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Intra-Asia e-commerce growth potential: A silver lining for Covid-hit region
E-commerce reached new heights within Asia during the pandemic, but obstacles remain for intra-Asian trade.
SINGAPORE, Oct. 12, 2021 /PRNewswire/ -- Asia already holds the lion's share of the global e-commerce market. Still, its potential for intra-region growth — with economies recovering and income levels rising — makes the region the one to watch beyond Covid-19.
During the pandemic, lockdowns and movement restrictions sparked a surge in e-commerce as consumers and businesses turned to online channels in droves for their purchases. Unprecedented growth in shipment volume and express deliveries around the world followed, according to Ken Lee, CEO, DHL Express Asia Pacific.
"The speed of growth surprised us initially, but we knew that it was the most natural response, given how e-commerce can efficiently meet market demands for goods that are suddenly facing supply shortages," said Lee.
For the full multimedia release, click here: https://www.prnasia.com/mnr/DHL_202110.shtml
But e-commerce within the region still lags. Overcoming obstacles from red tape to unfamiliarity with adjacent markets, should unlock significant opportunities for sellers.
For now, however, there is more than enough activity to keep sellers busy. Despite disruptions to mobility caused by the pandemic, global trade and data flow started to recover toward the end of last year, according to an update in the DHL Global Connectedness Index 2020. Moreover, as in-person contact shifted into the online world, international internet traffic, phone calls and, most notably, e-commerce received a timely boost.
Within Asia, in particular, e-commerce has skyrocketed. Now accounting for almost half of DHL Express' revenue in APEC, intra-Asia e-commerce still has a long runway for growth. "Intermediate and finished goods are still largely assembled and manufactured here, but they are now also being shipped within and consumed in Asia," said Lee.
As the region's spending power gradually recovers from the pandemic, further cross-border e-commerce penetration, supported by efficient cross-border logistics solutions, will play a key role in the regional economic recovery.
The state of e-commerce
The high hopes for intra-Asia e-commerce to flourish are not unfounded.
Recent research by DHL Express highlighted the strong growth of the global business-to-business (B2B) e-commerce market, which is expected to grow from US$12.2 trillion (€10.26 trillion) in 2019 to reach US$20.9 trillion (€17.6 trillion) in 2027.
"Many Asia manufacturers are in the B2B space and are only just getting into e-commerce. There are plenty of opportunities for early adopters to benefit especially in this region where many of these businesses are based," said Lee on the bright future for the sector.
Growth in the business-to-consumer (B2C) e-commerce sector is, likewise, progressing at breakneck speed, with the pandemic being a key driver. The global B2C e-commerce market, valued at US$3.67 trillion (€3.09 trillion) in 2020, is expected to expand at a compound annual growth rate (CAGR) of 9.7 percent from 2021 to 2028.
The development is unsurprising since the foundations for this meteoric growth were laid way before the Covid-19 pandemic. The entry barriers to e-commerce have been lowered significantly over the years with advances in technology helping to overcome the digital divide.
"Obstacles such as smartphone ownership and internet access are fast disappearing. During the pandemic, for instance, we saw how quickly some individuals seized the opportunity to get on e-commerce marketplaces such as eBay, Etsy, and Amazon to sell their goods," said Lee.
Yet, with improvements in the uptake of e-commerce, cross-border trade through online and e-commerce channels still lags in Asia compared to other regions.
Each geography and country face unique challenges, such as the lack of spending power or the need to pay taxes to import foreign goods in some countries. For the latter, Lee believes a potential long-term solution should start with the Association of Southeast Asian Nations (ASEAN).
"For Asia to buy more within Asia, the ASEAN bloc could look into preferential tax treaties for ASEAN nations, given it has one of the fastest-growing incomes driven by a large middle-class growth in Indonesia."
This, alongside the gradual reopening of the region's economies from Covid-19, could provide the impetus and new opportunities for businesses to pursue cross-border e-commerce within Asia, shared Lee.
Why logistics is key
In the near term, however, the logistics sector is best placed to render support to e-commerce businesses to unlock the potential of the large, untapped e-commerce market within Asia.
"Sometimes, all they need is a nudge to get started. What we've done is work with partners in the regional e-commerce ecosystem to simplify the process for our customers to jump on the e-commerce bandwagon," said Lee.
Like the restrictions imposed in different countries during the pandemic, the rules and regulations governing cross-border e-commerce imports across the region are also constantly changing, making it tough for businesses to maintain compliance.
"For instance, many countries are updating their customs codes to accommodate the increase of personal imports. We help sellers by regularly updating our shipping tools with the necessary features and functionalities that support these changes, so our customers are not caught unaware," said Lee.
Cross-border e-commerce within Asia is expected to gather pace, and most logistics providers are prepared for an upswing in activity. For DHL Express, improvements are already underway to ensure convenient, seamless deliveries for customers.
"We will soon launch a new solution to help sellers manage KYC documentation requirements (government-recognized identity proof) imposed by customs in different countries, all while keeping to privacy standards and regulatory processes," said Lee.
The removal of trade and customs complexities will not only empower sellers to focus on their core business, but will also augment the intra-Asia e-commerce experience for a post-Covid-19 future.
For more information, please visit:
DHL's B2B E-commerce Guide How does DHL Express Tackle Sanctions Watch the video on YouTube: https://www.youtube.com/watch?v=n_7getY3v8s
Video - https://mma.prnewswire.com/media/1655706/DHL_E_commerce_subtitles_.mp4 Photo - https://mma.prnewswire.com/media/1655701/DHL_Express_image_1.jpg Photo - https://mma.prnewswire.com/media/1655702/DHL_Express_image_2.jpg Photo - https://mma.prnewswire.com/media/1655703/DHL_Express_image_3.jpg Photo - https://mma.prnewswire.com/media/1655704/DHL_Express_image_4.jpg
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Key milestone: DHL delivers 1 billion COVID-19 vaccine doses
- 1 billion vaccine doses shipped to more than 160 countries in the fight against COVID-19 since December 2020
- Smooth management and execution of different supply chain set-ups - Planning essential to identify and prevent future health emergencies
SINGAPORE, Sept. 16, 2021 /PRNewswire/ -- COVID-19 has become the largest global health crisis in a century. Governments, NGOs, and public authorities have focused on containing the virus, accelerating vaccination programs to keep populations safe, and ensuring that economies recover quickly. Since the global vaccine campaign began in December 2020, DHL has safely delivered more than 1 billion COVID-19 vaccine doses to more than 160 countries, playing a key role in the global vaccination roll-out.
For the full multimedia release, click here: https://www.prnasia.com/mnr/DHL_202109.shtml
"Looking back at the state of emergency these past nine months, we are honored to be playing our part, seamlessly managing and executing multiple supply chain set-ups without cold chain interruptions or security incidents. We are working across multiple supply chain set-ups and managing direct distributions in certain countries. We implemented new, dedicated, and reliable services at an accelerated speed to ship the highly temperature-sensitive vaccines, as well as ancillary supplies and test kits. In line with our purpose of 'Connecting people, Improving Lives', we will continue tapping into our cold chain infrastructure, resilient global network, and deep pharmaceutical logistics knowledge and experience of our people," says Katja Busch, Chief Commercial Officer DHL.
The global vaccination campaign represents a crucial instrument in the fight against the virus, and it is essential for containing further virus variants. To reach high immunization levels, around 10 billion vaccine doses will be required worldwide by the end of 2021. The global distribution of these doses is necessary to ensure that as many people as possible have access to vaccines. Besides managing various and complex supply chain set-ups, the sensitive temperature requirements have been a major challenge for logistics experts.
"Our advantage is that we already had a sophisticated network in place with the necessary healthcare expertise. This allowed us to react swiftly," explains Claudia Roa, President of Life Sciences & Healthcare at DHL Customer Solutions & Innovation. "We ship the vaccines in special active thermal containers equipped with state-of-the-art GPS temperature trackers to ensure consistent temperatures and provide full transparency throughout the entire journey."
DHL Global Forwarding and DHL Express have been tasked with transporting COVID-19 vaccines on multiple routes from Europe and other origins to countries across Asia Pacific, South America, and Europe. DHL Supply Chain is responsible for the proper storage and local distribution of the vaccines in several German states.
"We are incredibly proud to be entrusted with the logistics of delivering these vital COVID-19 vaccine doses to countries in Asia Pacific. To make it available to as many people as possible, our specialists have worked tirelessly to ensure that they arrived safely and promptly," said Leonora Lim, Head of Life Science and Healthcare, DHL Customer Solutions and Innovation, Asia Pacific.
Essential preparation for the future
As outlined in DHL's white paper "Revisiting Pandemic Resilience", the logistics infrastructure and capacity built up for the pandemic should be maintained because another 7-9 billion vaccine doses will be needed annually in the coming years to keep (re-)infection rates low and to slow down the pace of virus mutations - not counting seasonal fluctuations.
To be prepared for the future, it is essential to identify and prevent health crises early through active partnerships, expanded global warning systems, an integrated epidemic prevention plan, and targeted R&D investments. DHL also recommends expanding and institutionalizing virus containment and countermeasures (e.g., digital contact tracing and national stockpiles) to ensure strategic preparedness and more efficient response times. To facilitate a speedy roll-out of medication (i.e., diagnostics, therapeutics, and vaccines), governments and industries should maintain "ever-warm" manufacturing capacity, blueprint research, production, and procurement plans, and expand local deployment capabilities.
– End –
Note to editors:
More than 9,000 life sciences and healthcare specialists work across DHL's dedicated global network. They ensure that pharmaceutical and medical device companies, clinical trials and research organizations, wholesalers and distributors, and hospitals and healthcare providers are connected across the value chain, from clinical trials to point of care, and every step in between.
DHL's healthcare industry portfolio includes 150+ pharmacists, 20+ clinical trials depots, 100+ certified stations, 160+ GDP-qualified warehouses, 15+ GMP-certified sites, 135+ medical express sites, and a time-definite international express network covering over 220 countries and territories.
For more stories on how the logistics industry is enabling the fight against the pandemic, visit us at www.lot.dhl.com.
On the Internet: dpdhl.com/press Follow us at: twitter.com/DeutschePostDHL
DHL – The logistics company for the world
DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivaled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air, and ocean transport to industrial supply chain management. With about 400,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility, and retail, DHL is decisively positioned as "The logistics company for the world".
DHL is part of Deutsche Post DHL Group. The Group generated revenues of more than 66 billion euros in 2020. With sustainable business practices and a commitment to society and the environment, the Group makes a positive contribution to the world. Deutsche Post DHL Group aims to achieve zero-emissions logistics by 2050.
Video - https://mma.prnewswire.com/media/1625214/DHL_Video.mp4 Video - https://mma.prnewswire.com/media/1625216/DHL_Animated_infographic_1200x1200px.mp4 Photo - https://mma.prnewswire.com/media/1625220/DHL_Vaccine_Project_Image_1.jpg Photo - https://mma.prnewswire.com/media/1625217/DHL_Vaccine_Project_Image_2.jpg Photo - https://mma.prnewswire.com/media/1625218/DHL_Vaccine_Project_Image_3.jpg
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How digitalization has transformed DHL Express' operations
SINGAPORE, June 15, 2021 /PRNewswire/ -- Embarking on digital transformation projects has driven greater efficiencies and higher productivity for DHL Express. CEO Ken Lee and CIO Jimmy Yeoh from DHL Express Asia Pacific share more:
For the full multimedia release, click here: https://www.prnasia.com/mnr/DHL_202106.shtml
Red warning lights pop up simultaneously on the dashboard of the Advanced Quality Control Center (AQCC) system at DHL Express' operations centers across the network, but the atmosphere at each facility remains calm.
The data analytics prowess of the Artificial Intelligence-powered AQCC system — designed to monitor shipment movements and flag issues in real time — is in full control.
Locations of the shipments stalled in transit, also known as exceptions, are quickly identified and its projected routes mapped. The team's analysts then hunker down to implement corrective actions to ensure these shipments can still arrive at their destinations on time.
The seemingly effortless task was once a laborious responsibility for logistics providers like DHL Express, but digitalization is slowly turning things around.
Logistics has long been known as a traditional industry associated with manual labor and repetitive tasks. Often held back by legacy processes and dated IT systems, logistics companies are increasingly aware of the need to harness technology to stay competitive in a fast-moving industry.
Deutsche Post DHL Group (DPDHL Group) — in line with its Strategy 2025 goal of delivering excellence in a digital world — is investing over EUR2 billion on digital transformation projects from 2021 to 2025 to improve the experience of customers and employees, while also increasing operational excellence.
In its 3,200 facilities across more than 220 countries and territories worldwide, DHL Express relies on best-in-class technology solutions to deliver close to 500 million shipments a year (according to 2020 figures).
"By constantly listening to our customers' needs, we have implemented technological innovations that are relevant and sensible for our customers, employees and operations," said Ken Lee, CEO, DHL Express Asia Pacific.
"We've introduced solutions to streamline vital processes, automate time-consuming repetitive tasks, and helped our teams become more productive. These include autonomous guided vehicles to enhance our operations, chatbots to complement customer service operations, and shipment sensors with track-and-trace capabilities," he shared.
The Covid-19 pandemic has further proven how essential the company's digital transformation efforts and investments are to addressing the surge in cross-border e-commerce demand and driving greater efficiency and productivity.
"Before the pandemic, we were cognizant that digital transformation was an imperative to maintain and elevate our service levels as a logistics provider. The pandemic accelerated our plans to allow our work force to collaborate and work virtually from any location. We also fast-tracked our adoption and rollout of technologies, such as live chat and digital assistants, which were crucial in helping us cope with an unprecedented demand surge worldwide," explained Jimmy Yeoh, Chief Information Officer, DHL Express Asia Pacific.
To better understand the impact of digitalization on DHL Express, Logistics of Things takes a closer look at the notable digital transformation projects undertaken in recent years:
At a glance: Digital transformation in DHL Express
Advanced Quality Control Center (AQCC)
Utilizes big data and predictive analytics to monitor shipment movements, flag issues in real-time and identify alternative flight and network routes to ensure timely deliveries
Leverages Artificial Intelligence (AI) and machine learning to identify root causes and recommend actions for continuous improvement
Automatic flyer sorting with DHLBot
Sorts flyers to route level with 99 percent accuracy
Improves sorting efficiency while minimizing human interaction (for safety during Covid-19)
Automated Guided Vehicles (AGVs)
Intelligently senses the environment and ferries shipments, cargo pallets, and containers safely and efficiently
Helps to scale throughput capacity as and when needed
Autonomous mobile robots
Serves as an autonomous "courier" that provides on-demand deliveries
Equipped with sensors and AI-powered avoidance system to navigate to its destination
Chatbots for 24/7 customer service
Allows customers to receive bite-sized shipping information and track shipments on the go
Designed to instantly address commonly asked questions
On-Demand Delivery (ODD) online portal
Offers customers the flexibility to schedule contactless deliveries for shipments at their own convenience
Customers can choose from 6 alternative delivery options if they are unable to receive the shipment on the estimated delivery date
QR code labelers for parcel returns
Allows customers to manage parcel returns digitally by getting a QR code online
Reduces physical contact for ad-hoc customers by replacing physical airway bills
Route optimization for faster deliveries
Enables couriers to plan their routes more effectively, thus improving productivity and fuel efficiency
Shortens delivery time to customers
Video - https://mma.prnewswire.com/media/1529452/Video.mp4 Photo - https://mma.prnewswire.com/media/1529439/DHL_Express_Digitalization_in_Asia_Pacific_infographic.jpg Photo - https://mma.prnewswire.com/media/1529440/DHLBot.jpg Photo - https://mma.prnewswire.com/media/1529438/DHL_Express_Central_Asia_Hub_in_Hong_Kong.jpg Photo - https://mma.prnewswire.com/media/1529437/DHL_Boeing_B757.jpg
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TIDD Crane Launch Sets a New Standard for Industry
BRISBANE, Australia, June 14, 2019 /PRNewswire/ -- TRT launched its newest product, the TIDD PC28, pick and carry crane, to an audience of more than 100 industry representatives and Government dignitaries on Tuesday 14th of May at its Brisbane site, in Murarrie.
