WUHAN, China, March 30, 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 fourth quarter and the
audited results for fiscal year ended December 31, 2016.
Fourth Quarter 2016 Highlights
- Net sales were $149.6 million, up
24.6% from $120.1 million in the
fourth quarter of 2015
- Gross margin was 14.6% reflecting the impact of a charge for a
projected $5 million product recall
in 2016, versus 16.8% in the fourth quarter of 2015
- Net income attributable to parent company's common shareholders
was $5.8 million, or diluted earnings
per share of $0.18
Fiscal Year 2016 Highlights
- Net sales were $462.1 million,
compared to $443.5 million in
2015
- Gross margin was 17.5% reflecting the impact of a charge for a
projected $5 million product recall
in 2016, versus 17.9% in 2015
- Diluted earnings per share attributable to parent company's
common shareholders was $0.70
- Cash and cash equivalents, pledged cash and short-term
investments were $92.4 million as of
December 31, 2016
- Net cash flow from operating activities was $11.8 million
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "After regaining growth in the third
quarter, we are encouraged by the acceleration of top line growth
as nearly all subsidiaries of CAAS received increased orders from
OEM customers during the fourth quarter. Many of our top 10 OEM
customers such as Great Wall, Geely, and Chang'an posted robust
growth in 2016. In addition, our product mix change continues to
drive our growth and Electric Power Steering (EPS) sales grew
nearly 45%, accounting for 28% of our total revenue in 2016.
Entering 2017, we believe that the auto replacement cycle with new
models coming into the market and ongoing tax incentives for
fuel-efficient vehicles will help continue to propel the growth of
auto sales in China. As the
largest steering system provider in China, we are well positioned to ride the
growth and create shareholder value."
Mr. Jie Li, chief financial
officer of CAAS, commented, "We took prudent measures to respond to
product recalls as we recorded a charge to the cost of sales that
affected our gross margin in the fourth quarter. However, we
believe that this impact is short-lived. With the progress from our
R&D program, especially the breakthrough in the key components
for EPS systems, we expect our gross margin to recover in 2017."
Fourth Quarter of 2016
In the fourth quarter of 2016, net sales were $149.6 million, compared to $120.1 million in the same quarter of 2015,
reflecting a 24.6% year-over-year growth. The net sales increase
was mainly due to increased auto sales and a shift in the product
mix to more electric power steering products ("EPS").
Gross profit was $21.8 million in
the fourth quarter of 2016, compared to $20.2 million in the fourth quarter of 2015. The
gross margin was 14.6% in the fourth quarter of 2016, versus 16.8%
in the fourth quarter of 2015. The decrease in gross margin was
mainly due to the impact of recalls by two customers related to the
Company's products in January 2017.
The Company has recorded a $5 million
charge relating to anticipated costs for the recalls in cost of
sales for the fourth quarter ended December
31, 2016. The recalls were for 152,811 EPS steering
units delivered between 2012 and 2015. In one instance, a torque
sensor exhibited abnormal wear after long-term usage creating a
potential risk. In a different steering model, an electronic-assist
ECU may malfunction under certain circumstances. No serious
injuries from these component issues have been reported. The
affected steering models were early versions of the Company's EPS
technologies which have been superseded with more advanced
models.
Gain on other sales was $1.8
million, compared with $1.2
million in the fourth quarter of 2015.
Selling expenses were $4.9 million
in the fourth quarter of 2016, compared to $4.0 million in the fourth quarter of 2015. The
increase was primarily due to higher marketing expenses. Selling
expenses represented 3.3% of net sales in the fourth quarter of
each of 2016 and 2015.
General and administrative expenses ("G&A expenses") were
$4.8 million in the fourth quarter of
2016, compared to $5.7 million in the
same quarter of 2015. G&A expenses represented 3.2% of net
sales in the fourth quarter of 2016 and 4.7% in the fourth quarter
of 2015. The decrease in G&A expenses and G&A
expenses as a percentage of net sales during the fourth quarter was
mainly due to more stringent cost control measures.
