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ZURICH, Aug. 11, 2023 /PRNewswire/ -- Amcor (NYSE:AMCR, ASX:AMC), a global leader in developing and producing responsible packaging solutions, today announced it has entered into an agreement to acquire Phoenix Flexibles, expanding Amcor's capacity in the high-growth Indian market. The acquisition of Phoenix Flexibles will expand Amcor’s capacity in the high-growth Indian market. Phoenix Flexibles has one plant located in Gujarat, India, and the business generates annual revenue of approximately US$20 million from the sale of flexible packaging for food, home care and personal care applications. Amcor currently has four flexible packaging plants in India. The business has delivered double-digit organic sales growth per annum over the last three years, significantly outpacing growth in the underlying market, and is also investing to double its local footprint in the Pharmaceutical and Medical packaging categories. The addition of Phoenix Flexibles' well capitalized and strategically located production facility will immediately increase Amcor's capacity to satisfy continued high demand and drive strong returns for shareholders. The acquisition also adds advanced film technology, enabling local production of a broader range of more sustainable packaging solutions, and brings capabilities allowing Amcor to expand its product offering in attractive high-value segments. Amcor Flexibles Asia Pacific President Mike Cash said, "Amcor continues to see substantial opportunities to grow our flexible packaging business in India. With this acquisition, we are investing to maintain and build upon the significant momentum the business has delivered over several years. The scalable nature of the acquired facility, combined with the localization of new capabilities, further enhances our customer value proposition in this attractive high-growth market." The acquisition is subject to customary closing procedures and is expected to close in the September 2023 quarter. ENDS About Amcor Amcor is a global leader in developing and producing responsible packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly lighter weight, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal year 2022, 44,000 Amcor people generated $15 billion in annual sales from operations that span 220 locations in 43 countries. NYSE: AMCR; ASX: AMCwww.amcor.com I LinkedIn I Facebook I YouTube
BAODING, China, Aug. 11, 2023 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the six and three months ended June 30, 2023. Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "For the first half of 2023, revenue of the Company was $49.81 million, representing an increase of 5.37% from the same period last year, with a gross profit of $0.9 million. For the six months ended June 30, 2023, because of the weak domestic market demand of the paper products, the price of paper products kept falling and the average selling price of our products was significantly lower than the same period of last year. Although the Company continues to optimize the cost, the raw material inventory of the first half of 2023 was still high due to the impact of the procurement cycle, resulting in a decrease in the net profit of the current period. In the future, the Company anticipates to continue improving the profit efficiency by adjusting utilization rate of assets, developing new market channels and other ways. It is expected that the profitability of the Company will be effectively recovered in the second half of the year." Second Quarter 2023 Unaudited Financial Results For the Three Months Ended June 30, ($ millions) 2023 2022 % Change Revenues 30.02 31.79 -5.56 % Regular Corrugating Medium Paper ("CMP")* 21.93 25.85 -15.17 % Light-Weight CMP** 4.54 5.44 -16.41 % Offset Printing Paper 3.16 - - Tissue Paper Products 0.34 0.41 -16.30 % Face Masks 0.04 0.09 -49.48 % Gross profit 1.18 0.63 86.09 % Gross profit (loss) margin 3.93 % 1.99 % 1.94 pp**** Regular Corrugating Medium Paper ("CMP")* 6.81 % 4.28 % 2.53 pp**** Light-Weight CMP** 7.14 % 5.95 % 1.19 pp**** Offset Printing Paper 2.42 % - 2.42 pp**** Tissue Paper Products*** -206.06 % -197.95 % -8.11 pp**** Face Masks -8.07 % 20.79 % -28.86pp**** Operating income（loss） -0.52 -1.24 58.03 % Net income (loss) -1.25 -0.29 -335.37 % EBITDA 2.83 3.55 -20.28 % Basic and Diluted earnings(loss) per share -0.12 -0.03 -300 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue decreased by 5.56% to approximately $30.02 million, mainly due to the decrease of average selling prices of corrugating medium paper ("CMP"), partially offset by the increase in sales volume of CMP and offset printing paper. Gross profit increased by 86.09% to approximately $1.18 million. Total gross margin increased by 1.94 percentage point to 3.93%. Loss from operations was approximately $0.52 million, compared to approximately $1.24 million for the same period of last year. Net loss was approximately $1.25million, or loss per share of $0.12, compared to net loss of approximately $0.29million, or loss per share of $0.03, for the same period of last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was approximately $2.83million, compared to$3.55 million for the same period