ZHEJIANG, China, March 29, 2011 /PRNewswire-Asia-FirstCall/ --
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 financial results for the
fourth quarter and fiscal year ended December 31, 2010.
On August 31, 2010, the Company,
through its subsidiary, acquired the automotive parts segments of
Ruili Group Co., Ltd. In accordance with United States
Generally Accepted Accounting Principles ("GAAP"), SORL's
consolidated annual financial statements for 2010 and 2009 include
the acquired segments of the Ruili Group's business as if the
acquisition had taken place on January 1,
2009.
Fourth Quarter Financial Highlights
- SORL Net sales rose 19.4% from the fourth quarter of 2009;
- SORL OEM sales were up 25.2% year-over-year;
- SORL Export sales were up 15.8% year-over-year;
- SORL Net income rose 5.6% year-over-year; with diluted EPS of
$0.31.
Mr. Xiaoping Zhang, SORL Auto
Parts' Chief Executive Officer and Chairman, stated, "Our 2010
fourth quarter continued our growth trend as the Chinese economy
continued to expand. We benefited from higher demand for
commercial vehicles due to the investment in infrastructure by the
Chinese government, the expansion of the highway system allowing
for more goods to shipped longer distances, and greater bus
production to move people. Additionally, through SORL's
acquisition of certain assets of the auto parts business of the
Ruili Group, we now are selling into the passenger vehicle market
and offer a broader line of products."
"We remain optimistic for our OEM business and expect faster
growth in the Chinese aftermarket as more replacement parts become
necessary to maintain and repair the large and growing number of
vehicles in China. We have
received good feedback on our more advanced, higher-margin products
that we designed and are manufacturing," Mr. Zhang concluded.
Fourth Quarter Financial Results
The fourth quarter financial results presented for the periods
ending December 31, 2010 and
December 31, 2009 include the results
of the acquired Ruili Group business in each period.
SORL's consolidated net sales were $54.8
million, an $8.9 million or
19.4% increase over the $45.9 million
in the same quarter of 2009. SORL sales to the Chinese OEM market
were $32.8 million and $26.2 million for the three months ended
December 31, 2010 and 2009,
respectively, an increase of 25.2%. SORL's Chinese aftermarket
sales were $10.3 million and
$9.6 million for the three months
ended December 31, 2010 and 2009,
respectively, an increase of 7.3%. SORL export sales were
$11.7 million and $10.1 million for the three months ended
December 31, 2010 and 2009,
respectively, an increase of 15.8%.
SORL's consolidated gross profit was $15.6 million for the fourth quarter of 2010, a
4.3% increase or $0.6 million,
from $15.0 million for the fourth
quarter of 2009.
"SORL's gross margin was 28.5% compared with 32.7% in the fourth
quarter of 2009. Rising labor expenses, higher depreciation costs
related to the purchase of new equipment, and higher raw material
prices also affected gross margins in the 2010 fourth quarter.
To maintain or increase gross profit margins, SORL has focused
on increasing production efficiency, improving the technologies in
its products, and adding higher-profit new valve products.
SORL's consolidated selling and distribution expenses was
$4.1 million for the three months
ended December 31, 2010, as compared
to $3.2 million for the same period
of 2009. The increased selling and distribution expense was due to
increased transportation costs resulting from higher sales.
As a percentage of revenue, SORL selling and distribution
expense increased to 7.5% for the 2010 fourth quarter compared with
6.9% in the same quarter of 2009.
SORL's consolidated general and administrative (G&A)
expenses were $2.0 million for the
2010 fourth quarter versus $3.3
million for the same quarter in 2009.
The decrease in G&A was primarily a result of reversing an
over accrual of professional fee expense incurred in the first nine
months of 2010 for potential M&A activities. G&A expenses
were 3.6% of sales in the 2010 fourth quarter compared with 7.2% of
sales in the fourth quarter last year.
SORL's research and development expenses were $1.9 million compared with $2.4 million for the same period of 2009.
Research and development was focused on new product development,
particularly in upgrading traditional valve products and in
developing electronically controlled products.
SORL's consolidated operating income in the fourth quarter of
2010 was $7.3 million, a 23.7%
increase over the $5.9 million in the
fourth quarter of 2009. The increase in operating income is due to
higher sales and gross margin combined with lower operating
expenses during the fourth quarter of 2010 compared with the same
quarter in 2009.
SORL's operating margin was 13.3% in the fourth quarter of 2010
compared with an operating margin of 12.8% in the fourth quarter
last year. The consolidated operating margin in the third quarter
of 2010 was 12.1%.
