ZHANGZHOU, China, Aug. 18, 2016 /PRNewswire/ -- 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 second quarter ended June
30,
2016.
Financial Highlights
Second Quarter 2016:
- Revenue was RMB639.5 million
(US$96.2 million) compared with
RMB657.4 million in the second
quarter of 2015;
- Gross margin was 18.3% up from 14.0% in the second quarter of
2015;
- Net profit and total comprehensive income for the period was
RMB4.6 million (US$0.7 million) with earnings per American
Depositary Share ("ADS") of RMB0.09
(US$0.01) compared with net loss and
total comprehensive loss of RMB14.1
million with loss per ADS of RMB0.27 in the second quarter of 2015.
First Six Months of 2016
- Revenue was RMB1,164.9 million
(US$175.3 million) compared with
RMB1,379.7 million in the first six
months of 2015;
- Gross margin of 18.7%;
- Net profit and total comprehensive income for the period was
RMB1.7 million (US$0.3 million) with earnings per ADS of
RMB0.03 (US$0.01);
- Net cash flow from operations was RMB116.6 million (US$17.5
million);
- Bank balances and cash and fixed bank deposits with maturity
period over three months totaled RMB1,165.2
million (US$175.3
million).
Mr. Junqiu Gao, Deputy CEO and
Chief Sales and Marketing Officer of Zenix Auto, commented, "We are
pleased that we returned to profitability in the second quarter.
After a number of difficult quarters, our OEM sales regained growth
and our gross margin continued to recover. While we await the
gradual ramp-up of aluminum wheels sales, we remain optimistic on
the long-term outlook of market opportunities."
Mr. Martin Cheung, CFO of Zenix
Auto, commented, "We continued to maintain a strong balance sheet
while implementing stringent cost controls and boosting
efficiencies. Our ability to generate free cash-flow demonstrated
that we are on our way to recovery. We believe that our improved
financial condition strengthens our market leadership where many
smaller players continue to struggle."
2016 Second Quarter
Results
Revenue for the second quarter ended June
30, 2016 was RMB639.5 million
(US$96.2 million) from RMB657.4 million for the second quarter of 2015.
The decline in revenue on a year-over-year basis was mainly due to
weak aftermarket segment and international markets related to
sluggish domestic and emerging market economies. The decline of
total revenue was also attributable to the downward price
adjustment in response to the lower raw material costs.
Aftermarket sales in China
decreased by 4.1% year-over-year to RMB288.0
million (US$43.3 million) in
the second quarter of 2016 from RMB300.3
million in the second quarter of 2015. Total unit sales in
the aftermarket decreased by 3.7% year-over-year as a result of
weak commercial vehicle transportation market.
Sales to the Chinese OEM market increased by 8.4% year-over-year
to RMB245.5 million (US$36.9 million) in the second quarter of 2016
compared to RMB226.5 million in the
same quarter of 2015. Total unit sales in the OEM market increased
by 12.6% year-over-year during the second quarter of 2016. Overall
OEM sales rose due to heavy-duty truck manufacturers increasing
production in the second quarter of 2016.
International sales decreased by 18.8% year-over-year to
RMB106.1 million (US$16.0 million) in the second quarter of 2016
compared to sales of RMB130.6 million
in the second quarter of 2015. Total unit sales in the
international sales decreased by 8.4% year-over-year in the second
quarter of 2016 mainly due to sluggish economies in Southeastern
Asian countries including Thailand, Indonesia and Burma, which have weakened the demand from
these markets.
In the second quarter of 2016, domestic aftermarket sales,
domestic OEM sales and international sales contributed 45.0%, 38.4%
and 16.6% of revenue, respectively.
Sales of tubed steel wheels comprised 56.2% of 2016 second
quarter revenue compared to 57.6% in the same quarter in 2015.
Tubeless steel wheel sales represented 36.3% of second quarter
revenue compared to 36.9% in the same quarter of 2015. Tubed and
tubeless steel wheel sales remain the main sources of revenue for
the Company. However, sales of aluminum wheels increased and
accounted for 2.8% of second quarter revenue as compared to nil in
the same quarter a year ago.
Second quarter gross profit increased by 27.0% to RMB117.0 million (US$17.6
million), compared to RMB92.1
million in the same quarter in 2015. Gross margin was 18.3%,
compared with 14.0% in the second quarter of 2015. The increase in
gross margin on a year-over-year basis was mainly due to the
decline of raw material cost.
Selling and distribution expenses decreased by 17.1% to
RMB51.6 million (US$7.8 million) from RMB62.3 million in the second quarter of 2015.
