In the news release, SORL Auto Parts Reports Financial Results
for The 2013 First Quarter, issued 15-May-2013 by SORL Auto Parts, Inc. over PR
Newswire, we are advised by the company that in the Condensed
Consolidated Statements of Cash Flows (Unaudited), Net Income
Attributable to Stockholders, 2013, should read "1,233,379" rather
than "2,625,882"; Inventories, 2013, should read "4,130,237" rather
than "5,522,740"; Prepayments, 2013, should read "131,123", rather
than "119,395"; Other current liabilities and accrued expenses,
2013, should read "718,541" rather than "294,672"; Net Cash Flows
from Operating Activities, 2013, should read "2,871,322", rather
than "2,871,321" as originally issued inadvertently. The complete,
corrected release follows:
SORL Auto Parts Reports Financial Results for The 2013 First
Quarter - Gross Margin at 27.1% with Cash flow From Operating
Activities of
$2.9 Million -
ZHEJIANG, China, May 15, 2013 /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 first quarter ended March
31, 2013.
First Quarter 2013 Financial Highlights
- Revenues for the first quarter of 2013 were $41.3 million;
- Gross margin was 27.1% in the first quarter of 2013;
- Net Income attributable to stockholders was $1.2 million, or $0.06 per diluted share;
- Cash flow from operating activities was $2.9 million with $0.97
million invested in acquiring new plant and equipment;
- Cash and cash equivalents were $43.2
million, or $2.24 per share,
versus $41.3 million at December 31, 2012.
Mr. Xiaoping Zhang, SORL's Chief
Executive Officer and Chairman, stated, "We continue to focus on
increasing our market share and maintaining our margin through our
product strategy even in a sluggish commercial vehicle market. We
achieved good first quarter sales despite continued weakness in
construction and real estate development activities in China. Our sales in the first quarter of 2013
were solid even though they declined by 7.4%, as compared with a
10.9% reduction in heavy-duty truck sales as released by the China
Automobile Industry Association. On the product front, we
introduced a series of new products with high technology content
and advanced functionalities. As a result of all these strategic
initiatives, we were able to maintain an industry-leading gross
margin in China. We are
positioning SORL to strengthen its core competencies to build our
shareholders' long-term value.
"As we prepare for an expected rebound in market growth,
especially heavy-duty trucks, we are also making headway in both
the bus and construction equipment markets. Our aftermarket
business is stable due to the large number of vehicles in
operation. Our international sales increased as the overseas
markets began to respond to our marketing initiatives despite
currency fluctuations, uncertain growth prospects in Europe and instability in the Middle East. In the first quarter of 2013,
several of our products received certification by TÜV Rheinland, a
global leader in independent inspection and certification services.
This world-class certification endorses our products' suitability
for international markets. We look forward to further building our
customer base, as we believe international sales represent a
significant opportunity for future growth of the Company."
Ms. Jinrui Yu, SORL's Chief
Operating Officer, commented, "We have maintained our gross margin
and generated positive cash flow from operating activities. We
expect to further invest in our operations to maintain our domestic
market leadership."
First Quarter 2013 Financial Performance
For the first quarter of 2013, net sales were $41.3 million, compared to $44.6 million for the first quarter of 2012.
Revenues from the Company's domestic OEM customers were
$22.8 million, compared to
$25.8 million for the first quarter
of 2012. Revenues from China's
domestic aftermarket were $9.2
million, compared with $9.8
million in the same quarter of 2012. Revenues from
international markets were $9.3
million, compared to $9.0
million in the same quarter in 2012.
