General Steel Reports Fourth Quarter and Full-Year 2014 Financial Results
Fourth Quarter Sales Volume Increased 17.1% Year-Over-Year
Fourth Quarter Net Income Totaled $9.4 million, or $0.16 Per Diluted Share
Fourth Quarter Operating Cash Flow Was $95.2 Million
BEIJING, March 31, 2015 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-controlled steel producer in China, today announced its financial results for the fourth quarter and full-year ended December 31, 2014.
Henry Yu, Chairman and Chief Executive Officer of General Steel commented, "During the fourth quarter of 2014, particularly in December, China's steel mills accelerated production after the required shut-down during the APEC summit, which caused rapid deterioration in the average selling prices of steel products. We believe the near-term challenges for the steel sector will likely linger, and as such, we are strategically accelerating our business transformation."
"The formation of our RFID joint venture in February 2015, and the joint venture for new petroleum storage facility under-preparation in Maoming City are excellent initial steps in our transformation into the Internet-of-Things and Logistics sectors. We are encouraged by our progress to date, and we anticipate these new joint ventures will drive strong synergies and efficiency enhancements for the whole organization."
John Chen, Chief Financial Officer of General Steel, commented, "Despite the persistently tough steel industry fundamentals, we continued to receive support from our SOE partners and local governments with favorable payment and credit terms that helped us to generate $95.2 million in operating cash flow during the fourth quarter. As we transform our organization, we will proactively review our strategy and asset portfolio and seek to restructure low-efficient, non-core assets, as well as idle land resources to unlock hidden fair value. We aim to transform into a leaner and fitter organization with better profitability, and based on the rapid progress of our recently-formed joint ventures, we believe we are well on our way."
Fourth Quarter 2014 Financial Information
- Sales volume increased by 17.1% year-over-year to approximately 1.35 million metric tons, compared with 1.15 million metric tons in the fourth quarter of 2013.
- Sales totaled $544.4 million, compared with $548.7 million in the fourth quarter of 2013.
- Gross loss was $(34.3) million, or (6.3%) of total sales, compared with $(32.7) million, or (6.0%) of total sales in the fourth quarter of 2013.
- Income from operations totaled $22.7 million, compared with $21.7 million in the fourth quarter of 2013.
- Net income attributable to the Company was $9.4 million, or $0.16 per diluted share, compared with a net loss of $102,000, or $(0.002) per share in the fourth quarter of 2013.
- As of December 31, 2014, the Company had cash and restricted cash of $367.3 million.
Full Year 2014 Financial Information
- Sales volume increased by 6.3% year-over-year to approximately 5.42 million metric tons, compared with 5.10 million metric tons in 2013.
- Sales were $2.3 billion, compared with $2.5 billion in 2013.
- Gross loss narrowed to $(19.2) million, or (0.8%) of total sales, compared with a gross loss of $(55.9) million, or (2.3%) of total sales in 2013.
- Loss from operations was $(6.7) million, compared with income from operations of $34.4 million in 2013.
- Net loss attributable to the Company was $(48.7) million, or $(0.86) per diluted share, compared with $(33.0) million, or $(0.60) per diluted share in 2013.
Fourth Quarter 2014 Financial and Operating Results
Total Sales
Total sales for the fourth quarter of 2014 decreased slightly by 0.8% year-over-year to $544.4 million, compared with $548.7 million in the fourth quarter of 2013. The year-over-year sales decrease was primarily due to a decrease in in average selling price of rebar, partially offset by increased total sales volume.
- Total sales volume in the fourth quarter of 2014 was 1.35 million metric tons, an increase of 17.1% compared with 1.15 million metric tons in the fourth quarter of 2013.
- The average selling price of rebar at Longmen Joint Venture in the fourth quarter of 2014 decreased to approximately $403.5 per metric ton, down by 14.9% from $474.3 per metric ton in the fourth quarter of 2013.
Gross Loss
Gross loss for the fourth quarter of 2014 was $(34.3) million, or (6.3)% of total sales, as compared with gross loss of $(32.7) million, or (6.0)% of total sales in the fourth quarter of 2013. The decrease in gross margin was mainly due to a steeper decrease in average selling price of rebar, compared with the decrease in unit cost of manufactured rebar, as well as higher allowance for inventory during the fourth quarter of 2014.
