HANGZHOU, China, Aug. 14, 2015 /PRNewswire-FirstCall/ -- China
Shengda Packaging Group Inc. (NASDAQ: CPGI) ("Shengda" or the
"Company"), a leading Chinese paper packaging company, today
reported its financial results for the second quarter ended
June 30, 2015.
Second Quarter 2015 Financial Highlights:
- Overall revenues increased by $2.5
million, or 6.6%, to $39.7
million for the second quarter of 2015 from $37.2 million for the same period of last year.
The increase in revenues was mainly driven by increase in sales
volumes and partially offset by decrease in average selling prices
for both paper cartons and corrugating medium paper. Average
selling price for flexo paper cartons was particularly weak during
the second quarter of 2015.
- Gross profit decreased by $1.2
million, or 17.9%, to $5.3
million for the second quarter of 2015 from $6.5 million for the same period of last year.
Gross margin decreased by 4 points to 13.4% for the second quarter
of 2015 from 17.4% for the same period of last year.
- Operating loss was $0.05 million
for the second quarter of 2015, compared to net income of
$1.7 million for the same period of
last year.
- Net income attributable to the Company's stockholders decreased
by $1.0 million, or 88.3%, to
approximately $0.1 million for the
second quarter of 2015 from $1.1
million for the same period of last year.
- Basic and diluted earnings per share were $0.02 for the second quarter of 2015, compared to
$0.14 for the same period of last
year.
Three Months Ended June 30,
2015 Results
Sales Analysis
(Millions)
|
Three Months
Ended June 30,
2015
|
Three Months
Ended June 30,
2014
|
|
|
|
Revenues– Paper
Cartons (millions)
|
$29.8
|
$29.9
|
Revenues– Corrugating
Medium Paper (millions)
|
$13.3
|
$10.7
|
Revenues–
Inter-segment Transactions Elimination (millions)
|
($3.4)
|
($3.4)
|
Color Cartons (% of
total revenues)
|
22.8%
|
24.3%
|
Flexo Cartons (% of
total revenues)
|
52.2%
|
56.0%
|
Paper Cartons Sales
Volume (M sq meters)
|
95.4
|
77.3
|
Corrugating Medium
Paper Sales Volume ('000 tons)
|
37.8
|
30.1
|
Color Cartons (avg
price per sq meter)
|
$0.39
|
$0.39
|
Flexo Cartons (avg
price per sq meter)
|
$0.29
|
$0.38
|
Corrugating Medium
Paper (avg price per ton)
|
$352
|
$356
|
|
|
|
Summary Results
(Millions)
|
Three Months
Ended June 30,
2015
|
Three Months
Ended June 30,
2014
|
|
|
|
Revenues
|
$39.7
|
$37.2
|
Gross
Profit
|
$5.3
|
$6.5
|
Gross Margin
(%)
|
13.4%
|
17.4%
|
Operating
Expenses
|
$5.4
|
$4.8
|
Operating Income
(Loss)
|
($0.0)
|
$1.7
|
Operating (Loss)
Margin (%)
|
0.1%
|
4.6%
|
Net Income
Attributable to Stockholders
|
$0.1
|
$1.1
|
EPS - Basic &
Diluted
|
$0.02
|
$0.14
|
Weighted Average
Shares Outstanding
|
7.8
|
7.8
|
Total revenues for the second quarter of 2015 increased by
$2.5 million, or 6.6%, to
$39.7 million from $37.2 million for the same period of last year,
primarily driven by increases in sales volume of both paper cartons
and other paper products and corrugating medium paper, partially
offset by decreases in average selling prices of flexo cartons and
corrugating medium paper. Average selling price of flexo cartons
was particularly weak, decreasing from $0.38 per square meter for the second quarter of
last year to $0.29 per square meter
for the second quarter of 2015.