For the full multimedia release, click here: https://www.prnasia.com/mnr/tidd-crane-launch.shtml
"We are proud of the new TIDD PC28 crane the (TRT) team has designed and manufactured. We consulted with industry to produce a crane that will work to improve operator safety and deliver productivity improvements across Australasia and based on the feedback we have from the launch, the industry agrees," says Lawrence Baker, Chief Operations Officer from TRT.
Guests included representatives from some of Australia's largest Tier 1 construction companies, their suppliers, the Queensland Government and the New Zealand Consul-General for New South Wales and Queensland, Mr Bill Dobbie.
Mr Dobbie commented, "I was very impressed by the launch of the TIDD PC28 pick and carry crane." He added, "I spoke with a number of Australian industry and Government representatives at the event and they were consistently positive about how well the event demonstrated the TIDD PC28's safety features, functionality and innovation."
According to Stephen Dance, TRT's Country Manager, "There's been overwhelming, positive feedback about the event and the quality of the new TIDD crane, with many commenting that the new level of safety available will improve outcomes for operators and owners across construction, infrastructure and mining sites."
There was a live interactive demonstration of the patented Slew Safe (Australian Innovation Patent No. 2019100317), a safety feature exclusive to TIDD cranes.
"Slew Safe, developed by TRT, is a significant new pick and carry safety feature. It is designed to minimise the risk of a crane rollover when the crane is lifting on uneven surfaces, a leading cause of articulating crane incidents in Australia," adds Mr Dance.
Slew Safe provides the operator with feedback through the steering wheel that they can feel when the crane moves into an unsafe operating zone, and visually through the dynamic load indicator (LMI).
Bruce Carden, TRT's manufacturing director confirms, "At TRT, we are proud of our products. We have a team with a real passion for innovation, and the desire to solve problems. This collaboration means, we create more relevant industry solutions. As such, we will continue to bring more locally developed and manufactured innovation to the Australian heavy transport, mining, construction and defence sectors."
TRT also showcased their latest innovations in heavy transport technology during the launch.
TRT's ESS -- Electronic Steering System (Australian Innovation patent pending: 201802100) for low loaders, platforms, beam and house trailers allows unprecedented steering control for drivers of over dimensional loads.
The new trailer modular system, Quick Connect, enables large platforms, low loaders and house trailers to be reconfigured for each load, in 20 minutes or less.
Traction Air™ central tyre inflation system, with GPS technology and axle options, was also part of the display. This system manages tyre pressure easily between sealed and site surfaces to improve traction. TRT have also developed a tyre pressure monitoring variant for the TIDD PC28, another safety feature.
On display were two sections (4' x 8' and 2' x 8'), of an 11' x 8' platform trailer, with ESS fitted in its modular construction. Traction Air is fitted to the new Prime Mover, to provide added traction for the loads. The new owners, Universal Cranes Pty Ltd, will be using the 11' x 8' modular trailer for operations across Australia. Mr Carden adds, "You may even see it in within their NZ operations from time to time."
Additional TIDD PC28 crane launches will take place with TIDD Crane distributors, WATM Pty Ltd in Western Australia on 21 June 2019, and The Baden Davis Crane Connection Pty Ltd in New South Wales on 12 June 2019.
About TRT
TRT - Tidd Ross Todd Limited and TRT (Aust) Pty Ltd is a privately owned family business, operating more 50 years (est. 1967). TRT's Australian operations are based in Murarrie Brisbane, Queensland with services covering NT, NSW, VIC, PNG and the Pacific Islands.
Key manufacturing facilities and head office is in Hamilton, New Zealand, with branches and warehouse facilities in Auckland and Christchurch. TRT operates throughout Australia, New Zealand, PNG and the South Pacific.
Certified under ISO 9001:2015, TRT has around 240 employees working within four integrated businesses; manufacturing, truck and trailer parts, mechanical service and repair, and crane sales, service and parts. TRT service the construction, mining, defence and transport industries.
With purpose built facilities in Australia and NZ, TRT continues strong growth in both markets with a range of locally designed and manufactured product and manage growing network of parts and service support for a broad range of customers.
TRT Websites
www.trtaustralia.com.au www.trt.co.nz
Online Product Links
TIDD PC28
Website Link Brochure
Traction Air
Website Link
ESS - Electronic Steering
Website Link Brochure
Quick Connect Modular System
Website Link Brochure
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SANY Sets up World-largest Excavators Assembly Line
BEIJING, March 31, 2017 /PRNewswire/ -- Six minutes to make one excavator? Yes, it's not a fantasy any more, but a real thing at SANY's Excavators Industrial Park, located in China's Kunshan. As the world-leading excavator brand, SANY Heavy Industry had set up the first all-digital production line in the engineering machinery industry years ago.
SANY sets up world-largest excavators assembly line
People visiting this assembly line tend to be astonished by the cutting-edge technology, spacious green area, and safe working environment, which totally changed the common impression on the traditional heavy industry.
Take the small excavators assembly line for example. The Kunshan-based production line is 722 ft long, covering 6820 square yards in total. Over one dozen of models, going through four steps of upper frame assembly lines, undercarriage assembly lines, combining line and finally getting off, reaches to the clients as a whole machine.
Intelligent manufacturing is the key to increase the productivity. Here you will find a stereoscopic warehouse, which is similar to a stereoscopic park, not only making full use of the storage space, but also easy to use. After inputting the production plan in the MES controlling system, the models of both upper frame and under carriage are automatically identified, to make the unloading available. The rubber coating robots and bolt screwing-down robots are also making the standardized assembly line production possible. The Automatic Guided Vehicle (AGV) running in the plant, not only saves large amount of manpower and material resources, but also guarantees the safety for the workers. The ring-shaped off-gas absorption system is also a humanized design for sake of a green working environment.
SANY practices it into each manufacturing procedure. SANY excavators needs to pass eight strict testing procedures before being sprayed with oil paint. Never let a tiny defect go, since SANY not only sell machines, but also shoulder social responsibilities for more safety and productivity.
About SANY Group
SANY Group (SANY), which has its global headquarter in China, is a world leading heavy machinery manufacturer with plants in the US, Germany, Brazil and India, and business covering over 100 countries and regions worldwide. The company has been recognized as one of the most innovative and successful companies in the world, and its concrete machinery is ranked No. 1 globally.
For more information, please visit: http://ift.tt/2oGeu8W, or follow SANY Group on Facebook and YouTube.
Photo - http://ift.tt/2oGlLpt
CONTACT: Rebecca Zhou, (+86) 010-60737480, [email protected]
Read this news on PR Newswire Asia website: SANY Sets up World-largest Excavators Assembly Line
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SORL Auto Parts Reports Approximately 40% Rise in Net Income in the Fourth Quarter of 2016
ZHEJIANG, China, Mar. 31, 2017 /PRNewswire/ -- SORL Auto Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems as well as other key safety-related auto parts in China, announced today its financial results for the fourth quarter of 2016 and the year ended December 31, 2016.
Fourth Quarter 2016 Financial Highlights
Net sales for the 2016 fourth quarter rose 45.7% to $82.9 million from $56.9 million;
Operating margin was 12.9% as compared to 10.8% in the fourth quarter of 2015;
Net Income attributable to stockholders was $8.3 million, or $0.43 per diluted share, compared with $5.9 million, or $0.31 per diluted share in the fourth quarter of 2015.
2016 Full Year Highlights
Net sales increased 24.5% to a record $272.1 million from $218.7 million in 2015;
Gross margin was 26.8% as compared with 27.2% a year ago;
Net income attributable to stockholders for fiscal 2016 increased 44.4% to $19.2 million, or $1.00 per diluted share compared with $13.3 million, or $0.69 per diluted share, in 2015
Mr. Xiaoping Zhang, SORL's Chief Executive Officer and Chairman, stated, "We closed out the year on a high note as we achieved strong growth in the fourth quarter. As we are the market leader in China, we decided to take some strategic pricing adjustments to place greater pressure on some of the low-margin or low-quality smaller companies. As a result, our gross margin temporarily declined in the fourth quarter. However, with improved economies of scale, successful receivables collections and effective cost control programs, our operating margin remains attractive."
Ms. Jinrui Yu, SORL's Chief Operating Officer, added, "We are excited about the compound effect from the growth in both the Chinese truck market and SORL products' traction in the marketplace. Our technology and quality leadership in the braking system market in China places us in the most favorable position as OEMs and large aftermarket distributors tend to turn to reputable and large-scale brake system producers to meet their surging demands."
Fourth Quarter 2016 Financial Results
For the fourth quarter of 2016, net sales increased by 45.7% to $82.9 million from $56.9 million from the fourth quarter of 2015. Revenues from the Company's domestic OEM customers were $39.2 million, an increase of 53.7% from $25.5 million in the fourth quarter of 2015. The higher sales to our OEM customers were mainly due to growing total truck sales, an increase of 21.4% in the fourth quarter of 2016 led by an increase of 69.5% in the heavy-duty segment. Strict enforcement of the anti-overloading regulations beginning in September 2016 led to higher sales of medium- and heavy-duty trucks. Sales from China's domestic aftermarket increased to $31.0 million, compared with $16.0 million in the same quarter of 2015. Aftermarket sales increased due to our increased marketing effort to expand market share. Revenues from international markets decreased 17.6% to $12.6 million, compared to $15.3 million in the same quarter of 2015 due to lower demand in several overseas markets.
The gross profit for the fourth quarter of 2016 increased by 21.5% to $17.2 million from $14.1 million a year ago. Gross margin was 20.7% compared with 24.9% in the fourth quarter of 2015.
In the fourth quarter of 2016, operating expenses decreased to $8.9 million from $11.0 million in the same quarter of 2015. As a percentage of revenue, operating expenses were 10.7% in the fourth quarter of 2016, compared with 19.4% in the fourth quarter of 2015.
Selling and distribution expenses were $9.2 million, or 11.1% of quarterly revenues, compared with $7.4 million, or 13.1% a year ago. The higher selling and distribution expenses were mainly due to the higher freight, packaging and compensation to the sales team for outperforming the market and increasing the company's market share.
General and administrative ("G&A") expenses in the fourth quarter of 2016 were -$1.5 million, compared with -$1.7 million a year ago. The negative G&A expenses were mainly due to a large amount of aged receivables that was collected in the quarter which reversed bad debt provisions in the G&A expenses.
Research and development ("R&D") expenses were $1.2 million in the fourth quarter of 2016 compared with $1.5 million in the fourth quarter of 2015. As a percentage of revenue, R&D expenses were 1.4% in the fourth quarter of 2016 compared with 2.7% of revenue in the fourth quarter of 2015.
During the fourth quarter of 2015, there was a loss on disposal of subsidiary of $3.2 million.
Financial expenses were $0.4 million, compared with $0.5 million in the fourth quarter of 2015.
Income before income taxes was $10.8 million compared with $6.2 million in the fourth quarter of 2015. The increase in income before income taxes reflected higher sales and increased income from operations during the fourth quarter of 2016 compared to the fourth quarter of 2015. The pretax income margin was 13.1% in the fourth quarter of 2016, compared with 11.0% in the fourth quarter of 2015.
The provision for income taxes was $1.6 million in the fourth quarter of 2016 as compared to a $0.2 million reversal in the fourth quarter of last year. The unusual provision of income taxes in the fourth quarter of 2015 was mainly due to the reversal of the tax provisions over-accrued in the previous three quarters. The renewal of high-tech enterprise status was approved in the fourth quarter of 2015 that qualified the company for 15% annual income tax rate, while the Company took the conservative tax provision of the standard 25% for the previous three quarters.
Net income attributable to stockholders for the fourth quarter of 2016 was $8.3 million, or $0.43 per basic and diluted share, compared with $5.9 million, or $0.31 per basic and diluted share a year ago. Net income and EPS in the fourth quarter grew year-over-year by 39.7% and 38.7% respectively.
Full Year 2016 Financial Results
SORL's net sales for the fiscal year ended December 31, 2016 increased 24.5% to $272.1 million from $218.7 million in 2015.
For the fiscal year ended December 31, 2016, the Company's sales to domestic OEM market increased by 32.0% to $131.9 million from $99.9 million in 2015. Commercial vehicle sales increased 5.8% for the 2016 year and sales of heavy- and medium-duty trucks rose by 33.1% and 13.4% respectively. The bus market excluding electric vehicle sales reported a decline in the 2016 year.
Aftermarket sales increased by 40.2% to $80.9 million from $57.7 million in the 2015 year. The expiration of OEM warranties from commercial vehicle sales over the past few years helped drive aftermarket growth in 2016. International sales decreased by 2.8% to $59.3 million compared with $61.0 million last year as truck production declined in certain foreign markets.
SORL's gross profit increased 22.7% to $72.9 million from $59.4 million in 2015 due to increased sales of higher-margin products. Gross margin decreased to 26.8% from 27.2% in 2015.
SORL's operational expenses increased to $52.8 million from $47.9 million in 2015.
Selling expenses increased by approximately $7.2 million compared with 2015 primarily due to higher freight, packaging and commissions. As a percentage of sales revenue, selling expenses were 11.0% for the year ended December 31, 2016 compared with 10.4% in 2015.
G&A expenses increased by $1.1 million in 2016 mainly due to higher sales. G&A expenses decreased to 5.6% of sales revenue for the year ended December 31, 2016, as compared to 6.4% for the 2015 year.
R&D costs increased by $0.3 million from 2015 as SORL continued to build new products and enhance traditional technologies. The Company's focus was on developing electronically controlled products to enhance braking performance in 2016. As a percentage of sales revenue, R&D expenses were 2.8% for the year ended December 31, 2016 compared with 3.4% in the 2015 year.
In 2015, there was a loss on disposal of subsidiary of $3.2 million.
Financial expenses decreased to $0.9 million from $1.3 million in 2015, mainly due to lower bank loans and lower rates.
Income before provision for income taxes was $24.6 million from $16.6 million. The pretax income margin was 9.0% in the 2016 year compared with 7.6% in 2015.
