ZHANGZHOU, China, Aug. 25, 2017 /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, 2017.
Financial Highlights
Second Quarter 2017:
- Revenue was RMB781.0 million
(US$115.2 million), up 22.1%
year-over-year;
- Sales to the Chinese OEM market increased 76.8%
year-over-year;
- Sales of aluminum wheels increased by 160.7%
year-over-year;
- Gross margin was 11.0%;
- Net cash flow from operating activities was RMB57.5 million (US$8.5
million).
First Six Months of 2017
- Revenue was RMB1,451.3 million
(US$214.1 million), up 24.6% compared
with RMB1,164.9 million in the first
six months of 2016;
- Tubeless steel wheel sales increased by 47.3%;
- Gross margin was 13.2%;
- Net profit and total comprehensive income for the period was
RMB5.0 million (US$0.7 million) with earnings per American
Depositary Share ("ADS") of RMB0.10
(US$0.01);
- Bank balances and cash, pledged bank deposits and fixed bank
deposits with maturity period over three months totaled
RMB1,096.0 million (US$161.7 million).
Mr. Junqiu Gao, Deputy CEO and
Chief Sales and Marketing Officer of Zenix Auto, commented, "We are
pleased to have posted another strong top line growth in the second
quarter. The Chinese government's anti-overloading campaign
continued to lift demand in the OEM truck market. Our top 5
customers such as JAC, FAW and Sinotruk all experienced robust
growth, benefitting from the positive market dynamics. Our tubeless
steel wheel, industrial equipment wheel and aluminum wheel products
continued to demonstrate solid growth. On the cost side, the
sharply rising steel price negatively impacted our gross margin.
However, we foresee an improvement in the second half of the year
as we plan to raise prices and increase aluminum product
shipments."
Mr. Martin Cheung, CFO of Zenix
Auto, commented, "We are pleased that our advanced tubeless steel
wheels and aluminum wheels are gaining market share as their
advantages are being realized by end users. We continued to
generate positive cash flow in the second quarter of 2017 as our
current production capacity required modest capital expenditures,
combined with a reduction in operational expenses as we become more
efficient. One of our key focuses is to maintain our financial
strength and provide the resources for our future
operations."
2017 Second Quarter Results
Revenue for the second quarter was RMB781.0 million (US$115.2
million) from RMB639.5 million
for the second quarter of 2016. The increase in revenue on a
year-over-year basis was mainly due to strong sales to the domestic
truck OEM market driven by Chinese government enforcement against
truck overloading. The increase in total revenue was also
attributable to the higher price adjustment in response to the
rising raw material costs.
Sales to the Chinese OEM market increased by 76.8%
year-over-year to RMB434.1 million
(US$64.0 million) in the second
quarter of 2017 compared to RMB245.5
million in the same quarter of 2016. Total unit sales in the
OEM market increased by 35.8% year-over-year during the second
quarter of 2017.
Aftermarket sales in China
decreased by 16.8% year-over-year to RMB239.5 million (US$35.3
million) in the second quarter of 2017 from RMB288.0 million in the second quarter of 2016.
Total unit sales in the aftermarket decreased by 30.3%
year-over-year as the aftermarket wheel segment remained weak after
the reinforcement of anti-overloading regulations.
International sales increased by 1.2% year-over-year to
RMB107.4 million (US$15.8 million) in the second quarter of 2017
compared to sales of RMB106.1 million
in the second quarter of 2016. Total unit sales in the
international sales decreased by 18.1% year-over-year in the second
quarter of 2017 mainly due to continued weak demand in Southeastern
Asian countries, offset by higher pricing due to the higher
material cost.
In the second quarter of 2017, domestic OEM sales, domestic
aftermarket sales and international sales contributed 55.6%, 30.7%
and 13.7% of revenue, respectively.
Sales of tubed steel wheels comprised 47.8% of 2017 second
quarter revenue compared to 56.2% in the same quarter in 2016.
Tubeless steel wheel sales represented 42.7% of 2017 second quarter
revenue compared to 36.3% in the same quarter of 2016. While tubed
and tubeless steel wheel sales remain the main sources of revenue
for the Company, sales of aluminum wheels increased by 160.7%
year-over-year and accounted for 6.0% second quarter revenue as
compared to 2.8% in the same quarter a year ago. The tightened
regulation by Chinese government to curb emissions and increase
road safety fueled high demand for light-weight tubeless and
aluminum wheels.