Overall sales declined due to the continued weak demand for
commercial vehicles in China. The
Chinese GDP growth rate was 7.7% in the first quarter of 2013, a
slight decrease compared with 7.9% in the first quarter of 2012
according to the National Bureau of Statistics. A decline in
investments in infrastructure and other fixed assets reduced the
demand for heavy-duty trucks by the construction and infrastructure
markets, and lower domestic consumption and reduced international
trade decreased demand for trucks to transport goods. In response,
truck production declined, especially heavy-duty truck production
which recorded a 10.9% sales decline compared with the first
quarter in 2012. Lower demand for heavy-duty trucks reduced the
need for the Company's products by both OEM and aftermarket
customers. SORL improved its sales in the bus and construction
equipment markets in the first quarter of 2013 to partially offset
weak truck sales. Sales into the bus market increased in response
to the growth of urban populations and the need of public
transportation. Along with the expansion of our marketing network
and the improvement of our customer base, international sales
increased despite a continuing uncertain economic outlook for
Europe, uncertainty in the
Middle East and currency
fluctuations.
The gross profit for the first quarter of 2013 was $11.2 million, which is a slight decline compared
with $12.2 million for the first
quarter of 2012. Gross margin for the first quarter of 2013 was
27.1%, which is a slight decline compared with gross margin of
27.4% in the same quarter of 2012. The gross margin decrease was
primarily the result of higher labor expenses, and the appreciation
of the Chinese currency against U.S. dollars and other currencies.
The Company believes that by improving production efficiencies,
adding more technology to its products and increasing the sales of
higher-profit new products, its gross margin will be maintained or
improved.
Operating expenses increased to $8.9
million in the first quarter of 2013 from $8.3 million in the first quarter of 2012. The
increase in operating expenses from the year ago quarter reflected
higher expenditures in the selling and distribution, general and
administrative, and research and development areas. As a percentage
of revenue, operating expenses were 21.6% in the first quarter of
2013, compared with 18.6% in the first quarter of 2012.
- Selling and distribution expenses were $3.4 million, or 8.1% of quarterly revenues,
compared with $3.2 million, or 7.1%
in the same quarter of 2012. The increase in expenses was mainly
due to higher personnel costs and packaging expenses during the
quarter.
- General and administrative ("G&A") expenses in the first
quarter of 2013 were $4.2 million, or
10.1% of revenue compared with $3.9
million, or 8.7% in the first quarter of 2012. The increase
in expenses was mainly due to higher personnel costs and increased
expenditures for business expansion.
- Research and development ("R&D") expenses were $1.4 million, or 3.4% of revenue in the first
quarter of 2013 compared with $1.3
million, or 2.8% of revenue in the first quarter of 2012.
The increase in expenses was mainly due to the development of new
products. The R&D program focus was mainly to develop
higher-margin electronically controlled mechatronic products and to
upgrade the Company's traditional valve products to capture market
share. The Company' strict cost controls ensured the R&D
resources were effectively used.
Financial expenses increased by $351,347 to $946,244 primarily due to higher interest
expenses and currency exchange losses from the appreciation of the
Renminbi ("RMB") during the first quarter of 2013 against U.S.
dollars, which has been the currency for most of our export sales
contracts.
Income before provision for income taxes was $1.5 million for the first quarter of 2013
compared to $3.6 million for the same
quarter of 2012. The reduced income reflected a decline in sales
which generated lower gross profits, and higher operating expenses
during the first quarter of 2013. The pretax income margin
percentage was 3.7% in the first quarter of 2013, compared with
8.1% in the first quarter of 2012.
The provision for income taxes was $0.17
million, or an 11.0% tax rate, in the first quarter of 2013,
which is substantially reduced as compared with $1.0 million, or a 28.2% tax rate in the first
quarter in 2012. This change in provision for income taxes
primarily reflected that SORL received its high-tech enterprise
certification in December 2012 that
lowers its income tax rate to 15% for the years 2013 through
2014.
Net income attributable to stockholders for the first quarter of
2013 was $1.2 million, or
$0.06 per basic and diluted share,
compared with $2.3 million, or
$0.12 on per basic and diluted share,
in the first quarter of 2012.
Balance Sheet
As of March 31, 2013, the Company
had cash and cash equivalents of $43.2
million compared to $41.3
million on December 31, 2012.
Total equity increased to $192.5
million at the end of March
2013 compared with $188.5
million at December 31, 2012.