The provision for income taxes was $3.3 million representing a 13.3% tax rate compared with $2.0 million, or a 12.3% tax rate in 2015.
The net income attributable to stockholders in 2016 was $19.2 million, compared with $13.3 million in 2015. Earnings per share, both basic and diluted, for the full year ended December 31, 2016 and 2015, were $1.00 and $0.69 per share, respectively. Net income and EPS grew year-over-year by 44.4% and 44.9%, respectively.
Balance Sheet
As of December 31, 2016, the Company had cash, cash equivalents, and short-term investments of $8.1 million compared to $91.2 million on December 31, 2015. Inventory was $65.8 million compared to $73.7 million on December 31, 2015. Short-term bank loans were $27.4 million compared to $23.4 million on December 31, 2015. Total equity was $162.4 million at December 31, 2015 compared with $222.4 million at December 31, 2015. The reduction in equity was due to a transaction between SORL entities under common control and represented the difference between the carrying value of assets received, assets transferred and total cash consideration paid which was recognized as distribution to the owners. On December 31, 2016, working capital was $100.3 million with a current ratio of 1.7 to 1. Net cash flow from operating activities was $5.4 million compared with $39.3 million in 2015.
Business Outlook
For the fiscal year 2017, management expects net sales to be approximately $300 million and net income attributable to stockholders to be approximately $21.0 million. These targets are based on the Company's current views on the operating and market conditions, which are subject to change.
"We are experiencing increased orders in the first half of the year. As the Chinese government is determined to tackle the air pollution problems, we expect the ongoing anti-overloading regulation campaign and new National 5 emission standard will increase the market size of trucks and accelerate the replacement of old trucks. We believe that we are well positioned to capture these market opportunities," Ms. Jinrui Yu, SORL's Chief Operating Officer, stated.
Conference Call
Management will host a conference call on Friday, March 31, 2017, at 8:00 A.M. EDT/ 8:00 P.M. Beijing Time to discuss its 2016 fourth quarter and year end results. Listeners may access the call by dialing U.S. toll free number +1-877-407-0778 and +1-201-689-8565 for international callers, and Mainland China toll free +864-001-202-840. A live web cast of the conference call will also be available at http://www.sorl.cn.
A replay of the call will be available shortly after the conference call through 11:59 P.M. EDT on May 1, 2017, or 11:59 A.M. Beijing Time on May 2, 2017. The replay dial-in numbers are: U.S. toll free number +1-877-481-4010 or the international number +1-919-882-2331; using Conference ID "10290" to access the replay.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the market leader for commercial vehicles brake systems, such as trucks and buses in China. The Company distributes products both within China and internationally under the SORL trademark. SORL is listed among the top 100 auto component suppliers in China, with a product range that includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "anticipates," "believes," "targets," "goals," "projects," "intends," "plans," "seeks," "estimates," "may," "will," "should" or similar expressions. For example, when the Company describes the evaluation of the preliminary non-binding proposal letter, it is using forward-looking statements. These forward-looking statements may also include statements about the Company's proposed discussions related to its business or growth strategy, which are subject to change. Such information is based upon expectations of the Company's management that were reasonable when made, but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond the Company's control and upon assumptions with respect to future business decisions, which are subject to change. The Company does not undertake to update the forward-looking statements contained in this press release. These risks and uncertainties may include, but are not limited to general political, economic and business conditions which may impact the demand for commercial vehicles or passenger vehicles in China and the other significant markets where the Company's products are sold, uncertainty regarding such political, economic and business conditions, trends in consumer debt levels and bad debt write-offs, general uncertainty related to possible recessions, natural disasters, the political stability of China and the impact of any of those events on demand for commercial or passenger vehicles, changes in consumer confidence, new product development and introduction, competitive products and pricing, seasonality, availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to fulfill the Company's orders, cost of labor and raw materials, the loss of or curtailed sales to significant customers, the Company's dependence on key employees and officers, the ability to secure and protect trademarks, patents and other intellectual property rights, potential effects of competition in the Company's business, the dependency of the Company upon the normal operation of its sole manufacturing facility, potential effect of the economic and currency instability in China and countries to which the Company sold its products, the ability of the Company to successfully manage its expenses on a continuing basis, the continued availability to the Company of financing and credit on favorable terms, business disruptions, disease, general risks associated with doing business in China or other countries including, without limitation, foreign trade policies, import duties, tariffs, quotas, political and economic stability, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. For additional information regarding known material factors that could cause the Company's results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.
Contact Information
Raymond Lin +86-181-5771-6556 +86-577-6581-7721 [email protected]
Phyllis Huang +86-151-6770-5972 +86-577-6581-7721 [email protected]
Kevin Theiss Investor Relations Awaken Advisors [email protected]
-Tables Follow -
SORL Auto Parts, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31, 2016 and December 31, 2015
December 31, 2016
December 31, 2015
Assets
Current Assets
Cash and cash equivalents
US$
8,057,155
US$
30,230,828
Accounts receivable, net, including $5,025,509 and $- from related parties at December 31, 2016 and 2015, respectively
102,129,294
71,823,328
Bank acceptance notes from customers
42,697,276
22,870,791
Short term investments
-
61,007,709
Inventories, net
65,776,517
73,661,860
Prepayments
10,797,601
3,350,607
Current portion of prepaid capital lease interest
-
93,458
Restricted cash
5,476,621
785,999
Other current assets
1,124,608
1,241,864
Deferred tax assets
3,210,575
2,909,729
Total Current Assets
239,269,647
267,976,173
Property, plant and equipment, net
53,737,706
37,561,905
Land use rights, net
8,309,333
13,232,149
Intangible assets, net
11,438
23,854
Security deposits on lease agreement
-
1,759,975
Total Non-Current Assets
62,058,477
52,577,883
Total Assets
US$
301,328,124
US$
320,554,056
Liabilities and Equity
Current Liabilities
Accounts payable and bank acceptance notes to vendors, including $1,953,707 and $1,133,537 due to related parties at December 31, 2016 and 2015, respectively.
US$
65,672,626
US$
35,292,277
Deposit received from customers
22,733,742
20,012,087
Short term bank loans
27,416,376
23,367,207
Income tax payable
996,522
-
Accrued expenses
20,103,392
13,870,587
Capital lease obligations
-
3,519,949
Other current liabilities
2,013,943
2,067,449
Total Current Liabilities
138,936,601
98,129,556
Total Liabilities
138,936,601
98,129,556
Equity
Preferred stock - no par value; 1,000,000 authorized; none issued and outstanding as of December 31, 2016 and 2015
-
-
Common stock - $0.002 par value; 50,000,000 authorized,
19,304,921 issued and outstanding as of
December 31, 2016 and 2015
38,609
38,609
Additional paid-in capital
(28,582,654)
42,199,014
Reserves
15,129,935
13,207,972
Accumulated other comprehensive income
6,117,042
15,662,639
Retained earnings
146,352,530
129,055,099
Total SORL Auto Parts, Inc. Stockholders' Equity
139,055,462
200,163,333
Noncontrolling Interest In Subsidiaries
23,336,061
22,261,167
Total Equity
162,391,523
222,424,500
Total Liabilities and Equity
US$
301,328,124
US$
320,554,056
SORL Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Income and Comprehensive Income
For The Years Ended on December 31, 2016 and 2015
2016
2015
Sales
US$
272,120,504
US$
218,656,886
Include: sales to related parties
13,436,421
7,781,763
Cost of sales
199,216,223
159,246,468
Gross profit
72,904,281
59,410,418
Expenses:
Selling and distribution expenses
29,837,757
22,681,469
General and administrative expenses
15,206,423
14,100,715
Impairment on long-lived assets
-
561,847
Research and development expenses
7,709,533
7,358,563
Loss on disposal of subsidiary
-
3,170,821
Total operating expenses
52,753,713
47,873,415
Other operating income, net
3,041,701
3,204,286
Income from operations
23,192,269
14,741,289
Interest income
1,047,667
1,102,447
Government grants
832,264
768,607
Other income
1,244,078
2,217,204
Interest expenses
(887,097)
(1,269,091)
Other expenses
(807,858)
(1,000,613)
Income before provision for income taxes
24,621,323
16,559,843
Provision for income taxes
3,266,413
2,034,776
Net income
US$
21,354,910
US$
14,525,067
Net income attributable to noncontrolling interest in subsidiaries
2,135,516
1,216,581
Net income attributable to common stockholders
US$
19,219,394
US$
13,308,486
Comprehensive income:
Net income
US$
21,354,910
US$
14,525,067
Foreign currency translation adjustments
(10,606,219)
(13,194,113)
Comprehensive income
10,748,691
1,330,954
Comprehensive income attributable to noncontrolling interest in subsidiaries
1,074,894
(123,965)
Comprehensive income attributable to common shareholders
US$
9,673,797
US$
1,454,919
Weighted average common share - basic
19,304,921
19,304,921
Weighted average common share - diluted
19,304,921
19,304,921
EPS - basic
US$
1.00
US$
0.69
EPS - diluted
US$
1.00
US$
0.69
SORL Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For The Years Ended on December 31, 2016 and 2015
2016
2015
Cash Flows From Operating Activities
Net Income
US$
21,354,910
US$
14,525,067
Adjustments to reconcile net income to net cash
provided by operating activities:
Allowance for doubtful accounts
395,491
2,042,952
Depreciation and amortization
7,239,908
7,409,441
Deferred income tax
(502,903)
(1,183,270)
Gain on disposal of property and equipment
-
(47,556)
Loss on disposal of subsidiary
-
3,170,821
Impairment on long-lived assets
-
561,847
Changes in assets and liabilities:
Account receivable
(39,422,631)
(10,617,554)
Bank acceptance notes from customers
(21,991,160)
(6,446,881)
Other currents assets
(291,979)
(412,073)
Inventories, net
3,281,901
5,100,033
Prepayments
(7,366,749)
299,376
Prepaid capital lease interest
90,373
273,896
Accounts payable and bank acceptance notes to vendors
31,988,447
22,657,753
Income tax payable
1,314,808
(1,372,293)
Deposits received from customers
4,135,536
2,126,933
Other current liabilities and accrued expenses
5,201,618
1,225,759
Net Cash Flows Provided By Operating Activities
5,427,570
39,314,251
Cash Flows From Investing Activities
Change in short term investments
58,993,591
(29,015,636)
Acquisition of property, equipment, plant and land use right
(15,889,693)
(3,062,369)
Proceeds of disposal of property and equipment
-
47,571
Advance to related party
(18,247,384)
-
Repayment from related party
18,247,384
-
Change in restricted cash
(4,897,377)
(809,344)
Cash paid for disposal of subsidiary
-
(99,915)
Net Cash Flows Provided by (Used In) Investing Activities
38,206,521
(32,939,693)
Cash Flows From Financing Activities
Proceeds from bank loans
53,895,058
38,313,044
Repayment of bank loans
(48,153,831)
(24,218,204)
Distribution to owners Distribution to controlling shareholders in connection with plant and land use rights exchange with entity under common control
(70,781,668)
-
Repayment of capital lease
(1,779,040)
(3,624,493)
Net Cash Flows Provided By (Used In) Financing Activities
(66,819,481)
10,470,347
Effects on changes in foreign exchange rate
(1,011,717)
(623,674)
Net change in cash and cash equivalents
(22,173,673)
16,221,231
Cash and cash equivalents- beginning of the year
30,230,828
14,009,597
Cash and cash equivalents - end of the year
US$
8,057,155
US$
30,230,828
Supplemental Cash Flow Disclosures:
Interest paid
US$
807,587
US$
1,108,388
Income taxes paid
US$
3,284,070
US$
4,590,244
Non-cash Investing and Financing Transactions
Transfer of plant and land use right to entity under common control
US$
17,342,372
US$
-
Liabilities assumed in connection with the plant and land use right exchange
US$
5,351,196
US$
-
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Read this news on PR Newswire Asia website: SORL Auto Parts Reports Approximately 40% Rise in Net Income in the Fourth Quarter of 2016
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Huazhong In-Vehicle Announces 2016 Annual Results
Profit Attributable to the Owners of the Parent Increased 51%
HONG KONG, March 31, 2017 /PRNewswire/ --
Financial Highlights
For the year ended 31 December
2016
RMB
2015
RMB
Change
Revenue
1,740,000,000
1,640,000,000
+6.3%
Gross profit margin
27.5%
24.2%
+3.3%
Profit attributable to owners of the parent
104,900,000
69,400,000
+51.2%
Basic earnings per share
0.0654
0.0433
+51%
Huazhong In-Vehicle Holdings Company Limited ("Huazhong In-Vehicle" or the "Company", stock code: 6830.HK) and its subsidiaries (collectively, the "Group") announced its audited consolidated financial results for the year ended 31 December 2016.
For the Year, the Group's revenue was approximately RMB1.74 billion, representing an increase of approximately 6.3% as compared to approximately RMB1.64 billion in 2015. Profit attributable to the owners of the parent for the Year was approximately RMB104.9 million, representing an increase of approximately 51.2% as compared to approximately RMB69.4 million in 2015. The satisfactory results achieved were mainly attributable to booming automotive sales market, new car models launched, vigorous implementation of stringent cost controls and the increase in share of profit from the joint ventures.
Mr. Zhou Minfeng, Chairman of Huazhong In-vehicle Holdings Company Limited, said, "The automobile industry has recorded another year of stable growth in 2016. In terms of sales and manufacturing volumes, China has again ranked number one in the world. During the reporting period, Huazhong In-Vehicle rigorously responded to continuously increasing production costs. We strive for excellence, capture growing market trend, fortify the long-term cooperation with customers, develop new market opportunities, consolidate the Group's resources and improve market competitiveness. These actions successfully helped the Group in achieving encouraging results."
Business Performance
For the Year, the total revenue generated from automotive interior and exterior structural and decorative parts was approximately RMB1,233,256,000 (2015: RMB1,179,085,000), accounting for 70.9% of the Group's total revenue for the Year (2015: 72.1%). The increase was primarily because of the expansion of new markets and new customers during the Year. Gross profit margin increased from approximately 28.4% in 2015 to approximately 30.6% in 2016, primarily due to improved operating efficiency and implementation of stringent cost control. Revenue from moulds and tooling was approximately RMB180,763,000 (2015: RMB136,920,000), accounting for approximately 10.4% of the Group's total revenue for the Year (2015: 8.4%). A gross profit margin of approximately 21.5% was recorded in the Year mainly due to reducing high cost outsourcing processes during the Year. Revenue from casings and liquid tanks of air conditioners and heaters was approximately RMB185,425,000 (2015: RMB191,007,000), accounting for approximately 10.7% of the Group's total revenue for the Year (2015: 11.7%). Gross profit margin increased from approximately 19.3% in 2015 to approximately 23.4% in the Year.
