UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6–K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of April 2015
Commission File Number 001-35154
CHINA ZENIX
AUTO INTERNATIONAL LIMITED
(Translation of registrant’s name into English)
No. 1608, North Circle Road State Highway
Zhangzhou, Fujian Province 363000
People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934. Yes ¨ No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b); 82- .
CHINA ZENIX AUTO INTERNATIONAL LIMITED
Form 6-K
TABLE OF CONTENTS
Page 2
EXPLANATORY NOTE
Please note that our financial statements are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International
Accounting Standards Board and all references in the attached press release to generally accepted accounting principles, U.S. GAAP or non-GAAP should instead be references to IFRS.
Page 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
|
| China Zenix Auto International Limited |
|
|
| By: |
|
/s/ Martin Cheung |
| Name: |
|
Martin Cheung |
| Title: |
|
Chief Financial Officer |
Date: April 17, 2015
Page 4
Exhibit 99.1
China Zenix Auto International Announces
Fourth Quarter and 2014 Financial Results
ZHANGZHOU, China, April 17, 2015 – China Zenix Auto International Limited (NYSE: ZX) (“Zenix Auto” or “the Company”), the
largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2014.
Financial Highlights
Fourth Quarter 2014
| |
• |
|
Revenue of RMB783.6 million (US$126.3 million) compared with RMB982.7 million in the 2013 fourth quarter, and RMB694.9 million in the 2014 third quarter; |
| |
• |
|
Total comprehensive loss for the period was RMB13.7 million (US$2.2 million) with loss per American Depositary Share (“ADS”) of RMB0.27 (US$0.04). |
Full Year 2014
| |
• |
|
Revenue of RMB3,334.4 million (US$537.4 million) compared with RMB3,802.3 million in the full year of 2013; |
| |
• |
|
Profit and total comprehensive income for the year was RMB79.2 million (US$12.8 million) with earnings per ADS of RMB1.53 (US$0.25); |
| |
• |
|
Bank balances and cash were RMB557.0 million (US$89.8 million) as of December 31, 2014. |
Mr. Jianhui
Lai, Chairman and Chief Executive Officer of Zenix Auto, commented, “In 2014, the commercial vehicle market in China struggled as a result of macroeconomic uncertainties, slow down in construction activities and weakened pre-buy demand for
commercial vehicles prior to the nationwide enforcement of National IV emission standard. During the year, our sales volume declined by 6.4% year-over-year, while the overall truck market sales volume was down 8.9% and commercial vehicle market
sales volume was down 6.8%. We implemented competitive pricing to maintain market leadership as the commercial vehicle market turns to stabilize over the coming quarters. We remain confident in our position as the leading wheel manufacturer in the
world’s largest auto market.”
Mr. Martin Cheung, Chief Financial Officer of Zenix Auto, commented, “In 2014, we recorded a net
decrease in bank borrowings and generated positive cash flows from operations of RMB101.6 million (US$16.4 million) for the year.”
1
2014 Fourth Quarter Results
Revenue for the fourth quarter ended December 31, 2014 was RMB783.6 million (US$126.3 million) compared with RMB982.7 million for the fourth quarter of
2013, but up from RMB694.9 million for the third quarter of 2014.
Aftermarket sales in China decreased by 24.3% year-over-year to RMB380.2 million
(US$61.3 million) in the fourth quarter of 2014 compared with RMB502.5 million in the fourth quarter of 2013, but up from RMB364.0 million in the third quarter of 2014. The year-over-year sales decline in the fourth quarter of 2014 was mainly
attributable to pricing and volume decreases as a result of intensifying competition.
Sales to the Chinese OEM market decreased by 19.8% year-over-year
to RMB277.6 million (US$44.7 million) in the fourth quarter of 2014 compared with RMB345.9 million in the fourth quarter of 2013, but up from RMB226.8 million in the third quarter of 2014. The year-over-year sales decrease in the fourth quarter of
2014 was mainly attributable to sluggish truck sales.
International sales decreased by 6.3% year-over-year to RMB125.9 million (US$20.3 million) in the
fourth quarter of 2014 compared with RMB134.3 million in the fourth quarter of 2013, but up from RMB104.1 million in the third quarter of 2014. The year-over-year decrease in international sales in the fourth quarter of 2014 was mainly due to lower
sales in the Indian market, which was partially offset by increase in sales from Southeast Asian markets.
