WUHAN, China, Aug. 11, 2016 /PRNewswire/ -- China Automotive
Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), a
leading power steering components and systems supplier in
China, today announced its
unaudited financial results for the second quarter and six months
ended June 30, 2016.
Second Quarter 2016 Highlights
- Net sales were $101.0 million,
compared to $109.2 million in the
second quarter of 2015;
- Net income attributable to parent company's common shareholders
was $5.4 million, or diluted earnings
per share of $0.17, compared to net
income attributable to parent company's common shareholders of
$7.7 million, or diluted earnings per
share of $0.24, in the second quarter
of 2015.
First Six Months of 2016 Highlights
- Net sales were $217.9 million,
compared to $232.6 million in the
first six months of 2015;
- Gross profit was $39.2 million,
compared to $43.5 million in the
first six months of 2015; gross margin was 18.0% in the first six
months of 2016, compared to 18.7% in the first six months of
2015;
- Diluted earnings per share attributable to parent company's
common shareholders was $0.34,
compared to diluted earnings per share attributable to parent
company's common shareholders of $0.50 in the first six months of 2015.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "Our sales in the second quarter of
2016 continued to reflect the effect of currency volatility, slower
economic growth in China and the
trend in product mix toward electric power steering ("EPS")
products. China's GDP growth in the second quarter of 2016 remained
at 6.7%, representing the slowest growth since 2009. The stronger
dollar versus the Chinese Renminbi contributed to the
year-over-year topline decline, as the vast majority of our sales
are in China but our financial
results are reported in US dollars. We continue to participate in
the growth of the EPS market in China and our EPS sales in the second quarter
of 2016 represented 27.8% of total sales. We are investing more in
our research and development to broaden our EPS product line and
improve our technology to enhance sales growth."
Mr. Jie Li, chief financial
officer of CAAS, commented, "We continue to focus on maintaining
our financial strength while we broaden our portfolio of advanced
steering products and invest to improve our Chinese operations. As
part of our growth strategy, we are leveraging our leadership in
China to expand internationally in
North America and with our
Brazilian joint venture in our efforts to become a global supplier.
As part of our commitment to building long-term shareholder value,
we began repurchasing shares under our stock repurchase plan in the
second quarter of 2016. As of June 30,
2016, approximately $0.5
million were used for repurchases of 115 thousand shares and
there were $4.5 million may yet be
purchased.
Second Quarter of 2016
In the second quarter of 2016, net sales were $101.0 million, compared to $109.2 million in the same quarter of 2015. Net
sales declined mainly due to the impact of foreign currency
translation as the value of the Renminbi depreciated compared to
the US dollar. While the company's net sales declined by 7.5% in
the second quarter, RMB suffered approximately a 6.5%
year-over-year depreciation. Also, lower sales of domestic vehicles
using the Company's legacy hydraulic power steering were partially
offset by higher sales of EPS units in China.
Gross profit was $18.1 million in
the second quarter of 2016, compared to $21.8 million in the second quarter of 2015. The
gross margin was 18.0% in the second quarter of 2016, versus 20.0%
in the second quarter of 2015 and 18.0% in the first quarter of
2016. The gross margin decreased mainly due to changes in the
product mix.
Selling expenses were $4.1 million
in the second quarter of 2016, compared to $4.0 million in the second quarter of 2015.
Selling expenses represented 4.1% of net sales in the second
quarter of 2016 compared to 3.7% in the same quarter of 2015. The
increase was mainly due to more marketing activities conducted
during the quarter.
General and administrative expenses ("G&A expenses") were
$3.9 million in the second quarter of
2016 compared to $3.8 million in the
second quarter of 2015. G&A expenses represented 3.9% of net
sales in the second quarter of 2016 compared to 3.5% in the second
quarter of 2015.
Research and development expenses ("R&D expenses") were
$6.0 million in the second quarter of
2016, compared to $6.4 million in the
second quarter of 2015. R&D expenses continue to focus on the
development of the Company's EPS products. R&D expenses
represented 5.9% of sales in the second quarter of each of 2016 and
2015.