Operating Expenses and Income from Operations
Selling, general and administrative expenses for the fourth quarter of 2014 were $22.2 million, a decrease of 10.3% from $24.8 million in the fourth quarter of 2013. Driven by effective headcount expense control, general and administrative expenses decreased to $12.8 million in the fourth quarter of 2014, compared with $15.3 million in the fourth quarter of 2013. Selling expenses were $9.4 million in the fourth quarter of 2014, compared with from $9.5 million in the same period of 2013.
Other operating income from a change in the fair value of profit sharing liability during the fourth quarter of 2014 was $79.3 million, compared with $79.1 million recognized in the same period of last year.
Correspondingly, income from operations for the fourth quarter of 2014 increased slightly to $22.7 million, compared with $21,7 million for the fourth quarter of 2013.
Finance Expense
Finance and interest expense in the fourth quarter of 2014 was $21.9 million, of which, $5.3 million was the non-cash interest expense on capital lease, as compared with $5.5 million in the same period of 2013, and $16.6 million was the interest expense on bank loans and discounted note receivables, as compared with $17.5 million in the same period of 2013.
Net Income/Loss and Net Income/Loss per Share
Net income attributable to General Steel for the fourth quarter of 2014 was $9.4 million, or $0.16 per diluted share, based on 59.8 million weighted average shares outstanding. This compares to a net loss attributable to General Steel of $(102,000), or $(0.002) per share, based on 55.6 million weighted average shares outstanding in the fourth quarter of 2013. The increase in shares count of weighted average shares outstanding was primarily due to the issuance of 5 million Common Stock pursuant to the $7.5 million Private Placement the Company closed in October 2014.
Full Year 2014 Financial and Operating Results
Total Sales
Total sales for the year 2014 decreased by 7.1% year-over-year to $2.3 billion, compared with $2.5 billion in 2013. The year-over-year sales decrease was primarily due to a decrease in in average selling price of rebar, partially offset by increased total sales volume.
- Total sales volume in year 2014 was 5.42 million metric tons, an increase of 6.3% compared with 5.10 million metric tons in 2013.
- The average selling price of rebar at Longmen Joint Venture in 2014 decreased to approximately $422.2 per metric ton, down by 14.0% from $490.7 per metric ton in 2013.
Gross Loss
Gross loss for the year 2014 was $(19.2) million, or (0.8)% of total sales, as compared with a gross loss of $(55.9) million, or (2.3%) of total sales in 2013. The improvement in annual gross margin was mainly attributable to steeper decrease in unit costs of rebar manufactured than the average selling price of rebar.
Operating Expenses and Loss/Income from Operations
Selling, general and administrative expenses for the year 2014 were $78.6 million, a decreased of 6.7% from $84.2 million in 2013. General and administrative expenses decreased to $44.5 million, compared with $50.1 million in the same period of 2013. Selling expenses totaled $34.1 million, unchanged from the same period of 2013.
Other operating income from a change in the fair value of profit sharing liability in 2014 was $91.0 million, compared with $174.6 million in the same period of last year.
Correspondingly, loss from operations for the year 2014 was $(6.7) million, compared with income from operations of $34.4 million in 2013.
Finance Expense
Finance and interest expense for the year 2014 was $96.7 million, of which, $21.3 million was the non-cash interest expense on capital lease, as compared with $20.8 million in the same period of 2013, and $75.4 million was the interest expense on bank loans and discounted note receivables, as compared with $71.1 million in 2013.
Net Loss and Net Loss per Share
Net loss attributable to General Steel for the year 2014 was $(48.7) million, or $(0.86) per diluted share, based on 56.8 million weighted average shares outstanding. This compares to a net loss attributable to General Steel of $(33.0) million, or $(0.60) per diluted share, based on 55.1 million weighted average shares outstanding in 2013.
Balance Sheet
As of December 31, 2014, the Company had cash and restricted cash of approximately $367.3 million, compared to $431.3 million as of December 31, 2013. The Company had an inventory balance of $156.3 million as of December 31, 2014, compared to $212.9 million as of December 31, 2013.
