LISHUI, China, April 29, 2016 /PRNewswire/-- Tantech Holdings
Ltd. (NASDAQ:TANH), ("Tantech" or the "Company"), a leading
manufacturer of bamboo-based charcoal products, today announced its
financial results for the fiscal year ended December 31, 2015.
Full Year 2015 Financial Highlights
|
|
For the Twelve
Months Ended December 31,
|
($ millions,
except per share data)
|
|
2015
|
|
2014
|
|
%
Change
|
Revenues
|
|
$58.8
|
|
$65.5
|
|
-10.2%
|
Consumer
product
|
|
$43.2
|
|
$53.1
|
|
-18.5%
|
Trading
|
|
$3.6
|
|
$3.0
|
|
19.4%
|
Energy
|
|
$12.0
|
|
$9.4
|
|
27.3%
|
Gross
profit
|
|
$16.9
|
|
$20.6
|
|
-18.2%
|
Gross
margin
|
|
28.7%
|
|
31.5%
|
|
-2.8%
|
Operating
margin
|
|
17.4%
|
|
26.2%
|
|
-8.8%
|
Net income
attributable to stockholders
|
|
$8.4
|
|
$14.0
|
|
-39.6%
|
Basic/ Diluted
earnings per share
|
|
$0.40
|
|
$0.33
|
|
19.0%
|
- Total revenues decreased by 10.2% to $58.8 million mainly due to weakness in consume
products segment which was partially offset by growth from trading
and energy segments.
- Revenues for energy segment increased by 27.3% to $12.0 million, or 20.4% of total revenues, mainly
due to strong EDLC carbon sales which increased by 31.9% to
$11.4 million.
- Net income attributable to stockholders was $8.4 million, or $0.40 per share, compared to $14.0 million, or $0.33 per share for the same period of last
year.
Mr. Zhengyu Wang, Chairman and
Chief Executive Officer of Tantech, commented, "2015 marks our total revenues decreasing by 10.2%
to $58.8 million as economic
headwinds took a toll on our consumer products business that
declined by 18.5% year-over-year. However, our energy business,
primarily comprised of EDLC carbon, remained a bright spot of our
businesses with sales growing by 27.3% to $12.0 million in 2015. Our trading business
also grew at a healthy clip, up by 19.4% to $3.6 million in 2015."
Mr. Wang continued, "While the economic headwinds facing our
consumer products business are likely to continue in the near
future, we are very excited about the long-term prospects of the
Company as we focus on the research and development of batteries,
powertrain and take strategic initiatives to expand into new
segments such as specialty new energy vehicles. Barring any
unforeseen issues, we expect to complete the acquisition of Suzhou
E Motors Co., Ltd. in the near future. The recent establishment of
Tantech New Energy Vehicle Institute was another step taken by us
to fulfill the aspiration to transform the Company into a
vertically integrated player across the specialty new energy
vehicle value chain. We look forward to an exciting year for
Tantech in 2016."
Full Year 2015 Financial Results
Revenues
Total revenues decreased by $6.7
million, or 10.2%, to $58.8
million for the twelve months ended December 31, 2015 from $65.5 million for the same period of last year.
The decrease was primarily attributable to the decreased sales from
the consumer product segment and partially offset by increased
sales from the trading and energy segments.
|
For the Twelve
Months Ended December 31,
|
|
2015
|
|
2014
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin
(%)
|
|
Revenues
($'000)
|
|
Gross
Profit
($'000)
|
|
Gross
Margin
(%)
|
Consumer
product
|
43,235
|
|
14,616
|
|
33.8%
|
|
53,052
|
|
18,227
|
|
34.4%
|
Trading
|
3,579
|
|
116
|
|
3.2%
|
|
2,999
|
|
63
|
|
2.1%
|
Energy
|
12,015
|
|
2,150
|
|
17.9%
|
|
9,442
|
|
2,350
|
|
24.9%
|
Total
|
58,830
|
|
16,882
|
|
28.7%
|
|
65,493
|
|
20,640
|
|
31.5%
|
Revenues for consumer product segment decreased by $9.9 million, or 18.5%, to $43.2 million for the twelve months ended
December 31, 2015 from $53.1 million for the same period of last year.