In the fourth quarter of 2014, domestic
aftermarket sales, domestic OEM sales and international sales contributed 48.5%, 35.4% and 16.1% of revenue, respectively.
Tubed steel wheel sales
accounted for 57.3% of 2014 fourth quarter revenue compared with 59.0% in the same quarter of 2013. The year-over-year decline in tubed steel wheel sales as a percentage of total sales was mainly due to an increase in sales of tubeless wheels and
other products as a percentage of total sales. Tubeless steel wheel sales represented 37.8% of fourth quarter revenue compared with 37.3% in the same quarter of 2013. Tubed steel wheel sales and tubeless steel wheel sales remain the main sources of
revenue for the Company.
Fourth quarter gross profit was RMB112.6 million (US$18.2 million), compared with RMB197.7 million in the same quarter of 2013.
Gross margin was 14.4% compared with 20.1% in the fourth quarter of 2013. The year-over-year decline in gross margin was mainly attributable to price reductions in the Company’s wheel products that outpaced the decline in raw material costs.
Selling and distribution costs decreased by 14.0% year-over-year to RMB62.0 million (US$10.0 million) compared with RMB72.1 million in the fourth quarter
of 2013. Lower selling and distribution costs resulted primarily from decreased transportation costs and lower port costs as sales volume declined. As a percentage of revenue, selling and distribution costs were 7.9% compared with 7.3% in the same
quarter a year ago.
2
Research and development (“R&D”) expenses were RMB26.2 million (US$4.2 million) compared with
RMB24.8 million in the fourth quarter of 2013. R&D expenses as a percentage of revenue were 3.3% in the fourth quarter of 2014 compared with 2.5% in last year’s fourth quarter. Zenix Auto remains committed to developing new products and
innovative solutions to address customer needs, increase wheel quality and performance, and to raise the barriers of entry.
Administrative expenses were
RMB39.4 million (US$6.3 million) compared with RMB36.4 million in the same quarter of 2013. The year-over-year increase in administrative expenses was mainly due to an increase in staff costs and professional service fees. As a percentage of
revenue, administrative expenses were 5.0% in the fourth quarter of 2014 compared with 3.7% in the same quarter of 2013.
Loss and total comprehensive
loss for the fourth quarter of 2014 was RMB13.7 million (US$2.2 million) compared with profit and total comprehensive income of RMB54.4 million in the fourth quarter of 2013.
Basic and diluted loss per ADS in the fourth quarter of 2014 were RMB0.27 (US$0.04), compared with basic and diluted earnings per ADS of RMB1.05 in the fourth
quarter of 2013.
During the fourth quarter of 2014 and 2013, the weighted average number of ordinary shares was 206.5 million and the weighted
average number of ADSs was 51.6 million.
2014 Full Year Results
Revenue for the year ended December 31, 2014, was RMB3,334.4 million (US$537.4 million) compared with RMB3,802.3 million in 2013.
Aftermarket sales decreased by 13.6% to RMB1,665.2 million (US$268.4 million) in 2014, and represented 49.9% of full year revenue. Sales to the Chinese OEM
market decreased by 12.4% to RMB1,153.6 million (US$185.9 million) and represented 34.6% of revenue. International sales decreased by 7.5% to RMB515.6 million (US$83.1 million) and represented 15.5% of revenue.
Tubed steel wheel sales declined by 14.3% to RMB1,927.6 million (US$310.7 million) in 2014, and comprised 57.8% of revenue. Tubeless steel wheel sales
decreased by 10.8% to RMB1,252.4 million (US$201.9 million) in 2014 and comprised 37.6% of revenue.
Gross profit for the year ended December 31,
2014, was RMB589.5 million (US$95.0 million) compared with RMB790.7 million in 2013. Gross margin was17.7% compared with 20.8% in 2013. Profit before taxation was RMB97.9 million (US$15.8 million), compared with RMB275.6 million in 2013.
Profit and total comprehensive income for the year ended December 31, 2014 was RMB79.2 million (US$12.8 million) compared with RMB232.7 million in 2013.