Conference Call and Webcast:
General Steel will hold a corresponding conference call and live webcast at 8:00 a.m. EDT on Tuesday, March 31, 2015 (which corresponds to 8:00 p.m. Beijing/Hong Kong Time on Tuesday, March 31, 2015) to discuss the results and answer questions from investors. Listeners may access the call by dialing:
| US Toll Free: |
1-888-346-8982 |
| International Toll: |
1-412-902-4272 |
| China Toll Free: |
400-120-1203 |
| Hong Kong Toll Free: |
800-905-945 |
| Conference ID: |
General Steel Holdings |
The call will also be available as a live, listen-only Webcast under the "Events and Presentations" page on the "Investor Relations" section of the Company's Website at http://www.corpasia.net/us/GSI/irwebsite/index.php?mod=event. Following the live Webcast, an online archive of the Webcast will be available for 90 days.
A replay of the conference call may be accessed through April 4, 2015 by dialing:
| US Toll Free: |
1-877-344-7529 |
| International Toll: |
1-412-317-0088 |
| Access Code: |
10062338 |
About General Steel Holdings, Inc.
General Steel Holdings, Inc. is a leading non-state-owned steel maker headquartered in Beijing, China. With seven million metric tons of crude steel production capacity under management and operations in Tianjin municipality and China's Shaanxi and Guangdong provinces, the Company produces a variety of steel products including rebar and high-speed wire.
In addition to its steel business, the Company also designs, manufactures, and integrates radio frequency identification ("RFID") systems. The Company's RFID technology provides real-time data on supplies, inventory, and goods, thereby greatly enhancing its customers' administration and planning processes, as well as, asset tracking and supply chain management. For more information, please visit www.gshi-steel.com.
To be added to the General Steel email list to receive Company news, or to request a hard copy of the Company's Annual Report on Form 10-K, please send your request to [email protected].
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. The Company cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Actual results could differ materially from those projected in the forward-looking statements as a result of inaccurate assumptions or a number of risks and uncertainties. These risks and uncertainties are set forth in the Company's filings under the Securities Act of 1933 and the Securities Exchange Act of 1934 under "Risk Factors" and elsewhere, including those disclosed in the Company's most recent Annual Report on Form 10-K, filed with the United States Securities and Exchange Commission. Forward-looking statements contained herein speak only as of the date of this release. The Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.
Contact Us
General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: [email protected]
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: [email protected]
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||
| CONSOLIDATED BALANCE SHEETS |
||||||||
| (In thousands) |
||||||||
| December 31, |
December 31, |
|||||||
| ASSETS |
2014 |
2013 |
||||||
| CURRENT ASSETS: |
||||||||
| Cash |
$ |
11,641 |
$ |
31,967 |
||||
| Restricted cash |
355,685 |
399,333 |
||||||
| Notes receivable |
10,290 |
60,054 |
||||||
| Restricted notes receivable |
111,801 |
395,589 |
||||||
| Loan receivable |
36,001 |
- |
||||||
| Loans receivable - related parties |
34,713 |
4,540 |
||||||
| Accounts receivable, net |
9,321 |
4,078 |
||||||
| Accounts receivable - related parties |
8,498 |
2,942 |
||||||
| Other receivables, net |
63,746 |
54,716 |
||||||
| Other receivables - related parties |
39,670 |
54,106 |
||||||
| Inventories |
156,327 |
212,921 |
||||||
| Advances on inventory purchase |