Second quarter gross profit decreased by 26.6% to RMB85.9 million (US$12.7
million), compared to RMB117.0
million in the same quarter in 2016. Gross margin was 11.0%,
compared with 18.3% in the second quarter of 2016. The decrease in
gross margin on a year-over-year basis was mainly due to the sharp
rise of raw material costs. The Company raised selling prices
during the second quarter, but they were not high enough to offset
the increase of the raw material costs.
Selling and distribution expenses decreased by 4.0% to
RMB49.6 million (US$7.3 million) from RMB51.6 million in the second quarter of 2016.
The decrease in selling and distribution costs was primarily due to
lower marketing and advertising expenses associated with weaker
aftermarket sales in China in the
second quarter of 2017 compared with the same quarter last year. As
a percentage of revenue, selling and distribution costs were 6.3%
in the second quarter of 2017, compared to 8.1% in the same quarter
a year ago.
Research and development ("R&D") expenses decreased by 33.7%
to RMB14.0 million (US$2.1 million), compared to RMB21.1 million in the second quarter of 2016.
R&D as a percentage of revenue was 1.8% in the second quarter
of 2017, compared to 3.3% in the same quarter a year ago. As the
Company's aluminum products continued to mature, R&D expenses
were lowered.
Administrative expenses decreased by 14.4% to RMB29.1million (US$4.3
million) from RMB34.0 million
in the second quarter of 2016. As a percentage of revenue,
administrative expenses were 3.7%, compared to 5.3% of revenue in
the second quarter of 2016.
Net loss and total comprehensive loss were RMB7.9 million (US$1.2
million) in the second quarter of 2017 compared to net
income and total comprehensive income of RMB4.6 million for the second quarter of
2016.
Basic and diluted loss per ADS were RMB0.15 (US$0.02)
in the second quarter of 2017 compared to basic and diluted income
per ADS of RMB0.09 in the second
quarter of 2016.
In the second quarter of 2017, the Company recorded net cash
inflows from operating activities of RMB57.5
million (US$8.5 million).
Effective collection of large sums of account receivables
positively affected operating cash-flows. Days Sales Outstanding
(DSO) remained at 66 days in the second quarter of 2017, flat in
comparison with 68 days during the full year of 2016. Capital
expenditures for the purchase of property, plant and equipment in
the second quarter were RMB 0.3
million (US$38,000).
During the second quarter of 2017 and 2016, the weighted average
number of ordinary shares was 206.5 million and the weighted
average number of ADSs was 51.6 million.
2017 First Six Months Results
Revenue for the first six months ended June 30, 2017 was RMB1,451.3 million (US$214.1 million) compared with RMB1,164.9 million in the first six months of
2016.
Aftermarket sales declined by 13.6% year-over-year to
RMB471.1 million (US$69.5 million) in the first six months of 2017,
and represented 32.5% of total six-month revenue. Sales to the
Chinese OEM market increased by 86.4% year-over-year to
RMB781.7 million (US$115.3 million) and represented 53.9% of
revenue. International sales decreased by 1.0% year-over-year to
RMB198.6 million (US$29.3 million) compared with the same period
last year, and represented 13.6% of revenue.
Tubed steel wheel sales for the first six months ended
June 30, 2017 increased by 4.3%
compared with the same period in 2016 and comprised 46.5% of
revenue. Tubeless steel wheel sales increased by 47.3% from the
same period a year ago and comprised 44.0% of revenue.
Gross profit for the first six months ended June 30, 2017 was RMB191.6
million (US$28.3 million)
compared with RMB217.6 million during
the same period in 2016, down 11.9% year-over-year. Gross margin
was 13.2% compared with 18.7% in the same period last year. Profit
before taxation was RMB8.2 million
(US$1.2 million), compared with
profit before taxation of RMB6.0
million during the first six months of 2016.
Net profit and total comprehensive income for the first six
months ended June 30, 2017, was
RMB5.0 million (US$0.7 million) compared with RMB1.7 million during the same period in 2016.
Basic and diluted earnings per ordinary share and per ADS for the
first six months ended June 30, 2017
were RMB0.02 (US$0.00) and RMB0.10 (US$0.01),
respectively.
As of June 30, 2017, Zenix Auto
had bank balances and cash of RMB770.1
million (US$113.6 million) and
fixed bank deposits with a maturity period over three months of
RMB290.0 million (US$42.8 million). Total bank borrowings were
RMB558.0 million (US$82.3 million). Total equity attributable to
owners of the Company was RMB2,542.6
million (US$375.0
million).