At March 31, 2013, working capital
was $138.3 million with a current
ratio of 4.3 to 1. Net cash flow from operating activities was
$2.9 million with $0.97 million used for the acquisition of
property and equipment.
Recent Developments
In May 2013, SORL Auto Parts
announced that its 2013 annual stockholder meeting will be held at
8:00 P.M. China Standard Time on
Thursday, June 13, 2013 in Meeting
Room No 1, Ruili Export Base, Extension Area of Ruian Economic
Development District, Ruian City, Zhejiang Province, Zip 325200, China. Stockholders of record as of the close
of business on Monday, April 22, 2013
are entitled to notice of and to vote at the 2013 Annual
Meeting.
In April 2013, SORL Auto Parts,
Inc. announced it received both the "2012 A Rank Supplier" and
"2013 A Rank Strategic Partner" awards by Dongfeng Dana Axle Co.,
Ltd. ("DANA"). DANA is the largest semi-independent subsidiary of
the DongFeng Group, and it is the largest and most profitable axle
production facility in China with
a diversified line of products. SORL was one of only 10
suppliers that received both the "2012 A Rank Supplier" and "2013 A
Rank Strategic Partner" awards from DANA. Through winning these
awards, SORL will be entitled to supply a higher share of DANA's
brake purchases, and the Company will receive preferential payment
terms as well.
In March 2013, SORL received
certification for the Company's pneumatic quick release valve,
pneumatic overflow valve, ABS sensor, pneumatic emergency relay
valve, and air pressure linking coupling heads, from TÜV Rheinland,
a global leader in independent inspection and certification
services. This certification confirms the technical proficiency,
safety and reliability of these products and their suitability for
the European markets.
Business Outlook
For the fiscal year 2013, management expects the net sales to be
approximately $207 million and net
income to be approximately $13.7
million. These targets are based on the Company's current
views on the operating and market conditions, which are subject to
change.
"Our investments in R&D and advanced production equipment
will continue to enable us to roll out products' with high quality
and stronger performance at a reasonable price to meet or exceed
our customers' requirements. By maintaining close relationships
with our customers, we expect to benefit from increased sales as
the markets improve," Ms. Yu concluded.
Conference Call
Management will host a conference call on Wednesday, May 15, 2013 at 8:00 a.m. EDT / 8:00
p.m. Beijing Time to discuss its 2013 first quarter
financial results. Listeners may access the call by dialing U.S.
toll free number +1-877-407-0778, +1-201-689-8565 for international
callers, and China toll free
864001202840. 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 June 15, 2013, or
11:59 a.m. Beijing Time on
June 16, 2013. 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 Conference ID
"414523" 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
Raymond Lin
+86.139.6777.6556
+86.577.6581.7721
ljf@sorl.com.cn
Phyllis Huang
+86.151.6770.5972
+86.577.6581.7721
phyllis@sorl.com.cn
Kevin Theiss
Grayling
+1.646.284.9409
kevin.theiss@grayling.com
- Tables Follow -
SORL Auto Parts,
Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31, 2013
|
|
December 31, 2012
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
43,222,310
|
US$
|
41,253,353
|
|
Accounts receivable,
net of provision
|
|
58,526,889
|
|
62,153,509
|
|
Bank acceptance notes
from customers
|
|
7,611,539
|
|
10,098,390
|
|
Inventories
