Sino Agro Food Inc (fka SIAF)

[HighYield1]

In the CC yesterday, Solomon was asked about estimated Capex for 2014. In his reply he said a working Capital need of 120 MUSD of which 30 MUSD not funded by internal funds, and that this information could be found in the 10K. I have looked for that information, but haven't found any comments regarding Capex for 2014. However, there is some information about funding for 2013. I think he has misunderstood the question or did not want to disclose the information.

In Q2 and Q3 2013, The Company indicated short fall of $17m and $13 m in FCF respectively based on the forecasted Capex & WC totaling at $118m
for fiscal year 2013 enhancing a net FCF of -$2m for the year as of December 31, 2013 after taken into consideration of the equity financing of $18 m

Later in CC, Dan Ritchey said that for 2013 about 15-18% of capex was funded by equity and in 2014 this number will be lower. For thoses of you that will attend the meeting in Charlotte, please ask again about estimated capex and working Capital for 2014.