The decrease was primarily attributable to decreased sales of
barbecue charcoal for domestic market, deodorizer and bamboo
vinegar. In particular, revenues from barbecue charcoal for
domestic market decreased by $4.9
million in 2015 primarily attributable to the temporary
disruption in supply of barbecue charcoal in the last two months of
2015. The sales of bamboo vinegar also decreased in 2015 due to
weak demand. We sold 4.4 million pieces of air purification
products and 7.7 million pieces of deodorization products for the
twelve months ended December 31,
2015, compared to 4.9 million and 7.9 million pieces,
respectively, for the same period of last year. The average selling
prices of air purification increased by 11.9% while the average
selling price of deodorizer decreased by 6.7% for the twelve months
ended December 31, 2015 compared to
the same period of last year.
Revenues for trading segment increased by $0.6 million, or 19.4%, to $3.6 million for the twelve months ended
December 31, 2015 from $3.0 million for the same period of last
year. This increase was related to one of our major
customers.
Revenues for energy segment increased by $2.6 million, or 27.3%, to $12.0 million for the twelve months ended
December 31, 2015 from $9.4 million for the same period of last year.
The increase was primarily attributable to increased sales of EDLC
carbon for the twelve months ended December
31, 2015. We sold 367 tons of EDLC carbon for the twelve
months ended December 31, 2015,
compared to 280 tons for the same period of last year. The average
selling price of EDLC carbon also increased slightly to
$31,028 per ton for the twelve months
ended December 31, 2015 from
$30,860 per ton for the same period
of last year.
Cost of revenues
Total cost of revenues decreased by $2.9
million, or 6.5%, to $41.9
million for the twelve months ended December 31, 2015 from $44.9 million for the same period of last
year. As a percentage of revenues, the cost of revenue
increased by 2.8 percentage points to 71.3% for the twelve months
ended December 31, 2015 from 68.5%
for the same period of last year. The increase in cost of revenues
as a percentage of revenues in 2015 was primarily attributable to
the increased material costs of air purification and deodorizer
products. In addition, cost of revenues in our energy segment
increased 39.1% compared to 2014 due to higher purchasing price of
bamboo charcoal used in our production of consumer products and
EDLC carbon in 2015.
Gross profit
Total gross profit decreased by $3.8
million, or 18.2%, to $16.9
million for the twelve months ended December 31, 2015 from $20.6 million for the same period of last year.
Gross margin was 28.7% for the twelve months ended December 31, 2015, compared to 31.5% for the same
period of last year. On a segment basis, gross margins for consumer
product, trading, and energy were 33.8%, 3.2%, and 17.9%,
respectively, for the twelve months ended December 31, 2015, compared to 34.4%, 2.1%, and
24.9%, respectively, for the same period of last year.
Operating expenses
Selling expenses decreased by $0.2
million, or 20.5%, to $0.9
million for the twelve months ended December 31, 2015 from $1.1 million for the same period of last
year. As a percentage of revenues, selling expenses decreased
to 1.5% of revenues for the twelve months ended December 31, 2015, as compared to 1.7% for the
same period of last year. The decrease was primarily attributable
to lower promotion expenses, export expenses and shipping &
handling expenses for the twelve months ended December 31, 2015 as compared to the same period
of last year.
General and administrative expenses increased by $3.1 million, or 188.2%, to $4.7 million for the twelve months ended
December 31, 2015 from $1.6 million for the same period of last year. As
a percentage of revenues, general and administrative expenses was
8.0% for the twelve months ended December
31, 2015 as compared to 2.5% for the same period of last
year. The increase was primarily attributable to an increase
in bad expenses related to accounts receivable of $2.3 million and an increase in professional fees
related to being a public company of $0.9
million.
Research and development expenses increased by $0.3 million, or 45.4%, to $1.1 million for the twelve months ended
December 31, 2015 from $0.7 million for the same period of last year.
The increase was attributable to the expenditure of $0.5 million related to our sponsored R&D
project in 2015.
Total operating expenses increased by $3.2 million, or 92.4%, to $6.7 million for the twelve months ended
December 31, 2015 from $3.5 million for the same period of last year,
mainly due to increase in general and administrative expenses as
afore mentioned.
Operating income
Operating income decreased by $7.0
million, or 40.5%, to $10.2
million for the twelve months ended December 31, 2015 from $17.2 million for the same period of last year.
Operating margin was 17.4% for the twelve months ended December 31, 2015, compared to 26.2% for the same
period of last year.
Other income and expenses
Total other income was $1.1
million for the twelve months ended December 31, 2015, compared to $0.4 million for the same period of last year.