The consolidated provision for income taxes in the 2010 fourth
quarter was $1.0 million versus a tax
benefit of $0.09 million in the 2009
fourth quarter.
SORL's consolidated net income attributable to stockholders for
the 2010 fourth quarter was $5.9
million, or $0.31 per diluted
share, a 5.6% gain over the $5.6
million, or $0.30 per diluted
share, in the year ago fourth quarter.
Consolidated net cash flows from operating activities were
$12.3 million for the fiscal year
ended December 31, 2010 compared with
$2.5 million last year.
Annual Financial Results
In accordance with GAAP, SORL's annual results include the
business acquired from the Ruili Group as if the acquisition had
occurred on January 1, 2009.
SORL's consolidated net sales for 2010 increased by $58.4 million or 41.4% year-over-year, to
$199.4 million from $141.0 million in the year ended December 31, 2009.
SORL's consolidated sales in 2010 from China's domestic OEM market were $117.4 million, a $44.5
million or 61.0% increase from the $72.9 million in 2009. Sales from China's domestic aftermarket were $33.5 million in 2010 versus $33.7 million in 2009. Sales from international
markets rose 41.4% to $48.5 million
in 2010 compared with $34.3 million
last year.
SORL's consolidated gross profit increased by 35.7% to
$58.1 million for the year ended
December 31, 2010 from $42.8 million in the 2009 year. SORL's gross
margin was 29.2% in 2010 compared with 30.4% for 2009.
To maintain or increase gross profit margins, SORL has focused
on increasing production efficiency, improving the technologies in
its products, and adding higher-profit new valve products.
SORL's consolidated selling and distribution expenses were
$13.5 million in 2010 compared with
$10.4 million in 2009. The
increase in selling expenses was mainly due to greater
transportation costs related to higher sales. As a percentage of
sales, selling and distribution expenses declined to 6.8% in 2010
from 7.3% in 2009.
SORL's consolidated general and administrative (G&A)
expenses were $11.8 million in 2010
from $10.0 million in 2009. The
higher G&A expenses were related to the Company's business
expansion and were consistent with the increase in sales. As a
percentage of sales, general and administrative expenses were 5.9%
versus 7.1% in 2009.
SORL's consolidated research and development (R&D) expense
in 2010 was $7.2 million compared
with $5.0 million for 2009. The
$2.3 million higher R&D
investment focused on new product development, particularly in
upgrading traditional valve products and in developing
electronically controlled products. As a percentage of sales,
R&D expenses were 3.6 % in 2010 versus 3.5% in 2009.
Consolidated financial expenses in 2010 were $1.1 million compared with $376,000 in 2009 primarily due to fluctuations in
the exchange rate between the U.S. dollar and Chinese RMB
currencies.
SORL consolidated income from operations was $24.6 million, a 43.6% increase from the
$17.1 million in 2009. The 2010
operating margin of 12.3% was slightly above last year's operating
margin.
SORL's consolidated income taxes in 2010 were $2.8 million compared with $2.0 million in 2009. The increase is primarily
due to the increase in pre-tax net income partially offset by a tax
benefit from the purchase of domestically manufactured equipment.
The consolidated net income attributable to stockholders for the
fiscal year ended December 31,
2010 increased by $6.4 million,
or 45.6% to $20.4 million, or basic
and diluted earnings per share ("EPS") of $1.06, from consolidated net income of
$14.0 million, or basic and diluted
EPS of $0.77, in 2009.
Balance Sheet
At December 31, 2010, the Company
had cash and cash equivalents of $6.7
million compared with $10.3
million at December 31, 2009.
Working capital was $87.9 million at
December 31, 2010, with a current
ratio of 3.0 to 1. Shareholders' equity grew to $133.3 million at December
31, 2010 from $122.2 million
at December 31, 2009.
Recent Developments
On January 24, 2011SORL announced
that its subsidiary, Ruili Group Ruian Auto Parts Co., Ltd., was
awarded a "core supplier" designation from the China FAW Group
Corporation (FAW Group). Out of over 900 suppliers, SORL was one of
only 26 suppliers to be recognized as an FAW Group "core
supplier."
On December 21, 2010, SORL
announced that the Yutong Group, Asia's largest bus manufacturer, agreed to
purchase disc spring chambers exclusively from SORL in 2011,
replacing imported products. The new orders are expected to
increase SORL's 2011 sales to the Yutong Group by 100%. Sales to
the entire bus market in 2011 are expected to reach RMB 50 million, a more than 100% increase
compared with bus sales in 2010. The Company's market share in the
bus market is expected to rapidly expand with these new
orders.