The decrease in selling and distribution costs was primarily due to
the lower transportation costs in China and fewer units shipped to the
international markets in the second quarter of 2016 compared with
the same quarter last year. As a percentage of revenue, selling and
distribution costs were 8.1% in the second quarter of 2016,
compared to 9.5% in the same quarter a year ago.
Research and development ("R&D") expenses increased by 55.7%
to RMB21.1 million (US$3.2 million), compared to RMB13.6 million in the second quarter of 2015.
R&D as a percentage of revenue was 3.3% in the second quarter
of 2016, compared to 2.1% in the same quarter a year ago.
Administrative expenses increased by 5.4% to RMB34.0 million (US$5.1
million) from RMB32.3 million
in the second quarter of 2015. As a percentage of revenue,
administrative expenses were 5.3%, compared to 4.9% of revenue in
the second quarter of 2015.
Net profit and total comprehensive income for the second quarter
of 2016 were RMB4.6 million
(US$0.7 million), compared to net
loss and total comprehensive loss of RMB14.1
million in the same quarter of 2015.
Basic and diluted earnings per ADS in the second quarter of 2016
were RMB0.09 (US$0.01) compared to basic and diluted loss per
ADS of RMB0.27 in the same quarter of
2015.
In the second quarter of 2016, the Company recorded cash flows
from operating activities of RMB38.0
million (US$5.7 million).
Capital expenditures for the purchase of property, plant and
equipment in the second quarter were RMB 3.1
million (US$0.5 million).
Deposits paid for acquisition of property, plant and equipment in
the second quarter were RMB2.9
million (US$0.4 million).
During the second quarter of 2016 and 2015, the weighted average
number of ordinary shares was 206.5 million and the weighted
average number of ADSs was 51.6 million.
2016 First Six Months Results
Revenue for the first six months ended June 30, 2016 was RMB1,164.9 million (US$175.3 million) compared with RMB1,379.7 million in the first six months of
2015.
Aftermarket sales declined by 17.1% year-over-year to
RMB545.0 million (US$82.0 million) in the first six months of 2016,
and represented 46.8% of total six-month revenue. Sales to the
Chinese OEM market decreased by 7.4% year-over-year to RMB419.4 million (US$63.1
million) and represented 36.0% of total revenue.
International sales decreased by 25.5% year-over-year to
RMB200.6 million (US$30.2 million) compared with the same period
last year, and represented 17.2% of total revenue.
Tubed steel wheel sales for the first six months ended
June 30, 2016, declined by 18.2%
compared with the same period in 2015 and comprised 55.6% of
revenue. Tubeless steel wheel sales decreased by 16.1% from the
same period a year ago and comprised 37.2% of revenue.
Gross profit for the first six months ended June 30, 2016 was RMB217.6
million (US$32.7 million)
compared with RMB191.3 million during
the same period in 2015, up 13.7% year-over-year. Gross margin was
18.7% compared with 13.9% in the same period last year. Profit
before taxation was RMB6.0 million
(US$0.9 million), compared with loss
before taxation of RMB15.9 million
during the first six months of 2015.
Net profit and total comprehensive income for the first six
months ended June 30, 2016, was
RMB1.7 million (US$0.3 million) compared with loss and total
comprehensive loss of RMB13.3 million
during the same period in 2015. Basic and diluted loss per ordinary
share and per ADS for the first six months ended June 30, 2016 were RMB0.01 (US$0.00)
and RMB0.03 (US$0.01), respectively.
As of June 30, 2016, Zenix Auto
had bank balances and cash of RMB905.2
million (US$136.2 million) and
fixed bank deposits with a maturity period over three months of
RMB260.0 million (US$39.1 million). Total bank borrowings were
RMB558.0 million (US$84.0 million). Total equity attributable to
owners of the Company was RMB2,565.2
million (US$386.0
million).
Conference Call Information
The Company will host a conference call, to be simultaneously
webcast, on Thursday, August 18, 2016
at 8:00 a.m. ET/ 8:00 p.m. Beijing Time. Interested parties may
participate in the conference call by dialing +1-877-407-0782 (U.S.
Toll Free) or +1-201-689-8567 (International). Please dial in five
minutes before the call start time and ask to be connected to the
"China Zenix Auto" conference call.
A replay will be available shortly after the conclusion of the
conference call through September 18,
2016, at 11:59 p.m. ET.
Interested parties may access the replay by dialing +1-877-660-6853
(U.S. Toll Free) or +1-201-612-7415 (International) and using
Conference ID 13643141 to access the replay.
