WUHAN, China, Nov. 9, 2017 /PRNewswire/ -- China Automotive
Systems, Inc. (Nasdaq: CAAS) ("CAAS" or the "Company"), a
leading power steering components and systems supplier
in China, today announced its unaudited financial results for
the third quarter and nine months ended September 30,
2017.
Third Quarter 2017 Highlights
- Net sales increased 25.2% to $118.4 million, compared
to $94.6 million in the third quarter of 2016;
- Gross margin was19.0%;
- Net income attributable to parent company's common shareholders
was $5.1 million, or diluted earnings per share of $0.16,
compared to net income attributable to parent company's common
shareholders of $5.7 million, or diluted earnings per share
of $0.18, in the third quarter of 2016.
First Nine Months of 2017 Highlights
- Net sales increased 13.7% to $355.3
million, compared to $312.5 million in the first
nine months of 2016;
- Gross margin was 19.2%;
- Diluted earnings per share attributable to parent company's
common shareholders was $0.62 compared with $0.52 for the first nine months of 2016;
- Cash and cash equivalents, pledged cash deposits and short-term
investments were $110.3 million as of September 30,
2017;
- Net cash flow from operating activities was $43.0 million.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS,
commented, "Sales of our traditional hydraulic products led our
strong growth in the third quarter of 2017 as sales of Chinese
passenger vehicles and heavy-duty trucks remain solid.
Additionally, our new advanced hydraulic steering products have
been the primary driver of our robust sales to Chrysler and Ford
for use in the North American markets with sales rising by 78.3% in
the third quarter of 2017. Our electric power steering
("EPS") business is stable and we remain optimistic about its
future as we continue to develop more advanced products and
production capabilities."
Mr. Jie Li, the Chief Financial Officer of CAAS, commented,
"We continue to invest in our operations to ensure we have
developed the right products and can efficiently build them to add
value for our customers. In addition to capital investment, we have
increased our investment in our joint venture fund to develop new
automotive technologies. We intend to further penetrate our
key markets in China, North America and Brazil."
Third Quarter of 2017
In the third quarter of 2017, net sales increased 25.2% to
$118.4 million, compared
to $94.6 million in the same quarter of 2016. This
increase was mainly due to higher volumes of traditional steering
products to autos and heavy-duty vehicles in China. Also, new products drove higher sales
to the Company's North American customers.
Gross profit was $22.5 million in the third quarter of
2017, compared to $20.0 million in the third quarter of
2016. The gross margin was 19.0% in the third quarter of 2017,
versus 21.1% in the third quarter of 2016. The margin decline was
primarily related to changes in the product mix as some
higher-margin products experienced slower growth during the third
quarter.
Selling expenses were $4.5 million in the third
quarter of 2017, compared to $3.8 million in the third
quarter of 2016. Greater unit sales led to higher transportation
expenses in the third quarter of 2017. Selling expenses represented
3.8% of net sales in the third quarter of 2017, compared to 4.0% in
the third quarter of 2016.
General and administrative expenses ("G&A expenses") were
$4.4 million in the third
quarter of 2017, compared to $3.7 million in the same
quarter of 2016. G&A expenses represented 3.7% of net sales in
the third quarter of 2017compared with 3.9% in the third quarter of
2016.
Research and development expenses ("R&D expenses")
were $9.2 million in the third quarter of 2017, compared
to $6.7 million in the third quarter of 2016. R&D
expenses represented 7.8% of net sales in the third quarter of 2017
compared with 7.1% in the third quarter of 2016. The higher R&D
expenses were mainly due to greater emphasis on accelerating the
development of brushless motor EPS products as well as other new
advanced products.
Net financial income was $1.0 million in the third
quarter of 2017 compared to net financial income of $0.8
million in the third quarter of 2016.
Income from operations was $4.9
million in the third quarter of 2017, compared to $5.7
million in the same quarter of 2016. The decrease was mainly
due to lower gross margin and higher operating expenses.
