XI'AN, China, Aug. 14,
2012 /PRNewswire-Asia/ -- China Natural Gas, Inc. ("China
Natural Gas" or the "Company") (PINK: CHNG), a leading provider of
compressed natural gas (CNG) for vehicular fuel and pipeline
natural gas for industrial, commercial and residential use in
Xi'an, China, today announced its financial results
for the second fiscal quarter ended June 30,
2012.
Shuwen Kang, CEO of China Natural
Gas, Inc. commented: "We are pleased to share the results of our
second quarter, as we believe that they demonstrate continued
progress toward our sector and geographic growth and forward
integration objectives. The company has successfully commenced
commercial production of its Jingbian liquefied natural gas ("LNG")
plant on July 16, 2011, which
represents a key milestone in its corporate history.
Our network of compressed natural gas, or CNG, fueling stations
currently contains 35 stations, a significant presence in the
markets we operate in. Our outlook for the second half of the year
is promising as we continue to grow our business, and we look
forward to sharing any future developments as they
materialize."
Second Quarter 2012 Financial and Operating Results
Revenues in the second quarter of 2012 increased by 38.8% to
$37.90 million from $27.31 million in the second quarter of 2011,
driven by our LNG production facility in Jingbian County,
Shaanxi Province started
operations. Natural gas sales grew by 56.7% year-over-year to
$34.93 million, up from $22.29 million in the second quarter of 2011.
Gasoline revenues in the second quarter of 2012 decreased to
$0.70 million, down by 64.5% from
$1.97 million in the same period of
the prior year, which was mainly attributable to the closure of
three gasoline fueling stations during the first and fourth quarter
of 2011. Installation and services revenue decreased by 25.6%
year-over-year to $2.27 million from
$3.05 million in the comparable
period of 2011. In the second quarter of 2012, sales of natural
gas, gasoline, and installation and other services contributed
92.2%, 1.8%, and 6.0% of the total revenues, respectively.
Gross profit in the second quarter of 2012 increased by 23.1% to
$13.83 million, from $11.23 million in the same period of the prior
year. Gross margin in the second quarter of 2012 was 36.5%,
compared to 41.1% a year ago. Gross margin decreased primarily due
to the current lower gross margin level of our LNG business, as
compared to the gross margins of those business lines making
greatest contribution to revenue.
Operating income in the second quarter of 2012 was $6.57 million, an increase of 23.1%
year-over-year from $5.34 million in
the second quarter of 2011, primarily attributable to the
realization of revenue and gross profit of LNG, which started in
July 2011.
Income tax expense was $1,25
million for an effective tax rate of 19.8%, as compared to
an effective tax rate of 19.5% in the second quarter of 2011.
Net income in the second quarter of 2012 increased by 15.5% to
$5.07million, or $0.24 per diluted share, from $4.39 million, or $0.21 per diluted share, in the second quarter of
2011. Net margin decreased to 13.4% during the three months ended
June 30, 2012 from 16.1% during the
three months ended June 30, 2011,
primarily due to the decrease in gross margin.
As of June 30, 2012, the Company
had $6.30 million in cash and cash
equivalents, compared to $9.62
million in cash and cash equivalents at December 31, 2011. The decrease was primarily
attributable to the construction of the LNG plant and other
projects, and the repayment of the loans from Shanghai Pudong
Development Bank and of the principal of the Abax Senior Notes.
Net cash provided by operating activities was $18.85 million for the six months ended
June 30, 2012, compared to net cash
provided by operations of $12.72
million for the six months ended June
30, 2011. The increase was primarily due to the decrease in
prepaid expense and other current assets, increase in accounts
payable and accrued liabilities and decrease in accounts
receivable.
Conference Call
Management will hold a conference call on Thursday, August 16, 2012 at 8:30 a.m. EDT (5:30
a.m. Pacific) to discuss its second quarter results.
To participate in the call please dial 1-800-860-2442, or 1
412-858-4600 for international calls, approximately 10 minutes
prior to the scheduled start time. Teleconference replay will be
available 1 hour after the end of the conference with end date at
9 AM ET. Aug
24, 2012. The number for the replay is 1-877-344-7529 or
1-412-317-0088 for international calls with conference Number:
10017499.
About China Natural Gas, Inc.
