On 16 April, 2013, Zhejiang Wynca Chemical Industry Group Co., Ltd. (Zhejiang Wynca), a China's top listed glyphosate manufacturer with a total capacity of 80,000t/a, announced its 2012 annual report, showing that its total revenue and operating profit in 2012 was about USD980.81 million (RMB6,111.01 million) and USD15.51 million (RMB96.68 million), up by about USD201.9 million (RMB1,258.01 million) and USD25.66 million (RMB159.92 million), respectively, over 2011, according to CCM’s latest monthly newsletter, Glyphosate China Monthly Report 1305.
The operating rate of Zhejiang Wynca's glyphosate was close to 100% in 2012. The revenue from its glyphosate business was about USD385.2 million (RMB2,400 million) in 2012, representing about 40% of its total revenue, with a gross profit rate of 15%. Zhejiang Wynca saw the biggest operating profit growth in Q4 2012, mainly attributed to the fat profit in the glyphosate business. However, it suffered operating losses in Q1 2012, due to the stagnant glyphosate market at that time.
Zhejiang Wynca's domestic revenue contributes a lot to its total revenue, taking up about 57% of the total. The growth rate of its overseas revenue is 32.96%, 10 percentage points more compared with its domestic revenue. This is mainly because of the increased export value and stable export volume of glyphosate products
Zhejiang Wynca's profitability enhanced a lot in 2012 over 2011, but it is still quite low. Zhejiang Wynca's operating capacity increased steadily although its account receivable turnover decreased slightly in 2012.
Zhejiang Wynca's management capacity also increased in 2012. Although its financial expense ratio increased a little, its sales and management expense ratio decreased slightly in 2012 over 2011.
Although Zhejiang Wynca's debt ratio has remained below 40% since 2009 and it is 39.17% as of 31 Dec. 2012, its debt paying ability didn't increase a lot in 2012. Its quick ratios in 2011 and 2012 were less than 50%, respectively.
Zhejiang Wynca's financial position was good in 2012. The cash inflow and outflow in its operating activities represents the highest proportion among those three activities, with a 3-year consecutive increase in its cash inflow and cash from its operating activities since 2010.
Zhejiang Wynca's revenue and profit has been greatly impacted by its glyphosate business. Its total revenue is expected likely to reach USD1,059.3 million (RMB6,600 million) in 2013, if the glyphosate business can keep improving in 2013.
Table of Contents of Glyphosate China Monthly Report 1305:
Zhejiang Wynca achieves great operating performance in 2012
Herbicide business improves Monsanto's operating performance in H1 2013 fiscal year
Nufarm’s operating performance improves in H1 2013 fiscal year
Review of Chinese glyphosate export in Q1 2013
Operating performance comparison among Zhejiang Wynca, Nantong Jiangshan and Anhui Huaxing in 2012
China's three listed glyphosate companies turn loss into gain in Q1 2013
Result of glyphosate use survey for 2012 middle rice planting in Hunan province
Glyphosate registration surges in April 2013
Glyphosate price decreases slightly in May 2013
The export volume of glyphosate formulation increases by 47.55% in March 2013
Glyphosate China Monthly Report, a monthly publication issued by CCM on 20th, will keep track of latest dynamics, hotspots and competitiveness analysis, and forecasts on market trends of China’s glyphosate industry.
About CCM
CCM is dedicated to market research in China, Asia-Pacific Rim and global market. With a staff of more than 150 dedicated highly-educated professionals, CCM offers Market Data, Analysis, Reports, Newsletters, Buyer-Trader Information, Import/Export Analysis, and consultancy service.
For more information, please visit http://www.cnchemicals.com.
Guangzhou CCM Information Science & Technology Co., Ltd.
17th Floor, Huihua Commercial & Trade Mansion, No.80 Xianlie Zhong Road, Guangzhou 510070, China
Tel: 86-20-37616606
Email: econtact@cnchemicals.com