- 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.