china export, page-16

The "China-Sandalwood Smuggle/Crackdown" news story by China Central Television has a "Shotlist" where files are mentioned. The only dates I can see are "2016", although some files are undated. In particular: "people walking into office", "crates full of sandalwood chunks" and "inspectors in meeting" are all in 2016. These dates fit with lukelee's post "this case started in June 2016 and ended in December 2016". lukelee, if you read this, where did you get this information about the issue being concluded by December 2016?

I therefore think it likely that this might be the "supply chain complexities with our first wood exports to China and the Middle East" referred to by TFC in their February 2017 results presentation, leading to first half sales being "slightly behind internal projections". In this same February presentation, TFS also stated that H2 Album sales "will ramp up with .... (b) two full quarters of sales to China and the US".

This last statement, together with the fact that QIN has restated its FY17 cash EBITDA guidance on 23rd March without change from the "increase by at least 25% on FY16" means that there is no longer any ongoing issues with selling sandalwood into China. If there was, then it would not be possible to restate guidance at this late stage in the financial year, or to expect in late February that there would be two full quarters of sales to China in this second half.