Revenues of paper cartons and other paper products decreased by
$0.1 million, or 0.3%, to
$29.8 million for the second quarter
of 2015 from $29.9 million for the
same period of last year. Sales volume of paper cartons increased
by 18.1 million square meters, or 23.4%, to 95.4 million square
meters for the second quarter of 2015 from 77.3 million square
meters for the same period of last year while the average price of
paper cartons and other paper products decreased to $0.31 per square meter for the second quarter of
2015 from $0.39 per square meter for
the same period of last year. The increase in sale volume of paper
cartons and other paper products was mainly contributed by Shengda
Zhongtian and Shengda Concept that started their operations in the
first quarter of 2015. Color and flexo cartons accounted for 22.8%
and 52.2% of total revenues for the second quarter of 2015,
compared to 24.3% and 56.0%, respectively, for the same period of
last year. Average sales prices per square meter for color and
flexo cartons were approximately $0.39 and $0.29,
respectively, for the second quarter of 2015, compared to
approximately $0.39 and $0.38, respectively, for the same period of last
year. Consumer and industrial goods manufacturing sectors remained
the Company's principal markets. Major customers remained home
appliances & electronics manufacturers, and food, beverage
& cigarette manufacturers in the Yangtze River Delta Region,
which accounted for 18.1% and 22.3%, respectively, of total
revenues for the second quarter of 2015, compared to 21.0% and
19.1%, respectively, for the same period of last year.
Revenues of corrugating medium paper increased by $2.6 million, or 23.8%, to $13.3 million for the second quarter of 2015,
from $10.7 million for the same
period of last year. The increase was mainly resulted from increase
in sales volume and partially offset by decrease in average selling
price. Sales volume and average selling price of corrugating medium
paper were approximately 37.8 thousand tons and $352 per ton, respectively, for the second
quarter of 2015, compared to 30.1 thousand tons and $356 per ton, respectively, for the same period
of last year.
Overall gross profit decreased by $1.2
million, or $ 17.9%, to $5.3
million for the second quarter of 2015 from $6.5 million for the same period of last year, as
a result of increased cost of goods sold for both paper cartons and
other paper products and corrugating medium paper. Gross profit of
paper cartons and other paper products decreased by $0.8 million, or 13.4%, to $5.8 million for the second quarter of 2015 from
$6.6 million for the same period of
last year. Gross profit of color and flexo cartons were
$1.9 million and $3.9 million, respectively, for the second
quarter of 2015, compared to $2.1
million and $4.5 million,
respectively, for the same period of last year. Gross loss of
corrugating medium paper was $0.4
million for the second quarter of 2015, compared to
$0.1 million for the same period of
last year. Overall gross margin decreased by 4 points to 13.4% for
the second quarter of 2015 from 17.4% for the same period of last
year. Gross margins for paper cartons and other paper products and
corrugating medium paper were 19.3% and negative 3.2%,
respectively, for the second quarter of 2015, compared to 22.2% and
negative 1.4%, respectively, for the same period of last year.
Selling expenses decreased by 0.1 million, or 5.6%, to
$1.5 million for the second quarter
of 2015, from $1.6 million for the
same period of last year. As a percentage of revenues, selling
expenses decreased to 3.8% for the second quarter of 2015 from 4.3%
for the same period of last year.
General and administrative expenses increased by $0.7 million, or 24.3%, to $3.9 million for the second quarter of 2015 from
$3.2 million for the same period of
last year. This increase was mainly due to the increase in staff
costs, which include salary, benefits, social insurance and other
relevant staff expenses. As a percentage of revenues, general and
administrative expenses increased to 9.9% for the second quarter of
2015 from 8.5% for the same period of last year.
As a result of the forgoing, operating loss was $0.05 million for the second quarter of 2015,
compared to operating income of $1.7
million for the same period of last year. Operating loss
margin was 0.1% for the second quarter of 2015, compared to
operating profit margin of 4.6% for the same period of last
year.
Net income attributable to the Company's common stockholders
decreased by approximately $1.0
million, or 88.3%, to $0.1
million for the second quarter of 2015, from $1.1 million for the same period of last year.
Basic and diluted earnings per share were $0.02 for the second quarter of 2015, compared to
$0.14 for the same period of last
year.
