Chen Yulu, deputy governor of the People's Bank of China, gives a speech at the forum

Xinhua Silk Road: China’s RMB internationalization advances to higher level along with pilot FTZ construction

SHANGHAI, Nov. 8, 2019 /PRNewswire/ — The internationalization of China’s currency renminbi (RMB) has advanced to a higher level, said experts attending a forum on RMB internationalization facilitating construction of the pilot free trade zones (FTZs) on Wednesday.

RMB internationalization has experienced fast development in the last decade, said Chen Yulu, deputy governor of the People’s Bank of China (PBOC), China’s central bank.

Chen Yulu, deputy governor of the People's Bank of China, gives a speech at the forum


Chen Yulu, deputy governor of the People’s Bank of China, gives a speech at the forum

Cross-border RMB use has developed from sporadic border trade settlement to the application in an all-round way, and expanded from current account to capital account, from trade to financial transactions, from banks and enterprises to individuals, and from simple to complicated operations, said Chen.

RMB internationalization has seen rapid development in capital market, and investment in RMB assets by central banks, multinational financial institutions, and asset management firms have been growing. By far, 62 of the world’s top 100 asset management companies have entered China.

As China’s financial industry continues to deepen two-way opening up, RMB internationalization and China’s FTZ construction have created a coordinated effect. The innovative policies in FTZs provide RMB internationalization with fertile ground to grow vigorously.

“Since the establishment of the Shanghai pilot FTZ, China has launched 18 pilot FTZs. The deepening of the RMB internationalization and FTZ construction has become carriers of China’s participation in global economy and institutional innovation,” said Wang Xiquan, chairman of the Board of Supervisors of the Bank of China (BOC), one of the country’s big four state-owned lenders.

The PBOC has launched a string of pilot measures in Shanghai FTZ for capital account convertibility, including prudential management of cross-border financing, two-way RMB capital pools of multinational enterprises, and some of them have been introduced to other FTZs and even the whole country.

“The Lingang Special Area of Shanghai FTZ will deepen, broaden and strengthen opening-up in every aspect and at higher levels, aiming to build a special zone with international influence and competitiveness,” said Wu Wei, an official of Shanghai Pilot FTZ Lingang Special Area.

The forum was held by the PBOC and the BOC, and supported by China Economic Information Service (CEIS) of Xinhua News Agency.

See the original link: http://en.imsilkroad.com/p/309266.html

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http://en.imsilkroad.com

Fintech Achiko Limited lists its shares on the SIX Swiss Exchange

ZURICH, Nov. 8, 2019 /PRNewswire/ — Achiko Limited (“Achiko”, ISIN KGY0101M1024), a leading provider of game payment services in Indonesia, today lists its 89’632’142 shares on the SIX Swiss Exchange at a reference price of USD 0.70 per share. The free float amounts to 41.2 percent at the time of the listing.

“Our decision to list on the Swiss stock exchange SIX is a strategic choice, taken with a long-term view. Switzerland is a vibrant and growing hub for Fintech innovation with a strong and supportive regulatory environment. We are planning to open a local branch here in Switzerland to support strategic partnerships in Europe.” said Allen Wu, Chairman of Achiko. “We are delighted to be listed at SIX Swiss Exchange and look forward to continuing Achiko’s success story with our expanded investor base.”

Achiko provides payment solutions for games and digital commerce through different channels such as telephone bill, stores, e-wallets and ATMs. It constantly seeks applications that go beyond the gaming market. Following the listing of its shares at SIX Swiss Exchange, Achiko will continue to evaluate such applications with the aim to provide a broader range of financial services.

In Achiko’s starting primary market in Indonesia, about half of the approximately 260 million inhabitants do not have a bank account, and for those who have a bank account the level of credit card and consumer credit options remain low. Worldwide, the number of people who do not have their own bank account is estimated at around 1.7 billion. In addition to Achiko’s current activities in Indonesia, Thailand and also the Philippines, Myanmar and Vietnam are among the most important target markets for regional expansion.

About Achiko

Achiko is the holding company of the Mimopay and Kryptonite businesses. The group has branch offices in Indonesia, Hong Kong, Singapore and South Korea.

Achiko has an experienced management team which has a track record building internationally recognised digital businesses and has also implemented them for companies like Disney, TimeWarner (now WarnerMedia), Samsung, Kakao, Leon Entertainment and many others.

Achiko has significant shareholders such as MNC Group, the largest media company in Southeast Asia. Its shareholder base also includes MOX, China’s largest venture capital company focussing exclusively on the mobile sector and one of the three largest global VC companies in this field.

Further information can be found on www.achiko.co

Press Contact

Germany and Austria
Axel Mühlhaus/ Dr. Sönke Knop
edicto GmbH
E: achiko@edicto.de
T: +49-69-90-55-05-51

Switzerland
Marcus Balogh
Farner Consulting Ltd.
E: achiko@farner.ch
T: +41-44-266-67-67

Disclaimer

This publication constitutes neither an offer to sell nor a solicitation to buy securities of the Company and it does not constitute a prospectus or a similar communication within the meaning of article 652a, 752 and/or 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. The listing is being made solely by means of, and on the basis of, the published securities prospectus (including any amendments thereto, if any). An investment decision regarding the securities of the Company should only be made on the basis of the securities prospectus. The prospectus is available free of charge in Switzerland, for 12 months following the first day of trading at ISP Securities AG, Bellerivestrasse 45, 8008 Zurich, Switzerland and at Achiko Limited, HLX Management Limited, 5th Floor, Anderson Square Building, 64 Shedden Road, P.O. Box 31325 SMB, Grand Cayman KY1-1206, Cayman Islands (email: investor@achiko.com).

This communication is being distributed only to, and is directed only at (i) persons outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person must not act or rely on this communication or any of its contents.

This communication does not constitute an “offer of securities to the public” within the meaning of Regulation 2017/1129 of the European Union (the “Prospectus Regulation”) of the securities referred to in it (the “Securities”) in any member state of the European Economic Area (the “EEA”). Any offers of the Securities to persons in the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus for offers of the Securities.

The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to US persons (as such term is defined in Regulation S under the Securities Act) unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The issuer of the securities has not registered, and does not intend to register, any portion of the securities in the United States, and does not intend to conduct a public offering of securities in the United States.

This communication is not for distribution in the United States, Canada, Australia or Japan. This communication does not constitute an offer to sell, or the solicitation of an offer to buy, securities in any jurisdiction.

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Related Links :

http://www.achiko.co

GrabKios and Porter Collaborate to Support Traditional Store through Digital Based Logistic Service.

GrabKios and Porter Collaborate to Support Traditional Store through Digital Based Logistic Service

JAKARTA, Indonesia, Nov. 8, 2019 /PRNewswire/ — Kudo, Indonesia’s startup company that serves digital service for Micro, Small and Medium-Sized Businesses has officially transformed into GrabKios, yesterday 7 November 2019. Located in SMESCO Indonesia building, this rebranding will increase service offerings for the biggest network of traditional stores in Indonesia, which includes phone credit and bills payment, gold saving, and package delivery.

GrabKios and Porter Collaborate to Support Traditional Store through Digital Based Logistic Service.


GrabKios and Porter Collaborate to Support Traditional Store through Digital Based Logistic Service.

GrabKios also announced strategic collaboration with their logistic partner, Porter. Porter is the first digital logistic company in Indonesia that participates in promoting traditional stores. Through this partnership with Porter, GrabKios stores can now operate as micro post offices where customers can send packages to anywhere in Indonesia from any GrabKios stores; GrabKios store owners also get up to 25% commission from each transaction. Other benefits for GrabKios stores when using Porter are:

  • Easy booking process via mobile application
  • Flexible and free pick up service
  • Insured Shipping

Nacitta Kanyandara, Head of Commercial and Business Expansion GrabKios, mentioned that: “Having Porter as GrabKios partner not only helping to boost the growth of traditional store in Indonesia but also lifting Indonesia’s economy starting from Micro, Small and Medium-Sized Business. In the future, we hope that GrabKios stores are able to send as well as receive packages so that store owners could have even more extra income from Porter service.”

Porter established Porter Agent program in mid-2019, partnering with Micro, Small and Medium-Sized Businesses across Indonesia. Porter Agent license is free of charge and store owners can easily sign up on the application that is available on Google Playstore. Store owners use the application to book package for delivery and schedule package pick up – making the delivery process that was formerly complex and manual become seamless and digitalized.

“We believe helping traditional stores could lift Indonesia’s economy as well as promoting the welfare of the business owners as we scale and grow together,” said Richard Cahyanto, CEO and Co-Founder Porter.

Based on Central Bureau of Statistics data in 2017, Ministry of Cooperatives and SMEs declared that micro business including traditional stores has contributed 46% to Indonesia’s economy gross domestic product. GrabKios and Porter hope to strengthen the growth of Indonesia’s economy through this collaboration which today has more than 10,000 agents across Indonesia and the number keeps growing everyday.

END

About Porter

Porter is digital logistic company that provides various logistic solutions for businesses in Indonesia from warehousing, line-haul to last-mile delivery. Porter’s mission is to promote economic equality in all parts of Indonesia by establishing an integrated logistic network across the country. Since 2015, Porter has been helping thousands business in Indonesia and collaborating together with more than 500 logistic vendor partners.

Website: www.porter.id 

Photo – http://photos.prnasia.com/prnh/20191108/2636332-1?lang=0

Cision

Amcor reports strong first quarter results and reaffirms outlook for fiscal 2020

CHICAGO and MELBOURNE, Australia, Nov. 8, 2019 /PRNewswire/ — Amcor plc (NYSE: AMCR, ASX: AMC) today reported results for the quarter ended 30 September 2019.

