Q3 Revenues in Brazil Grew by 51.9% year-over-year Amid
Currency Headwinds
WUHAN,
China, Nov. 14, 2022 /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, 2022.
Third Quarter 2022 Highlights
- Net sales increased by 26.8% to $137.2
million compared with $108.2
million in the third quarter of 2021;
- Electric power steering ("EPS") product sales increased by
52.4% to $44.8 million;
- Gross profit increased 24.4% to $20.9
million and gross margin was 15.2% compared with 15.5% in
the third quarter of 2021;
- Income from operations was $4.9
million compared with income from operations of $0.6 million in the third quarter of 2021;
- Net income attributable to parent company's common shareholders
was $7.5 million, or diluted income
per share of $0.24, compared to a net
loss attributable to parent company's common shareholders of
$0.3 million, or diluted loss per
share of $0.01, in the third quarter
of 2021.
First Nine Months of 2022 Highlights
- Net sales rose by 11.6% to $400.8
million compared to $359.2
million in the first nine months of 2021;
- Gross profit increased 11.4% to $58.4
million and gross margin was 14.6% compared with 14.6% in
the first nine months of 2021;
- Income from operations was $10.6
million compared with income from operations of $4.9 million in the first nine months of
2021;
- Net income attributable to parent company's common shareholders
was $16.8 million, or diluted income
per share of $0.55, compared to net
income attributable to parent company's common shareholders of
$6.1 million, or diluted income per
share of $0.20 in the first nine
months of 2021;
- Free cash flow increased to $19.8
million compared with negative $11.7
million in the first nine months of 2021;
- Cash and cash equivalents and pledged cash were $131.7 million as of September 30, 2022.
Mr. Qizhou Wu, the Chief Executive Officer of CAAS,
commented, "Overall vehicle sales in China rose by 29.4% in the third quarter of
2022 with passenger car sales up by 36.6% while commercial vehicles
sales declined by 10.6%, according to data from the China
Association of Automobile Manufacturers. U.S. auto sales
declined slightly by 0.9% in the third quarter of 2022. Sales of
both our traditional hydraulic and our EPS steering products grew
during the third quarter of 2022. Overall, our sales in
China remained strong as many of
our customers experienced solid growth creating higher demand for
our products."
"We look forward to the remainder of 2022 as we believe the auto
industry will continue to be buoyant as Chinese GDP grew at 3.9% in
the third quarter of 2022 according to the Chinese National Bureau
of Statistics, exceeding a consensus estimate of 3.4%. The auto
industry growth in China is still
being hampered by lockdowns, COVID restrictions and supply chain
issues. However, we believe these issues will be resolved over time
and the government has been implementing favorable policies to
further revitalize the economy. We are maintaining our market
positions for when the auto markets more fully
recover."
Mr. Jie Li, the Chief Financial Officer of CAAS, commented,
"Our financial position remains robust as we have generated
positive cash flow from operations and have cash and cash
equivalents and pledged cash of $131.7
million at September 30, 2022.
We are increasing our spending on new research and development
projects and new machinery to add innovative products for future
growth. We purchased 382,418 common shares in accordance with our
share repurchase program in the third quarter of 2022."
Third Quarter of 2022
In the third quarter of 2022, net sales increased by 26.8% to
$137.2 million compared to
$108.2 million in the same quarter of
2021. The increase in net product sales was due to a 17.3% gain in
the Company's sales of hydraulic products, and an increase of 52.4%
in EPS net product sales. EPS net sales were $44.8 million, or 32.7% of net sales, compared
with $29.4 million, or 27.2% of net
sales, in the third quarter of 2021. Net product sales to
North America decreased by 4.8% to
$29.5 million, due primarily to
changes in the product mix, compared with $31.0 million for the same quarter in 2021. Net
product sales in Brazil rose by
51.9% to $11.5 million due to higher
demand.