Net financial income in the second quarter of 2016 was
$0.1 million compared with
$0.7 million in the second quarter of
2015. The decrease was mainly due to the decrease in interest
income and foreign exchange gain.
Income from operations was $5.3
million in the second quarter of 2016, compared to
$8.3 million in the same quarter of
2015. The decrease was primarily due to the lower revenue and gross
profit combined with higher operating expenses in the second
quarter of 2016 compared with the same quarter in 2015. As a
percentage of net sales, the operating margin was 5.2% in the
second quarter of 2016, compared to 7.6% in the second quarter of
2015.
Income before income tax expenses and equity in earnings of
affiliated companies was $6.5 million
in the second quarter of 2016, compared to $9.2 million in the second quarter of
2015.
Net income attributable to parent company's common shareholders was
$5.4 million in the second quarter of
2016, compared to net income attributable to parent company's
common shareholders of $7.7 million
in the corresponding quarter of 2015. Diluted earnings per share
were $0.17 in the second quarter of
2016, compared to diluted earnings per share of $0.24 in the second quarter of 2015. The weighted
average number of diluted common shares outstanding was 32,087,634
in the second quarter of 2016, compared to 32,138,438 in the second
quarter of 2015.
First Six Months of 2016
Net sales were $217.9 million in
the first six months of 2016, compared to $232.6 million in the first six months of 2015.
Six-month gross profit was $39.2
million, compared to $43.5
million in the corresponding period last year. Six-month
gross margin was 18.0% in the 2016 period compared to 18.7% in the
corresponding period in 2015. The gain on other sales of
$2.0 million was in the first six
months of 2016 compared with $2.4
million in the 2015 period. Income from operations was
$12.3 million in the first six months
of 2016, compared to $17.6 million in
the first six months of 2015. Operating margin was 5.6% in the
first six months of 2016, compared to 7.6% for the corresponding
period of 2015.
Net income attributable to parent company's common shareholders
was $11.1 million in the first six
months of 2016, compared to $16.2
million in the corresponding period in 2015. Diluted
earnings per share were $0.34 in the
first six months of 2016, compared to diluted earnings per share of
$0.50 for the corresponding period in
2015.
As of June 30, 2016, total cash,
cash equivalents, pledged cash and short-term investments were
$95.8 million. Total accounts
receivable including notes receivable were $314.1 million. Accounts payable were
$221.3 million and bank and
government loans were $42.2 million.
Total parent company stockholders' equity was $303.6 million as of June
30, 2016, compared to $299.0
million as of December 31,
2015.
Business Outlook
Management revised the revenue guidance for the full year 2016
to US$430 million due to the
depreciation of RMB. This target is based on the Company's current
views on operating and market conditions, which are subject to
change.
Conference Call
Management will conduct a conference call on August 11, 2016 at 8:30
A.M. EDT/8:30 P.M. Beijing
Time to discuss these results. A question and answer session will
follow management's presentation. To participate, please call the
following numbers 10 minutes before the call start time and ask to
be connected to the "China Automotive Systems" conference call:
Phone Number: +1-877-407-8031 (North
America)
Phone Number: +1-201-689-8031 (International)
China Toll Free:
+86-400-1202-840
A replay of the call will be available on the company's website
in the investor relations section.
About China Automotive Systems, Inc.
Based in Hubei Province,
the People's Republic of China,
China Automotive Systems, Inc. is a leading supplier of power
steering components and systems to the Chinese automotive industry,
operating through eight Sino-foreign joint ventures. The Company
offers a full range of steering system parts for passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering with an annual production
capacity of over 5.0 million sets of steering gears, columns and
steering hoses. Its customer base is comprised of leading auto
manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group
Co., Ltd., BYD Auto Company Limited, Beijing Henglong Automotive
System Co., Ltd. (for Beiqi Foton Motor Co., Ltd.) and Chery
Automobile Co., Ltd. in China, and
Chrysler Group LLC in North
America. For more information, please
visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. These forward-looking statements include statements
regarding the qualitative and quantitative effects of the
accounting errors, the periods involved, the nature of the
Company's review and any anticipated conclusions of the Company or
its management and other statements that are not historical facts.
