- Full Year Top Line Guidance Increased to $370 Million with EPS Guidance of $1.58 -
ZHEJIANG, China, Nov. 15, 2017 /PRNewswire/ -- SORL Auto
Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a leading manufacturer and distributor of automotive brake systems
as well as other key safety-related auto parts in China, announced today its unaudited financial results for the third
quarter and nine-month periods ended September 30, 2017.
Third Quarter 2017 Financial Highlights
- Net Sales increased by 59.0% to $101.3 million in the third quarter of 2017 compared
to $63.7 million in the third quarter of 2016;
- Gross margin for the third quarter of 2017 was 26.9%;
- Income from operations increased 215.7% year-over-year to $11.8 million;
- Net Income attributable to stockholders rose by 165.0%% to $8.6 million from $3.2 million in the third quarter of 2016; basic and diluted earnings per share were $0.44 in the third quarter of 2017 compared with $0.17 in the third quarter of
2016;
- Cash and cash equivalents at September 30, 2017 were $7.7 million with working capital of $97.2 million;
- Annual 2017 guidance was increased to net sales of approximately $370.0 million and net income of
approximately $30.5 million.
Mr. Xiaoping Zhang, SORL's Chairman and Chief Executive Officer, stated, "We are excited to
report that our sales growth in all three segments accelerated during the quarter. We continue to capture market share in the
Chinese commercial vehicle braking market with our new advanced products and attractive pricing. Our OEM sales soared 70.6%
compared with a 28.0% increase in overall commercial vehicle sales and a 31.8% sales growth in trucks. Our aftermarket sales in
China grew at an even faster rate of 76.0% in the third quarter."
"Demand for our innovative products has increased as we provide technologically advanced solutions to meet the evolving needs
of our customers. Our stringent cost controls and production efficiencies have enhanced our profitability during the third
quarter of 2017," Mr. Zhang concluded.
Third Quarter 2017 Financial Performance
Net sales for the third quarter of 2017 increased 59.0% to $101.3 million from $63.7 million in the third quarter of 2016. Revenues from the Company's domestic OEM customers increased
70.6% to $50.5 million from $29.6 million in the third quarter of 2016. Sales
from China's domestic aftermarket increased 76.0% to $31.5 from $17.9 million in the third quarter of 2016. Revenues from international markets rose 19.1% to
$19.3 million from $16.2 million in the third quarter of 2016, mainly
due to the Company's growing global customer base.
SORL's commercial vehicle brake sales increased 62.5% year-over-year to $85.3 million and
represented 84.2% of total sales in the third quarter of 2017. The sales of passenger
vehicle brake systems increased by 42.9% year-over-year, to $16.0 million, which accounted for
15.8% of the total sales for the third quarter of 2017.
Gross profit for the third quarter of 2017 grew 44.4% to $27.3 million compared
with $18.9 million for the third quarter of 2016. Gross margin for the third quarter of 2017 was 26.9%, compared
with a gross margin of 29.7% in the same quarter of 2016. The decrease in gross margin was primarily due to higher raw
materials costs and price promotions designed to increase market share during the third quarter of 2017. In 2016, the Chinese
government led a nationwide supply-side reform in the hope of controlling widespread overcapacities in the mining and basic
material sectors. As a result, commodity prices experienced an average 21.8% increase in the first nine months, which negatively
affected the Company's cost of sales. During the third quarter, the Company also increased sales promotions through offering
discounts on its core volume products to increase its market share in both OEM and aftermarket segments.
Operating expenses increased by 4.9% to $16.0 million in the third quarter of 2017,
from $15.2 million in the third quarter of 2016. As a percentage of revenue, operating expenses were 15.8% in the third
quarter of 2017, compared with 23.9% in the third quarter of 2016. The increase in operating expenses was primarily due to
higher research and development, and an increase in selling and distribution expenses related to higher net sales. The
decline in operating expenses as a percentage of revenue was primarily due to higher net sales.
- Selling and distribution expenses rose to $8.3 million from $7.9
million in the same quarter of 2016. As a percentage of revenue, selling and distribution expenses were 8.2% compared with 12.5% of quarterly revenues in the same quarter of 2016. The increase in selling and
distribution expenses was primarily the result of higher freight and packaging expenses as unit volume rose during the third
quarter of 2017.