The Company paid interest expense of $0.4
million while received interest income, government subsidy
income, and other income of $0.1
million, $0.3 million, and
$1.1 million, respectively, for the
twelve months ended December 31,
2015. The $1.1 million other
income was related to the consulting fee that we charged to a third
party for using our patents. As a comparison, the Company paid
interest expense of $0.5 million
while received interest income, government subsidy income, and
other income of $0.2 million,
$0.1 million, and $0.7 million, respectively, for the same period
of last year.
Income before income taxes
Our income before income taxes decreased by $6.3 million, or 35.7%, to $11.3 million for the twelve months ended
December 31, 2015 from $17.6 million for the same period of last year.
The decrease was primarily attributable to a decrease of
$3.8 million in gross profit and an
increase of $3.2 million in operating
expense in 2015 compared to 2014.
Provision for income taxes
Our provision for income taxes was $2.4
million for the twelve months ended December 31, 2015, a decrease of $0.5 million, or 16.7%, from $2.8 million for the same period of last
year.
Net income
Net income decreased by $5.8
million, or 39.3%, to $8.9
million for the twelve months ended December 31, 2015 from $14.7 million for the same period of last year.
After deduction for non-controlling interest, net income
attributable to common stockholders was $8.4
million, or $0.40 per basic/
diluted share, for the twelve months ended December 31, 2015, compared to $14.0 million, or $0.33 per basic/ diluted share, for the same
period of last year.
Balance Sheet and Cash Flow
As of December 31, 2015, the
Company had cash and cash equivalents of $6.3 million, working capital of $49.7 million and stockholders' equity of
$69.6 million, compared to
$0.4 million, $43.5 million, and $59.3
million, respectively, at the end of 2014. Net cash provided
by operating activities was $4.5
million for the twelve months ended December 31, 2015, compared to $2.5 million for the same period of last year.
Net cash used in investing activities was $7.2 million for the twelve months ended
December 31, 2015, compared to net
cash provided by investing activities of $0.5 million for the same period of last year.
The increase in net cash used in investing activities was primarily
attributable to a deposit of $8.0
million made to Suzhou E Motors for pending
acquisition. Net cash provided by financing activities was
$8.8 million for the twelve months
ended December 31, 2015, compared to
net cash used in financing activities of $4.2 million for the same period of last year.
The Company received net proceeds of $5.7
million through an initial public offering of its common
stock on the Nasdaq Capital Market in 2015.
Recent Updates
On April 15, 2016, Mr.
Zhengyu Wang, the Company's Chairman
and Chief Executive Officer, was elected as vice chair of The New
Energy Vehicle Alliance of Zhejiang
Province (the "Alliance"), a self-regulatory organization
comprised of representatives from leading automakers, components
and parts suppliers, governmental agencies, research institutes,
and advocacy groups in the new energy vehicle value chain in
Zhejiang Province. During the
inaugural ceremony, Mr. Wang also signed cooperation agreement with
governmental officials of Binjiang District, Hangzhou City to formally launch Tantech New
Energy Vehicle Institute, a wholly-owned subsidiary of the Company
to lead its efforts in advancing technology along the new energy
vehicle value chain.
On March 1, 2016, the Company
completed an $8.0 million private
placement of its common stock with the issuance of 1,693,000 shares
at $4.70 per share.
On January 27, 2016, the Company
entered into a framework agreement (the "Framework Agreement") to
acquire 100% equity interest in Suzhou E Motors Co., Ltd. ("Suzhou
E Motors"), a specialty electric vehicles ("EVs") manufacturer
based in Zhangjiagang City, Jiangsu
Province. The closing of the Transaction shall be subject to
the terms and conditions set forth in a definitive agreement to be
negotiated between the Company and the shareholders of Suzhou E
Motors, including Dr. Henglong Chen and Zhangjiagang Light
Commercial Vehicles Co., Ltd. who collectively own 100% of the
equity interest in Suzhou E Motors. Dr. Henglong Chen is also the
controlling shareholder of Zhangjiagang Light Commercial Vehicles
Co., Ltd.
On November 15, 2015, Mr.