Q1 Fiscal 2020 Highlights*

  • GAAP net income of $66 million and GAAP Earnings Per Share (EPS) of 4.1 US cents per share;
  • Adjusted EBIT of $335 million, up 9.5% in constant currency terms;
  • Adjusted net income of $218 million and adjusted EPS of 13.4 US cents per share, both up 14.9% in constant currency terms;
  • Quarterly dividend of 11.5 US cents per share declared today (annualised yield of 4.7% as of 1 November 2019);
  • Repurchased 5.8 million shares in the quarter as the company commenced a $500 million buy-back;
  • Integration of the Bemis business progressing well; on track to deliver $180 million of pre-tax cost synergies over three years; and
  • Reaffirmed fiscal 2020 expectations for adjusted EPS growth of 5% to 10% in constant currency terms.

Amcor’s CEO Mr. Ron Delia said: “Amcor’s fiscal 2020 is off to a solid start with strong financial results in the first quarter in line with our expectations.  We are encouraged by the momentum in the base business, the initial synergy contribution from the Bemis acquisition, and continued progress on our sustainability agenda.  Amcor is on track to deliver on the expectations we set for fiscal 2020 of 5 to 10% EPS growth.”

“We continue to execute on the range of opportunities within our control to grow earnings and cash flow.  During the quarter, the underlying business performed well, with volume and sales growth in North America and Western Europe, strong operating cost performance and synergy benefits driving 15% earnings growth. The integration of the Bemis business has proceeded in line with expectations and keeps us on track to deliver $65 million of pre-tax cost synergies in fiscal 2020 and $180 million by the end of fiscal 2022.”

“We are making strong progress against our priorities to deliver organic growth in the underlying business, maximise the benefits from the Bemis acquisition and capitalise on the increasing need to develop packaging that best protects the environment.  With over $1 billion of annual cash flow to deploy across dividends, acquisitions, strategic investments and share buy-backs, Amcor is well positioned to continue generating strong returns for shareholders.”

Key financials*

GAAP results

1Q19

$ million

1Q20

$ million

Net sales

2,262.4

3,140.7

Net income

98.4

66.0

EPS (diluted US cents)

8.5

4.1

Adjusted non-GAAP results

Combined

1Q19

$ million

1Q20

$ million

Reported
variance%

Constant
Currency
variance%

Sales

3,223.5

3,140.7

(2.6)

(1.0)

EBIT

309.9

335.1

8.1

9.5

Net income

192.2

218.1

13.4

14.9

EPS (diluted US cents)

11.8

13.4

13.4

14.9

*GAAP results for the prior year reflects the legacy Amcor business only. Adjusted non-GAAP measures exclude items which management considers are not representative of ongoing operations.
Adjusted non-GAAP results for the prior period is based on unaudited combined financial information. Further details related to non-GAAP measures and reconciliations to GAAP measures can be
found under Presentation of non-GAAP financial information” and in the tables included in this release. All amounts referenced throughout this document are in US dollars unless otherwise indicated.

Presentation of prior year financial information

On 11 June 2019, the all-stock acquisition of Bemis Company, Inc. was completed.  Amcor was determined to be the acquirer for accounting purposes and as a result, financial information prepared under U.S. generally accepted accounting principles (“U.S. GAAP”) for periods prior to the completion date reflect the historical financial information for the legacy Amcor business only.

Financial information included in this release and described as “Combined” represents the addition of Amcor and Bemis individual results for the quarter ended 30 September 2018, after adjusting for the required divestiture of certain flexible plants in Europe and the United States. See “Basis of Preparation of Supplemental Unaudited Combined Financial Statements” in this release.

Bemis acquisition update

Integration of the Bemis business is progressing in line with expectations and resulted in approximately $10 million (pre-tax) of cost synergies in the first quarter. We remain on track to achieve the previously announced synergy benefits of $180 million (pre-tax) by the end of the 2022 fiscal year, with $65 million of those benefits expected in the 2020 fiscal year.

Cash restructuring and integration costs of approximately $18 million were incurred in the first quarter.  We continue to expect total cash integration costs of $150 million, with approximately $100 million expected to be incurred in the 2020 fiscal year.

Capital returns to shareholders

$500 million on-market share buy-back

Amcor repurchased 5.8 million shares in the first quarter as we commenced the $500 million share buy-back announced in August of 2019. The company expects to complete the buy-back by the end of the 2020 fiscal year.

Dividend

The Amcor Board of Directors today declared a quarterly cash dividend of 11.5 US cents per share. The dividend will be paid in US dollars to holders of Amcor’s ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 16.7 Australian cents which reflects the quarterly dividend of 11.5 US cents per share converted at an average AUD:USD exchange rate of 0.687 over the five trading days ended 1 November 2019.

The ex-dividend date will be 27 November 2019, the record date will be 28 November 2019 and the payment date will be 17 December 2019. Amcor has received a waiver from the ASX’s settlement operating rules, which will allow Amcor to defer processing conversions between its ordinary share and CDI registers from 27 November 2019 to 28 November 2019 inclusive.

First quarter financial results

Segment information

Combined 1Q19

1Q20

Adjusted financial result

Net sales

$m

EBIT

$m

EBIT /
Sales %

Net sales
$m

EBIT
$m

EBIT /
Sales %

EBIT / average
funds employed
%
(1)

Flexibles

2,496.7

271.6

10.9

2,430.8

290.5

12.0

14.4

Rigid Packaging

729.0

68.3

9.4

710.6

70.5

9.9

17.7

Other

(2.2)

(30.0)

(0.7)

(25.9)

Total Amcor

3,223.5

309.9

9.6

3,140.7

335.1

10.7

14.1

(1) Average funds employed includes shareholders equity and net debt, calculated using a four quarter average and LTM adjusted EBIT.

 

Flexibles

Combined
1Q19

$ million

1Q20

$ million

Reported
variance%

Constant
Currency
variance%

Adjusted Sales

2,496.7

2,430.8

(2.6)

(0.8)

Adjusted EBIT

271.6

290.5

7.0

8.5

Adjusted EBIT / sales % 

10.9

12.0


Net sales were broadly in line with the prior period’s combined sales in constant currency terms.  This includes higher sales and volumes across the Flexibles North America and Flexibles Europe, Middle East and Africa businesses, offset by lower sales and volumes in Flexibles Latin America and customer destocking in the Specialty Cartons business in Europe.

Adjusted EBIT of $290.5 million was 8.5% higher than last year’s combined adjusted EBIT in constant currency terms. Growth was driven by approximately $5 million of synergy benefits from the Bemis acquisition, a combination of strong operating cost performance across all businesses and year-over-year benefits from the normal time lag in recovering higher raw material costs.

Rigid Packaging

1Q19

$ million

1Q20

$ million

Reported
variance%

Constant
Currency
variance%

Sales

729.0

710.6

(2.5)

(1.8)

Adjusted EBIT

68.3

70.5

3.2

3.4

Adjusted EBIT / sales % 

9.4

9.9

Net sales were 0.9% lower than the prior period’s sales in constant currency terms and excluding an unfavourable impact from the pass through of raw material costs. Volumes in Latin America were in line with last year however mix was unfavourable and in North America, volumes were higher and mix was favourable.

Adjusted EBIT of $70.5 million was 3.4% higher than last year’s adjusted EBIT in constant currency terms which reflects higher volumes and plant cost improvements partly offset by unfavourable mix in Latin America.

Other

Adjusted EBIT

Combined
1Q19

$ million

1Q20

$ million

Equity in income (loss) of affiliated companies, net of tax 

4.2

2.3

General corporate expenses

(34.2)

(28.2)

Total Other

(30.0)

(25.9)

General corporate expenses of $28.2 million include $5 million of synergy benefits related to the Bemis acquisition.

Net interest and income tax expense

Net interest expense for the three months ended 30 September 2019 was $53.0 million. This includes benefits from lower borrowing costs and lower average debt levels and was in line with Amcor’s expectations for the quarter.

GAAP income tax expense for the three months ended 30 September 2019 was $21.8 million. Excluding amounts related to non-GAAP adjustments, adjusted income tax expense for the three months ended 30 September 2019 was $62.0 million representing an effective tax rate of 22.0%.

Cash flow and balance sheet

Adjusted cash outflow after dividends was $143.4 million and was in line with Amcor’s expectations for the quarter.

Net debt was $5,292 million at 30 September 2019. The decrease of $209 million compared with net debt at 30 June 2019 was mainly driven by the receipt of proceeds from the divestment of three legacy Bemis medical packaging plants in the United Kingdom and Ireland during the quarter.

Fiscal year 2020 outlook

Consistent with guidance provided in August 2019, the company continues to expect:

  • Adjusted constant currency EPS growth of approximately 5% to 10% compared with adjusted combined EPS of 58.2 US cents per share in the 2019 fiscal year.
    – Assuming fiscal 2019 average exchange rates, this implies a constant currency EPS range of 61.0 to 64.0 US cents per share.
    – This guidance range is inclusive of pre-tax synergy benefits associated with the Bemis acquisition of $65 million.
  • Cash flow after dividends of between $300 to $400 million, which is before deducting approximately $100 million of cash integration costs.
  • Also consistent with additional guidance provided for fiscal 2020, the company continues to expect:
    – General corporate expenses of $160 to $170 million in constant currency terms;
    – Net interest costs of $230 to $250 million in constant currency terms; and
    – Adjusted effective tax rate of 21% to 23%.

Conference call

Amcor is hosting a conference call with investors and analysts to discuss these results today, Thursday 7 November 2019 at 5.30 pm US Eastern Time / Friday 8 November 2019 at 9.30 am Australian Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the “Investors” section.

Those wishing to access the call should use the following toll-free numbers, with the Conference ID 8594848:

  • US & Canada – 866 211 4133
  • Australia – 1800 287 011
  • United Kingdom – 0800 051 7107
  • Singapore – 800 852 6506
  • Hong Kong – 800 901 563

From all other countries, the call can be accessed by dialling +1 647 689 6614 (toll).

A replay of the audiocast will also be available on www.amcor.com following the call.

