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BAODING, China, March 24, 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 fourth quarter and audited financial results for the fiscal year ended December 31, 2022. Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "In fiscal year 2022, our business execution was reflected as we generated approximately $100.35 million in revenue and approximately $4.75 million in gross profit. With the domestic business and markets resumption in an orderly manner as the pandemic is gradually under control in China, we expect that the market demand for our products will recover gradually. " Fourth Quarter 2022 Financial Results For the Three Months Ended December 31, ($ millions) 2021 2022 % Change Revenues 45.05 21.37 -52.6 % Regular Corrugating Medium Paper ("CMP")* 32.66 17.28 47.1 % Light-Weight CMP** 7.00 3.77 46.1 % Offset Printing Paper 2.97 - -100.0 % Tissue Paper Products 2.28 0.25 -88.9 % Face Masks 0.15 0.06 -60.7 % Gross profit 4.34 1.03 -76.3 % Gross profit (loss) margin 9.6 % 4.8 % -4.8pp**** Regular Corrugating Medium Paper ("CMP")* 9.6 % 8.3 % -1.3 pp**** Light-Weight CMP** 12.2 % 10.3 % -1.9 pp**** Offset Printing Paper 21.5 % - - Tissue Paper Products*** -13.9 % -315.2 % -301.3 pp**** Face Masks 25.2 % 27.5 % 2.3 pp**** Operating income (loss) 1.95 -0.49 -125.2 % Net income (loss) 4.16 -11.91 -386.6 % EBITDA 8.66 3.77 -56.5 % Basic and Diluted earnings (loss) per share 0.45 -1.19 -364.4 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue decreased by 52.6% to approximately $21.37 million, primarily attributable to an decrease in sales volume of all categories of products and decrease in ASP of CMP. Gross profit decreased by 76.3% to approximately $1.03 million. Total gross margin decreased by 4.8 percentage point to 4.8%. Loss from operations was approximately $0.49 million, compared to operation income of approximately $1.95 million for the same period of last year. Net loss was approximately $11.91 million, or loss of $1.19 per basic and diluted share, compared to net income of approximately $4.16 million, or earnings of $0.45 per basic and diluted share, for the same period of last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") decreased by 56.5% to approximately $3.77million. Revenue For the fourth quarter of 2022, total revenue decreased by approximately $23.7 million, or 52.6%, to approximately $21.4 million from approximately $45.0 million for the same period of last year. The decrease in total revenue was mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper products and the decrease in ASP of CMP and offset printing paper. The following table summarizes revenue, volume and ASP by product for the fourth quarter of 2022 and 2021, respectively: For the Three Months Ended December 31, 2021 2022 Revenue ($'000) Volume (tonne) ASP ($/tonne) Revenue ($'000) Volume (tonne) ASP ($/tonne) Regular CMP 32,662 57,410 569 17,281 41,941 412 Light-Weight CMP 6,996 12,543 558 3,768 9,365 402 Offset Printing Paper 2,967 3,911 759 - - - Tissue Paper Products 2,278 2,292 994 253 234 1,083 Total 44,903 76,156 590 21,302 51,540 413 Revenue ($'000) Volume (thousand pieces) ASP ($/thousand pieces) Revenue ($'000) Volume ($/thousandpieces) ASP ($/thousand pieces) Face Masks 146 3,014 49 57 1,330 43 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by $18.6 million, or 46.9%, to approximately $21.1 million and accounted for 98.5 % of total revenue for the fourth quarter of 2022, compared to approximately $39.7 million, or 88.0% of total revenue, for the same period of last year. The Company sold 51,306 tonnes of CMP at an ASP of $410/tonne in the fourth quarter of 2022, compared to 69,953 tonnes at an ASP of $567/tonne in the same period of last year. Of the total CMP sales, revenue from regular CMP decreased by approximately $15.4 million, or 47.1%, to approximately $17.3 million, resulting from sales of 41,941 tonnes at an ASP of $412/tonne, during the fourth quarter of 2022, compared to revenue of approximately$32.7 million, resulting from sales of 57,410 tonnes at an ASP of $569/tonne, for the same period of last year. Revenue from light-weight CMP decreased by approximately $3.2 million, or 46.1%, to approximately $3.8 million, resulting from sales of 9,365 tonnes at an ASP of $402/tonne for the fourth quarter of 2022, compared to revenue of approximately $7.0 million, resulting from sales of 12,543 tonnes at an ASP of $558/tonne for the same period of last year. Revenue from offset printing paper was $nil for the three months ended December 31, 2022, due to COVID-19, offset printing paper was suspended in 2022. Revenue from offset printing paper was approximately $3.0 million for the fourth quarter of 