73,819 |
44,897 |
||||||
| Advances on inventory purchase - related parties |
45,617 |
83,003 |
||||||
| Prepaid expense and other |
4,803 |
1,388 |
||||||
| Prepaid taxes |
5,789 |
28,407 |
||||||
| Short-term investment |
2,688 |
2,783 |
||||||
| TOTAL CURRENT ASSETS |
970,409 |
1,380,724 |
||||||
| PLANT AND EQUIPMENT, net |
1,543,136 |
1,271,907 |
||||||
| OTHER ASSETS: |
||||||||
| Advances on equipment purchase |
11,438 |
6,409 |
||||||
| Investment in unconsolidated entities |
16,823 |
16,943 |
||||||
| Long-term deferred expense |
458 |
668 |
||||||
| Intangible assets, net of accumulated amortization |
22,960 |
23,707 |
||||||
| TOTAL OTHER ASSETS |
51,679 |
47,727 |
||||||
| TOTAL ASSETS |
$ |
2,565,224 |
$ |
2,700,358 |
||||
| LIABILITIES AND DEFICIENCY |
||||||||
| CURRENT LIABILITIES: |
||||||||
| Short term notes payable |
$ |
661,635 |
$ |
1,017,830 |
||||
| Accounts payable |
612,801 |
434,979 |
||||||
| Accounts payable - related parties |
207,783 |
235,692 |
||||||
| Short term loans - bank |
257,502 |
301,917 |
||||||
| Short term loans - others |
60,717 |
62,067 |
||||||
| Short term loans - related parties |
46,380 |
126,693 |
||||||
| Current maturities of long-term loans - related party |
- |
53,013 |
||||||
| Other payables and accrued liabilities |
55,488 |
45,653 |
||||||
| Other payable - related parties |
87,252 |
94,079 |
||||||
| Customer deposits |
92,974 |
87,860 |
||||||
| Customer deposits - related parties |
132,616 |
64,881 |
||||||
| Deposit due to sales representatives |
17,871 |
24,343 |
||||||
| Deposit due to sales representatives - related parties |
2,509 |
1,997 |
||||||
| Taxes payable |
5,201 |
4,628 |
||||||
| Deferred lease income, current |
2,176 |
2,187 |
||||||
| Capital lease obligations, current |
8,508 |
4,321 |
||||||
| TOTAL CURRENT LIABILITIES |
2,251,413 |
2,562,140 |
||||||
| NON-CURRENT LIABILITIES: |
||||||||
| Long-term loans - related party |
339,549 |
19,644 |
||||||
| Deferred lease income, noncurrent |
72,713 |
75,257 |
||||||
| Capital lease obligations, noncurrent |
393,252 |
375,019 |
||||||
| Profit sharing liability |
70,422 |
162,295 |
||||||
| TOTAL NON-CURRENT LIABILITIES |
875,936 |
632,215 |
||||||
| TOTAL LIABILITIES |
3,127,349 |
3,194,355 |
||||||
| COMMITMENTS AND CONTINGENCIES |
||||||||
| DEFICIENCY: |
||||||||
| Preferred stock, $0.001 par value, 50,000,000 shares authorized, |
3 |
3 |
||||||
| Common stock, $0.001 par value, 200,000,000 shares authorized, |
64 |
58 |
||||||
| Treasury stock, at cost, 2,472,306 shares as of December 31, 2014 and |
(4,199) |
(4,199) |
||||||
| Paid-in-capital |
115,494 |
106,878 |
||||||
| Statutory reserves |
6,472 |
6,243 |
||||||
| Accumulated deficits |
(463,521) |
(414,798) |
||||||
| Accumulated other comprehensive income |
644 |
729 |
||||||
| TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY |
(345,043) |
(305,086) |
||||||
| NONCONTROLLING INTERESTS |
(217,082) |
(188,911) |
||||||
| TOTAL DEFICIENCY |
(562,125) |
(493,997) |
||||||
| TOTAL LIABILITIES AND DEFICIENCY |
$ |
2,565,224 |
$ |
2,700,358 |
||||
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||
| (In thousands, except per share data) |
||||||||||||
| For the Three months ended December 31, |
For the Twelve months ended December 31, |
|||||||||||
| 2014 |
2013 |
2014 |
2013 |
|||||||||
| (UNAUDITED) |
(UNAUDITED) |
|||||||||||
| SALES |
$ |
423,508 |
$ |
482,218 |
$ |
1,900,292 |
$ |
2,016,548 |
||||
| SALES - RELATED PARTIES |
120,858 |
66,492 |
389,120 |
447,199 |
||||||||
| TOTAL SALES |
544,366 |
548,710 |
2,289,412 |
2,463,747 |
||||||||
| COST OF GOODS SOLD |
453,531 |
511,741 |
1,913,549 |
2,062,570 |
||||||||
| COST OF GOODS SOLD - RELATED PARTIES |
125,144 |
69,669 |
395,029 |
457,115 |
||||||||