- General and administrative ("G&A") expenses for the third quarter of 2017 were $4.8
million, or 4.7% of revenue, compared with $4.9 million, or 7.7% in the third quarter of 2016. The decline in
G&A expenses and G&A expenses as a percentage of revenue was mainly due to a decrease in allowance for doubtful
accounts during the third quarter of 2017.
- Research and development ("R&D") expenses were $2.9 million in the third quarter of 2017 compared
with $2.4 million in the third quarter of 2016. As a percentage of revenue, R&D was 2.9% in the third quarter of
2017, compared with 3.8% of revenue in the third quarter of 2016. The Company continues to develop new, higher-margin,
electronically controlled products, and upgrade the Company's traditional brake products, to capture greater market share.
Interest expenses were $0.8 million in the third quarter of 2017 compared to $0.2
million in the third quarter of 2016. Increased interest expenses were mainly due to a higher average interest rate and a
higher average amount of loans outstanding during the third quarter of 2017.
Income before provision for income taxes rose 176.8% to $11.2 million for the third quarter
of 2017 as compared with $4.0 million for the third quarter of 2016. The increase in income before taxes was primarily
due to higher gross profit and strictly controlled operating expenses. Pretax income margin was 11.0% in the third quarter
of 2017, compared with 6.3% in the third quarter of 2016.
The provision for income taxes was $1.6 million in the third quarter of 2017 compared with $0.4
million, in the third quarter of 2016. The tax rate was 14.6% in the third quarter of 2017 compared with 10.8% for the third quarter in 2016.
Net income attributable to stockholders for the third quarter of 2017 increased 165.1% to $8.6 million, or $0.44 per
basic and diluted share, compared with $3.2 million, or $0.17 on per basic and diluted share, in the third quarter
of 2016.
Nine-Month 2017 Financial Performance
Net sales for the first nine months of 2017 increased 38.7% to $267.6 million from $192.9 million for the
first nine months of 2016. Revenues from the Company's China OEM customers increased by 47.2% to $141.8 million from
$96.3 million in the same period in 2016. Revenues from China's domestic aftermarket
increased 44.9% to $72.3 million from $49.9 million in the first
nine months of 2016. Revenues from international markets increased 14.6% to $53.5
million from $46.7 million in the first nine months of 2016.
SORL's commercial vehicle brake sales increased 42.3% year-over-year to $223.9 million and
represented 83.7% of total sales in the first nine months of 2017. The sales of passenger vehicle
brake systems increased by 22.8% year-over-year, to $43.7 million, which accounted for 16.3% of the total sales for the first nine months of 2016.
Gross profit for the first nine months of 2017 increased 29.6% to $72.9 million from $56.3 million in the
same period in 2016. Gross margin for the first nine months of 2017 decreased to 27.2% from 29.2%
for the first nine months of 2016. In 2016, the Chinese government led a nationwide supply-side reform in the hope of controlling
widespread overcapacities in the mining and basic material sectors. As a result, commodity prices experienced an average 21.8%
increase in the first nine months of 2017, which negatively affected the Company's cost of sales. The Company also increased
sales promotions through offering discounts on its core volume products to increase its market share in both OEM and aftermarket
segments.
Operating income for the first nine months of 2017 increased to $30.2 million from $12.5 million in the
same period in 2016. Operating margin was 11.3% for the first nine months of 2017 compared to 6.5% in first nine months of 2016.
Net income attributable to stockholders for the first nine months of 2017 was $21.4 million, or $1.11 per basic and
diluted share, compared with $10.9 million, or $0.57 per basic and diluted share, in the same period in 2016.
Balance Sheet
As of September 30, 2017, the Company had cash and cash equivalents of $7.6 million. Inventories increased
to $83.1 million from $65.8 million as of December 31, 2016. Deposits received from customers increased
78.8% to $40.7 million from $22.7 million at December 31, 2016. There were no long-term liabilities as of September 30, 2017.
