WUHAN, China, Aug. 10, 2017 /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, 2017.
Second Quarter 2017 Highlights
- Net sales increased 16.5% to $117.7
million from $101.0 million in
the second quarter of 2016;
- Gross profit rose 32.6% to $24.1
million and the gross margin increased to 20.4% from 18.0%
in the second quarter of 2016;
- Income from operations increased by 109.8% to $11.1 million with an operating margin of 9.4%
compared with 5.2% in the second quarter of 2016;
- Net income attributable to parent company's common shareholders
rose 64.8% to $8.9 million, or
diluted earnings per share of $0.28,
compared to net income attributable to parent company's common
shareholders of $5.4 million, or
diluted earnings per share of $0.17,
in the second quarter of 2016.
First Six Months of 2017 Highlights
- Net sales grew 8.8% to $237.0
million, compared to $217.9
million in the first six months of 2016;
- Gross profit increased by 16.6% to $45.7
million, compared to $39.2
million in the first six months of 2016; gross margin
increased to 19.3% in the first six months of 2017, compared to
18.0% in the first six months of 2016;
- Income from operations increased by 48.8% to $18.3 million with an operating margin of 7.7%
compared with 5.6% in the second quarter of 2016;
- Net income attributable to parent company's common shareholders
grew 31.5% to $14.6 million from
$11.1 million in the first six months
of 2016; diluted earnings per share attributable to parent
company's common shareholders was $0.46, compared to diluted earnings per share
attributable to parent company's common shareholders of
$0.34 in the first six months of
2016.
- Net cashflow from operating activities increased to
$19.2 million from a net use of
$6.4 million in the first six months
of 2016.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "Our sales in the second quarter of
2017 reflected economic growth in China, an increase in the sales of our
traditional steering products as Chinese branded vehicles captured
market share, and stronger growth in our international
markets. We are investing more in our research and
development to strengthen our EPS product line and advance other
new products to enhance sales growth."
Mr. Jie Li, chief financial
officer of CAAS, commented, "We continue to focus on building our
financial strength and resources to build our operations in
China and in international
markets. With our growing number of high quality steering
products, we are well positioned to capture market shares in key
markets in the future. We generated free cash flow, added
$9.5 million in working capital and
improved our return on invested capital in the first half of
2017."
Second Quarter of 2017
In the second quarter of 2017, net sales increased 16.5% to
$117.7 million, compared to
$101.0 million in the same quarter of
2016. Net sales of traditional steering products grew by 32.8% and
the Company sold more products to its North American
customers. Sales of electric power steering ("EPS")
represented 22.6% of total net sales.
Gross profit increased 32.6% to $24.1
million in the second quarter of 2017, compared to
$18.1 million in the second quarter
of 2016. The gross margin was 20.4% in the second quarter of 2017,
versus 18.0% in the second quarter of 2016 and 18.1% in the first
quarter of 2017. The gross margin increased mainly due to a better
revenue mix as total units sold to the international markets
increased during the second quarter of 2017.
Gain on other sales increased to $4.6
million in the second quarter of 2017, compared to
$1.2 million in the second quarter of
2016. The increase was mainly due to a one-time gain of
$2.2 million on disposal of a
building in the second quarter of 2017.
Selling expenses were $4.6 million
in the second quarter of 2017, compared to $4.1 million in the second quarter of 2016.
Selling expenses represented 3.9% of net sales in the second
quarter of 2017 compared to 4.1% in the same quarter of 2016. The
increase was mainly due to higher logistics expenses related to
increased sales during the quarter.
General and administrative expenses ("G&A expenses") were
$5.3 million in the second quarter of
2017 compared to $3.9 million in the
second quarter of 2016. G&A expenses represented 4.5% of net
sales in the second quarter of 2017 compared to 3.9% in the second
quarter of 2016. The increase was mainly due to the increased
allowance for doubtful accounts of $1.1
million and higher payroll expenses.
Research and development expenses ("R&D expenses") increased
28.3% to $7.7 million in the second
quarter of 2017, compared to $6.0
million in the second quarter of 2016. R&D expenses
continue to focus on the development of the Company's EPS and other
new products. R&D expenses represented 6.5% of sales in
the second quarter of 2017, compared with 5.9% in the 2016 second
quarter.