Research and development expenses ("R&D expenses") were
$8.9 million in the fourth quarter of
2016, compared to $4.6 million in the
fourth quarter of 2015. R&D expenses represented 5.9% of net
sales in the fourth quarter of 2016 compared to 3.8% in the fourth
quarter of 2015. The increase in R&D expenses was due to
increased investment in EPS product research and development such
as brushless motor and Advanced Driver Assistance Systems (ADAS)
related projects. The Company has hired more engineers, acquired
more technologies, and purchased more testing equipment.
Income from operations was $5.0
million in the fourth quarter of 2016, compared to
$7.1 million in the same quarter of
2015. The decrease was mainly due to lower gross profit and higher
R&D and selling expenses.
Interest expense was $0.1 million
in the fourth quarter of 2016, compared to interest expense of
$0.3 million in the fourth quarter of
2015 due to the decrease in weighted average loans outstanding.
Net financial income was $0.2
million in the fourth quarter of 2016, compared to net
financial income of $0.9 million in
the fourth quarter of 2015 due to lower interest income.
Income before income tax expenses and equity in earnings of
affiliated companies was $5.1 million
in the fourth quarter of 2016, compared to $7.9 million in the fourth quarter of 2015. The
decrease in income before income tax expenses and equity in
earnings of affiliated companies was mainly due to lower operating
income and reduced financial income in the fourth quarter of 2016,
compared with the fourth quarter of 2015.
Net income attributable to parent company's common shareholders
was $5.8 million in the fourth
quarter of 2016, compared to net income attributable to parent
company's common shareholders of $6.9
million in the fourth quarter of 2015. Diluted earnings per
share were $0.18 in the fourth
quarter of 2016, compared to diluted earnings per share of
$0.22 in the fourth quarter of
2015.
The weighted average number of diluted common shares outstanding
was 31,711,888 in the fourth quarter of 2016, compared to
32,131,453 in the fourth quarter of 2015.
Fiscal Year 2016
Annual net sales were $462.1 million
in 2016, a 4.2% increase compared to $443.5
million in 2015. The overall increase was mainly due to
higher volumes and a change in the product mix as electric power
steering systems (EPS) sales grew 44.8% in 2016.
Gross profit in 2016 was $80.9
million, compared to $79.5
million in 2015. Gross margin was 17.5% in 2016, compared to
17.9% in 2015. The margin decrease was primarily due to the
$5 million charge relating to
anticipated costs for the recalls by two Company customers in cost
of sales for the year ended December
31, 2016. A shift in product mix and higher material
costs also affected gross profit and margin in 2016.
Gain on other sales mainly consisted of the net amount retained
from the sales of materials, property, plant and equipment and
scraps. For the year ended December 31,
2016, gain on other sales amounted to $3.8 million, compared to $4.4 million in 2015.
Selling expenses were $17.2
million in 2016 compared with $15.0
million in 2015, which was mainly due to higher marketing
expenses during the year. Selling expenses represented 3.7% in
2016, compared to 3.4% of net sales in 2015.
G&A expenses were $16.8
million in 2016, down slightly from $17.0 million in 2015. G&A expenses
represented 3.6% in 2016, compared to 3.8% of net sales in
2015.
R&D expenses were $27.7
million in 2016 compared to $22.3
million in 2015. R&D expenses are primarily associated
with the costs incurred with the Company's further development of
its EPS technology, including transitioning advanced manufacturing
equipment to EPS, expanding the EPS trial-production department,
hiring technologists and installing advanced technology and test
equipment. R&D expenses represented 6.0% of net sales in 2016,
compared to 5.0% of net sales in 2015. The increase in R&D
expenses was mainly due to increased expenditures on R&D
activities for EPS products.
Operating income was $23.0 million
in 2016, compared with $29.7 million
in 2015. The decrease was due to higher operating expenses in 2016.
The operating margin was 5.0% in 2016 compared with 6.7% in
2015.
Interest expense was $0.7 million
in 2016, compared to interest expense of $1.3 million in 2015 due to the decrease in
weighted average loans outstanding.
Net financial income was $1.4
million in 2016, compared to net financial income of
$2.9 million in 2015 due to lower
interest income.