| TOTAL COST OF GOODS SOLD |
578,675 |
581,410 |
2,308,578 |
2,519,685 |
||||||||
| GROSS (LOSS) PROFIT |
(34,309) |
(32,700) |
(19,166) |
(55,938) |
||||||||
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
(22,219) |
(24,762) |
(78,555) |
(84,226) |
||||||||
| CHANGE IN FAIR VALUE OF PROFIT SHARING LIABILITY |
79,260 |
79,132 |
91,018 |
174,569 |
||||||||
| INCOME (LOSS) FROM OPERATIONS |
22,732 |
21,670 |
(6,703) |
34,405 |
||||||||
| OTHER INCOME (EXPENSE) |
||||||||||||
| Interest income |
11,675 |
2,557 |
21,700 |
11,214 |
||||||||
| Finance/interest expense |
(21,937) |
(22,963) |
(96,673) |
(91,878) |
||||||||
| Change in fair value of derivative liabilities -warrants |
- |
(1) |
- |
- |
||||||||
| Gain (loss) on disposal of equipment and intangible assets |
(1,008) |
311 |
(1,125) |
424 |
||||||||
| Government grant |
327 |
4,216 |
327 |
4,216 |
||||||||
| Income from equity investments |
40 |
66 |
139 |
203 |
||||||||
| Foreign currency transaction gain |
(543) |
946 |
786 |
1,394 |
||||||||
| Lease income |
545 |
545 |
2,175 |
2,158 |
||||||||
| Gain on deconsolidation of a subsidiary |
1,795 |
1,011 |
1,795 |
1,011 |
||||||||
| Payment for public highway construction |
- |
(6,462) |
- |
(6,462) |
||||||||
| Other non-operating income (expense), net |
(536) |
(515) |
(428) |
1,044 |
||||||||
| Other expense, net |
(9,642) |
(20,289) |
(71,304) |
(76,676) |
||||||||
| INCOME (LOSS) BEFORE PROVISION FOR |
13,090 |
1,381 |
(78,007) |
(42,271) |
||||||||
| PROVISION FOR INCOME TAXES |
||||||||||||
| Current |
64 |
153 |
269 |
354 |
||||||||
| Deferred |
- |
- |
- |
- |
||||||||
| Provision for income taxes |
64 |
153 |
269 |
354 |
||||||||
| NET INCOME (LOSS) |
13,026 |
1,228 |
(78,276) |
(42,625) |
||||||||
| Less: Net income (loss) attributable to |
3,676 |
1,330 |
(29,553) |
(9,609) |
||||||||
| NET LOSS ATTRIBUTABLE TO GENERAL |
$ |
9,350 |
$ |
(102) |
$ |
(48,723) |
$ |
(33,016) |
||||
| NET INCOME (LOSS) |
$ |
13,026 |
$ |
1,228 |
$ |
(78,276) |
$ |
(42,625) |
||||
| OTHER COMPREHENSIVE INCOME (LOSS) |
||||||||||||
| Foreign currency translation adjustments |
81 |
(2,142) |
590 |
(14,425) |
||||||||
| COMPREHENSIVE INCOME (LOSS) |
13,107 |
(914) |
(77,686) |
(57,050) |
||||||||
| Less: Comprehensive income (loss) attributable to |
3,150 |
401 |
(28,652) |
(15,107) |
||||||||
| COMPREHENSIVE INCOME (LOSS) |
$ |
9,957 |
$ |
(1,315) |
$ |
(49,034) |
$ |
(41,943) |
||||
| WEIGHTED AVERAGE NUMBER OF SHARES |
||||||||||||
| Basic and Diluted |
59,796 |
55,570 |
56,841 |
55,126 |
||||||||
| LOSS PER SHARE |
||||||||||||
| Basic and Diluted |
$ |
0.16 |
$ |
(0.002) |
$ |
(0.86) |
$ |
(0.60) |
||||
| GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
| (In thousands) |
||||||||||||
| For the Twelve months ended December 31, |
||||||||||||
| 2014 |
2013 |
|||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
|
Net loss |
$ |
(78,276) |
$ |
(42,625) |
||||||||
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: |
||||||||||||
| Depreciation, amortization and depletion |
96,277 |
89,048 |
||||||||||
|
Change in fair value of derivative liabilities |
(1) |
|||||||||||
| Change in fair value of profit sharing liability |
(91,018) |
(174,569) |
||||||||||
| (Gain) loss on disposal of equipment and intangible assets |
1,125 |
(424) |
||||||||||
| Provision for doubtful accounts |
10,110 |
(677) |
||||||||||
| Reservation of mine maintenance fee |
296 |
327 |
||||||||||
| Stock issued for services and compensation |
1,122 |
1,165 |
||||||||||
| Amortization of deferred financing cost on capital lease |
21,252 |
20,799 |
||||||||||
| Income from equity investments |
(139) |
(203) |
||||||||||
| Foreign currency transaction (gain) loss |
(786) |
(1,394) |
||||||||||
| Gain on deconsolidation of a subsidiary |
(1,795) |