The Group provides one-stop product development and manufacturing solutions to customers. This vertically integrated service has enabled the Group to improve production efficiency, shorten the roll-out time for new products, stringently control production cost and quality throughout the whole production process. With strong R&D capability, advanced technologies and production equipment, stringent quality monitor and deep knowledge and understanding of the industry, the Group has capacity to develop new products with customers simultaneously. The Group established production bases that are located close to the production bases of most of the key automakers in China. The geographic proximity advantage enables the Group to provide services to its customers in a timely manner, strengthen its relationships with these customers and reduce transportation costs, and thereby further enhancing its competitiveness.
As a tier-one supplier with scalable production capacity and strong research and development ("R&D") capability, the Group has established business relationships with six out of the top 10 automobile manufacturers in China, namely SAIC Motor, FAW Volkswagen, Chang'an Automobile, BAIC Motor, GAC Group and Chery. The solid partnership with industry leaders has provided a strong foothold for the Group to capture the growth of the automobile industry.
Prospect
Going forward into 2017, the China's general macro-economic conditions and the operating environment will continue to remain challenging. However, it is expected that the automotive market is able to maintain its stable growth momentum.
The Group proactively formulates a prospective development strategy, taking the lead to expand into the field of automotive lightweight products. With years of experience in the automotive parts industry, we believe that the approach of "replacing steel with plastics" will continue to be developed in the industry. In addition, the Group was able to improve operating efficiency and resulted in improved margin. In order to stay competitive, the Group will continue to control costs and improve efficiency. The Group will continue to implement its development strategy of "committing to product research and development and engineering and implementing strategic investments", and become a leading automobile body parts manufacturer in China in terms of reputation and market share.
Chairman Mr. Zhou Minfeng concluded, "Going forward, we will work closely with our clients and develop products which meet our client's needs by leveraging our unique strengths, in order to expand our market share, broaden our source of income, maximize shareholder value, whilst adhering to the highest standards of corporate governance."
About Huazhong In-Vehicle Holdings Company Limited
Huazhong In-Vehicle Holdings Company Limited is one of the leading auto body parts manufacturers in China, specialized in auto body parts, automotive electronics technology, energy saving, etc.. The Group has established a broad client base which includes major Chinese automakers, the Chinese joint ventures of internationally renowned brands and overseas clients such as FAW-Volkswagen, SAIC-GM, Changan Ford, Beijing Benz, Chery Jaguar Land Rover, etc., and has built long term relationships with these clients. Huazhong In-Vehicle offers one-stop solution to its customers, from the design and manufacture of moulds and tooling for mass production of specific products to the development and manufacture of new products which meet its customers' functional requirements and specifications. Huazhong In-Vehicle's products include internal and external structural and decorative parts (such as front/rear bumper, front-end carrier, dashboard, ABCD-pillars, air inlet grille and rocker panel), air conditioning unit casings, liquid tanks, headliner for automobile, top cowl cover for engine of motorboat and office chair parts.
For further information, please visit the Company's website at: www.cn-huazhong.com.
For media enquiries, please contact:
Synergy Corporate Advisory Company Limited
Kate Chan, Senior Account Manager
May Cheng, Account Executive
Tel: (852) 3182 3914 / 9345 5300
Tel: (852) 3182 3909 / 6557 2627
Email: [email protected]
Email: [email protected]
Read this news on PR Newswire Asia website: Huazhong In-Vehicle Announces 2016 Annual Results
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Prepare for Challenges to Remain Relevant, Say Maritime Leaders
SINGAPORE, March 31, 2017 /PRNewswire/ -- Maritime leaders today called for the industry to proactively prepare for future challenges to not only remain competitive and relevant in today's volatile market environment, but to also future-proof the industry.
From left: Mr K. Murali Pany, Ms Tan Beng Tee, Mr René Piil Pedersen, Mr Marcus Hand
Speaking at a briefing session ahead of the Sea Asia 2017 conference and exhibition in April, the four industry leaders pointed out the importance of investing in solutions now to ensure companies are well-placed to navigate future headwinds such as regulation changes, while better understanding the impact of technology.
Mr René Piil Pedersen, Chairman for the International Committee of the Singapore Shipping Association (SSA), said despite challenges in 2016, this year is looking to be a better year for the industry, with projected growth of two to four per cent in container shipping demand as well as growing demand in bulk and tanker segments.
"The container industry is not out of the woods yet, but we are seeing most trades being in better balance after record-low freight rates in 2016. This could lead to a more sustainable industry in 2017 supported by the increased consolidation activity. In the bulk segment, there is optimism while the coming year's newbuilding program will be decisive for the tanker segment," said Mr Pedersen.
Digitalisation also presents a huge opportunity for the industry, according to Mr Pedersen.
"Digitalisation can give companies the possibility to engage with customers in a way that creates more value to the customers, just as Big Data can be used to operate assets more efficiently. Two to three years ago, you'd see a container booking take two hours, whereas today it takes minutes, and in the next few years, it will likely take seconds.
"With the growing focus on e-commerce and digital solutions, SMEs and consumers who were not directly linked to the global supply chains, now have the opportunity to connect, giving companies the opportunity to address consumer needs in a more direct and efficient way than ever before," he said.
Ms Tan Beng Tee, Assistant Chief Executive (Development) of the Maritime and Port Authority of Singapore (MPA) emphasised the importance of industry players keeping an eye on the future, especially with the fast pace of technology adoption.
"The advent of digitalisation will help improve processes in the industry but it will also disrupt the way you do business. With this in mind, there is a need for us to be prepared and start thinking about the new business models that will arise as a result of digitalisation in the industry.
"Another area we need to start focusing on is the skills of our workforce. Shipping is a traditional and documents intensive industry. This will no longer be the case in the future with blockchain coming into the market. New skills will be required and we will need to start equipping our workforce with cross-disciplinary skills such as IT literacy and data analytics," said Ms Tan.
The panellists also discussed the importance of solid risk management as the industry anticipates major structural changes with new mega-alliances, mergers and acquisitions, in addition to an increasingly demanding regulatory environment and compliance issues.
Mr K. Murali Pany, Managing Partner at Joseph Tan Jude Benny (JTJB) LLP, stressed that companies must re-evaluate their business models with a view to invest in risk management.
"There has to be a fundamental rethink of how business is going to be done in terms of managing the risk. All businesses have risk, but it's a question about whether to take on the risk blindly, or taking it on in a measured way, where you're prepared for when things go wrong," said Mr Pany, a speaker at Sea Asia 2017.
For example, he pointed to the need for proper contracts. Too many times, he said, millions of dollars have been at stake over contracts that were too vague or not set up appropriately. He also highlighted the need to make considered agreements, encouraging companies to take a hard look at the credit-worthiness of who they were supplying to.
"Rather than chasing every dollar, businesses should be chasing the good dollars. Don't just focus on volumes; focus on creating a more solid business."
And with more regulatory changes coming such as the Ballast Water Management Convention and the low sulphur cap by 2020, Mr Pany said compliance with these is key to risk management.
"In line with this, companies need to have and invest in more stringent and stronger risk management programmes. The key to this is setting up the right procedures, protocols and technological structures," he said.
Mr Marcus Hand, Editor of Seatrade Maritime News, said these are some of the discussions that will be taking place at Sea Asia 2017, including conversations around the implications of disruptive and innovative technology for the future of shipping.
"In addition to market challenges, the industry will need to prepare itself for the wave of technological change that has already begun to take place. Industry players need to look ahead and see how they can leverage current opportunities in the industry, while at the same time ensuring they have proper safeguards ready to tackle barriers in the future.
"This year's edition of Sea Asia 2017 will explore some of these opportunities and barriers, and it will provide an international platform for maritime leaders to come together and share with one another insights on how they can shape the course of the global maritime industry.
"With more than 16,000 people expected to come for this year's Sea Asia, we are looking forward to fruitful discussions that can further propel the industry forward," said Mr Hand.
For more information, please contact:
Disha Gurnani
Caroline Leeming
Email: [email protected]
Email: [email protected]
Mobile: +65 9789 1655
Mobile: +65 8742 3266
DID: +65 6239 4105
DID: +65 6239 4102
Notes to Editors
About Sea Asia 2017
Sea Asia, the premier maritime and offshore conference and exhibition in Asia is returning for the 6th edition on 25 - 27 April 2017 at the Marina Bay Sands®, Singapore. Co-organised by Seatrade and the Singapore Maritime Foundation, Sea Asia is well-attended by trade professionals and some of the most influential and respected leaders in the industry, delivering an unparalleled reach of key decision-makers.
Alongside an international exhibition, the highly acclaimed and interactive Sea Asia conference complements and puts Sea Asia at the forefront of regional maritime events. International thought-leaders will address the latest topics, debate on key trends, and discuss opportunities and challenges facing the maritime and offshore businesses from a commercial perspective.
For a full list of sponsors and exhibitors, and more information on the conference programme, please visit www.sea-asia.com/.
About Seatrade
Founded in 1970, Seatrade was acquired in 2014 by UBM, the world's second largest media and event organiser across a wide variety of industries. Seatrade's publications, events, management training, research and award schemes cover every aspect of the cruise and maritime industries. The company's principal strength is its ability to bring key people together, encouraging innovation and facilitating better communication within the industry. Seatrade is headquartered in Colchester, UK, with regional offices in Dubai, Singapore, as well as representatives in all major maritime centres and cruise destinations across the globe.
For more information, please visit http://ift.tt/1fLpOwe.
About the Singapore Maritime Foundation
Established in 2004, the Singapore Maritime Foundation (SMF) is a private sector-led organisation that seeks to develop and promote Singapore as an International Maritime Centre (IMC). As the representative voice for the commercial players of the maritime industry, SMF seeks to forge strong partnerships with the public and private sectors of the maritime industry. SMF spearheads initiatives to promote the diverse clusters of the maritime industry in Singapore and at international frontiers, and to attract young talents to join the sector. SMF is directed by its Board of Directors which comprises prominent leaders in the Singapore maritime community.
For details, please visit www.smf.com.sg.
About the Singapore Maritime Week 2017 (22nd -- 28th April 2017)
Sea Asia 2017 is held in conjunction with the Singapore Maritime Week 2017 (SMW). SMW is the leading maritime event in Singapore driven by the Maritime and Port Authority of Singapore. SMW gathers the international maritime community in Singapore for a week of conferences, dialogues, exhibitions and social events in celebration of all things maritime. These events reflect the vibrancy and diversity of Singapore as a major international maritime centre.
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CMPort 2016 Container Throughput Raised 14.5%
Profit Totaled HK$5, 494 Million Up 14.3？？？HONG KONG, Mar. 31, 2017 /PRNewswire/ -- The Board of Directors (the "Board") of China Merchants Port Holdings Company Limited (the "Company", HKSE Code: 00144) is pleased to announce the annual results of the Company and its subsidiaries (the "Group") for the period ended 31 December 2016. A press conference was held and hosted by Mr. Li Xiaopeng, Chairman of the Board, Vice Chairman Mr. Hu Jianhua and Managing Director Mr. Bai Jingtao.
During the press conference, Chairman Mr. Li Xiaopeng concluded the Company has achieved four major transformation in 2016, namely "accelerated business development, increased capital contribution, increased market impact, and expanded global impact", by achieved breakthroughs among six major aspects including homebase port development, ports consolidation, overseas expansion, capital management in existing portfolio by integration of industry with elements of finance, operational transformation and business innovation. In year 2017, the Group will continue to explore port acquisition and consolidation opportunities, strengthen port management capacity, coupled with the global trend of economic recovery, it is believed that the Group's container throughput in 2017 would exceed 100 million TEUs. Li also emphasis on the business model of "Port-Zone-City" leaded by China Merchants Group, in which the model could support the development of "Belt and Road" initiative as mean to output "win-win" and even "multiple-win" business model for global economic development.
In the face of the official launch of global shipping alliances, Vice Chairman Mr Hu Jianhua, said that the Group's invested assets are mostly located in important hub ports, and with many years of intimate cooperation with the shipping companies, the Group is always the preferred partner of the shipping alliances. In recent years, shipping companies are facing greater financial pressure, the Group also tried to reduce their pressure through maintaining a stable tariff and increase operation efficiency.
Regarding overseas business, Managing Director Mr. Bai Jingtao said, the Group's project in Sri Lanka, Colombo International Container Terminals Limited (CICT) achieved a breakthrough of 2 million TEUs in 2016, the actual throughput capacity of CICT can reach 2.6 million TEUs. At the same time, the Group actively participate in the tender of east Colombo port project, in order to strive for bigger development capacity.
With regard to the fluctuation of RMB exchange rate, CFO Lu Shengzhou said that as most of the Group's investment and projects are located in Mainland China, the devaluation of the RMB has certain impact on the Group's profit and assets, the Group actively take measures to minimize exchange losses through operation management. In 2016, the net exchange losses of the Group has decreased by HK$130 million compared with 2015.
Following lists the major performance indicators of the Company in 2016:
Container throughput handled rose 14.5% year-on-year to 95.77 million TEUs (2015: 83.66 million TEUs);
Total bulk cargo volume handled was 460 million tonnes (2015: 353 million tonnes), up 30.2% year-on-year;
Profit attributable to equity holders of the Company totaled HK$5,494 million (2015: HK$4,808 million), up 14.3% year-on-year;
Recurrent profit attributable to equity holders of the Company amounted to HK$4,581 million (2015: HK$4,462 million), a year-on-year increase of 2.7%;
Profit derived from the Group's core ports operation was HK$5,558 million (2015: HK$ 4,462 million), up 24.6% year-on-year;
Ports operations recorded an EBITDA of HK$11,542 million (2015: HK$10,610 million), an increase of 8.8% year-on-year;
Basic earnings per share was 175.58 HK cents (2015: 155.07 HK cents), up 13.2% year-on-year; 2016 dividend was 87 HK cents per ordinary share (2015: 77 HK cents), implying payout ratio of 41.5%.
In light of unfavourable global economic and trade environment, the global ports growth continued to slow down in 2016, the Group insisted on following the strategic guidance and adhered to the three strategic directives of " focus on domestic markets, overseas expansion and innovation", seeking to achieve breakthroughs among six major aspects including homebase port development, ports consolidation, overseas expansion, capital management in existing portfolio by integration of industry with elements of finance, operational transformation and business innovation. The Group has achieved remarkable progress over the year thus ensuring the sustainable growth of the Group's core ports operation and its business performance.
In 2016, the overall operating performance of the Group can be summarised by "five merits", namely a steady and orderly kickoff, well-planned consolidation, successful port networking, innovation-in-progress and powerful "Dual Drives". In terms of ports operation, the domestic and overseas projects in which the Group invested delivered a record-high container throughput of 95.77 million TEUs in aggregate, up 14.5% from 2015, bulk cargo throughput of 460 million tonnes, representing an increase of 30.2% year-on-year.
In 2016, revenue from the Group's core ports operation (note 1) amounted to HK$24,506 million, up 14.0% year-on-year. The Group's core ports operation recorded an EBITDA (note 2) of HK$11,542 million, an increase of 8.8% year-on-year.