|
|
61,714,709
|
|
56,775,825
|
|
Prepayments,
including $182,948 and $0 due
from related parties at March 31, 2013 and
December 31, 2012, respectively
|
|
5,933,349
|
|
5,722,743
|
|
Current portion of
prepaid capital lease Interest
|
|
593,426
|
|
876,326
|
|
Other current
assets
|
|
2,252,173
|
|
1,183,487
|
|
Deferred tax
assets
|
|
724,593
|
|
687,632
|
|
Total Current
Assets
|
|
180,578,988
|
|
178,751,265
|
|
|
|
|
|
Fixed
Assets
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
46,872,611
|
|
46,962,599
|
|
Leasehold
improvements in progress
|
|
331,414
|
|
335,714
|
|
|
|
|
|
|
Land Use
Rights, Net
|
|
14,853,580
|
|
14,742,047
|
|
|
|
|
|
|
Other
Non-Current Assets
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets,
net
|
|
63,575
|
|
66,889
|
|
Security deposits on
lease agreement
|
|
1,838,958
|
|
1,879,831
|
|
Long term deferred
expense-prepaid interest
|
|
702,345
|
|
822,640
|
|
Total Other
Non-Current Assets
|
|
2,604,878
|
|
2,769,360
|
|
Total
Assets
|
US$
|
245,241,471
|
US$
|
243,560,985
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Accounts payable,
including $0 and $94,954
due to related parties at March 31, 2013 and
December 31, 2012, respectively
|
US$
|
9,695,756
|
US$
|
14,324,633
|
|
Deposit received from
customers
|
|
8,487,271
|
|
6,599,746
|
|
Short term bank
loans
|
|
11,044,709
|
|
14,599,753
|
|
Accrued
expenses
|
|
9,117,385
|
|
8,501,819
|
|
Current portion of
capital lease obligations
|
|
3,662,006
|
|
10,458,352
|
|
Other current
liabilities, including $139,963
and $33,083 due to related parties at March
31, 2013 and December 31, 2012,
respectively
|
|
289,291
|
|
313,006
|
|
Total Current
Liabilities
|
|
42,296,418
|
|
54,797,309
|
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
|
Non-current portion
of capital lease obligations
|
|
10,130,178
|
|
-
|
|
Deferred tax
liabilities
|
|
310,153
|
|
291,995
|
|
Total Non-Current
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
US$
|
52,736,749
|
US$
|
55,089,304
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock - No
par value; 1,000,000
authorized; none issued and outstanding as of
December 31, 2012 and December 31, 2011
|
|
-
|
|
-
|
|
Common stock - $0.002
par value;
50,000,000 authorized,
|
|
|
|
|
|
19,304,921 and
19,304,921 issued and
outstanding as of
|
|
|
|
|
|
March 31, 2013 and
December 31, 2012
|
|
38,609
|
|
38,609
|
|
Additional paid-in
capital
|
|
42,199,014
|
|
42,199,014
|
|
Reserves
|
|
9,806,289
|
|
9,676,183
|
|
Accumulated other
comprehensive income
|
|
24,416,279
|
|
22,020,008
|
|
Retained
earnings
|
|
97,217,680
|
|
96,114,407
|
|
Total SORL Auto
Parts, Inc. stockholders'
equity
|
|
173,677,871
|
|
170,048,221
|
|
Noncontrolling
Interest In Subsidiaries
|
|
18,826,851
|
|
18,423,460
|
|
Total
Equity
|
|
192,504,722
|
|
188,471,681
|
|
Total Liabilities
and Stockholders' Equity
|
US$
|
245,241,471
|
US$
|
243,560,985
|
|
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Income and Comprehensive Income
(Unaudited)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Sales
|
|
|
|
|
US$
|
41,318,160
|
US$
|
44,598,241
|
Include: sales to
related parties
|
|
|
|
238,181
|
|
586,789
|
Cost of
sales
|
|
|
|
|
30,141,279
|
|
32,381,944
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
11,176,881
|
|
12,216,297
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
3,361,557
|
|
3,170,902
|
General and
administrative expenses
|
|
4,163,146
|
|
3,857,757
|
Research and
development expenses
|
|
1,390,464
|
|
1,267,156
|
|
|
|
|
|
|
|
|
|
Other
income
|
|
|
