Highpower International, Inc. Reports Fourth Quarter and Full Year
2013 Financial Results
Record FY 2013 Revenues of $133 Million as Lithium Battery Net
Sales Were up 52.6% Over FY 2012; Q4 Net Revenues up 24.7% YoY to
$38.4 Million While Net Income Grew 114% YoY to $1.2 Million;
Issues FY 2014 Guidance Range -- Revenues of $150 to $170 Million
and Net Income of $2.5 Million to $4 Million
SAN FRANCISCO, CA and SHENZHEN, CHINA--(Marketwired - Mar 25,
2014) - Highpower International, Inc. (NASDAQ: HPJ), a developer,
manufacturer, and marketer of nickel-metal hydride (Ni-MH) and
lithium rechargeable batteries, and a battery management systems
and battery recycling provider, today announced financial results
for the fourth quarter and year-ended ended December 31, 2013.
Fourth Quarter 2013 Highlights
- Net sales increased 24.7% to $38.4 million in the fourth
quarter of 2013 over the fourth quarter of 2012
- Continued strong performance in lithium battery segment --
lithium battery net sales up 79.2% in the fourth quarter of 2013
over the fourth quarter of 2012; total lithium battery pieces sold
increased 31.0%; and a 54.4% increase in volume per ampere
hour
- Healthy gross margin of 22.5%, up 170 basis points in the
fourth quarter of 2013 over the fourth quarter of 2012 and 390
basis points sequentially
- Net income of $1.21 million, or $0.09 per diluted share, a 114%
increase from $0.57 million, or $0.04 per diluted share, in the
fourth quarter of 2012
Fiscal Year 2013 Highlights
- Net sales increased 17.9% year-over-year to $132.8 million
- Sustained growth in lithium battery segment -- lithium battery
net sales up 52.6% in fiscal year 2013 over fiscal year 2012; total
lithium battery pieces sold increased 31.7%; and a 49.6% increase
in volume per ampere hour
- Gross margin of 19.9%, down from 21.0% in fiscal year 2012
- Net income of $1.5 million, or $0.11 per diluted share, down
from $1.7 million, or $0.13 per diluted share, in fiscal year
2012
Management Commentary
"The fourth quarter of 2013 was a quarter of extraordinary
growth and development for Highpower," stated Mr. George Pan,
Chairman and Chief Executive Officer of Highpower International.
"We are excited to end the year on such an exceptional note having
once again achieved record revenues in our lithium battery segment
and overall record revenues for Highpower. Our lithium battery
business, including the increased capacity from our newly opened
facility in Huizhou, and our recently announced first major order
in the electrical vehicle market, gives us tremendous momentum and
increased brand recognition, positioning us well for a strong
2014."
"Several key end markets that we serve with our batteries --
mobile and portable devices, and electric vehicles -- show no signs
of slowing and we expect increased demand for our products
throughout 2014. We remain committed to our pioneering efforts in
the battery recycling space and are very excited about our new
recycling facility planned to come online in the second quarter of
2014. Some of our existing large customers, as well as potential
customers in the pipeline, are attracted to our recycling
initiatives. This recycling platform helps serve as a key
differentiator for us to win additional business in the future.
Being on the forefront of this trend makes sense from both a
business and environmental perspective, especially over the next
few years when increasing amounts of complex energy storage system
and electric vehicle batteries need to be disposed of," concluded
Mr. Pan.
"We delivered strong revenue growth, healthy gross margins,
improved management efficiency, and profitability in the fourth
quarter," said Mr. Henry Sun, Chief Financial Officer of Highpower
International. "In 2014, we expect these positive trends to
continue, which we believe will translate into strong top and
bottom line growth for the full year. We are planning for lower
capital expenditures in 2014 and will continue to invest in R&D
to improve our overall technical capabilities and sustainable core
competencies. In addition, the percentage of operating expenses as
a percentage of sales is expected to be lower in fiscal 2014."
