ZHEJIANG, China, Nov. 14, 2019 (GLOBE NEWSWIRE) -- 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 third quarter and nine-month periods ended September 30, 2019.
Third Quarter 2019 Financial Highlights
- Net sales increased by 3.4% to a third quarter record high of $112.2 million compared to $108.6 million in the third quarter of 2018;
- Sales from China's domestic aftermarket increased 25.3% year-over-year to $45.6 million from $36.4 million in the third quarter of 2018;
- Net income attributable to stockholders was $4.2 million and basic and diluted income per share were $0.22 in the third quarter of 2019; Due to the impact of US tax reform, net loss attributable to stockholders was $5.6 million and basic and diluted loss per share were $0.29 in the third quarter of 2018. Excluding the impact of the one-time accrued taxes related to U.S. tax reform, net income attributable to stockholders for the third quarter of 2018 would have been $5.4 million, or $0.28 per basic and diluted share.
Mr. Xiaoping Zhang, SORL's Chairman and Chief Executive Officer, stated, “2019 remains a challenging market environment for the Chinese automotive sector as the Chinese economy is experiencing deceleration along with the intensified trade war. During the quarter, our strong product portfolio and balanced sales channels between OEM and aftermarket enabled us to weather the economic slowdown in China. While our domestic OEM business was affected by the slow commercial vehicle sales in the third quarter of 2019, the growing regionally tiered sales network continued to pace the market share expansion of our aftermarket business. We continued to maintain a high gross margin as our technology content remains strong.”
Third Quarter 2019 Financial Performance
Net sales for the third quarter of 2019 were $112.2 million, the highest sales for any third quarter in the Company’s history, compared with $108.6 million in the third quarter of 2018. Revenues from the Company's domestic OEM customers were $48.6 million compared with $50.3 million in the third quarter of 2018. Sales from China's domestic aftermarket increased 25.3% year-over-year to $45.6 million from $36.4 million in the third quarter of 2018. The continuing expiration of OEM warranties from prior years’ new vehicle sales in China drove the Company’s aftermarket business. Revenues from international markets were $18.1 million from $21.8 million in the third quarter of 2018. The softer demand for the commercial vehicles from many international markets negatively affected our international sales.
SORL’s commercial vehicle brake sales increased 6.6% year-over-year to $94.9 million and represented 84.6% of total sales in the third quarter of 2019. The sales of passenger vehicle auto parts decreased by 11.6% year-over-year, to $17.3 million, which accounted for 15.4% of the total sales for the third quarter of 2019.
Gross profit for the third quarter of 2019 rose by 17.5% to $30.9 million from $26.3 million for the third quarter of 2018. Gross margin for the third quarter of 2019 was 27.6%, compared with a gross margin of 24.3% in the same quarter of 2018. The increase in gross margin was primarily due to higher sales of the high margin, electronically controlled products during the third quarter of 2019.
Operating expenses increased by 19.3% to $27.1 million in the third quarter of 2019, from $22.7 million in the third quarter of 2018. As a percentage of revenue, operating expenses were 24.1% in the third quarter of 2019, compared with 20.9% in the third quarter of 2018. The increase in operating expenses was due to higher selling and distribution, general and administrative, and research and development expenses.
- Selling and distribution expenses rose to $13.9 million from $13.2 million in the same quarter of 2018. As a percentage of revenue, selling and distribution expenses were 12.3% compared with 12.1% of quarterly revenues in the same quarter of 2018.
- General and administrative ("G&A") expenses for the third quarter of 2019 were $8.2 million, or 7.3% of revenue, compared with $5.1 million, or 4.7% in the third quarter of 2018. The increase in G&A expenses was mainly due to an increase in employee salaries and professional fees.
- Research and development ("R&D") expenses were $5.0 million in the third quarter of 2019 compared with $4.5 million in the third quarter of 2018. As a percentage of revenue, R&D was 4.5% in the third quarter of 2019, compared with 4.1% of revenue in the third quarter of 2018. The Company continues to develop new, higher-margin, electronically controlled products, and upgrade the performance and quality of the Company's traditional brake products, to capture greater market share.