Zhengyu Wang, the Company's Chairman
and Chief Executive Officer, delivered a keynote address that
highlighted his optimistic view on the outlook for China's new energy vehicle market and
Tantech's vision of becoming a significant player in power
batteries in coming years at the 2015 Zhejiang Province New Energy
Vehicle Forum. Also announced at the Forum was the establishment of
Zhejiang Province New Energy Vehicle Institute (the "Institute"), a
think tank aimed at broader collaboration among policy makers,
industry, researchers and supporting agencies in finding and
implementing practical solutions to the challenges of the new
energy vehicle industry in Zhejiang
Province. Tantech, Geely Automobile Holdings Ltd., ZOTYE
International Automobile Trading Co., Ltd., and Zhejiang
Asia-Pacific Mechanical & Electronic Co. Ltd. were among the
initial sponsors of the Institute.
On November 3, 2015, the Company
announced that it has established a wholly-owned subsidiary,
Zhejiang Babiku Charcoal Co., Ltd. ("Babiku"), a PRC company with
registered capital of RMB10 million,
to manage its BBQ products business. The Company is in the process
of transferring its self-produced BBQ products business, currently
managed by Zhejiang Tantech Energy Technology Co., Ltd. ("Energy
Tech"), a wholly owned subsidiary, to Babiku.
On August 10, 2015, the Company
announced that it has entered into a strategic cooperation
agreement (the "Agreement") with Zhejiang EGE Battery Manufacturing
Co., Ltd. ("EGE") to jointly develop, market, and sell carbon based
aluminum batteries (the "Battery"). The Battery, using Tantech's
Electric Double-Layer Capacitor ("EDLC") carbon material for the
cathode, is expected to offer a safe, easy-charging, long-lasting
and eco-friendly alternative to many commercial batteries in wide
use today.
On June 1, 2015, the Company
opened a new R&D Center in Lishui, Zhejiang Province and introduced three
distinguished researchers to lead the Center's effort in developing
new capacitor batteries.
On April 27, 2015, the Company
rang the opening bell at the Nasdaq Stock Market in Time Square to
celebrate the completion of Tantech's IPO on March 24, 2015.
On March 24, 2015, the Company
announced the pricing of its initial public offering of 3.2 million
ordinary shares, with Tantech and a selling shareholder selling 1.6
million shares each, at price of $4.00 per share. The Company's ordinary shares
commenced trading on the NASDAQ Capital Market on March 24, 2015 under the ticker symbol "TANH". As
a result, the Company has raised $5.7
million in net proceeds through the IPO. ViewTrade
Securities, Inc. acted as sole book-running manager for the
IPO.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City,
Zhejiang Province, China, Tantech Holdings Ltd., together with
its subsidiaries, develops and manufactures bamboo-based charcoal
products in China and
internationally. It operates through three segments: Consumer
Products, Trading, and Biofuel Energy. The company produces pressed
and formed charcoal briquettes for use in grills, incense burners,
and other applications under the Algold brand. It also offers
Charcoal Doctor branded products, such as air purifiers and
humidifiers, automotive accessories for air purification,
underfloor humidity control, pillows and mattresses, wardrobe
deodorizers, mouse pads and wrist mats, refrigerator deodorants,
charcoal toilet cleaner disks, liquid charcoal cleaners, shoe
insoles, and decorative charcoal gifts. In addition, the Company
provides liquid byproduct consists of bamboo vinegar that is used
in disinfectants, detergents, lotions, specialized soaps, toilet
cleaners, and fertilizers, as well as in various agricultural
applications. Further, it engages in providing bamboo carbon for
use in EDLCs; the production of electric double-layer capacitor
carbon products; and the industrial purchase and sale of rubber.
