceeds from disposal
of capital assets 9 - 142 111
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Cash flows used in
investing activities (451,421) (326,441) (830,885) (765,262)
Cash flows from
investing activities
of discontinued
operations - 14,981 1,478 24,120
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CASH FLOWS FROM
(USED IN) FINANCING
ACTIVITIES
Payment on deferred
financing costs - (14,027) (5,893) (14,027)
(Decrease) increase
in bank indebtedness (31,923) 1,835 16,485 3,860
Decrease (increase)
in pledged short-term
deposits 25,171 (213) 24,997 1,089
Issuance of shares,
net of issue costs - - 4,896 323,947
Payment on derivative
financial instrument - (2,890) - (5,781)
Issuance of a
long-term debt 24,750 - 24,750 -
Repayment of a
long-term debt - - (530) -
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Cash flows from
(used in) financing
activities 17,998 (15,295) 64,705 309,088
-------------------------------------------------------------------------
Effect of exchange
rate changes on cash
and cash equivalents 979 21 1,243 (72)
-------------------------------------------------------------------------
Net (decrease) increase
in cash and cash
equivalents (106,181) (92,338) (285,815) 124,029
Cash and cash
equivalents,
beginning of period 922,732 657,538 1,102,366 441,171
-------------------------------------------------------------------------
Cash and cash
equivalents, end of
period 816,551 565,200 816,551 565,200
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Supplemental cash
flow information
Cash payment for
interest charged to
income 34,780 22,783 70,828 50,047
Interest received 1,478 646 3,907 1,833
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SOURCE Sino-Forest Corporation
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