SORL announced on September 1,
2010, that through its 90%-owned operating subsidiary, Ruili
Group Ruian Auto Parts Co., Ltd., it executed an Asset Purchase
Agreement to purchase the assets of the hydraulic brake, power
steering and automotive electrical parts segments of the automotive
parts business of Ruili Group Co., Ltd. The Company's product
offerings expanded into both commercial and passenger vehicles'
brake systems and other key safety-related auto parts. The purchase
price was RMB 170 million, or
approximately USD$25 million. The
transaction was effected as a purchase of assets, consisting
primarily of machinery and equipment, inventory, accounts
receivable and patent rights, used or usable in connection with
these segments of the auto parts business of Ruili Group Co.,
Ltd.
Business Outlook
We project approximately $50.0
million of sales revenue and $4.6
million of net income attributable to our common
stockholders for the first quarter ending March 31, 2011.
Conference Call
Management will host a conference call on Tuesday, March 29, 2011 at 8:00 a.m. EDT / 8:00
p.m. Beijing Time to discuss its 2010 fourth quarter and
fiscal year financial results. Listeners may access the call by
dialing U.S. toll free number +1-877-407-0778, or +1-201-689-8565
for international callers. 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 11:59 p.m.
EDT on April 5, 2011, or
11:59 a.m. Beijing Time on
April 6, 2011. The replay dial-in
numbers are: U.S. toll free number +1-877-660-6853, or the
international number is +1-201-612-7415; using Account "286" and
Conference ID "369621" to access the replay.
SORL Auto Parts, Inc.
A leading manufacturer and distributor of automotive brake
systems and other key safety related auto parts in China, management believes that SORL Auto
Parts, Inc. ranked No. 1 for market share in China in the segment for brake systems for
commercial vehicles, such as trucks and buses. 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 system and others. The Company has four authorized
international sales centers in Australia, UAE, India, and the
United States. 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 includes certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Forward-looking statements can be identified by the use
of forward-looking terminology such as "will", "believes",
"expects" or similar expressions. These forward- looking statements
may also include statements about our proposed discussions related
to our business or growth strategy, which is subject to change.
Such information is based upon expectations of our management that
were reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties and
contingencies beyond our control and upon assumptions with respect
to future business decisions, which are subject to change. We do
not undertake to update the forward-looking statements contained in
this press release. For a description of the risks and
uncertainties that may cause actual results to differ from the
forward-looking statements contained in this press release, see our
most recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC filings.
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
|
|
|
|
Ben Chen
|
|
Corporate Secretary
|
|
Director of Investor
Relations
|
|
+86-577-6581-7721
|
|
ben@sorl.com.cn
|
|
|
|
Kevin Theiss
|
|
Grayling
|
|
+1-646-284-9409
|
|
kevin.theiss@grayling.com
|
|
|
-- Tables Follow --
SORL Auto
Parts, Inc. and Subsidiaries
|
|
Consolidated
Balance Sheets
|
|
December 31,
2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2010
|
|
December 31, 2009
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
US$
|
6,691,078
|
US$
|
10,255,259
|
|
|
Accounts Receivable, Net of
Provision
|
|
54,168,856
|
|
47,753,974
|
|
|
Notes Receivable
|
|
27,318,361
|
|
13,083,691
|
|
|
Inventory
|
|
31,960,053
|
|
24,028,397
|
|
|
Prepayments
|
|
7,632,674
|
|
7,558,140
|
|
|
Other current assets, including
$52,743 and $0 from related parties at December 31, 2010 and
December 31, 2009, respectively.
|
|
3,497,659
|
|
5,141,595
|
|
|
Total Current
Assets
|
|
131,268,681
|
|
107,821,056
|
|
Fixed Assets
|
|
|
|
|
|
|
Property, Plant and
Equipment
|
|
67,926,160
|
|
49,713,952
|
|
|
Less: Accumulated
Depreciation
|
|
(23,032,159)
|
|
(17,983,124)
|
|
|
Property, Plant and
Equipment, Net
|
|
44,894,001
|
|
31,730,828
|
|
|
Leasehold Improvements in
Progress
|
|
424,881
|
|
477,681
|
|
|
|
|
|
|
|
|
Land Use Rights,
Net
|
|
14,298,522
|
|
14,198,392
|
|
|
|
|
|
|
|
|
Other Assets
|
|
|
|
|
|
|
Intangible Assets
|
|
166,510
|
|
161,499
|
|
|
Less: Accumulated
Amortization
|
|
(71,868)
|
|
(54,380)
|
|
|
Intangible Assets,
Net
|
|
94,642
|
|
107,119
|
|
|
Deferred tax assets
|
|
398,034
|
|
220,577
|
|
|
|
|
|
|
|
|
|
Total Other
Assets
|
|
492,676
|
|
327,696
|
|
|
Total Assets
|
US$
|
191,378,761
|
US$
|
154,555,653
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Accounts Payable, including
$3,151,493 and $1,985,291 due to related parties at December 31,
2010 and December 31, 2009, respectively.
