SORL Auto Parts, Inc. (SORL) financial statements (2023 and earlier)

Company profile

Business Address NO. 1169 YUMENG ROAD
RUIAN CITY, ZHEJIANG, 325200
State of Incorp. DE
Fiscal Year End December 31
SIC 3714 - Motor Vehicle Parts and Accessories (benchmarking)
More info Complete financial analysis Financial benchmarking

Balance sheet (Statement of financial position) ($ in thousands)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments18,39173,5884,2228,05791,23948,848
Cash and cash equivalents13,37473,5884,2228,05730,23114,010
Short-term investments5,017   61,00834,839
Restricted cash and investments15,21919,307    
Receivables187,910150,310208,001107,15571,82368,171
Inventory, net of allowances, customer advances and progress billings223,484204,285114,30165,77773,66284,187
Inventory223,484204,285114,30165,77773,66284,187
Prepaid expense7,5957,7778,82610,7983,3514,663
Deposits current assets5,017     
Deferred tax assets4,074 3,2112,9101,868
Other current assets11,33715,6975,5561,1251,2421,282
Other undisclosed current assets138,536137,456115,11943,14823,75017,909
Total current assets:607,489612,494456,024239,270267,976226,929
Noncurrent Assets
Operating lease, right-of-use asset1,080
Property, plant and equipment127,00896,05379,82853,73837,56243,551
Long-term investments and receivables  15,897   
Due from related parties  15,897   
Intangible assets, net (including goodwill)542203112438
Intangible assets, net (excluding goodwill)542203112438
Prepaid expense18,62331,57516,595  99
Regulated entity, other noncurrent assets1635951,822   
Deposits noncurrent assets    1,7601,868
Restricted cash and investments16,91518,067    
Other noncurrent assets1,635564    
Deferred tax assets, net 4,240   
Other undisclosed noncurrent assets44,75534,8037,9068,30913,23214,422
Total noncurrent assets:210,233181,877126,29262,05852,57859,977
TOTAL ASSETS:817,721794,372582,316301,328320,554286,906
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities231,636262,931146,45686,77349,16331,389
Accounts payable205,551236,434118,05265,67335,29213,867
Accrued liabilities26,08524,04625,15520,10313,87113,561
Employee-related liabilities     2,859
Taxes payable 2,4513,250997 1,101
Deferred revenue795
Debt27,194119,141149,64727,41626,88713,275
Due to related parties9,4955,9601,573  154
Deferred revenue and credits1,020   
Customer advances and deposits43,08722,73420,01219,045
Other liabilities4,4413,2882,8572,0142,0672,132
Other undisclosed current liabilities282,749173,894   (3,014)
Total current liabilities:556,311565,214344,641138,93798,13062,981
Noncurrent Liabilities
Long-term debt and lease obligation23,05414,42937,383  3,735
Long-term debt, excluding current maturities22,35714,42937,383   
Capital lease obligations    3,735
Operating lease, liability697
Liabilities, other than long-term debt8,3779,259    
Accounts payable and accrued liabilities8,3779,259    
Total noncurrent liabilities:31,43123,68937,383  3,735
Total liabilities:587,742588,902382,024138,93798,13066,717
Stockholders' equity
Stockholders' equity attributable to parent198,640176,654173,166139,055200,163198,708
Common stock393939393939
Additional paid in capital(28,583)(28,583)(28,583)(28,583)42,19942,199
Accumulated other comprehensive income3,2286,65615,9036,11715,66327,516
Retained earnings223,956198,542185,807161,482142,263128,955
Stockholders' equity attributable to noncontrolling interest31,33928,81527,12623,33622,26121,481
Total stockholders' equity:229,979205,469200,292162,392222,425220,190
TOTAL LIABILITIES AND EQUITY:817,721794,372582,316301,328320,554286,906

Income statement (P&L) ($ in thousands)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues540,188468,050390,523272,121218,657239,925
Revenue, net390,523272,121218,657237,655
Revenue from related parties94,45130,274
Cost of revenue
(Cost of Goods and Services Sold)
(400,043)(345,534)(286,336)(199,216)(159,246)(170,794)
Other undisclosed gross profit     (2,270)
Gross profit:140,146122,516104,18672,90459,41066,861
Operating expenses(117,432)(98,464)(72,095)(52,754)(44,703)(49,289)
Other undisclosed operating income11,22710,1223,0403,042332,270
Operating income:33,94134,17435,13123,19214,74119,843
Nonoperating income (expense)3,9136,096(2,549)1,4842,319(667)
Investment income, nonoperating5,3346,0522321,0481,102 
Other nonoperating income (expense)(1,420)43(2,782)4361,217(667)
Interest and debt expense(11,638)(13,571)(3,100)(887)(1,269)(1,135)
Other undisclosed income from continuing operations before equity method investments, income taxes5,8654,5682,264832769 
Income from continuing operations before income taxes:32,08131,26731,74524,62116,56018,040
Income tax expense(3,762)(15,815)(4,718)(3,266)(2,035)(2,873)
Net income:28,31815,45227,02721,35514,52515,167
Net loss attributable to noncontrolling interest(2,904)(2,716)(2,703)  (1,366)
Other undisclosed net loss attributable to parent   (2,136)(1,217) 
Net income available to common stockholders, diluted:25,41412,73624,32419,21913,30813,801

Comprehensive Income ($ in thousands)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income:28,31815,45227,02721,35514,52515,167
Other undisclosed comprehensive income (loss)(3,808)(11,964)10,873(10,606)(13,194)5,518
Comprehensive income:24,5103,48837,90010,7491,33120,686
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(2,524)(1,689)(3,790)(1,075)124(3,201)
Other undisclosed comprehensive income, net of tax, attributable to parent 3,378   1,366
Comprehensive income, net of tax, attributable to parent:21,9865,17734,1109,6741,45518,852

Statements sources

The financial statements are based on the company's filings with the The U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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