China Natural Gas ( http://www.naturalgaschina.com )
transports and sells natural gas to vehicular fueling terminals, as
well as commercial, industrial and residential customers through
its distribution networks in China's Shaanxi and Henan Provinces. The Company owns
approximately 120 km of high-pressure pipelines and operates 24 CNG
fueling stations in Shaanxi
Province 10 CNG fuelling stations in Henan Province and 1 CNG fueling station in
Hubei Province. China Natural Gas'
five primary business lines include: (1) the distribution and sale
of CNG through Company-owned CNG fueling stations for hybrid
(natural gas/gasoline) powered vehicles; (2) the installation,
distribution and sale of piped natural gas to residential,
commercial and industrial customers through Company-owned
pipelines; (3) production and sales of LNG through our LNG
production facility in Jingbian County, Shaanxi Province; (4) the distribution and
sale of gasoline through Company-owned CNG fueling stations for
hybrid (natural gas/gasoline) powered vehicles; and (5) the
conversion of gasoline-fueled vehicles to hybrid (natural
gas/gasoline) powered vehicles through its auto conversion
division.
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. For
example, statements about the future plans and goals of the JV with
CNPC and its prospects are forward looking and subject to risks.
China Natural Gas, Inc. may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to fourth parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, risks outlined in the Company's
filings with the U.S. Securities and Exchange Commission, including
its registration statements on Forms S-1 and S-3, in each case as
amended. The Company does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
This release is not an offer of securities for sale in
the United States. Securities may
not be offered or sold in the United
States absent registration or an exemption from
registration. Any public offering of securities to be made in
the United States will be made by
means of a prospectus that may be obtained from the issuer or
selling security holder and that will contain detailed information
about the company and management, as well as financial
statements.
|
CHINA
NATURAL GAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
6,304,066
|
|
$
|
9,622,883
|
|
|
Restricted cash
|
|
|
1,888,258
|
|
|
-
|
|
|
Accounts receivable, net
|
|
|
2,099,579
|
|
|
2,997,845
|
|
|
Other receivables,net
|
|
|
410,279
|
|
|
540,646
|
|
|
Employee advances
|
|
|
424,264
|
|
|
285,270
|
|
|
Inventories
|
|
|
2,915,301
|
|
|
1,938,754
|
|
|
Advances to suppliers
|
|
|
4,353,460
|
|
|
4,540,139
|
|
|
Prepaid expense and other current assets
|
|
|
4,094,987
|
|
|
4,470,687
|
|
|
Total current assets
|
|
|
22,490,194
|
|
|
24,396,224
|
|
|
|
|
|
|
|
|
|
|
Investment
in unconsolidated joint ventures
|
|
|
1,585,000
|
|
|
1,574,000
|
|
|
Property
and equipment, net
|
|
|
188,281,179
|
|
|
174,097,754
|
|
|
Construction in progress
|
|
|
44,514,824
|
|
|
45,882,320
|
|
|
Deferred
financing cost, net
|
|
|
312,418
|
|
|
517,334
|
|
|
Goodwill
|
|
|
1,754,512
|
|
|
629,729
|
|
|
Other
intangible assets
|
|
|
21,299,973
|
|
|
18,910,244
|
|
|
Prepaid
expenses and other assets
|
|
|
6,130,315
|
|
|
10,976,203
|
|
|
TOTAL
ASSETS
|
|
$
|
286,368,415
|
|
$
|
276,983,808
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
Senior notes- current maturities
|
|
$
|
13,595,775
|
|
$
|
9,671,682
|
|
|
Current portion of bank loan payable
|
|
|
5,547,500
|
|
|
4,722,000
|
|
|
Accounts payable and accrued liabilities
|
|
|
9,714,776
|
|
|
7,694,423
|
|
|
Other payable - related party
|
|
|
1,614,392
|
|
|
787,000
|
|
|
Short-term borrowing - related party
|
|
|
2,679,945
|
|
|
1,359,945
|
|
|
Unearned revenue
|
|
|
3,999,560
|
|
|
4,280,594
|
|
|
Accrued interest
|
|
|
1,003,954
|
|
|
1,029,431
|
|
|
