DES MOINES, Iowa, Jan. 3, 2017 /PRNewswire/ --
Significant Progress in FY16 as Origin Continues
Transition to a Global Agricultural Technology Provider
FY16 Business Realignment Positions Origin for Exciting
Opportunities Ahead
Origin Agritech Ltd. (NASDAQ: SEED) ("Origin" or the "Company"),
an agricultural biotechnology trait and corn seed provider, today
announced its unaudited financial results for the fiscal year ended
September 30, 2016.
"We have delivered a 2016 fiscal year of significant change and
milestone achievements that reflect our new strategic operating
direction," said Dr. Bill Niebur,
Origin's Chief Executive Officer. "We have diversified our business
model, refreshed our product portfolio and are working
to improve our financial position to enable Origin to capitalize on
a consolidating global agricultural market environment. Based on
China's 13th Five-Year Plan, we
continue to believe that the Chinese government is committed to the
commercialization of agricultural biotechnology as part of the
larger effort to modernize agriculture. We have crafted a
strategic plan specifically to position Origin as a leader in the
global agricultural transformation."
Key Corporate Developments
- Today, the Company announced a definitive agreement with DuPont
Pioneer to gain access to non-GM corn seed products for the U.S.,
and bring such products into Origin's North America non-GM/Organic business. This
collaboration represents an important step as Origin pursues a full
slate of agricultural products, technology and services to meet
North America non-GM/Organic
market needs.
- In December 2016, Origin
announced critical milestone achievements for the agricultural
biotechnology research program including:
- Becoming the first Chinese biotech seed company to export
genetically modified corn seeds to the
United States at a greenhouse designated by the U.S.
Department of Agriculture. U.S. field tests of these seeds,
with insect resistance and herbicide tolerance technologies
developed in China, are scheduled
to begin next summer;
- Completion of lab and field production trials in China for the abovementioned trait;
- Submission of relevant data to obtain approval of a Safety
Certificate.
- In October 2016, the Company
announced the opening of the Des
Moines office (Iowa) as
Origin's North American operations center. Establishing a North
American presence is a natural outgrowth of the Company's focus on
globalization and enables Origin to contribute to stronger
U.S.-China relations in
agriculture.
- In September 2016, Origin entered
into a definitive agreement to sell its proprietary commercial corn
seed production and distribution business and its Beijing headquarters for RMB400 million (approximately USD$60 million). The transaction is subject to
customary closing conditions and shareholders' approval.
- Origin will retain its corn germplasm IP, breeding and biotech
research capabilities, which include modern laboratories, extensive
field testing networks and off-season winter nursery in
Hainan, to expand and pursue
germplasm and trait licensing opportunities. The sale of Origin's
proprietary commercial seed business will strengthen the Company's
balance sheet and enable it to focus on biotechnology trait and
seed germplasm research, development and licensing.
- In April 2016, Origin announced a
strategic partnership with DuPont Pioneer to create and
commercialize corn biotechnology products in China.
Fiscal 2016 Financial Results
As the seed industry in China
experienced another challenging year, Origin improved its operating
efficiency and cost reduction efforts in fiscal year 2016 after
excluding restructuring costs, expenses related to the North
American expansion, and one-time stock compensation expenses. The
Company's cash flow from operating activities was steady as it
managed inventory effectively. Going forward, Origin will maintain
its focus on cost and cash flow management to enable strategic
investment in R&D and global business development.
Total revenues for the fiscal year ended September 30, 2016 were RMB335.3 million (US$50.2
million), a decrease of 11.0% from RMB376.6 million during the fiscal year ended
September 30, 2015. The
year-over-year decrease in revenues was mainly due to lower sales
volume for corn and rice seeds as a result of market oversupply,
increasing competition and a reduction in corn acres in the high
single digits as measured by percentage. Market share for corn held
flat with last year.
