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 2018 and the year ended December 31, 2018.
Fourth Quarter 2018 Financial
Highlights
| |
|
- Net sales for the 2018 fourth quarter were $123.2 million from
$122.9 million in the 2017 fourth quarter;
- Revenues from the domestic OEM segment grew 14.1%
year-over-year to $71.4 million;
- Revenues from international markets rose 20.0% to $22.2
million;
- Gross margin was 25.6%, up from 25.5% in the fourth quarter of
2017;
- Net income attributable to stockholders grew 15.0% to $3.3
million, or $0.17 per basic and diluted share, compared with $2.9
million, or $0.15 per basic and diluted share in the fourth quarter
of 2017.
|
2018 Full Year Highlights
| |
|
- Net sales increased 19.9% to another new annual sales record of
$468.0 million compared to the prior annual record of $390.5
million in 2017;
- Gross margin was 26.2% as compared with 26.7% a year ago;
- Income from operations was $34.2 million compared with $35.1
million in 2017;
- Net income attributable to stockholders for fiscal year 2018
was $12.7 million compared with $24.3 million 2017. Diluted
earnings per share were $0.66 in 2018 compared with $1.26 in
2017;
- Excluding the impact of income tax provision associated with
the U.S. tax reform, net income attributable to stockholders for
fiscal year 2018 would have been $23.7 million, or $1.23 per basic
and diluted share;
- Cash flow from operations grew to $161.2 million from $33.8
million in 2017.
|
Mr. Xiaoping Zhang, SORL's Chief Executive
Officer and Chairman, stated, “We are pleased to report robust
growth in sales to Chinese OEM market in the fourth quarter and
another record top line in 2018, especially in the weakening
economy in China. While we grew sales and expanded our market
shares in all our three lines of business in 2018, we remained
profitable and generated strong free cash flow.”
Ms. Jinrui Yu, SORL’s Chief Operating Officer,
added, “Our broad range of advanced braking products enabled us to
expand our customer base and grow our market share in China and
abroad. We also invested over $55.4 million in property,
plant and equipment in 2018 to enhance our production capacity and
productivity. Our strengthened research and development program
continues to develop technologies positioning us for ongoing
growth in the future.”
Fourth Quarter 2018 Financial
Results
For the fourth quarter of 2018, net sales were
$123.3 million compared to $122.9 million in the fourth quarter of
2017.
Revenues from the Company’s domestic OEM
customers were $71.4 million, an increase of 14.1% from $62.6
million in the fourth quarter of 2017. The strong year-over-year
sales growth was mainly due to increased market share. Sales
to China's domestic aftermarket was $29.7 million compared with
$41.8 million in the same quarter of 2017. The decrease in
aftermarket sales was mainly attributable to the limited production
capability, which was largely consumed by the increased orders from
the OEM market and international markets. Revenues from
international markets increased 20.0% to $22.2 million, compared to
$18.5 million in the same quarter of 2017 as the Company’s global
customer base continued to expand.
The gross profit for the fourth quarter of 2018
was $31.6 million from $31.3 million in the fourth quarter of 2017.
Gross margin was 25.6%, up from 25.5% in the fourth quarter of
2017.
In the fourth quarter of 2018, operating
expenses increased to $30.4 million from $28.2 million in the same
quarter of 2017. As a percentage of total revenues, operating
expenses were 24.7% in the fourth quarter of 2018 compared to 23.0%
in the fourth quarter of 2017.
- Selling and distribution expenses were $18.0 million, or 14.6%
of quarterly revenues, compared with $16.2 million, or 13.2% a year
ago. Higher selling and distribution expenses were primarily due to
the higher freight and packaging costs and compensation to the
sales team.
- General and administrative ("G&A") expenses in the fourth
quarter of 2018 were $9.4 million compared with $8.5 million a year
ago. G&A expenses as a percentage of revenue in the fourth
quarter of 2018 were 7.6% compared with 6.9% in the fourth quarter
of 2017.
- Research and development ("R&D") expenses were $3.0 million
compared with $3.5 million in the fourth quarter of 2017. As a
percentage of revenue, R&D expenses were 2.4% in the fourth
quarter of 2018 compared with 2.9% of revenue in the fourth quarter
of 2017.
