ZHEJIANG, China, April 2, 2018 /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 financial results
for the fourth quarter of 2017 and the year ended December 31, 2017.
Fourth Quarter 2017 Financial Highlights
- Net sales for the 2017 fourth quarter rose 43.4% to
$123.0 million from $85.5 million in the 2016 fourth quarter;
- Revenues from the domestic OEM segment climbed 73.3% to
$38.3 million from $22.1 million in the fourth quarter of 2016;
- Revenues from China's domestic
aftermarket increased 29.6% to $66.1
million, from $51.0 million in
the fourth quarter of 2016;
- Revenues from international markets grew 46.5% to $18.6 million, from $12.7
million in the fourth quarter of 2016;
- Gross profit climbed 63.6% and gross margin increased to 25.5%
from 22.3%.
2017 Full Year Highlights
- Net sales increased 40.1% to another new annual record of
$390.5 million compared to the prior
annual record of $278.7 million in
2016;
- Gross margin increased to 26.7% as compared with 27.0% a year
ago;
- Net income attributable to stockholders for fiscal 2017
increased 26.6% to $24.3 million, or
$1.26 per diluted share compared with
$19.2 million, or $1.00 per diluted share, in 2016;
- Cash flow from operations grew to $33.8
million compared with $5.4
million in 2016.
Mr. Xiaoping Zhang, SORL's Chief
Executive Officer and Chairman, stated, "We are pleased to close
out 2017 with another quarter of top line growth, making it two
consecutive years of record setting annual sales. All three
lines of our businesses registered strong growth in the fourth
quarter. As the Chinese economy regained growth momentum in 2017,
increased infrastructure and residential property development
together with the positive effects of supply-side reform and
heightened policies of emission control, propelled strong demand
for new trucks."
Ms. Jinrui Yu, SORL's Chief
Operating Officer, added, "Our growth significantly outperformed
the on-road commercial vehicle market as our advanced commercial
vehicle braking products continued to enable us to expand our
customer base and grow our market share in China and abroad. For 10 consecutive
years, we generated profits and our earning power has improved in
2017. With $33.8 million in net
cashflow from operations, we achieved a significant increase from
last year."
"We also invested over $26
million in property, plant and equipment in 2017 to further
enhance our productivity and prepare ourselves to meet the growing
demand for our products. As the market leader of braking products
for on-road commercial vehicles in China, and braking systems are one of the most
critical vehicle safety related components, we are well positioned
for future growth," Ms. Yu concluded.
Fourth Quarter 2017 Financial Results
For the fourth quarter of 2017, net sales increased by 43.4% to
$123.0 million from $85.5 million from the fourth quarter of
2016. Revenues from the Company's domestic OEM customers were
$38.3 million, an increase of 73.3%
from $22.1 million in the fourth
quarter of 2016. The strong year-over-year sales growth to the OEM
market was mainly due to increased sales of new trucks, especially
heavy-duty trucks.
Sales to China's domestic
aftermarket increased 29.6% to $66.1
million, compared with $51.0
million in the same quarter of 2016. The increased sales in
aftermarket segment were mainly attributable to the robust sales of
new vehicles in the recent quarters, generating higher expiration
of OEM warranties. Revenues from international markets
increased 46.5% to $18.6 million,
compared to $12.7 million in the same
quarter of 2016 as the Company's global customer base continued to
expand.
The gross profit for the fourth quarter of 2017 increased by
63.6% to $31.3 million from
$19.1 million a year ago. Gross
margin was 25.5% compared with 22.3% in the fourth quarter of
2016.
In the fourth quarter of 2017, operating expenses increased to
$28.2 million from $8.9 million in the same quarter of 2016. As a
percentage of revenue, operating expenses were 23.0% in the fourth
quarter of 2017, compared with 10.3% in the fourth quarter of
2016.
- Selling and distribution expenses were $16.2 million, or 13.2% of quarterly revenues,
compared with $9.2 million, or 10.7%%
a year ago. Higher selling and distribution expenses were primarily
due to the higher freight, packaging and compensation to the sales
team for outperforming the market and increasing the Company's
market share.
