天邦食品(002124) - 2014 Q1 - 季度财报

Financial Performance - Revenue for the first quarter reached ¥397,517,740.20, an increase of 10.16% compared to ¥360,856,992.55 in the same period last year[8] - Net profit attributable to shareholders was ¥4,097,070.47, a significant turnaround from a loss of ¥16,363,982.95, representing a 125.04% increase[8] - Basic earnings per share improved to ¥0.02 from a loss of ¥0.08, marking a 125% increase[8] - The company expects a turnaround in net profit for the first half of 2014, projecting a net profit of between RMB 15 million to RMB 21 million, compared to a loss of RMB 10.03 million in the same period of 2013[21] - The increase in net profit is attributed to a land compensation payment of RMB 30.85 million received by a subsidiary, which contributed RMB 22.62 million to the net profit attributable to shareholders[21] - The sales and net profit from the company's biological products business have shown significant growth[21] Assets and Liabilities - Total assets increased by 5.46% to ¥1,808,789,293.49 from ¥1,715,171,786.52 at the end of the previous year[8] - Accounts receivable increased by 152.1%, attributed to higher sales with payments still within the credit period[16] - Prepayments increased by 88.8%, indicating a rise in customer advance payments for goods not yet delivered[16] - Financial expenses rose by 57.9% due to an increase in loans during the reporting period[16] Cash Flow - Cash flow from operating activities improved by 66.61%, reaching -¥37,399,891.90 compared to -¥112,015,928.16 in the previous year[8] - Cash flow from investing activities increased by 114.6%, driven by cash recovered from land compensation by a subsidiary[16] - Non-operating income surged by 110.97%, primarily due to government land compensation received by a subsidiary[16] Acquisitions and Fundraising - Tianbang Co. completed the acquisition of 100% equity in Agfeed Industries, Inc. for $46,920,664.13, equivalent to approximately RMB 288,622,012.26, including personnel compensation[17] - The company plans to raise funds through a private placement to finance the acquisition, pending approval from the China Securities Regulatory Commission (CSRC)[17] - As of the report date, Tianbang Co. has completed the equity transfer procedures and is currently integrating the acquired assets[17]