About Amcor

Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal-care, and other products.  Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve value chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly light-weighted, recyclable and reusable, and made using a rising amount of recycled content. Around 50,000 Amcor people generate $13 billion in sales from operations that span about 250 locations in 40-plus countries. NYSE: AMCR; ASX: AMC

www.amcor.com I LinkedIn I Facebook I Twitter I YouTube

For further information please contact:

Investors
Tracey Whitehead
Head of Investor Relations
Amcor
+61 3 9226 9028
tracey.whitehead@amcor.com

Damien Bird
Vice President Investor Relations
Amcor
+61 3 9226 9070
damien.bird@amcor.com

Jay Koval
Vice President Investor Relations
Amcor
+1 224 313 7127
jay.koval@amcor.com

Media – Australia
James Strong
Citadel-MAGNUS
+61 448 881 174
jstrong@citadelmagnus.com
 

Media – Europe
Ernesto Duran
Head of Global Communications
Amcor
+41 78 698 69 40
ernesto.duran@amcor.com 

Media – North America
Daniel Yunger
Kekst CNC
+1 212 521 4879
daniel.yunger@kekstcnc.com

 

Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom

UK Overseas Company Number: BR020803

Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey

Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278

 Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Amcor plc (“Amcor”) has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “estimate,” “potential,” “outlook” or “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Such statements are based on the current expectations of the management of Amcor, as applicable, are qualified by the inherent risks and uncertainties surrounding future expectations generally, and actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of Amcor or any of its respective directors, executive officers or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause results and projections made herein to differ from expectations include, but are not limited to: failure to realize the anticipated benefits of the acquisition of Bemis Company, Inc. (“Bemis”), and the cost synergies related thereto;  failure to successfully integrate Bemis’ business and operations in the expected time frame or at all; integration costs related to the acquisition of Bemis; the loss of key customers or a reduction in production requirements of key customers; fluctuations in consumer demand patterns; significant competition in the industires and regions in which Amcor operates; Amcor’s inability to expand its business; the potential loss of intellectual property rights; price fluctuations or shortages in the availability of raw materials, energy and other inputs; disruptions to production and supply; costs and liabilities related to current and future environmental, health and safety regulations; the possibility of labor disputes; uncertainties related to future dividend payments and share buy-backs; fluctuations in our credit ratings; other risks related to the business, including the effects of industry, economic or political conditions, legal and regulatory proceedings, interest rates, exchange rates and international operations; disruptions to the financial or capital markets; and other risks and uncertainties identified from time to time in Amcor’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including without limitation, those described under Item 1A. “Risk Factors” of Amcor’s annual report on Form 10-K and in Amcor’s quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

On-market share buy-back

Under the buy-back, any repurchases will be effected in accordance with Amcor plc’s general authority to repurchase shares and CDIs established and in accordance with all relevant legal and regulatory requirements. The company may not complete the buy-back on the estimated timeline, is not obliged to make any repurchases and the buy-back may be suspended for periods or discontinued at any time.

Amcor and Bemis combination

On 11 June 2019, the all-stock acquisition of Bemis Company, Inc. was completed under the terms of the agreement announced on 6 August 2018. Pursuant to that agreement, Bemis shareholders received 5.1 Amcor shares for each Bemis share held and Amcor Limited shareholders received one Australian Securities Exchange listed CHESS Depositary Instrument for each share held.  As a result of these share exchanges, the assets of both Amcor Limited and Bemis were merged into Amcor, and Amcor was determined to be the acquirer for accounting purposes.  As a result, the historical financial statements of Amcor, prepared under U.S. generally accepted accounting principles (“U.S. GAAP”), for the periods prior to the combination are considered to be the historical financial statements of Amcor Limited.

Basis of Preparation of Supplemental Unaudited Combined Financial Information

In order to provide the most meaningful comparison of results of operations and results by reporting segment, the Company has included Supplemental Unaudited Combined Financial Information, which combines Amcor and Bemis historical operating results and has been prepared to illustrate the effects of the combination, assuming the combination had been consummated on 1 July 2018. The Supplemental Unaudited Combined Financial Information includes adjustments for (1) accounting policy alignment, (2) elimination of the effect of events that are directly attributable to the combination (e.g., one-time transaction costs), (3) elimination of the effect of consummated and identifiable divestitures agreed to with certain regulatory agencies as a condition of approval for the transaction, and (4) items which management considers are not representative of ongoing operations. The Supplemental Unaudited Combined Financial Information does not include the preliminary purchase accounting impact, which has not been finalised at the date of the release and does not reflect any cost or growth synergies that Amcor may achieve as a result of the transaction, future costs to combine the operations of Amcor and Bemis or the costs necessary to achieve any cost or growth synergies. The Supplemental Unaudited Combined Financial Information has been presented for informational purposes only and is not necessarily indicative of what Amcor’s results of operations actually would have been had the combination been completed as of 1 July 2018, nor is it indicative of the future operating results of Amcor. The Supplemental Unaudited Combined Financial Information should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Amcor and Bemis periodic reports, as available.  For avoidance of doubt, the Supplemental Unaudited Combined Financial Information is not intended to be, and was not, prepared on a basis consistent with the unaudited condensed combined financial information in Amcor’s Registration Statement on Form S-4 filed March 25, 2019 with the SEC (the “S-4 Pro Forma Statements”), which provides the pro forma financial information required by Article 11 of Regulation S-X. For instance, the Supplemental Unaudited Combined Financial Information does not give effect to the combination under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 805, Business Combinations (“ASC Topic 805”), with Amcor treated as the legal and accounting acquirer. The Supplemental Unaudited Combined Financial Information has not been adjusted to give effect to pro forma events that are (1) directly attributable to the combination, (2) factually supportable, or (3) expected to have a continuing impact on the combined results of Amcor and Bemis. More specifically, other than excluding Amcor’s divested plants and one-time transaction costs, the Supplemental Unaudited Combined Financial Information does not reflect the types of pro forma adjustments set forth in S-4 Pro Forma Statements. Consequently, the Supplemental Unaudited Combined Financial Information is intentionally different from, but does not supersede, the pro forma financial information set forth in S-4 Pro Forma Statements.

Presentation of non-GAAP financial information

Included in this announcement are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, adjusted cash flow after dividends, net debt and the Supplemental Unaudited Combined Financial Information including adjusted earnings before interest, tax, amortisation and depreciation, adjusted earnings before interest and tax, and adjusted earnings per share and any ratios related thereto.  In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. While not all inclusive, examples of these items include:

  • material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations and any other qualifying costs related to the restructuring plan;
  • earnings from discontinued operations and any associated profit on sale of businesses or subsidiaries;
  • consummated and identifiable divestitures agreed to with certain regulatory agencies as a condition of approval for Amcor’s acquisition of Bemis;
  • impairments in goodwill and equity method investments;
  • material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees and integration costs;
  • material purchase accounting adjustments for inventory;
  • amortization of acquired intangible assets from business combinations;
  • impact of economic net investment hedging activities not qualifying for hedge accounting;
  • payments or settlements related to legal claims; and
  • impacts from hyperinflation accounting.

Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the company’s reporting segments and certain of the measures are used as a component of Amcor’s board of directors’ measurement of Amcor’s performance for incentive compensation purposes. Amcor also evaluates performance on a constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the rates in effect for the comparable prior-year period. In order to compute constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current-year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant items without unreasonable effort.  These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets and certain tax related events. These items are uncertain, depend on various factors and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.

U.S. GAAP condensed consolidated statement of income

($ million)

2018

2019

Net sales

2,262.4

3,140.7

Cost of sales

(1,868.6)

(2,594.0)

Gross profit

393.8

546.7

Selling, general and administrative expenses

(198.3)

(371.9)

Research and development expenses

(14.2)

(25.9)

Restructuring and related expenses

(12.5)

(17.6)

Other income, net

8.7

9.3

Operating income

177.5

140.6

Interest expense, net

(53.4)

(53.0)

Other non operating income (loss), net

(2.6)

7.6

Income from continuing operations before income taxes and equity in income (loss) of affiliated companies

121.5

95.2

Income tax expense

(21.7)

(21.8)

Equity in income (loss) of affiliated companies, net of tax

1.7

2.3

Income from continuing operations

101.5

75.7

Income/(loss) from discontinued operations, net of tax(1)

(7.7)

Net income

101.5

68.0

Net (income) loss attributable to non-controlling interests

(3.1)

(2.0)

Net income attributable to Amcor plc

98.4

66.0

USD:EUR FX rate

0.8599

0.8991

Basic earnings per share attributable to Amcor

8.5

4.1

Diluted earnings per share attributable to Amcor

8.5

4.1

Weighted average number of shares outstanding – Basic

1,154.0

1,623.2

Weighted average number of shares outstanding – Diluted

1,158.7

1,626.1

(1) Represents loss generated from three former Bemis plants located in the United Kingdom and Ireland from 1 July 2019 to 8 August 2019.  Amcor announced the 
 disposal of these assets to Kohlberg & Company on 25 June 2019. This divestment was required by the European Commission at the time of approving Amcor’s
 acquisition of Bemis on 11 February 2019.

U.S. GAAP condensed consolidated statement of cash flows

Three months ended
30 September

($ million) 

2018

2019

Net income

101.5

68.0

Depreciation, amortisation and impairment

86.0

184.3

Changes in working capital

(520.0)

(348.2)

Other non-cash items

26.7

6.5

Purchase of property, plant and equipment and other intangible assets

(112.8)

(115.4)

Proceeds from sale of property, plant and equipment and other intangible assets

7.8

2.4

Proceeds from divestiture

397.1

Net debt (repayments)/proceeds

197.7

(237.6)

Dividends paid non-controlling interests

(2.1)

(0.5)

Share buy-back

(58.3)

Other, including effects of exchange rate on cash and cash equivalents

(51.4)

(19.7)

Net decrease in cash and cash equivalents

(266.6)

(121.4)

Cash and cash equivalents at the beginning of the period

620.8

601.6

Cash and cash equivalents at the end of the period

354.2

480.2

U.S. GAAP condensed consolidated balance sheet

($ million)

30 June 2019

30 September 2019

Cash and cash equivalents

601.6

480.2

Trade receivables, net

1,864.3

1,789.5

Inventories, net

1,953.8

1,874.4

Assets held for sale(1)

416.1

Property, plant and equipment, net

3,975.0

3,869.0

Goodwill and other intangible assets, net

7,462.8

7,240.3

Other assets

891.4

1,477.3

Total assets

17,165.0

16,730.7

Trade payables

2,303.4

1,891.9

Short-term debt and current portion of long term debt

794.2

317.8

Long-term debt, less current portion

5,309.0

5,454.8

Liabilities held for sale(1)

20.9

Accruals and other liabilities

3,062.8

3,574.8

Shareholders equity

5,674.7

5,491.4

Total liabilities and shareholders equity

17,165.0

16,730.7

(1) Represents the net asset value related to three former Bemis plants located in the United Kingdom and Ireland. Amcor announced the disposal of these assets to 
 Kohlberg & Company on 25 June 2019 and the transaction closed on 8 August 2019. This divestment was required by the European Commission at the time of
 approving Amcor’s acquisition of Bemis on 11 February 2019.