- General and administrative ("G&A") expenses in the fourth
quarter of 2017 were $8.5 million
compared with negative $1.5 million a
year ago. G&A expenses as a percentage of revenue in the fourth
quarter of 2017 was 6.9%. The negative G&A expenses in the
fourth quarter of 2016 were mainly due to a large sum of aged
receivables collected in the quarter which reversed bad debt
provisions in the G&A expenses. The extraordinary 2016 fourth
quarter G&A expenses makes year-over-year comparisons
challenging in the 2017 fourth quarter.
- Research and development ("R&D") expenses were $3.5 million in the fourth quarter of 2017
compared with $1.2 million in the
fourth quarter of 2016. As a percentage of revenue, R&D
expenses were 2.9% in the fourth quarter of 2017 compared with 1.4%
of revenue in the fourth quarter of 2016.
Financial expenses were $1.3
million, compared with $0.4
million in the fourth quarter of 2016.
Income before income taxes was $3.7
million compared with $10.8
million in the fourth quarter of 2016. The decrease in
income before income taxes reflected higher operating expenses
compared to the fourth quarter of 2016.
The provision for income taxes was $0.5
million in the fourth quarter of 2017 as compared to a
$1.6 million reversal in the fourth
quarter of last year. The tax rate was 13.3% in the fourth
quarter of 2017 compared with 14.7% a year ago.
Net income attributable to stockholders for the fourth quarter
of 2017 was $2.9 million, or
$0.15 per basic and diluted share,
compared with $8.3 million, or
$0.43 per basic and diluted share a
year ago.
Full Year 2017 Financial Results
SORL's net sales for the fiscal year ended December 31, 2017 increased 40.1% to a new record
high of $390.5 million from the
former annual record high of $278.7
million in 2016.
For the fiscal year ended December 31,
2017, the Company's sales to the domestic OEM market
increased by 52.0% to $180.1 million
from $118.4 million in 2016.
According to the China Association of Automobile Manufacturers
("CAAM"), the total unit sales of commercial vehicles in
China increased by 14.0% in
2017. Total truck unit sales grew by 16.9% as the sales
growth of heavy-duty trucks exceeded 50%. The bus market
reported a unit sales decline in 2017.
Aftermarket sales increased by 37.2% to $138.4 million from $100.9
million in 2016. The increasing number of OEM warranty
expirations from prior years' commercial vehicle sales helped drive
aftermarket growth in 2017. International sales increased by
21.3% to $72.0 million compared with
$59.4 million last year due to a
growing international customer base.
SORL's gross profit increased 38.2% to $104.2 million from $75.4
million in 2016 due to increased sales. Gross margin
decreased to 26.7% from 27.0% in 2016 due primarily to price
promotions to increase the Company's leading market position.
SORL's operational expenses increased to $72.1 million from $52.8
million in 2016.
- Selling expenses increased by approximately $9.2 million compared with 2016 primarily due to
higher freight, packaging and commissions related to higher sales.
As a percentage of sales revenue, selling expenses were 10.0% for
the year ended December 31, 2017
compared with 10.7% in 2016.
- G&A expenses increased by $6.8
million in 2017 mainly due to higher sales. G&A expenses
increased to 5.6% of sales revenue for the year ended December 31, 2017, as compared to 5.5% for the
2016 year.
- R&D costs increased by $3.3
million from 2016 as SORL continued to build new advanced
products and enhance traditional technologies. The Company's focus
was on developing electronically controlled products to enhance
braking performance in 2017. As a percentage of sales revenue,
R&D expenses were stable at 2.8% for the years ended
December 31, 2017 and 2016.
Net other operating income was $3.0
million compared with $0.6
million in 2016 due to increased sales of scrap metals.
Financial expenses increased to $3.1
million from $0.9 million in
2016, mainly due to higher interest rates and an increased amount
of average loans outstanding.
Income before provision for income taxes increased 28.9% to
$31.7 million from $24.6 million in 2016. The pretax income
margin was 8.1% in the 2017 year compared with 8.8% in 2016.
The provision for income taxes was $4.7
million representing a 14.9% tax rate compared with
$3.3 million, or a 13.3% tax rate in
2016.
The net income attributable to stockholders in 2017 was
$24.3 million, compared with
$19.2 million in 2016. Earnings per
share, both basic and diluted, for the full year ended December 31, 2017 and 2016, were $1.26 and $1.00 per
share, respectively. Net income and EPS grew year-over-year by
26.6% and 26.0%, respectively.
