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Yujin International (YUJ)

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Friday 26 June, 2009

Yujin International

Accounting Correction

RNS Number : 6153U
Yujin International Ltd
26 June 2009
 



Yujin International Ltd ('Yujin' or 'the Company' or 'the Group')


Accounting Correction


Due to an administrative error there was a misclassification in the Consolidated Balance Sheet at 31 December 2008 with regards to loans received from holding and related companies, details of which were disclosed in the Group's recent Admission Document. The amended Consolidated Balance Sheet, Consolidated Cash Flow Statement and Statement of Changes in Equity are set out below and are available on the Company's website at www.yujininternational.com within the Group's Report and Accounts. The Consolidated Income Statement is unchanged.



For further information please contact:

Yujin International Ltd.                 Tel: 00 (65) 6226 2963

Bernard LIM 

Keen Whye LEE 

Or visit www.yujininternational.com


Seymour Pierce Limited                 Tel: 020 7107 8000
Nicola Marrin
Catherine Leftley



CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008






2008


2007




USD


USD






(restated)

ASSETS






Non-current assets






   Property, plant and equipment



30,238,553


13,254,048

   Investment in an associated company



-


37,582

  Deferred tax asset



653,896


780,246




30,892,449


14,071,876







Current assets






   Trade debtors



280,022


469,632

   Other debtors



15,934


11,921

  Deposit and prepayments



1,958,209


270,695

  Cash and cash equivalents



720,882


4,703,800




2,975,047


5,456,048

Total assets



33,867,496


19,527,924







EQUITY AND LIABILITIES






Cash and reserves






  Share capital



3,317,897


3,317,897

  Retained profits



7,919,408


6,114,190

  Translation reserve



387,626


495,731

  Minority interest



90,884


92,650




11,715,815


10,020,468







Non-current liabilities






  Term loan (secured)



11,799,616


3,111,219

  Loan from holding and related companies



686,998


-

  Deferred tax



2,563,593


2,304,122




15,050,207


5,415,341







Current liabilities






  Trade and other creditors



2,992,931


1,872,740

  Term loan (secured)



3,947,054


2,090,275

  Income tax payable



161,489


129,100




7,101,474


4,092,115

Total equity and liabilities



33,867,496


19,527,924









CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2008





Share

capital

Retained

profits

Translation

reserve

Minority

Interest

Total



USD

USD

USD

USD

USD








Balance at 31 December 2006


3,317,897

3,969,000

189,796

-

7,476,693








Prior year adjustment


-

(973,414)

-

-

(973,414)















Balance at 31 December 2006 (restated)


3,317,897

2,995,586

189,796

-

6,503,279








Acquisition of interest in subsidiary companies



-


(3,017)


-


-


(3,017)








Acquisition of interest in a subsidiary of minority shareholders



-


-


-


85,972


85,972








Dividends paid


-

(17,413)

-

-

(17,413)








Translation reserve


-

-

305,935

-

305,935








Net profit for the year 


-

3,139,034

-

6,678

3,145,712















Balance at 31 December 2007 (restated)


3,317,897

6,114,190

495,731

92,650

10,020,468








Dividends paid


-

(1,429,688)

-

-

(1,429,688)








Translation reserve


-

-

(108,105)

-

(108,105)








Net profit for the year 


-

3,234,906

-

(1,766)

3,233,140








Balance at 31 December 2008


3,317,897

7,919,408

387,626

90,884

11,715,815









 



CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2008





2008


2007




USD


USD







Cash flows from operating activities






  Net profit before tax



3,651,527


3,754,941







Adjustment for:






   Translation reserve



(174,579)


100,174

   Bank loan interest



388,548


313,176

  Fixed assets written off



2,299


1,029

  Depreciation



1,803,370


1,270,619

  Interest received



(18,995)


(56,291)

  Share of profit of an associated company



(3,325)


(14,716)




1,997,318


1,613,991

Operating profit before working capital changes



5,648,845


5,368,932







  Increase in deposits and prepayments



(1,687,514)


(93,909)

  Decrease/(increase) in trade debtors



189,610


(397,275)

  (Increase)/decrease in other debtors



(4,013)


7,441

  Increase in trade and other creditors



1,120,191


926,605

  Decrease in amounts owing to directors



-


(1)




(381,726)


442,861

Cash generated from operations



5,267,119


5,811,793

  Income tax paid



(3,620)


-

Net cash generated from operating activities



5,263,499


5,811,793







Cash flows from/(to) investing activities






  Purchase of property, plant and equipment



(5,294,350)


(520,782)

  Interest received



18,995


56,291

  Acquisition of interest in subsidiary companies



-


(3,017)

  Acquisition of interest in subsidiary of minority shareholders




-



85,972

Net cash used in investing activities



(5,275,355)


(381,536)







Cash flows from/(to) financing activities






  Dividends paid



(1,429,688)


(17,413)

  Payment of term loan interest



(388,548)


(322,701)

  Payment of term loan financing



(2,839,824)


(2,090,274)

  Loans from holding and related companies



686,998


-

Net cash used in financing activities



(3,971,062)


(2,430,388)







Net (decrease)/increase in cash and cash equivalents




(3,982,918)



2,999,869







Cash and cash equivalents at beginning of year



4,703,800


1,703,931







Cash and cash equivalents at end of year



720,882


4,703,800










 Note; This financial information does not constitute Statutory Accounts and has been extracted from the Group's Report and Accounts for the year ended 31 December 2008.






This information is provided by RNS
The company news service from the London Stock Exchange
 
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