World Grain - May 2014 - 18

newsreview
Deyu reports loss, executives resign
BEIJING, CHINA - Deyu Agriculture Corp. reported on April 8
a net loss to shareholders of $26.7 million in 2013, or $2.52 per
share, compared to net income of $16 million, or $1.30 per share
in the previous year.
The company also announced that Greg Chen resigned from his
positions as chief executive officer and director, effective March 31
and April 1, respectively. Jan Poulsen resigned his position as president, effective March 31.
The board appointed Hong Wang, chairman of the board of directors, to serve as acting chief executive officer. The company said it
intends to replace the vacancy created by the resignation of Poulsen,
in the near future. Effective March 31, the company closed its New
York office.
Deyu reported net revenue of $246.4 million, a decrease of $7.7
million, or 3%, compared to $254 million in 2012. Gross profit
was $14.6 million, a decrease of $30.1 million, or 67.3%, compared to $44.7 million in 2012. Gross margin was 6%, compared
to 17.6% in 2012.
"2013 was a very difficult year for the company. Since the beginning of 2013, the corn market has been experiencing weak demand
from downstream industries, while the output of the corn harvest
continued to increase. China's ongoing economic slowdown also
impacted the grain and bulk trading businesses," said Wang. "The
company has been undertaking measures to optimize operations,

to increase efficiency and to reduce operational costs. In December
2013, management conducted a cost-savings, internal control and efficiency assessment review of all of the company's subsidiaries and
divisions, with a particular focus on reducing administrative costs.
After the reviews, improved policies were introduced and implemented forthwith."
The drop in revenue was a combined result of an $8.5 million decrease in corn sales and a $32.2 million decrease in grain sales.
Net revenue from the Corn Division for 2013 was $142.6 million,
a decrease of $8.5 million, or 5.6%, as compared to $151 million for
2012, with the decrease primarily due to the weak demand with an
oversupply in the corn market.
Net revenue from the Grain Division for 2013 was $41.6 million,
a decrease of $32.2 million, or 43.6%, as compared to $73.8 million
for 2012. The decrease was mainly attributable to the decline in commercial sales to institutional clients and the decline in retail sales in
supermarket and convenience stores.
The gross profit for 2013 was $14.6 million, a decrease of $30.1
million, or 67.3%, as compared to $44.7 million for 2012. This decrease was a combined result of an increase in loss on inventory
valuation reserves of $4.5 million, a decrease in gross profits of
$11.8 million in the Corn Division and a decrease of $14.2 million
in the Grain Division, offset by an increase of $400,000 in the Bulk
Trading Division.

For more information, see Page 114.