Basic and diluted earnings per ordinary share and per ADS for the year ended December 31, 2014 were RMB0.38 (US$0.06) and RMB1.53 (US$0.25), respectively.
3
As of December 31, 2014, Zenix Auto had bank balances and cash of RMB557.0 million (US$89.8 million) and
fixed bank deposits with a maturity period over three months of RMB260.0 million (US$41.9 million). Bank borrowings were RMB508.0 million (US$81.9 million). Total equity attributable to owners of the Company was RMB2,592.1 million (US$417.8
million).
For the year ended December 31, 2014, the Company recorded cash inflows from operating activities of RMB101.6 million (US$16.4 million).
Capital expenditures for the purchase of property, plant and equipment in 2014 were RMB47.9 million (US$7.7 million). Deposits paid for acquisition of property, plant and equipment in 2014 was RMB85.6 million (US$13.8 million).
Corporate Developments
Recently, the Company signed a
contract to supply advanced tubeless steel wheels to the Cargotec (Shanghai) Trading Co, Ltd. in 2015. Zenix Auto will supply its tubeless steel wheels to Cargotec Shanghai’s heavy-duty terminal tractors. These wheels are produced with
Zenix Auto’s newly patented steel rolling process. The Company’s advanced tubeless steel wheels can carry heavier loads and are less susceptible to deformation and damage compared with traditionally rolled steel wheels.
China Zenix signed a contract to supply wheel products to FAW Group Corporation (“FAW”). Zenix Auto will supply wheels to a number of FAW
Jiefang’s medium-and heavy-duty truck models. The Company will provide service and aftermarket support to FAW Jiefang’s customers through its network of more than 4,700 distributors throughout China.
In addition, the Company appointed Mr. Xiandai Zhang to the board of directors and the audit committee effective on November 24, 2014.
Mr. Zhang qualifies as an independent director under the criteria of The New York Stock Exchange. Mr. Zhang brings over 20 years of experience in auditing, tax and accounting including 6 years of national auditing, 16 years experience
with accounting and tax firms, and 12 years as an auditor or tax project manager. Mr. Zhang is a Certified Public Accountant (“CPA”) and Chartered Tax Adviser (“CTA”) in China. He also has qualified as an economist and
senior auditor.
Conference Call Information
The
Company will host a conference call, to be simultaneously webcast, on Friday, April 17, 2015 at 8:00 a.m. ET/8:00 p.m. Beijing Time. Interested parties may participate in the conference call by dialing +1-877-407-0782 (U.S. Toll Free) or
+1-201-689-8567 (International). Please dial in five minutes before the call start time and ask to be connected to the “China Zenix Auto” conference call.
In addition, the conference call will be broadcast live over the Internet at:
http://www.investorcalendar.com/IC/CEPage.asp?ID=173745
Please
go to the web site at least 15 minutes early to register, download and install any necessary software.
4
A telephone replay of the call will be available after the conclusion of the conference call
through 11:59 P.M. ET on April 27, 2015. The dial-in details for the replay are: U.S. Toll Free Number +1-877-660-6853, International dial-in number +1-201-612-7415 using Conference ID “13604519” to
access the replay.
Exchange Rate Information
The
United States dollar (US$) amounts disclosed in this press release are presented solely for the convenience of the reader. All translations from RMB to U.S. dollars are made at a rate of RMB6.2046 to US$1.00, the effective noon buying rate as of
December 31, 2014 in The City of New York for cable transfers of RMB as set forth in H.10 weekly statistical release of the Federal Reserve Board. The percentages stated are calculated based on RMB amounts.
About China Zenix Auto International Limited
China Zenix
Auto International Limited is the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume. With a large intellectual property portfolio, the Company offers more than 510 series of tubed steel
wheels, tubeless steel wheels, and off-road steel wheels in both the aftermarket and OEM market in China and internationally. The Company’s customers include group members of a number of large PRC commercial vehicle manufacturers, and it also
exports products to over 80 distributors in more than 30 countries worldwide. With five large, strategically located manufacturing facilities in multiple regions across China, the Company has an aggregate annual production capacity of approximately
15.5 million units of steel wheels as of December 31, 2014. For more information, please visit: http://www.zenixauto.com/en.