Interest income was $3.2 million compared with
$0.2 million in the fourth quarter of 2017. Financial expenses were
$3.4 million compared with $1.3 million in the fourth quarter of
2017.
Income before income taxes was $4.6 million in
the fourth quarter of 2018 compared with $3.7 million in the fourth
quarter of 2017.
Income taxes were $0.8 million in the fourth
quarter of 2018 compared with $0.5 million in the fourth quarter of
2017.
Net income attributable to stockholders for the
fourth quarter of 2018 was $3.3 million, or $0.17 per basic and
diluted share, compared with $2.9 million, or $0.15 per basic and
diluted share a year ago.
Full Year 2018 Financial
Results
SORL's net sales for the fiscal year ended
December 31, 2018 increased 19.9% to a new record high of $468.0
million from the former annual record high of $390.5 million in
2017.
For the fiscal year ended December 31, 2018, the
Company’s sales to the domestic OEM market increased by 15.5% to
$236.1 million from $204.4 million in 2017. According to the China
Association of Automobile Manufacturers (“CAAM”), the total unit
sales of commercial vehicles in China increased by 5.1% in 2018
despite lower bus unit sales.
Aftermarket sales increased by 28.8% to $147.0
million from $114.1 million in 2017. The increasing number of OEM
warranty expirations from prior years’ commercial vehicle sales
helped drive aftermarket growth in 2018.
International sales increased by 17.9% to $84.9
million compared with $72.0 million in 2017 due to a growing
international customer base.
SORL's gross profit increased 17.6% to $122.5
million from $104.2 million in 2017 due to increased total sales.
Gross margin decreased slightly to 26.2% from 26.7% in 2017
primarily due to increased sales promotions with price discounts to
increase the Company’s market share.
SORL’s operation expenses increased 36.6% to
$98.5 million from $72.1 million in 2017.
- Selling expenses increased by approximately $16.1 million
compared with 2017 primarily due to higher freight, packaging costs
and commissions related to higher sales. As a percentage of
total sales revenues, selling expenses were 11.8% for the year
ended December 31, 2018 compared with 10.0% in 2017.
- G&A expenses increased by $4.9 million in 2018 mainly due
to higher sales. G&A expenses increased to 5.8% of sales
revenue for the year ended December 31, 2018, as compared to 5.6%
in 2017.
- R&D expenses increased by $5.4 million from 2017 as SORL
continued to build new advanced products and enhance technologies.
The Company's focus has been on developing electronically
controlled products to enhance braking performance in 2018.
As a percentage of sales revenue, R&D expenses were 3.5% in
2018 compared to 2.8% for the year ended December 31, 2017.
Net other operating income was $10.1 million compared with
$3.0 million in 2017 due to increased sales of scrap metals.
Interest income increased to $6.1 million from $0.2 million in
2017. Financial expenses increased to $13.6 million from $3.1
million in 2017.
Income before provision for income taxes was
$31.3 million compared to $31.7 million in 2017. The pretax
income margin was 6.7% in the 2018 year compared with 8.1% in
2017.
The provision for income taxes was $15.8 million
in 2018 compared with $4.7 million in 2017. The significantly
higher taxes in 2018 compared with 2017 were mainly due to one-time
accrued taxes of $11.0 million associated with the U.S. tax reform.
The Company also recognized related adjustments in an amount of
$587,821. As of December 31, 2018, $2,451,499 was included in taxes
payable as a current liability which the Company believes will be
paid within one year and the remaining balance was included in
long-term taxes payable. As of the filing date, no transition tax
payment has been made.
The net income attributable to stockholders in
2018 was $12.7 million, compared with $24.3 million in 2017.
Earnings per share, both basic and diluted, for the years ended
December 31, 2018 and 2017, were $0.66 and $1.26 per share,
respectively.
Excluding the impact of the income tax provision
associated with the U.S. tax reform, net income attributable to
stockholders for the 2018 year would have been $23.7 million, or
$1.23 per basic and diluted share, compared with net income
attributable to stockholders of $24.3 million or $1.26 per basic
and diluted share in 2017.
Balance Sheet
As of December 31, 2018, the Company had cash
and cash equivalents of $73.6 million compared to $4.2 million on
December 31, 2017. Accounts receivable were $150.0 million compared
to $134.4 million on December 31, 2017. Inventories were $204.3
million compared to $114.3 million on December 31, 2017.
