Masterwork Group (Tianjin Evergreen Technology Group Co., Ltd.) 2022 results

Masterwork, one of the leading Chinese manufacturers of packaging converting equipment, is well known in India, notably, since it demonstrated two die-cutters running at the Printpack India exhibition in the Delhi NCR in Feb 2022 at the Heidelberg India stand up. Sold and serviced globally by Heidelberg, it has entered the Indian market with several sales to leading packaging converters. Masterwork also became a pregnant investor in Heidelberg in the outset quarter of 2019, wherein obtained 8.46% in Heidelberg shares for € 60 million, which amounted to around 9.2% of the existing share capital.

Masterwork is a part of the Tianjin Evergreen Engineering science Group Co, Ltd, which is quoted on the Shanghai stock exchange. From what we take gleaned from manufacture reports is that it has been a Shenzhen-based supplier of cigarette cartons as well as die-cut and hot-foil stamping equipment. The tobacco carton press company is also known as Shenzhen Liqun Printing Co., Ltd. The company'southward preliminary inspect report in the public domain, states that this company failed to win a major tender for the production of tobacco cartons and has thus claimed impairment costs and turned the visitor overall from a profit-making ane to a loss-making visitor.

Nosotros first heard and saw Masterwork when it displayed its die-cutters in one of the converting halls several drupas agone in Dusseldorf. In subsequent drupas, particularly drupa 2022, MK was shown as a major Heidelberg supplier of converting equipment with whom Heidelberg had shared various technologies and intellectual property. In the 2022 drupa, nosotros expected a stronger level of joint branding with 1 of the ii large stakeholders in Heidelberg (Ferdinand Reuesch AG has a similar shareholding and is likewise known as an ballast shareholder in Heidelberger Druckmaschinen.)

Ms Li Li, who is listed as the Chairman and General Manager of Masterwork Machinery China, Forex Trading Broker and President of Masterwork USA on Masterwork'due south US website, is a member of the Heidelberg board of directors. We believe that the information that we take collected on the publicly listed company from the Shanghai Stock Exchange and then translated with the help of Google Translate and other Chinese experts represents the working of both the converting equipment manufacturing and the tobacco carton-making division.

Equally readers who delve more than deeply into these matters volition know or find, Masterwork or MK is in the procedure of shifting its operations from Shenzhen to Tianjin. Equally far as we tin can brand out from the MK financial figures, these are preliminary bookkeeping figures for 2022 and not still fully audited by an accounting firm, and and then may differ from the finally announced numbers. We have extrapolated the numbers from the Chinese Yuan to Euros at the currency exchange rates on 31 March 2020. We take reliable information that the visitor had 1900 employees in 2019.

The publicly available documents refer to the preliminary audit of 23 Jan 2022 and the balance sheet of 28 Feb 2020, in which the 2022 numbers or results are much worse for Masterwork than for 2018. MW'southward 2022 revenue of euro 168.05 million increased slightly to Euro 169.19 million while its net profit to shareholders, which was Euro 10.71 million in 2018, turned into a Euro 89.47 loss in 2019. Dividing the 2022 total operating income past 1900 employees for our viability estimate gives a ratio of Euro .089 million per employee.
Several reasons for the recent negative results are stated including the loss of an important tender for cigarette packaging. Other stated reasons given are reconstruction and employee bounty caused by relocation and the relocation itself of Shenzhen Liqun (Masterwork) to Tianjin.

The positive information given in the preliminary audit concerns the investment in Heidelberg, which is stated as in-depth cooperation with international industry giants that have further enhanced the brand's overseas reputation. The study as well says, "Regarding the company's international development process, the expected growth goal of expanding foreign sales has been accomplished."

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Source: https://packagingsouthasia.com/type-of-packaging/rigid-packaging/masterwork-group-tianjin-evergreen-technology-group-co-ltd-2019-results/

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