The company has expanded rapidly. U

The company has expanded rapidly. Under the policy, the administration of the economic downturn, but Cheung from the financial world in the year 2008. Affect the company's debt by the State during the first 2 weeks of January, 2009. The company must also fall on bankruptcy rumors about the situation because it was considered impossible to pay the debt, but the company's thakhao Tajima, rumor and proves that bonsat has the potential to pay debts and their crisis comes.

บริษัทมีการขยายตัวอย่างรวดเร็ว ภายใต้นโยบายการบริหารเศรษฐกิจที่ตกต่ำ แต่จางจากโลกการเงินในปี 2551 ส่งผลกระทบต่อกระแสเงินสดของบริษัท โดยรัฐในช่วง 2 สัปดาห์แรกของเดือนมกราคม , 2009 บริษัทต้องตกอยู่ในการล้มละลายข่าวลือเกี่ยวกับสถานการณ์เพราะถือว่าเป็นไปไม่ได้ที่จะจ่าย แต่ บริษัท thakhao ทาจิมาข่าวลือและพิสูจน์ว่า bonsat มีศักยภาพที่จะจ่ายหนี้ และวิกฤติมาถึง



However, the company won praise for its quick and appropriate action. Having sidestepped the position others have found themselves in - of having been slow to act in the face of consumer concern - they achieved the status of consumer champion.

Within five months of the disaster, the company had recovered 70% of its market share for the drug - and the fact this went on to improve over time showed that the company had succeeded in preserving the long term value of the brand. Companies such as Perrier, who had been criticised for less adept handling of a crisis, found their reputation damaged for as long as five years after an incident.
บริษัทมีการขยายตัวอย่างรวดเร็ว ภายใต้นโยบายการบริหารงานของ Cheung แต่จากภาวะวิกฤติเศรษฐกิจทางการเงินของโลกในปี2008 ได้ส่งผลกระทบต่อภาวะตราสารหนี้ของบริษัท โดย ในช่วง2สัปดาห์แรกของเดือนมกราคม ปี2009 บริษัทต้องตกอยู่ในสถานการณ์ข่าวลือเกี่ยวกับการล้มละลาย เนื่องจากมันถูกมองว่าไม่สามารถที่จะชำระหนี้ได้ แต่บริษัทได้ปฎิเสธข่าวลือ และพิสูจน์ให้เห็นว่าบรษัทมีศักยภาพในการชำระหนี้สิน และสามารถฝ่าวิกฤติการณ์มาได้


Since 2014, while the recovery of the global economy remains slow in general, China's economy has entered a "new normal" stage of structural optimisation and upgrade. Market demand growth has slowed down. Facing such structural market changes, the manufacturing sector has adopted a conservative and prudent approach. Within such an environment, although the sales volume in the packaging paper industry has been affected by the continued downturn of the traditional retail model, the changing pattern of market consumption and related logistics driven by online shopping has been able to upkeep a relatively stable demand for packaging paper. Meanwhile, the government implemented unprecedented stringent environmental standards within the paper-making industry by terminating massive amount of outdated production capacities. In pace with the continuously accelerating industry consolidation, ND Paper continues to leverage its advantages in nationwide production base network and diversified product offerings to enhance its core strength constantly. The Group draws upon its strengths in its stable and strong production capability and a sales team trusted by customers, so as to further consolidate its leading position in the industry.

Owing to changes in the general market environment, while terminated outdated capacities and new capacities required adjustments in the short term, together with a conservative management strategy maintained by the customers, product prices of the Group were under considerable pressure during the Period, leading to further tightening of the profit margins. Under such circumstances, the Group put cost reduction as well as efficiency enhancement as the main focuses in its operations, diligently enhancing its "inner power", reinforcing internal control and reducing finance costs, and continued to maintain a balance between production and sales. All paper machines are at the production status of nearly full capacity. In the meantime, the Group was committed to the environmental standards of green paper-making and further reduction in debts, as well as proactively developed knockout products, so as to drive stable long-term development.

