Discontinued operations - Zhejiang (Tables)

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule Of Disposal Groups Including Discontinued Operations Income Statement and Additional Disclosures [Table Text Block]

The condensed unaudited consolidated statements of operations and comprehensive income (loss) of the Company have been adjusted to reflect the discontinued Zhejiang business for the three months ended March 31, 2012 (figures are in thousands of USD).

	Three Months Ended March 31, 2012
	Prior reported amount (a)			Adjustment for discontinued operations (b)			Adjusted   amount   (c)=(a)-(b)
Net product sales
Unrelated parties	$	76,506		$	3,479		$	73,027
Related parties		7,987			94			7,893
		84,493			3,573			80,920
Cost of product sold
Unrelated parties		62,259			2,896			59,363
Related parties		6,188			9			6,179
		68,447			2,905			65,542
Gross profit		16,046			668			15,378
Net gain on other sales		122			10			112
Operating expenses:
Selling expenses		2,383			203			2,180
General and administrative expenses		3,632			250			3,382
R&D expenses		3,726			134			3,592
Total operating expenses		9,741			587			9,154
Operating income		6,427			91			6,336
Other income, net		72			-			72
Financial expenses, net		(911	)		1			(912	)
Loss on change in fair value of derivative		(3,861	)		-			(3,861	)
Income before income tax expenses and equity in earnings of affiliated companies		1,727			92			1,635
Less: Income taxes		1,522			61			1,461
Add: Equity in earnings of affiliated companies		80			-			80
Income from continuing operations		285			31			254
Discontinued operations - net of income tax		-			(31	)		31
Net income		285			-			285
Net income attributable to non-controlling interest		1,054			-			1,054
Net loss attributable to parent company’s common shareholders	$	(769	)	$	-		$	(769	)
Comprehensive income:
Income from continuing operations	$	285		$	31		$	254
Discontinued operations - net of income tax		-			(31	)		31
Net income		285			-			285
Other comprehensive income:
Foreign currency translation gain, net of tax- continuing operations		502			21			481
Foreign currency translation gain, net of tax – discontinued operations		-			(21	)		21
Foreign currency translation gain, net of tax		502			-			502
Comprehensive income- continuing operations		787			52			735
Comprehensive income - discontinued operations		-			(52	)		52
Comprehensive income		787			-			787
Comprehensive income attributable to non-controlling interests		1,099			-			1,099
Comprehensive income attributable to parent company	$	(312	)	$	-		$	(312	)
Net loss attributable to parent company’s common shareholders per share –
Basic–
Loss from continuing operations attributable to shareholders	$	(0.03	)	$	-		$	(0.03	)
Loss per share from discontinued operations	$	-		$	-		$	-
Basic	$	(0.03	)	$	-		$	(0.03	)
Diluted–
Loss from continuing operations attributable to shareholders	$	(0.03	)	$	-		$	(0.03	)
Loss per share from discontinued operations	$	-		$	-		$	-
Diluted	$	(0.03	)	$	-		$	(0.03	)

Schedule Of Disposal Groups Including Discontinued Operations Income Statement and Additional Disclosures One [Table Text Block]

The following table summarizes the results of the Zhejiang business included in the condensed unaudited consolidated statements of operations and comprehensive income (loss) as discontinued operations (figures are in thousands of USD).

	Three Months Ended March 31, 2012
Operational profit from component of discontinued operations, net of tax	$	31
Income from discontinued operations, net of tax	$	31

Schedule Of Disposal Groups Including Discontinued Operations Income Statement and Additional Disclosures Two [Table Text Block]

The following table summarizes the revenue and pretax profit of the Zhejiang business reported as discontinued operations (figures are in thousands of USD).

	Three Months Ended March 31, 2012
Revenue from component of discontinued operations	$	3,713
Pretax profit from component of discontinued operations	$	92

Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet and Additional Disclosures [Table Text Block]

Summarized assets and liabilities from the discontinued operations as of the disposal date were as follows (figures are in thousands of USD):

	May 21, 2012
Assets of discontinued operations
Current assets	$	20,735
Non-current assets		6,623
Total assets of discontinued operations	$	27,358
Liabilities of discontinued operations
Current liabilities		16,823
Non-current liabilities		-
Total liabilities of discontinued operations	$	16,823