|
US$
|
10,672,514
|
US$
|
9,724,715
|
|
|
Notes payable
|
|
966,373
|
|
-
|
|
|
Deposit Received from
Customers
|
|
7,484,839
|
|
3,670,369
|
|
|
Short term bank loans
|
|
15,770,448
|
|
-
|
|
|
Income tax payable
|
|
1,174,976
|
|
551,900
|
|
|
Accrued Expenses
|
|
6,777,830
|
|
4,192,452
|
|
|
Other Current Liabilities,
including $64,600 and $200,762 due to related parties at December
31, 2010 and December 31, 2009, respectively.
|
|
559,575
|
|
599,021
|
|
|
Total Current
Liabilities
|
|
43,406,555
|
|
18,738,457
|
|
|
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
171,981
|
|
115,481
|
|
|
Total
Liabilities
|
|
43,578,536
|
|
18,853,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Preferred Stock - No Par Value;
1,000,000 authorized; none issued and outstanding as of December
31, 2010 and December 31, 2009
|
|
-
|
|
-
|
|
|
Common Stock - $0.002 Par Value;
50,000,000 authorized,
|
|
|
|
|
|
|
19,304,921 and 18,304,921 issued
and outstanding as of
|
|
|
|
|
|
|
December 31, 2010 and December
31, 2009
|
|
38,609
|
|
36,609
|
|
|
Additional Paid In
Capital
|
|
42,199,014
|
|
55,268,604
|
|
|
Reserves
|
|
6,641,547
|
|
4,554,601
|
|
|
Accumulated other comprehensive
income
|
|
14,731,607
|
|
10,939,703
|
|
|
Retained Earnings
|
|
69,672,286
|
|
51,390,409
|
|
|
Total SORL Auto Parts, Inc.
stockholders' equity
|
|
133,283,063
|
|
122,189,926
|
|
|
Noncontrolling Interest In
Subsidiaries
|
|
14,517,162
|
|
13,511,789
|
|
|
Total Equity
|
|
147,800,225
|
|
135,701,715
|
|
|
Total Liabilities and
Stockholders' Equity
|
US$
|
191,378,761
|
US$
|
154,555,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SORL Auto
Parts, Inc. and Subsidiaries
|
|
Consolidated
Statements of Income and Comprehensive Income
|
|
For Years
Ended on December 31, 2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
US$
|
199,365,154
|
|
140,984,926
|
|
Include: sales to related
parties
|
|
|
|
1,304,624
|
|
569,621
|
|
Cost of Sales
|
|
|
|
|
141,228,963
|
|
98,146,876
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
|
58,136,191
|
|
42,838,050
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
Selling and Distribution
Expenses
|
|
13,466,981
|
|
10,356,066
|
|
General and Administrative
Expenses
|
|
11,761,401
|
|
10,038,692
|
|
Research and development
expenses
|
|
7,223,705
|
|
4,964,860
|
|
Financial Expenses
|
|
|
|
1,127,777
|
|
375,992
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
33,579,864
|
|
25,735,610
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
24,556,327
|
|
17,102,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
|
|
826,700
|
|
655,298
|
|
Non-Operating
Expenses
|
|
|
|
(221,046)
|
|
(144,372)
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Provision for
Income Taxes
|
|
25,161,981
|
|
17,613,366
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes
|
|
|
|
2,751,913
|
|
2,049,205
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
US$
|
22,410,068
|
|
15,564,161
|
|
Other Comprehensive Income -
Foreign Currency Translation Adjustment
|
|
4,213,528
|
|
101,638
|
|
Total Comprehensive
Income
|
|
|
26,623,596
|
|
15,665,799
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Noncontrolling Interest In Subsidiaries
|
2,041,245
|
|
1,519,921
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income
Attributable to Non-controlling Interest's
Share
|
|
421,624
|
|
10,183
|
|
Total Comprehensive Income
Attributable to Non-controlling Interest's
Share
|
|
|
|
2,462,869
|
|
1,530,104
|
|
Net Income Attributable to
Stockholders
|
|
|
20,368,823
|
|
14,044,240