Reconciliation of non-GAAP measures

Reconciliation of adjusted Earnings before interest and tax (EBIT), Net income and Earnings per share (EPS)

Three months ended 30
September 2018

Three months ended 30
September 2019

($ million)

EBIT

Net
income

EPS
(diluted
US
cents)

EBIT

Net
income

EPS
(diluted
US
cents)

Net income attributable to Amcor

98.4

98.4

8.5

66.0

66.0

4.1

Net income attributable to non controlling interests

3.1

2.0

(Income) / loss from discontinued operations

7.7

7.7

0.4

Tax expense

21.7

21.8

Interest expense, net

53.4

53.0

EBIT, Net income and EPS

176.6

98.4

8.5

150.5

73.7

4.5

Material restructuring and related costs

10.1

10.1

0.9

17.3

17.3

1.1

Impairment in equity method investments

2.5

2.5

0.2

Net investment hedge not qualifying for hedge accounting

2.7

2.7

0.2

Material transaction and other costs(1)

5.3

5.3

0.5

83.6

83.6

5.2

Material impact of hyperinflation

9.4

9.4

0.8

15.4

15.4

0.9

Amortisation of acquired intangibles

4.8

4.8

0.4

68.3

68.3

4.2

Tax effect of above items

(5.2)

(0.4)

(40.2)

(2.5)

Adjusted EBIT, Net income and EPS

211.4

128.0

11.1

335.1

218.1

13.4

Combined Adjustments(2)

98.5

64.2

0.7

Combined Adjusted EBIT, Net Income EPS

309.9

192.2

11.8

335.1

218.1

13.4

(1) Includes costs associated with the Bemis acquisition.

(2) Includes Bemis and remedy adjustments. EPS also adjusts for new shares issued to complete the Bemis combination.

Reconciliation of adjusted EBIT by reporting segment

Three months ended 30 September 2018

Three months ended 30 September 2019

($ million)

Combined
Flexibles

Rigid
Packaging

Combined
Other(1)

Total
Combined

Flexibles

Rigid
Packaging

Other(1)

Total

Net income attributable to Amcor

98.4

66.0

Net income attributable to non
controlling interests

3.1

2.0

(Income) / loss from discontinued
operations

7.7

Tax expense

21.7

21.8

Interest expense, net

53.4

53.0

EBIT

151.6

49.9

(24.9)

176.6

142.7

49.8

(42.0)

150.5

Material restructuring and related
costs

10.1

10.1

13.7

3.3

0.3

17.3

Impairment in equity method
investments

2.5

2.5

Net investment hedge not qualifying for hedge accounting

2.7

2.7

Material transaction and other costs

5.3

5.3

67.1

0.7

15.8

83.6

Material impact of hyperinflation

2.5

6.9

9.4

15.4

15.4

Amortisation of acquired intangibles

3.4

1.4

4.8

67.0

1.3

68.3

Adjusted EBIT

157.5

68.3

(14.4)

211.4

290.5

70.5

(25.9)

335.1

Combined Adjustments(2)

114.1

(15.6)

98.5

Combined Adjusted EBIT

271.6

68.3

(30.0)

309.9

290.5

70.5

(25.9)

335.1

Adjusted EBIT / sales %

10.9

9.4

9.6

12.0

9.9

10.7

Average funds employed(3)

8,641

1,765

(91)

10,315

Adjusted EBIT / average funds employed %

14.4

17.7

14.1

(1) Other includes equity in income (loss) of affiliated companies, net of tax and general corporate expenses.

(2) Includes Bemis and remedy adjustments.

(3) Average funds employed includes shareholders equity and net debt, calculated using a 4 quarter average and LTM adjusted EBIT.

Reconciliation of adjusted free cash flow and cash flow after dividends

($ million) 

Three months ended
30 September 2018(1)

Three months ended
30 September 2019

Net cash provided from operating activities

(305.8)

(89.4)

Net capital expenditure

(112.8)

(115.4)

Material transaction related costs(2)

61.9

Adjusted free cash flow (before dividends)(3)

(418.6)

(142.9)

Dividends

(2.1)

(0.5)

Adjusted cash flow after dividends

(420.7)

(143.4)

(1) Adjusted financial result of the legacy Amcor business from 1 July 2018 to 30 September 2018.

(2) Transaction costs related to the Bemis acquisition.

(3) Adjusted free cash flow excludes material transaction related costs because these cash flows are not considered to be directly related to the underlying business.

Reconciliation of net debt

($ million)

30 June 2019

30 September 2019

Cash and cash equivalents

(601.6)

(480.2)

Short term debt

788.8

312.8

Current portion of long term debt

5.4

5.0

Long term debt excluding current portion of long term debt

5,309.0

5,454.8

Net debt

5,501.6

5,292.4

Supplemental Unaudited Combined Amcor and Bemis 2018 Financial Information for the three months ended 30 September 2018

The Supplemental Unaudited Combined Financial Information presented for the three months ended 30 September 2018 reflects estimates for Amcor
as if the Bemis acquisition took effect on 1 July 2018.

Key combined financial measures and ratios(1)

($ million)

Amcor(2)

Bemis(3)

Adjustments(4)

Combined
results

Adjusted sales

2,260.6

1,019.4

(56.5)

3,223.5

Adjusted EBIT

211.4

112.1

(13.6)

309.9

Adjusted net income

128.0

76.8

(12.6)

192.2

(1) Further details related to non-GAAP measures and reconciliations are presented above.

(2) Adjusted financial result of the legacy Amcor busines from 1 July 2018 to 30 September 2018.

(3) Adjusted financial result of the legacy Bemis business from 1 July 2018 to 30 September 2018.

(4) Elimination of financial results attributable to flexible packaging plants in Europe and the United States which were required to be sold in order to secure anti-trust
 approval for the Bemis acquisition.

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Cision

Orisun Acquisition Corp. Announces that Common Stock, Warrants and Rights to Commence Separate Trading on or about November 7, 2019

NEW YORK, Nov. 8, 2019 /PRNewswire/ — Orisun Acquisition Corp. (“the Company” or “ORSN”) (NASDAQ:ORSNU), today announced that holders of the Company’s units may elect to separately trade the common stock, warrants and rights included in its units commencing on or about November 7, 2019.

The common stock, warrants and rights will trade on The NASDAQ Capital Market (“NASDAQ”) under the symbols ORSN, ORSNW and ORSNR, respectively. Units not separated will continue to trade on NASDAQ under the symbol ORSNU. After separation, the common stock, warrants and rights may be recombined to create units.

About Orisun Acquisition Corp.

Orisun Acquisition Corp. is a blank check company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intend to focus on operating businesses in and around the high-tech industry in the United States.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the potential for identification and acquisition of a prospective target business, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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Tickmill_Logo

Tickmill Group Reports Strong Financial Performance in 9 Months of 2019

LONDON, Nov. 8, 2019 /PRNewswire/ — Tickmill Group once again surpasses previous financial records, posting growth in key financial metrics.

The Tickmill Group smashes expectations by surpassing previous financial records - posting growth in all key financial metrics!


The Tickmill Group smashes expectations by surpassing previous financial records – posting growth in all key financial metrics!

The unaudited consolidated net profit for the first 9 months of 2019 came in at $29.46 million and the Company is projecting to reach $35 million net profit for the calendar year. In comparison, 2018’s consolidated net profit stood at $19.67 million. Tickmill Group attributes its strong profitability figures to organic growth in key markets, cost optimization and investment into new technology, achieving increased efficiency through automation.

2019 heralds another increase in trading volume, clocking up $1.09 trillion in the first 9 months of the year compared to previous records of $967 billion in 9 months of 2018, up 13.1% (YoY). Despite the FX markets experiencing low volatility throughout 2019, the Company projects to reach trading volume of $1.45$1.50 trillion in 2019 compared to $1.37 trillion that it reached in 2018.

Moving on to the average number of trades executed on a monthly basis, Tickmill Group executed 6.74 million trades (Jan to Sep 2019) compared to an average of 6.13 million in the first 9 months of 2018, up 9.9% (YoY).

In Q3, Tickmill Group also increased Tickmill UK Ltd’s share capital to $8.33 million by injecting an additional $4.32 million and raising the total net capital base to $15.90 million (as of September 30, 2019). Although the Company estimates that there will be no material effects from Brexit, this capital injection serves to provide Tickmill UK Ltd with additional protection from any Brexit-related adverse effects.

Overall the group’s net capital base stood at $66.43 million as of September 30, 2019, compared to $40.71 million at the end of 2018.

Duncan Anderson, CEO of Tickmill UK Ltd, commented that “We are pleased to see our group continuing on strong growth trajectory and delivering record results across the board. As a group, we’ve been looking at various acquisition opportunities in the technology front throughout 2019, so that we could partially deploy Tickmill’s extensive capital base and increase our shareholder value.”

He went on to say that: “Our strong capital base gives Tickmill also some great opportunities to diversify our offering by introducing new products and platforms over the coming months and thereby diversifying our revenue streams.”