Balance Sheet
As of December 31, 2017, the
Company had cash and cash equivalents of $4.2 million compared to $8.1 million on December
31, 2016. Bank acceptance notes from customers were
$116.0 million compared to
$42.7 million at December 31, 2016. Inventory was $114.3 million compared to $65.8 million on December
31, 2016. Short-term bank loans were $125.4 million compared to $27.4 million on December
31, 2016. Total equity was $200.3
million at December 31, 2017
compared with $162.4 million at
December 31, 2016. On December 31, 2017, working capital was
$111.4 million with a current ratio
of 1.3 to 1. Net cash flow from operating activities was
$33.8 million compared with
$5.4 million in 2016.
Business Outlook
For the fiscal year 2018, management expects net sales to be
approximately $450 million and net
income attributable to stockholders to be approximately
$28 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 Monday, April 2, 2017, at 8:00 A.M. EDT/ 8:00
P.M. Beijing Time to discuss its 2017 fourth quarter and
year end 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
+864-001-202-840. 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. EDT
or 8:00 P.M. Beijing Time on
May 2, 2018. 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 "27295"
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
|
December 31, 2017
and December 31, 2016
|
|
|
December 31, 2017
|
|
December 31, 2016
|
Assets
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
4,221,940
|
|
US$
|
8,057,155
|
Accounts receivable,
net, including $1,297,734 and $5,025,509 from related
parties at December 31, 2017 and 2016, respectively
|
|
134,384,961
|
|
|
102,129,294
|
Bank acceptance notes
from customers
|
|
116,040,688
|
|
|
42,697,276
|
Inventories
|
|
114,300,564
|
|
|
65,776,517
|
Prepayments, current,
including $999,527 and $- to related party at December
31, 2017 and 2016, respectively
|
|
8,826,004
|
|
|
10,797,601
|
Restricted
cash
|
|
376,236
|
|
|
5,476,621
|
Advances to related
parties
|
|
72,318,224
|
|
|
-
|
Other current assets,
net
|
|
5,555,568
|
|
|
1,124,608
|
Total Current
Assets
|
|
456,024,185
|
|
|
236,059,072
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
79,828,006
|
|
|
53,737,706
|
Land use rights,
net
|
|
14,912,134
|
|
|
8,309,333
|
Intangible assets,
net
|
|
3,341
|
|
|
11,438
|
Deposits for
long-term loans
|
|
10,712,865
|
|
|
-
|
Prepayments,
non-current
|
|
16,594,987
|
|
|
-
|
Deferred tax
assets
|
|
4,240,424
|
|
|
3,210,575
|
Total Non-current
Assets
|
|
126,291,757
|
|
|
65,269,052
|
Total
Assets
|
US$
|
582,315,942
|
|
US$
|
301,328,124
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable and
bank acceptance notes to vendors, including $15,896,804
and $1,953,707 payable to related parties at December 31, 2017 and
2016,
respectively
|
US$
|
118,051,633
|
|
US$
|
65,672,626
|
Deposits received
from customers
|
|
44,107,746
|
|
|
22,733,742
|
Short term bank
loans
|
|
125,380,899
|
|
|
27,416,376
|
Current portion of
long term loans
|
|
24,266,031
|
|
|
-
|
Income tax
payable
|
|
3,249,727
|
|
|
996,522
|
Accrued
expenses
|
|
25,154,658
|
|
|
20,103,392
|
Due to related
party
|
|
1,572,963
|
|
|
-
|
Other current
liabilities
|
|
2,857,130
|
|
|
2,013,943
|
Total Current
Liabilities
|
|
344,640,787
|
|
|
138,936,601
|
Long-term
loans
|
|
37,383,224
|
|
|
-
|
Total Non-current