Corn seed accounted for 91% of overall sales. Total revenues
from corn seeds were RMB306.4 million
(US$45.9 million) in fiscal year
2016, compared with RMB331.3 million
in fiscal year 2015. Revenues from the rice product line for the
year ended September 30, 2016
decreased to RMB19.7 million
(US$3.0 million) from RMB29.2 million in the fiscal year 2015. Sales of
canola seeds decreased to RMB8.7
million (US$1.3 million) in
fiscal year 2016, compared to RMB15.7
million in fiscal year 2015. Due to continued decline of
rice and canola seed sales and increased competition, the Company
is phasing out of these product lines in 2017.
Revenues of Biotech & Product Development, related to
conversion and testing fees from international partners, for the
year ended September 30, 2016
increased to RMB0.5 million
(US$0.1 million) from RMB0.3 million in fiscal year 2015.
Operating expenses for the fiscal year ended September 30, 2016 were RMB137.3 million (US$20.6
million), representing an increase of 23.5% from
RMB111.2 million in the fiscal year
2015, mainly due to restructuring costs, start-up expenses related
to expansion of operations in North
America and a one-time stock compensation expense. Excluding
these items, total operating expenses increased marginally by 2% to
RMB113.2 million (US$17.0 million). Selling and marketing expenses
for the fiscal year ended September 30,
2016 decreased 4.8% year-over-year to RMB38.1 million (US$5.7
million), mainly due to a decrease in headcount as Company's
sales through e-commerce increased in 2016.
Operating loss for the fiscal year ended September 30, 2016 was RMB61.3 million (US$9.2
million), compared with operating income of RMB1.3 million in fiscal year 2015.
Net loss attributable to Origin for the fiscal year ended
September 30, 2016 was RMB65.6 million (US$9.8
million), compared to a net loss of RMB13.8 million for the fiscal year ended
September 30, 2015.
Net loss per share was RMB2.87
(US$0.43) for the fiscal year 2016,
compared with net loss per share of RMB0.61 in fiscal year 2015.
As of September 30, 2016 and 2015, the Company had
approximately RMB54.5 million
(US$8.2 million) and RMB66.0 million, respectively, in cash and cash
equivalents. Total borrowings as of September 30, 2016 and 2015 were RMB237.1 million (US$35.5
million) and RMB285.0 million,
respectively. During fiscal year 2016, net cash provided by
operating activities was RMB47.9
million (US$7.2 million),
compared with RMB52.2 million for the
fiscal year ended September 30, 2015.
Net cash used in investing activities was RMB6.5 million (US$1.0
million) for the fiscal year ended September 30, 2016, compared with RMB20.4 million for the fiscal year ended
September 30, 2015. Net cash used in
financing activities was RMB48.8
million (US$7.3 million) for
the fiscal year ended September 30,
2016, compared with RMB9.5
million for the fiscal year ended September 30, 2015.
Conference Call Information
The Company will host a teleconference on January 3, 2017, at 8:30
a.m. ET / 9:30 p.m.
Beijing time to discuss the
results. To participate in the call, please dial the following
numbers approximately 5 minutes prior to the scheduled start
time.
US Toll
Free: 1-888-346-8982
International Toll:
1-412-902-4272
Mainland China Toll Free: 4001-201203
Hong Kong Toll Free:
800-905945
A replay of the call will be available shortly after the
conference call through January 10,
2016. The dial-in numbers for the replay are:
US Toll
Free:
1-877-344-7529
International Toll:
1-412-317-0088
Replay Access
Code: 10098247
A live and archived webcast of the conference call will be
available through the Company's investor relations website at
http://originseed.investorroom.com/.
About Origin
Founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life
Science Park in Beijing, Origin
Agritech Limited (NASDAQ GS: SEED) is China's leading agricultural biotechnology
company, specializing in crop seed breeding and genetic
improvement, seed production, processing, distribution, and related
technical services. Leading the development of crop seed
biotechnologies, Origin Agritech's phytase corn was the first
transgenic corn to receive the Bio-Safety Certificate from
China's Ministry of Agriculture.