Safe
Harbor
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” “confident” and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in
our filings with the SEC. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the
press release, and the Company undertakes no duty to update such information, except as required under applicable law.
5
For more information, please contact
Investor Contact:
Kevin Theiss
Grayling
Tel: +1-646-284-9409
Email: zx@grayling.com
- tables follow -
6
China Zenix Auto International Limited
Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the three months ended December 31, 2014 and 2013
(RMB and US$ amounts expressed in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended December 31, |
|
| |
|
2013 |
|
|
2014 |
|
|
2014 |
|
| |
|
RMB’000 |
|
|
RMB’000 |
|
|
US$’000 |
|
|
|
|
|
| Revenue |
|
|
982,686 |
|
|
|
783,628 |
|
|
|
126,298 |
|
|
|
|
|
| Cost of sales |
|
|
(785,020 |
) |
|
|
(670,985 |
) |
|
|
(108,143 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
197,666 |
|
|
|
112,643 |
|
|
|
18,155 |
|
|
|
|
|
| Other income, gain and loss |
|
|
9,162 |
|
|
|
4,154 |
|
|
|
670 |
|
|
|
|
|
| Net exchange loss |
|
|
(1,737 |
) |
|
|
(111 |
) |
|
|
(18 |
) |
|
|
|
|
| Selling and distribution costs |
|
|
(72,074 |
) |
|
|
(62,013 |
) |
|
|
(9,995 |
) |
|
|
|
|
| Research and development expenses |
|
|
(24,799 |
) |
|
|
(26,164 |
) |
|
|
(4,217 |
) |
|
|
|
|
| Administrative expenses |
|
|
(36,390 |
) |
|
|
(39,386 |
) |
|
|
(6,348 |
) |
|
|
|
|
| Finance costs |
|
|
(6,464 |
) |
|
|
(4,131 |
) |
|
|
(666 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) before taxation |
|
|
65,364 |
|
|
|
(15,008 |
) |
|
|
(2,419 |
) |
|
|
|
|
| Income tax (expense) credit |
|
|
(10,944 |
) |
|
|
1,286 |
|
|
|
207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) and total comprehensive income (loss) for the period |
|
|
54,420 |
|
|
|
(13,722 |
) |
|
|
(2,212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
0.26 |
|
|
|
(0.07 |
) |
|
|
(0.01 |
) |
|
|
|
|
| Diluted |
|
|
0.26 |
|
|
|
(0.07 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
1.05 |
|
|
|
(0.27 |
) |
|
|
(0.04 |
) |
|
|
|
|
| Diluted |
|
|
1.05 |
|
|
|
(0.27 |
) |
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
206,500,000 |
|
|
|
206,500,000 |
|
|
|
206,500,000 |
|
|
|
|
|
| ADSs |
|
|
51,625,000 |
|
|
|
51,625,000 |
|
|
|
51,625,000 |
|
7
China Zenix Auto International Limited
Unaudited Consolidated Statements of Profit or Loss and Other Comprehensive Income
For the years ended December 31, 2014 and 2013
(RMB and US$ amounts expressed in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year ended December 31, |
|
| |
|
2013 |
|
|
2014 |
|
|
2014 |
|
| |
|
RMB’000 |
|
|
RMB’000 |
|
|
US$’000 |
|
|
|
|
|
| Revenue |
|
|
3,802,308 |
|
|
|
3,334,355 |
|
|
|
537,400 |
|
|
|
|
|
| Cost of sales |
|
|
(3,011,615 |
) |
|
|
(2,744,896 |
) |
|
|
(442,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
790,693 |
|
|
|
589,459 |
|
|
|
95,004 |
|
|
|
|
|
| Other income, gain and loss |
|
|
27,300 |
|
|
|
25,781 |
|
|
|
4,155 |
|
|
|
|
|
| Net exchange (loss) gain |
|
|
(7,438 |
) |
|
|
1,664 |
|
|
|
269 |
|
|
|
|
|
| Selling and distribution costs |
|
|
(274,825 |
) |
|
|
(253,846 |
) |
|
|
(40,913 |
) |
|
|
|
|
| Research and development expenses |
|
|
(91,632 |
) |
|
|
(98,040 |
) |
|
|
(15,801 |
) |
|
|
|
|