Gross profit was $20.9 million in the third quarter of
2022, compared to $16.8 million in the third quarter of
2021. Gross margin was 15.2% compared to 15.5% for the same period
of 2021, mainly due to the change in product mix.
Selling expenses were $4.0 million in the third
quarter of 2022, compared to $4.8 million in the third
quarter of 2021. The lower selling expenses were mainly due to a
decrease in transportation expenses. Selling expenses represented
2.9% of net sales in the third quarter of 2022, compared to 4.4% in
the third quarter of 2021.
General and administrative expenses ("G&A expenses") were
$4.9 million in the third
quarter of 2022, compared to $6.2 million in the same
quarter of 2021. The decrease was primarily due to a decline in the
provision for credit losses provided for accounts receivable.
G&A expenses represented 3.6% of net sales in the third quarter
of 2022 compared with 5.7% of net sales in the third quarter of
2021.
Research and development expenses ("R&D expenses") increased
by 66.7% to $9.5 million in the third
quarter of 2022, compared to $5.7 million in the third
quarter of 2021. R&D expenses represented 6.9% of net sales in
the third quarter of 2022 compared with 5.3% of net sales in the
third quarter of 2021. Higher R&D expenditures were
primarily due to increased investment for new projects.
Income from operations was $4.9
million in the third quarter of 2022, compared to income
from operations of $0.6
million in the same quarter of 2021. Higher income from
operations was mainly due to increased gross profit, a higher gain
on other sales and greater cost controls in the third quarter of
2022.
Other income was $0.7 million in
the third quarter of 2022 compared with $2.4
million in the third quarter of 2021 primarily due to lower
government subsidies received in the third quarter of 2022.
Net financial income was $4.8
million compared with net financial expense of $0.8 million in the third quarter of 2021 mainly
due to the foreign exchange volatility of the US dollar against the
RMB and the Brazilian Real.
Income before income tax expenses and equity in earnings of
affiliated companies was $10.0 million in the third quarter of
2022, compared to income before income tax expenses and equity
in earnings of affiliated companies of $1.9 million in the third quarter of 2021.
The higher income before income tax expenses and equity in earnings
of affiliated companies was mainly due to increased income from
operations compared with the third quarter of 2021.
Income tax expense was $0.9
million in the third quarter of 2022, compared to an income
tax expense of $2.4 million for the
third quarter of 2021, which was mainly due to the valuation
allowance recognized in the third quarter of 2021.
Net income attributable to parent company's common shareholders
was $7.5 million in the third quarter of 2022, compared
to net loss attributable to parent company's common shareholders
of $0.3 million in the third quarter of 2021. Diluted
income per share was $0.24 in the third quarter of 2022,
compared with diluted loss per share of $0.01 in the
third quarter of 2021.
The weighted average number of diluted common shares outstanding
was 30,640,260 in the third quarter of 2022, compared to 30,851,776
in the third quarter of 2021.
First Nine Months of 2022
Net sales for the first nine months of 2022 increased by 11.6%
to $400.8 compared with $359.2 million in the first nine months of 2021.
Gross profit for the first nine months of 2022 increased by 11.4%
to $58.4 million, compared
to $52.4 million in the corresponding period last year.
Gross margin for the first nine months of 2022 was 14.6%, compared
to 14.6% for the corresponding period in 2021. For the nine months
ended September 30, 2022, gain on other sales amounted
to $5.3 million, compared to $2.5 million for the
corresponding period in 2021. Income from operations was $10.5
million compared to income from operations of
$4.9 million in the first nine
months of 2021.
Net income attributable to parent company's common shareholders
was $16.8 million compared with net income
attributable to parent company's common shareholders of
$6.1 million in the
corresponding period last year. Diluted income per share
was $0.55 in the first nine months of 2022, compared to
diluted income per share of $0.20 for the corresponding period
in 2021.
As of September 30, 2022, total cash and cash equivalents
and pledged cash deposits were $131.7 million. Total accounts
receivable including notes receivable were $208.6 million.