Over the years, Origin has established a robust biotechnology seed
pipeline including products with glyphosate tolerance and pest
resistance (Bt) traits. Origin operates production centers,
processing centers and breeding stations nationwide with sales
centers located in key crop-planting regions. Product lines are
vertically integrated for corn, rice and canola seeds. For further
information, please log on to the Company's website at:
www.originseed.com.cn.
Forward Looking Statement
This release contains forward-looking statements. All
forward-looking statements included in this release are based on
information available to us on the date hereof. These statements
involve known and unknown risks, uncertainties and other factors,
which may cause our actual results to differ materially from those
implied by the forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "should," "could," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "potential," "targets,"
"goals," "projects," "continue," or variations of such words,
similar expressions, or the negative of these terms or other
comparable terminology. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. Therefore, actual results may differ materially and
adversely from those expressed in any forward-looking statements.
Neither we nor any other person can assume responsibility for the
accuracy and completeness of forward-looking statements. Important
factors that may cause actual results to differ from expectations
include, but are not limited to, those risk factors discussed in
Origin's filings with the SEC including its annual report on Form
20-F to be filed. We undertake no obligation to revise or update
publicly any forward-looking statements for any reasons.
UNAUDITED
CONSOLIDATED BALANCE SHEETS (In thousands, except number
of share and per share data)
|
|
|
|
September
30,
|
|
|
2015
|
|
2016
|
|
2016
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
66,025
|
|
54,509
|
|
8,163
|
Restricted
cash
|
|
-
|
|
21,181
|
|
3,172
|
Accounts receivable,
less allowance for doubtful amounts of RMB4,845 and RMB5,087 as of
September 30, 2015 and 2016, respectively
|
|
2,051
|
|
491
|
|
74
|
Advances to
suppliers
|
|
10,484
|
|
7,363
|
|
1,103
|
Advances to
growers
|
|
20,796
|
|
21,672
|
|
3,245
|
Inventories
|
|
439,562
|
|
368,086
|
|
55,121
|
Income tax
recoverable
|
|
48
|
|
48
|
|
7
|
Other current
assets
|
|
4,793
|
|
4,753
|
|
711
|
Total current
assets
|
|
543,759
|
|
478,103
|
|
71,596
|
Restricted
cash
|
|
20,280
|
|
-
|
|
-
|
Land use rights,
net
|
|
31,722
|
|
30,740
|
|
4,603
|
Plant and equipment,
net
|
|
324,905
|
|
313,749
|
|
46,984
|
Long-term
investments
|
|
18,721
|
|
18,721
|
|
2,803
|
Goodwill
|
|
11,973
|
|
11,973
|
|
1,793
|
Acquired intangible
assets, net
|
|
31,390
|
|
24,930
|
|
3,733
|
Other
assets
|
|
3,079
|
|
2,410
|
|
362
|
Total
assets
|
|
985,829
|
|
880,626
|
|
131,874
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term
borrowings
|
|
220,000
|
|
190,000
|
|
28,453
|
Current portion of
long-term borrowings
|
|
24,000
|
|
27,057
|
|
4,052
|
Accounts
payable
|
|
4,389
|
|
4,374
|
|
655
|
Due to
growers
|
|
17,337
|
|