The Company provides its products for industrial energy
applications, as well as household cooking, heating, purification,
agricultural, and cleaning uses. The company also exports its
bamboo vinegar, bamboo charcoal purification, and EDLC carbon
products. For more information about Tantech Holdings Ltd., please
visit: http://www.tantech.cn/en/index.asp
Forward-Looking Statements
This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
ir@tantech.cn
Weitian Investor Relations
Ms. Tina Xiao
+1-917-609-0333
tanh@weitian-ir.com
Tantech Holdings
Ltd and Subsidiaries
|
Consolidated
Balance Sheets
|
(In US
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2015
|
|
2014
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
6,273,389
|
$
|
415,275
|
|
|
Restricted
cash
|
|
-
|
|
3,583,800
|
|
|
Accounts receivable,
net
|
|
40,484,871
|
|
43,567,769
|
|
|
Inventories,
net
|
|
1,097,048
|
|
1,339,302
|
|
|
Advances to
suppliers, net
|
|
15,597,108
|
|
10,634,280
|
|
|
Other receivables,
net
|
|
230,834
|
|
68,778
|
|
|
Deferred tax
assets
|
|
-
|
|
140,226
|
|
Total current
assets
|
|
63,683,250
|
|
59,749,430
|
|
|
|
|
|
|
|
Property, plant
and equipment, net
|
|
11,118,635
|
|
12,802,932
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
|
|
|
|
Deferred tax
assets
|
|
-
|
|
26,109
|
|
|
Intangible assets,
net
|
|
2,102,507
|
|
2,422,421
|
|
|
Deposit for asset
acquisiton
|
|
2,465,600
|
|
3,707,702
|
|
|
Deposit for business
acquisition
|
|
7,705,000
|
|
-
|
Total
Assets
|
$
|
87,074,992
|
$
|
78,708,594
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Short-term bank
loans
|
$
|
8,444,680
|
$
|
2,117,700
|
|
|
Bankers acceptance
notes payable
|
|
-
|
|
7,167,600
|
|
|
Accounts
payable
|
|
3,072,368
|
|
3,741,193
|
|
|
Customer
deposits
|
|
606,029
|
|
562,995
|
|
|
Taxes
payable
|
|
804,270
|
|
2,272,106
|
|
|
Accrued liabilities
and other payable
|
|
1,058,160
|
|
370,211
|
|
Total current
liabilities
|
|
13,985,507
|
|
16,231,805
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Common stock, $0.001
par value, 50,000,000 shares authorized,
|
|
|
|
|
|
|
21,600,000 and
20,000,000 shares issued and outstanding at
|
|
|
|
|
|
|
December 31,2015 and
2014
|
|
21,600
|
|
20,000
|
|
|
Additional paid-in
capital
|
|
15,134,752
|
|
9,473,230
|
|
|
Statutory
reserves
|
|
6,401,235
|
|
5,377,637
|
|
|
Retained
earnings
|
|
48,350,456
|
|
40,935,229
|
|
|
Accumulated other
comprehensive income (loss)
|
|
(262,900)
|
|
3,515,420
|
|
Total
Stockholders' Equity
|
|
69,645,143
|
|
59,321,516
|
|
|
Noncontrolling
interest
|
|
3,444,342
|
|
3,155,273
|
|
Total
Equity
|
|
73,089,485
|
|
62,476,789
|
Total Liabilities
and Equity
|
$
|
87,074,992
|
$
|
78,708,594
|
Tantech Holdings
Ltd and Subsidiaries
|
Consolidated
Statements of Income and Comprehensive Income
|
(In US
Dollars)
|
|
|
|
|
|
|
|
|
For the
Years Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Revenues
|
$
|
58,829,900
|
$
|
65,493,106
|
|
|
|
|
|
|
Cost of
revenues
|
|
41,947,684
|
|
44,852,994
|
|
|
|
|
|
|
Gross
Profit
|
|
16,882,216
|
|
20,640,112
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Selling
expenses
|
|
859,200
|
|
1,081,446
|
|
General and
administrative expenses
|
|
4,723,707
|
|
1,639,288
|
|
Research and
development expenses
|
|
1,084,867
|
|
745,636
|
|
Total operating
expenses
|
|
6,667,774
|
|
3,466,370
|
|
|
|
|
|
|
Income from
operations
|
|
10,214,442
|
|
17,173,742
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
Interest
income
|
|
82,712
|
|
162,378
|
|
Interest
expense
|
|
(412,358)
|
|
(547,584)
|
|
Government
subsidy income
|
|
326,018
|
|
62,137
|
|
Other income,
net
|
|
1,093,654
|
|
720,700
|
|
Total other
income
|
|
1,090,026
|
|
397,631
|
|
|
|
|
|
|
Income
before income taxes
|
|
11,304,468
|
|
17,571,373
|
|
|
|
|
|
|
Provision
for income taxes
|
|
2,377,715
|
|
2,854,489
|
|
|
|
|
|
|
Net
income
|
|
8,926,753
|
|
14,716,884
|
|
|
|
|
|
|
|
Net income
attributable to the noncontrolling interest
|
|
