BEIJING, March 28, 2013 /PRNewswire/ -- Deyu Agriculture
Corp. (OTCBB: DEYU) (the "Company"), a Shanxi Province, China-based vertically integrated producer,
processor, marketer and distributor of organic and other
agricultural products made from corn and grains, today announced
its financial results for the fiscal year ended December 31, 2012.
Fiscal Year 2012 Results:
- Net revenue was $254.0 million
compared to $261.6 million in
2011;
- Gross profit was $44.7 million,
increasing $1.6 million or 3.8% from
$43.1 million in
2011;
- Gross margin increased to 17.6% for 2012 from 16.5% in
2011;
- Net income available to common stockholders was $16.0 million compared to $17.3 million in 2011;
- Earnings per diluted share was $1.30 on 12.6 million shares, compared to
$1.42 on 12.5 million shares in
2011.
"In 2012, in order to move to a more sustainable growth
approach, we reduced our reliance on bank loans to supplement our
working capital for fast growth by decreasing our overall
borrowings from banks from $14.4
million to $8.3 million," said
Jianming Hao, Chief Executive
Officer of the Company. "Even with a slight decrease of revenue and
net income, we are still very pleased with our performance this
year. We believe this strategic move significantly reduced our
financial risks and can benefit the Company and our shareholders in
the long term.
"We are glad to see that our recent acquisition, the Taizihu
Group, which has a diversified product line of grain products and
large production capacity, made a revenue contribution of
$23.3 million. We are also currently
working on building strategic alliances with large and well-branded
companies such as Wen's Food Group Co., Ltd. ("WFG") and Beijing
Suning Appliance Co., Ltd. ("Suning") to build our leading position
in the industry," continued Mr. Hao.
"In October 2012 we elected a new
President, Greg Chen, and increased
our Board with the additions of Greg and Mr. Jan Poulsen," Mr. Hao added. "With Greg's
experience in strategic development and operation management, and
Jan's 20+ years of experience in both asset management and business
development within the food and beverage industries, we are
confident that we can continue to build on our progress."
Financial Results for the Fiscal Year Ended December 31, 2012
In fiscal year 2012, the Company's net revenue was $254.0 million, compared with $261.6 million for 2011, a decrease of
$7.6 million, or 2.9%. Net revenue
from the Corn Division for 2012 was $151.0
million, a decrease of $26.7
million, or approximately 15.0%, as compared to $177.7 million for 2011, which was primarily due
to the reduction of working capital for inventory procurement
supported by bank loans and bank notes. Net revenue from our Grain
Division for 2012 was $73.8 million,
an increase of $33.3 million, or
82.2%, as compared to $40.5 million
for 2011. The increase was a combined result of an increase of
$23.3 million of sales revenue added
by the Taizihu Group and an increase of $18.2 million in sales revenue derived from newly
retained institutional clients in 2012, partially offset by a
decrease of $8.2 million in sales
revenue in retail sales in supermarkets and conventional stores
caused by the reduction of the sales of unprofitable products in
some stores. Net revenue from our Bulk Trading Division for 2012
was $29.2 million, a decrease of
$14.2 million, or 32.7% as compared
to $43.3 million for 2011. This
decrease was mainly attributable to the decrease of working capital
supported by bank loans and bank notes.
The Company's gross profit increased by $1.6 million, or 3.8%, from $43.1 million for 2011 to $44.7 million for 2012. The increase was a
combined result of a decrease of $6.1
million in the Corn Division, an increase of $9.6 million in the Grain Division and a decrease
of $1.9 million in the Bulk Trading
Division. Our gross margin increased from 16.5% for 2011 to 17.6%
for 2012. Gross margin for our Corn Division was 15.4% for 2012,
down from 16.5% for 2011, which was mainly attributable to the
continuous increase in the purchase price of raw corn and
supplemental procurement from suppliers while selling prices did
not increase consistently. Gross margin for the Grain Division
increased from 24.9% for 2011 to 26.7% for 2012, an, which was
mainly a combined result of the increase of gross margin of retail
sales caused by reducing the sales of unprofitable products in some
stores and the decrease of gross margin derived from the addition
of new product portfolios containing mixed gross margins that
targeted a wider scope of customers. Gross margin for the Bulk
Trading Division was 6.0% for 2012, down from 8.3% for 2011, which
was mainly attributable to the increase of percentage of sales for
certain types of grains with relatively lower gross margin.