Conference Call Information
The Company will host a conference call, to be simultaneously
webcast, on Friday, August 25, 2017
at 8:00 a.m. ET/ 8:00 p.m. Beijing Time. Interested parties may
participate in the conference call by dialing +1-877-407-0782 (U.S.
Toll Free) or +1-201-689-8567 (International). Please dial in five
minutes before the call start time and ask to be connected to the
"China Zenix Auto" conference call.
A replay will be available shortly after the conclusion of the
conference call through September 25,
2017, at 8:00 a.m. ET.
Interested parties may access the replay by dialing +1-877-481-4010
(U.S. Toll Free) or +1-919-882-2331 (International) and using
Conference ID 19864 to access the replay.
Exchange Rate Information
The United States dollar (US$)
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 RMB6.7793 to US$1.00, the effective noon buying rate as of
June 30, 2017 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 772 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,
2017. 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
Kevin Theiss
Investor Relations
Awaken Advisors
Tel: +1-(212) 521-4050
Email: Kevin.Theiss@awakenlab.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, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except number of shares and ADSs
and
per share data)
|
|
|
|
2016
Q2
|
|
2017
Q2
|
|
2017
Q2
|
|
RMB'
000
|
|
RMB'
000
|
|
US$'
000
|
|
|
|
|
|
|
|
Revenue
|
|
639,546
|
|
780,987
|
|
115,202
|
Cost of
sales
|
|
(522,519)
|
|
(695,079)
|
|
(102,530)
|
Gross
profit
|
|
117,027
|
|
85,908
|
|
12,672
|
Other operating
income
|
|
2,869
|
|
2,964
|
|
437
|
Net exchange gain
(loss)
|
|
946
|
|
(986)
|
|
(145)
|
Selling and
distribution costs
|
|
(51,630)
|
|
(49,587)
|
|
(7,314)
|
Research and
development expenses
|
|
(21,120)
|
|
(14,012)
|
|
(2,067)
|
Administrative
expenses
|
|
(34,003)
|
|
(29,123)
|
|
(4,296)
|
Finance
costs
|
|
(5,313)
|
|
(5,400)
|
|
(797)
|
Profit (Loss) before
taxation
|
|
8,776
|
|
(10,236)
|
|
(1,510)
|
Income tax (expense)
credit
|
|
(4,131)
|
|
2,315
|
|
341
|
|
|
|
|
|
|
|
Profit (Loss) and
total comprehensive
income (loss) for the period
|
|
4,645
|
|
(7,921)
|
|
(1,169)
|
|
|
|
|
|
|
|
Earnings (Loss) per
share
|
|
|
|
|
|
|
Basic
|
|
0.02
|
|
(0.04)
|
|
(0.01)
|
Diluted
|
|
0.02
|
|
(0.04)
|
|
(0.01)
|
|
|
|
|
|
|
|
Earnings (Loss) per
ADS
|
|
|
|
|
|
|
Basic
|
|
0.09
|
|
(0.15)
|
|
(0.02)
|
Diluted
|
|
0.09
|
|
(0.15)
|
|
(0.02)
|
|
|
|
|
|
|
|
Shares
|
|
206,500,000
|
|
206,500,000
|
|
206,500,000
|
ADSs
|
|
51,625,000
|
|
51,625,000
|
|
51,625,000
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statements of Profit or Loss and Other
Comprehensive
Income
|
For the six months
ended June 30, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except number of shares and ADSs
and
per share data)
|
|
|
|
2016
|
|
2017
|
|
2017
|
|
RMB'
000
|
|
RMB'
000
|
|
US$'
000
|
|
|
|
|
|
|
|
Revenue
|
|
1,164,945
|
|
1,451,343
|
|
214,084
|
Cost of
sales
|
|
(947,365)
|
|
(1,259,719)
|
|
(185,818)
|
Gross
profit
|
|
217,580
|
|
191,624
|
|
28,266
|
Other operating
income
|
|
3,356
|
|
9,380
|
|
1,384
|
Net exchange
gain(loss)
|
|
802
|
|
(1,292)
|
|
(191)
|
Selling and
distribution costs
|
|
(95,034)
|
|
(92,022)
|
|
(13,574)
|
Research and
development expenses
|
(41,441)
|
|
(28,029)
|
|
(4,134)
|
Administrative
expenses
|
|
(68,554)
|
|
(60,744)
|
|
(8,960)
|
Finance
costs
|
|
(10,748)
|
|
(10,690)
|
|
(1,577)
|
Profit before
taxation
|
|
5,961
|
|
8,227
|
|
1,214
|
Income tax
expense
|
|
(4,226)
|
|
(3,231)
|
|
(477)
|
|
|
|
|
|
|
|
Profit and total
comprehensive
