Altech Advanced Materials AG
Youbisheng Green Paper AG reports stable performance in full financial year 2013
DGAP-News: Youbisheng Green Paper AG / Key word(s): Final Results 28.04.2014 / 09:34 --------------------------------------------------------------------- Cologne, 28 April 2014. For the full financial year 2013, Youbisheng Green Paper AG, a Chinese manufacturer of eco-friendly linerboard, reports slightly lower revenues amounting to 96.0 million Euros (2012: 98.6 million Euros). Nevertheless, EBIT remained stable at 23.8 million Euros, leading to an improved EBIT margin of 24.8 per cent (2012: 24.1 per cent). Net profit decreased slightly to 17.2 million Euros (2012: 17.7 million Euros), while the net profit margin remained at the high level of the previous year of 17.9 per cent. Altogether, the results were fairly stable compared to 2012 and in line with the forecast stated in Youbisheng's Q3 2013 report. In 2013, Youbisheng continued to produce at full capacity like in the last few years. Thus, the total output of linerboard increased by just 0.5 per cent. At the same time, the average price for recycled paper, the main raw material for Youbisheng's linerboard production, decreased by 3.1 per cent. Correspondingly, Youbisheng reduced the selling price of its linerboard products in line with overall market trends. However, the lower purchase prices were only partially passed on to the customers, which led to an increase in the gross profit margin by 0.4 percentage points to 27.5 per cent. In addition, Youbisheng continued to optimize its production costs and concentrated on the development and promotion of higher margin products, which also contributed to the improved gross margin. Successful research and development efforts to expand product portfolio Youbisheng continued its research and development efforts and was able to introduce a new product to the market: the new super-thin testliner. This new innovative higher-margin product line is designed for the electronic industry as an insulator for electric circuits. It was well received by the market, like the anti-counterfeit testliner, which had been introduced to the market by Youbisheng in 2012. Sales of anti-counterfeit testliner increased substantially by 42.0 per cent to 6,415 tons in 2013. Especially against the background of its limited production capacities, Youbisheng will continue to focus on new value-added products in order to further improve the Group's profit margin. In total, the company reports the following revenues according to the respective product segment: sales of own-produced single-sided testliner decreased to 40.6 million Euros (2012: 45.1 million Euros). Sales of own-produced double-sided testliner increased to 22.7 million Euros (2012: 20.7 million Euros). Sales of anti-counterfeit testliner increased significantly by 36.4 per cent to 3.0 million Euros (2012: 2.2 million Euros), while revenues from sub-contracted single-sided testliner recorded a slight decline to 29.7 million Euros (2012: 30.6 million Euros). Investment in new facility to enable future growth The company has made further progress in implementing its future growth plan. This plan includes the construction of a new production facility to expand Youbisheng's output capacity from 150,000 tons to 450,000 tons of linerboard per year. In the financial year 2013, the company has made prepayments for the land use rights and project contractors for the construction of the new plant in Huanggang City, Hubei Province totalling 37.8 million Euros. Youbisheng maintained a strong balance sheet with a total equity of 82.2 million Euros and an equity ratio of 76.4 per cent. The cash position amounted to 33.4 million Euros as of 31 December 2013. Outlook While the company will continue to achieve a stable and highly profitable revenue stream, growth in the near term will not be substantial due to the already fully utilized production capacities. Nevertheless, along with an expected growth rate of at least 7.0 per cent in China's GDP the market for packaging material is set to grow at 12.0 to 14.0 per cent annually. In order to meet the rising demand for linerboard Youbisheng is investing in the realization of the new production facility in Huanggang City, Hubei Province. So far, Youbisheng was able to finance the construction of the facility entirely by current income. However, to capture this market opportunity, Youbisheng is currently issuing a bond with detachable warrants. The proceeds of the bond are to be used for the further development of the facility. Subject to the funding, Youbisheng expects the actual construction work of the production facility to start during the second half of 2014 and the completion by the end of 2015. For the full financial year 2014, the management of Youbisheng Green Paper expects revenues to be around 95.0 million Euros and the EBIT margin to be at least 22.0 per cent. The mid- and long-term development of Youbisheng Green Paper AG depends highly on the realization of the new production facility. The new facility will allow Youbisheng to double revenues in the mid term at comparable or even higher profit margins compared to current operations. The full Annual Report 2013 of Youbisheng Green Paper AG is available on the company's website under: http://www.youbisheng-greenpaper.de/en/investor-relation/publications.html. About Youbisheng Green Paper AG Youbisheng Green Paper AG is the German holding company of a Chinese clean-tech leader of eco-friendly produced linerboard from up to 100 per cent recovered fibres. The high-quality linerboard innovations of Youbisheng take up a special position in the Chinese market and are produced in the own production plant near Quanzhou City. They are used in the packaging industry in the Fujian and Guangdong Province (together about 145 million inhabitants), especially for visually attractive sales packaging and carrier bags of high-quality consumer goods. Youbisheng has been operating as a paper producer since 2000. In fiscal year 2013 and with its production plants operating at full capacity, it manufactured about 150,000 metric tons of linerboard, making it one of the biggest linerboard producers in Fujian and Guangdong Provinces. For further Information please contact: Kirchhoff Consult AG Sebastian Bucher Tel.: +49 (0)40 60 91 86 34 sebastian.bucher@kirchhoff.de Youbisheng Green Paper AG c/o HRG Hansische Revisions-Gesellschaft mbH Wirtschaftsprüfungsgesellschaft Ferdinandstrasse 25 20095 Hamburg contact@youbisheng-greenpaper.de End of Corporate News --------------------------------------------------------------------- 28.04.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Youbisheng Green Paper AG Gustav-Heinemann-Ring 44 81739 München Germany Phone: 089 - 451 63992 Fax: 089 - 451 63993 E-mail: ir@youbisheng-greenpaper.de Internet: www.youbisheng-greenpaper.de ISIN: DE000A1KRLR0 WKN: A1KRLR Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf End of News DGAP News-Service --------------------------------------------------------------------- 264884 28.04.2014
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