Income before income tax expenses and equity in earnings of
affiliated companies was $5.7 million in the third quarter of
2017, compared to $6.7 million in the third quarter of
2016. The decrease in income before income tax expenses and equity
in earnings of affiliated companies was mainly due to lower
operating income in the third quarter of 2017 compared with the
third quarter of 2016.
Net income attributable to parent company's common shareholders
was $5.1 million in the third quarter of 2017, compared
to net income attributable to parent company's common shareholders
of $5.7 million in the third quarter of 2016. Diluted
earnings per share were $0.16 in the third quarter of
2017, compared to diluted earnings per share of $0.18 in
the third quarter of 2016.
The weighted average number of diluted common shares outstanding
was31,644,271in the third quarter of 2017, compared to 31,911,722
in the third quarter of 2016.
First Nine Months of 2017
Net sales for the first nine months of 2017 were $355.3
million, compared to $312.5 million in the first nine
months of 2016. Nine-month gross profit was $68.2 million,
compared to $59.1 million in the corresponding period
last year. Nine-month gross margin was 19.2%, compared to 18.9% for
the corresponding period in 2016. For the nine months
ended September 30, 2017, gain on other sales amounted
to $5.9 million, compared to $2.0 million for the
corresponding period in 2016. Income from operations was $23.2
million compared to $18.0 million in the first nine
months of 2016. Operating margin was 6.5%, compared to 5.8% for the
corresponding period of 2016.
Net income attributable to parent company's common shareholders
was $19.7 million compared with $16.8
million in the corresponding period last year. Diluted
earnings per share were $0.62 in the first nine months of
2017, compared to diluted earnings per share of $0.52 for the
corresponding period in 2016.
Balance Sheet
As of September 30, 2017, total cash and cash equivalents,
pledged cash deposits and short-term investments were $110.3
million, total accounts receivable including notes receivable
were $287.6 million, accounts payable including notes payable
were $230.5 million, and short-term bank and government
loans were $73.6 million. Total parent company stockholders'
equity was $333.4 million as of September 30, 2017,
compared to $300.5 million as of December 31,
2016.
Business Outlook
Management has raised its revenue guidance for the full year
2017to US$495 million. This target is
based on the Company's current views on operating and market
conditions, which are subject to change.
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 September
30,
|
|
|
|
2017
|
|
|
2016
|
|
Net product sales
($7,563 and $9,950 sold to related parties for the
three months ended September 30, 2017 and 2016)
|
|
$
|
118,365
|
|
|
$
|
94,626
|
|
Cost of products sold
($6,549 and $5,869 purchased from related
parties for the three months ended September 30, 2017 and
2016)
|
|
|
95,878
|
|
|
|
74,641
|
|
Gross
profit
|
|
|
22,487
|
|
|
|
19,985
|
|
Gain on other
sales
|
|
|
553
|
|
|
|
22
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,537
|
|
|
|
3,840
|
|
General and
administrative expenses
|
|
|
4,390
|
|
|
|
3,741
|
|
Research and
development expenses
|
|
|
9,194
|
|
|
|
6,723
|
|
Total operating
expenses
|
|
|
18,121
|
|
|
|
14,304
|
|
Income from
operations
|
|
|
4,919
|
|
|
|
5,703
|
|
Other
income
|
|
|
100
|