Six Months Ended June 30, 2015
Results
Sales Analysis
(Millions)
|
Six Months
Ended June 30,
2015
|
Six Months
Ended June 30,
2014
|
|
|
|
Revenues– Paper
Cartons (millions)
|
$60.8
|
$56.0
|
Revenues– Corrugating
Medium Paper(millions)
|
$21.8
|
$20.1
|
Revenues–
Inter-segment Transactions Elimination (millions)
|
$(4.9)
|
$(6.6)
|
Color Cartons (% of
total revenues)
|
22.5%
|
24.8%
|
Flexo Cartons (% of
total revenues)
|
55.8%
|
55.8%
|
Paper Cartons Sales
Volume (M sq meters)
|
183.1
|
145.3
|
Corrugating Medium
Paper Sales Volume ('000 tons)
|
62.1
|
55.5
|
Color Cartons
(average price per sq meter)
|
$0.39
|
$0.39
|
Flexo Cartons
(average price per sq meter)
|
$0.31
|
$0.38
|
Corrugating Medium
Paper (average price per ton)
|
$351
|
$362
|
|
|
|
Summary Results
(Millions)
|
Six Months
Ended June 30,
2015
|
Six
Months
Ended June 30,
2014
|
|
|
|
Revenues
|
$77.6
|
$69.5
|
Gross
Profit
|
$10.3
|
$10.6
|
Gross Margin
(%)
|
13.3%
|
15.3%
|
Operating
Expenses
|
$10.5
|
$10.1
|
Operating Income
(Loss)
|
($0.1)
|
$0.5
|
Operating (Loss)
Margin (%)
|
(0.2%)
|
0.7%
|
Net Income
Attributable to Stockholders
|
$0.1
|
$0.5
|
EPS - Basic &
Diluted
|
$0.01
|
$0.07
|
Weighted Average
Shares Outstanding
|
7.8
|
7.8
|
Total revenues for the six months ended June 30, 2015 increased by $8.1million, or 11.7%, to $77.6 million from $69.5
million for the same period of last year, primarily driven
by increases in sales volume of both paper cartons and other paper
products and corrugating medium paper, partially offset by
decreases in average selling prices of flexo cartons and
corrugating medium paper.
Revenues of paper cartons and other paper products increased by
$4.8 million, or 8.5%, to
$60.8 million for the six months
ended June 30, 2015 from $56.0 million for the same period of last year.
Sales volume of paper cartons and other paper products increased by
37.8 million square meters, or 26.0%, to 183.1 million square
meters for the six months ended June 30,
2015 from 145.3 million square meters for the same period of
last year while the average price of paper cartons and other paper
products decreased to $0.33 per
square meter for the six months ended June
30, 2015 from $0.39 per square
meter for the same period of last year. The increase in sale volume
of paper cartons and other paper products was mainly contributed by
Shengda Zhongtian and Shengda Concept that started their operations
in the first quarter of 2015. Color and flexo cartons accounted for
22.5% and 55.8% of total revenues for the six months ended
June 30, 2015, compared to 24.8% and
55.8%, respectively, for the same period of last year. Average
sales prices per square meter for color and flexo cartons were
approximately $0.39 and $0.31, respectively, for the six months ended
June 30, 2015, compared to
approximately $0.39 and $0.38, respectively, for the same period of last
year. Consumer and industrial goods manufacturing sectors remained
the Company's principal markets. Major customers remained home
appliances & electronics manufacturers, and food, beverage
& cigarette manufacturers in the Yangtze River Delta Region,
which accounted for 18.8% and 22.0%, respectively, of total
revenues for the six months ended June 30,
2015, compared to 21.5% and 20.0%, respectively, for the
same period of last year.
Revenues of corrugating medium paper increased by $1.7 million, or 8.5%, to $21.8 million for the six months ended
June 30, 2015, from $20.1 million for the same period of last year.
The increase was mainly resulted from increase in the sales volume
and partially offset by decrease in average selling prices. Sales
volume and average selling price of corrugating medium paper were
approximately 62.1 thousand tons and $351 per ton, respectively, for the six months
ended June 30, 2015, compared to 55.5
thousand tons and $362 per ton,
respectively, for the same period of last year.
Overall gross profit decreased by $0.3
million, or $ 2.8%, to $10.3
million for the six months ended June
30, 2015 from $10.6 million
for the same period of last year, as a result of increased cost of
goods sold for both paper cartons and other paper products and
corrugating medium paper. Gross profit of paper cartons and other
paper products decreased by $0.5
million, or 4.1%, to $11.6
million for the six months ended June
30, 2015 from $12.1 million
for the same period of last year. Gross profit of color and flexo
cartons were $3.6 million and
$8.0 million, respectively, for the
six months ended June 30, 2015,
compared to $3.9 million and
$8.2 million, respectively, for the
same period of last year. Gross loss of corrugating medium paper
was $1.2 million for the six months
ended June 30, 2015, down from
$1.4 million for the same period of
last year. Overall gross margin decreased by 2 points to 13.3% for
the six months ended June 30, 2015
from 15.3% for the same period of last year. Gross margins for
paper cartons and other paper products and corrugating medium paper
were 19.0% and negative 5.6%, respectively, for the six months
ended June 30, 2015, compared to
21.5% and negative 7.1%, respectively, for the same period of last
year.
