Viewtran Group, Inc.

CIK:0001519380|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2013 CNY	Dec. 31, 2012 CNY	Dec. 31, 2011 CNY
Net revenue
Product sales	$ 86,083	521,119	20,414	14,149
Service revenue	2,059	12,466	0	0
Total net revenue	88,142	533,585	20,414	14,149
Cost of sales
Cost of goods sold	(68,009)	(411,707)	(15,418)	(10,220)
Cost of services	0	0	0	0
Cost Of Revenue	(68,009)	(411,707)	(15,418)	(10,220)
Gross profit	20,133	121,878	4,996	3,929
Selling, general and administrative expenses	(12,726)	(77,036)	(65,356)	(78,143)
Research and development expenses	(7,655)	(46,339)	(58,665)	(60,623)
Provision for doubtful accounts	(107)	(650)	0	0
Impairment loss of goodwill	0	0	0	(109,157)
Other operating income / (loss), net	1,324	8,018	907	(4,266)
Income / (loss) from operations	969	5,871	(118,118)	(248,260)
Other income	1,363	8,249	779	0
Interest expense	0	0	(1,251)	(865)
Interest income	2,148	13,005	1,994	188
Earnings / (loss) from continuing operations before income taxes	4,480	27,125	(116,596)	(248,937)
Income tax expense	(691)	(4,182)	(2,331)	1,317
Net income / (loss) from continuing operations	3,789	22,943	(118,927)	(247,620)
Net income / (loss) from discontinued operations, net of income taxes	1,226	7,421	167,634	98,401
Net income / (loss)	5,015	30,364	48,707	(149,219)
Less net income attributable to noncontrolling interests in discontinued operations	(2,564)	(15,524)	(24,577)	(7,386)
Net income / (loss) attributable to Viewtran Group, Inc.	2,451	14,840	24,130	(156,605)
Basic earnings / (loss) per share attributable to Viewtran Group, Inc.
Continuing operations:	$ 0.12	0.70	(3.26)	(6.67)
Discontinued operations:	$ (0.04)	(0.25)	3.92	2.45
Total attributable to Viewtran Group, Inc.	$ 0.08	0.45	0.66	(4.22)
Diluted earnings / (loss) per share attributable to Viewtran Group, Inc.
Continuing operations:	$ 0.11	0.69	(3.26)	(6.67)
Discontinued operations:	$ (0.04)	(0.24)	3.92	2.45
Total attributable to Viewtran Group, Inc.	$ 0.07	0.45	0.66	(4.22)
Weighted average number of common shares outstanding
Basic (in shares)	32,907,268	32,907,268	36,355,124	37,094,995
Diluted (in shares)	33,107,589	33,107,589	36,355,124	37,094,995
Comprehensive income / (loss):
Net income / (loss)	5,015	30,364	48,707	(149,219)
Other comprehensive income / (loss), net of nil tax
Foreign currency translation adjustments	(4,380)	(26,516)	(798)	(11,159)
Less reclassification adjustment upon disposal of subsidiaries included in (loss)/gain on disposal of subsidiaries	731	4,425	5,638	0
Other comprehensive (loss) / income	(3,649)	(22,091)	4,840	(11,159)
Comprehensive income / (loss)	1,366	8,273	53,547	(160,378)
Less comprehensive income, net of nil tax, attributable to noncontrolling interests	(2,487)	(15,057)	(23,676)	(7,002)
Comprehensive (loss) / income attributable to Viewtran Group, Inc.	$ (1,121)	(6,784)	29,871	(167,380)