Taxes payable
|
|
|
2,182,274
|
|
|
2,626,271
|
|
|
Total current liabilities
|
|
|
40,338,176
|
|
|
32,171,346
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Senior notes, net of current portion
|
|
|
20,393,663
|
|
|
25,791,151
|
|
|
Bank loan payable, net of current portion
|
|
|
7,925,000
|
|
|
9,444,000
|
|
|
Borrowings - related party
|
|
|
-
|
|
|
1,320,000
|
|
|
Warrants liability
|
|
|
17,500,000
|
|
|
17,500,000
|
|
|
Total long-term liabilities
|
|
|
45,818,663
|
|
|
54,055,151
|
|
|
Total liabilities
|
|
|
86,156,839
|
|
|
86,226,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.0001 per share,
5,000,000 authorized, none issued and outstanding
|
|
|
-
|
|
|
-
|
|
|
Common stock, par value $0.0001 per share, 45,000,000
authorized, 21,458,654 issued and outstanding at June 30, 2012 and
December 31, 2011
|
|
|
2,145
|
|
|
2,145
|
|
|
Additional paid-in capital
|
|
|
83,205,561
|
|
|
82,909,485
|
|
|
Accumulated other comprehensive income
|
|
|
21,558,709
|
|
|
19,817,493
|
|
|
Statutory reserves
|
|
|
11,133,287
|
|
|
10,124,710
|
|
|
Retained earnings
|
|
|
84,116,412
|
|
|
77,903,478
|
|
|
Noncontrolling interests
|
|
|
195,462
|
|
|
-
|
|
|
Total stockholders' equity
|
|
|
200,211,576
|
|
|
190,757,311
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
286,368,415
|
|
$
|
276,983,808
|
|
|
|
|
|
|
|
|
|
|
CHINA
NATURAL GAS, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF INCOME
AND
|
|
COMPREHENSIVE INCOME
|
|
(Unaudited)
|
|
Three Months Ended
|
|
Six Months Ended
|
|
June
30,
|
June
30,
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
2011
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
|
$
|
34,927,804
|
|
$
|
22,285,730
|
|
|
$
|
64,327,491
|
|
$
|
42,633,560
|
|
Gasoline
|
|
701,168
|
|
|
1,974,377
|
|
|
|
1,527,063
|
|
|
3,281,550
|
|
Installation and others
|
|
2,272,723
|
|
|
3,053,062
|
|
|
|
4,324,459
|
|
|
5,506,167
|
|
|
37,901,695
|
|
|
27,313,169
|
|
|
|
70,179,013
|
|
|
51,421,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural gas
|
|
22,462,516
|
|
|
12,870,450
|
|
|
|
41,737,375
|
|
|
24,969,900
|
|
Gasoline
|
|
655,614
|
|
|
1,902,709
|
|
|
|
1,443,758
|
|
|
3,127,433
|
|
Installation and others
|
|
955,283
|
|
|
1,308,916
|
|
|
|
1,807,528
|
|
|
2,372,548
|
|
|
24,073,413
|
|
|
16,082,075
|
|
|
|
44,988,661
|
|
|
30,469,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
13,828,282
|
|
|
11,231,094
|
|
|
|
25,190,352
|
|
|
20,951,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
|
|
5,619,864
|
|
|
4,041,412
|
|
|
|
10,570,664
|
|
|
7,621,333
|
|
General and administrative
|
|
1,636,029
|
|
|
1,851,785
|
|
|
|
4,347,675
|
|
|
4,762,756
|
|
|
7,255,893
|
|
|
5,893,197
|
|
|
|
14,918,339
|
|
|
12,384,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
from operations
|
|
6,572,389
|
|
|
5,337,897
|
|
|
|
10,272,013
|
|
|
8,567,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
9,853
|
|
|
9,273
|
|
|
|
20,599
|
|
|
15,920
|
|
Interest expense
|
|
(275,643)
|
|
|
-
|
|
|
|
(707,680)
|
|
|
(4,666)
|
|
Other income (expense), net
|
|
18,763
|
|
|
(9,091)
|
|
|
|
(14,330)
|
|
|
87,865
|
|
Change in fair value of warrants
|
|
(1,146)
|
|
|
123,630
|
|
|
|
(1,229)
|
|
|
239,810
|
|
Foreign currency exchange loss
|
|
1,494
|
|
|
(4,006)
|
|
|
|
(504,446)
|
|
|
(7,048)
|
|
|
(246,679)
|
|
|
119,806
|
|
|
|
(1,207,086)
|
|
|
331,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income tax
|
|
6,325,710
|
|
|
5,457,703
|
|
|
|
9,064,927
|
|
|
8,899,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income tax
|
|
1,251,128
|
|
|
1,064,018
|
|
|
|
2,042,599
|
|
|
2,019,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
5,074,582
|
|
|
4,393,685
|
|
|
|
7,022,328
|
|
|
6,879,517
|
|
Less:
Income (loss) attributable to noncontrolling interests
|
|
28,876
|
|
|
-
|
|
|
|
(199,183)
|
|
|
-
|
|
Net income
attributable to China Natural Gas, Inc.