of last year. Revenue For the second quarter of 2023, total revenue decreased by 5.56%, to approximately $30.02 million from approximately $31.79 million for the same period of last year. The decrease in total revenue was mainly due to the decrease of average selling prices of corrugating medium paper ("CMP"), partially offset by the increase in sales volume of CMP and offset printing paper. The following table summarizes revenue, volume and ASP by product for the second quarter of 2023and 2022, respectively: For the Three Months Ended June 30, 2023 2022 Revenue($'000) Volume(tonne) ASP($/tonne) Revenue($'000) Volume(tonne) ASP($/tonne) Regular CMP 21,932 60,063 365 25,853 53,943 479 Light-Weight CMP 4,544 12,877 353 5,437 11,642 467 Offset Printing Paper 3,156 5,403 584 - - - Tissue Paper Products 344 293 1,175 411 383 1,074 Total 29,976 78,636 381 31,701 65,968 481 Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Face Masks 44 1,411 31 88 1,852 47 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 15.39%, to approximately $26.48 million and accounted for 88.19% of total revenue for the second quarter of 2023, compared to approximately $31.29million, or 98.43% of total revenue for the same period of last year. The Company sold 72,940tonnes of CMP at an ASP of $363/tonne in the second quarter of 2023, compared to 65,585 tonnes at an ASP of $477/tonne in the same period of last year. Of the total CMP sales, revenue from regular CMP decreased by 15.17%, to approximately $21.93million for the second quarter of 2023, compared to revenue of approximately $25.85 million for the same period of last year. The Company sold 60,063tonnes of regular CMP at an ASP of $365/tonne during the second quarter of 2023, compared to 53,943tonnes at an ASP of $479/tonne for the same period of last year. Revenue from light-weight CMP decreased by 16.41%, to approximately $4.54 million for the second quarter of 2023, compared to revenue of approximately $5.44 million for the same period of last year. The Company sold12,877 tonnes of light-weight CMP at an ASP of $353/tonne for the second quarter of 2023, compared to11,642 tonnes at an ASP of $467/tonne for the same period of last year. The Company sold 5,403tonnes of offset printing paper at an ASP of $584/tonne in the second quarter of 2023. Revenue from offset printing paper was $nil for the second quarter of 2022. Revenue from tissue paper products decreased by 16.30%, to approximately $0.34 million for the second quarter of 2023, from approximately $0.41 million for the same period of last year. The Company sold 293 tonnes of tissue paper products at an ASP of $1,175/tonne for the second quarter of 2023, compared to 383tonnes at an ASP of $1,074/tonne for the same period of last year. Revenue from face masks decreased by 49.48%, to approximately $0.04 million for the second quarter of 2023, from $0.09 million for the same period of last year. The Company sold 1,411 thousand pieces of face masks for the second quarter of 2023, compared to 1,852 thousand pieces of face masks for the same period of last year. Gross Profit and Gross Margin Total cost of sales decreased by 7.43%, to approximately $28.84 million for the second quarter of 2023 from approximately $31.15 million for the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in unit material costs of CMP, partially offset by the increase in sales quantity of CMP and offset printing paper. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $340, $328,$570 and $3,597, respectively, for the second quarter of 2023, compared to $459, $439,$nil and $3,200, respectively, for the same period of last year. Total gross profit was approximately $1.18 million for the second quarter of 2023, compare to the gross profit of approximately $0.63 million for the same period of last year as a result of factors described above. Overall gross margin was 3.93% for the second quarter of 2022, compared to 1.99% for the same period of last year. Gross profit(loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 6.81%, 7.14%, 2.42%, -206.06% and -8.07%, respectively, for the second quarter of 2023, compared to 4.28%, 5.95%, nil%, -197.95% and 20.79%, respectively, for the same period of last year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") decreased by 29.22%, to approximately $1.32 million for the second quarter of 2023 from approximately $1.87 million for the same period of last year. Loss from Operations Loss from operations was approximately $0.52million for the second quarter of 2023, a decrease of 58.03%, from loss from operations of approximately $1.24 million for the same period of last year. Operating loss margin was 1.73% for the second quarter of 2023, compared to operating income margin of 3.89% for the same period of last year. Net Loss Net loss was approximately $1.25 million, or loss per share of $0.12, for the second quarter of 2023, compared to net loss of approximately $0.29 million, or loss per share of $0.03, for the same period of last year. EBITDA EBITDA was approximately $2.83 million for the second quarter of 2023, compared to approximately $3.55 million for the same period of last year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA (Amounts expressed in