Net financial income in the second quarter of 2017 was
$0.6 million compared with
$0.1 million in the second quarter of
2016.
Income from operations rose 109.8% to $11.1 million in the second quarter of 2017,
compared to $5.3 million in the same
quarter of 2016. The increase was primarily due to higher gross
profit and a gain on other sales. As a percentage of net sales, the
operating margin was 9.4% in the second quarter of 2017, compared
to 5.2% in the second quarter of 2016.
Income before income tax expenses and equity in earnings of
affiliated companies was $11.1
million in the second quarter of 2017, compared to
$6.5 million in the second quarter of
2016.
Net income attributable to parent company's common shareholders
rose 64.8% to $8.9 million in the
second quarter of 2017, compared to net income attributable to
parent company's common shareholders of $5.4
million in the corresponding quarter of 2016. Diluted
earnings per share were $0.28 in the
second quarter of 2017, compared to diluted earnings per share of
$0.17 in the second quarter of 2016.
The weighted average number of diluted common shares outstanding
was 31,649,322 in the second quarter of 2017, compared to
32,087,634 in the second quarter of 2016.
First Six Months of 2017
Net sales increased 8.8% to were $237.0
million in the first six months of 2017, compared to
$217.9 million in the first six
months of 2016. Six-month gross profit increased 16.6% to
$45.7 million, compared to
$39.2 million in the corresponding
period last year. Six-month gross margin was 19.3% in the 2017
period compared to 18.0% in the corresponding period in 2016. The
gain on other sales of $5.3 million
was in the first six months of 2017 compared with $2.0 million in the 2016 period. Income from
operations climbed 48.8% to $18.3
million in the first six months of 2017, compared to
$12.3 million in the first six months
of 2016. Operating margin was 7.7% in the first six months of 2017,
compared to 5.6% for the corresponding period of 2016.
Net income attributable to parent company's common shareholders
increased 31.5% to $14.6 million in
the first six months of 2017, compared to $11.1 million in the corresponding period in
2016. Diluted earnings per share were $0.46 in the first six months of 2017, compared
to diluted earnings per share of $0.34 for the corresponding period in 2016.
As of June 30, 2017, cash and
equivalents, pledged cash and short-term investments were
$98.2 million. Total accounts
receivable including notes receivable were $307.4 million. Accounts payable were
$226.2 million and bank and
government loans were $67.4 million.
Total parent company stockholders' equity was $321.8 million as of June
30, 2017, compared to $300.5
million as of December 31,
2016.
Net cash provided by operating activities increased
significantly to $19.2 million from a
net use of $6.4 million in the first
six months of 2016. The increase was mainly attributable to the
improvement of account receivable management. Payments to acquire
property, plant and equipment was reduced to $10.2 million from $18.5
million in the first six months of 2016.
Business Outlook
Management has increased its revenue guidance for the full year
2017 to US$490 million. 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 10, 2017 at 9:00
A.M. EDT/9:00 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 6 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, 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, 2017, 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
Kevin Theiss
+1-646-726-6511
kevin.theiss@awakenlab.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,
|
|
|
|
2017
|
|