| Administrative expenses |
|
|
(142,495 |
) |
|
|
(149,481 |
) |
|
|
(24,092 |
) |
|
|
|
|
| Finance costs |
|
|
(26,003 |
) |
|
|
(17,606 |
) |
|
|
(2,838 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
275,600 |
|
|
|
97,931 |
|
|
|
15,784 |
|
|
|
|
|
| Income tax expense |
|
|
(42,947 |
) |
|
|
(18,704 |
) |
|
|
(3,015 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit and total comprehensive income for the year |
|
|
232,653 |
|
|
|
79,227 |
|
|
|
12,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
1.13 |
|
|
|
0.38 |
|
|
|
0.06 |
|
|
|
|
|
| Diluted |
|
|
1.13 |
|
|
|
0.38 |
|
|
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
4.51 |
|
|
|
1.53 |
|
|
|
0.25 |
|
|
|
|
|
| Diluted |
|
|
4.51 |
|
|
|
1.53 |
|
|
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
206,500,000 |
|
|
|
206,500,000 |
|
|
|
206,500,000 |
|
|
|
|
|
| ADSs |
|
|
51,625,000 |
|
|
|
51,625,000 |
|
|
|
51,625,000 |
|
8
China Zenix Auto International Limited
Unaudited Consolidated Statements of Financial Position
(RMB and US$ amounts expressed in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31,
2013 |
|
|
December 31,
2014 |
|
|
December 31,
2014 |
|
| |
|
RMB’000 |
|
|
RMB’000 |
|
|
US$’000 |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Inventories |
|
|
394,758 |
|
|
|
382,067 |
|
|
|
61,578 |
|
| Trade and other receivables and prepayments |
|
|
971,806 |
|
|
|
921,653 |
|
|
|
148,544 |
|
| Prepaid lease payments |
|
|
9,425 |
|
|
|
9,425 |
|
|
|
1,519 |
|
| Pledged bank deposits |
|
|
76,600 |
|
|
|
59,100 |
|
|
|
9,525 |
|
| Fixed bank deposits with maturity period over three months |
|
|
160,000 |
|
|
|
260,000 |
|
|
|
41,904 |
|
| Bank balances and cash |
|
|
748,744 |
|
|
|
556,990 |
|
|
|
89,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current assets |
|
|
2,361,333 |
|
|
|
2,189,235 |
|
|
|
352,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
1,494,848 |
|
|
|
1,525,567 |
|
|
|
245,877 |
|
| Prepaid lease payments |
|
|
404,724 |
|
|
|
395,299 |
|
|
|
63,711 |
|
| Deposits paid for acquisition of property, plant and equipment |
|
|
21,540 |
|
|
|
1,590 |
|
|
|
256 |
|
| Deferred tax assets |
|
|
4,365 |
|
|
|
4,356 |
|
|
|
702 |
|
| Intangible assets |
|
|
17,000 |
|
|
|
17,000 |
|
|
|
2,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-current assets |
|
|
1,942,477 |
|
|
|
1,943,812 |
|
|
|
313,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
4,303,810 |
|
|
|
4,133,047 |
|
|
|
666,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Trade and other payables and accruals |
|
|
1,132,172 |
|
|
|
938,251 |
|
|
|
151,218 |
|
| Amount due to a shareholder |
|
|
— |
|
|
|
5,507 |
|
|
|
888 |
|
| Taxation payable |
|
|
10,977 |
|
|
|
1,063 |
|
|
|
171 |
|
| Short-term bank borrowings |
|
|
558,000 |
|
|
|
508,000 |
|
|
|
81,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total current liabilities |
|
|
1,701,149 |
|
|
|
1,452,821 |
|
|
|
234,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred income |
|
|
10,885 |
|
|
|
10,088 |
|
|
|
1,626 |
|
| Deferred tax liabilities |
|
|
78,942 |
|
|
|
78,077 |
|
|
|
12,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total non-current liabilities |
|
|
89,827 |
|
|
|
88,165 |
|
|
|
14,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
1,790,976 |
|
|
|
1,540,986 |
|
|
|
248,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Share capital |