19,926
|
|
2,984
|
Due to related
parties
|
|
42,284
|
|
103,905
|
|
15,560
|
Advances from
customers
|
|
264,547
|
|
208,844
|
|
31,274
|
Deferred
revenues
|
|
11,248
|
|
7,008
|
|
1,049
|
Income tax
payable
|
|
37
|
|
-
|
|
-
|
Other payables and
accrued expenses
|
|
50,298
|
|
53,388
|
|
7,995
|
Total current
liabilities
|
|
634,140
|
|
614,502
|
|
92,022
|
Long-term
borrowings
|
|
40,972
|
|
20,000
|
|
2,995
|
Other long-term
liability
|
|
19,939
|
|
27,507
|
|
4,119
|
Total
liabilities
|
|
695,051
|
|
662,009
|
|
99,136
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Preferred stock (no
par value; 1,000,000 shares authorized, none issued)
|
|
-
|
|
-
|
|
-
|
Common stock (no par
value; 60,000,000 shares authorized,
|
|
|
|
|
|
|
24,091,163 and
24,151,163 shares issued as of September 30,
|
|
|
|
2015 and 2016;
22,813,541 and 22,873,541 shares outstanding
|
|
|
|
as of September 30,
2015 and 2016, respectively)
|
|
-
|
|
-
|
|
-
|
Additional paid-in
capital
|
|
402,500
|
|
411,296
|
|
61,591
|
Accumulated
deficit
|
|
(116,808)
|
|
(182,386)
|
|
(27,312)
|
Treasury stock at cost
(1,277,622 and 1,277,622 shares as of September 30, 2015 and 2016,
respectively)
|
|
(37,445)
|
|
(37,445)
|
|
(5,607)
|
Accumulated other
comprehensive loss
|
|
(7,053)
|
|
(11,177)
|
|
(1,674)
|
Total Origin
Agritech Limited shareholders' equity
|
|
241,194
|
|
180,288
|
|
26,998
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
49,584
|
|
38,329
|
|
5,740
|
Total
equity
|
|
290,778
|
|
218,617
|
|
32,738
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
985,829
|
|
880,626
|
|
131,874
|
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME (In thousands, except number of share and per
share data)
|
|
|
Year ended
September 30,
|
|
|
|
2014
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
Revenues, including
sales to a related party of RMB nil, RMB40,586 and RMB102,234 for
the years ended September 30, 2014, 2015 and 2016,
respectively
|
|
|
415,177
|
|
376,553
|
|
335,251
|
|
50,204
|
Cost of
revenues
|
|
|
(301,148)
|
|
(264,039)
|
|
(259,253)
|
|
(38,823)
|
Gross
profit
|
|
|
114,029
|
|
112,514
|
|
75,998
|
|
11,381
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
(58,972)
|
|
(39,987)
|
|
(38,079)
|
|
(5,702)
|
General and
administrative
|
|
|
(46,428)
|
|
(40,684)
|
|
(62,159)
|
|
(9,308)
|
Research and
development
|
|
|
(40,377)
|
|
(48,741)
|
|
(44,032)
|
|
(6,594)
|
Other income,
net
|
|
|
7,269
|
|
18,238
|
|
6,964
|
|
1,042
|
Total operating
expenses, net
|
|
|
(138,508)
|
|
(111,174)
|
|
(137,306)
|
|
(20,562)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
|
(24,479)
|
|
1,340
|
|
(61,308)
|
|
(9,181)
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(19,743)
|
|
(18,634)
|
|
(14,251)
|
|
(2,134)
|
Share of net loss of
equity investments
|
|
|
(776)
|
|
-
|
|
-
|
|
-
|
Loss on disposal of
an equity method investment
|
|
|
(1,498)
|
|
-
|
|
-
|
|
-
|
Loss on disposal of a
subsidiary
|
|
|
(2,623)
|
|
-
|
|
-
|
|
-
|
Interest
income
|
|
|
596
|
|
775
|
|
162
|
|
24
|
Loss before income
taxes
|
|
|
(48,523)
|
|
(16,519)
|
|
(75,397)
|
|
(11,291)
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense)benefits