CONSOLIDATED STATEMENTS OF CASH FLOWS In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2013 CNY	Dec. 31, 2012 CNY	Dec. 31, 2011 CNY
Cash flows from operating activities:
Net income / (loss)	$ 5,015	30,364	48,707	(149,219)
Adjustments to reconcile net income / (loss) to net cash used in operating activities:
Depreciation expense	975	5,904	5,789	6,179
Amortization of intangible assets	3,928	23,776	25,295	28,631
Amortization of land use rights	0	0	293	0
Impairment loss of goodwill	0	0	0	236,945
Deferred income taxes	(1,848)	(11,184)	(4,173)	(4,723)
Loss / (gain) on disposal of property and equipment	22	134	(1,773)	205
Loss / (gain) on disposal of subsidiaries	5,539	33,531	(558)	0
Provision for doubtful accounts	416	2,520	0	2,325
Share-based compensation	8,309	50,299	65,944	66,723
Changes in operating assets and liabilities, net of effects of acquisitions and disposal of subsidiaries:
Accounts receivables, net	(54,560)	(330,294)	70,582	(282,935)
Bills receivable	(846)	(5,121)	(26,539)	(8,888)
Inventories	26,357	159,560	(351,297)	(84,331)
Prepaid expenses and other receivables	(2,049)	(12,399)	(13,608)	(22,629)
Income taxes receivables	342	2,071	(184)	450
Accounts payables	21,880	132,452	34,994	57,972
Amounts due from related parties	38,473	232,906	(97,215)	0
Income taxes payables	288	1,741	(7,721)	102
Accrued expenses and other liabilities	(578)	(3,499)	10,653	6,067
Net cash generated from / (used in) operating activities	51,663	312,761	(240,811)	(147,126)
Cash flows from investing activities:
Increase in pledged bank deposits	(27,698)	(167,674)	(127,383)	(113,898)
Payments for acquisitions of subsidiaries, net of cash acquired	0	0	0	(140,419)
Proceeds from disposal of subsidiaries, net of cash disposed of	24,980	151,221	42,737	0
Increase in other assets	(36,011)	(218,000)	0	0
Purchases of property and equipment	(3,416)	(20,677)	(8,164)	(10,035)
Proceeds from disposal of property and equipment	81	488	2,706	0
Net cash used in investing activities	(42,064)	(254,642)	(90,104)	(264,352)
Cash flows from financing activities:
Purchase of treasury stock	(18,783)	(113,704)	(49,192)	(93,530)
Net proceeds from bank borrowings	14,535	87,990	134,658	381,816
Capital contribution to a subsidiary by noncontrolling interests	0	0	243	0
Net cash (used in) / provided by financing activities	(4,248)	(25,714)	85,709	288,286
Effect of exchange rate changes on cash	(4,440)	(26,888)	(2,319)	(4,094)
Net increase / (decrease) in cash	911	5,517	(247,525)	(127,286)
Cash at beginning of the year	53,660	324,839	572,364	699,650
Cash at end of the year	54,571	330,356	324,839	572,364
Supplementary cash flow information:
Interest paid	2,763	16,727	26,743	20,152
Income taxes paid	1,078	6,525	17,917	15,724
Guarantee fee received	$ 1,141	6,909	0	0

CONSOLIDATED BALANCE SHEETS In Thousands, unless otherwise specified	Dec. 31, 2013 USD ($)	Dec. 31, 2013 CNY	Dec. 31, 2012 CNY
Current assets:
Cash	$ 54,571	330,356	324,839
Pledged bank deposits	79,946	483,970	556,941
Accounts receivables, net	54,201	328,117	704,968
Bills receivable	867	5,250	27,945
Amounts due from related parties	4,342	26,284	35,743
Inventories	77	466	516,372
Income taxes receivables	0	0	2,098
Prepaid expenses and other receivables	1,891	11,446	56,266
Total current assets	195,895	1,185,889	2,225,172
Property and equipment, net	5,683	34,401	17,515
Intangible assets, net	10,080	61,024	128,810
Other assets	39,781	240,825	261
TOTAL ASSETS	251,439	1,522,139	2,371,758
Current liabilities:
Accounts payables	272	1,644	102,878
Bank borrowings	0	0	614,045
Income taxes payables	1,048	6,343	7,155
Accrued expenses and other liabilities	4,928	29,832	35,734
Total current liabilities	6,248	37,819	759,812
Deferred tax liabilities	1,663	10,070	21,254
Total liabilities	7,911	47,889	781,066
Equity:
Common stock Par value: USD 0.01 Authorized: 200,000,000 shares Issued: 48,073,490 shares in 2013 and 43,423,556 shares in 2012 Outstanding: 27,513,490 shares in 2013 and 31,110,922 shares in 2012	610	3,693	3,409
Additional paid in capital	247,520	1,498,411	1,448,396
Retained earnings	98,981	599,204	584,364
Accumulated other comprehensive loss	(23,810)	(144,137)	(122,513)
Stockholders' Equity subtotal before Treasury Stock, Total	323,301	1,957,171	1,913,656
Less cost of common stock in treasury, 20,560,000 shares in 2013 and 12,312,634 shares in 2012	(79,773)	(482,921)	(369,217)
Total Viewtran Group, Inc. equity	243,528	1,474,250	1,544,439
Noncontrolling interests	0	0	46,253
Total equity	243,528	1,474,250	1,590,692
Commitments and contingencies	0	0	0
TOTAL LIABILITIES AND EQUITY	$ 251,439	1,522,139	2,371,758