Fourth Quarter 2013 Financial Results
Net sales for the fourth quarter ended December 31, 2013 totaled
$38.4 million, a year-over-year increase of 24.7% compared with
$30.8 million for the fourth quarter ended December 31, 2012. The
increase in sales for the fourth quarter was due to a $9.5 million
increase in net sales of our lithium batteries which more than
offset a $0.7 million decrease in net sales of our Ni-MH batteries.
The increase in the volume of lithium batteries sold during the
fourth quarter of 2013 was primarily attributable to growth in
global customer demand and increased competitiveness of our
products. While we experienced an increase in the number of Ni-MH
battery units sold in the fourth quarter of 2013, our average
selling prices declined at a slightly greater rate due to our
marketing strategy to stay competitive under conditions of weaker
commodity markets that persisted throughout 2013.
Fourth quarter 2013 gross profit increased to $8.6 million, as
compared with $6.4 million for the fourth quarter of 2012. Gross
profit margin was 22.5% for the fourth quarter of 2013, as compared
with 20.8% for the fourth quarter of 2012. The year-over-year
increase in gross profit margin for the fourth quarter of 2013 was
primarily attributable to the increased volume of high end lithium
batteries sold, combined with higher average selling prices for
those batteries, offset by a decline in gross margin for our Ni-MH
batteries.
R&D spending was $1.7 million for the fourth quarter of
2013, as compared with $1.3 million for the comparable period in
2012, reflecting our ongoing commitment to R&D activities and
the expansion of our workforce in research of basic materials and
electrochemical platforms, and development of complex battery
management systems.
Selling and distribution expenses were $1.8 million for the
fourth quarter of 2013, as compared with $1.4 million for the
comparable period in 2012. The year-over-year increase in selling
and distribution expenses was due to increased sales and marketing
activities, participation in industry trade shows, and
international travel to promote and sell our products globally.
General and administrative expenses were $3.7 million for the
fourth quarter of 2013, as compared with $3.2 million for the
fourth quarter of 2012. The increase was primarily due to our
increased management staff headcount to support the growth of our
business.
Net income attributable to the company for the fourth quarter of
2013 was $1,208,581, or $0.09 per diluted share, based on 13.9
million weighted average shares outstanding. This compares with
fourth quarter 2012 net income of $565,761 or $0.04 per diluted
share, based on 13.6 million weighted average shares
outstanding.
Full Year 2013 Financial Results
Net sales for the year ended December 31, 2013 totaled $132.8
million, a year-over-year increase of 17.9% compared with $112.6
million for the year ended December 31, 2012. The year-over-year
increase was primarily due to a $20.0 million increase in net sales
of our lithium batteries and a $1.1 million increase in net sales
of our Ni-MH batteries. The increase in the number of Ni-MH battery
units sold in 2013 was primarily attributable to increased orders
from our new customers and the increase in the volume of lithium
batteries sold in 2013 was primarily attributable to growth in
global demand.
Gross profit for 2013 increased to $26.4 million, as compared
with $23.7 million for 2012. Gross profit margin was 19.9% for
2013, as compared with 21.0% for 2012. The year-over-year decrease
in gross profit margin for 2013 was primarily attributable to
decreases in the average selling price of Ni-MH batteries sold and
an increase in labor costs for the comparable period.
R&D spending was $5.7 million for 2013, as compared with
$4.6 million for 2012, reflecting our ongoing commitment to R&D
activities and the expansion of our workforce in research of basic
materials and electrochemical platforms, and development of complex
battery management systems.
Selling and distribution expenses were $6.2 million for 2013, as
compared with $5.3 million for 2012. The year-over-year increase in
selling and distribution expenses was due to increased sales and
marketing activities, participation in industry trade shows, and
international travel to promote and sell our products globally.
General and administrative expenses were $12.1 million for 2013,
as compared with $11.5 million for 2012. The increase was primarily
due to our increased management staff headcount to support the
growth of our business.
Net income attributable to the company for 2013 was $1,451,218,
or $0.11 per diluted share, based on 13.7 million weighted average
shares outstanding. This compares with 2012 net income of
$1,717,022 or $0.13 per diluted share, based on 13.6 million
weighted average shares outstanding.