income for the period
|
|
1,735
|
|
4,996
|
|
737
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
Basic
|
|
0.01
|
|
0.02
|
|
0.00
|
Diluted
|
|
0.01
|
|
0.02
|
|
0.00
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
Basic
|
|
0.03
|
|
0.10
|
|
0.01
|
Diluted
|
|
0.03
|
|
0.10
|
|
0.01
|
|
|
|
|
|
|
|
Shares
|
|
206,500,000
|
|
206,500,000
|
|
206,500,000
|
ADSs
|
|
51,625,000
|
|
51,625,000
|
|
51,625,000
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statements of Financial
Position
|
(RMB and US$
amounts expressed in thousands)
|
|
|
|
December 31
2016
|
|
June 30
2017
|
|
June 30
2017
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'
000
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Inventories
|
|
138,740
|
|
237,725
|
|
35,066
|
Trade and other
receivables and prepayments
|
|
695,856
|
|
807,744
|
|
119,148
|
Prepaid lease
payments
|
|
9,425
|
|
9,425
|
|
1,390
|
Pledged bank
deposits
|
|
32,100
|
|
35,900
|
|
5,296
|
Fixed bank deposits
with maturity period over three
months
|
|
290,000
|
|
290,000
|
|
42,777
|
Bank balances and
cash
|
|
896,799
|
|
770,076
|
|
113,592
|
Total current
assets
|
|
2,062,920
|
|
2,150,870
|
|
317,269
|
|
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
1,379,287
|
|
1,306,829
|
|
192,768
|
Prepaid lease
payments
|
|
376,449
|
|
371,737
|
|
54,834
|
Deferred tax
assets
|
|
23,836
|
|
25,961
|
|
3,829
|
Intangible
assets
|
|
17,000
|
|
17,000
|
|
2,508
|
Total non-current
assets
|
|
1,796,572
|
|
1,721,527
|
|
253,939
|
Total
assets
|
|
3,859,492
|
|
3,872,397
|
|
571,208
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Trade and other
payables and accruals
|
|
668,633
|
|
675,759
|
|
99,680
|
Amount due to a
shareholder
|
|
1,398
|
|
-
|
|
-
|
Taxation
payable
|
|
109
|
|
-
|
|
-
|
Short- term bank
borrowings
|
|
558,000
|
|
558,000
|
|
82,309
|
Total current
liabilities
|
|
1,228,140
|
|
1,233,759
|
|
181,989
|
Deferred tax
liabilities
|
|
85,286
|
|
87,975
|
|
12,977
|
Deferred
income
|
|
8,496
|
|
8,097
|
|
1,194
|
Total non-current
liabilities
|
|
93,782
|
|
96,072
|
|
14,171
|
Total
liabilities
|
|
1,321,922
|
|
1,329,831
|
|
196,160
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
136
|
|
136
|
|
20
|
Paid in
capital
|
|
392,076
|
|
392,076
|
|
57,834
|
Reserves
|
|
2,145,358
|
|
2,150,354
|
|
317,194
|
Total equity
attributable to owners of the company
|
|
2,537,570
|
|
2,542,566
|
|
375,048
|
Total equity and
liabilities
|
|
3,859,492
|
|
3,872,397
|
|
571,208
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
For the six months
ended June 30, 2017
|
(RMB and US$
amounts expressed in thousands)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2017
|
|
|
|
|
RMB'
000
|
|
US$'
000
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
Loss before
taxation
|
|
(10,236)
|
|
(1,510)
|
|
Adjustments
for:
|
|
|
|
|
|
|
Amortization of
prepaid lease payments
|
|
2,356
|
|
347
|
|
|
Depreciation of
property plant and equipment
|
|
36,905
|
|
5,444
|
|
|
Release of deferred
income
|
|
(199)
|
|
(29)
|
|
|
Finance
costs
|
|
5,400
|
|
797
|
|
|
Loss on disposal of
property, plant and equipment
|
|
7
|
|
1
|
|
|
Interest
income
|
|
(2,790)
|
|
(412)
|
|
Operating cash flows
before movements in working capital
|
|
31,443
|
|
4,638
|
|
Increase in
inventories
|
|
(43,286)
|
|
(6,385)
|
|
Decrease in trade and
other receivables and prepayments
|
|
88,444
|
|
13,046
|
|
Decrease in trade and
other payables and accruals
|
|
(19,067)
|
|
(2,813)
|
|
Cash generated from
operations
|
|
57,534
|
|
8,486
|
|
Interest
received
|
|
2,047
|
|
302
|
|
PRC income tax
paid
|
|
(2,116)
|
|