|
2016
|
|
Net product sales
($8,583 and $10,054 sold to related parties for the three
months
ended June 30, 2017 and 2016)
|
|
$
|
117,660
|
|
|
$
|
101,017
|
|
Cost of products sold
($6,283 and $6,168 purchased from related parties for the three
months ended June 30, 2017 and 2016)
|
|
|
93,599
|
|
|
|
82,869
|
|
Gross
profit
|
|
|
24,061
|
|
|
|
18,148
|
|
Gain on other
sales
|
|
|
4,555
|
|
|
|
1,185
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,555
|
|
|
|
4,128
|
|
General and
administrative expenses
|
|
|
5,283
|
|
|
|
3,942
|
|
Research and
development expenses
|
|
|
7,707
|
|
|
|
5,987
|
|
Total operating
expenses
|
|
|
17,545
|
|
|
|
14,057
|
|
Income from
operations
|
|
|
11,071
|
|
|
|
5,276
|
|
Other income,
net
|
|
|
152
|
|
|
|
1,219
|
|
Interest
expense
|
|
|
(644)
|
|
|
|
(127)
|
|
Financial income,
net
|
|
|
550
|
|
|
|
148
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
11,129
|
|
|
|
6,516
|
|
Less: Income
taxes
|
|
|
2,186
|
|
|
|
1,196
|
|
Equity in
(loss)/earnings of affiliated companies
|
|
|
(62)
|
|
|
|
195
|
|
Net income
|
|
|
8,881
|
|
|
|
5,515
|
|
Net (loss)/income
attributable to non-controlling interests
|
|
|
(40)
|
|
|
|
151
|
|
Net income
attributable to parent company's common shareholders
|
|
$
|
8,921
|
|
|
$
|
5,364
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
8,881
|
|
|
$
|
5,515
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss), net of tax
|
|
|
5,814
|
|
|
|
(7,946)
|
|
Comprehensive
income/(loss)
|
|
|
14,695
|
|
|
|
(2,431)
|
|
Comprehensive
income/(loss) attributable to non-controlling interests
|
|
|
155
|
|
|
|
(164)
|
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
14,540
|
|
|
$
|
(2,267)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic -
|
|
$
|
0.28
|
|
|
$
|
0.17
|
|
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.28
|
|
|
$
|
0.17
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,644,004
|
|
|
|
32,085,822
|
|
Diluted
|
|
|
31,649,322
|
|
|
|
32,087,634
|
|
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,
|
|
|
|
2017
|
|
|
2016
|
|
Net product sales
($18,121 and $18,639 sold to related parties for the six months
ended June 30, 2017 and 2016)
|
|
$
|
236,968
|
|
|
$
|
217,871
|
|
Cost of products sold
($13,646 and $13,043 purchased from related parties for the
six months ended June 30, 2017 and 2016)
|
|
|
191,278
|
|
|
|
178,711
|
|
Gross
profit
|
|
|
45,690
|
|
|
|
39,160
|
|
Gain on other
sales
|
|
|
5,343
|
|
|
|
1,986
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
8,623
|
|
|
|
8,433
|
|
General and
administrative expenses
|
|
|
9,637
|
|
|
|
8,257
|
|
Research and
development expenses
|
|
|
14,472
|
|
|
|
12,126
|
|
Total operating
expenses
|
|
|
32,732
|
|
|
|
28,816
|
|
Income from
operations
|
|
|
18,301
|
|
|
|
12,330
|
|
Other
(expense)/income, net
|
|
|
(102)
|
|
|
|
575
|
|
Interest
expense
|
|
|
(875)
|
|
|
|
(323)
|
|
Financial income,
net
|
|
|
882
|
|
|
|
470
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
18,206
|
|
|
|
13,052
|
|
Less: Income
taxes
|
|
|
3,376
|
|
|
|
2,249
|
|
Equity in earnings of
affiliated companies
|
|
|
(11)
|
|
|
|
257
|
|
Net income
|
|
|
14,819
|
|
|
|
11,060
|
|
Net income/(loss)
attributable to non-controlling interests
|
|
|
184
|
|
|
|
(13)
|
|
Net income
attributable to parent company's common shareholders
|
|
$
|
14,635
|
|
|
$
|
11,073
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,819
|
|
|
$
|
11,060
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss), net of tax
|
|
|
7,443
|
|
|
|
(6,296)
|
|
Comprehensive
income
|
|
|
22,262
|
|
|
|
4,764
|
|
Comprehensive
gain/(loss) attributable to non-controlling interests
|