US$) For the Three Months Ended June 30, ($ millions) 2023 2022 Net loss -1.25 -0.29 Add: Income tax 0.35 -0.24 Net interest expense 0.27 0.26 Depreciation and amortization 3.46 3.82 EBITDA 2.83 3.55 First Half of 2023 Unaudited Financial Results For the Six Months Ended June 30, ($ millions) 2023 2022 % Change Revenues 49.81 47.27 5.37 % Regular Corrugating Medium Paper ("CMP")* 38.40 38.95 -1.42 % Light-Weight CMP** 7.60 7.36 3.27 % Offset Printing Paper 3.16 - - Tissue Paper Products 0.57 0.81 -29.95 % Face Masks 0.08 0.14 -44.59 % Gross profit 0.90 0.94 -4.41 % Gross profit (loss) margin 1.81 % 2.00 % -0.19 pp**** Regular Corrugating Medium Paper ("CMP")* 4.71 % 4.64 % 0.07 pp**** Light-Weight CMP** 5.86 % 6.52 % -0.66 pp**** Offset Printing Paper 2.42 % - 2.42pp**** Tissue Paper Products*** -249.58 % -170.19 % -79.39 pp**** Face Masks -8.02 % 24.19 % -32.21**** Operating loss -3.29 -4.23 -322.13 % Net loss -3.99 -2.78 43.61 % EBITDA 4.03 4.75 -15.16 % Basic and Diluted lossper share -0.40 -0.28 -242.86 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue For the first half of 2023, total revenue increased by 5.37%, to approximately $49.81 million from approximately $47.27 million for the same period of last year. The increase in total revenue was mainly due to the increase in sales volume of CMP and offset printing paper and tissue paper products, partially offset by the decrease in ASP of CMP. The following table summarizes revenue, volume and ASP by product for the first half of 2023 and 2022, respectively: For the Six Months Ended June 30, 2023 2022 Revenue($'000) Volume(tonne) ASP($/tonne) Revenue($'000) Volume(tonne) ASP($/tonne) Regular CMP 38,399 101,726 377 38,953 79,188 492 Light-Weight CMP 7,604 20,896 364 7,364 15,483 476 Offset Printing Paper 3,156 5,403 584 - - - Tissue Paper Products 567 484 1,172 810 780 1,038 Total 49,726 128,509 387 47,127 95,451 494 Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Face Masks 79 2,516 32 144 3,012 48 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 0.68%, to approximately $46.00 million and accounted for 92.36% of total revenue for first half of 2023, compared to approximately $46.32million, or 97.98% of total revenue for the same period of last year. The Company sold 122,622tonnes of CMP at an ASP of $375/tonne in first half of 2023, compared to 94,671 tonnes at an ASP of $489/tonne in the same period of last year. Of the total CMP sales, revenue from regular CMP decreased by 1.42%, to approximately $38.40 million for first half of 2023, compared to revenue of approximately $38.95 million for the same period of last year. The Company sold 101,726tonnesof regular CMP at an ASP of $377/tonne during the first half of 2023, compared to 79,188tonnes at an ASP of $492/tonne for the same period of last year. Revenue from light-weight CMP increased by 3.27%, to approximately $7.60 million for the first half of 2023, compared to revenue of approximately $7.36 million for the same period of last year. The Company sold 20,896tonnes of light-weight CMP at an ASP of $364/tonne for the first half of 2023, compared to 15,483 tonnes at an ASP of $476/tonne for the same period of last year. Revenue from offset printing paper was $3.16 million for the first half of 2023. The Company sold 5,403tonnes of offset printing paper at an ASP of $584/tonne in the first half of 2023. Revenue from offset printing paper was $nil for the first half of 2022. Revenue from tissue paper products decreased by 29.95%, to approximately $0.57million for the first half of 2023, from approximately $0.81 million for the same period of last year. The Company sold 484tonnes of tissue paper products at an ASP of $1,172/tonne for the first half of 2023, compared to 780tonnes at an ASP of $1,038/tonne for the same period of last year. Revenue from face masks decreased by 44.59%, to approximately $0.08 million for the first half of 2023, from $0.14 million for the same period of last year. The Company sold 2,516 thousand pieces of face masks for the first half of 2023, compared to 3,012 thousand pieces of face masks for the same period of last year. Gross Profit and Gross Margin Total cost of sales increased by 5.57%, to approximately $48.91 million for the first half of 2023 from approximately $46.33 million for the same period of last year. The increase was mainly a result of the increase in sales volume of CMP and offset printing paper, partially offset by the decrease of material costs of CMP. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $360, $343,$570 and $4,097, respectively, for the first half of 2023, compared to $469, $445, $nil and $2,805, respectively, for the same period of last year. Total gross profit was approximately $0.90 million for the first half of 2023, compare to the gross profit of approximately $0.94 million for the same period of last year as a result of factors described above. Overall gross margin was 1.81% for the first half of 2023, compared to 2.0% for the same period of last year. Gross profit(loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 4.71%, 5.86%, 2.42%, -249.58% and -8.02%, respectively, for the first half of 2023, compared to 4.64%, 6.52%, nil%, -170.19% and 24.19%, respectively, for the same period of last year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") decreased by 26.15%, to approximately $3.82 million for the first half of 2023 from approximately $5.17 million for the same period of last year. Loss from Operations Loss from operations was approximately $3.29 million for the first half of 2023, representing a decrease of 22.13%, from loss from operations of approximately $4.23 million for the same period of last year. Operating loss margin was 6.61% for the first half of 2023, compared to operating loss margin of 8.94% for the same period of last year. Net Loss Net loss was approximately $3.99million, or loss per share of $0.40, for the first half of 2023, compared to net loss of approximately $2.78 million, or loss per share of $0.28, for the same period of last year. EBITDA EBITDA was approximately $4.03million for the first half of 2023, compared to approximately $4.75 million for the same period of last year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA (Amounts expressed in US$) For the Six Months Ended June 30, ($ millions) 2023 2022 Net loss -3.99 -2.78 Add: Income tax 0.35 -0.59 Net interest expense 0.52 0.53 Depreciation and amortization 7.15 7.59 EBITDA 4.03 4.75 Cash, Liquidity and Financial Position As of June 30, 2023, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including related party loans) of approximately $11.98million, $10.31million and $7.44 million, respectively, compared to approximately$9.52million, $11.16million and $4.20million, respectively, as of December 31, 2022. Net accounts receivable was approximately $2.42 million as of June 30, 2023, compared to $nil as of December 31, 2022. Net inventory was approximately $6.57 million as of June 30, 2023, compared to approximately$2.87 million as of December 31, 2022. As of June 30, 2023, the Company had current assets of approximately$47.69 million and current liabilities of approximately$17.30million, resulting in a working capital of approximately$30.39 million. This was compared to current assets of approximately $47.17 million and current liabilities of approximately $17.64 million, resulting in a working capital of approximately $29.53 million as of December 31, 2022. Net cash provided by operating activities was approximately$5.75million for the first half of 2023, compared to approximately $3.95 million for the same period of last year. Net cash used in investing activities was approximately$5.57 million for the first half of 2023, compared toapproximately$7.32 million for the same period of last year. Net cash provided by financing activities was approximately $2.82 million for the first half of 2023, compared to approximately $6.67million for the same period of last year. About IT Tech Packaging, Inc. Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/. Forward-looking Statement This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including "will," "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law. IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2023 AND DECEMBER 31, 2022 (unaudited) June 30, December 31, 2023 2022 ASSETS Current Assets Cash and bank balances $ 11,980,759 $ 9,524,868 Restricted cash - - Accounts receivable (net of allowance for doubtful accounts of $48,646 and $881,878 as of June 30, 2023 and December 31, 2022, respectively) 2,416,572 - Inventories 6,569,323 2,872,622 Prepayments and other current assets 19,263,853 27,207,127 Due from related parties 7,459,079 7,561,858 Total current assets 47,689,586 47,166,475 Prepayment on property, plant and equipment 2,668,992 1,031,502 Operating lease right-of-use assets, net 648,404 672,722 Finance lease right-of-use assets, net 1,796,034 1,939,970 Property, plant, and equipment, net 142,023,762 151,569,898 Value-added tax recoverable 1,916,111 2,066,666 Deferred tax asset non-current - - Total Assets $ 196,742,889 $ 204,447,233 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Short-term bank loans $ 5,741,925 $ 5,598,311 Current portion of long-term loans 3,761,521 4,835,884 Lease liability 108,227 224,497 Accounts payable 127,543 5,025 Advance from customers 10,192 - Due to related parties 810,631 727,462 Accrued payroll and employee benefits 308,903 165,986 Other payables and accrued liabilities 6,095,806 5,665,558 Income taxes payable 337,681 417,906 Total current liabilities 17,302,429 17,640,629 Long-term loans 7,437,239 4,204,118 Deferred gain on sale-leaseback 7,203 52,314 Lease liability - non-current 559,031 579,997 Derivative liability 660,692 646,283 Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $19,100,011 and $16,784,878 as of June 30, 2023 and December 31, 2022, respectively) 25,966,594 23,123,341 Commitments and Contingencies Stockholders' Equity Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 shares issued and outstanding as of June 30, 2023 and December, 31, 2022. 