ABOUT TICKMILL

Tickmill is a Forex and CFD trading services provider offering first-class trading products with competitive conditions and ultra-fast execution. Tickmill UK Ltd is authorized and regulated by the UK FCA. Tickmill Europe Ltd is authorized and regulated by the CySEC. Tickmill Ltd Seychelles is authorized and regulated by the Seychelles FSA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% and 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd, respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

For more information, please visit: http://www.tickmill.co.uk

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Cision

IT Tech Packaging, Inc. Announces Third Quarter 2019 Financial Results

Continued Improvement in Margin and Profitability, Strong Growth in Sales Volume, Net Income and Operating Income, with Increases of 53%, 266% and 313%, Respectively, in Q3 2019, Reached the Highest Level Since Q4 2016

Company to Host Earnings Conference Call on Friday, November 8, 2019, at 8:00 am EST

BAODING, China, Nov. 8, 2019 /PRNewswire/ — IT Tech Packaging, Inc. (NYSE MKT: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the third quarter ended September 30, 2019.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, “We are pleased to report solid financial results for the third quarter of 2019 with 53.2% increases in sales volume across all three product categories, which reached the highest level since the fourth quarter of 2016. With continued turnarounds and recovery of the operation, we grew our top line by 23.3% and delivered 313.3% growth in operating income, in the third quarter of 2019, and tissue paper and offset printing paper products generated $1.6 million and $7.0 million revenues, respectively. With 326.8% and 266.4% growth in overall gross profit and net income, respectively, our margins and profitability improved significantly in the recorded quarter thanks to continued increase in sales volume for all products as well as decreases in cost of materials and operating expenses. Looking ahead, we expect that the stable order trend will continue to carry over into the rest of the year and 2020.”

Third Quarter 2019 Unaudited Financial Results

 For the Three Months Ended September 30,

 ($ millions)

2019

2018

 % Change

 Revenues

32.94

26.72

23.3%

 Regular Corrugating Medium Paper (“CMP”)*

19.33

19.22

0.6%

 Light-Weight CMP**

5.02

6.85

-26.8%

 Offset Printing Paper

7.04

0.66

973.5%

 Tissue Paper Products

1.55

0.00

NM

 Gross profit

5.37

1.26

326.8%

 Gross profit (loss) margin

16.3%

4.7%

11.6 pp***

 Regular Corrugating Medium Paper (“CMP”)*

14.7%

4.9%

9.8 pp***

 Light-Weight CMP**

15.9%

5.1%

10.8 pp***

 Offset Printing Paper

33.3%

-3.3%

36.6 pp***

 Tissue Paper Products

-38.9%

NM

NM

 Operating income (loss)

3.35

-1.57

313.3%

 Net income

2.34

-1.40

266.4%

 EBITDA

7.11

1.89

276.2%

 Basic and Diluted earnings (loss) per share

0.11

-0.07

257.1%

 * Products from PM6

 ** Products from PM1

 *** pp represents percentage points

  • Total sales volume of CMP, offset printing paper and tissue paper products increased by 53.2% to 72,246 tonnes, reaching record highs since the fourth quarter 2016
  • Revenue increased by 23.3% to $32.9 million, primarily attributable to increase in sales volume of corrugating medium paper (“CMP”), offset printing paper and tissue paper products, partially offset by the decreases in average selling prices (ASP) for both CMP and offset printing paper
  • Gross profit increased significantly by 326.8% to $5.4 million. Gross margin increased by 11.6 percentage point to 16.3%. The increase in gross profit were primarily due to the decrease in average cost of sales per tonne for CMP and offset printing paper, which was attributable to the lower average unit purchase costs of recycled paper board and recycled white scrap paper used as raw material for CMP products and offset printing paper products. Gross margins over regular CMP, Light-Weight CMP products and offset printing paper product increased to 14.7%, 15.9% and 33.3%, respectively
  • Income from operations increased by 313.3% to $3.3 million, compared to loss from operations of $1.6 million for the same period of last year
  • Net income was $2.3 million, an increase of 3.7 million, or 266.4%, from net loss of $1.4 million for the same period of last year. Earnings per basic and diluted share was $0.11, compared to loss per basic and diluted share of $0.07, for the same period of last year
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased by 276.2% to $7.1 million

Revenue

For the third quarter of 2019, total revenue increased by $6.2 million, or 23.3%, to $32.9 million from $26.7 million for the same period of last year. The increase in total revenue was mainly due to increases in sales volume of CMP products, offset printing paper and tissue paper products, partially offset by the decreases in average selling prices (ASP) for both CMP products and offset printing paper. Total sales volume of CMP, offset printing paper and tissue paper products during the period increased by 53.2% to 72,246 tonnes, compared to 47,149 tonnes sold during the same period of 2018.

The following table summarizes revenue, volume and ASP by product for the third quarter of 2019 and 2018, respectively:

2019

2018

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Regular CMP

19,332

47,487

407

19,219

33,928

566

 Light-Weight CMP

5,017

12,721

394

6,850

12,319

556

 Offset Printing Paper

7,038

10,198

690

656

902

727

 Tissue Paper Products

1,551

1,840

843

 Total

32,938

72,246

456

26,724

47,149

567

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by $1.7 million, or 6.6%, to $24.3 million and accounted for 73.9% of total revenue for the third quarter of 2019, compared to $26.1 million, or 97.5% of total revenue, for the same period of last year. The Company sold 60,208 tonnes of CMP at an ASP of $404/tonne in the third quarter of 2019, compared to 46,247 tonnes at an ASP of $564/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP slightly increased by $0.1 million, or 0.6%, to $19.3 million, resulting from sales of 47,487 tonnes at an ASP of $407/tonne, during the third quarter of 2019, compared to revenue of $19.2 million, resulting from sales of 33,928 tonnes at an ASP of $566/tonne, for the same period of last year. Revenue from light-weight CMP decreased by $1.8 million, or 26.8%, to $5.0 million, resulting from sales of 12,721 tonnes at an ASP of $394/tonne for the third quarter of 2019, compared to revenue of $6.8 million, resulting from sales of 12,319 tonnes at an ASP of $556/tonne for the same period of last year.

Revenue from offset printing paper increased by $6.4 million, or 973.5%, to $7.0 million for the third quarter of 2019, from $0.7 million for the same period of last year. The Company sold 10,198 tonnes of offset printing paper at an ASP of $690/tonne in the third quarter of 2019, compared to 902 tonnes at an ASP of $727/tonne in the same period of last year.

We produce tissue paper products, including toilet paper, boxed and soft-packed tissues, handkerchief tissues and paper napkins, as well as bathroom and kitchen paper towels that are marketed and sold under the Dongfang Paper brand. We launched the complete line of processing base tissue paper with designated capacity of 15,000 tonnes/year, and producing finished tissue paper products with designated capacity of 10,000 tonnes/year. With the launch of PM8 in December 2018, the production and sales of tissue paper products have increased steadily in 2019. Revenue from tissue paper products was $1.6 million, 4.7% of the total revenues and resulting from sales of 1,840 tonnes at an ASP of $843/tonne, for the third quarter of 2019.

Gross Profit and Gross Margin

Total cost of sales increased by $2.1 million, or 8.2%, to $27.6 million for the third quarter of 2019 from $25.5 million for the same period of last year. Overall cost of sales per tonne was $382 for the third quarter of 2019, compared to $540 for the same period of last year. The decrease in overall cost of sales per tonne was mainly due to decreased material costs, especially lower average unit purchase costs of recycled paper board and recycled white scrap paper, which decreased by 44.4% and 44%, respectively, in the third quarter of 2019. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $347, $332, $461, and $1,171, respectively, for the third quarter of 2019, compared to $539, $528, $751 and $nil, respectively, for the same period of last year.

Gross profit increased by $4.1 million, or 326.8%, to $5.4 million for the third quarter of 2019 from $1.3 million for the same period of last year. Overall gross margin was 16.3% for the third quarter of 2019, compared to 4.7% for the same period of last year. The increase in gross profit and gross margin were mainly related to the decrease in average cost of sales per tonne for CMP and offset printing paper, which was attributable to the lower average unit purchase costs of recycled paper board and recycled white scrap paper used as raw material for CMP products and offset printing paper products. Gross margins for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were 14.7%, 15.9%, 33.3%, and negative 38.9%, respectively, for the third quarter of 2019, compared to 4.9%, 5.1%, negative 3.3%, and nil, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) decreased by $0.8 million, or 28.5%, to $2.0 million for the third quarter of 2019 from $2.8 million for the same period of last year. The decrease was mainly related to less repair and maintenance costs incurred for the third quarter of 2019 as all of our production resumed since the first quarter of 2019, compared to the same period in 2018 that production was suspended and additional repair and maintenance costs incurred. As a percentage of total revenue, SG&A was 6.1% for the third quarter of 2019, compared to 10.6% for the same period of last year.

Income (loss) from Operations

Income from operations was $3.3 million for the third quarter of 2019, compared to loss from operations of $1.6 million for the same period of last year. The increase in income from operations was primarily due to substantial increase in gross profit combined with decreased SG&A expenses this year as discussed above. Operating margin was 10.2% for the third quarter of 2019, compared to operating loss margin of 5.9% for the same period of last year.

Net Income

Net income was $2.3 million, or $0.11 per basic and diluted share, for the third quarter of 2019, compared to net loss of $1.4 million, or $0.07 loss per basic and diluted share, for the same period of last year.