|
|
|
420
|
|
Interest
expense
|
|
|
(318)
|
|
|
|
(201)
|
|
Financial income,
net
|
|
|
1,027
|
|
|
|
800
|
|
Income before income
tax expenses and equity in earnings of
affiliated companies
|
|
|
5,728
|
|
|
|
6,722
|
|
Less: Income
taxes
|
|
|
991
|
|
|
|
1,167
|
|
Equity in earnings of
affiliated companies
|
|
|
491
|
|
|
|
304
|
|
Net income
|
|
|
5,228
|
|
|
|
5,859
|
|
Net income
attributable to non-controlling interests
|
|
|
169
|
|
|
|
177
|
|
Net income
attributable to parent company's common shareholders
|
|
$
|
5,059
|
|
|
$
|
5,682
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,228
|
|
|
$
|
5,859
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss), net of tax
|
|
|
6,705
|
|
|
|
(2,139)
|
|
Comprehensive
income
|
|
|
11,933
|
|
|
|
3,720
|
|
Comprehensive income
attributable to non-controlling interests
|
|
|
386
|
|
|
|
119
|
|
Comprehensive income
attributable to parent company
|
|
$
|
11,547
|
|
|
$
|
3,601
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.16
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.16
|
|
|
$
|
0.18
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,644,004
|
|
|
|
31,911,360
|
|
Diluted
|
|
|
31,644,271
|
|
|
|
31,911,722
|
|
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)
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
Net product sales
($25,684 and $28,589 sold to related parties for the
nine months ended September 30, 2017 and 2016)
|
|
$
|
355,333
|
|
|
$
|
312,497
|
|
Cost of products sold
($20,195 and $18,912 purchased from related
parties for the nine months ended September 30, 2017 and
2016)
|
|
|
287,156
|
|
|
|
253,352
|
|
Gross
profit
|
|
|
68,177
|
|
|
|
59,145
|
|
Gain on other
sales
|
|
|
5,896
|
|
|
|
2,008
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
13,160
|
|
|
|
12,273
|
|
General and
administrative expenses
|
|
|
14,027
|
|
|
|
11,998
|
|
Research and
development expenses
|
|
|
23,666
|
|
|
|
18,849
|
|
Total operating
expenses
|
|
|
50,853
|
|
|
|
43,120
|
|
Income from
operations
|
|
|
23,220
|
|
|
|
18,033
|
|
Other
(expense)/income, net
|
|
|
(2)
|
|
|
|
995
|
|
Interest
expense
|
|
|
(1,193)
|
|
|
|
(524)
|
|
Financial income,
net
|
|
|
1,909
|
|
|
|
1,270
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
23,934
|
|
|
|
19,774
|
|
Less: Income
taxes
|
|
|
4,367
|
|
|
|
3,416
|
|
Equity in earnings of
affiliated companies
|
|
|
480
|
|
|
|
561
|
|
Net income
|
|
|
20,047
|
|
|
|
16,919
|
|
Net income
attributable to non-controlling interests
|
|
|
353
|
|
|
|
164
|
|
Net income
attributable to parent company's common shareholders
|
|
$
|
19,694
|
|
|
$
|
16,755
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
20,047
|
|
|
$
|
16,919
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss), net of tax
|
|
|
14,148
|
|
|
|
(8,435)
|
|
Comprehensive
income
|
|
|
34,195
|
|
|
|
8,484
|
|
Comprehensive
gain/(loss) attributable to non-controlling interests
|
|
|
819
|
|
|
|
(143)
|
|
Comprehensive income
attributable to parent company
|
|
$
|
33,376
|
|
|
$
|
8,627
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.62
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.62
|
|
|
$
|
0.52
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,644,004
|
|
|
|
32,038,933
|
|
Diluted
|
|
|
31,647,833
|
|
|
|
32,040,514
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Balance Sheets
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
September 30,
2017
|