10,066 10,066 Additional paid-in capital 89,172,771 89,172,771 Statutory earnings reserve 6,080,574 6,080,574 Accumulated other comprehensive loss (14,075,479) (7,514,540) Retained earnings 89,588,363 93,575,021 Total stockholders' equity 170,776,295 181,323,892 Total Liabilities and Stockholders' Equity $ 196,742,889 $ 204,447,233 IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenues $ 30,019,914 $ 31,788,884 $ 49,810,791 $ 47,270,502 Cost of sales (28,840,056) (31,154,847) (48,907,932) (46,326,020) Gross Profit 1,179,858 634,037 902,859 944,482 Selling, general and administrative expenses (1,323,405) (1,869,802) (3,818,767) (5,170,683) Loss on impairment of assets (375,136) - (375,136) - Loss from Operations (518,683) (1,235,765) (3,291,044) (4,226,201) Other Income (Expense): Interest income 53,637 4,924 189,905 8,379 Interest expense (270,681) (259,106) (519,850) (529,919) Gain on acquisition - (1,840) - 32,163 Gain (Loss) on derivative liability (166,506) 960,045 (14,409) 1,346,633 Loss before Income Taxes (902,233) (531,742) (3,635,398) (3,368,945) Provision for Income Taxes (351,260) 243,829 (351,260) 592,818 Net Loss (1,253,493) (287,913) (3,986,658) (2,776,127) Other Comprehensive Loss Foreign currency translation adjustment (9,063,695) (11,524,747) (6,560,939) (10,598,609) Total Comprehensive Loss $ (10,317,188) $ (11,812,660) $ (10,547,597) $ (13,374,736) Losses Per Share: Basic and Diluted Losses per Share $ (0.12) $ (0.03) $ (0.40) $ (0.28) Outstanding – Basic and Diluted 10,065,920 9,915,920 10,065,920 9,915,920 IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022 (Unaudited) Six Months Ended June 30, 2023 2022 Cash Flows from Operating Activities: Net income $ (3,986,658) $ (2,776,127) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,150,057 7,592,319 (Gain) Loss on derivative liability 14,409 (1,346,633) (Gain) Loss from disposal and impairment of property, plant and equipment 501,934 - Allowance for bad debts (830,847) (14,731) Gain on acquisition - (33,178) Deferred tax - (821,225) Changes in operating assets and liabilities: Accounts receivable (1,674,665) 845,450 Prepayments and other current assets 7,634,922 1,963,348 Inventories (3,940,417) (1,111,160) Accounts payable 127,215 7,588 Advance from customers 10,567 - Related parties (90,617) - Accrued payroll and employee benefits 154,398 (49,534) Other payables and accrued liabilities 743,936 553,308 Income taxes payable (67,515) (859,643) Net Cash Provided by Operating Activities 5,746,719 3,949,782 Cash Flows from Investing Activities: Purchases of property, plant and equipment (5,565,713) (681,640) Acquisition of land - (6,642,665) Net Cash Used in Investing Activities (5,565,713) (7,324,305) Cash Flows from Financing Activities: Proceeds from short term bank loans 860,919 - Proceeds from long term loans 2,582,756 - Repayment of bank loans (507,942) - Payment of capital lease obligation (112,136) (102,902) Loan to a related party (net) - 6,776,889 Net Cash Provided by Financing Activities 2,823,597 6,673,987 Effect of Exchange Rate Changes on Cash and Cash Equivalents (548,712) (156,999) Net Increase in Cash and Cash Equivalents 2,455,891 3,142,465 Cash, Cash Equivalents and Restricted Cash - Beginning of Period 9,524,868 11,201,612 Cash, Cash Equivalents and Restricted Cash - End of Period $ 11,980,759 $ 14,344,077 Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 199,014 $ 165,629 Cash paid for income taxes $ 418,775 $ 1,088,049 Cash and bank balances 11,980,759 14,344,077 Restricted cash - - Total cash, cash equivalents and restricted cash shown in the statement of cash flows 11,980,759 14,344,077
SINGAPORE, Aug. 10, 2023 /PRNewswire/ -- The Indonesian Ministry of Health (Kemenkes) and Asia Pacific Resources International Limited (APRIL) Group signed a Memorandum of Understanding (MOU) on 25 July 2023 at PT. RAPP (Riau Andalan Pulp and Paper) facility - a business unit of APRIL Group. For this collaboration with Kemenkes, APRIL, a member of the RGE group of companies founded by Sukanto Tanoto, aimed to strengthen the primary healthcare services at Riau Province, by accelerating referrals at the primary healthcare level, as well as integrate a suite of medical devices to enhance early detection of illnesses. Budi Gunadi Sadikin, Health Minister of Indonesia, attended this event where APRIL contributed 22 varieties of medical equipment - over 800 units of 2D ultra-sound equipment, ECG, Doppler, infant warmers, anthropometry tools, gynecology desks and chairs, nebulizers, HB meters, and more. Partnering with relevant stakeholders, APRIL would also be providing training to healthcare professionals on the use of these medical tools that would be made available at three districts adjacent to APRIL's operations, namely Pelalawan, Siak and Kuantan Singingi in Riau province. About APRIL APRIL is a leading producer of fibre, pulp and paper with plantations and manufacturing operations in Riau Province, Indonesia. We are committed to sustainability in our business and in the broader landscapes where we operate. Under our production-protection model, we adopted a unique 1- for-1 goal where we aim to conserve one hectare of forest for every hectare of plantation, and currently conserve and restore approximately 364,996 hectares of forests, including the largest peatland restoration project in Indonesia. For more information, visit www.aprilasia.com and follow Twitter @aprilpulp