Total stockholders' equity was $167.7 million at September 30, 2017. The Company had working capital
of $97.2 million at September 30, 2017 with the current ratio of 1.4:1.
Cash-flow provided by operating activities for the first nine months of 2017 was $15.0 million. Capital expenditures
were $36.9 million in the first nine months of 2017.
Business Outlook
Management has increased its fiscal year 2017 guidance for net sales from $315.0 million to
approximately $370.0 million and net income attributable to common stockholders from $27.5
million to approximately $30.5 million. These targets are based on the Company's current views on the operating and
market conditions, which are subject to change.
Conference Call
Management will host a conference call on Wednesday, November 15, 2017, at 8:00 A.M. EST/ 9:00 P.M. Beijing Time to discuss its 2017 third quarter results.
Listeners may access the call by dialing U.S. toll free number +1-877-407-0778 and +1-201-689-8565 for international callers, and
Mainland China toll free +86 400-120-2840. A live web cast of the conference call will also be available at http://www.sorl.cn.
A replay of the call will be available shortly after the conference call through 8:00 A.M. EST
on December 15, 2017, or 9:00 P.M. Beijing Time on September 15, 2017. The replay dial-in numbers are: U.S. toll free number +1-877-481-4010 or the international
number +1-919-882-2331; using Conference ID "22496" to access the replay.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks and buses in China. The
Company distributes products both within China and internationally under the SORL trademark.
SORL is listed among the top 100 auto component suppliers in China, with a product range that
includes 65 categories with over 2000 specifications in brake systems and others. The Company has four authorized international
sales centers in UAE, India, the United States and Europe. SORL is working to establish a broader global sales network. For more information, please visit
http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be
identified by the use of forward-looking terminology such as "expects," "anticipates," "believes," "targets," "goals,"
"projects," "intends," "plans," "seeks," "estimates," "may," "will," "should" or similar expressions. For example, when the
Company describes the evaluation of the preliminary non-binding proposal letter, it is using forward-looking statements. These
forward-looking statements may also include statements about the Company's proposed discussions related to its business or growth
strategy, which are subject to change. Such information is based upon expectations of the Company's management that were
reasonable when made, but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and
contingencies beyond the Company's control and upon assumptions with respect to future business decisions, which are subject to
change. The Company does not undertake to update the forward-looking statements contained in this press release. These risks and
uncertainties may include, but are not limited to general political, economic and business conditions which may impact the demand
for commercial vehicles or passenger vehicles in China and the other significant markets where
the Company's products are sold, uncertainty regarding such political, economic and business conditions, trends in consumer debt
levels and bad debt write-offs, general uncertainty related to possible recessions, natural disasters, the political stability of
China and the impact of any of those events on demand for commercial or passenger vehicles,
changes in consumer confidence, new product development and introduction, competitive products and pricing, seasonality,
availability of alternative sources of supply in the case of the loss of any significant supplier or any supplier's inability to
fulfill the Company's orders, cost of labor and raw materials, the loss of or curtailed sales to significant customers, the
Company's dependence on key employees and officers, the ability to secure and protect trademarks, patents and other intellectual
property rights, potential effects of competition in the Company's business, the dependency of the Company upon the normal
operation of its sole manufacturing facility, potential effect of the economic and currency instability in China and countries to which the Company sold its products, the ability of the Company to successfully
manage its expenses on a continuing basis, the continued availability to the Company of financing and credit on favorable terms,
business disruptions, disease, general risks associated with doing business in China or other
countries including, without limitation, foreign trade policies, import duties, tariffs, quotas, political and economic
stability, and the other factors discussed in the Company's Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission. For additional information regarding known material factors that could cause the Company's results to differ
from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K. Copies of filings made with the SEC are available through the SEC's electronic data
gathering analysis retrieval system (EDGAR) at http://www.sec.gov.