Accounts payable including notes payable were $210.2 million.
Total parent company stockholders' equity was $302.2
million as of September 30, 2022, compared to $321.0
million as of December 31, 2021.
Net cash provided by operating activities was $31.7 million in the first nine months of 2022
compared with net cash used in operating activities of $5.9 million in the first nine months of 2021.
Payments to acquire property, plant and equipment were $11.8 million compared with $5.3 million in the first nine months of
2021.
Business Outlook
Management increases its revenue guidance to $540 million for the full year 2022. 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 14, 2022 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 see the
dial-in information below, enter the call 10 minutes before the
call start time and ask to be connected to the "China Automotive
Systems" conference with pin 258800.
Phone Number: +1-888-506-0062 (North
America)
Phone Number: +1-973-528-0011 (International)
Mainland China Toll Free:
+86-400-120-3199
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 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 Fiat Chrysler Automobiles (FCA) 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 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 Annual Report on Form 10-K filed
with the Securities and Exchange Commission on March 30, 2022, 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,
|
|
|
|
2022
|
|
|
2021
|
|
Net product sales
($11,181 and $14,691
sold to related parties for the
three months ended September 30, 2022 and
2021)
|
|
$
|
137,207
|
|
|
$
|
108,231
|
|
Cost of products sold
($7,689 and
$6,505 purchased from related parties
for the three months ended September 30, 2022 and
2021)
|
|
|
116,289
|
|
|
|
91,439
|
|
Gross profit
|
|
|
20,918
|
|
|
|
16,792
|
|
Gain on other
sales
|
|
|
2,290
|
|
|
|
487
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,978
|
|
|
|
4,802
|
|
General and
administrative expenses
|
|
|
4,893
|
|
|
|
6,174
|
|
Research and
development expenses
|
|
|
9,450
|
|
|
|
5,712
|
|
Total operating
expenses
|
|
|
18,321
|
|
|
|
16,688
|
|
Income from
operations
|
|
|
4,887
|
|
|
|
591
|
|
Other income,
net
|
|
|
744
|
|
|
|
2,407
|
|
Interest
expense
|
|
|
(384)
|
|
|
|
(255)
|
|
Financial
income/(expense), net
|
|
|
4,760
|
|
|
|
(821)
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
10,007
|
|
|
|
1,922
|
|
Less: Income
taxes
|
|
|
899
|
|
|
|
2,441
|
|
Add: Equity in
(loss)/earnings of affiliated companies
|
|
|
(1,101)
|
|
|
|
251
|
|
Net
income/(loss)
|
|
|
8,007
|
|
|
|
(268)
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
529
|
|
|
|
42
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(8)
|
|
|
|
(7)
|
|
Net income/(loss)
attributable to parent company's common shareholders
|
|
$
|
7,470
|
|
|
$
|
(317)
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
$
|
8,007
|
|
|
$
|
(268)
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(18,705)
|
|
|
|
(1,338)
|
|
Comprehensive
loss
|
|
|
(10,698)
|
|
|
|
(1,606)
|
|
Less:
Comprehensive loss attributable to non-controlling
interests
|
|
|
(604)
|
|
|
|
(40)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(8)
|
|
|
|
(7)
|
|
Comprehensive loss
attributable to parent company
|
|
$
|
(10,102)
|
|
|
$
|
(1,573)
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.24
|
|
|
$
|
(0.01)
|
|
Diluted
|
|
$
|
0.24
|
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
