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Nine Dragons Paper last FY net profit up 30% at CNY2.17 Bln

From:Paper Expo China            Date:2012-2-16


Nine Dragons Paper (Holdings) Ltd. said Monday its net profit for the 12 months ended June 30 rose 30%, helped by a rebound in product prices and stronger demand amid the global economic recovery.
The company, China''s largest containerboard maker by output, said its full-year net profit was CNY2.17 billion, up from CNY1.66 billion the previous year.
Revenue rose 37% to CNY17.95 billion from CNY13.13 billion.

I. Financial Highlights:
- Sales increased by 36.7% to RMB17,946.0 million.
- Gross profit rose by 60.3% to RMB3,912.6 million.
- Gross margin increased from 18.6% to 21.8%.
- Profit attributable to shareholders increased by 30.4% to RMB2,166.5 million.
- Basic earnings per share increased from RMB0.3835 to RMB0.4792.

II. Financial Results: [audited consolidated results of the Company and its subsidiaries for the year ended 30 June 2010 (FY2010), together with the comparative figures for the last financial year (FY2009).

The Group achieved a revenue of approximately RMB17,946.0 million for FY2010, representing an increase of approximately 36.7% as compared with the last financial year. The major contributor of the Group''s revenue was still its paper packaging business which accounted for approximately 97.3% of the revenue, with the remaining revenue of approximately 2.7% generated from its pulp and high value special paper products business.

The Group''s revenue for FY2010 increased by approximately 36.7% as compared with the last financial year, as a result of both increase on average selling price and increase in sales volume of its packaging paperboard products. Revenue of linerboard, high performance corrugating medium and coated duplex board for FY2010 accounted for approximately 54.5%, 27.0% and 15.8% respectively of the total revenue, compared to 48.9%, 27.1% and 19.7% respectively in the last financial year.

The Group''s annual design production capacity in packaging paperboard as at 30 June 2010 was 8.65 million tpa, comprising 4.70 million tpa of linerboard, 3.00 million tpa of high performance corrugating medium and 0.95 million tpa of coated duplex board. In FY2010, the Group''s total sales volume of packaging paperboard products reached approximately 6.43 million tonnes, representing an increase of approximately 22.5% as compared to the last financial year. The increase of sales volume of packaging paperboard was supported by the contribution from the newly introduced PM25 and PM26 in Tianjin, which commenced their commercial operation in January 2010, and the substantial enhancement in production efficiency of the existing paper production lines.

The sales volume of linerboard and high performance corrugating medium for FY2010 increased by approximately 32.7% and 20.2% respectively while the coated duplex board decreased slightly by approximately 4.3% due to the relative weak export market in FY2010.

The gross profit for FY2010 was approximately RMB3,912.6 million, an increase of approximately RMB1,471.1 million or increased by approximately 60.3% as compared with the RMB2,441.5 million in the last financial year. The gross margin increased from approximately 18.6% in FY2009 to approximately 21.8% in FY2010. The increase in gross profit margin was mainly due to the stable economic growth since the financial tsunami.

III. Operating profit: The operating profit for FY2010 was approximately RMB3,120.0 million, an increase by approximately 78.8% over the last financial year. The operating profit margin increased from 13.3% in FY2009 to approximately 17.4% in FY2010 due to the gross margin expansion and the expenses control in FY2010.

IV. Net profit: The profit attributable to the equity holders of the Company in FY2010 was approximately RMB2,166.5 million, representing an increase of approximately RMB1,099.4 million (excluding the gain on repurchase of senior notes of RMB594.0 million in FY2009), or increased by approximately 103.0% over the last financial year, whilsthe net profit margin substantially increased from approximately 8.1% in FY2009 to approximately 12.1% in FY2010.


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