Egypt 80,000-tonne glass fiber project approved in 2011

The project table marks the first Egyptian 80,000-tonne glass fiber line as complete. The project amount remained USD 223.31 million; annual investment was RMB 174.376 million and cumulative investment RMB 1.331666 billion. This follows the November 2013 ignition-and-trial-operation disclosure. Completion in this table is preserved as a later annual milestone, rather than rewriting the earlier report's trial-production wording.

Annual production capacity

80,000 tonnes/year

The financial note says the first Egyptian 80,000-tonne alkali-free glass-fiber line formally entered production in April 2014. This follows the earlier November 2013 ignition and trial-operation disclosure already held in the project history. The important-project row gives CNY 1,442,967,879.32 of budget, current additions of CNY 143,291,171.04 and CNY 1,300,587,316.22 transferred to fixed assets. It reports an investment-to-budget ratio of 91.86% but engineering progress of 90%. Formal production, the accounting transfer and completion of the broader engineering scope are different milestones. The board investment table instead labels the line complete, with a USD 223.31 million project amount and cumulative investment of 133,166.60 ten-thousand CNY. Different currencies and table perimeters are retained; no undisclosed exchange-rate or cost reconciliation is invented. The separate construction balance for Egyptian supporting works is also not assigned to this main-line row as if it were a single reconciled closing amount. Shared country and 80,000-tonne capacity do not merge this first line with the separately disclosed phase-II proposal.

Project budget / 2014 / reported engineering row

RMB 1,442,967,879.32

Annual construction additions / 2014 / reported engineering row

RMB 143,291,171.04

Project transfer to fixed assets / 2014 / reported engineering row

RMB 1,300,587,316.22

Reported investment-to-budget ratio / 2014 / reported engineering row

91.86 percent

Engineering progress / 2014 / reported engineering row

90 percent

Jushi Egypt was building an 80,000-tonne-per-year alkali-free glass-fiber furnace line, started in January 2012. The management project table records November 2013 ignition for trial operation and labels the project as in production. The financial important-matters note gives the precise ignition date, November 27, 2013, and says trial production began in December. That note describes construction as fully completed, while the construction-in-progress explanation says the project was unfinished and retains CNY 1,157,296,145.18 in year-end construction in progress. The report provides no bridge between these statements. Ignition and trial production are retained as disclosed milestones; they do not establish completed accounting acceptance, stable full-year output or sales attributable to this line. Management gives a USD 223,310,000 project amount and rounded annual investment of CNY 772,370,000. The financial movement table separately gives a CNY 1,442,967,879.32 budget and CNY 772,369,345.22 of current additions. The different currencies and table measures are preserved without inferring an exchange rate or treating book additions as cash expenditure.

Project budget / 2013 / management project amount

223,310,000 USD

Annual project investment / 2013 / management project table

RMB 772,370,000

Project budget / 2013 / financial cip budget

RMB 1,442,967,879.32

Reported cip additions / 2013 / egypt first line

RMB 772,369,345.22

Reported cip net / 2013 / egypt first line

RMB 1,157,296,145.18

Construction of the Egyptian 80,000-tonne glass-fiber line began in January 2012. The management table describes production and residential buildings under construction, a USD 223,310,000 project amount and CNY 534,860,000 of annual and cumulative investment. The budget and investment use different currencies; they are not summed or converted using an assumed exchange rate. Management expected production in 2013 to serve customers in markets affected by anti-dumping measures against Chinese-origin glass fiber. This explains the intended manufacturing role, rather than proving 2012 production, customer deliveries or exemption from trade measures. Eight construction-note rows labeled as parts of project 301 total CNY 384,926,799.97. The cited rows do not explicitly establish that this sum is the complete Egyptian investment perimeter, so it is not substituted for the management amount, added to it or presented as Egyptian cash expenditure. The annual account places Egypt in construction, while the sales-market data elsewhere describe revenue geography rather than the factory itself.

Project budget / 2012 / management egypt table

223,310,000 USD

Reported project annual investment / 2012 / management egypt table

RMB 534,860,000

Reported project cumulative investment / 2012 / management egypt to date

RMB 534,860,000

The proposed Egyptian plant in the Suez economic and trade cooperation zone was an 80,000-tonne-per-year alkali-free tank-furnace glass-fiber line. Planned products were direct roving, assembled roving and chopped strands, together forming that capacity rather than 80,000 tonnes for each product. The company says approvals were obtained during 2011 and completion with production was expected in 2013. The investment table states USD 223,309,500, converted from its explicitly dollar-denominated ten-thousand-dollar figure despite a general renminbi table heading. It describes construction starting in January 2012, with production buildings being designed and residential buildings under construction when the filing was prepared. This is a post-year-end update, not FY 2011 operational output. The post-balance-sheet note likewise says the Egyptian subsidiary had been established and other work was being advanced. A resolution-implementation summary uses broader language about starting construction without giving an earlier precise date; it does not override the explicit January 2012 date. The source identifies the cooperation-zone location without a precise factory coordinate, production yield or realized customer delivery.

Project budget / 2011 / management investment summary fy2011

223,309,500 USD