Globally, over 1,000 companies disclosed their progress on managing deforestation through CDP in 2022 – an increase of 300% since 2017, but only 35 of these companies were from Southeast Asia. More than 60% of those companies are disclosing some kind of risk caused by deforestation and on average companies face losses of $330m due to risk exposure, the cost of dealing with this risk is a fraction at $17.4 million[1]. Around 90% of disclosing companies are not prepared for the transition to a deforestation-free future. Asian companies outperformed other regions when setting deforestation policies, setting deforestation targets, traceability and focusing on ecosystem restoration. SINGAPORE, July 31, 2023 /PRNewswire/ -- The latest Global Forest Report from CDP, the world's largest environmental disclosure platform, shows that a record of 1,043 companies disclosed through CDP's forests questionnaire last year, representing a 300% increase over the past five years, a welcome sign that companies are beginning to recognize and disclose their impact on forests, although only 35 of these companies come from Southeast Asia. Despite an increase in companies recognizing the risks of deforestation there is a lack of action against commitments leading to an increase in forest-related risks. Only about 1 in 10 companies disclosed sufficient action to stop deforestation. Tom Maddox, Global Director Forest and Land, CDP, presenting findings from the Global Forest Report 2023 during the “Beyond Climate & Into Nature” event in Singapore (28/7). The report shows that a record of 1,043 companies disclosed through CDP’s forests questionnaire last year, representing a 300% increase over the past five years. The report outlines key actions companies must take including disclosing their progress in achieving deforestation-free and conversion-free supply chains. The report finds that globally, companies are still not acting to mitigate the risks effectively and are risking nearly $80 billion in total as a result. From 10 companies in Southeast Asia alone, the total risk reported is $2.3 billion while the complete cost of responding to all identified risks, reported by 16 companies, was only US$223 million, CDP would argue the financial impact related to risk is vastly underreported. The Southeast Asian region holds approximately 30% of the world's coral reefs, one-third of the world's mangroves[2], and nearly 15% of the world's tropical forests[3], making the implications of not addressing deforestation huge, and the impact that will be felt in Southeast Asia will be catastrophic. The government and policymakers in Southeast Asia have taken steps to show their commitment to net zero, in part by setting targets to reduce emissions coming from the forests and land use sectors, as well as managing deforestations and seeking collaboration from non-state actors including private sectors. Some of the implemented initiatives include the enhancement of Nationally Determined Contribution (NDC), development of green taxonomy and disclosure requirement on ESG. The report supports this given Asian companies are considered more compliant with the law compared to companies from other regions. Despite the progress being made, the challenges faced by companies sourcing commodities from Indonesia and their impact on biodiversity remain a concern. In 2022, there were 28 companies (increased from 21 in 2021) in Southeast Asia that disclosed through the forests questionnaire takes the lead in this region, with 10 companies from Indonesia, while 7 companies are from Malaysia, 6 from Singapore, 4 from Thailand, 1 from the Philippines, and none from Vietnam. Urgent action is needed to put an end to deforestation. The report outlines key actions companies must take including conducting a comprehensive risk assessments, enhancing deforestation/conversion-free compliance, and disclosing their progress in achieving deforestation-free and conversion-free supply chains. CDP disclosure for corporates and the financial services sector allows for transparent reporting of progress against good practice frameworks and standards. John Leung, Director of Southeast Asia & Oceania said: "Southeast Asia is very much a confluence of nature and climate, and it is crucial to act quickly and with purpose as a region. The choices government and companies make in Indonesia and within other SEA countries can help prevent global catastrophic climate change and the irreversible loss of nature and habitats. This latest development is certainly very promising, and the region is heading to the right direction in their sustainability efforts. However, to achieve the global no-deforestation commitment by 2030, robust actions must be accelerated. Net-zero commitments will not be achieved without halting deforestation and land conversion. The report has shown that in Southeast Asia alone, the total risk reported is ten times the cost at US $2.3 billion versus US $223 million for complete response to all identified risks. More ambitious environmental action and disclosure is needed so we can get clearer picture on how to move towards a more sustainable future where both nature and people flourish in unison. We look forward for more companies in the region recognising the competitive advantage of taking the lead in environmental actions and strengthening their commitments to nature conservation." Thomas Maddox, Global