Our actual results may differ materially from the results described
in or anticipated by our forward-looking statements due to certain
risks and uncertainties. As a result, the Company's actual results
could differ materially from those contained in these
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Form 10-K annual report filed with the Securities and Exchange
Commission on March 30, 2016, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. We expressly disclaim any
duty to provide updates to any forward-looking statements made in
this press release, whether as a result of new information, future
events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Investor Relations
+1-646-726-6511
caas@compassbell.com
(Tables Follow)
China Automotive Systems, Inc. and
Subsidiaries
|
Condensed Unaudited Consolidated Statements of
Operations and Comprehensive
Income
|
(In thousands of USD, except share and per share
amounts)
|
|
|
|
|
|
Three Months Ended June
30,
|
|
|
2016
|
|
2015
|
Net product sales ($10,054 and $11,640 sold to
related parties for the three months
ended June 30, 2016 and
2015)
|
|
$
|
101,017
|
|
$
|
109,167
|
Cost of products sold ($6,168 and $5,630 purchased
from related parties for the
three months ended June 30, 2016 and
2015)
|
|
|
82,869
|
|
|
87,374
|
Gross
profit
|
|
|
18,148
|
|
|
21,793
|
Gain on other
sales
|
|
|
1,185
|
|
|
713
|
Less: Operating
expenses
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,128
|
|
|
4,046
|
General and administrative
expenses
|
|
|
3,942
|
|
|
3,787
|
Research and development
expenses
|
|
|
5,987
|
|
|
6,413
|
Total operating
expenses
|
|
|
14,057
|
|
|
14,246
|
Income from
operations
|
|
|
5,276
|
|
|
8,260
|
Other income,
net
|
|
|
1,219
|
|
|
271
|
Interest
expense
|
|
|
(127)
|
|
|
(65)
|
Financial income,
net
|
|
|
148
|
|
|
709
|
Income before income tax expenses and equity in
earnings of affiliated
companies
|
|
|
6,516
|
|
|
9,175
|
Less: Income
taxes
|
|
|
1,196
|
|
|
1,645
|
Equity in earnings of affiliated
companies
|
|
|
195
|
|
|
98
|
Net
income
|
|
|
5,515
|
|
|
7,628
|
Net income/(loss) attributable to non-controlling
interests
|
|
|
151
|
|
|
(31)
|
Net income attributable to parent company's common
shareholders
|
|
$
|
5,364
|
|
$
|
7,659
|
Comprehensive
income:
|
|
|
|
|
|
|
Net
income
|
|
$
|
5,515
|
|
$
|
7,628
|
Other comprehensive
income:
|
|
|
|
|
|
|
Foreign currency translation gain/(loss), net of
tax
|
|
|
(7,946)
|
|
|
1,436
|
Comprehensive
(loss)/income
|
|
|
(2,431)
|
|
|
9,064
|
Comprehensive (loss)/income attributable to
non-controlling
interests
|
|
|
(164)
|
|
|
34
|
Comprehensive (loss)/income attributable to parent
company
|
|
$
|
(2,267)
|
|
$
|
9,030
|
|
|
|
|
|
|
|
Net income attributable to parent company's common
shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
–
|
|
$
|
0.17
|
|
$
|
0.24
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.17
|
|
$
|
0.24
|
Weighted average number of common shares
outstanding
|
|
|
|
|
|
|
Basic
|
|
|
32,085,822
|
|
|
32,121,019
|
Diluted
|
|
|
32,087,634
|
|
|
32,138,438
|
China Automotive
Systems, Inc. and
Subsidiaries
|
Condensed Unaudited
Consolidated Statements of Operations and Comprehensive
Income
|
(In thousands of USD,