Exchange Rate Information
The United States dollar (US$)
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 RMB6.6459 to US$1.00, the effective noon buying rate as of
June 30, 2016 in The City of New York, for cable transfers of RMB
as set forth in the 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. The Company offers more than 715 series of
aluminum wheels, tubed steel wheels, tubeless steel wheels, and
off-road steel wheels in the aftermarket and OEM markets in
China and internationally. The
Company's customers include large PRC commercial vehicle
manufacturers, and it also exports products to over 80 distributors
in more than 28 countries worldwide. With six large, strategically
located manufacturing facilities in multiple regions across
China, the Company has a designed
annual production capacity of approximately 15.5 million units of
steel and aluminum wheels as of June 30,
2016. For more information, please visit:
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.
For more information, please contact
Investor Relations
Tel: +1-646-726-6511
Email: zx@compassbell.com
- tables follow –
|
China Zenix Auto
International Limited
|
|
Unaudited
Condensed Consolidated Statements of Profit or Loss and Other
Comprehensive Income
|
|
For the three
months ended June 30, 2016 and 2015
|
|
(RMB and US$
amounts expressed in thousands, except number of shares and ADSs
and per share data)
|
|
|
|
2015
Q2
|
2016
Q2
|
|
2016
Q2
|
|
RMB'
000
|
RMB'
000
|
|
US$'
000
|
|
|
|
|
|
|
|
Revenue
|
|
657,385
|
639,546
|
|
96,232
|
|
Cost of
sales
|
|
(565,265)
|
(522,519)
|
|
(78,623)
|
|
Gross
profit
|
|
92,120
|
117,027
|
|
17,609
|
|
Other operating
income
|
|
2,471
|
2,869
|
|
432
|
|
Net exchange
gain
|
|
1,412
|
946
|
|
142
|
|
Selling and
distribution costs
|
|
(62,284)
|
(51,630)
|
|
(7,769)
|
|
Research and
development expenses
|
|
(13,567)
|
(21,120)
|
|
(3,178)
|
|
Administrative
expenses
|
|
(32,251)
|
(34,003)
|
|
(5,116)
|
|
Finance
costs
|
|
(3,423)
|
(5,313)
|
|
(799)
|
|
(Loss) profit
before taxation
|
|
(15,522)
|
8,776
|
|
1,321
|
|
Income tax credit
(expense)
|
|
1,433
|
(4,131)
|
|
(622)
|
|
|
|
|
|
|
|
(Loss) profit and
total comprehensive (loss) income for the period
|
|
(14,089)
|
4,645
|
|
699
|
|
|
|
|
|
|
|
(Loss) earnings per
share
|
|
|
|
|
|
|
Basic
|
|
(0.07)
|
0.02
|
|
-
|
|
Diluted
|
|
(0.07)
|
0.02
|
|
-
|
|
|
|
|
|
|
|
(Loss) earnings per
ADS
|
|
|
|
|
|
|
Basic
|
|
(0.27)
|
0.09
|
|
0.01
|
|
Diluted
|
|
(0.27)
|
0.09
|
|
0.01
|
|
|
|
|
|
|
|
Shares
|
|
206,500,000
|
206,500,000
|
|
206,500,000
|
|
ADSs
|
|
51,625,000
|
51,625,000
|
|
51,625,000
|
|
China Zenix Auto
International Limited
|
|
Unaudited
Condensed Consolidated Statements of Profit or Loss and Other
Comprehensive Income
|
|
For the first six
months ended June 30, 2016 and 2015
|
|
(RMB and US$
amounts expressed in thousands, except number of shares and ADSs
and per share data)
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
|
2015
|
|
2016
|
|
2016
|
|
|
RMB'
000
|
|
RMB'
000
|
|
US$'
000
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
1,379,662
|
|
1,164,945
|
|
175,288
|
|
Cost of
sales
|
|
|
(1,188,382)
|
|
(947,365)
|
|
(142,549)
|
|
Gross
profit
|
|
|
191,280
|
|
217,580
|
|
32,739
|
|
Other operating
income
|
|
|
6,992
|
|
3,356
|
|
505
|
|
Net exchange
gain
|
|
|
3,462
|
|
802
|
|
121
|
|
Selling and
distribution costs
|
|
|
(120,615)
|
|
(95,034)
|
|
(14,300)
|
|
Research and
development expenses
|
|
|
(23,342)
|
|
(41,441)
|
|
(6,236)
|
|
Administrative
expenses
|
|
|
(67,155)
|
|
(68,554)
|
|
(10,315)
|
|
Finance
costs
|
|
|
(6,480)
|
|
(10,748)
|
|
(1,617)
|
|
(Loss) profit before
taxation
|
|
|
(15,858)
|
|
5,961
|
|
897
|
|
Income tax credit
(expense)
|
|
|
2,544
|
|
(4,226)
|