During the Period, the Group reported another record high sales volume of approximately 6.3 million tonnes, which was beyond the expected target. Sales of the Group amounted to approximately RMB15,686.5 million, representing an increase of 6.6% as compared with the corresponding period last year. Gross profit margin was approximately 13.5%. Earnings for the Period was approximately RMB700.8 million, representing a decrease of 28.7% as compared with the corresponding period last year. Basic earnings per share was approximately RMB0.15. The Board has declared and approved the distribution of an interim dividend of RMB2.0 cents per share.

As at the end of December 2014, the Group's total design production capacity has reached 13.73 million tpa. This included PM37 at the new Shenyang base which completed its construction and commenced production in September 2014.

On capital management, the net borrowings to total equity ratio for the Group continued to decrease from over 120% which was the peak to approximately 102.9% at the end of December 2014, which was basically progressing in accordance with the original debt reduction target set by the Group. RMB has entered into the declining interest-rate cycle which will be beneficial to the reduction of the Group's interest expense. On the other hand, the Group closely monitors the impact of the fluctuation of RMB exchange rate on loans, and adjusts the loan portfolio and initiates proper risk management according to the prevailing market conditions by adopting a multi-currency approach to balance off the potential loss that may be brought by the rise of the exchange rate of the US dollar. The Group's prudent business development and continually sound operational conditions have ensured the access to sufficient bank credit facilities for its daily operation and development needs. Meanwhile, the Group has been adjusting the currency mix, maturity profile and banking terms for its loans as well as adopting a diversified financing approach to expand the funding channel. All these efforts have contributed to lower borrowing rate.

“The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company,” the analysts wrote in the report.

Nine Dragons on Feb. 9 said it would buy back $284 million of five-year notes less than 10 months after selling them, following reports the company risked bankruptcy. The papermaker follows Asian companies including billionaire Li Ka-shing’s Hutchison Whampoa Ltd. and Lui Che-woo’s Galaxy Entertainment Group Ltd. in buying back bonds since November to lower debt and cut interest payments after securities prices plunged.

Operations Normal

The company in December said its operations were normal and it wasn’t involved in any bankruptcy filings, denying reports by Times Weekly, a Guangzhou-based newspaper, and other publications. Miranda Fok at Wonderful Sky Financial Group, which handles public relations for Nine Dragons, said the company is unable to make any public comment because it is in a “black-out” period ahead of the March 9 deadline for its bond buy-back tender.

The company’s net debt ratio more than doubled in two years to 104 percent of shareholders’ equity as of Dec. 31, according to information compiled by Bloomberg.

Nine Dragons is “too big to fail,” said Kary Sei, an analyst at ICEA Securities Ltd. in Hong Kong. The company’s debt ratio “is high but it may not be too high. This industry is capital intensive and the machinery is very expensive.”

The company is also helped by improved credit markets since the end of last year, said Sei, who cut his rating on the stock to “reduce” on Feb. 19 on concerns that sales won’t recover.

Tough Environment

Nine Dragons’s fiscal first-half profit fell 69 percent to 323 million yuan ($47 million) and sales fell 5.3 percent to 6.3 billion yuan because of a global recession and higher raw-material costs, the Hong Kong-based company said on Feb. 18. The business environment will “remain tough,” the earnings statement said.

The drop prompted at least three analysts including Morgan Stanley’s Spencer to downgrade the shares. The broker maintained its HK$3 target price made on Feb. 9.

Nine Dragons’s shares have gained 7.7 percent this year compared with a decline of 12 percent for the Hang Seng Index. They fell 89 percent last year, while Hong Kong’s benchmark index dropped 48 percent.

The company is controlled by Zhang Yin, who was named China’s richest person in 2006 by the Shanghai-based Hurun Report. Her wealth declined by $8.4 billion last year as Nine Dragons’s share price plummeted, Hurun said in October.