except share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June
30,
|
|
|
2016
|
|
|
2015
|
Net product sales ($18,639
and $19,939 sold to related parties for the three months
ended June 30, 2016 and
2015)
|
|
$
|
217,871
|
|
|
$
|
232,610
|
Cost of products sold
($13,043 and $12,638 purchased from related parties for the
three months ended June 30, 2016 and
2015)
|
|
|
178,711
|
|
|
|
189,146
|
Gross
profit
|
|
|
39,160
|
|
|
|
43,464
|
Gain on other
sales
|
|
|
1,986
|
|
|
|
2,371
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
8,433
|
|
|
|
7,670
|
General and administrative
expenses
|
|
|
8,257
|
|
|
|
8,235
|
Research and development
expenses
|
|
|
12,126
|
|
|
|
12,306
|
Total operating
expenses
|
|
|
28,816
|
|
|
|
28,211
|
Income from
operations
|
|
|
12,330
|
|
|
|
17,624
|
Other income,
net
|
|
|
575
|
|
|
|
365
|
Interest
expense
|
|
|
(323)
|
|
|
|
(540)
|
Financial income,
net
|
|
|
470
|
|
|
|
1,463
|
Income before income tax
expenses and equity in earnings of affiliated
companies
|
|
|
13,052
|
|
|
|
18,912
|
Less: Income
taxes
|
|
|
2,249
|
|
|
|
3,055
|
Equity in earnings of
affiliated
companies
|
|
|
257
|
|
|
|
164
|
Net
income
|
|
|
11,060
|
|
|
|
16,021
|
Net loss attributable to
non-controlling
interests
|
|
|
(13)
|
|
|
|
(150)
|
Net income attributable to
parent company's common
shareholders
|
|
$
|
11,073
|
|
|
$
|
16,171
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
11,060
|
|
|
$
|
16,021
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss), net of
tax
|
|
|
(6,296)
|
|
|
|
161
|
Comprehensive
income
|
|
|
4,764
|
|
|
|
16,182
|
Comprehensive loss
attributable to non-controlling
interests
|
|
|
(249)
|
|
|
|
(167)
|
Comprehensive income
attributable to parent
company
|
|
$
|
5,013
|
|
|
$
|
16,349
|
|
|
|
|
|
|
|
|
Net income attributable to
parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
–
|
|
$
|
0.34
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.34
|
|
|
$
|
0.50
|
Weighted average number of
common shares
outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
32,103,420
|
|
|
|
32,121,019
|
Diluted
|
|
|
32,105,611
|
|
|
|
32,136,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Automotive Systems, Inc. and
Subsidiaries
|
Condensed Unaudited Consolidated Balance
Sheets
|
(In thousands of USD unless otherwise
indicated)
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
|
December 31, 2015
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
37,864
|
|
|
$
|
69,676
|
Pledged
cash
|
|
|
24,430
|
|
|
|
31,402
|
Short-term
investments
|
|
|
33,553
|
|
|
|
21,209
|
Accounts and notes receivable, net - unrelated
parties
|
|
|
293,135
|
|
|
|
254,397
|
Accounts and notes receivable, net - related
parties
|
|
|
20,947
|
|
|
|
21,918
|
Advance payments and others - unrelated
parties
|
|
|
11,250
|
|
|
|
4,381
|
Advance payments and others - related
parties
|
|
|
386
|
|
|
|
544
|
Inventories
|
|
|
63,086
|
|
|
|
65,570
|
Current deferred tax
assets
|
|
|
6,500
|
|
|
|
6,962
|
Total current
assets
|
|
|
491,151
|
|
|
|
476,059
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Long-term time
deposits
|
|
|
4,976
|
|
|
|
5,082
|
Property, plant and equipment,
net
|
|
|
86,695
|
|
|
|
84,151
|
Intangible assets,
net
|
|
|
659
|
|