EBITDA

EBITDA was $7.1 million for the third quarter of 2019, compared to $1.9 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA
(Amounts expressed in US$)

 For the Three Months Ended September 30,

 ($ millions)

2019

2018

 Net income (loss)

2.34

-1.40

 Add: Income tax

0.77

-0.54

 Net interest expense

0.24

0.37

 Depreciation and amortization

3.76

3.46

 EBITDA

7.11

1.89

Nine Months Ended September 30, 2019 Financial Results

 For the Nine Months Ended September 30,

 ($ millions)

2019

2018

 % Change

 Revenues

84.01

61.76

36.0%

 Regular Corrugating Medium Paper (“CMP”)*

52.44

43.43

20.7%

 Light-Weight CMP**

13.69

13.10

4.5%

 Offset Printing Paper

13.27

5.21

154.7%

 Tissue Paper Products

4.60

0.00

NM

 Digital Photo Paper

0.00

0.01

NM

 Gross profit

8.09

3.58

126.0%

 Gross margin

9.6%

5.8%

-3.8 pp

 Regular Corrugating Medium Paper (“CMP”)*

8.4%

6.6%

-1.8 pp

 Light-Weight CMP**

7.1%

5.1%

-2.0 pp

 Offset Printing Paper

29.8%

0.8%

29.0 pp

 Tissue Paper Products

-27.0%

N/A

NM

 Operating income (loss)

0.71

-6.10

111.6%

 Net income (loss)

0.07

-5.38

101.2%

 EBITDA

12.55

5.05

148.5%

 Basic and Diluted earnings per share

0.003

-0.25

101.2%

 * Products from PM6

 ** Products from PM1

 *** pp represents percentage points

Revenue

For the nine months ended September 30, 2019, total revenue increased by $22.2 million, or 36%, to $84 million from $61.8 million for the same period of last year. The increase in total revenue was mainly due to increase in sales volume of CMP, offset printing paper and tissue paper products, which was partially offset by the decrease in ASP of CMP and offset printing paper. Total sales volume of CMP, offset printing paper and tissue paper products during the period increased by 72% to 177,956 tonnes, compared to 103,446 tonnes sold during the same period of 2018.

The following table summarizes revenue, volume and ASP by product for the nine months ended September 30, 2019 and 2018, respectively:

 For the Nine Months Ended September 30,

2019

2018

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Revenue
($’000)

 Volume
(tonne)

 ASP
($/tonne)

 Regular CMP

52,440

121,774

431

43,434

74,141

586

 Light-Weight CMP

13,693

32,728

418

13,101

23,114

567

 Offset Printing
Paper

13,275

18,757

708

5,212

6,191

842

 Tissue Paper
Products

4,600

4,697

979

 NM

 Total

84,008

177,956

472

61,761

103,446

597

Revenue from CMP, including both regular CMP and light-Weight CMP increased by $9.6 million, or 17%, to $66.1 million, and accounted for 78.7% of total revenue for the nine months ended September 30, 2019, compared to $56.5 million, or 91.6% of total revenue for the same period of last year. The Company sold 154,502 tonnes of CMP at an ASP of $428/tonne in the nine months ended September 30, 2019, compared to 97,255 tonnes at an ASP of $581/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by $9 million, or 20.7%, to $52.4 million, resulting from sales of 121,774 tonnes at an ASP of $431/tonne during the nine months ended September 30, 2019, compared to revenue of $43.4 million, resulting from sales of 74,141 tonnes at an ASP of $586/tonne for the same period of last year. Revenue from light-weight CMP increased by $0.6 million, or 4.5%, to $13.7 million, resulting from sales of 32,728 tonnes at an ASP of $418/tonne for the nine months ended September 30, 2019, compared to revenue of $13.1 million, resulting from sales of 23,114 tonnes at an ASP of $567/tonne for the same period of last year.

Revenue from offset printing paper increased by $8.1 million, or 154.7%, to $13.3 million for the nine months ended September 30, 2019 from $5.2 million for the same period of last year. The Company sold 18,757 tonnes of offset printing paper at an ASP of $708/tonne in the nine months ended September 30, 2019, compared to 6,191 tonnes at an ASP of $842/tonne in the same period of last year.

Revenue from tissue paper products was $4.6 million for the nine months ended September 30, 2019, resulting from sales of 4,697 tonnes of tissue paper products at an ASP of $979/tonne in the nine months ended September 30, 2019.

Gross Profit and Gross Margin

Total cost of sales increased by $17.8 million, or 30.5%, to $75.9 million for the nine months ended September 30, 2019 from $58.2 million for the same period of last year. The increase in overall cost of sales was mainly a result of the increase in sales volume, partially offset by the decrease of cost of recycled paper board and recycled white scrap paper. Average cost of sales per tonne for regular CMP, light-weight CMP and offset printing paper decreased by 28%, 27.7% and 40.5%, respectively. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, tissue paper products were, $394, $389, $497, and $1,244, respectively, for the nine months ended September 30, 2019, compared to $547, $538, $835, and $nil, respectively, for the same period of last year.

Total gross profit increased by $4.5 million, or 126%, to $8.1 million for the nine months ended September 30, 2019 from $3.6 million for the same period of last year. The increase was mainly due to (i) the increase in quantities sold of CMP, offset printing paper, tissue paper and (ii) the decrease of material purchase price of CMP and offset printing paper, partially offset by the decrease of ASP of these products. Overall gross margin decreased by 3.8 percentage points to 9.6% for the nine months ended September 30, 2019 from 5.8% for the same period of last year. Gross margins for regular CMP, light-weight CMP, offset printing paper and tissue paper products were 8.4%, 7.1%, 30.0% and negative 27.0%, respectively, for the nine months ended September 30,2019, compared to 6.6%, 5.1%, 0.8%, and nil, respectively, for the same period of last year.

Selling, General and Administrative Expenses

SG&A expenses decreased by $2.3 million, or 23.3%, to $7.4 million for the nine months ended September 30, 2019 from $9.7 million for the same period of last year. As a percentage of total revenue, SG&A expenses was 8.8% for the nine months ended September 30, 2019, compared to 15.7% for the same period of last year.

Income from Operations

Income from operations was$0.7 million for the nine months ended September 30, 2019, compared to loss from operations of $6.1 million for the same period of last year. Operating margin was 0.8% for the nine months ended September 30, 2019, compared to operating loss margin of 9.9% for the same period of last year.

Net Income

Net Income increased by $5.4 million, or 101.2%, to $0.07 million, or earnings per basic and diluted share of $0.003, for the nine months ended September 30, 2019. This compared to net loss of $5.4 million, or loss per basic and diluted share of $0.25, for the same period of last year.

EBITDA

EBITDA increased by $7.5 million, or 148.5%, to $12.6 million for the nine months ended September 30, 2019 from $5.1 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission (“SEC”). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company’s presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA
(Amounts expressed in US$)

 For the Nine Months Ended September 30,

 ($ millions)

2019

2018

 Net income (loss)

0.07

-5.38

 Add: Income tax

0.21

-1.63

 Net interest expense

0.73

1.18

 Depreciation and amortization

11.55

10.87

 EBITDA

12.55

5.05

Cash, Liquidity and Financial Position

As of September 30, 2019, the Company had cash and bank balances, short-term debt (including short-term bank loans, current portion of long-term loans from credit union and related party loans) and long-term debt (including loans from credit union and related party loans) of $4.8 million, $7.4 million and $8.8 million, respectively, compared to $8.5 million, $14.3 million, and $6.9 million, respectively, at the end of 2018.

Net accounts receivable was $2.8 million as of September 30, 2019, compared to $2.9 million as of December 31, 2018. Net inventory was $7.0 million as of September 30, 2019, compared to $2.9 million at the end of 2018. As of September 30, 2019, the Company had current assets of $20.6 million and current liabilities of $61.0 million, resulting in a working capital deficit of $40.4 million. This compared to current assets of $24.2 million, current liabilities of $29.6 million and working capital deficit of $5.5 million at the end of 2018.

Net cash provided by operating activities was $4.6 million for the nine months ended September 30, 2019, compared to net cash provided by operating activities of $1.8 million for the same period of last year. Net cash used in investing activities was $6.4 million for the nine months ended September 30, 2019, compared to $1.8 million for the same period of last year. Net cash used in financing activities was $5.2 million for the nine months ended September 30, 2019, compared to net cash provided by financing activities of $0.8 million for the same period of last year.

Recent development

On October 31, 2019, the shareholders of the Company at the Company’s Annual Shareholders General Meeting adopted and approved the 2019 Omnibus Equity Incentive Plan of IT Tech Packaging, Inc. (the “2019 ISP”). Under the 2019 ISP, the Company has reserved a total of 2,000,000 shares of common stock for issuance as or under awards to be made to the directors, officers, employees and/or consultants of the Company and its subsidiaries.

Earnings Conference Call

To attend the conference call, please dial in using the information below. When prompted upon dialing-in, please provide the conference ID or ask for the “IT Tech Packaging Third Quarter 2019 Earnings Conference Call.”

Date:

Friday, November 8, 2019

Time:

8:00 am EST

International Toll Free:

United States: +1-866-519-4004

Mainland China: 400-620-8038

Hong Kong: 800-906-601

International: +65-6713-5090

Conference ID:

1585869

This conference call will be broadcast live on the Internet and can be accessed by all interested parties at: http://edge.media-server.com/mmc/p/2ssokezr .

Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.