Profit attributable to equity holders of the Company amounted to HK$5,494 million for the year ended 31 December 2016, representing an increase of 14.3%. Recurrent profit attributable to equity holders of the Company was HK$4,581 million, up 2.7% year-on-year. Profit derived from the core ports operation was HK$5,558 million, up 24.6% year-on-year. Basic earnings per share was 175.58HK cents, up 13.2% year-on-year.
In 2016, the port-related manufacturing operation of the Group was impacted by the downturn of global shipping industry, as seen in a 48.7% year-on-year decline in sales of dry cargo containers and reefers to 0.67 million TEUs recorded by China International Marine Containers (Group) Co., Ltd. ("CIMC"). CIMC's profit attributable to equity holders was RMB540 million in 2016, down 73.4% year-on-year.
To appreciate shareholders for their continuous support, the Board of the Company proposed a 2016 final dividend of 65 HK cents per ordinary share, up 18.2% compared with last year, deriving a full year dividend of 87 HK cents per ordinary share which implies a dividend payout ratio of 41.5%. Shareholders may elect to receive the final dividend in cash or by way of scrip dividend.
Benefited from newly-acquired projects, container throughput in mainland China raised 17%
In 2016, the Group's ports handled a total container throughput of 95.77million TEUs, up by 14.5% year-on-year, among which the Group's ports in Mainland China contributed container throughput of 71.93 million TEUs, indicating an increase of 17.0% year-on-year, which was mainly driven by the additional contribution from a new equity investment in Dalian Port (PDA) Company Limited ("Dalian Port") in early 2016, thereby enabling the Group to sustain its leading position among Chinese port operators. The Group's operations in Hong Kong and Taiwan contributed an aggregate container throughput of 6.88 million TEUs, representing a growth of 12.0% over last year. Benefited from the rapid growth of the port operation of Colombo International Container Terminals Limited ("CICT") in Sri Lanka and the additional contribution from Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret Anonim Sirketi in Turkey, of which the acquisition was completed by the end of 2015, total container throughput handled by the Group's overseas ports grew by 5.7% year-on-year to 16.96 million TEUs.
Total bulk cargo volume handled by the Group's ports increased by 30.2% year-on-year to 460 million tonnes, within which ports in Mainland China handled bulk cargo volume of 453 million tonnes, representing an increase of 30.2% year-on-year. Port de Djibouti S.A. ("PDSA") in Djibouti contributed a bulk cargo volume of 6.52 million tonnes, reflecting an increase of 25.8% as compared to last year.
Active promotion of transformation and upgrades in homebase port to enhance attractiveness for cargo
The Group enhanced the overall competitiveness of the West Shenzhen Port Zone by actively promoting upgrade of hardware, resources consolidation and optimisation of its cargo collection-distribution system. For the upgrade of hardware during 2016, the construction for phase II of Tonggu Channel widening project officially commenced in November. After the project is completed and commences operation, the navigation conditions in the West Shenzhen Port Zone will be further improved. With respect to resources consolidation, a financial resource sharing centre was established in the West Shenzhen Port Zone to centralise the accounting operation and commonly share the finance workforce resources, further enhancing the integrated operation. As for the cargo collection-distribution system, the West Shenzhen Port Zone entered into cooperation with Sinotrans Guangdong Co., Ltd, to explore the effective integration of logistics, shuttle-barge and port resources of both parties through coordination of assets, businesses and talents. The launching of an innovative product called "one-stop service for transit at the Pearl River Delta", which provided customers with more convenient and comprehensive logistics services, was well-received by the market. The cooperation would enhance the attractiveness of the West Shenzhen Port Zone for cargo from the hinterland in the Pearl River Delta region.
Explore integrative port development model, seize investment opportunities from mainland and overseas
In 2016, the Group's overseas projects contributed 17.7% of its total container throughput, which had become a core growth driver of the Group. By actively pursuing the development direction of "solidify ports layout in Asia, improve ports network in Africa, expand footprint in Europe and acquire new exposure in Americas", the Group analysed and captured investment opportunities in ports, logistics and the relevant infrastructure along the sea route so as to continuously optimise the Group's global port network. Meanwhile, by grabbing the opportunities arising from the development and construction of Djibouti International Free Trade Zone, the Group actively participated in the upgrade of its ports facilities, and planning and construction of surrounding industrial zones, which gathered experience and laid foundation for exploring "Port-Zone-City", a comprehensive port development model, and deployment and establishment of "Checkpoints along the Maritime Silk Road".
As for the Group's strategies for the Chinese port market, capitalising on the opportunities arising from the restructuring of regional ports in China, the Group aiming towards collaboration and principle of mutual benefits, proactively enhanced the interaction and exchange with major port groups along coastal China with a view to identify new investment and cooperation opportunities, so as to further improve its domestic port network and to achieve synergy.
With steady growth in bonded logistic businesses, cross-border e-commerce had become the new profit driver
In 2016, the Group's bonded logistic business sustained a good growth momentum, with remarkable results on innovations initiatives. Through optimising the customer structure, China Merchants Bonded Logistics Co., Ltd, a subsidiary of the Group in Shenzhen, recorded a warehouse utilisation rate of 86%. Leveraging on the opportunities arising from the inclusion of Qingdao City as one of the pilot cities under the comprehensive pilot zone for cross-border e-commerce, China Merchants International Terminal (Qingdao) Co., Ltd. conducted its cross-border e-commerce business following a systematic action plan and took the lead to engage in the integrated business of bonded import and direct purchase within the province, which turned it into the core of the comprehensive pilot zone for cross-border e-commerce in Qingdao and provided a new driver for the improvement of the zone's operating efficiency.
Proactively explore innovative businesses to promote the transformation of port integrated services
With regards to innovative development, the Group proactively explored and promoted the establishment of a comprehensive port ecosystem upon the foundation of port operations. It also enhanced the synergy and integration between the involved parties in port business by utilising internet technology, and strengthened its ability in creating values for customers through innovation of business models and cross-sector integration, which would facilitate its business expansion towards middle and high end of the ports value chain, thereby realising the transformation from a terminal operator to a comprehensive port services provider. The overall planning and design of the "E-port" project in West Shenzhen Port Zone has been completed and the construction would be carried out in three phases, forming an unified service platform in the West Shenzhen Port Zone. The business scale of "exgrain.com", an integrated electronic bulk trading platform for grains cooperated with COFCO Corporation, expanded rapidly with an aggregate spot trading volume for the year exceeding 12.00 million tonnes.
Under both opportunities and challenges, prospect stable and positive business growth in 2017
According to IMF, the global economy is forecasted to grow by 3.4% in 2017, while world trade volume is projected to grow by 3.8%. China's economy is expected to grow by 6.5% in 2017, and the decrease in import and export value of China's foreign trade is expected to narrow down.
Against the backdrop of a feeble economic recovery and the restorative growth of world trade, the global port industry is again anticipating a picture of slow growth in 2017. Competition among different alliances will become even more intense. The port industry is presented with further challenges and opportunities, with a concentrated market layout that is dominated by the three large shipping alliances to be formed by 2017, namely 2M, OCEAN and THE Alliance, along with the rearrangement of trade routes. The supply glut in shipping industry will persist and the transition from competition to consolidation will be the main development trend for domestic ports. It is expected that the Group's ports operation will still maintain a relatively positive growth mainly driven by the rapid growth of new projects and overseas projects in year 2017.
Li Xiaopeng emphasised, "The year of 2017 is critical to achieving the three-year strategic goal. Constantly gravitating upon the strategic vision of "becoming a world-class comprehensive port services provider", the Group will further promote the construction of a comprehensive port ecosystem, enhance quality, efficiency and capability, as well as strengthen, optimise and expand the core ports operation. The Group will strive the achievement of three strategies directives of "Consolidation", "Port-Zone-City" and "Innovation" in order to maximise shareholders' value while enhancing profitability, thereby delivering better returns for its shareholders."
Note 1:
Include revenue of the Company and its subsidiaries, and its share of revenue of associates and joint ventures.
Note 2:
EBITDA refer to earnings before net interest expenses, taxation, depreciation and amortisation of the Company, its subsidiaries and its share in associates and joint ventures, but excluding unallocated income less expenses and profit attributable to non-controlling interests.
Note 3:
Profit attributable to equity holders of the Company net of non-recurrent gains after tax. Non-recurrent gains include: for 2016, gain on disposal of an available-for-sale financial asset, gain on deemed disposal of interests in associates and change in fair value of investment properties; while for 2015, gain on disposal of subsidiaries, gain on partial disposal of an associates, change in fair value of investment properties, gain on deemed disposal of interests in associates and a joint venture, and additional provision of deferred taxation upon deemed disposal.
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Airborne Wireless Network Files for FCC Experimental License for System Demonstration
Marking Significant Progress in the Commercialization of Company's Patented Infinitus Super Highway™
SIMI VALLEY, California, March 31, 2017 /PRNewswire/ -- Airborne Wireless Network (OTCQB: ABWN) has filed for an experimental Federal Communication Commission license file number 0378-EX-ST-2017 to begin air-to-air and air-to-ground meshed network system evaluations. Once approved, this license will allow the company to begin ground and flight radio frequency transmission testing of its patented technology, the Infinitus Super Highway™.
The demonstration system has been lab tested at one of Airborne Wireless Network's contracted partner facilities. The Company will now take these successful results and bring them to its test bed Boeing 757 aircraft for ground fitting, testing on the tarmac, and eventual flight evaluation.
During this flight demonstration, the Company intends to pass broadband data between airborne aircraft and a ground station, demonstrating the air-to-air and air-to-ground meshed network.
Jason de Mos, Vice President of Business Development and Compliance, said, "We are extremely pleased with the progress we've made to begin testing our network systems. Upon successful completion of this flight demonstration, we will follow up with a larger scale, twenty aircraft test over an island community, where we intend to emulate global broadband services to users onboard the aircraft as well as on the ground, onboard ships and oil platforms. Our Infinitus Super Highway™ is on the forefront of creating a global pipeline that takes connectivity beyond current limitations, which is an untapped multi-billion addressable market filling the world's connectivity void. We believe our technology will bridge the network within the airborne hubs to eliminate single points of failure, reduce latency, and virtually eliminate the effect of severe weather, natural disaster or economic downtime."
Once implemented, the Infinitus Super Highway™ will be an air-to-air communication system. It will be a new use for the (already existing) fleets of commercial airline aircraft to replace low-earth orbit communication satellites. Infinitus should provide low-cost, broadband wireless communication infrastructure from points-to-points, accomplished by using and modifying existing, small, lightweight low-power, low-cost relay station equipment onboard the commercial airline aircraft. Each equipped aircraft would have a broadband wireless communication link (within line-of-sight coverage ranges) to one or more neighboring aircraft or ground stations, which will form a chain of seamless airborne repeaters providing broadband wireless communication gateways along the entire flight path. Infinitus Super Highway™, when implemented, will provide broadband wireless communication services for customers in-flight as well as customers on land, along the line-of-sight ranges of flight path from the commercial airline aircraft.
About Airborne Wireless Network
The Company intends to create a high-speed broadband airborne wireless network by linking commercial aircraft in flight. It is projected that each aircraft participating in the network will act as an airborne repeater or router, sending and receiving broadband signals from one aircraft to the next and creating a digital superhighway in the sky. The Company intends the network to be a high-speed broadband internet pipeline to improve coverage connectivity. The Company does not intend to provide retail customer coverage to end users, but, instead, act as a wholesale carrier with target customers, such as internet service providers and telephone companies.
Currently, the world's connectivity is achieved by use of undersea cables, ground based fiber and satellites. The Company believes that the Company's airborne digital highway may be a solution to fill the world's connectivity void. Once the network is developed and fully implemented, its uses may be limitless. The Company's network, once developed, should provide low-cost, high-speed connectivity to rural areas, island nations, ships at sea, oil platforms, in addition to connectivity to commercial and private aircraft in flight.
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Notice Regarding Forward-Looking Statements:
This release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include, but are not limited to, availability of capital; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to raise the additional funding we will need to continue to pursue our business and product development plans; our ability to develop and commercialize products based on our technology platform; competition in the industry in which we operate and market; general industry conditions; general economic factors; the impact of industry regulation; technological advances; new products and patents attained by competitors; manufacturing difficulties or delays; dependence on the effectiveness of the company's patents; and the exposure to litigation, including patent litigation, and/or regulatory actions.
Contact: Robert Haag IRTH Communications Phone 1-866-976-4784 [email protected]
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Driverless Cars and Shared Mobility to Transform Traditional Vehicle Interiors
ABI Research Forecasts 11 Million Shared Driverless Vehicles Will Operate Globally by 2030
LONDON, March 31, 2017 /PRNewswire/ -- Fully driverless technology will spark a transformation of personal mobility, enabling consumers to abandon costly vehicle ownership and summon shared vehicles when needed. ABI Research predicts that this will transform the vehicle interior, which car manufacturers will design to be reconfigurable per the individual needs and preferences of whoever is using the vehicle at the time.
"Car OEMs and other automotive newcomers have been imagining the interior of the driverless vehicle for some time, usually focusing on the fact that fully autonomous operation will do away with all of the usual driver distraction concerns and enable the occupant to fully engage in other tasks," says James Hodgson, Industry Analyst at ABI Research. "But they now must consider how they can deliver a personalized in-vehicle experience for consumers who will not own the vehicles that they are using."
ABI Research forecasts that there will be more than 11 million shared driverless vehicles operating on the roads globally by 2030, serving an average of 64 users per shared driverless vehicle. Each vehicle will have its own requirements for the shared third space.
Recent concept cars, including the Volkswagen I.D. Buzz, the Rinspeed Oasis, and the Chrysler Portal, all featured physically and digitally reconfigurable interiors, allowing passengers to adapt them to support different use cases, such as the Car as a Living Space or the Car as an Office. Furthermore, Harman's recently announced Ignite Platform identifies personalization as one of the key elements of connected vehicle management.
"The Volkswagen Sedric, demoed at the Geneva Auto Show, is the first example of an OEM car concept that features none of the conventional vehicle controls, and is not at all representative of the conventional driving experience," concludes Hodgson. "Delivering a seamless mobility service, with an adaptable interior space that can accommodate the consumer's unique needs, tastes, and preferences will increasingly become the objective of OEMs as they transition from car sellers to service providers."
These findings are from ABI Research's Personalizing the Shared Autonomous Third Space (http://ift.tt/2odGDaO) report.
About ABI Research
ABI Research stands at the forefront of technology market research, providing business leaders with comprehensive research and consulting services to help them implement informed, transformative technology decisions. Founded more than 25 years ago, the company's global team of senior and long-tenured analysts delivers deep market data forecasts, analyses, and teardown services. ABI Research is an industry pioneer, proactively uncovering ground-breaking business cycles and publishing research 18 to 36 months in advance of other organizations. For more information, visit www.abiresearch.com.
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Aerial & Maritime Ltd. and AISTECH Srl. Enter Into a Mutual Data Service Agreement
STOCKHOLM, March 30, 2017 /PRNewswire/ -- Aerial & Maritime Ltd ("A&M") an associated company of GS Sweden AB ("GomSpace" or the "Company") has entered into a mutual Data Service Agreement with the Spanish company AISTECH Srl. ("AISTECH"). The term of the agreement is 5 years and the first data delivery is expected in 2018. The total value of the agreement is depending on several options to be activated throughout the contractual period, such as different data packages and size of data, and will therefore range between a value of 1 to 8 million EUR for A&M and between 1 to 4 million EUR for AISTECH.