|
|
5,045,706
|
|
|
4,393,685
|
|
|
|
7,221,511
|
|
|
6,879,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain
|
|
(17,584)
|
|
|
2,993,637
|
|
|
|
1,741,216
|
|
|
4,442,292
|
|
Comprehensive income
|
$
|
5,028,122
|
|
$
|
7,387,322
|
|
|
$
|
8,962,727
|
|
$
|
11,321,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
21,458,654
|
|
|
21,428,265
|
|
|
|
21,458,654
|
|
|
21,375,085
|
|
Diluted
|
|
21,458,654
|
|
|
21,428,265
|
|
|
|
21,458,654
|
|
|
21,377,407
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.24
|
|
$
|
0.21
|
|
|
$
|
0.34
|
|
$
|
0.32
|
|
Diluted
|
$
|
0.24
|
|
$
|
0.21
|
|
|
$
|
0.34
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
NATURAL GAS, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders'
Equity
(Unaudited)
|
|
Common Stock
|
Additional
Paid-in
Capital
|
Accumulative
Other
Comprehensive
Income
|
Minority
Interest
|
Retained Earnings
|
Total
Stockholders'
Equity
|
|
Shares
|
Amount
|
|
|
|
Statutory
Reserve
|
Unrestricted
|
|
|
Balance
at 1/1/2011
|
21,321,904
|
$2,132
|
$81,611,763
|
$
15,667,145
|
$
-
|
$7,918,634
|
$64,847,622
|
$170,047,296
|
|
Exercise of stock options
|
136,750
|
13
|
670,062
|
-
|
-
|
-
|
-
|
670,075
|
|
Stock
based compensation
|
-
|
-
|
627,660
|
-
|
-
|
-
|
-
|
627,660
|
|
Cumulative translation adjustment
|
-
|
-
|
-
|
4,150,348
|
-
|
-
|
-
|
4,150,348
|
|
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
15,261,932
|
15,261,932
|
|
Appropriation of retain earnings
|
-
|
-
|
-
|
-
|
-
|
2,206,076
|
(2,206,076)
|
-
|
|
Balance
at 12/31/2011
|
21,458,654
|
$2,145
|
$82,909,485
|
$
19,817,493
|
$
-
|
$10,124,710
|
$77,903,478
|
$190,757,311
|
|
|
|
|
|
|
|
|
|
|
Balance
at 1/1/2012
|
21,458,654
|
$2,145
|
$82,909,485
|
$
19,817,493
|
$
-
|
$10,124,710
|
$77,903,478
|
$190,757,311
|
|
Stock
based compensation
|
-
|
-
|
296,076
|
-
|
-
|
-
|
-
|
296,076
|
|
Purchases
of a Noncontrolling interest equity
|
-
|
-
|
-
|
-
|
394,645
|
-
|
-
|
394,645
|
|
Cumulative
translation adjustment
|
-
|
-
|
-
|
1,741,216
|
-
|
-
|
-
|
1,741,216
|
|
Net
income
|
-
|
-
|
-
|
-
|
(199,183)
|
-
|
7,221,511
|
7,022,328
|
|
Appropriation of retain earnings
|
-
|
-
|
-
|
-
|
-
|
1,008,577
|
(1,008,577)
|
-
|
|
Balance
at 6/30/2012
|
21,458,654
|
$2,145
|
$83,205,561
|
$
21,558,709
|
$195,462
|
$11,133,287
|
$84,116,412
|
$200,211,576
|
|
CHINA
NATURAL GAS, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
(Unaudited)
|
|
|
For the Six Months Ended June 30,
|
|
|
|
2012
|
|
|
2011
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net income
attributable to China Natural Gas, Inc.