Selling expenses decreased by 0.1 million, or 2.0%, to
$3.4 million for the six months ended
June 30, 2015, from $3.5 million for the same period of last year. As
a percentage of revenues, selling expenses decreased to 4.4% for
the six months ended June 30, 2015
from 5.0% for the same period of last year.
General and administrative expenses increased by $1.2 million, or 19.1%, to $7.2 million for the six months ended
June 30, 2015 from $6.0 million for the same period of last year.
This increase was mainly due to the increase in staff costs, which
include salary, benefits, social insurance and other relevant staff
expenses. As a percentage of revenues, general and administrative
expenses increased to 9.2% for the second quarter of 2015 from 8.6%
for the same period of last year.
As a result of the forgoing, operating loss was $0.1 million for the six months ended
June 30, 2015, compared to operating
income of $0.5 million for the same
period of last year. Operating loss margin was 0.2% for the six
months ended June 30, 2015, compared
to operating income margin of 0.7% for the same period of last
year.
Net income attributable to the Company's common stockholders
decreased by approximately $0.4
million, or 88.5%, to $0.1
million for the six months ended June
30, 2015, from $0.5 million
for the same period of last year. Basic and diluted earnings per
share were $0.01 for the six months
ended June 30, 2015, compared to
$0.07 for the same period of last
year.
Financial Condition
As of June 30, 2015, the Company
had cash and cash equivalents of $10.7
million and restricted cash of $12.7
million, compared to $10.9
million and $13.8 million,
respectively, at December 31, 2014.
Working capital was $25.6 million as
of June 30, 2015, compared to
$30.7 million at December 31, 2014. Total equity for stockholders
of Shengda was $114.2 million as of
June 30, 2015, compared to
$113.0 million at December 31, 2014.
Net cash used in operating activities was $3.8 million for the six months ended
June 30, 2015, compared to net cash
provided by operating activities of $7.2
million for the same period of last year. This was
attributable to net loss of $0.1
million, adjusted by depreciation and amortization expenses
of $3.7 million, and a net decrease
in cash from accounts and notes receivable of $3.2 million and a net decrease in cash from
inventories of $4.9 million, and a
net increase in cash from accounts and notes payable of
$7.8 million and a net increase in
cash from other working capital items of $0.5 million.
Net cash used in investing activities was $4.2 million for the six months ended
June 30, 2015, compared to
$2.4 million for the same period of
last year. The $4.2 million was
mainly used for purchases of property, plant and equipment at our
subsidiaries Shuangsheng, Shengda Concept and Shengda
Zhongtian.
Net cash provided by financing activities was nil for the six
months ended June 30, 2015, compared
to $1.9 million for the same period
of last year. During the six months ended June 30, 2014, we received proceeds from loans
amounting to $3.5 million, and repaid
loans amounting to $3.5 million.
About China Shengda Packaging Group Inc.
China Shengda Packaging Group Inc. is a leading paper packaging
company in China. It is
principally engaged in design, manufacturing and sale of
flexo-printed and color-printed corrugated paper cartons in a
variety of sizes and strengths. It also manufactures corrugating
medium paper and corrugated paperboards, which are used for the
production of 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.
Safe Harbor Statements
This press release may contain forward-looking statements
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. 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 expand to new
markets, the ability to grow business
through vertical integration and geographical expansion, 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,
current or future volatility in the credit market and future
market 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:
China Shengda Packaging Group
Inc.