(487,928)
|
|
(735,844)
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
|
8,438,825
|
$
|
13,981,040
|
|
|
|
|
|
|
Net
income
|
|
8,926,753
|
|
14,716,884
|
Other
comprehensive income:
|
|
|
|
|
|
Foreign
currency translation losses
|
|
(3,977,179)
|
|
(184,951)
|
|
|
|
|
|
|
Comprehensive
income
|
|
4,949,574
|
|
14,531,933
|
|
|
|
|
|
|
|
Less:
Comprehensive income attributable to
|
|
|
|
|
|
noncontrolling
interest
|
|
(289,069)
|
|
(726,596)
|
|
|
|
|
|
|
Comprehensive
income attributable to common stockholders
|
$
|
4,660,505
|
$
|
13,805,337
|
|
|
|
|
|
|
Earnings Per share
-Basic and Diluted
|
$
|
0.40
|
$
|
0.33
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding - Basic and diluted
|
|
21,240,548
|
|
41,890,411
|
Tantech Holdings
Ltd and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
(In US
Dollars)
|
|
|
|
|
|
|
|
|
|
|
For the
Years Ended
|
|
|
|
December
31,
|
|
|
|
|
2015
|
|
2014
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
8,926,753
|
|
$ 14,716,884
|
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
|
provided by
(used in) operating activities:
|
|
|
|
|
|
|
Changes in
allowances - accounts receivable
|
|
972,642
|
|
(1,343,977)
|
|
|
Changes in
allowances - advance to suppliers
|
|
(8,547)
|
|
194,705
|
|
|
Changes in
allowances - loan to third parties
|
|
-
|
|
(27,689)
|
|
|
Changes in
inventory reserve
|
|
156,775
|
|
(43,450)
|
|
|
Depreciation
expense
|
|
1,244,154
|
|
1,290,857
|
|
|
Deferred income
tax provision
|
|
163,987
|
|
329,588
|
|
|
Amortization of
intangible asset
|
|
197,026
|
|
216,086
|
|
|
Loss from
disposal of property, plant and equipment
|
|
-
|
|
9,102
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
Accounts
receivable
|
|
(212,550)
|
|
(13,868,300)
|
|
|
Advances to
suppliers
|
|
(5,762,321)
|
|
515,168
|
|
|
Inventory
|
|
20,295
|
|
42,444
|
|
|
Other
receivables
|
|
(49,507)
|
|
50,759
|
|
|
Accounts
payable
|
|
(486,409)
|
|
602,059
|
|
|
Customer
deposits
|
|
76,546
|
|
(638,556)
|
|
|
Taxes
payable
|
|
(1,516,651)
|
|
431,467
|
|
|
Accrued
liabilities and other payables
|
|
728,339
|
|
(16,785)
|
Net cash provided
by operating activities
|
|
4,450,532
|
|
2,460,362
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Additions to
property, plant and equipment
|
|
(242,552)
|
|
(1,594,404)
|
|
|
Proceeds from
disposal of property, plant and equipment
|
|
32,940
|
|
9,767
|
|
|
Loans to third
parties
|
|
-
|
|
1,753,248
|
|
|
Changes in
deposit for asset acquisiton
|
|
1,085,752
|
|
364,552
|
|
|
Deposit for
business acquisiton
|
|
(8,030,000)
|
|
-
|
Net cash provided
by (used in) investing activities
|
|
(7,153,860)
|
|
533,163
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Changes in
restricted cash
|
|
3,533,200
|
|
-
|
|
|
Repayment of
loans from third party
|
|
-
|
|
(38,899)
|
|
|
Borrowings from
Bankers acceptance notes payable
|
|
2,248,400
|
|
14,325,520
|
|
|
Repayments of
Bankers acceptance notes payable
|
|
(9,314,800)
|
|
(14,325,520)
|
|
|
Borrowings from
bank loans
|
|
12,012,880
|
|
2,189,526
|
|
|
Repayments of
bank loans
|
|
(5,299,800)
|
|
(6,259,276)
|
|
|
Repayments of
loans from related parties
|
|
-
|
|
(119,436)
|
|
|
Net proceeds
from stock issurance
|
|
5,663,122
|
|
-
|
Net cash provided
by (used in) financing activities
|
|
8,843,002
|
|
(4,228,085)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(281,560)
|
|
(9,224)
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
5,858,114
|
|
(1,243,784)
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of year
|
|
415,275
|
|
1,659,059
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of year
|
|
$
6,273,389
|
|
$
415,275
|
|
|
|
|
|
|
|
Supplemental
disclosure information:
|
|
|
|
|
|
Income taxes
paid
|
|
$
2,892,808
|
|
$
2,245,586
|
|
Interest
paid
|
|
$
411,805
|
|
$
534,230
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tantech-holdings-ltd-announces-full-year-2015-financial-results-300259663.html
SOURCE Tantech Holdings Ltd.