2021, with 3,911 tonnes sold at an ASP of $759/tonne. Revenue from tissue paper products decreased by $2.0 million, or 88.9%, to approximately $0.3 million, resulting from sales of 234 tonnes at an ASP of $1,083/tonne, for the fourth quarter of 2022, compared to revenue of approximately$2.3million, resulting from sales of 2,292 tonnes at an ASP of $994/tonne for the same period of last year. Revenue from face masks decreased by $89,508, or 61.2%, to approximately $56,774 for the fourth quarter ended December 31, 2022, from $146,282 for the same period of 2021. The Company sold 1,330 thousand pieces of face masks for the fourth quarter ended December 31, 2022, compared to 3,014 thousand pieces of face masks for the same period of 2021. Gross Profit and Gross Margin Total cost of sales decreased by $20.3 million, or 49.9%, to approximately $20.4 million for the fourth quarter of 2022 from approximately $40.7 million for the same period of last year. For paper products, overall cost of sales per tonne was $394 for the fourth quarter of 2022, compared to $533 for the same period of last year. The decrease in overall cost of sales was mainly due to the decrease in sales volume of CMP and offset printing paper and decrease of material costs of CMP in the fourth quarter of 2022. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $378, $361, $nil and $4,494, respectively, for the fourth quarter of 2022, compared to $514, $490, $596, and $1,132, respectively, for the same period of last year. Total gross profit was approximately $1.0 million for the fourth quarter of 2022, compare to the gross profit of approximately$4.3 million for the same period of last year as a result of factors described above. Overall gross margin was 4.8% for the fourth quarter of 2022, compared to 9.6% 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 8.3%, 10.3%, n/a, -315.2% and 27.5%, respectively, for the fourth quarter of 2022, compared to 9.6%, 12.2%, 21.5%, -13.9% and 25.2%, respectively, for the same period of last year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") decreased by $0.9million, or 36.4%, to approximately $1.5 million for the fourth quarter of 2022 from approximately$2.4 million for the same period of last year. Income (Loss) from Operations Loss from operations was approximately $0.5million for the fourth quarter of 2022, a decrease of $2.4 million, or 125.2%, from income from operations of approximately $2.0 million for the same period of last year. Operating loss margin was -2.3% for the fourth quarter of 2022, compared to operating margin of 4.3% for the same period of last year. Net Income (Loss) Net loss was approximately $11.9 million, or $1.19 loss per basic and diluted share for the fourth quarter of 2022, representing a decrease of $16.1 million, or 386.6%, from net income of approximately $4.2 million, or $0.45 earnings per basic and diluted share, for the same period of last year. EBITDA EBITDA was approximately $3.8 million for the fourth quarter of 2022, compared to approximately $8.7 million for the same period of last year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA (Amounts expressed in US$) For the Three Months Ended December 31, ($ millions) 2021 2022 Net income (loss) 4.16 -11.91 Add: Income tax 0.60 11.87 Net interest expense 0.28 0.24 Depreciation and amortization 3.62 3.57 EBITDA 8.66 3.77 Full Year Ended December 31, 2022 Financial Results For the Twelve Months Ended December 31, ($ millions) 2021 2022 % Change Revenues 160.88 100.35 -37.62 % Regular Corrugating Medium Paper ("CMP")* 111.08 82.30 -25.91 % Light-Weight CMP** 23.43 16.43 -29.89 % Offset Printing Paper 17.06 0 -100 % Tissue Paper Products 8.77 1.36 -84.53 % Face Masks 0.54 0.26 -52.1 % Gross profit 11.02 4.75 -56.9 % Gross profit (loss) margin 6.9 % 4.7 % -2.2 pp**** Regular Corrugating Medium Paper ("CMP")* 6.3 % 7.4 % 1.1 pp**** Light-Weight CMP** 8.7 % 9.4 % 0.7 pp**** Offset Printing Paper 18.2 % - - Tissue Paper Products*** -14.3 % -216.3 % -202.1 pp**** Face Masks 19.2 % 26.1 % 6.9 pp**** Operating income (loss) 1.46 -5.30 -463.5 % Net income 0.91 -16.57 -1930.0 % EBITDA 22.94 10.96 -52.2 % Basic and Diluted earnings (loss) per share 0.10 -1.66 -1,760.0 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue For the year ended December 31, 2022, total revenue decreased by $60.5 million, or 37.6%, to approximately $100.4 million from approximately$160.9 million for 2021. The decrease in total revenue was mainly due to the decrease in sales volume of CMP, offset printing paper and tissue paper and the decrease in ASP of CMP. The following table summarizes revenue, volume and ASP by product for the years ended December 31, 2021 and 2022, respectively: For the Twelve