NDP issued profit warning, revising sale and profit forecast downward the rating agencie responded with another downgrade, Fitch pushing NDP's outstanding note down to BB- According to Financial morningstar, reported to the gross profit of company has a growth rate in 2006-2014 that means NDP is not trouble.
Although she took a high level of risk by in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for

Results (English) 1:

The company has expanded rapidly. Under the policy, the administration of the economic downturn, but Cheung from the financial world in the year 2008. Affect the company's debt by the State during the first 2 weeks of January, 2009. The company must also fall on bankruptcy rumors about the situation because it was considered impossible to pay the debt, but the company's thakhao Tajima, rumor and proves that bonsat has the potential to pay debts and their crisis comes. The company has expanded rapidly. Under the policy, economic management, but the slump in the financial world from Zhang 2551 (2008) affect the cash flow of the company by the State during the first week of January 2, 2009 the company fall into bankruptcy rumors about the situation because they are considered as impossible to pay, but the company thakhao Ta GI came the rumors and prove that bonsat has the potential to pay a debt and the crisis arrives. However, the company won praise for its quick and appropriate action. Having sidestepped the position others have found themselves in - of having been slow to act in the face of consumer concern - they achieved the status of consumer champion.Within five months of the disaster, the company had recovered 70% of its market share for the drug - and the fact this went on to improve over time showed that the company had succeeded in preserving the long term value of the brand. Companies such as Perrier, who had been criticised for less adept handling of a crisis, found their reputation damaged for as long as five years after an incident.The company has expanded rapidly. Under the policy, the administration of the economic downturn, but Cheung from the financial world in the year 2008. Affect the company's debt by the State during the first 2 weeks of January, 2009. The company must also fall on bankruptcy rumors about the situation because it was considered impossible to pay the debt, but the company's thakhao Tajima, rumor and proves that bonsat has the potential to pay debts and their crisis comes. Since 2014, while the recovery of the global economy remains slow in general, China's economy has entered a "new normal" stage of structural optimisation and upgrade. Market demand growth has slowed down. Facing such structural market changes, the manufacturing sector has adopted a conservative and prudent approach. Within such an environment, although the sales volume in the packaging paper industry has been affected by the continued downturn of the traditional retail model, the changing pattern of market consumption and related logistics driven by online shopping has been able to upkeep a relatively stable demand for packaging paper. Meanwhile, the government implemented unprecedented stringent environmental standards within the paper-making industry by terminating massive amount of outdated production capacities. In pace with the continuously accelerating industry consolidation, ND Paper continues to leverage its advantages in nationwide production base network and diversified product offerings to enhance its core strength constantly. The Group draws upon its strengths in its stable and strong production capability and a sales team trusted by customers, so as to further consolidate its leading position in the industry.Owing to changes in the general market environment, while terminated outdated capacities and new capacities required adjustments in the short term, together with a conservative management strategy maintained by the customers, product prices of the Group were under considerable pressure during the Period, leading to further tightening of the profit margins. Under such circumstances, the Group put cost reduction as well as efficiency enhancement as the main focuses in its operations, diligently enhancing its "inner power", reinforcing internal control and reducing finance costs, and continued to maintain a balance between production and sales. All paper machines are at the production status of nearly full capacity. In the meantime, the Group was committed to the environmental standards of green paper-making and further reduction in debts, as well as proactively developed knockout products, so as to drive stable long-term development.During the Period, the Group reported another record high sales volume of approximately 6.3 million tonnes, which was beyond the expected target. Sales of the Group amounted to approximately RMB15,686.5 million, representing an increase of 6.6% as compared with the corresponding period last year. Gross profit margin was approximately 13.5%. Earnings for the Period was approximately RMB700.8 million, representing a decrease of 28.7% as compared with the corresponding period last year. Basic earnings per share was approximately RMB0.15. The Board has declared and approved the distribution of an interim dividend of RMB2.0 cents per share.As at the end of December 2014, the Group's total design production capacity has reached 13.73 million tpa. This included PM37 at the new Shenyang base which completed its construction and commenced production in September 2014.On capital management, the net borrowings to total equity ratio for the Group continued to decrease from over 120% which was the peak to approximately 102.9% at the end of December 2014, which was basically progressing in accordance with the original debt reduction target set by the Group. RMB has entered into the declining interest-rate cycle which will be beneficial to the reduction of the Group's interest expense. On the other hand, the Group closely monitors the impact of the fluctuation of RMB exchange rate on loans, and adjusts the loan portfolio and initiates proper risk management according to the prevailing market conditions by adopting a multi-currency approach to balance off the potential loss that may be brought by the rise of the exchange rate of the US dollar. The Group's prudent business development and continually sound operational conditions have ensured the access to sufficient bank credit facilities for its daily operation and development needs. Meanwhile, the Group has been adjusting the currency mix, maturity profile and banking terms for its loans as well as adopting a diversified financing approach to expand the funding channel. All these efforts have contributed to lower borrowing rate."The company needs to reduce its gearing further, preferably through improved operating means instead of financial engineering, before confidence is restored in the company," the analysts wrote in the report.Nine Dragons on Feb. 9 said it would buy back $284 million of five-year notes less than 10 months after selling them, following reports the company risked bankruptcy. The papermaker follows Asian companies including billionaire Li Ka-shing's Hutchison Whampoa Ltd. and Lui Che-woo's Galaxy Entertainment Group Ltd. in buying back bonds since November to lower debt and cut interest payments after securities prices plunged.Operations NormalThe company in December said its operations were normal and it wasn't involved in any bankruptcy filings, denying reports by Times Weekly, a Guangzhou-based newspaper, and other publications. Miranda Fok at Wonderful Sky Financial Group, which handles public relations for Nine Dragons, said the company is unable to make any public comment because it is in a "black-out" period ahead of the March 9 deadline for its bond buy-back tender.The company's net debt ratio more than doubled in two years to 104 percent of shareholders' equity as of Dec. 31, according to information compiled by Bloomberg.Nine Dragons is "too big to fail," said Kary Sei, an analyst at ICEA Securities Ltd. in Hong Kong. The company's debt ratio "is high but it may not be too high. This industry is capital intensive and the machinery is very expensive."The company is also helped by improved credit markets since the end of last year, said Sei, who cut his rating on the stock to "reduce" on Feb. 19 on concerns that sales won't recover.Tough EnvironmentNine Dragons's fiscal first-half profit fell 69 percent to 323 million yuan ($47 million) and sales fell 5.3 percent to 6.3 billion yuan because of a global recession and higher raw-material costs, the Hong Kong-based company said on Feb. 18. The business environment will "remain tough," the earnings statement said.The drop prompted at least three analysts including Morgan Stanley's Spencer to downgrade the shares. The broker maintained its HK$3 target price made on Feb. 9.Nine Dragons's shares have gained 7.7 percent this year compared with a decline of 12 percent for the Hang Seng Index. They fell 89 percent last year, while Hong Kong's benchmark index dropped 48 percent.The company is controlled by Zhang Yin, who was named China's richest person in 2006 by the Shanghai-based Hurun Report. Her wealth declined by $8.4 billion last year as Nine Dragons's share price plummeted, Hurun said in October.NDP issued profit warning, revising sale and profit forecast downward the rating agencie responded with another downgrade, Fitch pushing NDP's outstanding note down to BB- According to Financial morningstar, reported to the gross profit of company has a growth rate in 2006-2014 that means NDP is not trouble. Although she took a high level of risk by in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for

