Saying goodbye to "The era of Huang Lefu"
Since last March, the Asian bottle industry of CVC Asia Fund became the controlling shareholder of Zhuhai Zhongfu, the company’s senior management experienced a shock. In October of that year, all directors and executives of Zhuhai Zhongfu resigned to the board of directors and Huang Zhaohui, the son of Huang Lefu, remained in the Huang family of the founder of the board of directors and assumed the post of managing director. But last December, Huang Zhaohui also resigned. With the exception of Zhongfu Industry Group, which still holds 6.92% of the outstanding shares of Zhuhai Zhongfu, the connection between the Huang family and the latter seems to be declining. At that time, there were comments from the outside world that "The era of Huang Lefu was or has ended" and "The CVC has fully grasped the right to speak." Yesterday, Zhuhai Zhongfu announced again that the company's deputy general manager (operational director) Li Yaozhang had resigned due to physical health reasons and was accepted by the board of directors.
For the two resignations, Zhuhai Zhongfu denied that it was relevant. According to the aforementioned company sources, Huang Zhaohui, the general manager, resigned because he already had other work arrangements, and Li Yaozhang, the deputy general manager, made the decision because of his eye disease. Li Yaozhang once became the deputy general manager after CVC entered Zhongfu, and the company’s management feels regret about leaving. The vacancy for the post of general manager has been filled by Mr. Wang Yuling. He has many years of management experience in the PET bottle production industry. The change of management has no negative impact on the operation of the company. In the future, it will continuously enrich and strengthen the management to achieve a scientific balance in the corporate structure.
From the perspective of the resume published by Zhuhai Zhongfu, Wang Yuling was responsible for the production of PET bottle preforms and PET bottles for plastic caps from 1994 to 2002 at Alcoa, Tianjin Aokeya Packaging, and Crown Group Jiaduobao. And business, mainly serving two major customers Coca-Cola and Pepsi, and Coca-Cola and Pepsi are Zhuhai Zhongfu PET bottles the largest two customers.
Negative factors in 2008 will not last until 2009
As for the reasons for the expected decline in 2008 results, Zhuhai Zhongfu stated that the expenses for equipment maintenance in the fourth quarter of last year were relatively high, and the major equipment and equipment were thoroughly overhauled to improve equipment efficiency and ensure product quality. With regard to the sharp increase in the falling prices of raw materials and financial expenses, the company’s management officials told reporters that they are unsustainable. In 2009, they are expected to no longer drag on the company’s performance.
The international crude oil price experienced a "roller coaster" market last year. It fell sharply from a high of nearly $150 per barrel to under $40, and recently recovered to more than $40 a barrel. Zhongfu's judgment that crude oil is likely to be low in this year is more likely to occur, and the level of fluctuations will be slower than in 2008, which will help the company reduce raw material production costs. The provision for falling inventory of raw materials inventory should not occur again.
According to the 2008 semi-annual report, at the end of March last year, Zhuhai Zhongfu and China Industrial and Commercial Bank of China Co., Ltd., Zhuhai Branch of Guangdong Province, China Merchants Bank, and French Crédit Agricole Bank, as the lead consortium and a group of financial institutions, signed the "Guaranteed RMB Comprehensive Guarantee". The terms of the loans, the Common Terms Contract, the Long Term Loan Agreement, and the Revolving Loan Agreement are provided by the syndicated bank: (1) A five-year long-term loan limit totaling no more than 1.15 billion; (2) The total amount is no more than 1.35 billion. Three-year revolving credit limit.
Regarding the use of syndicated loan funds, the company explained that the current main purpose is “replacement of internal working capitalâ€. Currently, it is not used for mergers and acquisitions or expansion of production lines, but it does not rule out the possibility of future use of new production projects. From the second half of last year, Zhuhai Zhongfu began to implement the “central cash pool†management model, and centralized management and unified scheduling of all funds of the company. In the first half of 2008, when the state tightened the liquidity of credit control funds, syndicated loans strongly supported the company's production and operation needs. With the outbreak of the external financial crisis and the impact on the domestic economy, the state credit has gradually eased and the company will flexibly adjust its loan structure. And reduce the amount of loans, and strive to reduce financial costs. The long-term loan interest rate has been lowered several times, but it will not be implemented until January 1 this year, so this positive interest cannot be reflected in the annual report last year.
The domestic GDP data of the furnace yesterday once again undermined market confidence. The market's worries are aggravated by the trend of the macro economy this year, especially in the first half of the year. Zhuhai Zhongfu believes that PET bottle products are close to consumer demand. Although the financial crisis is difficult to judge when it will be lifted, the impact on it is slight compared to other industries, and it is believed that the market will recover faster. This year will continue to focus on the development of PET bottles for the main business, and will strengthen the market expansion of new products such as PET beer bottles and soy sauce bottles.
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