China Rongsheng Report 2012 Revenue Cut by Half

Press Release
Wednesday, March 27, 2013

China Rongsheng Heavy Industries release financial results for the twelve months ended 31, December 2012.

In 2012, the Group recorded approximately RMB 7.96 billion in revenue, a year-over-year decrease of 50% from RMB 15.9 billion.

Losses attributable to equity holders of the Company were RMB 572.6 million, compared to earnings of RMB 1.7 billion in 2011. Mr. Chen Qiang, Chairman of the Board of Directors and Chief Executive Officer of China Rongsheng Heavy Industries, said:

“The sluggish global shipping market continued to reduce new shipbuilding prices and deteriorate payment terms, as global new shipbuilding orders plunged to their lowest level in a decade. Under adverse market situation, constructions and deliveries in our core shipbuilding segment have suffered from delays, leading to a decline in our revenue."

"Shipbuilding is the Group’s core business and its major revenue contributor. During the Period, revenue from the shipbuilding segment reached RMB 7.56 billion, representing 95% of revenue. According to Clarkson Research, global new shipbuilding orders decreased 44.5% year-on-year measured in deadweight tonnage (“DWT”), and new shipbuilding orders in China fell 45.2% year-on-year for the Period. New shipbuilding prices also suffered a drop of 9.2%. In response to the adverse market environment, we adopted a defensive sales strategy."

"Supported by our solid order book, the Group remained vigilant in avoiding low-price new orders or new orders with unfavorable payment terms. This enabled us to lower operating risks and consolidate our resources to gravitate towards the higher end of the value chain. During the period, thanks to the enhancement of the Group’s production efficiency and management capabilities, our delivery volume reached a record-high of 21 vessels with 3.9 million DWT, representing a year-on-year increase of 49.7%, and which includes 6 Very Large Ore Carriers and the Group’s first 6,500-TEU containership."

"According to Clarkson Research, our orders on hand accounted for 11.9% of market share in China and 5% of worldwide market share measured by DWT, ranking first in China and third in the world."

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