General Steel Reports First and Second Quarter 2012 Financial Results
Company Reports 18.6% Year-over-Year Increase in Gross Profits in the First Half of 2012
Reiterates Intent to File 2012 Annual Report on Form 10-K on or before June 21, 2013
BEIJING, June 11, 2013 /PRNewswire/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a leading non-state-owned steel producer in China, today announced financial results for the first quarter ended March 31, 2012 and the second quarter ended June 30, 2012. In conjunction with this announcement, the Company has filed the corresponding Quarterly Reports on Form 10-Q with the U.S. Securities & Exchange Commission (the "SEC").
"The completion of these financial reports is another big step forward in our march towards bringing the Company current in its reporting obligations. I would like to thank our finance team and auditor for their tireless efforts to complete these filings and our shareholders for their continued support of the Company," said Henry Yu, Chairman and Chief Executive Officer of General Steel.
"Statistics from China Iron and Steel Association and reports from other publicly-listed Chinese steel companies clearly showed that 2012 was a very tough year for the entire steel industry. However, benefiting from our favorable geographic advantage in Western China and close cooperation with the government and state-owned enterprises, I'm encouraged that General Steel was able to significantly grow gross profits and improve gross margin in the first six months of 2012. We remain focused on executing our business strategy."
General Steel is currently preparing its Quarterly Report on Form 10-Q for the period ended September 30, 2012 and Annual Report on Form 10-K ("Annual Report") for the year ended December 31, 2012 and intends to file on or before June 21, 2013. Filing the Annual Report will regain compliance with the New York Stock Exchange's continued listing standards.
First Six Months 2012 Financial Review
- Revenue decreased 19.4% year-over-year to $1.4 billion in the first six months of 2012, from $1.8 billion in the first six months of 2011.
- Sales volume totaled approximately 2.5 million metric tons, compared with 3.0 million metric tons in the first six months of 2011.
- Gross profit increased 18.6% year-over-year to $33.7 million, or 2.4% of revenue, up from $28.4 million, or 1.6% of revenue in the first six months of 2011.
- Operating loss for the quarter improved to $(5.1) million, compared with an operating loss of $(13.1) million in the first six months of 2011.
- Net loss attributable to the Company was $(61.2) million, or $(1.11) per diluted share based on 55.2 million weighted average shares outstanding, compared with a net loss of $(31.8) million, or $(0.59) per diluted share based on 54.2 million weighted average shares outstanding in the first six months of 2011.
The increase in net loss for the first six months of 2012 was primarily attributable to a provision of inventory allowance of $16.9 million due to drop in market prices, and an increase of $65.1 million in finance expense. The increased in finance expense include an increase of $14.9 million in interest expense on capital lease, and $50.2 million in interest expense on bank borrowings, related parties borrowings, and discounted notes receivables.
First Quarter 2012 Financial Review
- Revenue decreased 8.8% year-over-year to $648.0 million in the first quarter of 2012, from $710.5 million in the first quarter of 2011.
- Sales volume totaled approximately 1.2 million metric tons, relatively unchanged from the first quarter of 2011.
- Gross profit increased 11.5% year-over-year to $5.6 million, or 0.9% of revenue, up from $5.0 million, or 0.7% of revenue in the first quarter of 2011.
- Operating loss for the quarter was $(13.0) million, compared with an operating loss of $(9.5) million in the first quarter of 2011.
- Net loss attributable to the Company was $(34.8) million, or $(0.63) per diluted share based on 55.5 million weighted average shares outstanding, compared with a net loss of $(8.9) million, or $(0.16) per diluted share based on 54.8 million weighted average shares outstanding in the first quarter of 2011.
Second Quarter 2012 Financial Review
- Revenue decreased 26.5% year-over-year to $780.7 million in the second quarter of 2012, from $1.1 billion in the second quarter of 2011.
- Sales volume totaled approximately 1.3 million metric tons, compared with 1.8 million metric tons in the second quarter of 2011.
- Gross profit increased 20.2% year-over-year to $28.0 million, or 3.6% of revenue, up from $23.3 million, or 2.2% of revenue in the second quarter of 2011.
