WUHAN, China, Nov. 12, 2020 /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, 2020.
Third Quarter 2020 Highlights
- Net sales increased 13.8% to $114.4
million compared with $100.5
million in the third quarter of 2019;
- Gross profit decreased to $13.6
million and gross margin declined to 11.9% from 17.2% in the
third quarter of 2019;
- Income from operations was $0.1
million compared to income from operations of $4.4 million in the third quarter of 2019;
- Net income attributable to parent company's common shareholders
was $2.4 million, or diluted earnings
per share of $0.08, compared to net
income attributable to parent company's common shareholders of
$4.3 million, or diluted earnings per
share of $0.14, in the third quarter
of 2019;
- Approximately 322,000 shares of common stock were
repurchased.
First Nine Months of 2020 Highlights
- Net sales were $271.2 million
compared to $315.5 million in the
first nine months of 2019;
- Gross margin was 12.0% compared with 14.8% in the same period
last year;
- Diluted loss per share attributable to parent company's common
shareholders was $0.06 compared to
diluted earnings per share attributable to parent company's common
shareholders of $0.26 for the first
nine months of 2019;
- Net cash flow from operating activities was $52.7 million compared with $4.1 million for the first nine months of
2019;
- Cash and cash equivalents and pledged cash deposits were
$113.5 million as of September 30, 2020.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS,
commented, "Our sales regained growth momentum in the third quarter
as the Chinese economy has quickly rebounded from the worst effects
of the COVID-19 pandemic. According to statistics from the China
Association of Automobile Manufacturers ("CAAM"), new passenger car
sales rose by 8.5% year-over-year in the month of July, by 6.0% in
August and by 8.0% in September. As a leading supplier of
steering products for Chinese-branded vehicles, I am pleased
that our sales growth outpaced the overall market. We still have
work to do but we are encouraged by the positive signs on our way
to a strong recovery."
"With the worst behind us in China, we believe the government will continue
to promote policies to ensure continued economic growth and to
introduce incentives for domestic consumption which will benefit
the automobile industry," Mr. Wu concluded.
Mr. Jie Li, the Chief Financial Officer of CAAS, commented,
"Our operations continued to generate positive operating cash flow
and we purchased less capital production equipment in the third
quarter of 2020 as our capacity remains sufficient.
Maintaining our financial strength has been one of our highest
priorities as we continue to strengthen our balance sheet by
reducing bank borrowing and controlling inventory. During the
3rd quarter, we also purchased approximately 322,000
shares of common stock in the open market that demonstrates our
commitment to enhancing long-term shareholder value."
Third Quarter of 2020
In the third quarter of 2020, net sales rose 13.8% to
$114.4 million compared to
$100.5 million in the same quarter of
2019. The increase in net product sales was mainly due to a change
in the product mix and higher domestic sales volume of the
Company's hydraulic products combined with increased sales to North
American customers. Net product sales to North America grew by 9.8% to $37.0 million compared to $33.8 million for the same quarter in 2019.
Net product sales for the Company's electric power steering
("EPS") products were $16.7 million, or 14.6% of net sales.
Gross profit was $13.6 million in the third quarter of
2020, compared to $17.3 million in the third quarter of
2019. Gross margin was 11.9% compared to 17.2% for the same
period of 2019, mainly due to higher unit costs for EPS and export
products compared to the third quarter last year.
Selling expenses were $3.8 million in the third
quarter of 2020, compared to $3.6 million in the third
quarter of 2019. Selling expenses represented 3.3% of net sales in
the third quarter of 2020, compared to 3.6% in the third quarter of
2019.
General and administrative expenses ("G&A expenses") were
$5.1 million in the third
quarter of 2020, compared to $4.4 million in the same
quarter of 2019. The increase was primarily due to higher office
expenses. G&A expenses represented 4.5% of net sales in both
the third quarter of 2020 and the third quarter of 2019.
Research and development expenses ("R&D expenses")
were $6.1 million in the third quarter of 2020, compared
to $6.0 million in the third quarter of 2019. R&D
expenses represented 5.3% of net sales in the third quarter of 2020
compared with 6.0% in the third quarter last year. The lower
R&D percentage was mainly due to more strict cost controls over
R&D expenditures.