30,637,876
|
|
|
|
30,851,776
|
|
Diluted
|
|
|
30,640,260
|
|
|
|
30,851,776
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
Net product sales
($31,343 and $47,016
sold to related parties for the nine
months ended
September 30, 2022 and 2021)
|
|
$
|
400,764
|
|
|
$
|
359,176
|
|
Cost of products sold
($21,725 and
$21,916 purchased from related parties for the nine
months ended September 30, 2022 and 2021)
|
|
|
342,401
|
|
|
|
306,807
|
|
Gross profit
|
|
|
58,363
|
|
|
|
52,369
|
|
Gain on other
sales
|
|
|
5,326
|
|
|
|
2,528
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
12,358
|
|
|
|
14,857
|
|
General and
administrative expenses
|
|
|
15,309
|
|
|
|
16,852
|
|
Research and
development expenses
|
|
|
25,473
|
|
|
|
18,318
|
|
Total operating
expenses
|
|
|
53,140
|
|
|
|
50,027
|
|
Income from
operations
|
|
|
10,549
|
|
|
|
4,870
|
|
Other income,
net
|
|
|
7,067
|
|
|
|
5,636
|
|
Interest
expense
|
|
|
(1,156)
|
|
|
|
(892)
|
|
Financial
income/(expense), net
|
|
|
9,318
|
|
|
|
(878)
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
25,778
|
|
|
|
8,736
|
|
Less: Income taxes
expense
|
|
|
5,013
|
|
|
|
3,280
|
|
Add: Equity in
(loss)/earnings of affiliated companies
|
|
|
(2,674)
|
|
|
|
435
|
|
Net income
|
|
|
18,091
|
|
|
|
5,891
|
|
Less: Net income/(loss)
attributable to non-controlling interests
|
|
|
1,229
|
|
|
|
(219)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(23)
|
|
|
|
(21)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
16,839
|
|
|
$
|
6,089
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
18,091
|
|
|
$
|
5,891
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss)/income, net of tax
|
|
|
(36,323)
|
|
|
|
1,977
|
|
Comprehensive
(loss)/income
|
|
|
(18,232)
|
|
|
|
7,868
|
|
Less: Comprehensive
loss attributable to non-controlling interests
|
|
|
(957)
|
|
|
|
(92)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(23)
|
|
|
|
(21)
|
|
Comprehensive
(loss)/income attributable to parent company
|
|
$
|
(17,298)
|
|
|
$
|
7,939
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.55
|
|
|
$
|
0.20
|
|
Diluted
|
|
$
|
0.55
|
|
|
$
|
0.20
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
30,778,336
|
|
|
|
30,851,776
|
|
Diluted
|
|
|
30,779,883
|
|
|
|
30,855,967
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in operating expense above is as
follows:
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
-
|
|
|
|
88
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed Unaudited
Consolidated Balance Sheets
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
|
|
|
|
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
100,712
|
|
|
$
|
131,695
|
|
Pledged cash
|
|
|
31,033
|
|
|
|
27,804
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
199,636
|
|
|
|
195,729
|
|
Accounts and notes
receivable, net - related parties
|
|
|
8,919
|
|
|
|
14,607
|
|
Inventories
|
|
|
104,629
|
|
|
|
116,493
|
|
Other current
assets
|
|
|
43,251
|
|
|
|
15,052
|
|
Total current
assets
|
|
|
488,180
|
|
|
|
501,380
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
104,877
|
|
|
|
127,721
|
|
Land use rights,
net
|
|
|
9,439
|
|
|
|
10,732
|
|
Long-term
investments
|
|
|
52,755
|
|
|
|
36,966
|
|
Other non-current
assets
|
|
|
19,642
|
|
|
|
39,963
|
|
Total assets
|
|
$
|
674,893
|
|
|
$
|
716,762
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
44,208
|
|
|
$
|
47,592
|
|
Accounts and notes