- Operating income for the quarter totaled $7.9 million, compared with an operating loss of $(3.7) million in the second quarter of 2011.
- Net loss attributable to the Company was $(26.4) million, or $(0.48) per diluted share based on 54.9 million weighted average shares outstanding, compared with a net loss of $(22.9) million, or $(0.42) per diluted share based on 54.3 million weighted average shares outstanding in the second quarter of 2011.
Balance Sheet
As of June 30, 2012, the Company had cash and restricted cash of approximately $465.8 million, compared to $518.2 million as of December 31, 2011. The Company had an inventory balance of approximately $323.3 million as of June 30, 2012, compared to $297.7 million as of December 31, 2011. As of June 30, 2012, the Company had total liabilities of approximately $3.1 billion.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. The Company has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under 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, and include: (a) those risks and uncertainties related to general economic conditions in China, including regulatory factors that may affect such economic conditions; (b) whether the Company is able to manage its planned growth efficiently and operate profitable operations, including whether its management will be able to identify, hire, train, retain, motivate and manage required personnel or that management will be able to successfully manage and exploit existing and potential market opportunities; (c) whether the Company is able to generate sufficient revenues or obtain financing to sustain and grow its operations; (d) whether the Company is able to successfully fulfill our primary requirements for cash; and (e) other risks, including those disclosed in the Company's Form 10-K, filed with the SEC. 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.
In China:
Jenny Wang
Tel: +86-10-5775-7691
Email: [email protected]
In the US:
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 |
|||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||
(UNAUDITED) |
|||||||||||
(In thousands) |
|||||||||||
June 30, |
March 31, |
December 31, |
|||||||||
ASSETS |
2012 |
2012 |
2011 |
||||||||
CURRENT ASSETS: |
|||||||||||
Cash |
$ |
58,404 |
$ |
84,516 |
$ |
120,016 |
|||||
Restricted cash |
407,430 |
455,501 |
398,216 |
||||||||
Notes receivable |
79,708 |
69,373 |
92,910 |
||||||||
Restricted notes receivable |
225,490 |
608,917 |
584,241 |
||||||||
Loans receivable - related parties |
67,239 |
63,199 |
- |
||||||||
Accounts receivable, net |
8,927 |
18,577 |
12,601 |
||||||||
Accounts receivable - related parties |
87,373 |
53,056 |
20,593 |
||||||||
Other receivables, net |
12,908 |
11,410 |
22,411 |
||||||||
Other receivables - related parties |
54,400 |
76,052 |
87,679 |
||||||||
Inventories |
323,301 |
360,064 |
297,729 |
||||||||
Advances on inventory purchase |
97,822 |
97,321 |
63,585 |
||||||||
Advances on inventory purchase - related parties |
52,773 |
76,849 |
20,244 |
||||||||
Prepaid expense and other |
547 |
335 |
531 |
||||||||
Prepaid taxes |
22,647 |
18,891 |
24,189 |
||||||||
Short-term investment |
2,853 |
2,851 |
2,906 |
||||||||
TOTAL CURRENT ASSETS |
1,501,822 |
1,996,912 |
1,747,851 |
||||||||
PLANT AND EQUIPMENT, net |