Results (English) 2:

The company has expanded rapidly. Under the policy, the administration of the economic downturn, but Cheung from the financial world in the year 2008. Affect the company's debt by the State during the first 2 weeks of January, 2009. The company must also fall. on bankruptcy rumors about the situation because it was considered impossible to pay the debt, but the company's thakhao Tajima, rumor and proves that bonsat has the potential to pay debts and their crisis comes. The company is expanding rapidly. Under the policy of economic downturn. But faded from the financial world in 2551 affect the cash flow of the company by the state during the first 2 weeks of January, 2009, the company would fall into bankruptcy rumors about the situation because it is impossible to pay, however. Company thakhao Tajikistan rumors and prove bonsat has the potential to pay off the debt. And the crisis reached However, The Company Won Praise for ITS Quick and appropriate Action. Having sidestepped The position others Have Found themselves in - of having been Slow to Act in The Face of Consumer Concern - they achieved The Status of Consumer Champion. Within Five. months of the disaster, the company had recovered 70% of its market share for the drug - and the fact this went on to improve over time showed that the company had succeeded in preserving the long term value of the brand. Companies such as Perrier,. who had been criticised for less adept handling of a crisis, found their reputation damaged for as long as five years after an incident. The company is expanding rapidly. Under the policy, the administration of Cheung but due to the global financial crisis in 2008. The impact of the debt of the company during the first 2 weeks of January 2009, the company had to be in that rumors about bankruptcy. Because it was seen as not being able to pay the debt. But the company has denied the rumors. And prove that the company has the ability to pay debts. And can break through the crisis has Since 2014, while the recovery of the global economy remains slow in general, China's economy has entered a "new normal" stage of structural optimisation and upgrade. Market demand growth has slowed down. Facing such structural market changes,. the manufacturing sector has adopted a conservative and prudent approach. Within such an environment, although the sales volume in the packaging paper industry has been affected by the continued downturn of the traditional retail model, the changing pattern of market consumption and related logistics driven by online. shopping has been able to upkeep a relatively stable demand for packaging paper. Meanwhile, the government implemented unprecedented stringent environmental standards within the paper-making industry by terminating massive amount of outdated production capacities. In pace with the continuously accelerating industry consolidation, ND Paper continues. to leverage its advantages in nationwide production base network and diversified product offerings to enhance its core strength constantly. The Group draws upon its strengths in its stable and strong production capability and a sales team trusted by customers, so as to further consolidate its leading position in. The Industry. Owing to Changes in The general market Environment, while Terminated outdated capacities and New capacities Required adjustments in The short term, Together with a Conservative Management strategy maintained by The customers, product prices of The Group were under considerable pressure during The Period,. leading to further tightening of the profit margins. Under such circumstances, the Group put cost reduction as well as efficiency enhancement as the main focuses in its operations, diligently enhancing its "inner power", reinforcing internal control and reducing finance costs, and continued to. maintain a balance between production and sales. All paper machines are at the production status of nearly full capacity. In the meantime, the Group was committed to the environmental standards of green paper-making and further reduction in debts, as well as proactively developed knockout. products, So As to Drive Stable long-term Development. During The Period, The Group Reported High another record sales volume of approximately 6.3 million tonnes, which was expected Beyond The Target. Sales of The Group amounted to approximately RMB15,686.5 million, representing. an increase of 6.6% as compared with the corresponding period last year. Gross profit margin was approximately 13.5%. Earnings for the Period was approximately RMB700.8 million, representing a decrease of 28.7% as compared with the corresponding period last year. Basic earnings. Per