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 |
|||
| 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 |