Balance Sheet
As of December 31, 2013, Highpower International had cash, cash
equivalents and restricted cash totaling $36.6 million, total
assets of $151.8 million, and stockholders' equity of $34.7
million. Bank credit facilities totaled $74.6 million at December
31, 2013, of which $45.3 million was utilized and $29.3 million was
available as unused credit.
Outlook
Based on our current expectations for global demand for the
rechargeable and recycling battery markets in 2014 and our
continued shift toward mobile power sources, higher-value energy
storage systems and transportation products, we are issuing 2014
guidance of revenues to range between $150 million to $170 million
and net income to range between $2.5 million to $4 million.
Conference Call and Webcast
The Company will host a conference call today at 7:00 a.m.
Pacific time/10:00 a.m. Eastern time to discuss these results and
answer questions.
Individuals interested in participating in the conference call
may do so by dialing 877-941-9205 from the U.S. or 480-629-9771
from outside the U.S. and referencing the reservation code 4674450.
Those interested in listening to the conference call live via the
Internet may do so by visiting the Investor Relations section of
the Company's Web site at www.highpowertech.com or
www.InvestorCalendar.com.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. With advanced manufacturing facilities located
in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed
to clean technology, not only in the products it makes, but also in
the processes of production. The majority of Highpower
International's products are distributed to worldwide markets
mainly in the United States, Europe, China and Southeast Asia.
Forward Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not historical
facts. These statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry
trends and the Company's future performance, operations and
products. Such statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results to differ materially from the results expressed or
implied by such statements and involve risks and uncertainties,
including, without limitation, an economic downturn and uncertainty
in the economy adversely affecting demand for our products;
fluctuations in the cost of raw materials; our dependence on, or
inability to attract additional, major customers for a significant
portion of our net sales; our ability to increase manufacturing
capabilities to satisfy orders from new customers; our ability to
maintain increased margins; changes in the laws of the PRC that
affect our operations;; our ability to control operating expenses
and costs related to our operations; the devaluation of the U.S.
Dollar relative to the Renminbi; our dependence on the growth in
demand for portable electronic devices and the success of
manufacturers of the end applications that use our battery
products; our responsiveness to competitive market conditions; our
ability to successfully manufacture our products in the time frame
and amounts expected; the market acceptance of our battery
products, including our lithium products; our ability to
successfully develop products for and penetrate the electric
transportation market; our ability to continue R&D development
to keep up with technological changes; our exposure to product
liability, safety, and defect claims; rising labor costs, volatile
metal prices, and inflation; our ability to pay our existing bank
facilities and debt obligations; changes in foreign, political,
social, business and economic conditions that affect our production
capabilities or demand for our products; and various other matters,
many of which are beyond our control. For a discussion of these and
other risks and uncertainties see "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's public filings with the SEC. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. The
Company has no obligation to update the forward-looking information
contained in this press release.