Contact Information
Phyllis Huang
+86-151-6770-5972
+86-577-6581-7721
phyllis@sorl.com.cn
Kevin Theiss
Investor Relations
Awaken Advisors
212-521-4050
kevin.theiss@awakenlab.com
-tables follow –
SORL Auto Parts, Inc. and Subsidiaries
|
Consolidated Balance Sheets
|
September 30, 2017 and December 31, 2016
|
|
|
September 30,
2017
|
|
December 31,
2016
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents
|
US$
|
7,653,174
|
|
US$
|
8,057,155
|
Accounts receivable, net, including $0 and $5,025,509 from related
parties at September 30, 2017 and December 31, 2016, respectively
|
|
125,807,155
|
|
|
102,129,294
|
Bank acceptance notes receivable
|
|
66,563,935
|
|
|
42,697,276
|
Inventories
|
|
83,079,686
|
|
|
65,776,517
|
Prepayments, current, including $138,075 and $0 from related parties at
September 30, 2017 and December 31, 2016, respectively
|
|
11,811,104
|
|
|
10,797,601
|
Advances to related party
|
|
9,011,700
|
|
|
-
|
Restricted cash
|
|
700,974
|
|
|
5,476,621
|
Other current assets
|
|
6,632,395
|
|
|
1,124,608
|
Deferred tax assets
|
|
3,312,529
|
|
|
3,210,575
|
Total Current Assets
|
|
314,572,652
|
|
|
239,269,647
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
72,977,873
|
|
|
53,737,706
|
Land use rights, net
|
|
14,796,670
|
|
|
8,309,333
|
Intangible assets, net
|
|
5,263
|
|
|
11,438
|
Prepayments, non-current
|
|
9,184,597
|
|
|
-
|
Total Non-current Assets
|
|
96,964,403
|
|
|
62,058,477
|
Total Assets
|
US$
|
411,537,055
|
|
US$
|
301,328,124
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Accounts payable and bank acceptance notes to vendors, including
$2,188,003 and $1,953,707 to related parties at September 30, 2017 and
December 31, 2016, respectively
|
US$
|
70,124,109
|
|
US$
|
65,672,626
|
Deposits received from customers
|
|
40,656,344
|
|
|
22,733,742
|
Short term bank loans
|
|
77,779,094
|
|
|
27,416,376
|
Income tax payable
|
|
1,972,847
|
|
|
996,522
|
Accrued expenses
|
|
19,981,863
|
|
|
20,103,392
|
Due to related party
|
|
4,129,808
|
|
|
-
|
Other current liabilities
|
|
2,695,541
|
|
|
2,013,943
|
Total Current Liabilities
|
|
217,339,606
|
|
|
138,936,601
|
|
|
|
|
|
|
Total Liabilities
|
|
217,339,606
|
|
|
138,936,601
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Preferred stock - no par value; 1,000,000 authorized; none issued and
outstanding as of September 30, 2017 and December 31, 2016
|
|
-
|
|
|
-
|
Common stock - $0.002 par value; 50,000,000 authorized, 19,304,921
issued and outstanding as of September 30, 2017 and December 31,
2016
|
|
38,609
|
|
|
38,609
|
Additional paid-in capital
|
|
(28,582,654)
|
|
|
(28,582,654)
|
Reserves
|
|
17,273,279
|
|
|
15,129,935
|
Accumulated other comprehensive income
|
|
13,308,933
|
|
|
6,117,042
|
Retained earnings
|
|
165,642,629
|
|
|
146,352,530
|
Total SORL Auto Parts, Inc. Stockholders' Equity
|
|
167,680,796
|
|
|
139,055,462
|
Noncontrolling Interest in Subsidiaries
|
|
26,516,653
|
|
|
23,336,061
|
Total Equity
|
|
194,197,449
|
|
|
162,391,523
|
Total Liabilities and Equity
|
US$
|
411,537,055
|
|
US$
|
301,328,124
|
SORL Auto Parts, Inc. and Subsidiaries
|
Consolidated Statements of Income and Comprehensive Income
|
For the Three and Nine Months Ended September 30, 2017 and 2016
(Unaudited)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Sales
|
US$
|
101,329,628
|
|
US$
|