Months Ended December 31, 2021 2022 Revenue($'000) Volume (tonne) ASP($/tonne) Revenue($'000) Volume (tonne) ASP ($/tonne) Regular CMP 111,079 213,490 520 82,297 180,977 455 Light-Weight CMP 23,432 46,201 507 16,428 37,354 440 Offset Printing Paper 17,063 24,513 696 - - - Tissue Paper Products 8,770 8,255 1,062 1,356 1,273 1,065 Total 160,344 292,459 548 100,082 219,604 456 Revenue($'000) Volume (thousand pieces) ASP ($/thousand pieces) Revenue ($'000) Volume ($/thousand pieces) ASP ($/thousand pieces) Face Masks 538 12,664 42 258 5,625 46 Revenue from CMP, including both regular CMP and light-Weight CMP decreased by $35.8 million, or 26.6%, to approximately $98.7 million, and accounted for 98.4% of total revenue for the year ended December 31, 2022, compared to approximately$134.5 million, or 83.6% of total revenue for 2021. The Company sold 218,331tonnes of CMP at an ASP of $452/tonne in the year ended December 31, 2022, compared to 259,691tonnes at an ASP of $518/tonne in 2021. Of the total CMP sales, revenue from regular CMP decreased by $28.8 million, or 25.9%, to approximately $82.3 million, resulting from sales of 180,977 tonnes at an ASP of $455/tonne during the year ended December 31, 2022, compared to revenue of approximately$111.1 million, resulting from sales of 213,490 tonnes at an ASP of $520/tonne for 2021. Revenue from light-weight CMP decreased by $7.0 million, or 29.9%, to approximately$16.4 million, resulting from sales of 37,354 tonnes at an ASP of $440/tonne for the year ended December 31, 2022, compared to revenue of approximately$23.4million, resulting from sales of 46,201tonnes at an ASP of $507/tonne for 2021. Revenue from offset printing paper was $nil for the year ended December 31, 2022 compared to the revenue of $17.1 for the year ended December 31, 2021. Due to COVID-19, our paper production was restricted and production of offset printing paper was suspended in 2022. Revenue from tissue paper products decreased by $7.4 million, or 84.5%, to approximately $1.4 million, resulting from sales of 1,273 tonnes at an ASP of $1,065/tonne, for the year ended December 31, 2022, compared to revenue of approximately $8.8 million, resulting from sales of 8,255 tonnes at an ASP of $1,062/tonne for 2021. Revenue from face masks decreased by $0.3 million, or 52.1%, to approximately $0.3 million for the year ended December 31, 2022, from approximately $0.5 million for 2021. The Company sold 5,625 thousand pieces of face masks for the year ended December 31, 2022, compared to 12,664 thousand pieces of face masks for 2021. Gross Profit and Gross Margin Total cost of sales decreased by $54.2 million, or 36.1%, to approximately $95.6 million for the year ended December 31, 2022 from approximately $149.9 million for 2021. The decrease in overall cost of sales was mainly due to the decreased sales volume of CMP and offset printing paper and decreased material costs of CMP in the year ended December 31, 2022. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $421, $398, $nil, and $3,370, respectively, for the year ended December 31, 2022 compared to $487, $463, $570, and $1,214, respectively, for 2021. Total gross profit decreased by $6.3 million, or 56.9%, to approximately $4.8 million for the year ended December 31, 2022 from approximately $11.0 million for 2021. Overall gross margin decreased by 2.2 percentage points to 4.7% for the year ended December 31, 2022 from 6.9% for 2021. Gross margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 7.4%, 9.4%, nil, -216.3% and 26.1%, respectively, for the year ended December 31, 2022, compared to 6.3%, 8.7%, 18.2%, 14.3% and 19.2%, respectively, for 2021. Selling, General and Administrative Expenses SG&A expenses increased by $0.5 million, or 5.24%, to approximately $10.1 million for the year ended December 31, 2022 from approximately $9.6 million for 2021. As a percentage of total revenue, SG&A expenses was 10.0% for the year ended December 31, 2022, compared to 5.9% for 2021. Income (Loss) from Operations Loss from operations decreased by $6.8 million, or 463.5% to approximately $5.3 million for the year ended December 31, 2022 from income from operations of approximately $1.5 million for 2021. Operating loss margin was -5.3% for the year ended December 31, 2022, compared to operating margin of 0.9% for 2021. Net Income (Loss) Net loss decreased by $17.5 million, or 1930.0%, to approximately $16.6 million, or losses per basic and diluted share of $1.66, for the year ended December 31, 2022, compared to net income of approximately $0.9 million, or earnings per basic and diluted share of $0.10 for 2021. EBITDA EBITDA decreased by $12.0 million, or 52.2%, to approximately $11.0 million for the year ended December 31, 2022 from approximately $22.9 million for 2021. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA (Amounts expressed in US$) For the Twelve Months Ended December 31, ($ millions) 2021 2022 Net income (loss) 0.91 -16.57 Add: Income tax 5.55 11.71 Net interest expense 1.12 1.03 Depreciation and amortization 15.36 14.79 EBITDA 22.94 10.96 Cash, Liquidity and Financial Position As of December 31, 2022, 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 loan from credit union) of approximately $9.5 million, $11.2 million and $4.2 million, respectively, compared to approximately $11.2 million, $13.5 million and $3.0 million, respectively, at the end of 2021. Net accounts receivable was approximately $0.9 million as of December 31, 2022, compared to approximately $4.9 million as of December 31, 2021. Net inventory was approximately $2.9 million as of December 31, 2022, compared to approximately $5.8 million at the end of 2021. As of December 31, 2022, the Company had current assets of approximately $47.2 million and current liabilities of approximately $17.6 million, resulting in a working capital of approximately $29.6 million. This was compared to current assets of approximately $55.5 million and current liabilities of approximately $20.4 million, resulting in a working capital of approximately $35.1 million at the end of 2021. Net Cash provided by operating activities was approximately $10.7 million for the year ended December 31, 2022, compared to net cash used in operating activities of approximately $2.4 million for 2021. Net cash used in investing activities was approximately $10.9 million for the year ended December 31, 2022, compared to approximately $25.1 million for 2021. Net cash used in financing activities was approximately $0.9 million for the year ended December 31, 2022, compared to net cash provided by financing activities of approximately $34.2 million for 2021. 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: https://www.itpackaging.cn/. Safe Harbor Statements This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements. IT TECH PACKAGING, INC. CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2022 AND 2021 December 31, December 31, 2022 2021 ASSETS Current Assets Cash and bank balances $ 9,524,868 $ 11,201,612 Accounts receivable (net of allowance for doubtful accounts of $881,878 and $69,053 as of December 31, 2022 and December 31, 2021, respectively) - 4,868,934 Inventories 2,872,622 5,844,895 Prepayments and other current assets 27,207,127 25,796,640 Due from related parties 7,561,858 7,804,068 Total current assets 47,166,475 55,516,149 Prepayment on property, plant and equipment 1,031,502 43,446,210 Operating lease right-of-use assets, net 672,722 - Finance lease right-of-use assets, net 1,939,970 2,286,459 Property, plant, and equipment, net 151,569,898 126,587,428 Value-added tax recoverable 2,066,666 2,430,277 Deferred tax asset non-current - 11,268,679 Total Assets $ 204,447,233 $ 241,535,202 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Short-term bank loans $ 5,598,311 $ 5,958,561 Current portion of long-term loans 4,835,884 6,838,465 Lease liability 224,497 210,161 Accounts payable 5,025 10,255 Advance from customers - 39,694 Due to related parties 727,462 727,433 Accrued payroll and employee benefits 165,986 291,206 Other payables and accrued liabilities 5,665,558 5,250,539 Income taxes payable 417,906 1,108,038 Total current liabilities 17,640,629 20,434,352 Long-term loans 4,204,118 2,980,065 Deferred gain on sale-leaseback 52,314 155,110 Lease liability - non-current 579,997 152,233 Derivative liability 646,283 2,063,534 Total liabilities (including amounts of the consolidated VIE without recourse to the Company of$16,784,878 and $17,924,475 as of December 31, 2022 and 2021, respectively) 23,123,341 25,785,294 Commitments and Contingencies Stockholders' Equity Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 and 9,915,920 shares issued and outstanding as of December 31, 2022 and December, 31, 2021, respectively. 