Liabilities
|
|
37,383,224
|
|
|
-
|
Total
Liabilities
|
|
382,024,011
|
|
|
138,936,601
|
Equity
|
|
|
|
|
|
Preferred stock - no
par value; 1,000,000 authorized; none issued and
outstanding as of December 31, 2017 and December 31,
2016
|
|
-
|
|
|
-
|
Common stock - $0.002
par value; 50,000,000 authorized, 19,304,921 issued and
outstanding as of December 31, 2017 and 2016
|
|
38,609
|
|
|
38,609
|
Additional paid-in
capital
|
|
(28,582,654)
|
|
|
(28,582,654)
|
Reserves
|
|
17,562,357
|
|
|
15,129,935
|
Accumulated other
comprehensive income
|
|
15,903,188
|
|
|
6,117,042
|
Retained
earnings
|
|
168,244,329
|
|
|
146,352,530
|
Total SORL Auto
Parts, Inc. Stockholders' Equity
|
|
173,165,829
|
|
|
139,055,462
|
Noncontrolling
Interest In Subsidiaries
|
|
27,126,102
|
|
|
23,336,061
|
Total
Equity
|
|
200,291,931
|
|
|
162,391,523
|
Total Liabilities
and Equity
|
US$
|
582,315,942
|
|
US$
|
301,328,124
|
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated
Statements of Income and Comprehensive Income
For the Years
Ended on December 31, 2017 and 2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
Sales
|
US$
|
390,522,569
|
US$
|
278,743,122
|
Include: sales to
related parties
|
|
24,376,622
|
|
20,289,371
|
Cost of
sales
|
|
286,336,367
|
|
203,353,086
|
Gross
profit
|
|
104,186,202
|
|
75,390,036
|
Expenses:
|
|
|
|
|
Selling and
distribution expenses
|
|
39,067,566
|
|
29,837,757
|
General and
administrative expenses
|
|
22,023,338
|
|
15,206,423
|
Research and
development expenses
|
|
11,004,560
|
|
7,709,533
|
Total operating
expenses
|
|
72,095,464
|
|
52,753,713
|
Other operating
income, net
|
|
3,039,824
|
|
555,946
|
Income from
operations
|
|
35,130,562
|
|
23,192,269
|
|
|
|
|
|
Interest
income
|
|
232,466
|
|
1,047,667
|
Government
grants
|
|
2,264,055
|
|
832,264
|
Other
income
|
|
101,475
|
|
1,244,078
|
Interest
expenses
|
|
(3,100,396)
|
|
(887,097)
|
Other
expenses
|
|
(2,883,440)
|
|
(807,858)
|
Income before
income taxes provision
|
|
31,744,722
|
|
24,621,323
|
Income taxes
provision
|
|
4,717,810
|
|
3,266,413
|
Net
income
|
US$
|
27,026,912
|
US$
|
21,354,910
|
Net income
attributable to noncontrolling
interest in subsidiaries
|
|
2,702,691
|
|
2,135,516
|
Net income
attributable to common
stockholders
|
US$
|
24,324,221
|
US$
|
19,219,394
|
Comprehensive
income:
|
|
|
|
|
Net income
|
US$
|
27,026,912
|
US$
|
21,354,910
|
Foreign currency
translation adjustments
|
|
10,873,495
|
|
(10,606,219)
|
Comprehensive
income
|
|
37,900,407
|
|
10,748,691
|
Comprehensive income
attributable to
noncontrolling interest in subsidiaries
|
|
3,790,041
|
|
1,074,894
|
Comprehensive income
attributable to
common stockholders
|
US$
|
34,110,366
|
US$
|
9,673,797
|
Weighted average
common share - basic
|
|
19,304,921
|
|
19,304,921
|
Weighted average
common share - diluted
|
|
19,304,921
|
|
19,304,921
|
EPS -
basic
|
US$
|
1.26
|
US$
|
1.00
|
EPS -
diluted
|
US$
|
1.26
|
US$
|
1.00
|
|
|
SORL Auto Parts,
Inc. and Subsidiaries
Consolidated
Statements of Cash Flows
For The Years
Ended on December 31, 2017 and 2016
|
|
2017
|
|
2016
|
Cash Flows From
Operating Activities
|
|
|
|
Net Income
|
US$
|
27,026,912
|
|
US$
|
21,354,910
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
doubtful accounts
|
|
1,474,872
|
|
|
395,491
|
Depreciation and
amortization
|
|
9,259,516
|
|
|
7,239,908