Both parties will gain access to ADS-B data for monitoring commercial aircraft as well as AIS data for monitoring vessels, respectively, from the other party's constellation of satellites. The agreement will give both parties early access to data from outside of their initial satellite coverage area, which will enable both parties to offer a vastly improved service to their respective customers.
CONTACT:
For more information, please contact: Niels Buus (CEO) Tel: +45 40 31 55 57 Email: [email protected]
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Aireon and Spanish ANSP ENAIRE Sign Agreement to Evaluate Space-Based ADS-B
Agreement will begin concept of operations on safety, efficiency and environmental benefits of deploying AireonSM in Spanish airspace
MCLEAN, Va., March 30, 2017 /PRNewswire/ -- Aireon announced today that it has signed a Memorandum of Agreement (MOA) with Spanish Air Navigation Service Provider (ANSP) ENAIRE. Through this agreement, ENAIRE will begin investigating the safety, efficiency and environmental benefits of deploying space-based automatic dependent surveillance-broadcast (ADS-B) technology in its airspace.
Aireon - MAKING GLOBAL AIR TRAFFIC SURVEILLANCE A POWERFUL REALITY
ENAIRE controls more than 2.2 million square kilometres of airspace including the Iberian Peninsula, minus Portugal, the North Atlantic, Western Mediterranean, Ceuta and Melilla, the Canary and Balearic archipelago. Through this airspace, ENAIRE manages approximately 2 million flights per year that include routes over oceanic airspace including the northern portion of the Madrid Flight Information Region (FIR) and the majority of the Canary FIR. Space-based ADS-B would for the first time offer ENAIRE 100 percent, real-time visibility for all of its airspace, including remote and oceanic regions.
"ENAIRE already has extensive experience with ground based ADS-B, making reviewing the capabilities of space-based ADS-B in both the European and Canary environment a very attractive option," said Enrique Maurer, chief technology officer, ENAIRE. "We look forward to fully examining how space-based ADS-B could address the challenges associated with the European ADS-B mandate as well as its benefits to achieve a more cost-effective contingency layer."
Aireon's space-based ADS-B system is scheduled for completion in 2018, upon total deployment of the Iridium® NEXT satellite constellation. On January 14, 2017, the first ten satellites were launched by SpaceX from their west coast launch facility at Vandenberg Air Force Base. Seven additional launches are scheduled to take place over the next 12 to 15 months. Space-based ADS-B will offer ANSPs total real-time surveillance of all their airspace for ADS-B equipped aircraft.
"ENAIRE operates complex and non-contiguous Flight Information Regions that can benefit from the implementation of space-based ADS-B in various ways," said Vincent Capezzuto, chief technology officer and vice president of engineering, Aireon. "In addition to real-time visibility into the challenging Canary FIR, our system can offer a low barrier to entry for full ADS-B coverage in Spain's busy airspace."
For more information about Aireon, visit: www.Aireon.com For more information about ENAIRE, visit: www.ENAIRE.es
About Aireon LLC
Aireon is deploying a global, space-based Automatic Dependent Surveillance-Broadcast (ADS-B) system capable of surveilling and tracking ADS-B equipped aircraft around the globe in real-time. The system will be used to provide ADS-B coverage that will span oceanic, polar and remote regions, where current surveillance systems are limited to line-of-site and densely populated areas. Aireon will harness the best of aviation surveillance advancements already underway and extend them globally in order to significantly improve efficiency, expand safety, reduce emissions and provide cost savings to aviation stakeholders. In partnership with leading ANSPs from around the world, NAV CANADA, ENAV, the Irish Aviation Authority (IAA) and Naviair, as well as Iridium Communications, Aireon is developing an operational, global, space-based air traffic surveillance system expected to be available by 2018. For more information about Aireon, visit: www.aireon.com.
About ENAIRE
ENAIRE is Spain's leader with a global vision in the provision of air navigation services and the fourth largest provider of air traffic services in Europe. It manages 2 million flights every year from five area control centres and 22 control towers. We control an extensive and complex airspace of more than 2 million square kilometers, including a continental area in the Iberian Peninsula, the Canary Islands and Balearic archipelago, Ceuta and Melilla. As we are located geographically in the Southwest of Europe, in addition to flights whose origin and destination are Spanish airports, we manage flights entering Europe from two continents – America and Africa – and cover the main entry route for air traffic from South America. The traffic managed by ENAIRE transports more than 230 million people annually.
PRESS CONTACTS: Jessie Hillenbrand Aireon +1 (703) 287-7452 [email protected]
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China Zenix Auto International Reports Fourth Quarter and Full Year 2016 Results
- Net cash flow from operations in 2016 reached RMB179.2 million (US$25.8 million), Expenditures and deposits related to property, plant and equipment in 2016 was RMB29.5 million (US$4.3 million) -ZHANGZHOU, China, Mar. 30, 2017 /PRNewswire/ -- China Zenix Auto International Limited (NYSE: ZX) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2016.
Financial Highlights
Fourth Quarter 2016:
Revenue was RMB591.9 million (US$85.3 million), up 0.7% year-over-year from RMB587.5 million in the fourth quarter of 2015;
Gross margin was 15.0%;
Net loss and total comprehensive loss was RMB11.6 million (US$1.7 million) with loss per American Depositary Share ("ADS") of RMB0.23 (US$ 0.03) compared with net profit and total comprehensive income of RMB8.6 million with earnings per ADS of RMB0.17 in the fourth quarter of 2015;
On December 31, 2016, total cash and cash equivalents and fixed bank deposits with maturity period over three months were RMB 1,186.8 million (US$ 170.9 million).
Full Year 2016:
Revenue was RMB2,249.5 million (US$324.0 million) compared with RMB2,445.8 million in 2015;
Gross margin of 17.2%, up from 14.9% in 2015;
Net loss and total comprehensive loss was RMB25.9 million (US$3.7 million) with loss per ADS of RMB0.50 (US$0.07) compared with net loss of RMB28.6 million with loss per ADS of RMB0.55 in 2015;
Net cash flow from operations was RMB179.2 million (US$25.8 million).
Mr. Junqiu Gao, Deputy CEO and Chief Sales and Marketing Officer of Zenix Auto, commented, "Our OEM sales growth continues to reflect the turnaround in the heavy- and medium-duty truck market in China during 2016. We have increased our investment in research and development to develop new materials and wheel designs for the steel and aluminum wheel markets, and to maintain our market leadership."
Mr. Martin Cheung, CFO of Zenix Auto, commented, "We continue to focus on generating positive cash flow from operations to strengthen our cash position and balance sheet. We are managing our current assets and liabilities to contribute to our financial condition."
2016 Fourth Quarter Results
Revenue for the fourth quarter ended December 31, 2016 was RMB 591.9 million (US$85.3 million) from RMB587.5 million for the fourth quarter of 2015. The increase in revenue on a year-over-year basis was mainly driven by renewed growth in truck sales in China, especially for the heavy- and medium-duty trucks.
Aftermarket sales in China decreased by 13.5% year-over-year to RMB248.4 million (US$35.8 million) in the fourth quarter of 2016 from RMB287.2 million in the fourth quarter of 2015. Total unit sales in the aftermarket decreased by 14.2% year-over-year while pricing increased slightly. The aftermarket wheel segment remained weak as the logistic-based truck market remained sluggish and price competition stayed intense.
Sales to the Chinese OEM market increased by 20.4% year-over-year to RMB255.7 million (US$36.8 million) in the fourth quarter of 2016 compared to RMB212.3 million in the same quarter of 2015. Total unit sales in the OEM market increased by 13.2% year-over-year as a result of strong truck sales, especially heavy- and medium-duty trucks, during the fourth quarter of 2016.
International sales decreased slightly by 0.2% year-over-year to RMB 87.8 million (US$12.6 million) in the fourth quarter of 2016 compared to sales of RMB88.0 million in the fourth quarter of 2015. Total unit sales in the international sales increased by 3.1% year-over-year in the fourth quarter of 2016 but the weaker economic environment in our main market, Southeast Asia, negatively affected overall sales.
In the fourth quarter of 2016, domestic aftermarket sales, domestic OEM sales and international sales contributed 42.0%, 43.2% and 14.8% of revenue, respectively.
Sales of tubed steel wheels comprised 52.4% of 2016 fourth quarter revenue compared to 53.9% in the same quarter in 2015. Tubeless steel wheel sales represented 35.4% of fourth quarter revenue compared to 36.5% in the same quarter of 2015. Tubed and tubeless steel wheel sales remained the main sources of revenue for the Company. However, sales of aluminum wheels increased and accounted for 7.9% of fourth quarter revenue as compared to 4.7% in the same quarter a year ago.
Fourth quarter gross profit decreased by 21.3% to RMB 88.8 million (US$12.8 million), compared to RMB112.9 million in the same quarter in 2015. Gross margin was 15.0%, compared with 19.2% in the fourth quarter of 2015. The decrease in gross margin on a year-over-year basis was mainly driven by the price appreciation of raw materials, namely steel, which outpaced Zenix's wheel price increase.
Selling and distribution expenses increased by 0.7% to RMB45.4 million (US$6.5 million) from RMB45.1 million in the fourth quarter of 2015. As a percentage of revenue, selling and distribution costs were 7.7% in the fourth quarter of 2016, compared to 7.7% in the same quarter a year ago.
Research and development ("R&D") expenses increased by 65.1% to RMB23.5 million (US$3.4 million), compared to RMB14.3 million in the fourth quarter of 2015. R&D as a percentage of revenue was 4.0% in the fourth quarter of 2016, compared to 2.4% in same quarter of 2015.
Administrative expenses decreased by 9.6% to RMB 34.4 million (US$5.0 million) from RMB38.1 million in the fourth quarter of 2015, mainly due to effective cost control measures partially offset by the increase of office building depreciation in the aluminum wheel production facility. As a percentage of revenue, administrative expenses were 5.8% in the fourth quarter of 2016, compared to 6.5% of revenue in the fourth quarter of 2015.
Net loss and total comprehensive loss for the fourth quarter of 2016 was RMB11.6 million (US$1.7 million), compared to net profit and total comprehensive income of RMB8.6 million in the same quarter of 2015.
Basic and diluted loss per ADS in the fourth quarter of 2016 were RMB 0.23 (US$0.03) compared to basic and diluted earnings per ADS of RMB0.17 in the same quarter of 2015.
In the fourth quarter of 2016, the Company recorded net cash outflows from operating activities of RMB41.4 million (US$6.0 million). Capital expenditures for the purchase of property, plant and equipment in the fourth quarter were RMB3.7 million (US$0.5 million). Deposits paid for acquisition of property, plant and equipment in the fourth quarter were RMB2.7 million (US$0.4 million).
During the fourth quarter of 2016 and 2015, the weighted average number of ordinary shares was 206.5 million and the weighted average number of ADSs was 51.6 million.
2016 Full Year Results
Revenue for the year ended December 31, 2016 was RMB2,249.5 million (US$324.0 million) compared with RMB2,445.8 million in 2015.
Aftermarket sales decreased by 14.5% to RMB1,021.3 million (US$147.1 million) in 2016, and represented 45.4% of total revenue. Sales to the Chinese OEM market increased by 5.2% to RMB856.7 million (US$123.4 million) and represented 38.1% of total revenue. International sales decreased by 15.0% to RMB371.5 million (US$ 53.5 million) compared to last year, and represented 16.5% of total revenue.
Tubed steel wheel sales in 2016 accounted for 54.6% of revenue compared with 56.1% in 2015. Tubeless steel wheel sales accounted for 36.4% of revenue compared with 37.5% in 2015. With the increase in market acceptance, aluminum wheel sales accounted for 4.6% of revenue in 2016 compared with 1.1% in 2015.
Gross profit for year 2016 was RMB 387.5 million (US$55.8 million), compared with RMB363.8 million in 2015. Gross margin increased to 17.2% in 2016 from 14.9% in 2015.
Loss before taxation for the year 2016 was RMB25.6 million (US$3.7 million), compared with loss before taxation of RMB30.1 million in 2015.
Net loss and total comprehensive loss for full year 2016 was RMB25.9 million (US$3.7 million), compared with net loss and total comprehensive loss of RMB28.6 million in 2015. Basic and diluted loss per ordinary share and per ADS for the full year ended December 31, 2016 were RMB0.13 (US$0.02) and RMB0.50 (US$0.07), respectively.
As of December 31, 2016, Zenix Auto had bank balances and cash of RMB896.8 million (US$129.2 million) and fixed bank deposits with a maturity period over three months of RMB290.0 million (US$41.8 million). Total equity attributable to owners of the Company was RMB2,537.6 million (US$365.5 million).
For the year ended December 31, 2016, the Company recorded cash inflows from operating activities of RMB179.2 million (US$25.8 million). Capital expenditures for the purchase of property, plant and equipment were RMB15.1 million (US$2.2 million). Deposits paid for acquisition of property, plant and equipment were RMB14.5 million (US$2.1 million).
Conference Call Information
The Company will host a conference call, to be simultaneously webcast, on Thursday, March 30, 2017 at 8:00 a.m. ET/ 8:00 p.m. Beijing Time. Interested parties may participate in the conference call by dialing +1-877-407-0782 (U.S. Toll Free) or +1-201-689-8567 (International). Please dial in five minutes before the call start time and ask to be connected to the "China Zenix Auto" conference call.
A replay will be available shortly after the conclusion of the conference call through April 30, 2017, at 11:59 p.m. ET. Interested parties may access the replay by dialing +1-877-481-4010 (U.S. Toll Free) or +1-919-882-2331 (International) and using Conference ID 10278 to access the replay.
Exchange Rate Information
The United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader. All translations from RMB to U.S. dollars are made at a rate of RMB6.943 to US$1.00, the effective noon buying rate as of December 31, 2016, in The City of New York, for cable transfers of RMB as set forth in the H.10 weekly statistical release of the Federal Reserve Board. The percentages stated are calculated based on RMB amounts.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. The Company offers more than 772 series of aluminum wheels, tubed steel wheels, tubeless steel wheels, and off-road steel wheels in the aftermarket and OEM markets in China and internationally. The Company's customers include large PRC commercial vehicle manufacturers, and it also exports products to over 80 distributors in more than 28 countries worldwide. With six large, strategically located manufacturing facilities in multiple regions across China, the Company has a designed annual production capacity of approximately 15.5 million units of steel and aluminum wheels as of December 31, 2016. For more information, please visit: www.zenixauto.com/en.
Safe Harbor
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.