10,066 9,916 Additional paid-in capital 89,172,771 89,016,921 Statutory earnings reserve 6,080,574 6,080,574 Accumulated other comprehensive (loss) income (7,514,540) 10,496,168 Retained earnings 93,575,021 110,146,329 Total stockholders' equity 181,323,892 215,749,908 Total Liabilities and Stockholders' Equity $ 204,447,233 $ 241,535,202 IT TECH PACKAGING, INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 Year Ended December 31, 2022 2021 Revenues $ 100,352,434 $ 160,881,720 Cost of sales (95,598,238) (149,864,161) Gross Profit 4,754,196 11,017,559 Selling, general and administrative expenses (10,058,723) (9,558,190) (Loss) Income from Operations (5,304,527) 1,459,369 Other Income (Expense): Interest income 24,264 38,766 Subsidy income - 198,530 Interest expense (1,027,951) (1,124,702) Gain on acquisition 30,994 - Gain (Loss) on derivative liability 1,417,251 5,880,526 (Loss) Income before Income Taxes (4,859,969) 6,452,489 Provision for Income Taxes (11,711,339) (5,546,954) Net (Loss) Income (16,571,308) 905,535 Other Comprehensive (Loss) Income Foreign currency translation adjustment (18,010,708) 4,755,448 Total Comprehensive (Loss) Income $ (34,582,016) $ 5,660,983 (Losses) Earnings Per Share: Basic and Diluted (Losses) Earnings per Share $ (1.66) $ 0.1 0 Outstanding – Basic and Diluted 9,972,788 9,133,440 IT TECH PACKAGING, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 Year Ended December 31, 2022 2021 Cash Flows from Operating Activities: Net income $ (16,571,308) $ 905,535 Adjustments to reconcile net income to net cash provided by operatingactivities: Depreciation and amortization 14,788,036 15,358,452 (Gain) Loss on derivative liability (1,417,251) (5,880,526) Gain on acquisition (30,992) - (Recovery from) for bad debts 843,779 33,480 Share-based compensation and expenses 156,000 - Deferred tax 10,261,104 2,730,050 Changes in operating assets and liabilities: Accounts receivable 3,750,196 (2,430,495) Prepayments and other current assets (3,976,010) (8,350,716) Inventories 2,554,072 (4,531,263) Accounts payable (4,496) (589,371) Advance from customers (37,452) (44,366) Related parties 444,291 (785,097) Accrued payroll and employee benefits (103,683) 60,334 Other payables and accrued liabilities 677,840 254,966 Income taxes payable (614,738) 832,946 Net Cash (Used in) Provided by Operating Activities 10,719,388 (2,436,071) Cash Flows from Investing Activities: Purchases of property, plant and equipment (4,534,092) (25,071,372) Proceeds from sale of property, plant and equipment - - Acquisition of land (6,364,439) - Net Cash Used in Investing Activities (10,898,531) (25,071,372) Cash Flows from Financing Activities: Proceeds from issuance of shares and warrants, net - 41,837,553 Proceeds from short term bank loans 6,214,020 5,892,298 Proceeds from long term loans 59,195 - Repayment of bank loans (6,071,952) (6,512,703) Payment of capital lease obligation (206,114) (185,050) Loan to a related party (net) (874,745) (6,838,274) Net Cash Provided by (Used in) Financing Activities (879,596) 34,193,824 Effect of Exchange Rate Changes on Cash and Cash Equivalents (618,005) 372,794 Net (Decrease) Increase in Cash and Cash Equivalents (1,676,744) 7,059,175 Cash, Cash Equivalents - Beginning of Year 11,201,612 4,142,437 Cash, Cash Equivalents - End of Year $ 9,524,868 $ 11,201,612 Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 320,568 $ 577,194 Cash paid for income taxes $ 2,049,911 $ 1,970,984
ZURICH, March 22, 2023 /PRNewswire/ -- Amcor (NYSE: AMCR) (ASX: AMC), a global leader in developing and producing responsible packaging solutions, today announced a joint research project agreement with Nfinite Nanotechnology Inc. to validate the use of Nfinite's nanocoating technology to enhance both recyclable and compostable packaging. In the proof-of-concept phase of the project, Nfinite's coating technology will be applied to Amcor's existing recyclable and compostable packaging material. The objective is to deliver an oxygen barrier to improve performance for recyclable and compostable packaging. Once validated, the next stage of development will seek to ensure the products are optimized to Amcor's manufacturing processes and analyze additional substrates like bio-based materials to create more sustainable applications. This project marks an important milestone in the partnership between Amcor and Nfinite that began in 2022 when Nfinite was selected as an Amcor Lift-Off winner. In addition to receiving $250,000 in seed funding, Amcor Lift-Off start-ups have the opportunity to work with Amcor's Research & Development team to create new applications that can advance both companies' efforts toward driving circularity. Amcor Vice President of Corporate Venturing and Open Innovation, Frank Lehmann, said, "This joint research project agreement is an important step, and showcases Amcor's solution-based commitment to sustainability and innovation. Collaborating with innovative start-ups like Nfinite, particularly in the early stage of this exciting new technology, is one more way we are working to advance our shared sustainability goals." Chee Hau Teoh, co-founder and CEO at Nfinite Nanotechnology, said, "We're very pleased to have Amcor's support in advancing our ambitions to deliver this nanocoating technology in packaging applications. Once scaled up, we can begin looking for pilot companies eager to leverage this technology." To learn more about how Amcor's collaboration with Nfinite began as a result of the Corporate Venturing team's Amcor Lift-Off program, click here. 