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
(677)
|
|
(1,295)
|
|
(1,436)
|
|
(215)
|
Deferred
|
|
|
-
|
|
-
|
|
-
|
|
-
|
Reversal of contingent
tax liability
|
|
|
39,060
|
|
-
|
|
-
|
|
-
|
Income tax (expense)
benefits
|
|
|
38,383
|
|
(1,295)
|
|
(1,436)
|
|
(215)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(10,140)
|
|
(17,814)
|
|
(76,833)
|
|
(11,506)
|
Less: Net loss
attributable to non-controlling interests
|
|
|
(613)
|
|
(4,006)
|
|
(11,255)
|
|
(1,686)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to Origin Agritech Limited
|
|
|
(9,527)
|
|
(13,808)
|
|
(65,578)
|
|
(9,820)
|
Other
comprehensive loss
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(10,140)
|
|
(17,814)
|
|
(76,833)
|
|
(11,506)
|
Foreign currency
translation difference
|
|
|
(56)
|
|
(2,607)
|
|
(4,124)
|
|
(617)
|
Comprehensive
loss
|
|
|
(10,196)
|
|
(20,421)
|
|
(80,957)
|
|
(12,123)
|
Less: Comprehensive
loss attributable to non-controlling interests
|
|
|
(613)
|
|
(4,006)
|
|
(11,255)
|
|
(1,685)
|
Comprehensive loss
attributable to Origin Agritech Limited
|
|
|
(9,583)
|
|
(16,415)
|
|
(69,702)
|
|
(10,438)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Origin Agritech Limited per share - basic
|
|
|
(0.42)
|
|
(0.61)
|
|
(2.87)
|
|
(0.43)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Origin Agritech Limited per share - diluted
|
|
|
(0.42)
|
|
(0.61)
|
|
(2.87)
|
|
(0.43)
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating basic net loss per share
|
|
|
22,743,853
|
|
22,794,791
|
|
22,858,541
|
|
22,858,541
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating diluted net loss per share
|
|
|
22,743,853
|
|
22,794,791
|
|
22,858,541
|
|
22,858,541
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands)
|
|
|
Year ended
September 30,
|
|
|
|
2014
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Origin Agritech Limited
|
|
|
(9,527)
|
|
(13,808)
|
|
(65,578)
|
|
(9,820)
|
Adjustments to
reconcile net loss to net cash
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
28,524
|
|
30,547
|
|
31,222
|
|
4,675
|
Loss on disposal of
plant and equipment
|
|
|
943
|
|
152
|
|
257
|
|
38
|
Loss on disposal of a
subsidiary
|
|
|
2,623
|
|
-
|
|
-
|
|
-
|
Loss on disposal of an
equity method investment
|
|
|
1,498
|
|
-
|
|
-
|
|
-
|
Allowance for doubtful
account
|
|
|
15
|
|
-
|
|
242
|
|
36
|
Provision for
inventories
|
|
|
21,984
|
|
10,965
|
|
20,502
|
|
3,070
|
Non-controlling
interests
|
|
|
(613)
|
|
(4,006)
|
|
(11,255)
|
|
(1,685)
|
Share-based
compensation expense
|
|
|
1,324
|
|
1,612
|
|
8,796
|
|
1,317
|
Share of net loss of
equity method investments
|
|
|
776
|
|
-
|
|
-
|
|
-
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
914
|
|
(1,030)
|
|
1,318
|
|
197
|
Due from related
parties
|
|
|
702
|
|
2,698
|
|
-
|
|
-
|
Advances to
growers
|
|
|
37,714
|
|
(37)
|
|
(876)
|
|
(131)
|
Advances to
suppliers
|
|
|
(7,983)
|
|
7,267
|
|
3,121
|
|
467
|
Inventories
|
|
|
(67,541)
|
|
65,841
|
|
50,974
|
|
7,633
|
Income tax
recoverable
|
|
|
1,114
|
|
-
|
|
-
|
|
-
|
Other current
assets
|
|
|
1,824
|
|
(425)
|
|
40
|
|
6
|
Other