For more information, please contact
Kevin Theiss Investor Relations Awaken Advisors Tel: +1-646-726-6511 Email: [email protected]
- tables follow -
China Zenix Auto International Limited
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the three months ended December 31, 2016 and 2015
(RMB and US$ amounts expressed in thousands, except number of shares and ADSs and per share data)
Three months ended December 31,
2015
2016
2016
RMB' 000
RMB' 000
US$' 000
Revenue
587,502
591,888
85,250
Cost of sales
(474,620)
(503,068)
(72,457)
Gross profit
112,882
88,820
12,793
Other operating income
3,086
4,978
717
Net exchange gain
701
1,602
231
Selling and distribution costs
(45,109)
(45,432)
(6,544)
Research and development expenses
(14,252)
(23,528)
(3,389)
Administrative expenses
(38,059)
(34,423)
(4,958)
Finance costs
(6,100)
(5,344)
(770)
Profit (loss) before taxation
13,149
(13,327)
(1,920)
Income tax (expense) credit
(4,566)
1,700
245
Profit (loss) and total comprehensive income (loss) for the period
8,583
(11,627)
(1,675)
Earnings (loss) per share
Basic
0.04
(0.06)
(0.01)
Diluted
0.04
(0.06)
(0.01)
Earnings (loss) per ADS
Basic
0.17
(0.23)
(0.03)
Diluted
0.17
(0.23)
(0.03)
Shares
206,500,000
206,500,000
206,500,000
ADSs
51,625,000
51,625,000
51,625,000
China Zenix Auto International Limited
Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the years ended December 31, 2016 and 2015
(RMB and US$ amounts expressed in thousands, except number of shares and ADSs and per share data)
2015
2016
2016
RMB' 000
RMB' 000
US$' 000
Revenue
2,445,756
2,249,533
324,000
Cost of sales
(2,081,976)
(1,862,017)
(268,186)
Gross profit
363,780
387,516
55,814
Other operating income
16,410
11,680
1,682
Net exchange gain
5,793
2,546
367
Selling and distribution costs
(212,273)
(181,911)
(26,201)
Research and development expenses
(51,253)
(84,639)
(12,191)
Administrative expenses
(136,681)
(139,377)
(20,074)
Finance costs
(15,913)
(21,387)
(3,080)
Loss before taxation
(30,137)
(25,572)
(3,683)
Income tax credit (expense)
1,570
(352)
(51)
Loss and total comprehensive loss for the year
(28,567)
(25,924)
(3,734)
Loss per share
Basic
(0.14)
(0.13)
(0.02)
Diluted
(0.14)
(0.13)
(0.02)
Loss per ADS
Basic
(0.55)
(0.50)
(0.07)
Diluted
(0.55)
(0.50)
(0.07)
Shares
206,500,000
206,500,000
206,500,000
ADSs
51,625,000
51,625,000
51,625,000
China Zenix Auto International Limited
Unaudited Consolidated Statements of Financial Position
(RMB and US$ amounts expressed in thousands)
December 31, 2015
December 31, 2016
December 31, 2016
RMB'000
RMB'000
US$'000
ASSETS
Current Assets
Inventories
181,905
138,740
19,983
Trade and other receivables and prepayments
613,418
695,856
100,224
Prepaid lease payments
9,425
9,425
1,357
Pledged bank deposits
28,200
32,100
4,623
Fixed bank deposits with maturity period over three months
260,000
290,000
41,769
Bank balances and cash
817,247
896,799
129,166
Total current assets
1,910,195
2,062,920
297,122
Non-Current Assets
Property, plant and equipment
1,506,318
1,379,287
198,659
Prepaid lease payments
385,874
376,449
54,220
Deferred tax assets
15,958
23,836
3,433
Intangible assets
17,000
17,000
2,449
Total non-current assets
1,925,150
1,796,572
258,761
Total assets
3,835,345
3,859,492
555,883
EQUITY AND LIABILITIES
Current Liabilities
Trade and other payables and accruals
606,922
668,633
96,302
Amount due to a shareholder
11,679
1,398
201
Taxation payable
674
109
16
Short- term bank borrowings
558,000
558,000
80,369
Total current liabilities
1,177,275
1,228,140
176,888
Non-current liabilities
Deferred tax liabilities
85,284
85,286
12,284
Deferred income
9,292
8,496
1,224
Total non-current liabilities
94,576
93,782
13,508
Total liabilities
1,271,851
1,321,922
190,396
EQUITY
Share capital
136
136
20
Paid in capital
392,076
392,076
56,471
Reserves
2,171,282
2,145,358
308,996
Total equity attributable to owners of the company
2,563,494
2,537,570
365,487
Total equity and liabilities
3,835,345
3,859,492
555,883
China Zenix Auto International Limited
Unaudited Consolidated Statement of Cash Flows
For the year ended December 31, 2016
(RMB and US$ amounts expressed in thousands)
OPERATING ACTIVITIES
Year Ended December 31, 2016
RMB' 000
US$' 000
Loss before taxation
(25,572)
(3,683)
Adjustments for:
Amortization of prepaid lease payments
9,425
1,357
Depreciation of property plant and equipment
154,783
22,293
Release of deferred income
(796)
(115)
Finance costs
21,387
3,080
Interest income
(11,126)
(1,602)
Loss on disposal of property, plant and equipment
105
15
Operating cash flows before movements in working capital
148,206
21,345
Decrease in inventories
43,165
6,217
Increase in trade and other receivables and prepayments
(82,407)
(11,870)
Increase in trade and other payables and accruals
67,363
9,702
Cash generated from operations
176,327
25,394
Interest received
11,123
1,602
PRC income tax refund
510
73
PRC income tax paid
(8,793)
(1,266)
NET CASH FROM OPERATING ACTIVITIES
179,167
25,803
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(15,082)
(2,172)
Placement of pledged bank deposits
(20,290)
(2,922)
Withdrawal of pledged bank deposits
16,390
2,361
Deposits paid for acquisition of property, plant and equipment
(14,464)
(2,083)
Placement of fixed bank deposits with maturity periods over three months
(720,000)
(103,702)
Withdrawal of fixed bank deposits with maturity periods over three months
690,000
99,381
NET CASH USED IN INVESTING ACTIVITIES
(63,446)
(9,137)
FINANCING ACTIVITIES
New bank borrowings raised
558,000
80,369
Repayment of bank borrowings
(558,000)
(80,369)
Interest paid
(25,350)
(3,651)
Repayment to a shareholder
(14,736)
(2,123)
Advance from a shareholder
4,455
642
NET CASH FROM FINANCING ACTIVITIES
(35,631)
(5,132)
NET INCREASE IN CASH AND CASH EQUIVALENTS
80,090
11,534
Cash and cash equivalents at beginning of the year
817,247
117,708
Effect of foreign exchange rate changes
(538)
(76)
Cash and cash equivalents at end of the year
896,799
129,166
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Read this news on PR Newswire Asia website: China Zenix Auto International Reports Fourth Quarter and Full Year 2016 Results
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China Automotive Systems Reports Fourth Quarter and Fiscal 2016 Results
WUHAN, China, Mar. 30, 2017 /PRNewswire/ -- China Automotive Systems, Inc. (NASDAQ: CAAS) ("CAAS" or the "Company"), a leading power steering components and systems supplier in China, today announced its unaudited financial results for the fourth quarter and the audited results for fiscal year ended December 31, 2016.
Fourth Quarter 2016 Highlights
Net sales were $149.6 million, up 24.6% from $120.1 million in the fourth quarter of 2015
Gross margin was 14.6% reflecting the impact of a charge for a projected $5 million product recall in 2016, versus 16.8% in the fourth quarter of 2015
Net income attributable to parent company's common shareholders was $5.8 million, or diluted earnings per share of $0.18
Fiscal Year 2016 Highlights
Net sales were $462.1 million, compared to $443.5 million in 2015
Gross margin was 17.5% reflecting the impact of a charge for a projected $5 million product recall in 2016, versus 17.9% in 2015
Diluted earnings per share attributable to parent company's common shareholders was $0.70
Cash and cash equivalents, pledged cash and short-term investments were $92.4 million as of December 31, 2016
Net cash flow from operating activities was $11.8 million
Mr. Qizhou Wu, chief executive officer of CAAS, commented, "After regaining growth in the third quarter, we are encouraged by the acceleration of top line growth as nearly all subsidiaries of CAAS received increased orders from OEM customers during the fourth quarter. Many of our top 10 OEM customers such as Great Wall, Geely, and Chang'an posted robust growth in 2016. In addition, our product mix change continues to drive our growth and Electric Power Steering (EPS) sales grew nearly 45%, accounting for 28% of our total revenue in 2016. Entering 2017, we believe that the auto replacement cycle with new models coming into the market and ongoing tax incentives for fuel-efficient vehicles will help continue to propel the growth of auto sales in China. As the largest steering system provider in China, we are well positioned to ride the growth and create shareholder value."
Mr. Jie Li, chief financial officer of CAAS, commented, "We took prudent measures to respond to product recalls as we recorded a charge to the cost of sales that affected our gross margin in the fourth quarter. However, we believe that this impact is short-lived. With the progress from our R&D program, especially the breakthrough in the key components for EPS systems, we expect our gross margin to recover in 2017."
Fourth Quarter of 2016 In the fourth quarter of 2016, net sales were $149.6 million, compared to $120.1 million in the same quarter of 2015, reflecting a 24.6% year-over-year growth. The net sales increase was mainly due to increased auto sales and a shift in the product mix to more electric power steering products ("EPS").
Gross profit was $21.8 million in the fourth quarter of 2016, compared to $20.2 million in the fourth quarter of 2015. The gross margin was 14.6% in the fourth quarter of 2016, versus 16.8% in the fourth quarter of 2015. The decrease in gross margin was mainly due to the impact of recalls by two customers related to the Company's products in January 2017. The Company has recorded a $5 million charge relating to anticipated costs for the recalls in cost of sales for the fourth quarter ended December 31, 2016. The recalls were for 152,811 EPS steering units delivered between 2012 and 2015. In one instance, a torque sensor exhibited abnormal wear after long-term usage creating a potential risk. In a different steering model, an electronic-assist ECU may malfunction under certain circumstances. No serious injuries from these component issues have been reported. The affected steering models were early versions of the Company's EPS technologies which have been superseded with more advanced models.
Gain on other sales was $1.8 million, compared with $1.2 million in the fourth quarter of 2015.
Selling expenses were $4.9 million in the fourth quarter of 2016, compared to $4.0 million in the fourth quarter of 2015. The increase was primarily due to higher marketing expenses. Selling expenses represented 3.3% of net sales in the fourth quarter of each of 2016 and 2015.
General and administrative expenses ("G&A expenses") were $4.8 million in the fourth quarter of 2016, compared to $5.7 million in the same quarter of 2015. G&A expenses represented 3.2% of net sales in the fourth quarter of 2016 and 4.7% in the fourth quarter of 2015. The decrease in G&A expenses and G&A expenses as a percentage of net sales during the fourth quarter was mainly due to more stringent cost control measures.
Research and development expenses ("R&D expenses") were $8.9 million in the fourth quarter of 2016, compared to $4.6 million in the fourth quarter of 2015. R&D expenses represented 5.9% of net sales in the fourth quarter of 2016 compared to 3.8% in the fourth quarter of 2015. The increase in R&D expenses was due to increased investment in EPS product research and development such as brushless motor and Advanced Driver Assistance Systems (ADAS) related projects. The Company has hired more engineers, acquired more technologies, and purchased more testing equipment.
Income from operations was $5.0 million in the fourth quarter of 2016, compared to $7.1 million in the same quarter of 2015. The decrease was mainly due to lower gross profit and higher R&D and selling expenses.
Interest expense was $0.1 million in the fourth quarter of 2016, compared to interest expense of $0.3 million in the fourth quarter of 2015 due to the decrease in weighted average loans outstanding.
Net financial income was $0.2 million in the fourth quarter of 2016, compared to net financial income of $0.9 million in the fourth quarter of 2015 due to lower interest income.
Income before income tax expenses and equity in earnings of affiliated companies was $5.1 million in the fourth quarter of 2016, compared to $7.9 million in the fourth quarter of 2015. The decrease in income before income tax expenses and equity in earnings of affiliated companies was mainly due to lower operating income and reduced financial income in the fourth quarter of 2016, compared with the fourth quarter of 2015.
Net income attributable to parent company's common shareholders was $5.8 million in the fourth quarter of 2016, compared to net income attributable to parent company's common shareholders of $6.9 million in the fourth quarter of 2015. Diluted earnings per share were $0.18 in the fourth quarter of 2016, compared to diluted earnings per share of $0.22 in the fourth quarter of 2015.
The weighted average number of diluted common shares outstanding was 31,711,888 in the fourth quarter of 2016, compared to 32,131,453 in the fourth quarter of 2015.
Fiscal Year 2016 Annual net sales were $462.1 million in 2016, a 4.2% increase compared to $443.5 million in 2015. The overall increase was mainly due to higher volumes and a change in the product mix as electric power steering systems (EPS) sales grew 44.8% in 2016.
Gross profit in 2016 was $80.9 million, compared to $79.5 million in 2015. Gross margin was 17.5% in 2016, compared to 17.9% in 2015. The margin decrease was primarily due to the $5 million charge relating to anticipated costs for the recalls by two Company customers in cost of sales for the year ended December 31, 2016. A shift in product mix and higher material costs also affected gross profit and margin in 2016.
Gain on other sales mainly consisted of the net amount retained from the sales of materials, property, plant and equipment and scraps. For the year ended December 31, 2016, gain on other sales amounted to $3.8 million, compared to $4.4 million in 2015.
Selling expenses were $17.2 million in 2016 compared with $15.0 million in 2015, which was mainly due to higher marketing expenses during the year. Selling expenses represented 3.7% in 2016, compared to 3.4% of net sales in 2015.
G&A expenses were $16.8 million in 2016, down slightly from $17.0 million in 2015. G&A expenses represented 3.6% in 2016, compared to 3.8% of net sales in 2015.
R&D expenses were $27.7 million in 2016 compared to $22.3 million in 2015. R&D expenses are primarily associated with the costs incurred with the Company's further development of its EPS technology, including transitioning advanced manufacturing equipment to EPS, expanding the EPS trial-production department, hiring technologists and installing advanced technology and test equipment. R&D expenses represented 6.0% of net sales in 2016, compared to 5.0% of net sales in 2015. The increase in R&D expenses was mainly due to increased expenditures on R&D activities for EPS products.
Operating income was $23.0 million in 2016, compared with $29.7 million in 2015. The decrease was due to higher operating expenses in 2016. The operating margin was 5.0% in 2016 compared with 6.7% in 2015.
Interest expense was $0.7 million in 2016, compared to interest expense of $1.3 million in 2015 due to the decrease in weighted average loans outstanding.
Net financial income was $1.4 million in 2016, compared to net financial income of $2.9 million in 2015 due to lower interest income.
Income before income tax expenses and equity in earnings of affiliated companies was $24.9 million for 2016 compared with $32.0 million for 2015. This decline was mainly due to a decrease in income from operations.
Income tax expense was $2.5 million for 2016, compared to $4.5 million for 2015. This tax decrease was mainly due to lower income before tax. The effective tax rate decreased to 10.0% for the year ended December 31, 2016 from 14.0% for the year ended December 31, 2015. The decrease was primarily due to an increase in the tax benefit from the super deduction of R&D expense.