|
|
433
|
|
|
|
(249)
|
|
Comprehensive income
attributable to parent company
|
|
$
|
21,829
|
|
|
$
|
5,013
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic -
|
|
$
|
0.46
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.46
|
|
|
$
|
0.34
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,644,004
|
|
|
|
32,103,420
|
|
Diluted
|
|
|
31,649,615
|
|
|
|
32,105,611
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Balance Sheets
|
(In thousands of
USD unless otherwise indicated)
|
|
|
June 30,
2017
|
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
36,473
|
|
|
$
|
31,092
|
|
Pledged
cash
|
|
|
34,468
|
|
|
|
30,799
|
|
Short-term
investments
|
|
|
27,239
|
|
|
|
30,475
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
288,985
|
|
|
|
285,731
|
|
Accounts and notes
receivable, net - related parties
|
|
|
18,459
|
|
|
|
20,984
|
|
Advance payments and
others - unrelated parties
|
|
|
7,473
|
|
|
|
10,203
|
|
Advance payments and
others - related parties
|
|
|
30,558
|
|
|
|
624
|
|
Inventories
|
|
|
65,470
|
|
|
|
68,050
|
|
Current deferred tax
assets
|
|
|
7,652
|
|
|
|
7,946
|
|
Total current
assets
|
|
|
516,777
|
|
|
|
485,904
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Long-term time
deposits
|
|
|
6,790
|
|
|
|
865
|
|
Property, plant and
equipment, net
|
|
|
108,646
|
|
|
|
101,478
|
|
Intangible assets,
net
|
|
|
544
|
|
|
|
617
|
|
Other receivables,
net - unrelated parties
|
|
|
2,212
|
|
|
|
2,252
|
|
Advance payment for
property, plant and equipment - unrelated parties
|
|
|
13,961
|
|
|
|
14,506
|
|
Advance payment for
property, plant and equipment - related parties
|
|
|
3,361
|
|
|
|
5,005
|
|
Long-term
investments
|
|
|
17,552
|
|
|
|
16,431
|
|
Non-current deferred
tax assets
|
|
|
4,241
|
|
|
|
4,641
|
|
Total
assets
|
|
$
|
674,084
|
|
|
$
|
631,699
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
67,379
|
|
|
$
|
40,820
|
|
Accounts and notes
payable - unrelated parties
|
|
|
221,371
|
|
|
|
216,993
|
|
Accounts and notes
payable - related parties
|
|
|
4,814
|
|
|
|
6,803
|
|
Customer
deposits
|
|
|
699
|
|
|
|
700
|
|
Accrued payroll and
related costs
|
|
|
7,128
|
|
|
|
6,971
|
|
Accrued expenses and
other payables
|
|
|
34,598
|
|
|
|
35,882
|
|
Accrued pension
costs
|
|
|
3,919
|
|
|
|
4,130
|
|
Taxes
payable
|
|
|
5,397
|
|
|
|
11,674
|
|
Amounts due to
shareholders/directors
|
|
|
324
|
|
|
|
312
|
|
Advances payable
(current portion)
|
|
|
391
|
|
|
|
382
|
|
Current deferred tax
liabilities
|
|
|
171
|
|
|
|
193
|
|
Total current
liabilities
|
|
|
346,191
|
|
|
|
324,860
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term bank
loan
|
|
|
-
|
|
|
|
608
|
|
Advances
payable
|
|
|
347
|
|
|
|
339
|
|
Total
liabilities
|
|
$
|
346,538
|
|
|
$
|
325,807
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies (See Note 29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017 and December
31, 2016,
respectively
|
|
$
|
3
|
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
64,306
|
|
|
|
64,764
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,673
|
|
|
|
10,549
|
|
Unappropriated
|
|
|
243,474
|
|
|
|
228,963
|
|
Accumulated other
comprehensive income/(loss)
|
|
|
6,235
|
|
|
|
(892)
|
|
Treasury stock –
694,298 and 694,298 shares as of June 30, 2017 and
December 31, 2016, respectively
|
|
|
(2,907)
|
|
|
|
(2,907)
|
|
Total parent company
stockholders' equity
|
|
|
321,784
|
|
|
|
300,480
|
|
Non-controlling
interests
|
|
|
5,762
|
|
|
|
5,412
|
|
Total stockholders'
equity
|
|
|
327,546
|
|
|
|
305,892
|
|
Total liabilities and
stockholders' equity
|
|
$
|
674,084
|
|
|
$
|
631,699
|
|
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,
