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Montag, 23.04.2018 22:05 von PR Newswire | Aufrufe: 65

Fuwei Films Announces Fourth Quarter and Full Year 2017 Financial Results

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire

BEIJING, April 23, 2018

- Teleconference to be Held on Tuesday, April 24, 2018, at 9:00 a.m. EDT –

BEIJING, April 23, 2018 /PRNewswire/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced its financial results for the fourth quarter and full year ended December 31, 2017.

Fuwei Films 2017 Highlights

Net revenues were RMB290.7 million or US$44.7 million.
Net cash provided by operating activities was RMB10.8 million.
Our gross margin was 9.3%.
Basic and diluted loss per share was RMB14.09 or US$2.17.

"We continue to face strong competition from emerging and incumbent players which created oversupply relative to demand in the marketplace in 2017. While this has impacted the Company's financial results, we are pleased to announce that our sales volume for specialty films has continuously increased. We believe that our focus on continued innovation and R&D will enable the Company to expand end-user applications and our high-end specialty films while increasing the product portfolio, which we believe, will help us to attract new clients and expand relationships with existing customers. We are encouraged by positive trends in sales volume and gross margins that we expect to enable us to weather different industry and economic conditions in the periods ahead," commented by Mr. Zengyong Wang, the CEO and Chairman of the Company.

Fourth Quarter 2017 Results

Revenues for the fourth quarter of 2017 were RMB78.8 million or US$12.1 million, compared with RMB70.9 million in the fourth quarter of 2016, an increase of RMB7.9 million, or 11.1%. Sales volume accounted for a decrease of RMB2.8 million while the increase of average sales price caused an increase of RMB10.7 million.

Sales of specialty films for the fourth quarter of 2017 were RMB32.3 million or US$5.0 million, or 40.9% of total revenues, compared with RMB28.1 million or 39.7% of total revenue in the fourth quarter of 2016. The increase was mainly attributable to increased selling volumes compared to those in 2016.

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The following is a breakdown of commodity and specialty film sales for the three-month periods ended December 31, 2017 and 2016 (amounts in thousands):

	Three months period ended
	December 31, 2017		% of Total	December 31, 2016	% of Total
	RMB	US$	% of Total	RMB	% of Total
Stamping and transfer film	33,357	5,127	42.3%	28,269	39.9%
Printing film	6,152	946	7.8%	4,135	5.8%
Metallized film	1,456	224	1.8%	2,111	3.0%
Specialty film	32,272	4,960	40.9%	28,141	39.7%
Base film for other applications	5,602	861	7.1%	8,247	11.6%

Total	78,839	12,118	100%	70,903	100%

Overseas sales for the fourth quarter of 2017 were RMB11.3 million or US$1.7 million, or 14.4% of total revenues, compared with RMB6.7 million or 9.5% of total revenues in the fourth quarter of 2016. Sales volume accounted for an increase of RMB3.2 million while the increase of average sales price caused an increase of RMB1.4 million.

The following is a breakdown of domestic versus overseas sales for the three-month periods ended December 31, 2017 and 2016 (amounts in thousands):

	Three-month period ended
	December 31, 2017		% of Total	December 31, 2016	% of Total
	RMB	US$	% of Total	RMB	% of Total
Sales in China	67,522	10,378	85.6%	64,186	90.5%
Sales in other countries	11,317	1,739	14.4%	6,717	9.5%

Total	78,839	12,117	100%	70,903	100%

Gross profit for the fourth quarter of 2017 was RMB11.6 million or US$1.8 million, representing a gross margin of 14.7%, compared with a gross profit of RMB5.5 million, representing a gross margin of 7.7% in the fourth quarter of 2016.

Operating expenses for the fourth quarter of 2017 were RMB16.7 million or US$2.6 million compared with RMB17.8 million or US$2.6million in the fourth quarter of 2016.

Operating loss for the fourth quarter of 2017 was RMB5.1 million or US$0.8 million, compared with an operating loss of RMB12.3 million or US$1.8 million in the fourth quarter of 2016.

Net loss attributable to the Company for the fourth quarter of 2017 was RMB10.1 million or US$1.6 million, compared with net loss attributable to the Company of RMB18.8 million in the fourth quarter of 2016.

Basic and diluted loss per share was RMB3.10 or US$0.48, compared with basic and diluted loss per share of RMB5.76 or US$0.83 in the fourth quarter of 2016.

2017 Full Year Results

During the fiscal year ended December 31, 2017, net revenues were RMB290.7 million or US$44.7 million, compared to RMB253.9 million during the same period in 2016, representing an increase of RMB36.8 million or 14.5%. For further analysis of the factors causing revenue increase, the increase of average sales price caused an increase of RMB32.0 million and the sales volume factor made an increase of RMB4.8 million.

In 2017, sales of specialty films were RMB108.1 million or US$16.6 million or 37.2% of our total revenues as compared to RMB96.1 million or 37.8% in 2016, which was an increase of RMB12.0 million, or 12.5%, as compared to the same period in 2016. The increase was due to the increased sales volume.

Overseas sales were RMB55.6 million or US$8.5 million, or 19.1% of total revenues, compared with RMB41.8 million or 16.5% of total revenues in 2016. For further analysis of the factors causing overseas sales increase, the increase of average sales price caused an increase of RMB5.5 million and sales volume factor made an increase of RMB8.3 million.

The following is a breakdown of domestic versus overseas sales for the periods ended December 31, 2017 and 2016 (amounts in thousands):

For the year ended December 31,

2017

% of Total

2016

% of Total

RMB

US$

RMB

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