1,216,493 |
1,228,772 |
1,257,236 |
||||||||
OTHER ASSETS: |
|||||||||||
Advances on equipment purchase |
14,690 |
12,780 |
10,420 |
||||||||
Investment in unconsolidated entities |
984 |
904 |
12,840 |
||||||||
Long-term loan receivable - related party |
2,000 |
2,000 |
- |
||||||||
Long-term deferred expense |
506 |
549 |
631 |
||||||||
Intangible assets, net of accumulated amortization |
24,623 |
24,908 |
25,143 |
||||||||
TOTAL OTHER ASSETS |
42,803 |
41,141 |
49,034 |
||||||||
TOTAL ASSETS |
$ |
2,761,118 |
$ |
3,266,825 |
$ |
3,054,121 |
|||||
LIABILITIES AND DEFICIENCY |
|||||||||||
CURRENT LIABILITIES: |
|||||||||||
Short term notes payable |
$ |
910,662 |
$ |
1,248,235 |
$ |
1,113,504 |
|||||
Accounts payable |
362,692 |
282,613 |
413,345 |
||||||||
Accounts payable - related parties |
116,683 |
190,063 |
121,828 |
||||||||
Short term loans - bank |
199,421 |
318,662 |
253,954 |
||||||||
Short term loans - others |
240,125 |
299,707 |
246,657 |
||||||||
Short term loans - related parties |
81,524 |
82,992 |
15,710 |
||||||||
Other payables and accrued liabilities |
44,643 |
34,461 |
49,538 |
||||||||
Other payable - related parties |
132,948 |
95,032 |
28,873 |
||||||||
Customer deposits |
88,938 |
80,669 |
90,556 |
||||||||
Customer deposits - related parties |
39,134 |
57,403 |
68,277 |
||||||||
Deposit due to sales representatives |
30,602 |
33,534 |
22,890 |
||||||||
Deposit due to sales representatives - related parties |
1,236 |
1,236 |
943 |
||||||||
Taxes payable |
6,921 |
5,355 |
11,374 |
||||||||
Deferred lease income, current |
2,117 |
2,116 |
2,099 |
||||||||
Derivative liabilities |
3 |
23 |
10 |
||||||||
TOTAL CURRENT LIABILITIES |
2,257,649 |
2,732,101 |
2,439,558 |
||||||||
NON-CURRENT LIABILITIES: |
|||||||||||
Long-term loans - related party |
92,856 |
92,797 |
92,035 |
||||||||
Deferred lease income, noncurrent |
76,043 |
76,524 |
76,425 |
||||||||
Capital lease obligations |
319,446 |
314,080 |
306,350 |
||||||||
Profit sharing liability |
317,174 |
311,358 |
303,233 |
||||||||
TOTAL NON-CURRENT LIABILITIES |
805,519 |
794,759 |
778,043 |
||||||||
TOTAL LIABILITIES |
3,063,168 |
3,526,860 |
3,217,601 |
||||||||
COMMITMENTS AND CONTINGENCIES |
|||||||||||
DEFICIENCY: |
|||||||||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares issued and outstanding as of June 30, March 31, 2012 and December 31, 2011 |
3 |
3 |
3 |
||||||||
Common stock, $0.001 par value, 200,000,000 shares authorized, 56,932,788, 56,767,388 and 56,601,988 shares issued, 54,460,482, 55,676,410, and 55,551,010 shares outstanding as of June 30, March 31, 2012 and December 31, 2011, respectively |
57 |
56 |
56 |
||||||||
Treasury stock, at cost, 2,472,306, 1,090,978 and 1,090,978 shares as of June 30, March 31, 2012 and December 31, 2011 |
(4,199) |
(2,795) |
(2,795) |
||||||||
Paid-in-capital |
105,190 |
105,059 |
107,940 |
||||||||
Statutory reserves |
6,106 |
6,227 |
6,388 |
||||||||
Accumulated deficits |
(290,244) |
(263,867) |
(229,083) |
||||||||
Accumulated other comprehensive income |
9,982 |
8,751 |
10,200 |
||||||||
TOTAL GENERAL STEEL HOLDINGS, INC. DEFICIENCY |
(173,105) |
(146,566) |
(107,291) |
||||||||
NONCONTROLLING INTERESTS |
(128,945) |
(113,469) |
(56,189) |
||||||||
TOTAL DEFICIENCY |
(302,050) |
(260,035) |