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 About Nfinite Nanotechnology Nfinite Nanotechnology is a venture-backed advanced material company based in Waterloo, Canada, that aims to build a more sustainable world through the advancement of compostable and recyclable packaging. Nfinite's breakthrough nanocoating technology is based on more than 10 years of science and experience in the development of advanced functional thin films. Nfinite is commercializing its rapid, open-air nanocoating platform, which produces large-area, high-quality, ultrathin-films at low cost. Nfinite's mission is to provide the packaging industry with a sustainable path forward by delivering high-performance barriers layers for sustainable packaging, accelerating the world's goal to eliminate plastic packaging pollution.
VIENNA, March 21, 2023 /PRNewswire/ -- The global scientific evidence of the multiple types of benefits that forests, trees and green spaces have on human health has now been assessed by an international and interdisciplinary team of scientists. The outcome is presented in a major report titled "Forests and Trees for Human Health: Pathways, Impacts, Challenges and Response Options" by the Global Forest Expert Panels (GFEP) Programme of the International Union of Forest Research Organizations (IUFRO). IUFRO unites more than 15,000 scientists in more than 630 Member Organizations – mainly public research centers and universities – in 115 countries and is a member of the International Science Council. Forests and trees offer shade, food and water in regions suffering increasingly from drought and heat, such as Morocco, but are threatened at the same time. Photo A. Buck, IUFRO The assessment finds that existing evidence strongly supports a wide range of physical, mental, social and spiritual health benefits associated with forests and green spaces. They have positive effects, e.g., on the neurodevelopment in children, on diabetes, cancer, depression, stress-related disorders, cognitive aging and longevity, and are crucial in enhancing social interactions, recreation and relaxation. Although all life stages are impacted, starting from the prenatal stage, the significant effects on children are particularly important, not least because of repercussions in later life. Forests, trees and green spaces provide numerous goods and services, including medicines, nutritious foods, and other non-wood forest products that contribute to human health. Medicinal plants provide primary healthcare to 70% of the world's population. The assessment finds that disturbed relationships between forests and people, poor forest conservation and management or wrong tree species choices in areas where people live can have an adverse impact on people. A solution to the malaria epidemic, for example, is not to remove the forest and wetland habitats of the mosquitoes transmitting the disease - deforestation can actually increase the malaria risk - but to invest in sustainable forest management and urbanization processes that avoid loss of natural habitats. Land-use change is estimated to have caused the emergence of more than 30% of new diseases since 1960. It is crucial to improve the understanding of the role of nature in providing benefits to humans, and consequently, the role that ongoing nature destruction is playing in increasing health threats. "The report suggests that decision-makers in forest, health and related domains should adopt more integrative perspectives for addressing forest-human health relations. By linking forest and human health policies and strategies, new and innovative solutions for health and forest challenges can be identified", says Chair of the GFEP on Forests and Human Health, Dr. Cecil Konijnendijk, University of British Columbia, Canada. Download the report Forests and Trees for Human Health (free) PRESS CONTACT: Melanie Marten, The Coup Public Relations, Telephone: +49 1707308126, melanie@thecoup.de, www.thecoup.de