Net financial expense was $2.3 million in the third
quarter of 2020 compared to net financial income of $1.6
million in the third quarter of 2019, which was mainly due to
foreign exchange losses compared with foreign exchange gains in
last year's third quarter.
Income from operations was $0.1 million in the third quarter of
2020, compared to income from operations of $4.4 million in the same quarter of 2019.
The lower income from operations was mainly due to reduced gross
profit and lower gross margin in the third quarter of 2020.
Loss before income tax expenses and equity in earnings of
affiliated companies was $2.3 million in the third quarter of
2020, compared to income before income tax expenses and equity
in earnings of affiliated companies of $5.3 million in the third quarter of 2019.
The loss before income tax expenses and equity in earnings of
affiliated companies was mainly due to lower gross profit and the
lower income from operations in the third quarter of 2020 compared
with the third quarter of 2019.
Net income attributable to parent company's common shareholders
was $2.4 million in the third quarter of 2020, compared
to net income attributable to parent company's common shareholders
of $4.3 million in the third quarter of 2019. Diluted
earnings per share were $0.08 in the third quarter of
2020, compared to diluted earnings per share of $0.14 in
the third quarter of 2019.
The weighted average number of diluted common shares outstanding
was 31,113,374 in the third quarter of 2020, compared to 31,492,035
in the third quarter of 2019.
First Nine Months of 2020
Net sales for the first nine months of
2019 were $271.2 million, compared to $315.5
million in the first nine months of 2019, reflecting the
impact of the COVID-19 pandemic on the automobile industry in
China and globally. Nine-month
gross profit was $32.6 million, compared to $46.6
million in the corresponding period last year. Nine-month
gross margin was 12.0%, compared to 14.8% for the corresponding
period in 2019. For the nine months ended September 30, 2020,
gain on other sales amounted to $2.9 million, compared
to $4.9 million for the corresponding period in 2019.
Loss from operations was $4.1 million compared
to income from operations of $8.1 million in the first nine months of
2019.
Net loss attributable to parent company's common shareholders
was $1.8 million compared with net income
attributable to parent company's common shareholders of
$8.2 million in the
corresponding period last year. Diluted loss per share
was $0.06 in the first nine months of 2020, compared to
diluted earnings per share of $0.26 for the corresponding
period in 2019.
As of September 30, 2020, total cash and cash equivalents
and pledged cash deposits were $113.5 million. Total accounts
receivable including notes receivable
were $209.0 million. Accounts payable including notes
payable were $201.4 million, and short-term loans
were $44.6 million. Total parent company stockholders' equity
was $293.2 million as of September 30, 2020,
compared to $289.3 million as of December 31,
2019.
Net cash provided by operating activities was $52.7 million in the first nine months of 2020
compared with net cash provided by operating activities of
$4.1 million in the first nine months
of 2019. Payments to acquire property, plant and equipment
were $8.9 million compared with
$23.6 million in the first
nine months of 2019. Approximately 322,000 shares of
common stock were repurchased during the third quarter of 2020, and
the Company expects to repurchase more shares in the future,
reflecting market conditions.
Business Outlook
Management has increased its revenue guidance from $360 million to $390
million for the full year 2020. 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 November 12, 2020 at 8:00
A.M. EST/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)
Mainland China Toll Free:
+86-400-120-2840
A replay of the call will be available on the Company's website