- financial tables to follow -
| |
|
| |
|
| HIGHPOWER INTERNATIONAL, INC. AND SUBSIDIARIES |
|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) |
|
| (Stated in US Dollars except Number of Shares) |
|
| |
|
| |
|
Three months ended December 31, |
|
|
For the year ended December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
38,419,856 |
|
|
30,800,194 |
|
|
132,849,822 |
|
|
112,648,705 |
|
| Cost of sales |
|
(29,776,440 |
) |
|
(24,384,461 |
) |
|
(106,465,780 |
) |
|
(88,942,281 |
) |
| Gross profit |
|
8,643,416 |
|
|
6,415,733 |
|
|
26,384,042 |
|
|
23,706,424 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
(1,726,327 |
) |
|
(1,345,764 |
) |
|
(5,711,269 |
) |
|
(4,611,054 |
) |
| Selling and distribution expenses |
|
(1,801,801 |
) |
|
(1,442,921 |
) |
|
(6,188,176 |
) |
|
(5,347,692 |
) |
| General and administrative expenses, including
share-based compensation |
|
(3,716,995 |
) |
|
(3,164,804 |
) |
|
(12,092,708 |
) |
|
(11,478,541 |
) |
| Loss on exchange rate difference |
|
(178,259 |
) |
|
(142,139 |
) |
|
(552,669 |
) |
|
(220,597 |
) |
| Gain on derivative instruments |
|
58,906 |
|
|
490,059 |
|
|
326,222 |
|
|
730,591 |
|
| Total operation expenses |
|
(7,364,476 |
) |
|
(5,605,569 |
) |
|
(24,218,600 |
) |
|
(20,927,293 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income from operations |
|
1,278,940 |
|
|
810,164 |
|
|
2,165,442 |
|
|
2,779,131 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other income |
|
561,845 |
|
|
226,359 |
|
|
1,538,518 |
|
|
630,842 |
|
| Interest expenses |
|
(501,037 |
) |
|
(327,842 |
) |
|
(1,647,155 |
) |
|
(705,218 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income before taxes |
|
1,339,748 |
|
|
708,681 |
|
|
2,056,805 |
|
|
2,704,755 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income taxes expense |
|
(138,664 |
) |
|
(189,127 |
) |
|
(718,016 |
) |
|
(1,132,340 |
) |
| Net income |
|
1,201,084 |
|
|
519,554 |
|
|
1,338,789 |
|
|
1,572,415 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Less: net loss attributable to non-controlling
interest |
|
(7,497 |
) |
|
(46,207 |
) |
|
(112,429 |
) |
|
(144,607 |
) |
| Net income attributable to the Company |
|
1,208,581 |
|
|
565,761 |
|
|
1,451,218 |
|
|
1,717,022 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
1,201,084 |
|
|
519,554 |
|
|
1,338,789 |
|
|
1,572,415 |
|
| Foreign currency translation gain |
|
291,457 |
|
|
307,048 |
|
|
822,600 |
|
|
532,918 |
|
| Comprehensive income |
|
1,492,541 |
|
|
826,602 |
|
|
2,161,389 |
|
|
2,105,333 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Less: comprehensive loss attributable to
non-controlling interest |
|
1,796 |
|
|
(39,922 |
) |
|
(88,824 |
) |
|
(146,932 |
) |
| Comprehensive income attributable to the Company |
|
1,490,745 |
|
|
866,524 |
|
|
2,250,213 |
|
|
2,252,265 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share of common stock attributable to the
Company |
|
|
|
|
|
|
|
|
|
|
|
|
| |
-
Basic |
|
0.09 |
|
|
0.04 |
|
|
0.11 |
|
|
0.13 |
|
| |
-
Diluted |
|
0.09 |
|
|
0.04 |
|
|
0.11 |
|
|
0.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
| |
-
Basic |
|
13,863,306 |
|
|
13,582,106 |
|
|
13,671,169 |
|
|
13,582,106 |
|
| |
-
Diluted |
|
13,874,574 |
|
|
13,582,106 |
|
|
13,687,698 |
|
|
13,582,106 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