Income before income tax expenses and equity in earnings of
affiliated companies was $24.9
million for 2016 compared with $32.0
million for 2015. This decline was mainly due to a decrease
in income from operations.
Income tax expense was $2.5
million for 2016, compared to $4.5
million for 2015. This tax decrease was mainly due to lower
income before tax. The effective tax rate decreased to 10.0% for
the year ended December 31, 2016 from
14.0% for the year ended December 31,
2015. The decrease was primarily due to an increase in the
tax benefit from the super deduction of R&D expense.
Net income attributable to parent company's common shareholders
was $22.5 million in 2016, compared
to $27.4 million in 2015. Diluted
earnings per share were $0.70 in
2016, compared to $0.85 in 2015. The
weighted average number of diluted common shares outstanding was
31,957,052 in 2016, compared with 32,134,866 in 2015.
Balance Sheet
As of December 31, 2016, total
cash and cash equivalents, pledged cash and short-term investments
were $92.4 million, total accounts
receivable including notes receivable were $306.7 million, accounts payable were
$223.8 million and bank and
government loans were $40.8 million.
Total parent company stockholders' equity was $300.5 million as of December 31, 2016, compared to $299.0 million as of December 31, 2015. Net cash flow from operating
activities was $11.8 million in
2016.
Business Outlook
Management provided revenue guidance for the full year 2017 of
US$485 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 March 30, 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)
Phone Number: +86 4001 202 840 (China Toll Free)
A replay of the call will be available on the Company's website
under 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 5.5
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
Investor Relations
+1-646-726-6511
Email: Kevin.Theiss@awakenlab.com
-Tables Follow –
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
|
|
December 31,
|
|
|
2016
|
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
31,092
|
|
|
$
|
69,676
|
Pledged
cash
|
|
|
30,799
|
|
|
|
31,402
|
Short-term
investments
|
|
|
30,475
|
|
|
|
21,209
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
285,731
|
|
|
|
254,397
|
Accounts and notes
receivable, net - related parties
|
|
|
20,984
|
|
|
|
21,918
|
Advance payments and
others - unrelated parties
|
|
|
10,203
|
|
|
|
4,381
|
Advance payments and
others - related parties
|
|
|
624
|
|
|
|
544
|
Inventories
|
|
|
68,050
|
|
|
|
65,570
|
Current deferred tax
assets
|
|
|
7,946
|
|
|
|
6,962
|
Total current
assets
|
|
|
485,904
|
|
|
|
476,059
|
Non-current
assets:
|
|
|
|
|
|
|
|
Long-term time
deposits
|
|
|
865
|
|
|
|
5,082
|
Property, plant and
equipment, net
|
|
|
101,478
|
|
|
|
84,151
|
Intangible assets,
net
|
|
|
617
|
|
|
|
2,793
|
Other receivables,
net - unrelated parties
|
|
|
2,252
|
|
|
|
3,882
|
Other receivables,
net - related parties
|
|
|
-
|
|
|
|
14
|
Advance payment for
property, plant and equipment - unrelated parties
|
|
|
14,506
|
|
|
|
15,192
|
Advance payment for
property, plant and equipment - related parties
|
|
|
5,005
|
|
|
|
8,863
|
Long-term
investments
|
|
|
16,431
|
|
|
|
6,152
|
Goodwill
|
|
|
-
|
|
|
|
608
|
Non-current deferred
tax assets
|
|
|
4,641
|
|
|
|
4,899
|
Total
assets
|
|
$
|
631,699
|
|
|
$
|
607,695
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
40,820
|
|
|
$
|
40,929
|
Accounts and notes
payable - unrelated parties
|
|
|
216,993
|
|
|
|
197,105
|
Accounts and notes