under 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 ten 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 and Ford Motor
Company 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 28, 2019, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. If the outbreak of COVID-19
is not effectively and timely controlled, our business operations
and financial condition may be materially and adversely affected as
a result of the deteriorating market outlook for automobile sales,
the slowdown in regional and national economic growth, weakened
liquidity and financial condition of our customers or other factors
that we cannot foresee. Any of these factors and other factors
beyond our control, could have an adverse effect on the overall
business environment, cause uncertainties in the regions where we
conduct business, cause our business to suffer in ways that we
cannot predict and materially and adversely impact our business,
financial condition and results of operations. A prolonged
disruption or any further unforeseen delay in our operations of the
manufacturing, delivery and assembly process within any of our
production facilities could continue to result in delays in the
shipment of products to our customers, increased costs and reduced
revenue. 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
Investor Relations
+1-212-521-4050
Email: Kevin@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,
|
|
|
|
2020
|
|
|
2019
|
|
Net product sales
($16,840 and $12,277 sold to related parties for the
three
months ended September 30, 2020 and 2019)
|
|
$
|
114,417
|
|
|
$
|
100,542
|
|
Cost of products sold
($7,012 and $6,474 purchased from related parties for
the three months ended September 30, 2020 and 2019)
|
|
|
100,842
|
|
|
|
83,225
|
|
Gross
profit
|
|
|
13,575
|
|
|
|
17,317
|
|
Gain on other
sales
|
|
|
1,497
|
|
|
|
1,102
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,800
|
|
|
|
3,563
|
|
General and
administrative expenses
|
|
|
5,142
|
|
|
|
4,429
|
|
Research and
development expenses
|
|
|
6,072
|
|
|
|
5,988
|
|
Total operating
expenses
|
|
|
15,014
|
|
|
|
13,980
|
|
Income from
operations
|
|
|
58
|
|
|
|
4,439
|
|
Other
income
|
|
|
350
|
|
|
|
171
|
|
Interest
expense
|
|
|
(403)
|
|
|
|
(787)
|
|
Financial
(expense)/income, net
|
|
|
(2,313)
|
|
|
|
1,552
|
|
(Loss)/income before
income tax expenses and equity in earnings/(loss) of
affiliated companies
|
|
|
(2,308)
|
|
|
|
5,375
|
|
Less: Income tax
(benefit)/expense
|
|
|
(189)
|
|
|
|
948
|
|
Equity in
earnings/(loss) of affiliated companies
|
|
|
3,632
|
|
|
|
(226)
|
|
Net income
|
|
|
1,513
|
|
|
|
4,201
|
|
Net loss attributable
to non-controlling interests
|
|
|
(848)
|
|
|
|
(113)
|
|
Accretion to
redemption value of redeemable non-controlling interests
|
|
|
(3)
|
|
|
|
-
|
|
Net income
attributable to parent company's common shareholders
|
|
$
|
2,358
|
|
|
$
|
4,314
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,513
|
|
|
$
|
4,201
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation income/(loss), net of tax
|
|
|
12,774
|
|
|
|
(9,703)
|
|
Comprehensive
income/(loss)
|
|
|
14,287
|
|
|
|
(5,502)
|
|
Comprehensive
income/(loss) attributable to non-controlling interests
|
|
|
80
|
|
|
|
(837)
|
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
14,207
|
|
|
$
|
(4,665)
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.08
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.08
|
|
|
$
|
0.14
|
|
Weighted average
number of common shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,112,076
|
|
|
|
31,492,035
|
|
Diluted
|
|
|
31,113,374
|
|
|
|
31,492,035
|
|
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,
|
|
|
|
2020
|
|
|
2019
|
|
Net product sales
($40,439 and $39,458 sold to related parties
for the nine months ended September 30, 2020 and 2019)
|
|
$
|
271,156
|
|
|
$
|
315,483
|
|
Cost of products sold
($16,298 and $18,108 purchased from
related parties for the nine months ended September 30, 2020
and 2019)
|
|
|
238,598
|
|
|
|
268,936
|
|
Gross
profit
|
|
|
32,558
|
|
|
|
46,547
|
|
Gain on other
sales
|
|