| HIGHPOWER INTERNATIONAL, INC.AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS |
| (Stated in US Dollars except Number of Shares) |
| |
| |
|
December 31, |
|
December 31, |
| |
|
2013 |
|
2012 |
| ASSETS |
|
|
|
|
| |
|
Current Assets: |
|
|
|
|
| |
|
Cash
and cash equivalents |
|
7,973,459 |
|
6,627,334 |
| |
|
Restricted cash |
|
28,586,121 |
|
27,695,569 |
| |
|
Accounts receivable, net |
|
33,961,014 |
|
25,323,899 |
| |
|
Notes
receivable |
|
1,014,891 |
|
392,242 |
| |
|
Prepayments |
|
4,969,743 |
|
3,223,795 |
| |
|
Other
receivables |
|
1,063,656 |
|
802,907 |
| |
|
Inventories |
|
19,739,360 |
|
16,719,807 |
| |
|
|
|
|
|
|
| |
|
Total
Current Assets |
|
97,308,244 |
|
80,785,553 |
| |
|
|
|
|
|
|
| |
|
Property, plant and equipment, net |
|
48,548,203 |
|
33,462,369 |
| |
Land use right, net |
|
4,421,415 |
|
4,423,348 |
| |
|
Intangible asset, net |
|
650,000 |
|
700,000 |
| |
|
Deferred tax assets |
|
802,225 |
|
762,954 |
| |
|
Foreign currency derivatives assets |
|
63,289 |
|
255,508 |
| |
|
|
|
|
| TOTAL ASSETS |
|
151,793,376 |
|
120,389,732 |
| |
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
| |
|
|
|
|
| LIABILITIES |
|
|
|
|
| |
|
Current Liabilities: |
|
|
|
|
| |
|
Accounts payable |
|
40,026,698 |
|
27,509,195 |
| |
|
Deferred revenue |
|
675,521 |
|
661,178 |
| |
|
Short-term loan |
|
36,142,105 |
|
20,478,604 |
| |
|
Notes
payable |
|
25,271,256 |
|
26,397,200 |
| |
|
Other
payables and accrued liabilities |
|
7,801,431 |
|
4,485,918 |
| |
|
Income taxes payable |
|
1,279,658 |
|
1,180,469 |
| |
|
Current portion of long-term loan |
|
1,967,536 |
|
1,925,762 |
| |
|
|
|
|
|
|
| |
|
Total
Current Liabilities |
|
113,164,205 |
|
82,638,326 |
| |
|
|
|
|
|
|
| |
|
Long-term loan |
|
3,935,071 |
|
5,777,286 |
| |
|
|
|
|
| TOTAL LIABILITIES |
|
117,099,276 |
|
88,415,612 |
| |
|
|
|
|
| COMMITMENTS AND CONTINGENCIES |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
| |
| HIGHPOWER INTERNATIONAL, INC AND SUBSIDIARIES |
| CONSOLIDATED BALANCE SHEETS (CONTINUED) |
| (Stated in US Dollars except Number of Shares) |
| |
| |
|
December 31, |
|
December 31, |
| |
|
2012 |
|
2011 |
| EQUITY |
|
|
|
|
| |
Stockholder's equity |
|
|
|
|
| |
Preferred stock |
|
|
|
|
| |
(Par
value: $0.0001, authorized: 10,000,000 shares, issued and
outstanding: none) |
|
- |
|
- |
| |
|
|
|
|
|
| |
Common stock |
|
|
|
|
| |
(Par
value: $0.0001, authorized: 100,000,000 shares, 13,978,106shares
issued and outstanding at December 31, 2013 and 13,582,106 shares
outstanding at December 31, 2012) |
|
1,398 |
|
1,358 |
| |
Additional paid-in capital |
|
6,011,305 |
|
6,035,230 |
| |
Statutory and other reserves |
|
3,142,411 |
|
2,790,484 |
| |
Retained earnings |
|
18,390,875 |
|
17,291,584 |
| |
Accumulated other comprehensive income |
|
5,848,859 |
|
5,049,864 |
| |
|
|
|
|
| Total Equity for the Company's Stockholders |
|
33,394,848 |
|
31,168,520 |
| |
|
|
|
|
| |
Non-controlling interest |
|
1,299,252 |
|
805,600 |
| |
|
|
|
|
| TOTAL EQUTIY |
|
34,694,100 |
|
31,974,120 |
| |
|
|
|
|
| TOTAL LIABILITIES AND EQUITY |
|
151,793,376 |
|
120,389,732 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
| |
|
| HIGHPOWER INTERNATIONAL, INC AND SUBSIDIARIES |
|
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