(312)
|
|
NET CASH FROM
OPERATING ACTIVITIES
|
|
57,465
|
|
8,476
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(255)
|
|
(38)
|
|
Placement of pledged
bank deposits
|
|
(410)
|
|
(60)
|
|
Withdrawal of pledged
bank deposits
|
|
1,200
|
|
177
|
|
Proceeds on disposal
of property, plant and equipment
|
|
6
|
|
1
|
|
Placement of fixed bank
deposits with maturity periods over
three months
|
|
(50,000)
|
|
(7,375)
|
|
Withdrawal of fixed
bank deposits with maturity periods over
three months
|
|
50,000
|
|
7,375
|
|
NET CASH FROM
INVESTING ACTIVITIES
|
|
541
|
|
80
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
Interest
paid
|
|
(6,203)
|
|
(915)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
(6,203)
|
|
(915)
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
51,803
|
|
7,641
|
|
Cash and cash
equivalents at beginning of the period
|
|
717,727
|
|
105,870
|
|
Effect of foreign
exchange rate changes
|
|
546
|
|
81
|
|
Cash and cash
equivalents at end of the period
|
|
770,076
|
|
113,592
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
For the six months
ended June 30, 2017
|
(RMB and US$
amounts expressed in thousands)
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2017
|
|
|
|
|
RMB'
000
|
|
US$'
000
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
Profit before
taxation
|
|
|
8,227
|
|
1,214
|
Adjustments
for:
|
|
|
|
|
|
|
Amortization of
prepaid lease payments
|
|
|
4,712
|
|
695
|
|
Depreciation of
property plant and equipment
|
|
|
73,955
|
|
10,909
|
|
Release of deferred
income
|
|
|
(399)
|
|
(59)
|
|
Finance
costs
|
|
|
10,690
|
|
1,577
|
|
Loss on disposal of
property, plant and equipment
|
|
|
22
|
|
3
|
|
Interest
income
|
|
|
(5,634)
|
|
(831)
|
Operating cash flows
before movements in working capital
|
|
|
91,573
|
|
13,508
|
Increase in
inventories
|
|
|
(98,985)
|
|
(14,601)
|
Increase in trade and
other receivables and prepayments
|
|
|
(113,160)
|
|
(16,693)
|
Increase in trade and
other payables and accruals
|
|
|
7,619
|
|
1,124
|
Cash used in
operations
|
|
|
(112,953)
|
|
(16,662)
|
Interest
received
|
|
|
5,651
|
|
834
|
PRC income tax
paid
|
|
|
(2,225)
|
|
(328)
|
NET CASH USED IN
OPERATING ACTIVITIES
|
|
|
(109,527)
|
|
(16,156)
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
|
(499)
|
|
(74)
|
Placement of pledged
bank deposits
|
|
|
(5,000)
|
|
(738)
|
Withdrawal of pledged
bank deposits
|
|
|
1,200
|
|
177
|
Proceeds on disposal
of property, plant and equipment
|
|
|
19
|
|
3
|
Placement of fixed
bank deposits with maturity periods over
three months
|
|
|
(290,000)
|
|
(42,777)
|
Withdrawal of fixed
bank deposits with maturity periods over
three months
|
|
|
290,000
|
|
42,777
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
|
(4,280)
|
|
(632)
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
New bank borrowings
raised
|
|
|
255,000
|
|
37,615
|
Repayment of bank
borrowings
|
|
|
(255,000)
|
|
(37,615)
|
Interest
paid
|
|
|
(12,222)
|
|
(1,803)
|
Repayment to a
shareholder
|
|
|
(1,398)
|
|
(206)
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
|
(13,620)
|
|
(2,009)
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS
|
|
|
(127,427)
|
|
(18,797)
|
Cash and cash
equivalents at beginning of the period
|
|
|
896,799
|
|
132,285
|
Effect of foreign
exchange rate changes
|
|
|
704
|
|
104
|
Cash and cash
equivalents at end of the period
|
|
|
770,076
|
|
113,592
|
View original
content:http://www.prnewswire.com/news-releases/china-zenix-auto-international-limited-reports-22-revenue-growth-in-2017-second-quarter-300509561.html
SOURCE China Zenix Auto International Limited