63,706,397
|
|
US$
|
267,589,953
|
|
US$
|
192,917,633
|
Include: sales to related parties
|
|
7,401,464
|
|
|
3,315,026
|
|
|
13,479,162
|
|
|
11,518,005
|
Cost of sales
|
|
74,027,933
|
|
|
44,794,499
|
|
|
194,703,290
|
|
|
136,657,152
|
Gross profit
|
|
27,301,695
|
|
|
18,911,898
|
|
|
72,886,663
|
|
|
56,260,481
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Selling and distribution expenses
|
|
8,283,704
|
|
|
7,949,947
|
|
|
22,877,889
|
|
|
20,637,464
|
General and administrative expenses
|
|
4,761,787
|
|
|
4,878,979
|
|
|
13,517,222
|
|
|
16,717,966
|
Research and development expenses
|
|
2,941,243
|
|
|
2,409,891
|
|
|
7,477,902
|
|
|
6,533,540
|
Total operating expenses
|
|
15,986,734
|
|
|
15,238,817
|
|
|
43,873,013
|
|
|
43,888,970
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income, net
|
|
473,610
|
|
|
60,659
|
|
|
1,185,958
|
|
|
144,715
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
11,788,571
|
|
|
3,733,740
|
|
|
30,199,608
|
|
|
12,516,226
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
16,150
|
|
|
33,979
|
|
|
38,175
|
|
|
1,047,667
|
Government grants
|
|
1,006,033
|
|
|
424,029
|
|
|
1,119,337
|
|
|
569,041
|
Other income
|
|
47,262
|
|
|
212,513
|
|
|
47,976
|
|
|
763,534
|
Interest expenses
|
|
(804,499)
|
|
|
(214,974)
|
|
|
(1,827,835)
|
|
|
(515,547)
|
Other expenses
|
|
(886,782)
|
|
|
(155,261)
|
|
|
(1,536,921)
|
|
|
(582,820)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
provision
|
|
11,166,735
|
|
|
4,034,026
|
|
|
28,040,340
|
|
|
13,798,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes provision
|
|
1,627,721
|
|
|
435,534
|
|
|
4,225,404
|
|
|
1,677,987
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
9,539,014
|
|
US$
|
3,598,492
|
|
US$
|
23,814,936
|
|
US$
|
12,120,114
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interest in
subsidiaries
|
|
953,901
|
|
|
359,849
|
|
|
2,381,493
|
|
|
1,212,011
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common
stockholders
|
US$
|
8,585,113
|
|
US$
|
3,238,643
|
|
US$
|
21,433,443
|
|
US$
|
10,908,103
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
9,539,014
|
|
US$
|
3,598,492
|
|
US$
|
23,814,936
|
|
US$
|
12,120,114
|
Foreign currency translation
adjustments
|
|
3,856,038
|
|
|
(1,109,719)
|
|
|
7,990,990
|
|
|
(4,599,246)
|
Comprehensive income
|
|
13,395,052
|
|
|
2,488,773
|
|
|
31,805,926
|
|
|
7,520,868
|
Comprehensive income attributable
to noncontrolling interest in
subsidiaries
|
|
1,339,505
|
|
|
248,877
|
|
|
3,180,592
|
|
|
752,086
|
Comprehensive income attributable
to common stockholders
|
US$
|
12,055,547
|
|
US$
|
2,239,896
|
|
US$
|
28,625,334
|
|
US$
|
6,768,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share -
basic
|
|
19,304,921
|
|
|
19,304,921
|
|
|
19,304,921
|
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share -
diluted
|
|
19,304,921
|
|
|
19,304,921
|
|
|
19,304,921
|
|
|
19,304,921
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - basic
|
US$
|
0.44
|
|
US$
|
0.17
|
|
US$
|
1.11
|
|
US$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS - diluted
|
US$
|
0.44
|
|
US$
|
0.17
|
|
US$
|
1.11
|
|
US$
|
0.57
|
SORL Auto Parts, Inc. and Subsidiaries
|
Consolidated Statements of Cash Flows
|
For the Nine Months Ended September 30, 2017 and 2016
(Unaudited)
|
|
|
Nine Months Ended September 30,
|
|
2017
|
|
2016