Short-term bank loans were $217.9 million compared to $125.4
million on December 31, 2017. Total equity was $205.5 million at
December 31, 2018 compared with $200.3 million at December 31,
2017. On December 31, 2018, working capital was $47.3 million with
a current ratio of 1.1 to 1. Net cash flows provided by operating
activities was $161.2 million compared with $33.8 million in 2017.
Acquisition of property, equipment, plant and land use rights was
$55.4 million compared with $52.3 million in 2017.
Business Outlook
For the fiscal year 2019, management expects net
sales to be approximately $515 million and net income attributable
to stockholders to be approximately $22 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 1, 2019, at 8:00 A.M. EDT/ 8:00
P.M. Beijing Time to discuss its unaudited financial results for
the 2018 fourth quarter and audited results for the fiscal year
ended December 31, 2018. 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. EDT on May 1, 2019 or 8:00 P.M.
Beijing Time on May 1, 2019 . 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 “45616” 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.
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+86-577-6581-7721phyllis@sorl.com.cn Kevin
TheissAwaken Advisors 212-521-4050 kevin.theiss@awakenlab.com
SORL Auto Parts, Inc. and
SubsidiariesConsolidated Balance
SheetsDecember 31, 2018 and December 31,
2017
| |
|
December 31, 2018 |
|
|
December 31, 2017 |
|
| |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
| Current
Assets |
|
|
|
|
|
|
|
|
| Cash and
cash equivalents |
|
US$ |
73,588,229 |
|
|
US$ |
4,221,940 |
|
| Accounts
receivable, net, including $261,889 and $1,297,734 from related
parties at December 31, 2018 and 2017, respectively |
|
|
150,047,797 |
|
|
|
134,384,961 |
|
| Bank
acceptance notes from customers |
|
|
62,052,225 |
|
|
|
116,040,688 |
|
|
Inventories |
|
|
204,285,427 |
|
|
|
114,300,564 |
|
|
Prepayments, current, including $3,670,573 and $999,527 to related
party at December 31, 2018 and 2017, respectively |
|
|
7,776,591 |
|
|
|
8,826,004 |
|
|
Restricted cash, current |
|
|
19,307,003 |
|
|
|
376,236 |
|
| Advances
to related parties |
|
|
79,739,417 |
|
|
|
72,318,224 |
|
| Other
current assets, net |
|
|
15,697,448 |
|
|
|
5,555,568 |
|
|
Total Current Assets |
|
|
612,494,137 |
|
|
|
456,024,185 |
|
| |
|
|
|
|
|
|
|
|
| Property,
plant and equipment, net |
|
|
96,053,386 |
|
|
|
79,828,006 |
|
| Land use
rights, net |
|
|
21,124,455 |
|
|
|
14,912,134 |
|
|
Intangible assets, net |
|
|
220,232 |
|
|
|
3,341 |
|
| Deposits
on loan agreements |
|
|
10,199,324 |
|
|
|
10,712,865 |
|
|
Prepayments, non-current |
|
|
31,575,238 |
|
|
|
16,594,987 |
|
| Other
assets, non-current |
|
|
563,542 |
|
|
|
- |
|
|
Restricted cash, non-current |
|
|
18,067,374 |
|
|
|
- |
|
| Deferred
tax assets |
|
|
4,073,838 |
|
|
|
4,240,424 |
|
|
Total Non-current Assets |
|
|
181,877,389 |
|
|
|
126,291,757 |
|
|
Total Assets |
|
US$ |
794,371,526 |
|
|
US$ |
582,315,942 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
| Current
Liabilities |
|
|
|
|
|
|
|
|
| Accounts
payable and bank acceptance notes to vendors, including $23,805,200