The Company's operating expenses increased $4.3 million, or 20.1%, to $25.8 million for 2012 as compared to
$21.5 million for 2011. This increase
was primarily a combined result of the increase of freight charges
caused by the rising costs of railway freight, advertisement
expenses spent on brand promotion and distribution expenses,
expenses added by the Taizihu Group, increased depreciation and
amortization caused by newly-acquired buildings as well as
increased payroll and other expenses.
The Company had net income available to common stockholders of
$16.0 million for 2012, as compared
to a net income of $17.3 million for
2011, a decrease of $1.3 million, or
7.7%. Earnings per diluted share was $1.30 on 12.6 million shares for 2012, compared
to $1.42 on 12.5 million shares for
2011.
Recent Updates about the Company
In February 2012, the Company
acquired the Taizihu Group, which has a well-established grain
product line of grain products under well recognized brand names
"Huichun" and "Taizihu". In June
2012, the Company formed a supply relationship with WFG, one
of the largest modern multi-industry and trans-regional livestock
enterprises, to which we will provide raw corn on a non-exclusive
basis. In August 2012, the Company
reached an agreement with Suning, one of the largest electrical and
electronic appliance retailers in China, to supply it with refined packaged
grain goods valued at 18.4 million
USD for its commercial use.
In October 2012, the Company
registered a subsidiary named Jilin Jinglong Agriculture
Development Limited in Jilin
Province, one of the main corn and grain producing areas in
Chinatoexplore business in Northeast
China, Also in October 2012,
the China National Cereals and Oils Committee selected the
Company's wholly-owned subsidiary, Detian Yu, as one of
China's Top 100 Grain and Oil
Enterprises. And in December 2012,
the Company received approximately $209,000 (RMB 1.3
million) in subsidies from the Jinzhong city government,
which will be used to support Deyu's business operations as well as
the construction of its grains processing projects.
Business Outlook
"With the industrial and market resources we have established in
the past few years, we are growing to be a more integrated
agriculture company with a nationwide sales network covering
manufacturers, grain traders, wholesalers, distributors,
institutional clients and retail stores in China," said Jianming
Hao. "In view of this goal we are now working on a digital
platform to integrate the resources in the whole supply chain, and
to deliver value-added services to farmers and our clients.
"In the future, our digital platform will not only provide our
current clients and farmers with enhanced services, but also
facilitate the extension of Deyu's value-added services to
potential clients and farmers in different regions. In addition, we
believe the platform can serve as Deyu's vital branding platform in
the industry and marketplace. We believe we can compete more
effectively by utilizing the platform to turn some key barriers
imposed by the conventional approaches into strategic advantages,"
added Mr. Hao.
Conference Call
The Company will host a conference call on April 2, 2013 at 8:30 AM
EDT to discuss the Company's results for the fiscal year
ended December 31, 2012.
To join the conference call, use the dial-in information below.
When prompted, ask for the "Deyu Agriculture Call" and/or be
prepared to provide the conference ID.
Date:
|
4/2/2013
|
Time:
|
8:30 AM EDT
|
Conference Line Dial-In
(US):
|
877-407-9205
|
International
Dial-In:
|
201-689-8054
|
Conference
ID#:
|
411546
|
Webcast Link:
|
http://www.investorcalendar.com/IC/CEPage.asp?ID=170716
|
Dial in at least 10 minutes before the call to ensure timely
participation. A Teleconference Replay will be available until
11:59 PM April
16, 2013. To listen, please call 877-660-6853 within
the United States or 201-612-7415
if calling internationally.
Utilize the conference ID # for replay: 411546
About Deyu Agriculture Corp.