|
|
2,793
|
Other receivables, net - unrelated
parties
|
|
|
2,148
|
|
|
|
3,882
|
Other receivables, net - related
parties
|
|
|
-
|
|
|
|
14
|
Advance payment for property, plant and equipment -
unrelated
parties
|
|
|
14,669
|
|
|
|
15,192
|
Advance payment for property, plant and equipment -
related
parties
|
|
|
10,055
|
|
|
|
8,863
|
Long-term
investments
|
|
|
9,294
|
|
|
|
6,152
|
Goodwill
|
|
|
-
|
|
|
|
608
|
Non-current deferred tax
assets
|
|
|
4,959
|
|
|
|
4,899
|
Total
assets
|
|
$
|
624,606
|
|
|
$
|
607,695
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
42,239
|
|
|
$
|
40,929
|
Accounts and notes payable - unrelated
parties
|
|
|
214,586
|
|
|
|
197,105
|
Accounts and notes payable - related
parties
|
|
|
6,698
|
|
|
|
6,363
|
Customer
deposits
|
|
|
449
|
|
|
|
1,613
|
Accrued payroll and related
costs
|
|
|
6,271
|
|
|
|
6,332
|
Accrued expenses and other
payables
|
|
|
29,828
|
|
|
|
31,383
|
Accrued pension
costs
|
|
|
4,967
|
|
|
|
4,664
|
Taxes
payable
|
|
|
9,154
|
|
|
|
9,284
|
Amounts due to
shareholders/directors
|
|
|
335
|
|
|
|
345
|
Advances payable (current
portion)
|
|
|
324
|
|
|
|
-
|
Current deferred tax
liabilities
|
|
|
164
|
|
|
|
194
|
Total current
liabilities
|
|
|
315,015
|
|
|
|
298,212
|
|
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term
loan
|
|
|
65
|
|
|
|
-
|
Advances
payable
|
|
|
535
|
|
|
|
1,922
|
Non-current deferred tax
liabilities
|
|
|
-
|
|
|
|
266
|
Total
liabilities
|
|
$
|
315,615
|
|
|
$
|
300,400
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value - Authorized -
80,000,000 shares; Issued
– 32,338,302 and 32,338,302 shares as of June 30, 2016 and December
31,
2015,
respectively
|
|
$
|
3
|
|
|
$
|
3
|
Additional paid-in
capital
|
|
|
64,627
|
|
|
|
64,627
|
Retained
earnings-
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,521
|
|
|
|
10,379
|
Unappropriated
|
|
|
217,553
|
|
|
|
206,622
|
Accumulated other comprehensive
income
|
|
|
12,352
|
|
|
|
18,412
|
Treasury stock –331,992 and 217,283 shares as of June
30, 2016 and
December 31, 2015,
respectively
|
|
|
(1,454)
|
|
|
|
(1,000)
|
Total parent company stockholders'
equity
|
|
|
303,602
|
|
|
|
299,043
|
Non-controlling
interests
|
|
|
5,389
|
|
|
|
8,252
|
Total stockholders'
equity
|
|
|
308,991
|
|
|
|
307,295
|
Total liabilities and stockholders'
equity
|
|
$
|
624,606
|
|
|
$
|
607,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Automotive
Systems, Inc. and
Subsidiaries
|
Condensed Unaudited
Consolidated Statements of Cash
Flows
|
(In thousands of USD
unless otherwise
indicated)
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended June
30,
|
|
|
2016
|
|
|
2015
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
11,060
|
|
|
$
|
16,021
|
Adjustments to reconcile
net income from operations to net cash provided by
operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
7,351
|
|
|
|
7,897
|
Reversal of provision for
doubtful
accounts
|
|
|
(49)
|
|
|
|
(32)
|
Inventory write
downs
|
|
|
1,902
|
|
|
|
1,307
|
Deferred income
taxes
|
|
|
(27)
|
|
|
|
(849)
|
Equity in earnings of
affiliated
companies
|
|
|
(257)
|
|
|
|
(164)
|
Gain on disposal of Fujian
Qiaolong
|
|
|
(698)
|
|
|
|
-
|
Gain/loss on fixed assets
disposals
|
|
|