(1,011) |
||||||||||
| Deferred lease income |
(2,175) |
(2,158) |
||||||||||
| Changes in operating assets and liabilities |
||||||||||||
| Notes receivable |
51,841 |
25,555 |
||||||||||
| Accounts receivable |
(6,037) |
1,281 |
||||||||||
| Accounts receivable - related parties |
(5,694) |
12,161 |
||||||||||
| Other receivables |
(13,029) |
(1,116) |
||||||||||
| Other receivables - related parties |
8,005 |
(48,017) |
||||||||||
| Inventories |
50,950 |
(40,632) |
||||||||||
| Advances on inventory purchases |
(32,293) |
25,414 |
||||||||||
| Advances on inventory purchases - related parties |
8,332 |
(145,686) |
||||||||||
| Prepaid expense and other |
(3,418) |
(916) |
||||||||||
| Long-term deferred expense |
206 |
422 |
||||||||||
| Prepaid taxes |
22,464 |
(3,485) |
||||||||||
| Accounts payable |
49,705 |
23,760 |
||||||||||
| Accounts payable - related parties |
(26,227) |
113,034 |
||||||||||
| Other payables and accrued liabilities |
8,580 |
(10,508) |
||||||||||
| Other payables - related parties |
(6,370) |
8,332 |
||||||||||
| Customer deposits |
6,134 |
(41,069) |
||||||||||
| Customer deposits - related parties |
68,007 |
41,636 |
||||||||||
| Taxes payable |
735 |
(12,367) |
||||||||||
| Net cash provided by (used in) operating activities |
137,884 |
(163,924) |
||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||
| Restricted cash |
41,669 |
(64,860) |
||||||||||
| Proceeds from dividends declared |
545 |
- |
||||||||||
| Loan to unrelated parties |
(35,977) |
- |
||||||||||
| Loans to related parties |
- |
(200) |
||||||||||
| Repayments from related parties |
4,540 |
1,660 |
||||||||||
| Cash proceeds from (made to) short term investment |
81 |
(81) |
||||||||||
| Cash proceeds from sales of equipment and intangible assets |
36 |
160 |
||||||||||
| Equipment purchase and intangible assets |
(239,633) |
(43,355) |
||||||||||
| Cash proceeds from sale of equity ownership |
- |
13,619 |
||||||||||
| Effect on cash due to deconsolidation of a subsidiary |
(267) |
(12,735) |
||||||||||
| Net cash used in investing activities |
(229,006) |
(105,792) |
||||||||||
| CASH FLOWS FINANCING ACTIVITIES: |
||||||||||||
| Capital contributed by noncontrolling interest |
- |
18,028 |
||||||||||
| Notes receivable - restricted |
281,665 |
(26,066) |
||||||||||
| Borrowings on short term notes payable |
1,570,660 |
1,913,987 |
||||||||||
| Payments on short term notes payable |
(1,921,644) |
(1,911,006) |
||||||||||
| Borrowings on short term loans - bank |
358,001 |
371,685 |
||||||||||
| Payments on short term loans - bank |
(402,259) |
(222,104) |
||||||||||
| Borrowings on short term loan - others |
47,797 |
69,632 |
||||||||||
| Payments on short term loans - others |
(53,403) |
(72,989) |
||||||||||
| Borrowings on short term loan - related parties |
- |
393,833 |
||||||||||
| Payments on short term loans - related parties |
(28,712) |
(248,119) |
||||||||||
| Deposits due to sales representatives |
(6,348) |
(10,455) |
||||||||||
| Deposits due to sales representatives - related parties |
521 |
711 |
||||||||||
| Borrowings on long-term loans - related party |
219,929 |
- |
||||||||||
| Payments on long-term loans - related party |
(1,700) |
(22,940) |
||||||||||
| Principal payment under capital lease obligation |
(1,375) |
(218) |
||||||||||
| Proceed from common stock issued to CEO |
7,500 |
- |
||||||||||
| Net cash provided by financing activities |
70,632 |
253,979 |
||||||||||
| EFFECTS OF EXCHANGE RATE CHANGE IN CASH |
164 |
1,237 |
||||||||||
| DECREASE IN CASH |
(20,326) |
(14,500) |
||||||||||
| CASH, beginning of year |
31,967 |
46,467 |
||||||||||
| CASH, end of year |
$ |
11,641 |
$ |
31,967 |
||||||||
SOURCE General Steel Holdings, Inc.
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