(163,480) |
||||||||
TOTAL LIABILITIES AND DEFICIENCY |
$ |
2,761,118 |
$ |
3,266,825 |
$ |
3,054,121 |
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, JUNE 30, 2012 AND 2011 AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011 |
||||||||||||||||||
(UNAUDITED) |
||||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||||
For the three months ended March 31, |
For the three months ended June 30, |
For the six months ended June 30, |
||||||||||||||||
2012 |
2011 |
2012 |
2011 |
2012 |
2011 |
|||||||||||||
SALES |
$ |
383,797 |
$ |
501,479 |
$ |
538,986 |
$ |
814,599 |
$ |
922,783 |
$ |
1,316,078 |
||||||
SALES - RELATED PARTIES |
264,244 |
208,985 |
241,697 |
247,132 |
505,941 |
456,117 |
||||||||||||
TOTAL SALES |
648,041 |
710,464 |
780,683 |
1,061,731 |
1,428,724 |
1,772,195 |
||||||||||||
COST OF GOODS SOLD |
381,726 |
497,915 |
516,277 |
793,298 |
898,003 |
1,291,213 |
||||||||||||
COST OF GOODS SOLD - RELATED PARTIES |
260,685 |
207,500 |
236,362 |
245,093 |
497,047 |
452,593 |
||||||||||||
TOTAL COST OF GOODS SOLD |
642,411 |
705,415 |
752,639 |
1,038,391 |
1,395,050 |
1,743,806 |
||||||||||||
GROSS PROFIT |
5,630 |
5,049 |
28,044 |
23,340 |
33,674 |
28,389 |
||||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
18,629 |
14,501 |
20,132 |
27,033 |
38,761 |
41,534 |
||||||||||||
INCOME (LOSS) FROM OPERATIONS |
(12,999) |
(9,452) |
7,912 |
(3,693) |
(5,087) |
(13,145) |
||||||||||||
OTHER INCOME (EXPENSE) |
||||||||||||||||||
Interest income |
5,556 |
1,063 |
3,146 |
816 |
8,702 |
1,879 |
||||||||||||
Finance/interest expense |
(48,366) |
(14,119) |
(53,948) |
(23,117) |
(102,314) |
(37,236) |
||||||||||||
Change in fair value of derivative liabilities |
(13) |
3,552 |
20 |
1,839 |
7 |
5,391 |
||||||||||||
Gain on debt settlement |
- |
- |
- |
3,430 |
- |
3,430 |
||||||||||||
Gain (loss) on disposal of equipment |
(119) |
(397) |
3 |
387 |
(116) |
(10) |
||||||||||||
Income from equity investments |
(43) |
1,655 |
79 |
1,856 |
36 |
3,511 |
||||||||||||
Foreign currency transaction gain (loss) |
385 |
619 |
(973) |
1,030 |
(588) |
1,649 |
||||||||||||
Lease income |
530 |
452 |
530 |
512 |
1,060 |
964 |
||||||||||||
Other non-operating income (expense), net |
(143) |
305 |
1,145 |
(455) |
1,002 |
(150) |
||||||||||||
Other expense, net |
(42,213) |
(6,870) |
(49,998) |
(13,702) |
(92,211) |
(20,572) |
||||||||||||
LOSS BEFORE PROVISION FOR INCOME TAXES |
||||||||||||||||||
AND NONCONTROLLING INTEREST |
(55,212) |
(16,322) |
(42,086) |
(17,395) |
(97,298) |
(33,717) |
||||||||||||
PROVISION FOR INCOME TAXES |
||||||||||||||||||
Current |
367 |
750 |
43 |
- |
410 |
207 |
||||||||||||
Deferred |
169 |
(3,501) |
- |
18,198 |
169 |
15,240 |
||||||||||||
Provision for income taxes |
536 |
(2,751) |
43 |
18,198 |
579 |
15,447 |
||||||||||||
NET LOSS |
(55,748) |
(13,571) |
(42,129) |
(35,593) |
(97,877) |
(49,164) |
||||||||||||
Less: Net loss attributable to noncontrolling interest |
(20,964) |
(4,654) |
(15,752) |
(12,678) |
(36,716) |
(17,332) |
||||||||||||
NET LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. |
$ |
(34,784) |
$ |
(8,917) |
$ |
(26,377) |
$ |
(22,915) |
$ |
(61,161) |
$ |
(31,832) |
||||||
NET LOSS |
$ |
(55,748) |
$ |
(13,571) |
$ |
(42,129) |
$ |
(35,593) |
$ |
(97,877) |
$ |
(49,164) |
||||||