Deyu Agriculture Corp. is a vertically integrated producer,
processor, marketer and distributor of organic and other
agricultural products made from corn and grains operating in
Shanxi Province in the People's Republic of China. The Company
has access of 20 years to over 109,000 acres of farmland in
Shanxi Province for breeding,
cultivating, processing, warehousing and distributing grain and
corn products. We have a nationwide sales network covering
manufacturers, grain traders, wholesalers, distributors,
institutional clients and retail stores in China. Deyu Agriculture Corp.'s facilities
include sophisticated production lines and modern warehouses with a
total production capacity of over 105,000 tons for grain products,
storage capacity of over 100,000 tons and annual turnover of
700,000 tons for corn products. The Company's website is located at
www.deyuagri.com.
Safe Harbor Statements
This press release contains forward-looking statements made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
upon the current plans, estimates and projections of Deyu
Agriculture Corp.'s management and are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements. Such statements include, among others,
those concerning market and industry segment growth and demand and
acceptance of new and existing products; any projections of sales,
earnings, revenue, margins or other financial items; any statements
of the plans, strategies and objectives of management for future
operations; any statements regarding future economic conditions or
performance; uncertainties related to conducting business in
China, as well as all assumptions,
expectations, predictions, intentions or beliefs about future
events. Therefore, you should not place undue reliance on these
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth in the
forward-looking statements: business conditions in China, general economic conditions;
geopolitical events and regulatory changes, availability of
capital, changes in the agricultural industry, the Company's
ability to maintain its competitive position. Additional
Information regarding risks can be found in the Company's quarterly
and annual reports filed with the U.S. Securities and Exchange
Commission at www.sec.gov.
Company Contact:
Mr. Greg Chen,
President
Deyu Agriculture Corp.
Tel: +1-646-499-5475
Email: gregchen@china-deyu.com
Ms. Amy He, Chief Financial
Officer
Deyu Agriculture Corp.
Tel: +86-10-8273-2870 x8522
Email: amy@china-deyu.com
Financial Tables
DEYU AGRICULTURE CORP
AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
December 31,
2012
|
|
December 31,
2011
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
4,937,279
|
|
$
|
8,741,703
|
Restricted
cash
|
|
|
815,348
|
|
|
1,850,999
|
Accounts receivable,
net
|
|
|
33,991,288
|
|
|
36,167,136
|
Due from related
parties
|
|
|
397,214
|
|
|
587,108
|
Inventory
|
|
|
30,322,191
|
|
|
20,314,090
|
Advance to
supplier
|
|
|
6,145,840
|
|
|
7,233,371
|
Prepaid
expenses
|
|
|
1,453,184
|
|
|
391,537
|
Assets held for
sale
|
|
|
-
|
|
|
1,634,274
|
Other current
assets
|
|
|
340,456
|
|
|
2,204,934
|
Total Current
Assets
|
|
|
78,402,800
|
|
|
79,125,152
|
|
|
|
|
|
|
|
Property, plant, and
equipment, net
|
|
|
19,442,599
|
|
|
12,355,946
|
Construction-in-progress
|
|
|
2,614,491
|
|
|
-
|
Long-term
Investment
|
|
|
58,426
|
|
|
-
|
Other assets
|
|
|
-
|
|
|
727,535
|
Intangible assets,
net
|
|
|
13,389,075
|
|
|
10,651,844
|
|
|