Interest expenses were $3.0 million in the third quarter of 2019 compared to $3.3 million in the third quarter of 2018. Decreased interest expenses were mainly due to decreased rates on lower loans outstanding during the third quarter of 2019 compared to the third quarter of 2018.
Income before provision for income taxes was $5.0 million for the third quarter of 2019 as compared with $7.1 million for the third quarter of 2018. The decrease in income before taxes was primarily due to lower government grants and higher operating expenses. Pretax income margin was 4.5% in the third quarter of 2019, compared with 6.6% in the third quarter of 2018.
The provision for income taxes was $0.4 million in the third quarter of 2019 compared with $12.1 million in the third quarter of 2018. The significantly lower taxes in the third quarter of 2019 compared with the third quarter in 2018, were mainly due to one-time accrued taxes of $11.0 million in the third quarter of 2018 associated with the U.S. tax reform related to the planned dividend distribution from China (PRC) subsidiaries in order to fulfill the payment of one-time accrued taxes.
Net income attributable to stockholders for the third quarter of 2019 was $4.2 million, or $0.22 per basic and diluted share, compared with net loss attributable to stockholders of $5.6 million, or $0.29 per basic and diluted share, in the third quarter of 2018.
Excluding the impact of the one-time accrued taxes related to U.S. tax reform, net income attributable to stockholders for the third quarter of 2018 would have been $5.4 million, or $0.28 per basic and diluted share.
Nine-Month 2018 Financial Performance
Net sales for the first nine months of 2019 increased 12.5% year-over-year to $387.8 million from $344.8 million for the first nine months of 2018. Revenues from the Company's China OEM customers increased by 17.0% to $192.7 million from $164.7 million in the same period in 2018. Revenues from China's domestic aftermarket increased 15.5% to $135.5 million from $117.3 million in the first nine months of 2018. Revenues from international markets decreased 4.8% to $59.7 million from $62.7 million in the first nine months of 2018.
SORL’s commercial vehicle brake sales increased 6.6% year-over-year to $319.6 million and represented 82.4% of total sales in the first nine months of 2019. The sales of passenger vehicle auto parts were $68.3 million, similar to last year’s same period, and accounted for 17.6% of the total sales for the first nine months of 2019.
Gross profit for the first nine months of 2019 increased 14.0% to $103.7 million from $91.0 million in the same period in 2018. Gross margin for the first nine months of 2019 increased to 26.7% from 26.4% for the first nine months of 2018. The Company’s gross margin increased due to higher sales.
Income from operations for the first nine months of 2019 was $26.6 million with an operating margin of 6.9%.
Net income attributable to stockholders for the first nine months of 2019 was $18.8 million, or $0.97 per basic and diluted share, compared with $9.4 million, or $0.49 per basic and diluted share, in the same period in 2018.
Excluding the impact of U.S. tax reform, net income attributable to stockholders for the first nine months of 2018 would have been $20.4 million, or $1.06 per basic and diluted share.
Balance Sheet
As of September 30, 2019, the Company’s cash and cash equivalents were $16.5 million. Total stockholders' equity was $189.1 million at September 30, 2019. The Company had working capital of $34.2 million on September 30, 2019. During the third quarter of 2019, the Company received over $36 million in repayments of advances to related parties.
