Freeman specialty Fourth Board nineteenth Earnings Release-Iota

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News > Dynamic industry > Freeman specialty Fourth Board nineteenth Earnings Release

Freeman specialty Fourth Board nineteenth Earnings Release

Freeman Special Paper Co., the fourth Board nineteenth Earnings Release
Stock Code: 600 235 securities referred to: Minfengtezhi Number: Pro 2010-003
Freeman Special Paper Co., the fourth Board nineteenth Earnings Release
The Board of Directors and the Directors to ensure that this announcement does not contain any false, misleading statements or material omissions, and jointly and severally accept responsibility for the truthfulness, accuracy and completeness of the contents.
Under the "Articles", proposed by the chairman Sheng Jun, Freeman Special Paper Co., Ltd. Fourth Board of Directors of the Nineteenth Meeting notice on February 2, 2010 by e-mail, telephone and in writing to inform you of Directors. Meeting on February 9, 2010 held by hand-delivery and communication voting held meeting should go to the director of 9 people, real to 9 directors. Convene the meeting, convened and review procedures in line with the relevant provisions, and the "Board Rules of Procedure," the "Company Law", "Articles of Association." Meeting presided over by the chairman Sheng Jun, through full communication, research and discussion, the Board made the following resolutions:
One, passed the "self-financing the implementation of the 8th on transformation projects motion machine";
Medical packaging are special packaging paper, mainly for medical supplies and medical device packaging, from the beginning of the 1990s with the development of disposable medical devices and the rapid development, the company has production. Market survey results show that the total amount of paper medical bag domestic market is now about 40,000 tons / year, of which ordinary medical Wraps 10,000 tons / year, domestic dialysis paper and self-adhesive paper dialysis at 1.8 million tons / year, imports of self-adhesive dialysis Paper 12,000 tons / ton, the annual growth rate of 5-10%. According to statistics, in 2009 accounted for only 6.29 percent sales Minfengtezhi total demand, accounting for 8.93% of the total domestic, for further expansion of space is very broad.
From the early 1990s, Freeman began the development and production of medical packaging, has been nearly 20 years of history. Although so far only by equipment limitations mainly produces ordinary medical bag paper, annual sales are only about 2,500 tons. But through practice in the field of medical research paper production, training a team with deep technical background of professional technical team, creating a number of accumulated rich experience of skilled operators.
Sales channels, general medicine and senior medical dialysis paper bag paper for the same customer base, the former mainly after lamination for the lower unit value of medical products (such as surgical masks), which is mainly used for high unit value products (such as latex gloves, etc.). In the long-term process, the company with customers to establish a mutual trust, mutual good understanding of the relationship between supply and demand, which is conducive to the promotion and marketing of advanced medical dialysis paper, the new products can quickly be accepted by users.
In the equipment, the company now has retired on the 8th production line may be technological innovation, production of medical dialysis paper grades, in line with less investment requirements.
In order to meet the increasingly fierce market competition, improve the company's specialty paper in the domestic market influence, relying on the company over the years accumulated management, technology, marketing advantages, the multi-program comparison and demonstration, the company intends to self-financing manner 8 No machine transformation projects.
(A) technical transformation program
The original production of the company's existing industrial facilities on the 8th of paper machine production line (in late 2008 and retired) for technological innovation, built in the basis weight range of 30-90 g / m, annual output of 8,000 tons of production lines, leading products for medical dialysis paper medical self-adhesive paper and similar products dialysis (general medicine bag paper, specialty food packaging, etc.). The project uses the existing plant and production lines as well as some of the equipment, while the introduction of key equipment and the purchase of some special, you can shorten the construction period and reduce investment spending.
(B) the total amount of investment and construction period
Total budget
No. content investment (million)
A 1717 investment in equipment
2 Installation Engineering 90
3 Electrical Equipment and Automation Instrumentation 270
4 200 civil
5 Commissioning damages and unpredictable costs 323
6 working capital 400
The total investment of 30 total
Building construction period is 12 months.
(C) the cost estimate
After the completion of this project, with an annual production of 8000 tons of paper dialysis. By the technical and economic analysis and forecasting, the company's annual paper production capacity of the new dialysis 1800 tons, annual sales income of 65 million yuan, 21.23% annual return on investment, payback period (after tax) 4.26 years (including construction period).
8 dialysis machine paper renovation projects have less investment, good economic returns, the payback period is shorter, and in line with this stage the country's industrial policy, energy policy and environmental requirements.
According to the relevant provisions of the Articles of Association, more investment in the purview of the Board of Directors.
Voting: 9 votes in favor, 0 votes against and no abstentions.
Second, considered and adopted the "Proposal to authorize the company layer dollar interest rate swap transactions."
In the global into the rate hike cycle in the background, it is necessary to take full advantage of the international financial markets, hedging instruments to lock in the cost of the company's liabilities. In view of this, the Board decided to authorize the Company's management in the premise of risk control, for $ 20 million of the Company in the State Development Bank of China Zhejiang Branch of the application, conduct US dollar interest rate swaps business, the amount of the transaction is not more than $ 10 million, comprehensive cost debt is not more than 3.9%.
Voting: 9 votes in favor, 0 votes against and no abstentions.
Notice is hereby given.
Freeman Special Paper Co., Ltd. Board
February 11, 2010

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