and $15,896,804 due to related parties at December 31, 2018 and
2017, respectively |
|
US$ |
236,433,718 |
|
|
US$ |
118,051,633 |
|
| Deposits
received from customers |
|
|
51,529,795 |
|
|
|
43,087,473 |
|
| Short
term bank loans |
|
|
217,940,471 |
|
|
|
125,380,899 |
|
| Current
portion of long term loans |
|
|
21,141,029 |
|
|
|
24,266,031 |
|
| Income
tax payable |
|
|
3,421,486 |
|
|
|
3,249,727 |
|
| Accrued
expenses |
|
|
24,045,902 |
|
|
|
25,154,658 |
|
| Due to
related party |
|
|
5,959,752 |
|
|
|
1,572,963 |
|
| Deferred
income |
|
|
1,453,282 |
|
|
|
1,020,273 |
|
| Other
current liabilities |
|
|
3,288,344 |
|
|
|
2,857,130 |
|
|
Total Current Liabilities |
|
|
565,213,779 |
|
|
|
344,640,787 |
|
| |
|
|
|
|
|
|
|
|
| Long term
loans, less current portion and net of unamortized debt issuance
costs |
|
|
14,429,404 |
|
|
|
37,383,224 |
|
| Income
tax payable, non-current |
|
|
9,259,307 |
|
|
|
- |
|
|
Total Non-current Liabilities |
|
|
23,688,711 |
|
|
|
37,383,224 |
|
|
Total Liabilities |
|
|
588,902,490 |
|
|
|
382,024,011 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
| Preferred
stock - no par value; 1,000,000 authorized; none issued and
outstanding as of December 31, 2018 and 2017 |
|
|
- |
|
|
|
- |
|
| Common
stock - $0.002 par value; 50,000,000 authorized, 19,304,921 issued
and outstanding as of December 31, 2018 and 2017 |
|
|
38,609 |
|
|
|
38,609 |
|
|
Additional paid-in capital |
|
|
(28,582,654 |
) |
|
|
(28,582,654 |
) |
|
Reserves |
|
|
20,007,007 |
|
|
|
17,562,357 |
|
|
Accumulated other comprehensive income |
|
|
6,655,803 |
|
|
|
15,903,188 |
|
| Retained
earnings |
|
|
178,535,378 |
|
|
|
168,244,329 |
|
|
Total SORL Auto Parts, Inc. Stockholders’
Equity |
|
|
176,654,143 |
|
|
|
173,165,829 |
|
|
Noncontrolling Interest In Subsidiaries |
|
|
28,814,893 |
|
|
|
27,126,102 |
|
|
Total Equity |
|
|
205,469,036 |
|
|
|
200,291,931 |
|
|
Total Liabilities and Equity |
|
US$ |
794,371,526 |
|
|
US$ |
582,315,942 |
|
SORL Auto Parts, Inc. and
SubsidiariesConsolidated Statements of Income and
Comprehensive IncomeFor The Years Ended December
31, 2018 and 2017
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Sales |
|
US$ |
468,049,906 |
|
|
US$ |
390,522,569 |
|
| Include: sales to
related parties |
|
|
30,273,960 |
|
|
|
24,376,622 |
|
| Cost of sales |
|
|
345,534,015 |
|
|
|
286,336,367 |
|
| Gross profit |
|
|
122,515,891 |
|
|
|
104,186,202 |
|
| |
|
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
|
|
|
|
| Selling and
distribution expenses |
|
|
55,158,703 |
|
|
|
39,067,566 |
|
| General and
administrative expenses |
|
|
26,939,370 |
|
|
|
22,023,338 |
|
| Research and
development expenses |
|
|
16,366,393 |
|
|
|
11,004,560 |
|
| Total operating
expenses |
|
|
98,464,466 |
|
|
|
72,095,464 |
|
| |
|
|
|
|
|
|
|
|
| Other operating income,
net |
|
|
10,122,416 |
|
|
|
3,039,824 |
|
| |
|
|
|
|
|
|
|
|
| Income from
operations |
|
|
34,173,841 |
|
|
|
35,130,562 |
|
| |
|
|
|
|
|
|
|
|
| Interest income |
|
|
6,052,416 |
|
|
|
232,466 |
|
| Government grants |
|
|
4,307,609 |
|
|
|
2,264,055 |
|
| Other income |
|
|
260,448 |
|
|
|
101,475 |
|
| Interest expenses |
