Independent auditors’ report
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of changes
in stockholders’ equity
Consolidated statement of cash flows
Notes to consolidated financial statement
Consolidated Financial Statements
Assets | 2011 | December 31, 2010 (as adjusted) | January 1, 2010 (as adjusted) | |||
Current assets: | ||||||
Cash and cash equivalents | $ | 3,388,832 | $ | 2,124,418 | $ | 3,554,663 |
Investments in securities (held for trading) | 1,620,721 | 1,044,667 | 1,186,114 | |||
Accounts and notes receivable: | ||||||
Customers (less allowance for doubtful accounts | ||||||
of $427,278 in 2011 and $450,295 in 2010) | 15,147,871 | 13,926,409 | 13,965,136 | |||
Other | 1,667,237 | 2,638,991 | 2,136,171 | |||
Due from related parties | 1,666,658 | 1,562,207 | 3,673,491 | |||
18,481,766 | 18,127,607 | 19,774,798 | ||||
Derivative financial instruments | 316,141 | 412,290 | 736,706 | |||
Inventories – Net | 17,960,645 | 15,934,879 | 14,334,857 | |||
Prepaid expenses | 1,114,445 | 1,245,124 | 1,471,093 | |||
Discontinued current assets | 10,775 | 947,054 | 5,172,608 | |||
Total current assets | 42,893,325 | 39,836,039 | 46,230,839 | |||
Long-term accounts receivable | 152,571 | 12,591,441 | 103,612 | |||
Property, plant and equipment | ||||||
Buildings and leasehold improvements | 11,933,431 | 11,316,474 | 11,492,977 | |||
Machinery and equipment | 14,122,878 | 13,253,968 | 10,679,884 | |||
Vehicles | 991,337 | 982,229 | 897,116 | |||
Furniture and fixtures | 3,172,652 | 2,921,234 | 2,781,729 | |||
Computers | 1,486,413 | 1,386,313 | 1,468,529 | |||
31,706,711 | 29,860,218 | 27,320,235 | ||||
Accumulated depreciation | (17,925,134) | (17,138,485) | (16,892,796) | |||
13,781,577 | 12,721,733 | 10,427,439 | ||||
Land | 2,762,174 | 3,028,770 | 3,321,852 | |||
Construction in process | 1,057,227 | 1,634,506 | 1,690,744 | |||
17,600,978 | 17,385,009 | 15,440,035 | ||||
Real state inventories | 669,631 | 667,131 | 643,116 | |||
Investment in shares of associated companies | 9,174,272 | 9,035,467 | 8,493,825 | |||
Net projected asset from employee retirement benefits | 427,978 | 457,647 | 375,538 | |||
Deferred income tax from tax loss carryforwards | 399,067 | 216,688 | 131,096 | |||
Other assets – Net | 1,013,205 | 899,776 | 720,919 | |||
Discontinued long-term assets | - | 392,360 | 25,748,154 | |||
Total | $ | 72,331,027 | $ | 81,481,558 | $ | 97,887,134 |
Liabilities and stockholders' equity | ||||||
Current liabilities: | ||||||
Notes payable to financial institutions | $ | 10,607,764 | $ | 17,158,734 | $ | 3,913,439 |
Current portion of long-term debt | 36,174 | 7,449,346 | 48,278 | |||
Trade accounts payable | 8,759,435 | 6,903,805 | 5,770,511 | |||
Direct employee benefits | 660,700 | 593,055 | 521,503 | |||
Accrued expenses and taxes other than income taxes | 5,042,716 | 3,562,901 | 5,001,325 | |||
Derivative financial instruments | 929,651 | 550,140 | 49,046 | |||
Advances from customers | 959,057 | 1,202,326 | 1,202,110 | |||
Due to related parties | 1,017,052 | 1,941,484 | 906,194 | |||
Discontinued current liabilities | - | 1,024,879 | 5,707,110 | |||
Total current liabilities | 28,012,549 | 40,386,670 | 23,119,516 |
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Long-term debt | 117,372 | 141,564 | 7,987,657 | |||
Deferred income taxes | 1,837,745 | 2,016,433 | 2,621,700 | |||
Deferred statutory employee profit sharing | 67,405 | 59,182 | 53,498 | |||
Other long-term liabilities | 25,522 | 71,680 | 9,148 | |||
Deferred revenue - Net | - | - | 37,602 | |||
Discontinued long-term liabilities | - | 15,222 | 4,256,939 | |||
Total liabilities | 30,060,593 | 42,690,751 | 38,086,060 | |||
Consolidated stockholders' equity: | ||||||
Common stock | 4,278,014 | 4,282,349 | 6,605,928 | |||
Stock issuance premium | 1,388,378 | 1,388,378 | 2,160,658 | |||
Additional paid-in capital | 172,056 | 39,900 | 39,900 | |||
Retained earnings | 28,432,229 | 25,462,733 | 41,340,323 | |||
Translation effects of foreign operations | 659,602 | 605,899 | 1,068,710 | |||
Valuation of financial instruments | 39,725 | (64,123) | (345,525) | |||
Controlling interest | 34,970,004 | 31,715,136 | 50,869,994 | |||
Non-controlling interest | 7,300,430 | 7,075,671 | 8,931,080 | |||
Total consolidated stockholders' equity | 42,270,434 | 38,790,807 | 59,801,074 | |||
Total | $ | 72,331,027 | $ | 81,481,558 | $ | 97,887,134 |