|
|
|
|
2017
|
|
|
2016
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,819
|
|
|
$
|
11,060
|
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
7,809
|
|
|
|
7,351
|
|
Increase in/(reversal
of) provision for doubtful accounts
|
|
|
1,008
|
|
|
|
(49)
|
|
Inventory write
downs
|
|
|
2,101
|
|
|
|
1,902
|
|
Deferred income
taxes
|
|
|
971
|
|
|
|
(27)
|
|
Equity in earnings of
affiliated companies
|
|
|
11
|
|
|
|
(257)
|
|
Gain on disposal of
Fujian Qiaolong
|
|
|
-
|
|
|
|
(698)
|
|
Gain on fixed assets
disposals
|
|
|
(2,202)
|
|
|
|
(14)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
|
Pledged
cash
|
|
|
(2,881)
|
|
|
|
6,528
|
|
Accounts and notes
receivable
|
|
|
6,570
|
|
|
|
(50,973)
|
|
Advance payments and
others
|
|
|
1,241
|
|
|
|
(1,437)
|
|
Inventories
|
|
|
2,104
|
|
|
|
(5,956)
|
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
(2,932)
|
|
|
|
25,885
|
|
Customer
deposits
|
|
|
(7)
|
|
|
|
(908)
|
|
Accrued payroll and
related costs
|
|
|
(2)
|
|
|
|
152
|
|
Accrued expenses and
other payables
|
|
|
(3,028)
|
|
|
|
456
|
|
Accrued pension
costs
|
|
|
(307)
|
|
|
|
407
|
|
Taxes
payable
|
|
|
(6,069)
|
|
|
|
276
|
|
Advance
payable
|
|
|
-
|
|
|
|
(75)
|
|
Net cash provided
by/(used in) operating activities
|
|
|
19,206
|
|
|
|
(6,377)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Increase in other
receivables
|
|
|
137
|
|
|
|
1,438
|
|
Proceeds from
disposition of a subsidiary, net of cash disposed of
$1,063
|
|
|
-
|
|
|
|
1,953
|
|
Cash received from
property, plant and equipment sales
|
|
|
2,334
|
|
|
|
719
|
|
Payments to acquire
property, plant and equipment (including $3,497and $4,603
paid to related parties for the six months ended June 30, 2017 and
2016,
respectively)
|
|
|
(10,178)
|
|
|
|
(18,454)
|
|
Payments to acquire
intangible assets
|
|
|
-
|
|
|
|
(60)
|
|
Purchase of
short-term investments
|
|
|
(8,069)
|
|
|
|
(14,797)
|
|
Purchase of long-term
time deposit
|
|
|
(5,836)
|
|
|
|
-
|
|
Proceeds from
maturities of short-term investments
|
|
|
11,923
|
|
|
|
1,827
|
|
Investment under
equity method
|
|
|
(730)
|
|
|
|
(3,013)
|
|
Loan to a related
party
|
|
|
(29,044)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(39,463)
|
|
|
|
(30,387)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
and government loans
|
|
|
59,088
|
|
|
|
11,541
|
|
Repayments of bank
and government loans
|
|
|
(34,128)
|
|
|
|
(5,138)
|
|
Repurchases of common
stock
|
|
|
-
|
|
|
|
(454)
|
|
Net cash provided by
financing activities
|
|
|
24,960
|
|
|
|
5,949
|
|
Effects of exchange
rate on cash and cash equivalents
|
|
|
678
|
|
|
|
(997)
|
|
Net
increase/(decrease) in cash and cash equivalents
|
|
|
5,381
|
|
|
|
(31,812)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
31,092
|
|
|
|
69,676
|
|
Cash and cash
equivalents at end of period
|
|
$
|
36,473
|
|
|
$
|
37,864
|
|
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,
|
|
|
|
2017
|
|
|
2016
|
|
Cash paid for
interest
|
|
$
|
354
|
|
|
$
|
180
|
|
Cash paid for income
taxes
|
|
|
4,172
|
|
|
|
1,253
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|
|
Six
Months Ended June 30,
|
|
|
|
2017
|
|
|
2016
|
|
Property, plant and
equipment recorded during the period for which there previously
were advance payments
|
|
$
|
10,310
|
|
|
$
|
7,580
|
|
Accounts payable for
acquiring property, plant and equipment
|
|
|
709
|
|
|
|
845
|
|
Dividends payable to
non-controlling interests
|
|
|
608
|
|
|
|
464
|
|
View original
content:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-2017-second-quarter-unaudited-financial-results-300502563.html
SOURCE China Automotive Systems, Inc.