|
|
(13,570,956 |
) |
|
|
(3,100,396 |
) |
| Other income
(expenses) |
|
|
43,219 |
|
|
|
(2,883,440 |
) |
| |
|
|
|
|
|
|
|
|
| Income before income
taxes provision |
|
|
31,266,577 |
|
|
|
31,744,722 |
|
| |
|
|
|
|
|
|
|
|
| Provision for income
taxes |
|
|
15,814,600 |
|
|
|
4,717,810 |
|
| |
|
|
|
|
|
|
|
|
| Net income |
|
US$ |
15,451,977 |
|
|
US$ |
27,026,912 |
|
| |
|
|
|
|
|
|
|
|
| Net income attributable
to noncontrolling interest in subsidiaries |
|
|
2,716,278 |
|
|
|
2,702,691 |
|
| |
|
|
|
|
|
|
|
|
| Net income attributable
to common stockholders |
|
US$ |
12,735,699 |
|
|
US$ |
24,324,221 |
|
| |
|
|
|
|
|
|
|
|
| Comprehensive
income: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net income |
|
US$ |
15,451,977 |
|
|
US$ |
27,026,912 |
|
| Foreign currency
translation adjustments |
|
|
(10,274,872 |
) |
|
|
10,873,496 |
|
| Comprehensive
income |
|
|
5,177,105 |
|
|
|
37,900,408 |
|
| Comprehensive income
attributable to noncontrolling interest in subsidiaries |
|
|
1,688,791 |
|
|
|
3,790,041 |
|
| Comprehensive income
attributable to common stockholders |
|
US$ |
3,488,314 |
|
|
US$ |
34,110,367 |
|
| |
|
|
|
|
|
|
|
|
| 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$ |
0.66 |
|
|
US$ |
1.26 |
|
| |
|
|
|
|
|
|
|
|
| EPS - diluted |
|
US$ |
0.66 |
|
|
US$ |
1.26 |
|
SORL Auto Parts, Inc. and
SubsidiariesConsolidated Statements of Cash
FlowsFor The Years Ended December 31, 2018 and
2017
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Cash Flows From
Operating Activities |
|
|
|
|
|
|
| Net income |
|
US$ |
15,451,977 |
|
|
US$ |
27,026,912 |
|
| Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Allowance for doubtful
accounts |
|
|
1,159,061 |
|
|
|
1,474,872 |
|
| Depreciation and
amortization |
|
|
11,838,692 |
|
|
|
9,259,516 |
|
| Deferred income
tax |
|
|
(37,588 |
) |
|
|
(807,058 |
) |
| Loss (gain) on disposal
of property and equipment |
|
|
(40,779 |
) |
|
|
9,515 |
|
| Amortization of debt
issuance costs |
|
|
1,168,449 |
|
|
|
- |
|
| Changes in
assets and liabilities: |
|
|
|
|
|
|
|
|
| Account receivable |
|
|
(23,258,262 |
) |
|
|
(26,640,753 |
) |
| Bank acceptance notes
from customers |
|
|
120,433,497 |
|
|
|
(3,197,464 |
) |
| Other currents
assets |
|
|
(10,884,355 |
) |
|
|
(4,371,425 |
) |
| Inventories |
|
|
(97,808,381 |
) |
|
|
(43,139,593 |
) |
| Prepayments |
|
|
942,352 |
|
|
|
1,877,272 |
|
| Other assets |
|
|
(577,381 |
) |
|
|
- |
|
| Accounts payable and
bank acceptance notes to vendors |
|
|
121,285,932 |
|
|
|
46,444,126 |
|
| Income tax payable |
|
|
9,534,690 |
|
|
|
2,126,238 |
|
| Deposits received from
customers |
|
|
10,765,839 |
|
|
|
18,302,544 |
|
| Deferred income |
|
|
493,752 |
|
|
|
989,766 |
|
| Other current
liabilities and accrued expenses |
|
|
692,584 |
|
|
|
4,466,181 |
|
| Net Cash Flows
Provided By Operating Activities |
|
|
161,160,079 |
|
|
|
33,820,649 |
|
| |
|
|
|
|
|
|
|
|
| Cash Flows From
Investing Activities |
|
|
|
|
|
|
|
|
| Deposits on loan
agreements |
|
|
- |
|
|
|
(5,196,271 |
) |
| Acquisition of
property, equipment, plant and land use rights |
|
|
(55,376,169 |
) |
|
|
(52,259,319 |
) |
| Deposits for