|
2,935
|
|
|
|
4,856
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
8,895
|
|
|
|
10,507
|
|
General and
administrative expenses
|
|
|
13,330
|
|
|
|
13,453
|
|
Research and
development expenses
|
|
|
17,390
|
|
|
|
19,343
|
|
Total operating
expenses
|
|
|
39,615
|
|
|
|
43,303
|
|
(Loss)/income from
operations
|
|
|
(4,122)
|
|
|
|
8,100
|
|
Other income,
net
|
|
|
1,724
|
|
|
|
1,131
|
|
Interest
expense
|
|
|
(1,214)
|
|
|
|
(2,086)
|
|
Financial
(expense)/income, net
|
|
|
(2,903)
|
|
|
|
2,439
|
|
(Loss)/income before
income tax expenses and equity in
earnings/(loss) of affiliated companies
|
|
|
(6,515)
|
|
|
|
9,584
|
|
Less: Income
taxes
|
|
|
294
|
|
|
|
1,820
|
|
Equity in
earnings/(loss) of affiliated companies
|
|
|
3,454
|
|
|
|
(222)
|
|
Net
(loss)/income
|
|
|
(3,355)
|
|
|
|
7,542
|
|
Net loss attributable
to non-controlling interests
|
|
|
(1,590)
|
|
|
|
(688)
|
|
Accretion to
redemption value of redeemable non-controlling
interests
|
|
|
(3)
|
|
|
|
-
|
|
Net (loss)/income
attributable to parent company's common
shareholders
|
|
$
|
(1,768)
|
|
|
$
|
8,230
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
$
|
(3,355)
|
|
|
$
|
7,542
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation income/(loss), net of tax
|
|
|
8,171
|
|
|
|
(10,221)
|
|
Comprehensive
income/(loss)
|
|
|
4,816
|
|
|
|
(2,679)
|
|
Comprehensive loss
attributable to non-controlling interests
|
|
|
(1,059)
|
|
|
|
(1,454)
|
|
Comprehensive
income/(loss) attributable to parent company
|
|
$
|
5,875
|
|
|
$
|
(1,225)
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to parent company's common
shareholders per share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
(0.06)
|
|
|
$
|
0.26
|
|
Weighted average
number of common shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,153,162
|
|
|
|
31,498,553
|
|
Diluted
|
|
|
31,153,619
|
|
|
|
31,501,108
|
|
|
|
|
|
|
|
|
|
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Balance Sheets
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
September 30,
2020
|
|
|
December 31, 2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
81,767
|
|
|
$
|
76,715
|
|
Pledged
cash
|
|
|
31,721
|
|
|
|
29,688
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
189,144
|
|
|
|
211,841
|
|
Accounts and notes
receivable - related parties
|
|
|
19,881
|
|
|
|
21,164
|
|
Inventories
|
|
|
82,011
|
|
|
|
82,931
|
|
Other current
assets
|
|
|
35,834
|
|
|
|
18,974
|
|
Total current
assets
|
|
|
440,358
|
|
|
|
441,313
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
136,058
|
|
|
|
140,481
|
|
Land use rights,
net
|
|
|
10,392
|
|
|
|
10,346
|
|
Long-term
investments
|
|
|
49,754
|
|
|
|
39,642
|
|
Other non-current
assets
|
|
|
30,859
|
|
|
|
28,374
|
|
Total
assets
|
|
$
|
667,421
|
|
|
$
|
660,156
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
MEZZANINE EQUITY AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
44,588
|
|
|
$
|
46,636
|
|
Accounts and notes
payable - unrelated parties
|
|
|
189,915
|
|
|
|
180,175
|
|
Accounts and notes
payable - related parties
|
|
|
11,518
|
|
|
|
6,492
|
|
Accrued expenses and
other payables
|
|
|
48,866
|
|
|
|
45,341
|
|
Other current
liabilities
|
|
|
25,918
|
|
|
|
25,135
|
|
Total current
liabilities
|
|
|
320,805
|
|
|
|
303,779
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term government
loans
|
|
|
-
|
|
|
|
7,167
|
|
Other long-term
payable
|
|
|
2,103
|
|
|
|
4,948
|
|
Long-term tax
payable
|
|
|
23,884
|
|
|
|
26,693
|
|
Other non-current
liabilities
|
|
|
8,013
|
|
|
|
8,010
|
|
Total
liabilities
|
|
$
|
354,805
|
|
|
$
|
350,597
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
|
517
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
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,
2020
and December 31, 2019, respectively
|
|
$
|
3
|
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
64,273
|
|
|
|
64,466
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
|
Appropriated
|
|
|
11,265
|
|
|
|
11,265
|
|
Unappropriated
|
|
|
218,741