|
|
136 |
|
|
|
136 |
|
|
|
22 |
|
| Additional paid in capital |
|
|
392,076 |
|
|
|
392,076 |
|
|
|
63,191 |
|
| Reserves |
|
|
2,120,622 |
|
|
|
2,199,849 |
|
|
|
354,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity attributable to owners of the Company |
|
|
2,512,834 |
|
|
|
2,592,061 |
|
|
|
417,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity and liabilities |
|
|
4,303,810 |
|
|
|
4,133,047 |
|
|
|
666,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
China Zenix Auto International Limited
Unaudited Consolidated Statement of Cash Flows
For the
year ended December 31, 2014
(RMB and US$ amounts expressed in thousands)
|
|
|
|
|
|
|
|
|
| |
|
Year ended December 31, 2014 |
|
| |
|
RMB’000 |
|
|
US$’000 |
|
| OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
97,931 |
|
|
|
15,784 |
|
| Adjustments for: |
|
|
|
|
|
|
|
|
| Amortization of prepaid lease payments |
|
|
9,425 |
|
|
|
1,519 |
|
| Depreciation of property plant and equipment |
|
|
128,816 |
|
|
|
20,761 |
|
| Release of deferred income |
|
|
(797 |
) |
|
|
(128 |
) |
| Finance costs |
|
|
17,606 |
|
|
|
2,838 |
|
| Interest income |
|
|
(17,990 |
) |
|
|
(2,899 |
) |
| Loss on disposal of property, plant and equipment |
|
|
22 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
| Operating cash flows before movements in working capital |
|
|
235,013 |
|
|
|
37,879 |
|
| Decrease in inventories |
|
|
12,691 |
|
|
|
2,045 |
|
| Decrease in trade and other receivables and prepayments |
|
|
56,494 |
|
|
|
9,106 |
|
| Decrease in trade and other payables and accruals |
|
|
(184,893 |
) |
|
|
(29,799 |
) |
|
|
|
|
|
|
|
|
|
| Cash generated from operations |
|
|
119,305 |
|
|
|
19,231 |
|
| Interest received |
|
|
17,327 |
|
|
|
2,793 |
|
| PRC income tax paid |
|
|
(35,053 |
) |
|
|
(5,650 |
) |
|
|
|
|
|
|
|
|
|
| NET CASH FROM OPERATING ACTIVITIES |
|
|
101,579 |
|
|
|
16,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
|
(47,940 |
) |
|
|
(7,727 |
) |
| Deposits paid for acquisition of property, plant and equipment |
|
|
(85,584 |
) |
|
|
(13,794 |
) |
| Proceeds on disposal of property, plant and equipment |
|
|
178 |
|
|
|
29 |
|
| Placement of pledged bank deposits |
|
|
(9,500 |
) |
|
|
(1,531 |
) |
| Withdrawal of pledged bank deposits |
|
|
27,000 |
|
|
|
4,352 |
|
| Placement of fixed bank deposits with maturity periods over three months |
|
|
(420,000 |
) |
|
|
(67,692 |
) |
| Withdrawal of fixed bank deposits with maturity periods over three months |
|
|
320,000 |
|
|
|
51,575 |
|
|
|
|
|
|
|
|
|
|
| NET CASH USED IN INVESTING ACTIVITIES |
|
|
(215,846 |
) |
|
|
(34,788 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
| New bank borrowings raised |
|
|
508,000 |
|
|
|
81,875 |
|
| Repayment of bank borrowings |
|
|
(558,000 |
) |
|
|
(89,933 |
) |
| Advance from a shareholder |
|
|
5,507 |
|
|
|
888 |
|
| Interest paid |
|
|
(32,895 |
) |
|
|
(5,302 |
) |
|
|
|
|
|
|
|
|
|
| NET CASH USED IN FINANCING ACTIVITIES |
|
|
(77,388 |
) |
|
|
(12,472 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(191,655 |
) |
|
|
(30,886 |
) |
| Effect of foreign exchange rate changes |
|
|
(99 |
) |
|
|
(20 |
) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR |
|
|
748,744 |
|
|
|
120,676 |
|
|
|
|
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS AT END OF THE YEAR |
|
|
556,990 |
|
|
|
89,770 |
|
|
|
|
|
|
|
|
|
|
10