Director, Forests and Land Use, said: "It was a record-breaking year for companies disclosing on their impacts on forests, which is encouraging for transparency. The results show companies are becoming ever more aware of the risks and opportunities addressing deforestation represents, but we continue to see a gap between commitments and tangible actions. Deforestation is not a requirement of commodity production. The eradication of deforestation from commodity supply chains makes economic and environmental sense but requires appropriate financial and policy incentives to prioritise action. Deforestation has no place in the net-zero, nature-positive world science and society are demanding. Achieving it is a matter of 'when', not 'if'. Companies acting now will reap the benefits of the opportunities. Companies acting later will face the highest costs." Global Forest Report 2023 was released based on data from over 1000 companies, making it the most comprehensive, standardized dataset on corporate deforestation risk exposure and management. To read the full report here: https://www.cdp.net/en/reports/downloads/7182/ [1] Based on 269 companies reporting potential financial impact from forest-related risks and 342 companies reporting cost of responding to identified forest-related risks [2] Loke, M. C. (2014). Sustainable Development of Southeast Asia's Marine Ecosystems – Climate Change Challenges and Management Approaches. Chou2014Int._Conf._ Mar._Sci._Aquac.pdf (nus.edu.sg) [3] Estoque. R., et al. (2019). The future of Southeast Asia's forests. The future of Southeast Asia's forests | Nature Communications About CDPCDP is a global non-profit that runs the world's environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 740 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative. Visit cdp.net or follow us @CDP to find out more.
2022 was marked by ambitious projects, such as the launch of the Tissue mill and the Learning Institute in Lençóis Paulista (SP), and its One-For-One Commitment. SINGAPORE, July 31, 2023 /PRNewswire/ -- Bracell, a global leader in dissolving pulp production, reinforces its commitment to sustainability and advances in ESG practices related to environmental, social and governance issues. The latest progress is reported in its 2022 Sustainability Report that has just been released, with results and projects carried out over the last year, such as the One-For-One Commitment, in which Bracell undertakes to protect, conserve or restore 1 hectare of native forest for every 1 hectare of eucalyptus plantation by 2025, in the states of São Paulo, Mato Grosso do Sul and Bahia, where its operations are based. The commitment will help protect areas in the Atlantic Forest, Cerrado and Caatinga biomes. Bracell ended 2022 having achieved 82% of the target, which is 0.82 hectares of conservation for every 1 hectare of plantation. Bracell, a member of the RGE group of companies founded by Sukanto Tanoto, also celebrates the first year of operation of the new flexible lines at the Lençóis Paulista (SP) site, where innovative technologies have brought about positive results in terms of quality, sustainability and operational efficiency. The operations in Bahia celebrates the increase in sales volume of specialties by 30%, compared to the previous year. Another highlight is the investment in increasing the production capacity of its nurseries, to maintain quality and productivity and meet the demands for seedling production. "The year 2022 is an important milestone in Bracell's history. We are advancing in our sustainability agenda, with assertiveness in investments in the business and with solid socio-environmental commitments. Our work has a strong focus on circular bioeconomy, climate management and innovation, which drives the growth of our businesses. We assume the mission of improving people's lives, developing natural resources sustainably," said Marcio Nappo, Vice President of Sustainability and Corporate Communication at Bracell. "The 2022 Report provides detailed information on the GHG emissions inventory of our entire value chain and the results already achieved by the One-For-One Commitment, launched last year. Both were audited by an independent third party, ensuring transparency and credibility of the information reported," adds Nappo. Another highlight of the year is the carbon stock of eucalyptus plantations and areas of native vegetation that are being conserved by Bracell. These areas play an important role in removing CO2 from the atmosphere, which in 2022 totalled 43,389,968 tCO2e. The company highlights the important partnerships established in 2022 to conserve and preserve biodiversity with the Bahia Department of the Environment, the Forestry Foundation, the National Council of the Atlantic Forest Biosphere Reserve, the Pact for the Restoration of the Atlantic Forest and the NGO SOS Mata Atlântica. It also became a part of TNFD Brazil – Platform for Action for Nature, an initiative launched by the Brazilian Business Council for Sustainable Development (CEBDS), to play a leading role in the protection and management of ecosystems. "Our sustainability strategy is based on pillars that cover the management of environmental and social