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
55,382
|
|
|
$
|
31,092
|
|
Pledged
cash
|
|
|
31,075
|
|
|
|
30,799
|
|
Short-term
investments
|
|
|
23,829
|
|
|
|
30,475
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
269,943
|
|
|
|
285,731
|
|
Accounts and notes
receivable, net - related parties
|
|
|
17,607
|
|
|
|
20,984
|
|
Advance payments and
others - unrelated parties
|
|
|
12,235
|
|
|
|
10,203
|
|
Advance payments and
others - related parties
|
|
|
31,397
|
|
|
|
624
|
|
Inventories
|
|
|
73,030
|
|
|
|
68,050
|
|
Current deferred tax
assets
|
|
|
7,476
|
|
|
|
7,946
|
|
Total current
assets
|
|
|
521,974
|
|
|
|
485,904
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Long-term time
deposits
|
|
|
6,027
|
|
|
|
865
|
|
Property, plant and
equipment, net
|
|
|
115,302
|
|
|
|
101,478
|
|
Intangible assets,
net
|
|
|
512
|
|
|
|
617
|
|
Other receivables,
net - unrelated parties
|
|
|
2,234
|
|
|
|
2,252
|
|
Advance payment for
property, plant and equipment - unrelated
parties
|
|
|
14,222
|
|
|
|
14,506
|
|
Advance payment for
property, plant and equipment - related
parties
|
|
|
4,813
|
|
|
|
5,005
|
|
Long-term
investments
|
|
|
25,341
|
|
|
|
16,431
|
|
Non-current deferred
tax assets
|
|
|
4,295
|
|
|
|
4,641
|
|
Total
assets
|
|
$
|
694,720
|
|
|
$
|
631,699
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
73,594
|
|
|
$
|
40,820
|
|
Accounts and notes
payable - unrelated parties
|
|
|
224,758
|
|
|
|
216,993
|
|
Accounts and notes
payable - related parties
|
|
|
5,749
|
|
|
|
6,803
|
|
Customer
deposits
|
|
|
869
|
|
|
|
700
|
|
Accrued payroll and
related costs
|
|
|
7,460
|
|
|
|
6,971
|
|
Accrued expenses and
other payables
|
|
|
32,883
|
|
|
|
35,882
|
|
Accrued pension
costs
|
|
|
4,750
|
|
|
|
4,130
|
|
Taxes
payable
|
|
|
3,800
|
|
|
|
11,674
|
|
Amounts due to
shareholders/directors
|
|
|
335
|
|
|
|
312
|
|
Advances payable
(current portion)
|
|
|
399
|
|
|
|
382
|
|
Current deferred tax
liabilities
|
|
|
190
|
|
|
|
193
|
|
Total current
liabilities
|
|
|
354,787
|
|
|
|
324,860
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term bank
loan
|
|
|
-
|
|
|
|
608
|
|
Advances
payable
|
|
|
354
|
|
|
|
339
|
|
Total
liabilities
|
|
$
|
355,141
|
|
|
$
|
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
September 30, 2017 and December 31, 2016, respectively
|
|
$
|
3
|
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
64,406
|
|
|
|
64,764
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,673
|
|
|
|
10,549
|
|
Unappropriated
|
|
|
248,533
|
|
|
|
228,963
|
|
Accumulated other
comprehensive income/(loss)
|
|
|
12,722
|
|
|
|
(892)
|
|
Treasury stock –
694,298 and 694,298 shares as of September
30, 2017 and December 31, 2016, respectively
|
|
|
(2,907)
|
|
|
|
(2,907)
|
|
Total parent company
stockholders' equity
|
|
|
333,430
|
|
|
|
300,480
|
|
Non-controlling
interests
|
|
|
6,149
|
|
|
|
5,412
|
|
Total stockholders'
equity
|
|
|
339,579
|
|
|
|
305,892
|
|
Total liabilities and
stockholders' equity
|
|
$
|
694,720
|
|
|
$
|
631,699
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Statements of Cash Flows
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
20,047
|
|
|
$
|
16,919
|
|
Adjustments to
reconcile net income from operations to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
100
|
|
|
|
-
|
|
Depreciation and
amortization
|
|
|
10,933
|
|
|
|
10,732
|
|
Increase in/(reversal
of) provision for doubtful accounts
|
|
|
1,034
|
|
|
|
(126)
|
|