Cindy Hu, Board Secretary
Tel: +86-571 8283 8770
E-mail: cindy.hu@cnpti.com
Website: http://www.cnpti.com
Investor Relations Contact:
Weitian Group
LLC
Tina Xiao
Tel: +1-917-609-0333
Email: tina.xiao@weitian-ir.com
CHINA SHENGDA
PACKAGING GROUP INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(Amounts in
US$)
|
|
|
|
|
|
June
30,
|
|
|
December
31,
|
ASSETS
|
|
2015
|
|
2014
|
Current
assets
|
|
(Unaudited)
|
|
|
Cash and cash
equivalents
|
|
$10,651,972
|
|
$10,909,547
|
Restricted
cash
|
|
12,659,820
|
|
13,764,420
|
Accounts and notes
receivable, net
|
|
43,968,476
|
|
40,385,615
|
Inventories
|
|
22,043,281
|
|
16,197,839
|
Prepayments and other
receivables
|
|
3,750,134
|
|
1,714,052
|
Amount due from
related parties
|
|
230,098
|
|
51,093
|
Deductable value added
tax payable
|
|
865,139
|
|
867,869
|
Total current
assets
|
|
94,168,920
|
|
83,890,435
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
Property, plant and
equipment, net
|
|
76,001,975
|
|
72,274,052
|
Land use
right
|
|
11,624,648
|
|
11,650,850
|
Deferred tax
assets
|
|
3,945,552
|
|
2,965,241
|
Goodwill
|
|
182,036
|
|
180,373
|
Total
assets
|
|
$185,923,131
|
|
$170,960,951
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts and notes
payable
|
|
$50,689,405
|
|
$41,954,268
|
Amounts due to related
parties
|
|
3,554,905
|
|
2,961,704
|
Accrued expenses and
other payables
|
|
4,743,444
|
|
2,964,988
|
Taxes
payable
|
|
1,619,446
|
|
1,826,922
|
Short-term
loans
|
|
3,500,000
|
|
3,500,000
|
Current portion of
long-term loans
|
|
4,500,000
|
|
-
|
Total current
liabilities
|
|
68,607,200
|
|
53,207,882
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
Long-term
loans
|
|
-
|
|
4,500,000
|
Total
liabilities
|
|
$68,607,200
|
|
$57,707,882
|
|
|
|
|
|
Commitment and
contingencies
|
|
|
|
|
Equity
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Common stock (US$0.001
par value, 38,000,000 shares authorized, 7,758,168 shares
issued and outstanding at June 30, 2015 and December 31, 2014)
(1)
|
|
7,758
|
|
7,758
|
Additional paid-in
capital
|
|
43,067,497
|
|
43,067,497
|
Appropriated retained
earnings
|
|
8,713,159
|
|
8,293,281
|
Unappropriated
retained earnings
|
|
49,535,257
|
|
49,894,124
|
Accumulated other
comprehensive income
|
|
12,834,475
|
|
11,778,550
|
Total equity for
stockholders of China Shengda Packaging
|
|
114,158,146
|
|
113,041,210
|
Noncontrolling
interest
|
|
3,157,785
|
|
211,859
|
Total
equity
|
|
117,315,931
|
|
113,253,069
|
Total liabilities
and equity
|
|
$185,923,131
|
|
$170,960,951
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) All per share
amounts and shares outstanding for all periods have been
retroactively restated to reflect China Shengda Packaging Group
Inc.'s 1-for-5 reverse stock split, which was effect on May 18,
2015.
See notes to the consolidated financial statements
|
CHINA SHENGDA
PACKAGING GROUP INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
|
(Amounts in
US$)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues
|
|
$39,703,201
|
|
$37,237,538
|
|
$77,630,620
|
|
$69,527,517
|
Cost of goods
sold
|
|
34,374,054
|
|
30,742,764
|
|
67,294,930
|
|
58,899,444
|
Gross
profit
|
|
5,329,147
|
|
6,494,774
|
|
10,335,690
|
|
10,628,073
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
1,523,667
|
|
1,614,033
|
|
3,389,105
|
|
3,463,962
|
General and
administrative expenses
|
|
3,940,021
|
|
3,168,636
|
|
7,157,482
|
|
6,011,684
|
(Income) loss from
disposal of property, plant and equipment
|
|
(87,538)
|
|
(5,104)
|
|
(87,538)
|
|
636,341
|
|
|
5,376,150
|
|
4,777,565
|
|
10,459,049
|
|
10,111,987
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
Interest
income
|
|
87,237
|
|
43,623
|
|
210,399
|
|
541,442
|
Interest
expense
|
|
(218,716)
|
|
(354,923)
|
|
(410,505)
|
|
(678,608)
|
Subsidy
income
|
|
552
|
|
214,193
|
|
13,568
|
|
214,193
|
|
|
(130,927)
|
|
(97,107)
|
|
(186,538)
|
|
77,027
|
Non-operating
expense (income)
|
|
|
|
|
|
|
|
|
Non-operating expense
(income)
|
|
2,108
|
|
55,040
|
|