issues, in addition to management policies and practices: Responsible Production, Climate, Governance, Biodiversity and Landscapes, People and Culture, and Social Inclusion. Our great results were only possible because they were built together, with a multidisciplinary team, which strives daily for the sustainable growth of the company," said Marcio Nappo. "And we didn't stop there. In 2023, taking another step in this agenda, we will establish an ambitious set of long-term sustainability goals, aligned with the UN Sustainable Development Goals," adds Nappo. Another important milestone for Bracell in 2022, was the start of construction of the tissue mill in Lençóis Paulista. When completed in 2024, it can produce 240,000 tons of tissue, for the manufacturing of toilet paper and paper towel. More than 2,000 jobs will be generated during the construction of the mill and approximately 550 direct jobs in the mill operations. In early 2023, Bracell also acquired the company OL Papéis Ltda. in the northeast region, with operations in the states of Bahia and Pernambuco. Bracell Social and investment in people and communities In 2022, Bracell celebrated the inauguration of the Learning Institute, a knowledge hub for technical and leadership training that will have professional qualification actions for the local community, focusing on the company's business and operations. Through Bracell Social, the company's social investment platform, 31 social projects were carried out, with more than R$ 4.4 million invested, benefiting more than 121 thousand people. In the last three years, R$ 11,245,107.58 were invested in programmes focused on Education, Empowerment and Well Being, carried out in Bahia and São Paulo. From 2020 to 2022, more than R$ 11 million were invested and more than 340,000 people who have benefited directly and indirectly from Bracell Social programmes. Other socio-environmental and business highlights available in the Sustainability Report can be found here. Details of management practices and socio-environmental results are available at Bracell's Indicators Central.
Growth-stage start-up to receive $500,000 investment from Amcor ZURICH, July 13, 2023 /PRNewswire/ -- Amcor (NYSE:AMCR, ASX:AMC), a global leader in developing and producing responsible packaging solutions, today announced its latest Amcor Lift-Off winner is artificial intelligence (AI)-generated waste analytics company, Greyparrot. The growth-stage start-up will receive a $500,000 investment and access to Amcor's world-class capabilities in sustainability and packaging to help scale its innovative AI-powered waste recognition system in support of a circular economy. Amcor Lift-Off winner, Greyparrot, is an AI-generated waste analytics company. Greyparrot deploys cutting-edge AI computer vision systems in resource recovery facilities, which monitor and sort through large waste flows at scale. The data, which is provided to waste managers, producers and regulators, provides critical insights that enable improved sorting, recycling rates and accountability throughout the waste value chain. Amcor's Vice President of Corporate Venturing and Open Innovation, Frank Lehmann, said, "Amcor's Lift-Off program has established partnerships with a number of companies that are at the forefront of new technology that will drive sustainability in a variety of ways." He added, "We're excited by Greyparrot's technology to deliver valuable information on the life cycle of packaging and other waste and get a clearer understanding of the waste value chain and how we can improve." Mikela Druckman, co-founder and CEO of Greyparrot, added, "Data is vital in the effort to close the loop on circularity, from improving resource recovery to informing packaging design and regulation. Through the support of Amcor and its Lift-Off program, we're one step closer to digitizing the waste sector, and we're excited to be entering into a new partnership with one of the most impactful organizations in the waste value chain." Amcor's Lift-Off program provides a platform for early- and growth-stage start-ups to present their innovative ideas within one of six focus areas: alternative barriers; smart and connected packaging; new business models; biomaterials; fiber; and, recycling. All entries are assessed on the merit of their technology, business model, and scalability, as well as how well they fit within Amcor's existing operations. Greyparrot marks the fourth Lift-Off winner since the program's inception in 2022. Learn more about Amcor's Lift-Off program and Amcor's corporate venturing. To learn more about Greyparrot, visit www.greyparrot.ai. About Amcor Amcor is a global leader in developing and producing responsible packaging solutions for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly lighter weight, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal year 2022, 44,000 Amcor people generated $15 billion in annual sales from operations that span 220 locations in 43 countries. NYSE: AMCR; ASX: AMCwww.amcor.com I LinkedIn I Facebook I YouTube Greyparrot, which is the latest Amcor Lift-Off winner, deploys cutting-edge AI computer vision systems in resource recovery facilities.
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