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income
Attributable to Stockholders
|
|
|
3,791,904
|
|
91,455
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income
Attributable to Stockholders
|
|
|
|
24,159,727
|
|
14,135,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share -
Basic
|
|
|
19,304,921
|
|
18,280,865
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share -
Diluted
|
|
|
19,304,921
|
|
18,280,865
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Basic
|
|
|
|
|
1.06
|
|
0.77
|
|
|
|
|
|
|
|
|
|
|
|
EPS - Diluted
|
|
|
|
|
1.06
|
|
0.77
|
|
|
|
|
|
|
|
|
|
|
SORL Auto
Parts, Inc. and Subsidiaries
|
|
Consolidated
Statements of Cash Flows
|
|
For Years
Ended on December 31,2010 and 2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating
Activities
|
|
|
|
|
|
Net Income
|
|
|
|
US$
|
20,368,823
|
|
14,044,240
|
|
Adjustments to reconcile
net income to net cash
|
|
|
|
|
|
from operating
activities:
|
|
|
|
|
|
|
Noncontrolling Interest In
Subsidiaries
|
|
2,041,245
|
|
1,519,921
|
|
Bad Debt
Expense
|
|
|
|
256,097
|
|
18,943
|
|
Depreciation and
Amortization
|
|
|
5,351,778
|
|
4,332,946
|
|
Stock-Based Compensation
Expense
|
|
-
|
|
9,935
|
|
Loss on disposal of Fixed
Assets
|
|
|
-
|
|
11,835
|
|
Changes in Assets and
Liabilities:
|
|
|
|
|
|
Account
Receivables
|
|
|
|
(5,088,446)
|
|
(9,429,997)
|
|
Notes
Receivables
|
|
|
|
(13,617,416)
|
|
(5,537,498)
|
|
Other Currents
Assets
|
|
|
|
1,955,374
|
|
3,224,631
|
|
Inventory
|
|
|
|
|
(7,051,537)
|
|
(563,398)
|
|
Prepayments
|
|
|
|
157,299
|
|
(9,977,123)
|
|
Deferred tax
assets
|
|
|
|
(168,510)
|
|
(31,185)
|
|
Accounts Payable and Notes
Payable
|
|
1,588,281
|
|
5,062,595
|
|
Income Tax
Payable
|
|
|
|
596,693
|
|
211,344
|
|
Deposits Received from
Customers
|
|
|
3,644,043
|
|
(2,630,156)
|
|
Other Current Liabilities
and Accrued Expenses
|
|
2,169,513
|
|
2,179,900
|
|
Deferred tax
liabilities
|
|
|
|
60,794
|
|
8,550
|
|
Net Cash Flows from
Operating Activities
|
|
12,264,031
|
|
2,455,483
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing
Activities
|
|
|
|
|
|
Acquisition of Property
and Equipment
|
|
(16,928,230)
|
|
(7,367,244)
|
|
Leasehold Improvements in
Progress
|
|
-
|
|
(477,876)
|
|
Acquisition of the automotive
parts business
|
|
(24,963,964)
|
|
-
|
|
Sales proceeds of disposal
of fixed assets
|
|
-
|
|
42,590
|
|
|
|
|
|
|
|
|
|
|
Net Cash Flows from
Investing Activities
|
|
(41,892,194)
|
|
(7,802,530)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing
Activities
|
|
|
|
|
|
Proceeds from Bank
Loans
|
|
15,529,510
|
|
-
|
|
Proceeds from Share
Issuance
|
|
|
9,399,978
|
|
-
|
|
Capital contributed by Minority
S/H
|
|
|
1,038,900
|
|
52
|
|
|
|
|
|
|
|
|
|
|
Net Cash flows from
Financing Activities
|
|
25,968,388
|
|
52
|
|
|
|
|
|
|
|
|
|
|
Effects on changes in foreign
exchange rate
|
|
95,594
|
|
8,381
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash and Cash
Equivalents
|
|
(3,564,181)
|
|
2,459,272
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents-
Beginning of the year
|
|
10,255,259
|
|
7,795,987
|
|
|
|
|
|
|
|
|
|
|
Cash and cash Equivalents - End
of the year
|
US$
|
6,691,078
|
|
10,255,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow
Disclosures:
|
|
|
|
|
|
Interest Paid
|
|
|
|
550,393
|
|
-
|
|
Tax Paid
|
|
|
|
|
2,961,875
|
|
2,302,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Transaction
Disclosure:
|
|
|
|
|
|
Cashless exercise of options and
warrants and issuance of common stock
|
-
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE SORL Auto Parts, Inc.