OTHER COMPREHENSIVE LOSS |
||||||||||||||||||
Foreign currency translation adjustments |
(1,469) |
1,687 |
1,590 |
(287) |
121 |
1,400 |
||||||||||||
COMPREHENSIVE LOSS |
(57,217) |
(11,884) |
(40,539) |
(35,880) |
(97,756) |
(47,764) |
||||||||||||
Less: Comprehensive loss attributable to noncontrolling interest |
(21,440) |
(4,412) |
(15,393) |
(12,858) |
(36,833) |
(17,270) |
||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO GENERAL STEEL HOLDINGS, INC. |
$ |
(35,777) |
$ |
(7,472) |
$ |
(25,146) |
$ |
(23,022) |
$ |
(60,923) |
$ |
(30,494) |
||||||
WEIGHTED AVERAGE NUMBER OF SHARES |
||||||||||||||||||
Basic and Diluted |
55,520 |
54,840 |
54,857 |
54,318 |
55,188 |
54,233 |
||||||||||||
LOSS PER SHARE |
||||||||||||||||||
Basic and Diluted |
$ |
(0.63) |
$ |
(0.16) |
$ |
(0.48) |
$ |
(0.42) |
$ |
(1.11) |
$ |
(0.59) |
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2012 AND 2011 AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011 |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
(In thousands) |
||||||||||||||||
Three months ended March 31, |
Six months ended June 30, |
|||||||||||||||
2012 |
2011 |
2012 |
2011 |
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||||||
Net loss |
$ |
(55,748) |
$ |
(13,571) |
$ |
(97,877) |
$ |
(49,164) |
||||||||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: |
||||||||||||||||
Depreciation, amortization and depletion |
20,559 |
8,922 |
41,329 |
22,022 |
||||||||||||
Impairment of plant and equipment |
- |
- |
- |
5,361 |
||||||||||||
Change in fair value of derivative liabilities |
13 |
(3,552) |
(7) |
(5,391) |
||||||||||||
Gain on debt settlement |
- |
- |
- |
(3,430) |
||||||||||||
Loss on disposal of equipment |
119 |
397 |
74 |
10 |
||||||||||||
Bad debt allowance |
5 |
5 |
5 |
- |
||||||||||||
Reservation of mine maintenance fee |
254 |
- |
50 |
- |
||||||||||||
Stock issued for services and compensation |
262 |
647 |
394 |
994 |
||||||||||||
Amortization of deferred financing cost on capital lease |
10,839 |
- |
21,627 |
6,698 |
||||||||||||
Income from equity investments |
43 |
(1,655) |
(36) |
(3,511) |
||||||||||||
Foreign currency transaction (gain) loss |
(385) |
(619) |
588 |
(1,649) |
||||||||||||
Deferred tax assets |
169 |
(2,730) |
169 |
15,240 |
||||||||||||
Deferred lease income |
(530) |
6,220 |
(1,060) |
5,746 |
||||||||||||
Changes in operating assets and liabilities |
||||||||||||||||
Notes receivable |
22,048 |
(68,315) |
11,728 |
(43,854) |
||||||||||||
Accounts receivable |
(5,887) |
(7,269) |
3,789 |
(32,086) |
||||||||||||
Accounts receivable - related parties |
(32,374) |
3,591 |
(66,664) |
(38,750) |
||||||||||||
Other receivables |
3,371 |
3,686 |
2,403 |
(1,947) |
||||||||||||
Other receivables - related parties |
(5,999) |
17,436 |
15,729 |
(54,657) |
||||||||||||
Inventories |
(61,814) |
(41,747) |
(24,713) |
(10,460) |
||||||||||||
Advances on inventory purchases |
(36,580) |
(7,451) |
(36,985) |
(25,304) |
||||||||||||
Advances on inventory purchases - related parties |
(68,061) |
(3,137) |
(54,790) |
(6,745) |
||||||||||||
Prepaid expense and other |
32 |
- |
(181) |
4,753 |
||||||||||||
Long-term deferred expense |
88 |
- |
131 |
723 |
||||||||||||
Prepaid taxes |
5,513 |
- |
1,760 |
22,256 |
||||||||||||
Accounts payable |
(104,700) |