SINGAPORE, March 13, 2023 /PRNewswire/ -- Seiko Epson Corporation (TSE: 6724, "Epson") today launched a three-year international partnership with global conservation organisation WWF focusing on forest restoration and conservation around the world. This partnership is the first of its kind for a Japanese corporation in the electronics and precision instruments sector and builds on the existing relationship between the two organisations that started in March 2022 working on marine conservation in Southeast Asia. Based on a shared ambition to tackle common environmental concerns, the partnership will encompass three objectives: Addressing Epson's environmental footprint, Supporting WWF's forest restoration and conservation projects in seven countries in four regions, and Communicating about environmental issues. To make this possible, Epson is planning a contribution of 240 million Japanese Yen (approximately 1.6 million Euros) over the next three years starting from March 2023 that will go towards WWF forestry projects. Through the partnership, Epson will be supporting forest conservation activities and nature recovery efforts implemented by WWF across several "Deforestation Fronts"(1) and will aim to improve sustainability in their supply chain as a participant of WWF's Forests Forward(2) program. To realise a nature-positive world together, the collaboration will also promote the responsible use of forest resources (paper) in business, as well as future considerations for the conservation of freshwater ecosystems and activities that contribute to a circular economy.(3) "We are delighted to sign this agreement with the WWF," said Yasunori Ogawa, global president of Epson. "The world is facing an environmental catastrophe and it is essential we act now to preserve the biodiversity of our planet before it is too late. This partnership reflects Epson's commitment to conserving the environment, reducing waste, and ensuring that the use of natural resources is sustainable. With a goal of realizing a future in which people can live in harmony with nature, the WWF is a perfect fit for Epson." In 2021, Epson announced its Environmental Vision in which it pledged to become carbon negative and eliminate the use of non-renewable underground resources by 2050. To achieve these goals, the company is rolling out a series of initiatives aimed at achieving decarbonization, closing the resource loop, providing products and services that reduce environmental impacts and developing environmental technologies. Epson recognizes that the engagement of the whole community is necessary to achieve a sustainable society, and is working with like-minded partners such as WWF to raise awareness of and take bold actions to solve environmental issues facing our planet. "WWF welcomes this ambitious partnership with Epson for the future of the forest," said TOBAI, Sadayosi, CEO of WWF-Japan. "It's not only a single company's commitment, but also reflects a significant step forward to accelerate efforts from the private sector to prevent the degradation of nature, in particular the forests, that we all depend on." The protection and responsible management of forest ecosystems has been high on the agenda at recent global discussions such as UN COP27 for climate and UN COP15 for biodiversity. It is critical that we ride on this momentum by making robust commitments and urgent transformative changes necessary to reverse biodiversity loss and build a more sustainable society. Through the partnership and participation in the Forests Forward program, Epson and WWF are together committed to saving threatened forests in vital landscapes within, and beyond, Epson's supply chain by improving forest management and restoring nature. Details about Partnership Activities Forest conservation projects implemented by WWF-Japan WWF Japan is working to conserve forest ecosystems in areas of deforestation such as Southeast Asia and South America, shift to sustainable production of agricultural, forestry, and livestock products that are leading drivers of deforestation, and promote sustainable use in Japan, which is a significant consumer country. Working to conserve rare tropical forests and peat swamps that are home to wildlife such as tigers and orangutans. The surrounding forests are decreasing due to the extraction of raw materials for paper manufacturing and palm oil production. Credits: ©︎ Anton Vorauer/WWF Working to conserve rare tropical forests and peat swamps that are home to wildlife such as tigers and orangutans. The surrounding forests are decreasing due to the extraction of raw materials for paper manufacturing and palm oil production. Credits: ©︎ Anton Vorauer/WWF (1) Deforestation Front The causes, pace and magnitude of deforestation and forest degradation have changed over time. The way that different causes of deforestation link together and the effects they have on forests varies across regions. Globally, a multitude of approaches have been implemented to halt deforestation and forest degradation. While progress has been made in halting forest loss and degradation, both continue at alarming rates. According to a WWF report, 43 million hectares of forest were lost in "deforestation fronts" in 24 countries between 2004 and 2017. For more details, visit WWF's Deforestation Front projects. (2) Forests Forward WWF's Forests Forward program engages