Inventory write
downs
|
|
|
4,436
|
|
|
|
2,353
|
|
Deferred income
taxes
|
|
|
1,354
|
|
|
|
(142)
|
|
Equity in earnings of
affiliated companies
|
|
|
(480)
|
|
|
|
(561)
|
|
Gain on disposal of
Fujian Qiaolong
|
|
|
-
|
|
|
|
(698)
|
|
Gain on fixed assets
disposals
|
|
|
(2,204)
|
|
|
|
(6)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
|
Pledged
cash
|
|
|
1,226
|
|
|
|
9,711
|
|
Accounts and notes
receivable
|
|
|
32,807
|
|
|
|
(18,471)
|
|
Advance payments and
others
|
|
|
(1,527)
|
|
|
|
(2,798)
|
|
Inventories
|
|
|
(6,441)
|
|
|
|
(18,244)
|
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
(3,023)
|
|
|
|
14,990
|
|
Customer
deposits
|
|
|
158
|
|
|
|
(613)
|
|
Accrued payroll and
related costs
|
|
|
182
|
|
|
|
544
|
|
Accrued expenses and
other payables
|
|
|
(6,216)
|
|
|
|
1,309
|
|
Accrued pension
costs
|
|
|
443
|
|
|
|
(160)
|
|
Taxes
payable
|
|
|
(9,806)
|
|
|
|
(1,582)
|
|
Advance
payable
|
|
|
-
|
|
|
|
(75)
|
|
Net cash provided
by operating activities
|
|
|
43,023
|
|
|
|
13,082
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Decrease in other
receivables
|
|
|
159
|
|
|
|
2,382
|
|
Proceeds from
disposition of a subsidiary, net of cash disposed of
$1,063
|
|
|
-
|
|
|
|
1,953
|
|
Cash received from
property, plant and equipment sales
|
|
|
2,351
|
|
|
|
511
|
|
Payments to acquire
property, plant and equipment (including $7,656
and $5,662 paid to related parties for the nine months ended
September 30, 2017 and 2016, respectively)
|
|
|
(19,187)
|
|
|
|
(27,161)
|
|
Payments to acquire
intangible assets
|
|
|
-
|
|
|
|
(60)
|
|
Purchase of
short-term investments
|
|
|
(25,017)
|
|
|
|
(28,181)
|
|
Purchase of long-term
time deposit
|
|
|
(5,836)
|
|
|
|
-
|
|
Proceeds from
maturities of short-term investments
|
|
|
33,749
|
|
|
|
13,236
|
|
Investment under
equity method
|
|
|
(7,629)
|
|
|
|
(8,682)
|
|
Loan to a related
party
|
|
|
(29,044)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(50,454)
|
|
|
|
(46,002)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
and government loans
|
|
|
69,635
|
|
|
|
12,151
|
|
Repayments of bank
and government loans
|
|
|
(39,271)
|
|
|
|
(7,145)
|
|
Dividends paid to the
non-controlling interest holders
|
|
|
-
|
|
|
|
(464)
|
|
Repurchases of common
stock
|
|
|
-
|
|
|
|
(991)
|
|
Net cash provided
by financing activities
|
|
|
30,364
|
|
|
|
3,551
|
|
Effects of exchange
rate on cash and cash equivalents
|
|
|
1,357
|
|
|
|
(1,245)
|
|
Net increase/decrease
in cash and cash equivalents
|
|
|
24,290
|
|
|
|
(30,614)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
31,092
|
|
|
|
69,676
|
|
Cash and cash
equivalents at end of period
|
|
$
|
55,382
|
|
|
$
|
39,062
|
|
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:
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
Cash paid for
interest
|
|
$
|
573
|
|
|
$
|
219
|
|
Cash paid for income
taxes
|
|
|
4,343
|
|
|
|
1,396
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
2017
|
|
|
2016
|
|
Property, plant and
equipment recorded during the period which
previously were advance payments
|
|
$
|
12,331
|
|
|
$
|
12,771
|
|
Accounts payable for
acquiring property, plant and equipment
|
|
|
890
|
|
|
|
844
|
|
Dividends payable to
non-controlling interests
|
|
|
621
|
|
|
|
-
|
|
View original
content:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-252-net-sales-growth-in-the-2017-third-quarter-300552798.html
SOURCE China Automotive Systems, Inc.