|
(636)
|
|
|
|
|
|
|
|
|
|
(Loss) profit
and total comprehensive (loss) income for the
period
|
|
|
(13,314)
|
|
1,735
|
|
261
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.06)
|
|
0.01
|
|
-
|
|
Diluted
|
|
|
(0.06)
|
|
0.01
|
|
-
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
ADS
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.26)
|
|
0.03
|
|
0.01
|
|
Diluted
|
|
|
(0.26)
|
|
0.03
|
|
0.01
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
206,500,000
|
|
206,500,000
|
|
206,500,000
|
|
ADSs
|
|
|
51,625,000
|
|
51,625,000
|
|
51,625,000
|
|
China Zenix Auto
International Limited
|
|
Unaudited
Condensed Consolidated Statements of Financial
Position
|
|
(RMB and US$
amounts expressed in thousands)
|
|
|
|
December 31,
2015
|
|
June 30,
2016
|
|
June 30,
2016
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'
000
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
|
Inventories
|
|
181,905
|
|
160,384
|
|
24,133
|
|
Trade
and other receivables and prepayments
|
|
613,418
|
|
644,768
|
|
97,017
|
|
Prepaid
lease payments
|
|
9,425
|
|
9,425
|
|
1,418
|
|
Pledged
bank deposits
|
|
28,200
|
|
32,600
|
|
4,905
|
|
Fixed bank
deposits with maturity period over three months
|
|
260,000
|
|
260,000
|
|
39,122
|
|
Bank
balances and cash
|
|
817,247
|
|
905,219
|
|
136,208
|
|
Total current
assets
|
|
1,910,195
|
|
2,012,396
|
|
302,803
|
|
|
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
1,506,318
|
|
1,441,117
|
|
216,843
|
|
Prepaid
lease payments
|
|
385,874
|
|
381,162
|
|
57,353
|
|
Deferred
tax assets
|
|
15,958
|
|
18,326
|
|
2,757
|
|
Intangible assets
|
|
17,000
|
|
17,000
|
|
2,558
|
|
Total non-current
assets
|
|
1,925,150
|
|
1,857,605
|
|
279,511
|
|
Total
assets
|
|
3,835,345
|
|
3,870,001
|
|
582,314
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
|
Trade
and other payables and accruals
|
|
606,922
|
|
636,921
|
|
95,836
|
|
Amount
due a shareholder
|
|
11,679
|
|
14,344
|
|
2,158
|
|
Taxation
payable
|
|
674
|
|
3,142
|
|
473
|
|
Short-term borrowings
|
|
558,000
|
|
558,000
|
|
83,962
|
|
Total current
liabilities
|
|
1,177,275
|
|
1,212,407
|
|
182,429
|
|
Deferred
income
|
|
9,292
|
|
8,894
|
|
1,338
|
|
Deferred
tax liabilities
|
|
85,284
|
|
83,471
|
|
12,560
|
|
Total non-current
liabilities
|
|
94,576
|
|
92,365
|
|
13,898
|
|
Total
liabilities
|
|
1,271,851
|
|
1,304,772
|
|
196,327
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
Share
capital
|
|
136
|
|
136
|
|
20
|
|
Paid in
capital
|
|
392,076
|
|
392,076
|
|
58,995
|
|
Reserves
|
|
2,171,282
|
|
2,173,017
|
|
326,972
|
|
Total equity
attributable to owners of the Company
|
|
2,563,494
|
|
2,565,229
|
|
385,987
|
|
Total equity and
liabilities
|
|
3,835,345
|
|
3,870,001
|
|
582,314
|
|
China Zenix Auto
International Limited
|
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
|
For the three
months ended June 30, 2016
|
|
(RMB and US$
amounts expressed in thousands)
|
|
|
Three Months
Ended
|
|
June 30,
2016
|
|
OPERATING
ACTIVITIES
|
RMB'
000
|
|
US$'
000
|
|
Profit before
taxation
|
8,776
|
|
1,321
|
|
Adjustments
for:
|
|
|
|
|
Amortization of prepaid lease payments
|
2,356
|
|
355
|
|
Depreciation of property plant and equipment
|
38,664
|
|
5,818
|
|
Release
of deferred income
|
(199)
|
|
(30)
|
|
Finance
costs
|
5,313
|
|
799
|
|
Interest
income
|
(2,638)
|
|
(397)
|
|
Operating cash flows
before movements in working capital
|
52,272
|
|
7,866
|
|
Decrease
in inventories
|
19,083
|
|
2,871
|
|
Increase
in trade and other receivables and prepayments
|
(23,049)
|
|
(3,468)
|
|
Decrease
in trade and other payables and accruals
|
(8,400)
|
|
(1,264)
|
|
Cash
generated from operations
|
39,906
|
|
6,005
|
|
Interest
received
|
2,048
|
|
308
|
|
PRC
income tax refunded