| (Stated in US Dollars) |
|
| |
|
| |
|
For the year ended December 31, |
|
| |
|
2013 |
|
|
2012 |
|
| Cash flows from operating activities |
|
|
|
|
|
|
| |
Net income |
|
1,338,789 |
|
|
1,572,415 |
|
| |
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
| |
|
Depreciation and amortization |
|
2,523,583 |
|
|
2,090,403 |
|
| |
|
Allowance for doubtful accounts |
|
483,586 |
|
|
1,744,655 |
|
| |
|
Loss
on disposal of property, plant and equipment |
|
263,454 |
|
|
71,473 |
|
| |
|
Loss
(gain) on derivative instruments |
|
194,892 |
|
|
(236,709 |
) |
| |
|
Deferred income tax |
|
(23,410 |
) |
|
102,614 |
|
| |
|
Share-based payment |
|
426,779 |
|
|
203,993 |
|
| |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
| |
|
Accounts receivable |
|
(8,511,464 |
) |
|
(5,650,965 |
) |
| |
|
Notes
receivable |
|
(605,229 |
) |
|
127,414 |
|
| |
|
Prepayments |
|
(1,656,526 |
) |
|
1,063,693 |
|
| |
|
Other
receivables |
|
(239,801 |
) |
|
248,026 |
|
| |
|
Inventories |
|
(2,618,611 |
) |
|
(3,020,127 |
) |
| |
|
Accounts payable |
|
14,566,891 |
|
|
6,624,896 |
|
| |
|
Deferred revenue |
|
- |
|
|
653,015 |
|
| |
|
Other
payables and accrued liabilities |
|
3,178,758 |
|
|
(2,503,482 |
) |
| |
|
Income taxes payable |
|
72,509 |
|
|
754,589 |
|
| Net cash flows provided by operating activities |
|
9,394,200 |
|
|
3,845,903 |
|
| |
|
|
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
|
|
| |
Acquisition of plant and equipment |
|
(19,981,373 |
) |
|
(11,646,583 |
) |
| |
Acquisition of land use right |
|
- |
|
|
(1,327,754 |
) |
| Net cash flows used in investing activities |
|
(19,981,373 |
) |
|
(12,974,337 |
) |
| |
|
|
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
|
|
| |
Proceeds from short-term bank loans |
|
34,088,599 |
|
|
14,627,171 |
|
| |
Repayment of short-term bank loans |
|
(18,770,730 |
) |
|
(3,776,533 |
) |
| |
Proceeds from notes payable |
|
45,285,470 |
|
|
46,359,978 |
|
| |
Repayment of notes payable |
|
(46,960,375 |
) |
|
(38,188,330 |
) |
| |
Repayment of letter credit |
|
- |
|
|
(2,880,000 |
) |
| |
Proceeds from long-term bank loans |
|
- |
|
|
7,924,935 |
|
| |
Repayment of long-term bank loans |
|
(1,937,987 |
) |
|
(316,997 |
) |
| |
Capital contribution from non-controlling interest |
|
- |
|
|
950,992 |
|
| |
Increase in restricted cash |
|
(350,756 |
) |
|
(14,696,735 |
) |
| Net cash flows provided by financing activities |
|
11,354,221 |
|
|
10,004,481 |
|
| Effect of foreign currency translation on cash and cash
equivalents |
|
579,077 |
|
|
575,664 |
|
| Net increase in cash and cash equivalents |
|
1,346,125 |
|
|
1,451,711 |
|
| Cash and cash equivalents - beginning of year |
|
6,627,334 |
|
|
5,175,623 |
|
| Cash and cash equivalents - end of year |
|
7,973,459 |
|
|
6,627,334 |
|
| |
|
|
|
|
|
|
| Supplemental disclosures for cash flow
information: |
|
|
|
|
|
|
| |
Cash paid for: |
|
|
|
|
|
|
| |
|
Income taxes |
|
668,917 |
|
|
275,136 |
|
| |
|
Interest expenses |
|
1,647,155 |
|
|
1,247,217 |
|
| |
|
|
|
|
|
|
|
| |
Non-cash transactions |
|
|
|
|
|
|
| |
|
Accounts payable for construction in progress |
|
1,294,963 |
|
|
3,767,497 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Financial Profiles, Inc. Tricia Ross +1-310-622-8226 Email
Contact
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