(14)
|
|
|
|
1
|
Changes in operating assets
and liabilities (net of the impact of disposal of Fujian
Qiaolong):
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
Pledged
cash
|
|
|
6,528
|
|
|
|
840
|
Accounts and notes
receivable
|
|
|
(50,973)
|
|
|
|
1,843
|
Advance payments and
others
|
|
|
(1,437)
|
|
|
|
(449)
|
Inventories
|
|
|
(5,956)
|
|
|
|
(4,604)
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
25,885
|
|
|
|
(2,951)
|
Customer
deposits
|
|
|
(908)
|
|
|
|
(661)
|
Accrued payroll and related
costs
|
|
|
152
|
|
|
|
(1,595)
|
Accrued expenses and other
payables
|
|
|
456
|
|
|
|
1,268
|
Accrued pension
costs
|
|
|
407
|
|
|
|
(140)
|
Taxes
payable
|
|
|
276
|
|
|
|
(3,237)
|
Advances
payable
|
|
|
(75)
|
|
|
|
-
|
Net cash (used in) provided
by operating
activities
|
|
|
(6,377)
|
|
|
|
14,495
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
(Increase) decrease in
other
receivables
|
|
|
1,438
|
|
|
|
(153)
|
Proceeds from disposition
of a subsidiary, net of cash disposed of
$1,063
|
|
|
1,953
|
|
|
|
-
|
Cash received from
property, plant and equipment
sales
|
|
|
719
|
|
|
|
570
|
Payments to acquire
property, plant and
equipment
|
|
|
(18,454)
|
|
|
|
(13,705)
|
Payments to acquire
intangible
assets
|
|
|
(60)
|
|
|
|
(825)
|
Purchase of short-term
investments
|
|
|
(14,797)
|
|
|
|
(11,388)
|
Proceeds from maturities of
short-term
investments
|
|
|
1,827
|
|
|
|
14,672
|
Investment under equity
method
|
|
|
(3,013)
|
|
|
|
(1,636)
|
Net cash used in investing
activities
|
|
|
(30,387)
|
|
|
|
(12,465)
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
Proceeds from bank and
government
loans
|
|
|
11,541
|
|
|
|
6,420
|
Repayments of bank and
government
loans
|
|
|
(5,138)
|
|
|
|
(5,048)
|
Dividends paid to the
non-controlling interests
holders
|
|
|
-
|
|
|
|
(814)
|
Dividends paid to the
holders of the Company's common
stock
|
|
|
-
|
|
|
|
(252)
|
Repurchase of common
stock
|
|
|
(454)
|
|
|
|
-
|
Net cash provided by
financing
activities
|
|
|
5,949
|
|
|
|
306
|
Effects of exchange rate on
cash and cash
equivalents
|
|
|
(997)
|
|
|
|
48
|
Net decrease in cash and
cash
equivalents
|
|
|
(31,812)
|
|
|
|
2,384
|
Cash and cash equivalents
at beginning of
period
|
|
|
69,676
|
|
|
|
68,505
|
Cash and cash equivalents
at end of
period
|
|
$
|
37,864
|
|
|
$
|
70,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China Automotive Systems, Inc. and
Subsidiaries
|
Condensed Unaudited Consolidated Statements of
Cash Flows
(continued)
|
(In thousands of USD unless otherwise
indicated)
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
2016
|
|
|
2015
|
Cash paid for
interest
|
|
$
|
180
|
|
|
$
|
561
|
Cash paid for income
taxes
|
|
|
1,253
|
|
|
|
5,487
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
2016
|
|
|
2015
|
Property, plant and equipment recorded during the
period for which there previously
were advance
payments
|
|
$
|
7,580
|
|
|
$
|
6,732
|
Accounts payable for acquiring property, plant and
equipment
|
|
|
845
|
|
|
|
238
|
Dividends payable to non-controlling
interests
|
|
|
464
|
|
|
|
318
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-2016-second-quarter-financial-results-300312307.html
SOURCE China Automotive Systems, Inc.