|
|
|
|
|
Total Assets
|
|
$
|
113,907,391
|
|
$
|
102,860,477
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Short-term
loan
|
|
$
|
8,323,623
|
|
$
|
14,413,480
|
Accounts
payable
|
|
|
5,179,729
|
|
|
1,833,190
|
Note payables
|
|
|
-
|
|
|
1,588,840
|
Advance from
customers
|
|
|
2,249,282
|
|
|
8,488,272
|
Accrued
expenses
|
|
|
1,506,776
|
|
|
1,149,205
|
Tax payable
|
|
|
305,712
|
|
|
-
|
Preferred stock
dividends payable
|
|
|
229,171
|
|
|
219,721
|
Due to related
parties
|
|
|
8,933,843
|
|
|
5,445,115
|
Other current
liabilities
|
|
|
720,862
|
|
|
583,196
|
Total Current Liabilities
|
|
|
27,448,998
|
|
|
33,721,019
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Series A convertible
preferred stock, $.001 par value,
10,000,000 shares authorized, 2,039,970
and
1,997,467 shares outstanding, respectively
|
|
|
2,040
|
|
|
1,997
|
Common stock, $.001 par
value; 75,000,000 shares
authorized, 10,658,266 and 10,564,774 shares
outstanding,
respectively
|
|
|
10,658
|
|
|
10,565
|
Additional paid-in
capital
|
|
|
20,781,439
|
|
|
20,367,138
|
Other comprehensive
income
|
|
|
5,737,793
|
|
|
4,831,353
|
Retained
earnings
|
|
|
59,500,134
|
|
|
43,491,465
|
Total Stockholders'
Equity
|
|
|
86,032,064
|
|
|
68,702,518
|
Noncontrolling
Interests
|
|
|
426,329
|
|
|
436,940
|
Total Equity
|
|
|
86,458,393
|
|
|
69,139,458
|
|
|
|
|
|
|
|
Total Liabilities and
Equity
|
|
$
|
113,907,391
|
|
$
|
102,860,477
|
DEYU AGRICULTURE CORP
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
|
|
For The Years
Ended
|
|
|
December
31,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
Net revenue
|
|
$
|
254,046,098
|
|
$
|
261,576,666
|
Cost of goods
sold
|
|
|
(209,325,445)
|
|
|
(218,480,009)
|
Gross Profit
|
|
|
44,720,653
|
|
|
43,096,657
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(16,153,096)
|
|
|
(13,231,094)
|
General and
administrative expenses
|
|
|
(9,619,036)
|
|
|
(8,222,182)
|
Total Operating
Expenses
|
|
|
(25,772,132)
|
|
|
(21,453,276)
|
Operating
income
|
|
|
18,948,521
|
|
|
21,643,381
|
|
|
|
|
|
|
|
Interest
income
|
|
|
37,846
|
|
|
42,159
|
Interest
expense
|
|
|
(1,477,304)
|
|
|
(805,601)
|
Non-operating
income
|
|
|
665,270
|
|
|
(180,294)
|
Total Other
Expenses
|
|
|
(774,188)
|
|
|
(943,736)
|
|
|
|
|
|
|
|
Income from continuing
operations before income taxes
|
|
|
18,174,333
|
|
|
20,699,645
|
Income taxes
|
|
|
(1,765,514)
|
|
|
(184,384)
|
Income from continuing
operations
|
|
|
16,408,819
|
|
|
20,515,261
|
Loss from discontinued
operations, net of income taxes
|
|
|
-
|
|
|
(3,891,830)
|
|
|
|
|
|
|
|
Net income
|
|
|
16,408,819
|
|
|
16,623,431
|
|
|
|
|
|
|
|
Net loss attributable to
noncontrolling interests:
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
|
46,599
|
|
|
38,673
|
Net loss from
discontinued operations
|
|
|
-
|
|
|
1,101,255
|
Total net loss
attributable to noncontrolling interests
|
|
|
46,599
|
|
|
1,139,928
|
Net income attributable
to Deyu Agriculture Corp.
|
|
|
16,455,418
|
|
|
17,763,359
|
Preferred stock
dividends
|
|
|
(446,748)
|
|
|
(427,917)
|
Net income available to
common stockholders
|
|
|
16,008,670
|
|
|
17,335,442
|
Foreign currency
translation (loss) gain
|
|
|
910,907
|
|
|
2,751,687
|
Comprehensive
income
|
|
|
16,919,577
|
|
|
20,087,129
|
Other comprehensive
income attributable to noncontrolling interests
|
|
|
(4,467)
|
|
|
(130,653)
|
Comprehensive income
attributable to Deyu Agriculture Corp.