A playback will be available through 11:00 am EST on November 8, 2019 to 7:59 am EST on November 16, 2019. To listen, please dial+1-855-452-5696 if calling from the United States, or +61-281-990-299 if calling internationally. Use the passcode 1585869 to access the replay.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China’s Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE MKT since December 2009.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company’s public filings with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For more information, please contact:

At the Company Email: ir@itpackaging.cn  
Tel: +86 0312 8698215

Investor Relations:
Melody Shi, CPA
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018

(Unaudited)

September 30,

December 31,

2019

2018

ASSETS

Current Assets

Cash and bank balances

$

4,805,861

$

8,474,809

Restricted cash

3,642,616

Accounts receivable (net of allowance for doubtful
accounts of $56,638 and $58,707 as of September 30,
2019 and December 2018, respectively)

2,775,304

2,876,632

Inventories

7,010,419

2,923,516

Prepayments and other current assets

5,982,730

6,241,299

Total current assets

20,574,314

24,158,872

Property, plant, and equipment, net

153,108,508

167,829,716

Value-added tax recoverable

2,620,515

2,810,331

Deferred tax asset non-current

9,827,679

8,277,091

Other non-current assets

45,273,629

Total Assets

$

231,404,645

$

203,076,010

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Short-term bank loans

$

6,362,312

$

11,802,075

Current portion of long-term loans from credit union

311,046

2,491,549

Accounts payable

857,218

629,054

Advance from customers

83,315

Notes payable

3,642,616

Due to related parties

766,544

413,336

Accrued payroll and employee benefits

239,501

213,536

Other payables and accrued liabilities

51,062,036

10,222,796

Income taxes payable

1,332,680

219,305

Total current liabilities

61,014,652

29,634,267

Loans from credit union

6,701,636

4,706,259

Loans from a related party

2,120,771

2,185,569

Total liabilities (including amounts of the
consolidated VIE without recourse to the Company of
$67,168,878 and $34,008,908 as of September 30,
2019 and December 31, 2018, respectively)

69,837,059

36,526,095

Commitments and Contingencies

Stockholders’ Equity

Common stock, 500,000,000 shares authorized,
$0.001 par value per share, 22,054,816 shares issued

22,684

22,360

Additional paid-in capital

51,154,544

51,137,319

Statutory earnings reserve

6,080,574

6,080,574

Accumulated other comprehensive loss

(8,329,334)

(3,263,952)

Retained earnings

112,639,118

112,573,614

Total stockholders’ equity

161,567,586

166,549,915

Total Liabilities and Stockholders’ Equity

$

231,404,645

$

203,076,010

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2019

2018

2019

2018

Revenues

$

32,937,917

$

26,723,657

$

84,008,157

$

61,761,041

Cost of sales

(27,563,185)

(25,464,314)

(75,917,762)

(58,181,584)

Gross Profit

5,374,732

1,259,343

8,090,395

3,579,457

Selling, general and
administrative expenses

(2,024,547)

(2,829,933)

(7,413,879)

(9,670,992)

Gain (Loss) from disposal of
property, plant and equipment

237

(10,026)

Gain on acquisition of a
subsidiary

(879)

30,518

Income (Loss) from
Operations

3,349,306

(1,570,353)

707,034

(6,101,561)

Other Income (Expense):

Interest income

1,413

5,222

61,787

32,641

Subsidy income

(2,800)

(5,786)

233,488

244,723

Interest expense

(236,987)

(372,276)

(731,027)

(1,183,269)

Income (Loss) before
Income Taxes

3,110,932

(1,943,193)

271,282

(7,007,466)

Provision for Income Taxes

(772,905)

538,231

(205,780)

1,626,222

Net Income (Loss)

2,338,027

(1,404,962)

65,502

(5,381,244)

Other Comprehensive Loss

Foreign currency translation
adjustment

(4,810,379)

(6,994,097)

(5,065,382)

(9,222,113)

Total Comprehensive Loss

$

(2,472,352)

$

(8,399,059)

$

(4,999,880)

$

(14,603,357)

Earnings (Losses) Per
Share:

Basic and Diluted Earnings
(Losses) per Share

$

0.11

$

(0.07)

$

0.003

$

(0.25)

Outstanding – Basic and
Diluted

22,028,171

21,450,316

22,028,171

21,450,316

IT TECH PACKAGING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(Unaudited)

Nine Months Ended

September 30,

2019

2018

Cash Flows from Operating Activities:

Net income

$

65,502

$

(5,381,244)

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

11,547,650

10,873,536

Loss from disposal and impairment of property, plant and equipment

10,026

Allowance for bad debts

(339)

(11,444)

Gain on acquisition of a subsidiary

(30,518)

Deferred tax

(1,853,728)

(1,629,706)

Changes in operating assets and liabilities:

Accounts receivable

16,894

572,184

Prepayments and other current assets

185,780

(3,528,818)

Inventories

(4,307,754)

3,562,834

Accounts payable

254,749

(354,689)

Advance from customers

85,993

Notes payable

(3,648,250)

(2,294,280)

Related parties

367,277

114,714

Accrued payroll and employee benefits

33,334

(35,419)

Other payables and accrued liabilities

726,564

437,532

Income taxes payable

1,155,880

(525,502)

Net Cash Provided by Operating Activities

4,599,034

1,809,724

Cash Flows from Investing Activities:

Purchases of property, plant and equipment

(4,917,650)

(1,812,280)

Acquisition of a subsidiary

(1,531,531)

Net Cash Used in Investing Activities

(6,449,181)

(1,812,280)

Cash Flows from Financing Activities:

Proceeds from related party loans

4,588,559

Repayments of related party loans

(9,177,118)

Proceeds from short term bank loans

3,940,110

9,635,974

Proceeds from credit union loans

2,334,880

Repayment of bank loans

(11,499,285)

(4,282,655)

Net Cash (Used in) Provided by Financing Activities

(5,224,295)

764,760

Effect of Exchange Rate Changes on Cash and Cash
Equivalents

(237,122)

(677,172)

Net (Decrease) Increase in Cash and Cash Equivalents

(7,311,564)

85,032

Cash, Cash Equivalents and Restricted Cash – Beginning of
Period

12,117,425

9,017,427

Cash, Cash Equivalents and Restricted Cash – End of
Period

$

4,805,861

$

9,102,459

Supplemental Disclosure of Cash Flow Information:

Cash paid for interest, net of capitalized interest cost

$

659,613

$

1,409,695

Cash paid for income taxes

$

888,881

$

522,547

Cash and bank balances

4,805,861

5,468,315

Restricted cash

3,634,144

Total cash, cash equivalents and restricted cash shown in
the statement of cash flows

4,805,861

9,102,459

Cision View original content:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-third-quarter-2019-financial-results-300954065.html

Indonesian artist’s intriguing expression of unity in diversity wins 2019 UOB Southeast Asian Painting of the Year

2019 UOB Painting of the Year (Singapore) awarded to Wong Tze Chau

SINGAPORE, Nov. 7, 2019 /PRNewswire/ — United Overseas Bank (UOB) has conferred the 2019 UOB Southeast Asian Painting of the Year (POY) award to Indonesian artist, Mr Anagard for his painting titled Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility). Mr Anagard’s painting was chosen from among the national winners of the 2019 UOB Painting of the Year competitions held in Indonesia, Malaysia, Singapore and Thailand.

Winner of 2019 UOB Southeast Asian Painting of the Year, Anagard. from Indonesia with (from left), Ms Grace Fu, Minister for Culture, Community and Youth, Mr Wee Ee Cheong, Deputy Chairman and Group CEO, UOB, Mrs Wee Ee Cheong, Ms Nicolette Rappa, Head of Group Strategic Communications and Customer Advocacy, UOB and Ms Lilian Chong, Executive Director, Group Strategic Communications and Customer Advocacy, UOB.


Winner of 2019 UOB Southeast Asian Painting of the Year, Anagard. from Indonesia with (from left), Ms Grace Fu, Minister for Culture, Community and Youth, Mr Wee Ee Cheong, Deputy Chairman and Group CEO, UOB, Mrs Wee Ee Cheong, Ms Nicolette Rappa, Head of Group Strategic Communications and Customer Advocacy, UOB and Ms Lilian Chong, Executive Director, Group Strategic Communications and Customer Advocacy, UOB.

Through his painting, the 35-year-old artist examined the themes of tolerance and acceptance amid the differences in culture, ethnicity and faith. He expressed his ideas using a mix of traditional and contemporary styles and melded various life forms and symbols to create an intriguing and thought-provoking piece of art. The panel of judges from the four Southeast Asian countries was also captivated by Mr Anagard’s distinctive stencil on aluminum technique, often seen in spray-painted murals, that gave an immersive, three-dimensional effect to his painting.

On winning the 2019 UOB Southeast Asian Painting of the Year award, Mr Anagard said, “Through Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility), I wanted to share the importance of harmony, unity and peace. I was inspired by a house of prayer known as Rhema Hill (Bukit Rhema) situated in Central Java, where people of different countries meet to explore their spiritual selves. The painting draws on the unique architecture of the prayer house with a roof shaped like a head of a dove, itself a symbol of peace. As a practising artist, I am honoured to represent Indonesia at the regional level and to win the 2019 UOB Southeast Asian Painting of the Year award. It has been a fulfilling experience. I look forward to discovering the next phase of my journey as an artist and to continue to push the boundaries of creative art and self-expression.”

Mr Wee Ee Cheong, Deputy Chairman and CEO, UOB, said in uncovering and promoting the works of aspiring and established Southeast Asian artists, the UOB POY competition has helped to draw out the power of art to inspire, to open minds and to create new paradigms.

“The spirit of enterprise and innovation that we see in the artists and through their artwork ties in with UOB’s own philosophy and legacy. The way art connects people and cultures and promotes unity in diversity are also qualities that resonate with UOB’s business philosophy, as we draw on the strengths of our teams from across our diverse markets to support our customers as one bank.

Just as we have helped generations of customers prosper and grow by connecting them to opportunities across the region, our vision for art is to be able to nurture future generations of great artists from across Southeast Asia, whose reputation would be global. As such, we aim to see over time the UOB POY competition in all the ASEAN countries where we have a presence.”

The judging panel for the 2019 UOB Southeast Asian Painting of the Year comprised the Chief Judges from each of the four participating countries: Dr Bridget Tracy Tan, Director, Institute of Southeast Asian Arts and Art Galleries Nanyang Academy of Fine Arts, Singapore; Mr Agung Hujatnikajennong, Independent Curator, Indonesia; Ms Bibi Chew, Multi-disciplinary Artist, Head of Illustration, Malaysian Institute of Art, Malaysia; Assistant Professor Somporn Rodboon, Independent Curator and Writer, Board of Directors, Faculty of Fine and Applied Arts, Chiang Mai University, Thailand.

Dr Tan, who is also the Regional Chief Judge, said a highlight this year was the high quality and the immense variety of submissions. “Every year, there are different stories and different ideas. It reflects the vibrant nature of expression in our art makers and this is something to value. This year, we saw strong participation from all four countries, signifying the extent and reach of the 2019 UOB POY competition in attracting high quality submissions. In Singapore, we also recognised the works of five artists as Highly Commended, reflecting the high calibre of submissions.”

