8:22 am Yongye Intl. provides update on accounts receivable status; as of year end 2013, co had $466 mln accounts receivable outstanding, of which $177 mln have passed the co's normal six month credit period (YONG) :
Co provided an update on accounts receivable status as of the quarter and full year ended December 31, 2013. As of year end 2013, using shipment basis, the co had $466 million accounts receivable outstanding, of which $177 million have passed the co's normal six month credit period.
As previously announced, the co anticipated it would experience an increase in the amount of overdue receivables in the fourth quarter as has been the case during the past several years. The co's regular payment terms allow distributors to pay the total purchase price within six months after the receipt of the co's products. The second quarter is the co's largest quarter for sales as it is the height of the peak farming season in China and as a result, the overdue accounts receivable amount normally spikes during the fourth quarter.