|
|
$
|
7,221,511
|
|
$
|
6,879,517
|
|
Add: Loss
attributable to noncontrolling interests
|
|
|
(199,183)
|
|
|
-
|
|
Net
income
|
|
|
7,022,328
|
|
|
6,879,517
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net income to net
cash
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
6,945,862
|
|
|
3,744,657
|
|
Provision for doubtful accounts
|
|
|
202,100
|
|
|
20,810
|
|
Stock-based compensation
|
|
|
296,076
|
|
|
228,711
|
|
Change in fair value of warrants
|
|
|
1,229
|
|
|
(239,810)
|
|
Change in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
1,035,676
|
|
|
(866,852)
|
|
Other receivables
|
|
|
(146,652)
|
|
|
(118,999)
|
|
Employee advances
|
|
|
(137,270)
|
|
|
2,796
|
|
Inventories
|
|
|
(591,244)
|
|
|
(712,617)
|
|
Advances to suppliers
|
|
|
(336,767)
|
|
|
(381,947)
|
|
Prepaid expense and other current assets
|
|
|
3,527,412
|
|
|
(548,647)
|
|
Accounts payable and accrued liabilities
|
|
|
1,830,593
|
|
|
992,566
|
|
Unearned revenue
|
|
|
(311,342)
|
|
|
3,367,774
|
|
Accrued interest
|
|
|
(25,477)
|
|
|
363,701
|
|
Taxes payable
|
|
|
(462,934)
|
|
|
(7,632)
|
|
Net
cash provided by operating activities
|
|
|
18,849,590
|
|
|
12,724,028
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Payment for acquisition of property and
equipment
|
|
|
(3,592,657)
|
|
|
(5,723,603)
|
|
Additions to construction in progress
|
|
|
(10,459,937)
|
|
|
(5,232,444)
|
|
Prepayment on long-term assets
|
|
|
52,892
|
|
|
(3,499,321)
|
|
Payment for acquisition of business
|
|
|
(657,007)
|
|
|
-
|
|
Payment for intangible assets
|
|
|
(1,511,611)
|
|
|
(141,129)
|
|
Net
cash used in investing activities
|
|
|
(16,168,320)
|
|
|
(14,596,497)
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
-
|
|
|
670,075
|
|
Proceeds from short-term debt and other payable,
related parties
|
|
|
-
|
|
|
3,085,445
|
|
Repayment of long-term debt
|
|
|
(793,500)
|
|
|
-
|
|
Repayment of senior notes
|
|
|
(3,333,334)
|
|
|
|
|
Increase in restricted cash
|
|
|
(1,890,641)
|
|
|
|
|
Net
cash provided by financing activities
|
|
|
(6,017,475)
|
|
|
3,755,520
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash and cash
equivalents
|
|
|
17,388
|
|
|
292,245
|
|
|
|
|
|
|
|
|
NET
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(3,318,817)
|
|
|
2,175,296
|
|
|
|
|
|
|
|
|
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
9,622,883
|
|
|
10,046,249
|
|
|
|
|
|
|
|
|
CASH
AND CASH EQUIVALENTS, END OF PERIOD
|
|
$
|
6,304,066
|
|
$
|
12,221,545
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
Interest
paid, including capitalized interest
|
|
$
|
481,583
|
|
$
|
-
|
|
Income
taxes paid
|
|
$
|
1,967,965
|
|
$
|
2,062,496
|
|
|
|
|
|
|
|
|
Non-cash transactions for investing and financing
activities:
|
|
|
|
|
|
|
|
Construction material transferred to construction in
progress
|
|
$
|
67,142
|
|
$
|
5,346,835
|
|
Construction in progress transferred to property and
equipment
|
|
$
|
18,507,550
|
|
$
|
12,781,821
|
|
Advances
to suppliers transferred to construction in process
|
|
$
|
-
|
|
$
|
7,480,412
|
|
Other
assets transferred to construction in progress
|
|
$
|
2,395,267
|
|
$
|
640,767
|
|
Capitalized interest - amortization of discount of
notes payable and issuance cost
|
|
$
|
2,040,389
|
|
$
|
2,091,230
|
|
For more
information, please contact:
|
|
China
Natural Gas, Inc.
|
|
Zhaoyang
Qiao, CFO
|
|
Phone:
+86-29-8832-7391
Cell:
+86-158 2969-1287
|
|
Email:
qiaochaoyang@naturalgaschina.com
|
|
|
Jackie
Shi
|
|
Investor
Relations Director
|
|
Phone:
+86-29-8832-3325 x922
|
|
Cell:
+86-139-9287-9998
|
|
Email:
yjshi@naturalgaschina.com
|
|
SOURCE China Natural Gas, Inc.