18

May 2014 / World Grain / www.World-Grain.com


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World Grain - May 2014

Table of Contents for the Digital Edition of World Grain - May 2014

World Grain - May 2014
Table of Contents
From the Editor-in-chief - Pursuing food security, not sovereignty
Calendar of Events
57th FEFAC General Meeting
News Review - Acquisitions by Nisshin key to creation of Ardent
Rich history in four mills
Ardent partners ‘pleased’ with Nisshin agreement
CWB to acquire Prairie West Terminal
Kuban Agroholding reports increase in net profit
ADM acquires remaining stake of Toepfer
Louis Dreyfus searching for new CEO
Viterra to modernize Port of Vancouver
CHS invests in new Argentinean port
Deyu reports loss, executives resign
Cargill earnings drop on weather, corn rejections
CWB to build additional grain elevator
Bunge to build flour mill in Brazil
Grain Market Review - Oilseeds
Country Focus - Italy
Feature - Seeking Common Ground
Millers consider the future of bioengineered wheat at NAMA meeting
Feature - Bearish forecast for grain market
Feature - Indonesia's growing desire for wheat
Feature - Australian Investment needed
Feed Operations - Pellet cooler functions
Feature - TFIF marks 10th year of event
World Grain Weather Report - Waiting on El Nino
Technical Profile - Maintaining grooves in rolls
Technical Profile - Sustainable and Profitable Rice Processing
Feature - European Supplier Profiles
Supplier News
Product Showcase
World Grain Archive
Ad Index/Reader Information Form International Faxback Program
World Grain - May 2014 - World Grain - May 2014
World Grain - May 2014 - 2
World Grain - May 2014 - 3
World Grain - May 2014 - 4
World Grain - May 2014 - Table of Contents
World Grain - May 2014 - 6
World Grain - May 2014 - 7
World Grain - May 2014 - From the Editor-in-chief - Pursuing food security, not sovereignty
World Grain - May 2014 - 9
World Grain - May 2014 - 57th FEFAC General Meeting
World Grain - May 2014 - 11
World Grain - May 2014 - Rich history in four mills
World Grain - May 2014 - Ardent partners ‘pleased’ with Nisshin agreement
World Grain - May 2014 - Kuban Agroholding reports increase in net profit
World Grain - May 2014 - ADM acquires remaining stake of Toepfer
World Grain - May 2014 - Louis Dreyfus searching for new CEO
World Grain - May 2014 - CHS invests in new Argentinean port
World Grain - May 2014 - Deyu reports loss, executives resign
World Grain - May 2014 - 19
World Grain - May 2014 - Bunge to build flour mill in Brazil
World Grain - May 2014 - 21
World Grain - May 2014 - Grain Market Review - Oilseeds
World Grain - May 2014 - 23
World Grain - May 2014 - Country Focus - Italy
World Grain - May 2014 - 25
World Grain - May 2014 - 26
World Grain - May 2014 - 27
World Grain - May 2014 - Feature - Seeking Common Ground
World Grain - May 2014 - 29
World Grain - May 2014 - Millers consider the future of bioengineered wheat at NAMA meeting
World Grain - May 2014 - 31
World Grain - May 2014 - 32
World Grain - May 2014 - 33
World Grain - May 2014 - Feature - Bearish forecast for grain market
World Grain - May 2014 - 35
World Grain - May 2014 - 36
World Grain - May 2014 - 37
World Grain - May 2014 - 38
World Grain - May 2014 - 39
World Grain - May 2014 - 40
World Grain - May 2014 - 41
World Grain - May 2014 - 42
World Grain - May 2014 - 43
World Grain - May 2014 - Feature - Indonesia's growing desire for wheat
World Grain - May 2014 - 45
World Grain - May 2014 - 46
World Grain - May 2014 - 47
World Grain - May 2014 - 48
World Grain - May 2014 - 49
World Grain - May 2014 - 50
World Grain - May 2014 - 51
World Grain - May 2014 - Feature - Australian Investment needed
World Grain - May 2014 - 53
World Grain - May 2014 - 54
World Grain - May 2014 - 55
World Grain - May 2014 - 56
World Grain - May 2014 - 57
World Grain - May 2014 - 58
World Grain - May 2014 - 59
World Grain - May 2014 - Feed Operations - Pellet cooler functions
World Grain - May 2014 - 61
World Grain - May 2014 - 62
World Grain - May 2014 - 63
World Grain - May 2014 - Feature - TFIF marks 10th year of event
World Grain - May 2014 - 65
World Grain - May 2014 - 66
World Grain - May 2014 - 67
World Grain - May 2014 - World Grain Weather Report - Waiting on El Nino
World Grain - May 2014 - 69
World Grain - May 2014 - 70
World Grain - May 2014 - 71
World Grain - May 2014 - Technical Profile - Maintaining grooves in rolls
World Grain - May 2014 - 73
World Grain - May 2014 - 74
World Grain - May 2014 - 75
World Grain - May 2014 - Technical Profile - Sustainable and Profitable Rice Processing
World Grain - May 2014 - 77
World Grain - May 2014 - 78
World Grain - May 2014 - 79
World Grain - May 2014 - Feature - European Supplier Profiles
World Grain - May 2014 - 81
World Grain - May 2014 - 82
World Grain - May 2014 - 83
World Grain - May 2014 - 84
World Grain - May 2014 - 85
World Grain - May 2014 - 86
World Grain - May 2014 - 87
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World Grain - May 2014 - 89
World Grain - May 2014 - 90
World Grain - May 2014 - 91
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World Grain - May 2014 - 100
World Grain - May 2014 - 101
World Grain - May 2014 - 102
World Grain - May 2014 - 103
World Grain - May 2014 - 104
World Grain - May 2014 - 105
World Grain - May 2014 - Supplier News
World Grain - May 2014 - 107
World Grain - May 2014 - 108
World Grain - May 2014 - 109
World Grain - May 2014 - 110
World Grain - May 2014 - 111
World Grain - May 2014 - Product Showcase
World Grain - May 2014 - World Grain Archive
World Grain - May 2014 - Ad Index/Reader Information Form International Faxback Program
World Grain - May 2014 - 115
World Grain - May 2014 - 116
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http://digital.world-grain.com/sosland/wg/2005_05_01
http://digital.world-grain.com/sosland/wg/2005_04_01
http://digital.world-grain.com/sosland/wg/2005_03_01
http://digital.world-grain.com/sosland/wg/2005_02_01
http://digital.world-grain.com/sosland/wg/2005_01_01
http://digital.world-grain.com/sosland/wg/2004_12_01
http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_01
http://digital.world-grain.com/sosland/wg/2004_09_01
http://digital.world-grain.com/sosland/wg/2004_08_01
https://www.nxtbookmedia.com