|
|
|
|
|
Cash Flows From Operating Activities
|
|
|
|
|
|
Net income
|
US$
|
23,814,936
|
|
US$
|
12,120,114
|
Adjustments to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts
|
|
759,854
|
|
|
6,328,318
|
Depreciation and amortization
|
|
6,623,082
|
|
|
5,357,366
|
Deferred income tax
|
|
42,583
|
|
|
(1,253,285)
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
(19,276,498)
|
|
|
(21,237,420)
|
Bank acceptance notes receivable
|
|
2,056,320
|
|
|
(22,588,093)
|
Other current assets
|
|
(2,317,124)
|
|
|
(360,110)
|
Inventories
|
|
(13,792,530)
|
|
|
8,225,129
|
Prepayments, current
|
|
(1,312,081)
|
|
|
(5,240,758)
|
Prepaid capital lease interest
|
|
-
|
|
|
86,777
|
Accounts payable and bank acceptance notes to vendors
|
|
1,347,005
|
|
|
15,400,637
|
Income tax payable
|
|
909,912
|
|
|
1,153,011
|
Deposits received from customers
|
|
16,516,529
|
|
|
4,217,264
|
Other current liabilities and accrued expenses
|
|
(371,575)
|
|
|
1,086,934
|
Net Cash Flows Provided By Operating Activities
|
|
15,000,413
|
|
|
3,295,884
|
|
|
|
|
|
|
Cash Flows From Investing Activities
|
|
|
|
|
|
Change in short term investments
|
|
-
|
|
|
60,567,408
|
Acquisition and prepayments of property, plant and equipment and land
use rights
|
|
(36,882,570)
|
|
|
(12,266,591)
|
Deposit for acquisition of land use rights
|
|
(2,982,537)
|
|
|
-
|
Advances to related party
|
|
(8,919,241)
|
|
|
(18,247,384)
|
Repayment of advances to related party
|
|
-
|
|
|
18,247,384
|
Change in restricted cash
|
|
4,871,113
|
|
|
(4,193,003)
|
Net Cash Flows Provided By (Used In) Investing Activities
|
|
(43,913,235)
|
|
|
44,107,814
|
|
|
|
|
|
|
Cash Flows From Financing Activities
|
|
|
|
|
|
Proceeds from bank loans
|
|
84,149,040
|
|
|
39,309,937
|
Repayment of bank loans
|
|
(36,149,680)
|
|
|
(37,110,783)
|
Proceeds from related parties
|
|
93,191,843
|
|
|
-
|
Repayments to related parties
|
|
(113,071,629)
|
|
|
-
|
Distribution to controlling shareholder in connection with plant and land
use rights exchange with entity under common control
|
|
-
|
|
|
(70,781,668)
|
Repayment of capital lease
|
|
-
|
|
|
(1,779,040)
|
Net Cash Flows Provided By (Used In) Financing Activities
|
|
28,119,574
|
|
|
(70,361,554)
|
|
|
|
|
|
|
Effects on changes in foreign exchange rate
|
|
389,267
|
|
|
216,995
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
(403,981)
|
|
|
(22,740,861)
|
|
|
|
|
|
|
Cash and cash equivalents- beginning of the period
|
|
8,057,155
|
|
|
30,230,828
|
|
|
|
|
|
|
Cash and cash equivalents - end of the period
|
US$
|
7,653,174
|
|
US$
|
7,489,967
|
|
|
|
|
|
|
Supplemental Cash Flow Disclosures:
|
|
|
|
|
|
Interest paid
|
US$
|
1,255,540
|
|
US$
|
575,349
|
Income taxes paid
|
US$
|
3,272,909
|
|
US$
|
2,340,720
|
|
|
|
|
|
|
Non-cash Investing and Financing Transactions
|
|
|
|
|
|
Transfer of plant and land use right to entity under common
control
|
US$
|
-
|
|
US$
|
17,342,372
|
Liabilities assumed in connection with the plant and land use right
exchange
|
US$
|
-
|
|
US$
|
5,351,196
|
Loans from related party in the form of bank acceptance notes
|
US$
|
23,515,527
|
|
US$
|
-
|
View original content:http://www.prnewswire.com/news-releases/sorl-auto-parts-increases-earnings-per-share-by-1588-on-a-590-rise-in-net-sales-in-the-2017-third-quarter-results-300556462.html
SOURCE SORL Auto Parts, Inc.