payable - related parties
|
|
|
6,803
|
|
|
|
6,363
|
Customer
deposits
|
|
|
700
|
|
|
|
1,613
|
Accrued payroll and
related costs
|
|
|
6,971
|
|
|
|
6,332
|
Accrued expenses and
other payables
|
|
|
35,882
|
|
|
|
31,383
|
Accrued pension
costs
|
|
|
4,130
|
|
|
|
4,664
|
Taxes
payable
|
|
|
11,674
|
|
|
|
9,284
|
Amounts due to
shareholders/directors
|
|
|
312
|
|
|
|
345
|
Advances payable
(current portion)
|
|
|
382
|
|
|
|
-
|
Current deferred tax
liabilities
|
|
|
193
|
|
|
|
194
|
Total current
liabilities
|
|
|
324,860
|
|
|
|
298,212
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Long-term bank
loan
|
|
|
608
|
|
|
|
-
|
Advances
payable
|
|
|
339
|
|
|
|
1,922
|
Non-current deferred
tax liabilities
|
|
|
-
|
|
|
|
266
|
Total
liabilities
|
|
|
325,807
|
|
|
|
300,400
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value - Authorized - 80,000,000 shares Issued –
32,338,302 and 32,338,302 shares at December 31, 2016 and 2015,
respectively
|
|
|
3
|
|
|
|
3
|
Additional paid-in
capital
|
|
|
64,764
|
|
|
|
64,627
|
Retained
earnings-
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,549
|
|
|
|
10,379
|
Unappropriated
|
|
|
228,963
|
|
|
|
206,622
|
Accumulated other
comprehensive (loss)/income
|
|
|
(892)
|
|
|
|
18,412
|
Treasury stock
–694,298 and 217,283 shares at December 31, 2016 and 2015,
respectively
|
|
|
(2,907)
|
|
|
|
(1,000)
|
Total parent company
stockholders' equity
|
|
|
300,480
|
|
|
|
299,043
|
Non-controlling
interests
|
|
|
5,412
|
|
|
|
8,252
|
Total stockholders'
equity
|
|
|
305,892
|
|
|
|
307,295
|
Total liabilities and
stockholders' equity
|
|
$
|
631,699
|
|
|
$
|
607,695
|
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Statements of Income
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
Net product sales
($39,845 and $38,948 sold to related parties for the years
ended December 31, 2016 and 2015)
|
|
$
|
462,050
|
|
|
$
|
443,533
|
Cost of products sold
($27,747 and $25,294 purchased from related parties for
the years ended December 31, 2016 and 2015)
|
|
|
381,131
|
|
|
|
363,986
|
Gross
profit
|
|
|
80,919
|
|
|
|
79,547
|
Net gain on other
sales
|
|
|
3,803
|
|
|
|
4,417
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
17,159
|
|
|
|
15,003
|
General and
administrative expenses
|
|
|
16,841
|
|
|
|
16,970
|
Research and
development expenses
|
|
|
27,706
|
|
|
|
22,339
|
Total operating
expenses
|
|
|
61,706
|
|
|
|
54,312
|
Operating
income
|
|
|
23,016
|
|
|
|
29,652
|
Other income,
net
|
|
|
1,116
|
|
|
|
844
|
Interest
expense
|
|
|
656
|
|
|
|
1,337
|
Financial income,
net
|
|
|
1,428
|
|
|
|
2,888
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
24,904
|
|
|
|
32,047
|
Less: Income
taxes
|
|
|
2,484
|
|
|
|
4,490
|
Add: Investment
income, net
|
|
|
557
|
|
|
|
340
|
Net income
|
|
|
22,977
|
|
|
|
27,897
|
Net income
attributable to non-controlling interest
|
|
|
466
|
|
|
|
509
|
Net income
attributable to parent company's common shareholders
|
|
|
22,511
|
|
|
|
27,388
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per share
–
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.70
|
|
|
$
|
0.85
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.70
|
|
|
$
|
0.85
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding –
|
|
|
|
|
|
|
|
Basic
|
|
|
31,954,407
|
|
|
|
32,121,019
|
Diluted
|
|
|
31,957,052
|
|
|
|
32,134,866
|
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Statements of Comprehensive Income
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
Net income
|
|
$
|
22,977
|
|
|
$
|
27,897