|
|
$
|
16,915,110
|
|
$
|
19,956,476
|
|
|
|
|
|
|
|
Amounts attributable to
common stockholders:
|
|
|
|
|
|
|
Net income from
continuing operations, net of income taxes
|
|
$
|
16,008,670
|
|
$
|
20,126,017
|
Discontinued operations,
net of income taxes
|
|
|
-
|
|
|
(2,790,575)
|
Net income attributable
to common stockholders
|
|
$
|
16,008,670
|
|
$
|
17,335,442
|
|
|
|
|
|
|
|
Net income attributable
to common stockholders per share - basic:
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
1.51
|
|
$
|
1.91
|
Loss from discontinuing
operations
|
|
|
-
|
|
|
(0.27)
|
Net income attributable
to common stockholders
|
|
$
|
1.51
|
|
$
|
1.64
|
|
|
|
|
|
|
|
Net income attributable
to common stockholders per share - diluted:
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
|
1.30
|
|
$
|
1.64
|
Loss from discontinuing
operations
|
|
|
-
|
|
|
(0.22)
|
Net income attributable
to common stockholders
|
|
$
|
1.30
|
|
$
|
1.42
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding - basic
|
|
|
10,598,603
|
|
|
10,522,432
|
Weighted average number
of common shares outstanding - diluted
|
|
|
12,614,108
|
|
|
12,497,164
|
DEYU AGRICULTURE CORP
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
For The Years
Ended
|
|
|
December
31,
|
|
|
2012
|
|
2011
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
Net income
available to common stockholders
|
|
$
|
16,008,670
|
|
$
|
17,335,442
|
Loss from
discontinued operations attributable to
Deyu Agriculture Corp.
|
|
|
-
|
|
|
2,790,575
|
Adjustments
to reconcile net income to net cash provided
by operating activities:
|
|
|
|
|
|
|
Depreciation
&amortization
|
|
|
2,297,082
|
|
|
979,297
|
Allowance for doubtful
accounts
|
|
|
-
|
|
|
-
|
Reserve for inventory
valuation
|
|
|
-
|
|
|
-
|
Loss on disposal of
fixed assets
|
|
|
577
|
|
|
-
|
Share-based
compensation
|
|
|
120,853
|
|
|
428,702
|
Preferred stock
dividends accrued
|
|
|
446,748
|
|
|
219,721
|
Dividends paid with
Series A preferred stock
|
|
|
-
|
|
|
212,420
|
Common stocks issued for
services
|
|
|
114,400
|
|
|
78,000
|
Grain on bargain
purchase
|
|
|
(499,079)
|
|
|
-
|
Deferred income tax
expense (benefit)
|
|
|
878,746
|
|
|
184,384
|
Noncontrolling
interests
|
|
|
(46,599)
|
|
|
(38,673)
|
Decrease (increase) in
current assets:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
2,649,036
|
|
|
(23,824,017)
|
Related-parties trade
receivable
|
|
|
226,755
|
|
|
(494,752)
|
Inventories
|
|
|
(8,383,187)
|
|
|
(2,873,705)
|
Advance to
suppliers
|
|
|
1,987,857
|
|
|
(5,840,601)
|
Prepaid expense and
other current assets
|
|
|
(40,331)
|
|
|
(539,339)
|
Increase (decrease) in
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
2,967,217
|
|
|
1,584,038
|
Advance from
customers
|
|
|
(6,471,286)
|
|
|
1,677,638
|
Accrued expense and
other liabilities
|
|
|
297,336
|
|
|
346,492
|
Net cash provided by
(used in) operating activities of
continuing operations
|
|
|
12,554,795
|
|
|
(7,774,378)
|
Net cash used in
operating activities of discontinued operations
|
|
|
-
|
|
|
(3,858,325)
|
Net cash provided by
(used in) operating activities
|
|
|
12,554,795
|
|
|
(11,632,703)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