Business Outlook
Management has reiterated its fiscal year 2019 guidance for net sales of approximately $515 million and net income attributable to common stockholders of 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 Thursday, November 15, 2019, at 7:00 P.M. EST/ 8:00 A.M. Beijing Time on November 15, 2019 to discuss its 2019 third quarter 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 +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 7:00 P.M. EST on December 14, 2019 or 8:00 A.M. Beijing Time on December 15, 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 “56753” 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
September 30, 2019 and December 31, 2018
| Assets | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | US$ | 16,485,401 | US$ | 73,588,229 | ||
| Accounts receivable, net, including $310,143 and $261,889 from related parties as of September 30, 2019 and December 31, 2018, respectively | 158,188,600 | 150,047,797 | ||||
| Bank acceptance notes from customers | 65,007,965 | 62,052,225 | ||||
| Inventories, net | 191,178,724 | 204,285,427 | ||||
| Prepayments, current, including $3,283,579 and $3,670,573 to related party at September 30, 2019 and December 31, 2018, respectively | 16,258,454 | 7,776,591 | ||||
| Restricted cash, current | 13,780,187 | 19,307,003 | ||||
| Advances to related party | 24,433,792 | 79,739,417 | ||||
| Deposits on loan agreements, current | 4,948,465 | - | ||||
| Other current assets, net | 13,610,953 | 15,697,448 | ||||
| Total Current Assets | 503,892,541 | 612,494,137 | ||||
| Property, plant and equipment, net | 119,103,291 | 96,053,386 | ||||
| Land use rights, net | 36,213,965 | 21,124,455 | ||||
| Intangible assets, net | - | 220,232 | ||||
| Deposits on loan agreements, non-current | 6,362,312 | 10,199,324 | ||||
| Prepayments, non-current | 15,253,670 | 31,575,238 | ||||
| Other assets, non-current | 1,463,985 | 563,542 | ||||
| Restricted cash, non-current | 16,683,397 | 18,067,374 | ||||
| Deferred tax assets | 3,578,925 | 4,073,838 | ||||
| Total Non-current Assets | 198,659,545 | 181,877,389 | ||||
| Total Assets | US$ | 702,552,086 | US$ | 794,371,526 | ||
| Liabilities and Equity | ||||||
| Current Liabilities | ||||||
| Accounts payable and bank acceptance notes to vendors, including $16,438,264 and $23,805,200 due to related parties at September 30, 2019 and December 31, 2018, respectively | US$ | 159,184,839 | US$ | 236,433,718 | ||
| Deposits received from customers | 47,433,293 | 51,529,795 | ||||
| Short term bank loans | 201,749,179 | 217,940,471 | ||||
| Current portion of long term loans, net of unamortized debt issuance costs | 22,199,252 | 21,141,029 | ||||
| Income tax payable, current | 3,132,430 | 3,421,486 | ||||
| Accrued expenses | 23,085,329 | 24,045,902 | ||||
| Due to related party | 8,083,574 | 5,959,752 | ||||
| Deferred income | 745,200 | 1,453,282 | ||||
| Other current liabilities | 4,041,457 | 3,288,344 | ||||
| Total Current Liabilities | 469,654,553 | 565,213,779 | ||||
| Long term loans, less current portion and net of unamortized debt issuance costs | 4,630,198 | 14,429,404 | ||||
| Operating lease liabilities, non-current | 628,873 | - | ||||
| Income tax payable, non-current | 8,377,468 | 9,259,307 | ||||
| Total Non-current Liabilities | 13,636,539 | 23,688,711 | ||||
| Total Liabilities | 483,291,092 | 588,902,490 | ||||
| Equity | ||||||
| Preferred stock - no par value; 1,000,000 authorized; none issued and outstanding as of September 30, 2019 and December 31, 2018 | ||||||
| Common stock - $0.002 par value; 50,000,000 authorized,19,304,921 issued and outstanding as of September 30, 2019 and December 31, 2018 | 38,609 | 38,609 | ||||
| Additional paid-in capital | (28,582,654 | ) | (28,582,654 | ) | ||
| Reserves | 21,902,103 | 20,007,007 | ||||
| Accumulated other comprehensive income | 259,271 | 6,655,803 | ||||