123,999
|
|
(61,046)
|
|
|
2,108
|
|
55,040
|
|
123,999
|
|
(61,046)
|
(Loss) income
before income tax expense and noncontrolling
interest
|
|
(180,038)
|
|
1,565,062
|
|
(433,896)
|
|
654,159
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense
|
|
(132,196)
|
|
506,886
|
|
(286,245)
|
|
179,803
|
Net (loss)
income
|
|
(47,842)
|
|
1,058,176
|
|
(147,651)
|
|
474,356
|
Less: net (loss)
attributable to noncontrolling interest
|
|
(172,448)
|
|
(9,531)
|
|
(208,662)
|
|
(55,659)
|
Net income
attributable to company's common stockholders
|
|
$124,606
|
|
$1,067,707
|
|
$61,011
|
|
$530,015
|
|
|
|
|
|
|
|
|
|
Basic and diluted
earnings per share (1)
|
|
$0.02
|
|
$0.14
|
|
$0.01
|
|
$0.07
|
Weighted-average
number of shares outstanding - basic and diluted (1)
|
|
7,758,168
|
|
7,758,168
|
|
7,758,168
|
|
7,758,168
|
|
|
|
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net (loss)
income
|
|
(47,842)
|
|
1,058,176
|
|
(147,651)
|
|
474,356
|
Foreign currency
translation adjustment
|
|
583,851
|
|
132,342
|
|
1,055,160
|
|
(884,446)
|
Comprehensive
income (loss)
|
|
536,009
|
|
1,190,518
|
|
907,509
|
|
(410,090)
|
Less: comprehensive
(loss) attributable to noncontrolling interest
|
|
(173,057)
|
|
(9,973)
|
|
(209,427)
|
|
(55,762)
|
|
|
$709,066
|
|
$1,200,491
|
|
$1,116,936
|
|
($354,328)
|
|
|
|
|
|
|
|
|
|
(1) All per share
amounts and shares outstanding for all periods have been
retroactively restated to reflect China Shengda Packaging Group
Inc.'s 1-for-5 reverse stock split, which was effect on May 18,
2015.
See notes to the consolidated financial statements
|
CHINA SHENGDA
PACKAGING GROUP INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Amounts in
US$)
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net (loss)
income
|
|
(147,651)
|
|
474,356
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization expenses
|
|
3,740,846
|
|
3,913,433
|
|
Deferred
tax
|
|
(949,492)
|
|
(726,504)
|
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
Restricted
cash
|
|
1,227,000
|
|
(324,200)
|
|
Accounts and notes
receivable
|
|
(3,192,096)
|
|
3,343,059
|
|
Inventories
|
|
(4,892,140)
|
|
(1,246,982)
|
|
Prepayments and other
receivables
|
|
(1,644,438)
|
|
(1,316,122)
|
|
Accounts and notes
payable
|
|
7,842,297
|
|
1,934,610
|
|
Amount due from(to)
related party
|
|
385,946
|
|
(199,440)
|
|
Accrued expenses and
other payables
|
|
1,671,235
|
|
244,698
|
|
Tax
payables
|
|
(212,805)
|
|
1,102,166
|
|
Net cash provided
by operating activities
|
|
3,828,702
|
|
7,199,074
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(4,463,668)
|
|
(2,565,687)
|
|
Proceeds from
disposal of property, plant and equipment
|
|
278,120
|
|
175,615
|
|
Net cash (used in)
investing activities
|
|
(4,185,548)
|
|
(2,390,072)
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Proceeds from
short-term loans
|
|
3,500,000
|
|
10,998,480
|
|
Proceeds from
long-term loans
|
|
-
|
|
4,497,226
|
|
Repayment of
short-term loans
|
|
(3,500,000)
|
|
(10,187,980)
|
|
Repayment of
long-term loans
|
|
-
|
|
(4,497,226)
|
|
Restricted
cash
|
|
-
|
|
(2,690,860)
|
|
Net cash flows
(used in) financing activities
|
|
-
|
|
(1,880,360)
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rate fluctuation on cash and cash
equivalents
|
|
99,271
|
|
(46,752)
|
|
Net changes in cash
and cash equivalents
|
|
(257,575)
|
|
2,881,890
|
|
Cash and cash
equivalents, beginning of year
|
|
10,909,547
|
|
6,569,495
|
|
Cash and cash
equivalents, end of year
|
|
$10,651,972
|
|
$9,451,385
|
|
|
|
|
|
|
|
Cash paid during
the year for:
|
|
|
|
|
|
Interest
paid
|
|
$385,786
|
|
$509,851
|
|
Income taxes
paid
|
|
$392,621
|
|
$982,735
|
|
|
|
|
|
|
|
Non-cash financing
transactions:
|
|
|
|
|
|
Property, plant and
equipment and inventory injected by noncontrolling
interest
|
|
|
|
|
|
$3,137,995
|
$ -
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-shengda-packaging-group-inc-reports-second-quarter-2015-financial-results-300127695.html
SOURCE China Shengda Packaging Group Inc.