share was approximately RMB0.15. The Board has declared and approved an Interim dividend of The Distribution of RMB2.0 cents Per share. As of December the 2014th at The End, The Design Group's total production has reached 13.73 million TPA Capacity. This Included. PM37 at The New Shenyang Base which completed ITS Construction and commenced production in September 2014. On Capital Management, The net Borrowings to total Equity ratio for The Group Continued to decrease from over 120% which was The Peak to approximately 102.9% at The End of. December 2014, which was basically progressing in accordance with the original debt reduction target set by the Group. RMB has entered into the declining interest-rate cycle which will be beneficial to the reduction of the Group's interest expense. On the other hand, the Group. closely monitors the impact of the fluctuation of RMB exchange rate on loans, and adjusts the loan portfolio and initiates proper risk management according to the prevailing market conditions by adopting a multi-currency approach to balance off the potential loss that may be brought by the rise. of the exchange rate of the US dollar. The Group's prudent business development and continually sound operational conditions have ensured the access to sufficient bank credit facilities for its daily operation and development needs. Meanwhile, the Group has been adjusting the currency mix, maturity profile and. banking terms for ITS loans As Well As adopting a Diversified financing Approach to Expand The Funding Channel. All these efforts Have Contributed to Lower borrowing rate. "The Company Needs to Reduce ITS Gearing Further, preferably Through improved operating means Instead of Financial Engineering, Before. confidence is Restored in The Company, "The analysts wrote in The Report. Nine Dragons on Feb. 9 said it would Buy back $ 284 million of Five-year Notes less than 10 months After Selling them, following reports The Company risked bankruptcy. The papermaker. follows Asian companies including billionaire Li Ka-Shing's Hutchison Whampoa Ltd. and Lui Che-Woo's Galaxy Entertainment Group Ltd. in Buying back Bonds since November to Lower debt and Cut interest Payments After Securities prices plunged. Operations Normal The Company in December said ITS Operations. were normal and it was not involved in any bankruptcy filings, denying reports by Times Weekly, a Guangzhou-based newspaper, and other publications. Miranda Fok at Wonderful Sky Financial Group, which handles public relations for Nine Dragons, said the company is unable. to Make any public comment Because it is in a "Black-out" period Ahead of The March 9 Deadline for ITS Bond Buy-back tender. The Company's net debt ratio more than doubled in Two years to 104 Percent of shareholders' Equity As of. Feb. 31, according to information compiled by Bloomberg. Nine Dragons is "Too Big to Fail," said Kary Sei, an analyst at ICEA Securities Ltd. in Hong Kong. The Company's debt ratio "is High but it May Not be Too High. . This is Capital Industry The MacHinery is very intensive and Expensive. " The Company is also helped by Credit markets improved since The End of Last year, said Sei, Who Cut His Rating on The Stock to "Reduce" on Feb. 19 on Concerns. that sales Will Not Recover. Tough Environment Nine Dragons's Fiscal First-Half profit fell 69 Percent to 323 million Yuan ($ 47 million) and sales fell 5.3 Percent to 6.3 billion Yuan Because of a Global recession and Higher RAW-Material costs, The Hong. Kong-based Company said on Feb. 18. The business Environment Will "remain Tough," The earnings Statement said. The Drop prompted at least Three analysts including Morgan Stanley's Spencer to Downgrade The shares. The Broker maintained ITS HK $ 3 Target Price Made on. Feb. 9. Nine Dragons's shares Have gained 7.7 Percent this year compared with a decline of 12 Percent for The Hang Seng Index. They fell 89 Percent Last year, while Hong Kong's Benchmark index dropped 48 Percent. The Company is controlled by Zhang Yin,. Who was named China's richest person in the 2006th by The Shanghai-based Hurun Report. Her wealth declined by $ 8.4 billion Last year As Nine Dragons's share Price plummeted, Hurun said in October. NDP issued profit Warning, revising sale and profit forecast downward The Rating Agencie. responded with another Downgrade, Fitch Pushing NDP's Outstanding note down to BB- According to Financial Morningstar, Reported to The Company has a growth rate of gross profit in 2006-2014 that means NDP is Not Trouble. Although SHE took a High Level of risk by. in high dept it's because preparation for the future and she would be the first in the market that can buil the confident for.