acquisition of land use rights |
|
|
- |
|
|
|
(2,982,537 |
) |
| Refund of deposits for
acquisition of land use rights |
|
|
- |
|
|
|
2,982,537 |
|
| Acquisition of
intangible asset |
|
|
(225,640 |
) |
|
|
- |
|
| Advances to related
parties |
|
|
(211,733,387 |
) |
|
|
(186,885,309 |
) |
| Repayment of advances
to related parties |
|
|
129,577,381 |
|
|
|
118,436,661 |
|
| Net Cash Flows
Used In Investing Activities |
|
|
(137,757,815 |
) |
|
|
(125,904,238 |
) |
| |
|
|
|
|
|
|
|
|
| Cash Flows From
Financing Activities |
|
|
|
|
|
|
|
|
| Proceeds from short
term bank loans |
|
|
527,380,963 |
|
|
|
206,836,188 |
|
| Repayment of short term
bank loans |
|
|
(426,390,447 |
) |
|
|
(113,440,430 |
) |
| Proceeds from related
parties |
|
|
9,669,326 |
|
|
|
103,775,545 |
|
| Repayments to related
parties |
|
|
- |
|
|
|
(139,482,122 |
) |
| Proceeds from long term
loans |
|
|
- |
|
|
|
29,692,975 |
|
| Repayment of long term
loans |
|
|
(24,859,848 |
) |
|
|
(3,008,756 |
) |
| Payment of debt
issuance costs |
|
|
- |
|
|
|
(1,767,572 |
) |
| Repayment of capital
lease |
|
|
- |
|
|
|
|
|
| Net Cash Flows
Provided By Financing Activities |
|
|
85,799,994 |
|
|
|
82,605,828 |
|
| |
|
|
|
|
|
|
|
|
| Effects on changes in
foreign exchange rate |
|
|
(2,837,828 |
) |
|
|
542,161 |
|
| |
|
|
|
|
|
|
|
|
| Net change in cash,
cash equivalents and restricted cash |
|
|
106,364,430 |
|
|
|
(8,935,600 |
) |
| |
|
|
|
|
|
|
|
|
| Cash, cash equivalents,
and restricted cash - beginning of the year |
|
|
4,598,176 |
|
|
|
13,533,776 |
|
| |
|
|
|
|
|
|
|
|
| Cash, cash
equivalents, and restricted cash - end of the year |
|
US$ |
110,962,606 |
|
|
US$ |
4,598,176 |
|
| |
|
|
|
|
|
|
|
|
| Supplemental
Cash Flow Disclosures: |
|
|
|
|
|
|
|
|
| Interest paid |
|
US$ |
11,653,031 |
|
|
US$ |
2,860,931 |
|
| Income taxes paid |
|
US$ |
6,343,206 |
|
|
US$ |
3,398,629 |
|
| |
|
|
|
|
|
|
|
|
| Non-cash
Investing and Financing Transactions |
|
|
|
|
|
|
|
|
| Liabilities assumed in
connection with acquisition of property, plant, and equipment |
|
US$ |
703,698 |
|
|
US$ |
- |
|
| Land use right
transferred from prepayment |
|
US$ |
7,733,989 |
|
|
US$ |
- |
|
| Proceeds from long term
loans in the form of bank acceptance notes |
|
US$ |
- |
|
|
US$ |
29,692,975 |
|
| Repayments from related
party in the form of bank acceptance notes |
|
US$ |
70,818,463 |
|
|
US$ |
35,706,576 |
|
| Repayments to related
party in the form of bank acceptance notes |
|
US$ |
5,097,556 |
|
|
US$ |
- |
|
| Transfer of debt among
related parties |
|
US$ |
- |
|
|
US$ |
3,711,622 |
|
| Deposits on loan
agreements deducted from proceeds of long term loans |
|
US$ |
- |
|
|
US$ |
5,196,271 |
|
| |
|
|
|
|
|
|
|
|
| Reconciliation
of cash, cash equivalents, and restricted cash to the consolidated
balance sheets |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
|
US$ |
73,588,229 |
|
|
US$ |
4,221,940 |
|
| Restricted cash,
current |
|
|
19,307,003 |
|
|
|
376,236 |
|
| Restricted cash,
non-current |
|
|
18,067,374 |
|
|
|
- |
|
| Total cash, cash
equivalents, and restricted cash |
|
US$ |
110,962,606 |
|
|
US$ |
4,598,176 |
|
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