|
|
|
|
221,298
|
|
Accumulated other
comprehensive income
|
|
|
4,181
|
|
|
|
(3,462)
|
|
Treasury stock -
1,486,526 and 1,164,257 shares as of September 30,
2020 and December 31, 2019, respectively
|
|
|
(5,261)
|
|
|
|
(4,261)
|
|
Total parent company
stockholders' equity
|
|
|
293,202
|
|
|
|
289,309
|
|
Non-controlling
interests
|
|
|
18,897
|
|
|
|
20,250
|
|
Total stockholders'
equity
|
|
|
312,099
|
|
|
|
309,559
|
|
Total liabilities,
mezzanine equity and shareholders' equity
|
|
$
|
667,421
|
|
|
$
|
660,156
|
|
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,
|
|
|
|
2020
|
|
|
2019
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
$
|
(3,356)
|
|
|
$
|
7,542
|
|
Adjustments to
reconcile net (loss)/income from operations to
net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
15,935
|
|
|
|
13,052
|
|
Reversal of provision
for doubtful accounts
|
|
|
(360)
|
|
|
|
(692)
|
|
Deferred income
taxes
|
|
|
464
|
|
|
|
(601)
|
|
Equity in
(earnings)/loss of affiliated companies
|
|
|
(3,454)
|
|
|
|
222
|
|
Loss/(gain) on fixed
assets disposals
|
|
|
67
|
|
|
|
(692)
|
|
Government subsidy
reclassified from government loans
|
|
|
287
|
|
|
|
-
|
|
(Increase)/decrease
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
|
29,454
|
|
|
|
16,243
|
|
Inventories
|
|
|
2,644
|
|
|
|
(1,615)
|
|
Other current
assets
|
|
|
1,214
|
|
|
|
4,725
|
|
Increase/(decrease)
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
10,493
|
|
|
|
(28,793)
|
|
Accrued expenses and
other payables
|
|
|
2,451
|
|
|
|
(4,374)
|
|
Long-term taxes
payable
|
|
|
(2,809)
|
|
|
|
(2,810)
|
|
Other current
liabilities
|
|
|
(1,330)
|
|
|
|
1,882
|
|
Net cash provided
by operating activities
|
|
|
52,741
|
|
|
|
4,089
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Decrease in demand
loans and employee housing loans
included in other non-current assets
|
|
|
44
|
|
|
|
185
|
|
Cash received from
property, plant and equipment sales
|
|
|
1,444
|
|
|
|
1,164
|
|
Payments to acquire
property, plant and equipment (including
$1,577 and $514 paid to related parties for the nine
months
ended September 30, 2020 and 2019, respectively)
|
|
|
(8,879)
|
|
|
|
(23,571)
|
|
Payments to acquire
intangible assets
|
|
|
(422)
|
|
|
|
(1,435)
|
|
Investment under the
equity method
|
|
|
(5,360)
|
|
|
|
(2,491)
|
|
Purchase of
short-term investments and long-term time
deposits
|
|
|
(42,716)
|
|
|
|
(19,647)
|
|
Government subsidy
received for purchase of property, plant
and equipment
|
|
|
-
|
|
|
|
1,898
|
|
Proceeds from
maturities of short-term investments
|
|
|
21,626
|
|
|
|
27,040
|
|
Cash received from
long-term investment
|
|
|
448
|
|
|
|
579
|
|
Net cash used in
investing activities
|
|
|
(33,815)
|
|
|
|
(16,278)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
39,586
|
|
|
|
54,675
|
|
Repayments of bank
loans
|
|
|
(50,550)
|
|
|
|
(52,486)
|
|
Repayments of the
borrowing for sale and leaseback transaction
|
|
|
(3,078)
|
|
|
|
(3,143)
|
|
Dividends paid to
non-controlling interest holders of non-
wholly owned subsidiaries
|
|
|
-
|
|
|
|
(333)
|
|
Cash received from
capital contributions by non-controlling
interest
holder
|
|
|
722
|
|
|
|
3,542
|
|
Deemed distribution
to shareholders
|
|
|
(88)
|
|
|
|
-
|
|
Acquisition of
non-controlling interest
|
|
|
(81)
|
|
|
|
-
|
|
Repurchase of common
shares
|
|
|
(1,000)
|
|
|
|
(443)
|
|
Net cash (used
in)/provided by financing activities
|
|
|
(14,489)
|
|
|
|
1,812
|
|
Effects of exchange
rate on cash, cash equivalents and pledged
cash
|
|
|
2,648
|
|
|
|
(3,284)
|
|
Net
increase/(decrease) in cash, cash equivalents and pledged
cash
|
|
|
7,085
|
|
|
|
(13,661)
|
|
Cash, cash
equivalents and pledged cash at beginning of the
period
|
|
|
106,403
|
|
|
|
115,977
|
|
Cash, cash
equivalents and pledged cash at end of the period
|
|
$
|
113,488
|
|
|
$
|
102,316
|
|
View original
content:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-unaudited-2020-third-quarter-results-301171541.html
SOURCE China Automotive Systems, Inc.