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency
translation loss
|
|
|
(19,996)
|
|
|
|
(18,557)
|
Comprehensive
income
|
|
|
2,981
|
|
|
|
9,340
|
Comprehensive loss
attributable to non-controlling interest
|
|
|
(226)
|
|
|
|
(343)
|
Comprehensive income
attributable to parent company
|
|
$
|
3,207
|
|
|
$
|
9,683
|
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
22,977
|
|
|
$
|
27,897
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
137
|
|
|
|
105
|
Depreciation and
amortization
|
|
|
13,926
|
|
|
|
15,273
|
Deferred income
taxes
|
|
|
(1,628)
|
|
|
|
(655)
|
Inventory write
downs
|
|
|
3,210
|
|
|
|
2,554
|
Reversal of provision
for doubtful accounts
|
|
|
(21)
|
|
|
|
(144)
|
Equity in earnings of
affiliated companies
|
|
|
(556)
|
|
|
|
(311)
|
Gain on disposal of
Fujian Qiaolong
|
|
|
(698)
|
|
|
|
-
|
Gain on disposal of
fixed assets
|
|
|
(23)
|
|
|
|
-
|
Changes in operating
assets and liabilities (net of the impacts of disposal of
Fujian
Qiaolong):
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
Pledged
cash
|
|
|
(799)
|
|
|
|
364
|
Accounts and notes
receivable
|
|
|
(56,251)
|
|
|
|
11,835
|
Advance payments and
other
|
|
|
(2,331)
|
|
|
|
(3,176)
|
Inventories
|
|
|
(15,442)
|
|
|
|
(7,626)
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
35,455
|
|
|
|
(2,578)
|
Customer
deposits
|
|
|
(646)
|
|
|
|
(225)
|
Accrued payroll and
related costs
|
|
|
1,143
|
|
|
|
(867)
|
Accrued expenses and
other payables
|
|
|
10,548
|
|
|
|
(739)
|
Accrued pension
costs
|
|
|
(231)
|
|
|
|
(620)
|
Taxes
payable
|
|
|
3,130
|
|
|
|
(1,813)
|
Advances
payable
|
|
|
(75)
|
|
|
|
-
|
Net cash provided by
operating activities
|
|
|
11,825
|
|
|
|
39,274
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of
short-term investments and long-term time deposits
|
|
|
(28,210)
|
|
|
|
(12,395)
|
Proceeds from
maturities of short-term investments
|
|
|
20,657
|
|
|
|
25,133
|
Decrease/(increase)
in other receivables
|
|
|
2,388
|
|
|
|
(1,420)
|
Cash received from
Disposal of Fujian Qiaolong
|
|
|
1,953
|
|
|
|
-
|
Cash received from
property, plant and equipment sales
|
|
|
1,284
|
|
|
|
729
|
Cash paid to acquire
property, plant and equipment (including $8,021 and $13,490
paid to related parties for the years ended December 31, 2016 and
2015, respectively)
|
|
|
(39,585)
|
|
|
|
(41,704)
|
Cash paid to acquire
intangible assets
|
|
|
(161)
|
|
|
|
(978)
|
Investment under
equity method
|
|
|
(10,556)
|
|
|
|
(1,636)
|
Net cash used in
investing activities
|
|
|
(52,230)
|
|
|
|
(32,271)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from bank
and government loans
|
|
|
14,313
|
|
|
|
11,420
|
Repayment of bank and
government loans
|
|
|
(6,973)
|
|
|
|
(11,822)
|
Repurchase of common
stock
|
|
|
(1,907)
|
|
|
|
-
|
Dividends paid to the
holders of the Company's common stock
|
|
|
(544)
|
|
|
|
(252)
|
Dividends paid to the
non-controlling interest holders of joint venture
companies
|
|
|
(464)
|
|
|
|
(1,121)
|
Net cash provided by/
(used in) financing activities
|
|
|
4,425
|
|
|
|
(1,775)
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents affected by foreign currency
|
|
|
(2,604)
|
|
|
|
(4,057)
|
Net
(decrease)/increase in cash and cash equivalents
|
|
|
(38,584)
|
|
|
|
1,171
|
Cash and equivalents
at beginning of year
|
|
|
69,676
|
|
|
|
68,505
|
Cash and equivalents
at end of year
|
|
$
|
31,092
|
|
|
$
|
69,676
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-fourth-quarter-and-fiscal-2016-results-300431746.html
SOURCE China Automotive Systems, Inc.