assets
|
|
|
7,247
|
|
930
|
|
436
|
|
65
|
Accounts
payable
|
|
|
(65)
|
|
(136)
|
|
(15)
|
|
(2)
|
Due to
growers
|
|
|
(19,933)
|
|
(606)
|
|
2,589
|
|
388
|
Due to related
parties
|
|
|
10,181
|
|
30,573
|
|
58,291
|
|
8,730
|
Advances from
customers
|
|
|
(46,926)
|
|
(60,098)
|
|
(55,703)
|
|
(8,342)
|
Income tax
payable
|
|
|
(39,060)
|
|
37
|
|
(37)
|
|
(6)
|
Deferred
revenues
|
|
|
(3,040)
|
|
(7,781)
|
|
(4,240)
|
|
(635)
|
Other long-term
liabilities
|
|
|
(1,380)
|
|
290
|
|
7,568
|
|
1,134
|
Other payables and
accrued expenses
|
|
|
(6,954)
|
|
(10,796)
|
|
253
|
|
39
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities
|
|
|
(85,639)
|
|
52,189
|
|
47,905
|
|
7,174
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS -
Continued (In thousands)
|
|
|
Year ended
September 30,
|
|
|
|
2014
|
|
2015
|
|
2016
|
|
2016
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal
of equity investment
|
|
|
900
|
|
-
|
|
-
|
|
-
|
Dividends
received
|
|
|
3,000
|
|
-
|
|
-
|
|
-
|
Proceeds from disposal
of a subsidiary, net of cash
disposed
|
|
|
11,980
|
|
-
|
|
-
|
|
-
|
Deposits from disposal
of commercial seed business
|
|
|
-
|
|
-
|
|
10,000
|
|
1,497
|
Purchase of plant and
equipment
|
|
|
(10,502)
|
|
(14,747)
|
|
(15,714)
|
|
(2,353)
|
Proceeds from disposal
of plant and equipment
|
|
|
6,174
|
|
172
|
|
483
|
|
72
|
Purchase of land use
rights
|
|
|
(673)
|
|
(900)
|
|
-
|
|
-
|
Purchase of intangible
assets
|
|
|
(11,440)
|
|
(4,884)
|
|
(1,250)
|
|
(187)
|
Net cash used in
investing activities
|
|
|
(561)
|
|
(20,359)
|
|
(6,481)
|
|
(971)
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
(1,320)
|
|
(4,610)
|
|
(901)
|
|
(135)
|
Proceeds from
short-term borrowings
|
|
|
305,000
|
|
235,000
|
|
195,000
|
|
29,201
|
Repayment of
short-term borrowings
|
|
|
(285,000)
|
|
(240,000)
|
|
(225,000)
|
|
(33,694)
|
Proceeds from
long-term borrowings
|
|
|
-
|
|
33,949
|
|
6,085
|
|
911
|
Repayment of long-term
borrowings
|
|
|
(16,500)
|
|
(33,805)
|
|
(24,000)
|
|
(3,593)
|
Repurchase of common
stock
|
|
|
(1,786)
|
|
-
|
|
-
|
|
-
|
Net cash
provided by (used in) financing activities
|
|
|
394
|
|
(9,466)
|
|
(48,816)
|
|
(7,310)
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(85,806)
|
|
22,364
|
|
(7,392)
|
|
(1,107)
|
Cash and cash
equivalents, beginning of year
|
|
|
131,978
|
|
46,268
|
|
66,025
|
|
9,888
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
96
|
|
(2,607)
|
|
(4,124)
|
|
(618)
|
Cash and cash
equivalents, end of year
|
|
|
46,268
|
|
66,025
|
|
54,509
|
|
8,163
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
Refund of income
taxes
|
|
|
586
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
|
148
|
|
1,258
|
|
1,436
|
|
215
|
|
|
|
|
|
|
|
|
|
|
Interest paid, net of
interest capitalized
|
|
|
19,743
|
|
18,649
|
|
14,251
|
|
2,134
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash investing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal
of equity investment
|
|
|
900
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/origin-agritech-ltd-reports-unaudited-fiscal-year-2016-financial-results-300384476.html
SOURCE Origin Agritech Limited