Net income attributable to parent company's common shareholders was $22.5 million in 2016, compared to $27.4 million in 2015. Diluted earnings per share were $0.70 in 2016, compared to $0.85 in 2015. The weighted average number of diluted common shares outstanding was 31,957,052 in 2016, compared with 32,134,866 in 2015.
Balance Sheet
As of December 31, 2016, total cash and cash equivalents, pledged cash and short-term investments were $92.4 million, total accounts receivable including notes receivable were $306.7 million, accounts payable were $223.8 million and bank and government loans were $40.8 million. Total parent company stockholders' equity was $300.5 million as of December 31, 2016, compared to $299.0 million as of December 31, 2015. Net cash flow from operating activities was $11.8 million in 2016.
Business Outlook
Management provided revenue guidance for the full year 2017 of US$485 million. This target is based on the Company's current views on operating and market conditions, which are subject to change.
Conference Call
Management will conduct a conference call on March 30, 2017 at 9:00 A.M. EDT/9:00 P.M. Beijing Time to discuss these results. A question and answer session will follow management's presentation. To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the "China Automotive Systems" conference call:
Phone Number: +1-877-407-8031 (North America)
Phone Number: +1-201-689-8031 (International)
Phone Number: +86 4001 202 840 (China Toll Free)
A replay of the call will be available on the Company's website under the investor relations section.
About China Automotive Systems, Inc.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through eight Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers four separate series of power steering with an annual production capacity of over 5.5 million sets of steering gears, columns and steering hoses. Its customer base is comprised of leading auto manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd. in China, and Chrysler Group LLC in North America. For more information, please visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 10-K annual report filed with the Securities and Exchange Commission on March 30, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
For further information, please contact:
Jie Li Chief Financial Officer China Automotive Systems, Inc. Email: [email protected]
Kevin Theiss Investor Relations +1-646-726-6511 Email: [email protected]
-Tables Follow -
China Automotive Systems, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands of USD, except share and per share amounts)
December 31,
2016
2015
ASSETS
Current assets:
Cash and cash equivalents
$
31,092
$
69,676
Pledged cash
30,799
31,402
Short-term investments
30,475
21,209
Accounts and notes receivable, net - unrelated parties
285,731
254,397
Accounts and notes receivable, net - related parties
20,984
21,918
Advance payments and others - unrelated parties
10,203
4,381
Advance payments and others - related parties
624
544
Inventories
68,050
65,570
Current deferred tax assets
7,946
6,962
Total current assets
485,904
476,059
Non-current assets:
Long-term time deposits
865
5,082
Property, plant and equipment, net
101,478
84,151
Intangible assets, net
617
2,793
Other receivables, net - unrelated parties
2,252
3,882
Other receivables, net - related parties
-
14
Advance payment for property, plant and equipment - unrelated parties
14,506
15,192
Advance payment for property, plant and equipment - related parties
5,005
8,863
Long-term investments
16,431
6,152
Goodwill
-
608
Non-current deferred tax assets
4,641
4,899
Total assets
$
631,699
$
607,695
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank and government loans
$
40,820
$
40,929
Accounts and notes payable - unrelated parties
216,993
197,105
Accounts and notes payable - related parties
6,803
6,363
Customer deposits
700
1,613
Accrued payroll and related costs
6,971
6,332
Accrued expenses and other payables
35,882
31,383
Accrued pension costs
4,130
4,664
Taxes payable
11,674
9,284
Amounts due to shareholders/directors
312
345
Advances payable (current portion)
382
-
Current deferred tax liabilities
193
194
Total current liabilities
324,860
298,212
Long-term liabilities:
Long-term bank loan
608
-
Advances payable
339
1,922
Non-current deferred tax liabilities
-
266
Total liabilities
325,807
300,400
Commitments and Contingencies
Stockholders' Equity
Common stock, $0.0001 par value - Authorized - 80,000,000 shares Issued - 32,338,302 and 32,338,302 shares at December 31, 2016 and 2015, respectively
3
3
Additional paid-in capital
64,764
64,627
Retained earnings-
Appropriated
10,549
10,379
Unappropriated
228,963
206,622
Accumulated other comprehensive (loss)/income
(892)
18,412
Treasury stock -694,298 and 217,283 shares at December 31, 2016 and 2015, respectively
(2,907)
(1,000)
Total parent company stockholders' equity
300,480
299,043
Non-controlling interests
5,412
8,252
Total stockholders' equity
305,892
307,295
Total liabilities and stockholders' equity
$
631,699
$
607,695
China Automotive Systems, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands of USD, except share and per share amounts)
Year Ended December 31,
2016
2015
Net product sales ($39,845 and $38,948 sold to related parties for the years ended December 31, 2016 and 2015)
$
462,050
$
443,533
Cost of products sold ($27,747 and $25,294 purchased from related parties for the years ended December 31, 2016 and 2015)
381,131
363,986
Gross profit
80,919
79,547
Net gain on other sales
3,803
4,417
Operating expenses:
Selling expenses
17,159
15,003
General and administrative expenses
16,841
16,970
Research and development expenses
27,706
22,339
Total operating expenses
61,706
54,312
Operating income
23,016
29,652
Other income, net
1,116
844
Interest expense
656
1,337
Financial income, net
1,428
2,888
Income before income tax expenses and equity in earnings of affiliated companies
24,904
32,047
Less: Income taxes
2,484
4,490
Add: Investment income, net
557
340
Net income
22,977
27,897
Net income attributable to non-controlling interest
466
509
Net income attributable to parent company's common shareholders
22,511
27,388
Net income attributable to parent company's common shareholders per share -
Basic
$
0.70
$
0.85
Diluted
$
0.70
$
0.85
Weighted average number of common shares outstanding -
Basic
31,954,407
32,121,019
Diluted
31,957,052
32,134,866
China Automotive Systems, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In thousands of USD unless otherwise indicated)
Year Ended December 31,
2016
2015
Net income
$
22,977
$
27,897
Other comprehensive loss:
Foreign currency translation loss
(19,996)
(18,557)
Comprehensive income
2,981
9,340
Comprehensive loss attributable to non-controlling interest
(226)
(343)
Comprehensive income attributable to parent company
$
3,207
$
9,683
China Automotive Systems, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands of USD unless otherwise indicated)
Year Ended December 31,
2016
2015
Cash flows from operating activities:
Net income
$
22,977
$
27,897
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation
137
105
Depreciation and amortization
13,926
15,273
Deferred income taxes
(1,628)
(655)
Inventory write downs
3,210
2,554
Reversal of provision for doubtful accounts
(21)
(144)
Equity in earnings of affiliated companies
(556)
(311)
Gain on disposal of Fujian Qiaolong
(698)
-
Gain on disposal of fixed assets
(23)
-
Changes in operating assets and liabilities (net of the impacts of disposal of Fujian Qiaolong):
(Increase) decrease in:
Pledged cash
(799)
364
Accounts and notes receivable
(56,251)
11,835
Advance payments and other
(2,331)
(3,176)
Inventories
(15,442)
(7,626)
Increase (decrease) in:
Accounts and notes payable
35,455
(2,578)
Customer deposits
(646)
(225)
Accrued payroll and related costs
1,143
(867)
Accrued expenses and other payables
10,548
(739)
Accrued pension costs
(231)
(620)
Taxes payable
3,130
(1,813)
Advances payable
(75)
-
Net cash provided by operating activities
11,825
39,274
Cash flows from investing activities:
Purchase of short-term investments and long-term time deposits
(28,210)
(12,395)
Proceeds from maturities of short-term investments
20,657
25,133
Decrease/(increase) in other receivables
2,388
(1,420)
Cash received from Disposal of Fujian Qiaolong
1,953
-
Cash received from property, plant and equipment sales
1,284
729
Cash paid to acquire property, plant and equipment (including $8,021 and $13,490 paid to related parties for the years ended December 31, 2016 and 2015, respectively)
(39,585)
(41,704)
Cash paid to acquire intangible assets
(161)
(978)
Investment under equity method
(10,556)
(1,636)
Net cash used in investing activities
(52,230)
(32,271)
Cash flows from financing activities:
Proceeds from bank and government loans
14,313
11,420
Repayment of bank and government loans
(6,973)
(11,822)
Repurchase of common stock
(1,907)
-
Dividends paid to the holders of the Company's common stock
(544)
(252)
Dividends paid to the non-controlling interest holders of joint venture companies
(464)
(1,121)
Net cash provided by/ (used in) financing activities
4,425
(1,775)
Cash and cash equivalents affected by foreign currency
(2,604)
(4,057)
Net (decrease)/increase in cash and cash equivalents
(38,584)
1,171
Cash and equivalents at beginning of year
69,676
68,505
Cash and equivalents at end of year
$
31,092
$
69,676
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New Business Models and Service Expansion in European Automotive Aftermarket eRetail Strengthen Growth Opportunities
Delticom, Amazon, and eBay have the strongest overall eRetailer portfolios in Europe, finds Frost & Sullivan's Mobility team
LONDON, March 30, 2017 /PRNewswire/ -- European automotive aftermarket eRetailers are redrawing the boundaries of aftermarket service through innovative business models involving supplier collaboration, business-to-business expansion, subscription-based engagement, installer network development, service aggregation, technician outreach, and in-vehicle sales. These activities are creating unique value for customers.
"In a fiercely competitive and fragmented market, eRetailers must differentiate themselves by developing and offering new business models that provide unique value and convenience to their customers, such as value chain development, partnering with local garages, loyalty programmes, and building Big Data infrastructures," said Frost & Sullivan Mobility Research Analyst Vasanth Raj.
Competitive Profiling of Automotive Aftermarket eRetailers in Europe, recent research from Frost & Sullivan's Automotive & Transportation Growth Partnership subscription, provides an in-depth analysis of key trends and developments within the European automotive eRetailing aftermarket.
For complimentary access to more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan's thought leaders please contact Jana Schoeneborn ([email protected]).
eRetail developments and trends encouraging transformation include:
Aggressive online channel expansion by traditional mobility players
Collaboration or mergers and acquisitions between eRetailers, suppliers and original equipment manufacturers (OEMs)
Online-to-offline (O2O) service networks with independent garages to create an aggregated physical footprint and attract do-it-for-me (DIFM) customers, and compete with service chains and fast fitters
Smart logistics and last-mile delivery options to provide innovative methods of delivery and enhanced customer services, such as delivering to the customer's car trunk and by drones
Delticom, Amazon, and eBay have the strongest overall eRetailer portfolios in Europe. Along with Allegro, eBay and Amazon lead the mass market in terms of the average number of visits and page views. Amazon is constantly innovating last-mile delivery options across all products. Rapid fulfillment is critical to auto parts growth as it will allow the company to be more competitive with traditional aftermarket sellers.
Other Retailers and their strategies include:
Yakarouler is targeting relatively uncontested areas in the eRetail market such as DIFM customer requirements through installer training and physical stores to gain market share.
MicksGarage is focusing on building a self-developed, robust IT platform for business growth and plans to expand across Europe in the next five years.
Allopneus has a strong brand image and network coverage. Its range of tyres and partnership with Michelin are key strengths.
Delticom is the highest revenue generator in the pure-play segment. It has positioned itself as a one-stop shop for all tyre requirements with competitive prices across all major European markets.
Oscaro is developing its Big Data capabilities to increase sales and compete with global eRetailers.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Competitive Profiling of Automotive Aftermarket eRetailers in Europe MCA7-18
Contact: Jana Schöneborn Corporate Communications -- Europe P: +49 (0)69 77033 43 E: [email protected]
Twitter: @Frost_Sullivan or @FS_Automotive Facebook: FrostandSullivan Linkedin: Future of Mobility -- A Frost & Sullivan Forum
http://www.frost.com
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Defence Minister Ryamizard Ryacudu to open inaugural Maritime Security and Coastal Surveillance Indonesia 2017 conference
SINGAPORE, March 30, 2017 /PRNewswire/ --
With more than 15 Indonesian and regional government agencies having confirmed their participation at the Maritime Security and Coastal Surveillance Indonesia 2017, this event is shaping up to be the most anticipated gathering of maritime security and coastal surveillance personnel in Indonesia.
The two-day conference will be held in InterContinental Jakarta MidPlaza on 25-26 April 2017 and is fully endorsed by the Ministry of Defence of the Republic of Indonesia.
The conference will be officially opened by Indonesia's Defence Minister Ryamizard Ryacudu.
With the theme of "Securing Indonesia's Maritime Sovereignty through Asset Modernisation and Technological Innovations", the conference will discuss the active maritime security and surveillance requirements of various Indonesian government agencies and services as they search for the latest technological solutions to assist them with their operations.
These include operational, procurement and tactical strategies in place to protect freedom of navigation in Indonesia's Exclusive Economic Zone (EEZ) and regional waters with the ultimate aim of transforming Indonesia into a global maritime fulcrum.
Among the government agencies that have confirmed their participation are the Indonesian Navy, Indonesian Air Force, Badan Keamanan Laut Republik Indonesia (Bakamla), Badan SAR Nasional (Basarnas) and Indonesian Marine Police. The top three local defence integrators, PT Pindad, PT Dirgahayu Indonesia and PT PAL Indonesia, have also confirmed their attendance.
List of participating organisations:
Ministry of Defence of the Republic of Indonesia
Indonesian Navy
Indonesian Air Force
Badan Keamanan Laut Republik Indonesia (Bakamla)
Badan SAR Nasional (Basarnas)
Indonesian Marine Police
PT Pindad
PT Dirgahayu Indonesia
PT PAL Indonesia
Royal Malaysian Navy
Malaysian Maritime Enforcement Agency
Malaysia Marine Police Force
Royal Thai Navy
Philippine Navy
IHS Janes
Centre for Strategic and International Studies
Microsoft
Damen Shipyards
Elettronica SpA
PT Lab Sistematika Indonesia
PT Warga Kusuma Jaya
"The inaugural Maritime Security and Coastal Surveillance Indonesia 2017 conference will offer the ideal platform for the international and regional Navies, Coast Guards and maritime government organisations to revisit the scenario surrounding maritime security and coastal surveillance via a constructive dialogue," said Dr Timbul Siahaan, Director General of Defence Potential, Ministry of Defence of the Republic of Indonesia.
Registration for Maritime Security & Coastal Surveillance Indonesia 2017 is still open at http://ift.tt/2oaT7QH. For further information, contact IQPC at [email protected] or call +65 6722 9388.
Notes to Editors
For more information, contact:
Rani Kuppusamy Marketing Director IQPC Global Innovation Pte Ltd Email: [email protected] Tel: +65 67229399
About International Quality and Productivity Centre (IQPC)
International Quality and Productivity Centre (IQPC) is the world's biggest large-scale conference company and part of the PLS group, one of the world's leading providers of strategic business intelligence with 16 offices worldwide. Our conference divisions consistently out-perform their industry sector competitors on the quality of the events we produce and the relationships we nurture with both delegates and sponsors. To learn more visit www.iqpc.com.
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