Consideration paid for acquisition
|
|
|
(5,501,046)
|
|
|
-
|
Construction and remodeling of factory and warehouses
|
|
|
(900,487)
|
|
|
(109,856)
|
Purchase of
machinery and equipment
|
|
|
(128,383)
|
|
|
(3,759,859)
|
Advances to
related parties
|
|
|
(33,294)
|
|
|
-
|
Cash held
by the Taizihu Group at acquisition date
|
|
|
20,272
|
|
|
-
|
Repayment
from (loan to) related parties
|
|
|
-
|
|
|
(76,995)
|
Prepayments
for acquisition of farmland use rights
|
|
|
-
|
|
|
(76,715)
|
Purchase of software and
other assets
|
|
|
-
|
|
|
(8,902)
|
Net cash
used in investing activities of continuing operations
|
|
|
(6,542,938)
|
|
|
(4,032,327)
|
Net cash used in
investing activities of discontinued operations
|
|
|
-
|
|
|
(2,476,523)
|
Net cash used in
investing activities
|
|
|
(6,542,938)
|
|
|
(6,508,850)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
Net
(repayments of) proceeds from short-term loans from
bank and others
|
|
|
(12,658,509)
|
|
|
11,349,219
|
Net
(repayments of) proceeds from short-term bank
acceptance notes
|
|
|
(1,585,087)
|
|
|
1,547,269
|
Cash
released from restriction (restricted) for credit line of
bank acceptance notes
|
|
|
1,281,894
|
|
|
(1,802,568)
|
Net
proceeds from short-term loans from related parties
|
|
|
3,312,931
|
|
|
3,101,839
|
Payment of
preferred dividends
|
|
|
(267,721)
|
|
|
(243,678)
|
Proceeds
from capital contributions
|
|
|
31,702
|
|
|
464,180
|
Release of
cash restricted held at a trust account
|
|
|
-
|
|
|
125,560
|
Net proceeds from
short-term loan from others
|
|
|
-
|
|
|
952
|
Net cash (used
in) provided by financing activities of
continuing operations
|
|
|
(9,884,790)
|
|
|
14,542,773
|
Net cash provided by
financing activities of discontinued operations
|
|
|
-
|
|
|
5,918,988
|
Net cash (used in)
provided by financing activities
|
|
|
(9,884,790)
|
|
|
20,461,761
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE CHANGE ON CASH AND CASH
EQUIVALENTS
|
|
|
68,509
|
|
|
352,429
|
|
|
|
|
|
|
|
NET (DECREASE)
INCREASE IN CASH & CASH EQUIVALENTS
|
|
|
(3,804,424)
|
|
|
2,672,637
|
NET DECREASE IN CASH
& CASH EQUIVALENTS FROM
DISCONTINUED OPERATIONS
|
|
|
-
|
|
|
(403,208)
|
NET (DECREASE)
INCREASE IN CASH & CASH EQUIVALENTS
FROM CONTINUING OPERATIONS
|
|
|
(3,804,424)
|
|
|
3,075,845
|
|
|
|
|
|
|
|
CASH & CASH
EQUIVALENTS, BEGINNING BALANCE
|
|
|
8,741,703
|
|
|
5,665,858
|
CASH & CASH
EQUIVALENTS, ENDING BALANCE
|
|
$
|
4,937,279
|
|
$
|
8,741,703
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES:
|
|
|
|
|
|
|
Income tax
paid
|
|
$
|
678,420
|
|
$
|
62
|
Interest paid
|
|
$
|
1,815,269
|
|
$
|
809,448
|
NONCASH INVESTING AND
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Construction completed
and transferred to property, plant,
and equipment
|
|
$
|
-
|
|
$
|
5,914,602
|
Construction completed
and transferred to land use rights
|
|
$
|
-
|
|
$
|
2,320,904
|
Obtained certificates of
farmland use rights
|
|
$
|
-
|
|
$
|
8,221,569
|
Note: Please refer to the Company's annual report on Form 10-K
for the year ended December 31, 2012
for additional notes, which are an integral part of these
consolidated financial statements.
SOURCE Deyu Agriculture Corp.