businesses, local communities, and other key stakeholders to change forest valuation, management, protection, and recovery methods to benefit nature, people, and the climate. For more details, visit https://forestsforward.panda.org/ (3) Circular Economy In contrast to one-way businesses based on traditional methods of mass production and mass disposal, the circular socio-economic system recycles limited resources and continues to use them for as long as possible to eliminate waste. From the initial development stage, products and services are designed to greatly minimize the use and disposal of new resources. Epson and WWF Marine Conservation in Southeast Asia Launched in 2022 in Southeast Asia, Epson partnered with WWF-Singapore to scale coral restoration efforts in Indonesia, Malaysia, Thailand and Singapore, as well as mangrove restoration in the Philippines. By working with local stakeholders and institutions, these restoration efforts support and restore the critically important marine ecosystem health that we all depend on, while building capacity among local communities as key stakeholders in the long-term maintenance and management of their coastal resources. These current programmes complement the upcoming forest conservation activities in Borneo and Sumatra Islands to protect biodiversity above land and under water, contributing to the restoration of both ecosystems on a larger scale. About Epson Epson is a global technology leader whose philosophy of efficient, compact and precise innovation enriches lives and helps create a better world. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson's goal is to become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050. Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion. corporate.epson/en/ About WWF Established in Switzerland in 1961, the World Wide Fund for Nature (WWF) is the leading conservation organization in the world, with a global network active in over 100 countries. With a mission to build a future in which people can live in harmony with nature, it promotes the realization of a sustainable society. In particular, WWF is working to restore the world's rich biodiversity and realize a carbon-free society to prevent global warming. https://panda.org/
BEIJING, March 8, 2023 /PRNewswire/ -- A news report from chinadaily.com.cn: Shahriar Nafici, born in Iran, has a passion for Chinese culture and feels he is half Chinese in his heart. He likes traditional Chinese music, writing, painting, and dancing. "I feel that half of my heart and my love is here," he says. He has lived in Linqing, East China's Shandong province, for three years, where he has seen many changes and feels the potential of the city. As a scientist in the field of paper pulp making from agriculture, he is trying to find other raw material from agricultural waste for paper making, "so we don't need to cut the trees," he says.
LÜBECK, Germany, March 6, 2023 /PRNewswire/ -- With the shareholder decision and entry in the German Commercial Register, it's official: Possehl Erzkontor GmbH & Co. KG is now CREMER ERZKONTOR GmbH & Co. KG. This step is part of the Road#2024PLUS strategy and transformation launched three years ago. With the name change, Erzkontor draws closer to the Hamburg family company CREMER, which acquired the shares of this Lübeck-based raw materials trader in 2014. "We decided that the right time had come to underline ERZKONTOR's affiliation with the CREMER company network," said Dr. Ullrich Wegner, CEO of Peter Cremer Holding, Hamburg. "We are proud of our joint success story since acquiring ERZKONTOR ten years ago. This renaming creates transparency and the basis for continued shared growth. In the coming years, we will benefit even more from each other with a coordinated strategy." With the renaming to CREMER ERZKONTOR, the over 100 year history of Possehl Erzkontor now enters a new chapter. Nils Fleig, Director of CREMER ERZKONTOR: "The name change is a statement. The road we're on takes us from being purely a raw materials trader to managing the supply of raw materials for our customers. In addition to logistics services, this includes the further processing and recycling of these materials in our own facilities. The CREMER name stands not just for international trade and logistics, but also for the refinement of products and for an extraordinary worldwide network; it's a perfect fit." CREMER ERZKONTOR GmbH & Co. KGBeckergrube 38-5223552 Lübeck (Germany) Tim KrawczykManager Marketing & Communication+49 451 929 62 101tkrawczyk@erzkontor.comwww.erzkontor.com https://erzkontor.com/en/possehl-erzkontor-gmbh-amp-co-kg-becomes-cremer-erzkontor-gmbh-amp-co-kg__trashed/
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