“Quality and standards are collectively a different aspect altogether. I believe that when you have a good variety, what stands out in terms of quality of artmaking will become very clear. This is the uniqueness of the UOB POY competition. It can never be judged by a formula. It must be judged by the prevailing times, which keeps it relevant, real and valuable,” Dr Tan said.

The annual UOB POY competition, now in its 38th year, is held across four Southeast Asian countries. In Singapore, it is the longest-running art competition and one of Southeast Asia’s most recognised annual art awards. The UOB POY competition is also the Bank’s flagship art programme and underscores the Bank’s commitment to uncover the next generation of great Southeast Asian artists. Over the years, the UOB POY competition has launched the careers of well-known artists in Singapore and the region including winners of the prestigious Singapore Cultural Medallion winners − Mr Goh Beng Kwan, Mr Anthony Poon and Mr Chua Ek Kay.

The winners received their awards at a ceremony held at the Sands Theatre, Marina Bay Sands on 6 November 2019. The Guest of Honour was Ms Grace Fu, Minister for Culture, Community and Youth.

The winning paintings from the 2019 UOB Painting of the Year competition will be exhibited at the UOB Art Gallery, UOB Plaza 1 at 80 Raffles Place. The exhibition will run from 9 November 2019 to 20 February 2020.

Established Artist Category: Mr Wong Tze Chau wins the 2019 UOB Painting of the Year (Singapore) Award

Singapore artist, Mr Wong Tze Chau, 41, was presented the 2019 UOB POY (Singapore) award for his painting titled War and Peace. Through acrylic on cotton canvas, War and Peace explores the intrinsic beauty of calligraphy and the potential of language in contemporary art. As a metaphor for the “Oneness of Being”, War and Peace represents the recurring and almost binary themes of darkness and light that often define humankind. While the Arabic and Hebrew text stand out in contrast, they are also meant to stand for their shared qualities such as the similarity in sounds of the word ‘Peace’: salam in Arabic and shalom in Hebrew. Mr Wong hopes to create artworks that appeal visually and challenge thinking at the same time.

Emerging Artist Category: 2019 Most Promising Artist of the Year Award (Singapore)

Mr Casey Tan Jie Wei, 25, won the 2019 Most Promising Artist of the Year Award (Singapore) in the Emerging Artist category for his acrylic on canvas painting titled The Water is Wide. The Water is Wide

takes inspiration from the current events in the world, where the artist sees a reflection of shared humanity and hope in spite of humanitarian disasters. Mr Tan graduated from the Nanyang Academy of Fine Arts, Singapore in 2016 with a Diploma in Fine Art. He was also a recipient of Ngee Ann Kongsi scholarship. Through his artworks, he seeks to give the viewer a sense of adventure from familiar experiences.

Winners of the 2019 UOB Painting of the Year competition

Established Artist Category (Regional)

2019 UOB Southeast Asian Painting of the Year

Mr Anagard, Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility)

2019 UOB Painting of the Year, Indonesia

Mr Anagard, Welcome Perdamaian, Goodbye Kedengkian (Welcome Peace, Goodbye Hostility)

2019 UOB Painting of the Year, Malaysia

Ms Cheng Yen Pheng, Tug of War: My Homeland

2019 UOB Painting of the Year, Singapore

Mr Wong Tze Chau, War and Peace

2019 UOB Painting of the Year, Thailand

Mr Chaichana Luetrakun, Wastescape

Established Artist Category (Singapore)

2019 UOB Painting of the Year, Singapore

Mr Wong Tze Chau, War and Peace

Gold Award

Mr Keane Tan Jin Howe, From Early Settlers, to a Newly Envisioned World, Chartered by a Set of Ideals

Silver Award

Mr Gerald Tay Chao Siong, The Elemental Kingdom

Bronze Award

Ms Stefanie Hauger, Stone Stack: Year 8: Struggle, 2019

Highly Commended

Mr Tan Seng Kok, 9th of August (9/8) #1

Highly Commended

Mr Billy Soh Wee Leong, I Lift Up My Eyes to the Mountains

Highly Commended

Ms Om Mee Ai, N-BIN92

Winners of the 2019 Most Promising Artist of the Year

Emerging Artist Category (Regional)

2019 Most Promising Artist of the Year, Indonesia

Mr Muhammad Yakin, Human, Human, Human, Copy of Mimetic Desire

2019 Most Promising Artist of the Year, Malaysia

Ms Nurul Asikin binti Roslan, Bunga Moyang (Flower of the Spirits)

2019 Most Promising Artist of the Year, Singapore

Mr Casey Tan Jie Wei, The Water is Wide

2019 Most Promising Artist of the Year, Thailand

Mr Somchai Sidamon, Faces – Reflections of Life No. 2

Emerging Artist Category (Singapore)

2019 Most Promising Artist of the Year

Mr Casey Tan Jie Wei, The Water is Wide

Gold Award

Ms Vanessa Liem Xi Qian, Through Years and Seconds

Silver Award

Ms He Shu, Golf Lady

Bronze Award

Mr Tan Woon Choor, Another

Highly Commended

Ms Liao Liyao, Five Parks on a Passenger, Passing by a Sunny Morning on a Train

Note to media:

About UOB and Art

UOB’s involvement in art started in the 1970s with its collection of paintings by Singapore artists. Today, the UOB Art Collection has more than 2,500 artworks, made up primarily of paintings from established and emerging Southeast Asian artists.

UOB plays an active role in communities across the region, most notably through its long-term commitment to art. As part of this, the Bank has led a wide range of visual arts programmes, partnerships and outreach initiatives across the region.

The Bank’s flagship art programme is the UOB POY Competition, which was started in 1982 to recognise Southeast Asia’s artists and to offer them the opportunity to showcase their works to the wider community. The competition was extended to Indonesia, Malaysia and Thailand, which are all celebrating their 10th year of the UOB POY.

The competition has cultivated and advanced the careers of many artists in Singapore. Notable among them are Mr Goh Beng Kwan (1982 winner), and the late Mr Anthony Poon (1983 winner) and Mr Chua Ek Kay (1991 winner), who received the Singapore Cultural Medallion, Singapore’s most distinguished art award.

The competition has also recognised talents from across the region through the UOB Southeast Asian POY award. Previous winners include Mr Suvi Wahyudianto from Indonesia in 2018, Mr Sukit Choosri from Thailand in 2017, Mr Gatot Indrajati from Indonesia in 2016, Mr Anggar Prasetyo from Indonesia in 2015, Mr Antonius Subiyanto from Indonesia in 2014 and Ms Stefanie Hauger from Singapore in 2013.

Together with past UOB POY winners, UOB also runs art workshops for underprivileged and special needs children regularly. At these workshops, the young learn art techniques from art professionals and award-winning artists.

In recognition of the Bank’s long-term commitment to art, UOB was presented with the National Arts Council’s Distinguished Patron of the Arts Award for the 15th consecutive year in 2019.

– Ends –

About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s and AA- by both Standard & Poor’s and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB is steadfast in our support of social development, particularly in the areas of art, children and education.

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Media Advisory – BMO Financial Group to Announce its Fourth Quarter 2019 Results

TORONTO, Nov. 7, 2019 /PRNewswire/ — BMO Financial Group will announce its fourth quarter 2019 financial results and hold its investor community conference call on December 3, 2019. Financial results will be issued in a news release at approximately 6:00 a.m. ET.

Investor Community Conference Call

Presentation material referenced during the conference call will be available at http://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results.

Conference Call Rebroadcast
A rebroadcast of the investor community presentations will be available until 11:59 p.m. ET, February 24, 2020 by calling 1 (800) 408-3053 or (905) 694-9451 and entering passcode 2812262#.

The webcast will be available at http://www.bmo.com/home/about/banking/investor-relations/financial-information/quarterly-results until Monday, February 24, 2020.

For News Media Enquiries: Paul Gammal, Toronto, paul.gammal@bmo.com, (416) 867-3996; For Investor Relations Enquiries: Jill Homenuk, Toronto, jill.homenuk@bmo.com, (416) 867-4770; Tom Little, Toronto, tom.little@bmo.com, (416) 867-7834; Internet: www.bmo.com, Twitter: @BMOmedia

Xinhua Silk Road: Deals worth over RMB30 bln signed at Zhangjiagang autumn economic and trade week

BEIJING, Nov. 6, 2019 /PRNewswire/ — The 2019 golden autumn economic and trade week of Zhangjiagang, a county-level city in east China’s Jiangsu Province, was held on Saturday, with a total of 66 projects worth 32.9 billion yuan signed.

The fair attracted more than 500 attendees from home and abroad including professors from colleges and universities, experts from research institutions and entrepreneurs in fields of new energy, new materials, high-end equipment manufacturing and fund investment.

In recent years, guided by the principle of innovation, Zhangjiagang has been upgrading its innovation level constantly and making efforts to gather the innovation resources. The 2019 golden autumn economic and trade week of Zhangjiagang will be a great opportunity to promote its high-quality development, said Shen Guofang, Party secretary of Zhangjiagang.

During the event, deals were inked between Zhangjiagang Bonded Area and Wacker Chemie AG, Zhangjiagang Economic and Technological Development Area and Peikko Group from Finland, Zhangjiagang Metallurgical Industrial Park and Xinyi Hong Kong, and Leyu Town and China National Building Materials Exhibition & Trade Center, involving 31 projects covering a range of areas such as new energy vehicle manufacturing, hydrogen energy equipment, high-end intelligent manufacturing, special unmanned aerial vehicles (UAVs), and 5G base stations.

Zhangjiagang, located on the southern bank of the Yangtze River, is an emerging port industrial city.

In recent years, Zhangjiagang has considered innovation as the most impetus to its development. It has made great efforts to attract investors and talents and quickly landed many high-quality projects in strategic emerging industries.

Now, Zhangjiagang has gradually become a treasured place for business and investment in the Yangtze River Delta metropolitan area.

In the future, guided by the principle of high-end, intelligent and green development, Zhangjiagang will continue to upgrading its high-end equipment manufacturing industry and increasing investment and policy support for strategic emerging industries.

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