|
|
295,140
|
|
351,845
|
Financial
expenses
|
|
|
|
(946,244)
|
|
(594,897)
|
Non-operating
expenses
|
|
|
|
(68,077)
|
|
(60,896)
|
|
|
|
|
|
|
|
|
|
Income before
provision for income taxes
|
|
1,542,533
|
|
3,616,534
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
|
|
|
168,854
|
|
1,018,656
|
|
|
|
|
|
|
|
|
|
Net income before
noncontrolling interest
|
|
|
|
|
|
& other
comprehensive income
|
|
US$
|
1,373,679
|
US$
|
2,597,878
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest in
subsidiaries
|
140,300
|
|
263,889
|
|
|
|
|
|
|
|
|
|
Net income
attributable to stockholders
|
|
|
1,233,379
|
|
2,333,989
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
|
2,659,362
|
|
265,862
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interest's share
|
|
|
|
263,091
|
|
30,699
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
3,629,650
|
|
2,569,152
|
|
|
|
|
|
|
|
|
|
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$
|
0.06
|
US$
|
0.12
|
|
|
|
|
|
|
|
|
|
EPS -
diluted
|
|
|
|
|
0.06
|
|
0.12
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
Cash Flows from
Operating Activities
|
|
|
|
|
Net Income
Attributable to Stockholders
|
US$
|
1,233,379
|
|
2,333,989
|
Adjustments
to reconcile net income to net cash
|
|
|
|
|
from
operating activities:
|
|
|
|
|
|
Noncontrolling
interest in subsidiaries
|
|
140,300
|
|
263,889
|
Allowance for
doubtful accounts
|
|
|
|
221,346
|
|
27,775
|
Depreciation
and amortization
|
|
|
1,992,345
|
|
1,939,592
|
Loss on
disposal of fixed assets
|
|
|
-
|
|
2,333
|
Amortization prepaid
capital lease interest
|
|
|
|
412,140
|
|
-
|
Changes in
Assets and Liabilities:
|
|
|
|
|
Accounts
receivable
|
|
|
|
4,891,616
|
|
(648,998)
|
Bank acceptance notes
from customers
|
|
2,609,107
|
|
6,722,671
|
Other currents
assets
|
|
|
|
(1,019,272)
|
|
1,461,199
|
Inventories
|
|
|
|
|
(4,130,237)
|
|
2,645,103
|
Prepayments
|
|
|
|
(131,123)
|
|
(3,483,826)
|
Deferred tax
assets
|
|
|
|
(27,212)
|
|
(82,017)
|
Accounts
payable and bank acceptance notes to vendors
|
|
(5,426,720)
|
|
(8,336,880)
|
Income tax
payable
|
|
|
|
-
|
|
463,556
|
Deposits
received from customers
|
|
|
1,785,251
|
|
78,584
|
Other current
liabilities and accrued expenses
|
|
718,541
|
|
918,622
|
Deferred tax
liabilities
|
|
|
|
14,001
|
|
13,912
|
Net Cash
Flows from Operating Activities
|
|
2,871,322
|
|
4,319,504
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
Acquisition of
property and equipment
|
|
(965,846)
|
|
(367,457)
|
Proceeds of disposal
of fixed assets
|
|
-
|
|
3,096
|
Leasehold
improvements in progress
|
|
-
|
|
(31,069)
|
|
|
|
|
|
|
|
|
Net Cash
Flows from Investing Activities
|
|
(965,846)
|
|
(395,430)
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
Repayment of
bank loans
|
|
(3,732,075)
|
|
(4,761,199)
|
Proceeds from
capital lease
|
|
|
12,783,841
|
|
(559,570)
|
Repayment of
capital lease
|
|
|
(9,550,873)
|
|
-
|
|
|
|
|
|
|
|
|
Net Cash
flows from Financing Activities
|
|
(499,107)
|
|
(5,320,769)
|
|
|
|
|
|
|
|
|
Effects on changes
in foreign exchange rate
|
|
562,588
|
|
16,038
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
1,968,957
|
|
(1,380,657)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents- beginning of the year
|
|
41,253,353
|
|
17,116,692
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - end of the year
|
US$
|
43,222,310
|
|
15,736,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
Interest
paid
|
|
|
|
613,129
|
|
1,473,202
|
Tax
paid
|
|
|
|
|
649,625
|
|
3,894,621
|
SOURCE SORL Auto Parts, Inc.