Balance Sheet

Current Liabilities	173.5m
Accounts Payable	39.6m
Accrued Liabilities	27m
Short-Term Debt	80m
Other Current Liabilities	26.9m
Non-Current Liabilities	29.4m
Long-Term Debt	20m
Other Non-Current Liabilities	9.4m

Currency: CNY

	Dec-2017	Dec-2018	Dec-2019	Dec-2020	Dec-2021	Dec-2022	Dec-2023
Assets
Cash & Cash Equivalents	47	41	51	192	138	133	254
Cash	0	0	0	0	0	133	254
Cash Equivalents	47	41	51	192	138	0	0
Short-Term Investments	23	58	106	280	333	304	291
Total Receivables	45	66	55	57	53	60	67
Accounts Receivables	23	36	36	30	29	39	40
Other Receivables	22	30	19	27	23	21	26
Inventory	80	57	65	104	134	177	124
Other Current Assets	40	58	54	77	67	46	43
Total Current Assets	234	280	332	709	725	719	778
PP&E Net	190	198	189	206	279	288	296
PP&E Gross	190	198	189	206	279	288	296
Accumulated Depreciation	54	67	84	102	120	133	151
Intangible Assets	50	49	53	51	49	48	46
Long-Term Investments	17	16	17	17	10	19	19
Other Long-Term Assets	2	5	2	2	3	4	7
Total Assets	492 N/A	548 +11%	592 +8%	984 +66%	1 066 +8%	1 079 +1%	1 146 +6%
Liabilities
Accounts Payable	23	34	23	19	48	41	40
Accrued Liabilities	17	22	16	25	37	26	27
Short-Term Debt	3	0	16	118	70	90	80
Current Portion of Long-Term Debt	0	0	0	0	2	1	0
Other Current Liabilities	35	18	26	41	62	42	26
Total Current Liabilities	79	74	81	203	217	199	173
Long-Term Debt	0	0	0	0	0	0	20
Deferred Income Tax	0	0	0	0	0	0	0
Minority Interest	3	5	8	11	15	16	6
Other Liabilities	8	0	1	1	6	4	4
Total Liabilities	89 N/A	79 -12%	90 +14%	215 +139%	239 +11%	220 -8%	203 -8%
Equity
Common Stock	93	93	93	124	125	125	124
Retained Earnings	149	216	245	234	293	321	405
Additional Paid In Capital	161	161	164	411	426	432	415
Treasury Stock	0	0	0	0	16	19	0
Total Equity	403 N/A	469 +17%	502 +7%	769 +53%	828 +8%	859 +4%	944 +10%
Total Liabilities & Equity	492 N/A	548 +11%	592 +8%	984 +66%	1 066 +8%	1 079 +1%	1 146 +6%
Shares Outstanding
Common Shares Outstanding	93	93	93	124	124	124	124

Panda Dairy Corp
SZSE:300898