27,484 |
(49,095) |
79,242 |
||||||||||||
Accounts payable - related parties |
103,918 |
34,958 |
54,720 |
45,926 |
||||||||||||
Other payables and accrued liabilities |
(5,924) |
8,246 |
4,254 |
5,258 |
||||||||||||
Other payables - related parties |
72,220 |
(14,732) |
110,061 |
(354) |
||||||||||||
Customer deposits |
(10,653) |
103,096 |
(2,418) |
38,685 |
||||||||||||
Customer deposits - related parties |
(11,467) |
(14,583) |
(29,781) |
9,671 |
||||||||||||
Taxes payable |
(6,355) |
18,791 |
(4,785) |
6,248 |
||||||||||||
Net cash provided by (used in) operating activities |
(167,024) |
54,118 |
(99,581) |
(8,469) |
||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||||||||||
Restricted cash |
(54,126) |
(4,516) |
(5,671) |
15,017 |
||||||||||||
Loans to related parties |
(65,359) |
- |
(69,303) |
- |
||||||||||||
Cash proceeds from short term investment |
79 |
- |
79 |
- |
||||||||||||
Cash proceeds from sales of equipment |
- |
328 |
4 |
258 |
||||||||||||
Cash proceeds from investment in future contracts |
- |
- |
- |
410 |
||||||||||||
Advance on equipment purchases |
(2,280) |
(190) |
(4,182) |
- |
||||||||||||
Equipment purchase and intangible assets |
(8,449) |
(10,912) |
(16,368) |
(31,097) |
||||||||||||
Effect on cash due to deconsolidating of a subsidiary |
(2,977) |
- |
(2,975) |
- |
||||||||||||
Net cash used in investing activities |
(133,112) |
(15,290) |
(98,416) |
(15,412) |
||||||||||||
CASH FLOWS FINANCING ACTIVITIES: |
||||||||||||||||
Payments made for treasury stock acquired |
- |
(1,128) |
(1,404) |
(1,924) |
||||||||||||
Notes receivable - restricted |
(19,891) |
(81,509) |
364,325 |
63,055 |
||||||||||||
Borrowings on short term notes payable |
467,269 |
243,985 |
921,101 |
400,543 |
||||||||||||
Payments on short term notes payable |
(341,435) |
(169,105) |
(1,134,080) |
(542,672) |
||||||||||||
Borrowings on short term loans - bank |
150,252 |
85,312 |
184,477 |
235,006 |
||||||||||||
Payments on short term loans - bank |
(87,102) |
(59,876) |
(241,919) |
(212,768) |
||||||||||||
Borrowings on short term loan - others |
119,089 |
36,128 |
155,936 |
186,183 |
||||||||||||
Payments on short term loans - others |
(65,486) |
(44,664) |
(162,212) |
(112,199) |
||||||||||||
Borrowings on short term loan - related parties |
85,197 |
- |
178,454 |
5,662 |
||||||||||||
Payments on short term loans - related parties |
(54,453) |
- |
(138,320) |
- |
||||||||||||
Deposits due to sales representatives |
10,481 |
(23,771) |
7,515 |
(29,068) |
||||||||||||
Deposit due to sales representatives - related parties |
286 |
- |
286 |
- |
||||||||||||
Borrowings on long term loan - related party |
- |
- |
- |
76,350 |
||||||||||||
Payments on long term loan - related party |
- |
- |
- |
(35,144) |
||||||||||||
Net cash provided by (used in) financing activities |
264,207 |
(14,628) |
134,159 |
33,024 |
||||||||||||
EFFECTS OF EXCHANGE RATE CHANGE IN CASH |
429 |
(161) |
2,226 |
903 |
||||||||||||
INCREASE (DECREASE) IN CASH |
(35,500) |
24,039 |
(61,612) |
10,046 |
||||||||||||
CASH, beginning of period |
120,016 |
65,271 |
120,016 |
65,271 |
||||||||||||
CASH, end of period |
$ |
84,516 |
$ |
89,310 |
$ |
58,404 |
$ |
75,317 |
SOURCE General Steel Holdings, Inc.
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