|
510
|
|
77
|
|
PRC
income tax paid
|
(4,441)
|
|
(668)
|
|
NET CASH FROM
OPERATING ACTIVITIES
|
38,023
|
|
5,722
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Purchase
of property, plant and equipment
|
(3,104)
|
|
(467)
|
|
Withdrawal of pledged bank deposits
|
6,500
|
|
978
|
|
Placement of pledged bank deposits
|
(8,100)
|
|
(1,219)
|
|
Deposits
paid for acquisition of property, plant and equipment
|
(2,881)
|
|
(434)
|
|
Placement of fixed bank deposits with maturity periods over three
months
|
(50,000)
|
|
(7,523)
|
|
Withdrawal of fixed bank deposits with maturity periods over three
months
|
50,000
|
|
7,523
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(7,585)
|
|
(1,142)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Interest
paid
|
(6,376)
|
|
(959)
|
|
Advance
from a shareholder
|
949
|
|
143
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
(5,427)
|
|
(816)
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
25,011
|
|
3,764
|
|
Cash and cash
equivalents at beginning of the period
|
880,495
|
|
132,487
|
|
Effect of foreign
exchange rate changes
|
(287)
|
|
(43)
|
|
Cash and cash
equivalents at end of the period
|
905,219
|
|
136,208
|
|
China Zenix Auto
International Limited
|
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
|
For the six months
ended June 30, 2016
|
|
(RMB and US$
amounts expressed in thousands)
|
|
|
Six Months
Ended
|
|
June 30,
2016
|
|
OPERATING
ACTIVITIES
|
RMB'
000
|
|
US$'
000
|
|
Profit before
taxation
|
5,961
|
|
897
|
|
Adjustments
for:
|
|
|
|
|
Amortization of prepaid lease payments
|
4,712
|
|
709
|
|
Depreciation of property plant and equipment
|
77,670
|
|
11,687
|
|
Release
of deferred income
|
(398)
|
|
(60)
|
|
Finance
costs
|
10,748
|
|
1,617
|
|
Interest
income
|
(5,404)
|
|
(813)
|
|
Operating cash flows
before movements in working capital
|
93,289
|
|
14,037
|
|
Decrease
in inventories
|
21,521
|
|
3,238
|
|
Increase
in trade and other receivables and prepayments
|
(32,627)
|
|
(4,909)
|
|
Increase
in trade and other payables and accruals
|
33,414
|
|
5,028
|
|
Cash
generated from operations
|
115,597
|
|
17,394
|
|
Interest
received
|
5,590
|
|
841
|
|
PRC
income tax refunded
|
510
|
|
77
|
|
PRC
income tax paid
|
(5,115)
|
|
(770)
|
|
NET CASH FROM
OPERATING ACTIVITIES
|
116,582
|
|
17,542
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Purchase
of property, plant and equipment
|
(8,338)
|
|
(1,255)
|
|
Withdrawal of pledged bank deposits
|
6,500
|
|
978
|
|
Placement of pledged bank deposits
|
(10,900)
|
|
(1,640)
|
|
Proceeds
on disposal of property, plant and equipment
|
-
|
|
-
|
|
Deposits
paid for acquisition of property, plant and equipment
|
(5,370)
|
|
(808)
|
|
Placement of fixed bank deposits with maturity periods over three
months
|
(370,000)
|
|
(55,673)
|
|
Withdrawal of fixed bank deposits with maturity periods over three
months
|
370,000
|
|
55,673
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(18,108)
|
|
(2,725)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
New bank
borrowings raised
|
255,000
|
|
38,270
|
|
Repayment of bank borrowings
|
(255,000)
|
|
(38,270)
|
|
Interest
paid
|
(12,924)
|
|
(1,944)
|
|
Advance
from a shareholder
|
2,665
|
|
401
|
|
NET CASH FROM
FINANCING ACTIVITIES
|
(10,259)
|
|
(1,543)
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
88,215
|
|
13,274
|
|
Cash and cash
equivalents at beginning of the period
|
817,247
|
|
122,970
|
|
Effect of foreign
exchange rate changes
|
(243)
|
|
(37)
|
|
Cash and cash
equivalents at end of the period
|
905,219
|
|
136,207
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-zenix-auto-international-limited-reports-2016-second-quarter-results-300315280.html
SOURCE China Zenix Auto International Limited