| Retained earnings | 195,433,836 | 178,535,378 | ||||
| Total SORL Auto Parts, Inc. Stockholders' Equity | 189,051,165 | 176,654,143 | ||||
| Noncontrolling Interest In Subsidiaries | 30,209,829 | 28,814,893 | ||||
| Total Equity | 219,260,994 | 205,469,036 | ||||
| Total Liabilities and Equity | US$ | 702,552,086 | US$ | 794,371,526 | ||
SORL Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
For the Three and Nine Months ended September 30, 2019 and 2018 (Unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Sales | US$ | 112,227,452 | US$ | 108,584,331 | US$ | 387,820,858 | US$ | 344,815,965 | ||||
| Include: sales to related parties | 6,859,689 | 9,333,959 | 25,478,367 | 22,997,540 | ||||||||
| Cost of sales | 81,294,783 | 82,249,456 | 284,098,257 | 253,851,334 | ||||||||
| Gross profit | 30,932,669 | 26,334,875 | 103,722,601 | 90,964,631 | ||||||||
| Expenses: | ||||||||||||
| Selling and distribution expenses | 13,850,387 | 13,160,875 | 43,198,784 | 37,154,745 | ||||||||
| General and administrative expenses | 8,207,550 | 5,051,684 | 24,803,869 | 17,519,873 | ||||||||
| Research and development expenses | 5,001,354 | 4,478,298 | 16,934,141 | 13,400,656 | ||||||||
| Total operating expenses | 27,059,291 | 22,690,857 | 84,936,794 | 68,075,274 | ||||||||
| Other operating income, net | 2,840,617 | 2,959,269 | 7,798,787 | 7,535,820 | ||||||||
| Income from operations | 6,713,995 | 6,603,287 | 26,584,594 | 30,425,177 | ||||||||
| Interest income | 966,855 | 547,455 | 4,183,471 | 2,847,299 | ||||||||
| Government grants | 70,785 | 2,239,250 | 3,570,630 | 2,982,775 | ||||||||
| Other income | 35,884 | 229,520 | 130,913 | 432,213 | ||||||||
| Interest expenses | (3,010,304 | ) | (3,331,554 | ) | (10,155,849 | ) | (10,214,68 | ) | ||||
| Exchange differences | 773,420 | 906,538 | 250,290 | 1,396,460 | ||||||||
| Other expenses | (508,302 | ) | (55,835 | ) | (1,076,993 | ) | (1,200,920 | ) | ||||
| Income before income taxes provision | 5,042,333 | 7,138,661 | 23,487,056 | 26,668,323 | ||||||||
| Provision for income taxes | 389,109 | 12,130,789 | 2,587,840 | 14,974,982 | ||||||||
| Net income (loss) | US$ | 4,653,224 | US$ | (4,992,128 | ) | US$ | 20,899,216 | US$ | 11,693,341 | |||
| Net income attributable to noncontrolling interest in subsidiaries | 468,322 | 613,086 | 2,105,662 | 2,281,633 | ||||||||
| Net income (loss) attributable to common stockholders | US$ | 4,184,902 | US$ | (5,605,214 | ) | US$ | 18,793,554 | US$ | 9,411,708 | |||
| Comprehensive income (loss): | ||||||||||||
| Net income (loss) | US$ | 4,653,224 | US$ | (4,992,128 | ) | US$ | 20,899,216 | US$ | 11,693,341 | |||
| Foreign currency translation adjustments | (6,586,436 | ) | (8,307,355 | ) | (7,107,258 | ) | (11,275,895 | |||||
| Comprehensive income (loss) | (1,933,212 | ) | (13,299,483 | ) | 13,791,958 | 417,446 | ||||||
| Comprehensive income (loss) attributable to noncontrolling interest in subsidiaries | (190,322 | ) | (217,650 | ) | 1,394,936 | 1,154,043 | ||||||
| Comprehensive income (loss) attributable to common stockholders | US$ | (1,742,890 | ) | US$ | (13,081,833 | ) | US$ | 12,397,022 | US$ | (736,597 | ) | |
| Weighted average common share - basic | 19,304,921 | 19,304,921 | 19,304,921 | 19,304,921 | ||||||||
| Weighted average common share - diluted | 19,304,921 | 19,304,921 | 19,304,921 | 19,304,921 | ||||||||
| EPS - basic | US$ | 0.22 | US$ | (0.29 | ) | US$ | 0.97 | US$ | 0.49 | |||
| EPS - diluted | US$ | 0.22 | US$ | (0.29 | ) | US$ | 0.97 | US$ | 0.49 | |||
SORL Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Nine Months ended September 30, 2019 and 2018 (Unaudited)
| Nine months ended September 30, | |||||||
| 2019 | 2018 | ||||||
| Cash Flows From Operating Activities | |||||||
| Net income | US$ | 20,899,216 | US$ | 11,693,341 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operation activities: | |||||||