Results (English) 3:

The company has expanded rapidly. Under the policy the administration, of the economic downturn but Cheung, from the financial. World in the year 2008. Affect the company 's debt by the State during the first 2 weeks, of January 2009. The company must. Also fall on Bankruptcy rumors about the situation because it was considered impossible to pay, the debt but the company s. ' Thakhao, TajimaRumor and proves that bonsat has the potential to pay debts and their crisis comes.

.The company has expanded rapidly. Under the policy of the economic downturn, but faded from the financial world in 2551 affect cash flows of the company by the state during the first week of January, 22009 company must fall into bankruptcy rumors about the situation because it is impossible to pay, but the company thakhao Tajima rumors and prove. Bonsat has the potential to pay off the debt and the crisis here



, HoweverThe company won praise for its quick and appropriate action. Having sidestepped the position others have found themselves. In - of having been slow to act in the face of consumer concern - they achieved the status of consumer champion.

Within. Five months of, the disasterThe company had recovered 70% of its market share for the drug - and the fact this went on to improve over time showed. That the company had succeeded in preserving the long term value of the brand. Companies such, as Perrier who had been criticised. For less adept handling of, a crisis found their reputation damaged for as long as five years after an incident.
.The company has expanded rapidly. Under the policy of the administration of Cheung but from the economic crisis in global financial 2008. Affect of debt of the company by 2 during first week of January years 2009.Because it was considered unable to pay off the debt. But the company has denied the rumors. And prove that the company has the potential in public decisions. And can come from crisis situation
.