|
Deferred income
tax
|
|
(807,058)
|
|
|
(502,903)
|
Loss on disposal of
property and equipment
|
|
9,515
|
|
|
-
|
Changes in assets
and liabilities:
|
|
|
|
|
|
Account
receivable
|
|
(26,640,753)
|
|
|
(39,422,631)
|
Bank acceptance notes
from customers
|
|
(3,197,464)
|
|
|
(21,991,160)
|
Other currents
assets
|
|
(4,371,425)
|
|
|
(291,979)
|
Inventories
|
|
(43,139,593)
|
|
|
3,281,901
|
Prepayments
|
|
1,877,272
|
|
|
(7,366,749)
|
Prepaid capital lease
interest
|
|
-
|
|
|
90,373
|
Accounts payable and
bank acceptance notes to vendors
|
|
46,444,126
|
|
|
31,988,447
|
Income tax
payable
|
|
2,126,238
|
|
|
1,314,808
|
Deposits received
from customers
|
|
19,292,310
|
|
|
4,135,536
|
Other current
liabilities and accrued expenses
|
|
4,466,181
|
|
|
5,201,618
|
Net Cash Flows
Provided By Operating Activities
|
|
33,820,649
|
|
|
5,427,570
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
Change in short term
investments
|
|
-
|
|
|
58,993,591
|
Acquisition of
property, equipment, plant and land use rights
|
|
(52,259,319)
|
|
|
(15,889,693)
|
Deposits for
acquisition of land use rights
|
|
(2,982,537)
|
|
|
-
|
Refund of deposits
for acquisition of land use rights
|
|
2,982,537
|
|
|
-
|
Advances to related
parties
|
|
(186,885,309)
|
|
|
(18,247,384)
|
Repayment of advances
to related parties
|
|
118,436,661
|
|
|
18,247,384
|
Change in restricted
cash
|
|
5,275,390
|
|
|
(4,897,377)
|
Net Cash Flows
Provided By (Used In) Investing Activities
|
|
(115,432,577)
|
|
|
38,206,521
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
Proceeds from short
term bank loans
|
|
206,836,188
|
|
|
53,895,058
|
Repayment of short
term bank loans
|
|
(113,440,430)
|
|
|
(48,153,831)
|
Proceeds from related
parties
|
|
103,775,545
|
|
|
-
|
Repayments to related
parties
|
|
(139,482,122)
|
|
|
-
|
Proceeds from long
term loans
|
|
27,925,402
|
|
|
-
|
Repayment of long
term loans
|
|
(3,008,756)
|
|
|
-
|
Deposits for
long-term loans
|
|
(5,196,271)
|
|
|
-
|
Distribution to
controlling shareholders 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
|
|
77,409,556
|
|
|
(66,819,481)
|
|
|
|
|
|
|
Effects on changes in
foreign exchange rate
|
|
367,157
|
|
|
1,011,717
|
Net change in cash
and cash equivalents
|
|
(3,835,215)
|
|
|
(22,173,673)
|
Cash and cash
equivalents- beginning of the year
|
|
8,057,155
|
|
|
30,230,828
|
Cash and cash
equivalents - end of the year
|
US$
|
4,221,940
|
|
US$
|
8,057,155
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
|
Interest
paid
|
US$
|
2,860,931
|
|
US$
|
807,587
|
Income taxes
paid
|
US$
|
3,398,629
|
|
US$
|
3,284,070
|
|
|
|
|
|
|
Non-cash Investing
and Financing Transactions
|
|
|
|
|
|
Transfer of plant and
land use rights to entity under common control
|
US$
|
-
|
|
US$
|
17,342,372
|
Liabilities assumed
in connection with the plant and land use rights
exchange
|
US$
|
-
|
|
US$
|
5,351,196
|
Proceeds from long
term loans in the form of bank acceptance notes
|
US$
|
29,692,975
|
|
US$
|
-
|
Loans from related
party in the form of bank acceptance notes
|
US$
|
35,706,576
|
|
US$
|
-
|
Transfer of debt
among related parties
|
US$
|
3,711,622
|
|
US$
|
-
|
View original
content:http://www.prnewswire.com/news-releases/sorl-auto-parts-reports-record-annual-net-sales-with-a-401-increase-in-the-2017-year-300622520.html
SOURCE SORL Auto Parts, Inc.