| Allowance for doubtful accounts | 2,365,714 | 179,744 | |||||
| Depreciation and amortization | 10,528,373 | 8,926,695 | |||||
| Deferred income tax | 368,700 | 966,547 | |||||
| Gain on disposal of property and equipment | (30,562 | ) | (73,809 | ) | |||
| Amortization of debt issuance costs | 441,236 | 520,741 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | (15,844,424 | ) | (38,780,246 | ) | |||
| Bank acceptance notes from customers | 1,258,843 | 68,016,837 | |||||
| Inventories, net | 7,669,607 | (9,983,968 | ) | ||||
| Prepayments | (9,348,404 | ) | (52,611,953 | ) | |||
| Other current assets, net | (699,009 | ) | (19,823,567 | ) | |||
| Accounts payable and bank acceptance notes to vendors | (72,638,392 | ) | 86,724,938 | ||||
| Deposits received from customers | (2,393,750 | ) | 7,432,808 | ||||
| Income tax payable | (1,125,335 | ) | 24,058,536 | ||||
| Deferred income | (683,529 | ) | (382,627 | ) | |||
| Other current liabilities and accrued expenses | 301,057 | (5,671,820 | ) | ||||
| Net Cash Flows Provided By (Used in) Operating Activities | (58,930,659 | ) | 81,192,197 | ||||
| Cash Flows From Investing Activities | |||||||
| Acquisition of property, equipment, plant and land use rights | (36,495,784 | ) | (40,142,267 | ) | |||
| Acquisition of intangible assets | - | (367,931 | ) | ||||
| Advances to related parties | - | (214,800,362 | ) | ||||
| Repayment of advances to related parties | 57,010,144 | 222,337,244 | |||||
| Proceeds from disposal of property and equipment | 42,451 | - | |||||
| Net Cash Flows Provided By (Used In) Investing Activities | 20,556,811 | (32,973,316 | ) | ||||
| Cash Flows From Financing Activities | |||||||
| Proceeds from short term bank loans | 238,649,409 | 353,441,949 | |||||
| Repayment of short term bank loans | (248,358,539 | ) | (325,651,416 | ) | |||
| Proceeds from related parties | 1,843,951 | 311,692,664 | |||||
| Repayments to related parties | - | (328,624,110 | ) | ||||
| Repayments of long term loans | (16,998,572 | ) | (18,957,775 | ) | |||
| Payment of debt issuance costs | (108,222 | ) | - | ||||
| Net Cash Flows Used In Financing Activities | (24,971,973 | ) | (8,098,688 | ) | |||
| Effects on changes in foreign exchange rate | (667,800 | ) | (4,557,219 | ) | |||
| Net change in cash, cash equivalents and restricted cash | (64,013,621 | ) | 35,562,974 | ||||
| Cash, cash equivalents, and restricted cash - beginning of the period | 110,962,606 | 4,598,176 | |||||
| Cash, cash equivalents, and restricted cash - end of the period | US$ | 46,948,985 | US$ | 40,161,150 | |||
| Supplemental Cash Flow Disclosures: | |||||||
| Interest paid | US$ | 8,655,097 | US$ | 7,849,753 | |||
| Income taxes paid | US$ | 3,339,144 | US$ | 5,157,755 | |||
| Non-cash Investing and Financing Transactions | |||||||
| Loans from related party in the form of bank acceptance notes | US$ | - | US$ | 5,846,083 | |||
| Repayments to related party in the form of bank acceptance notes | US$ | - | US$ | 33,721,267 | |||
| Repayments from related party in the form of bank acceptance notes | US$ | - | US$ | 26,771,056 | |||
| Liabilities assumed in connection with acquisition of property, plant and equipment | US$ | 1,274,693 | US$ | - | |||
| Property, plant and equipment and land use rights transferred from prepayments | US$ | 19,995,442 | US$ | - | |||
| Proceeds from long term loans in the form of bank acceptance notes | US$ | 7,169,692 | US$ | - | |||
| Deposits on loan agreements deducted from proceeds from long term loans | US$ | 1,433,938 | US$ | - | |||
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | |||||||
| Cash and cash equivalents | US$ | 16,485,401 | US$ | 17,609,594 | |||
| Restricted cash, current | 13,780,187 | 19,062,778 | |||||
| Restricted cash, non-current | 16,683,397 | 3,488,778 | |||||
| Total cash, cash equivalents, and restricted cash | US$ | 46,948,985 | US$ | 40,161,150 | |||