payable - unrelated parties
|
|
|
197,610
|
|
|
|
214,590
|
|
Accounts and notes
payable - related parties
|
|
|
12,578
|
|
|
|
13,464
|
|
Accrued expenses and
other payables
|
|
|
48,321
|
|
|
|
50,332
|
|
Other current
liabilities
|
|
|
32,058
|
|
|
|
25,838
|
|
Total current
liabilities
|
|
|
334,775
|
|
|
|
351,816
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term tax
payable
|
|
|
15,805
|
|
|
|
21,075
|
|
Long term
loans
|
|
|
532
|
|
|
|
-
|
|
Other non-current
liabilities
|
|
|
6,140
|
|
|
|
6,430
|
|
Total
liabilities
|
|
$
|
357,252
|
|
|
$
|
379,321
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
|
575
|
|
|
|
553
|
|
|
|
|
|
|
|
|
|
|
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, 2022 and
December 31, 2021, respectively
|
|
$
|
3
|
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
63,731
|
|
|
|
63,731
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
|
Appropriated
|
|
|
11,481
|
|
|
|
11,481
|
|
Unappropriated
|
|
|
243,202
|
|
|
|
226,363
|
|
Accumulated other
comprehensive income
|
|
|
(9,420)
|
|
|
|
24,717
|
|
Treasury stock
–1,938,129 and 1,486,526 shares as of September 30, 2022 and
December
31, 2021, respectively
|
|
|
(6,828)
|
|
|
|
(5,261)
|
|
Total parent company
stockholders' equity
|
|
|
302,169
|
|
|
|
321,034
|
|
Non-controlling
interests
|
|
|
14,897
|
|
|
|
15,854
|
|
Total stockholders'
equity
|
|
|
317,066
|
|
|
|
336,888
|
|
Total liabilities,
mezzanine equity and stockholders' equity
|
|
$
|
674,893
|
|
|
$
|
716,762
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
Cash
flows
from operating activities:
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
|
18,091
|
|
|
$
|
5,891
|
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
-
|
|
|
|
88
|
|
Depreciation and
amortization
|
|
|
17,402
|
|
|
|
19,686
|
|
Provision of credit
losses
|
|
|
602
|
|
|
|
1,644
|
|
Deferred income
taxes
|
|
|
2,880
|
|
|
|
2,573
|
|
Equity in
loss/(earnings) of affiliated companies
|
|
|
2,674
|
|
|
|
(435)
|
|
Loss on fixed assets
disposals
|
|
|
35
|
|
|
|
71
|
|
(Increase)/decrease
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
|
(21,616)
|
|
|
|
6,631
|
|
Inventories
|
|
|
115
|
|
|
|
(17,500)
|
|
Other current
assets
|
|
|
(3,748)
|
|
|
|
(129)
|
|
Increase/(decrease)
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
5,795
|
|
|
|
(11,506)
|
|
Accrued expenses and
other payables
|
|
|
3,004
|
|
|
|
(2,325)
|
|
Long-term taxes
payable
|
|
|
(2,809)
|
|
|
|
(2,809)
|
|
Other current
liabilities
|
|
|
9,252
|
|
|
|
(7,462)
|
|
Other
non-current liabilities
|
|
|
-
|
|
|
|
(285)
|
|
Net cash provided
by/(used in) operating activities
|
|
|
31,677
|
|
|
|
(5,867)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Decrease/(increase) in
demand loans included in other non-current assets
|
|
|
288
|
|
|
|
(357)
|
|
Repayment of loan from
a related party
|
|
|
-
|
|
|
|
154
|
|
Cash received from
property, plant and equipment sales
|
|
|
1,143
|
|
|
|
252
|
|
Payments to acquire
property, plant and equipment (including $2,632 and
$929
paid to related parties for the nine
months ended September 30, 2022
and 2021, respectively)
|
|
|
(11,842)
|
|
|
|
(5,344)
|
|
Payments to acquire
intangible assets
|
|
|
(68)
|
|
|
|
(505)
|
|
Investment under the
equity method
|
|
|
(12,802)
|
|
|
|
(308)
|
|
Purchase of short-term
investments
|
|
|
(79,311)
|
|
|
|
(46,212)
|
|
Proceeds from
maturities of short-term investments
|
|
|
55,944
|
|
|
|
40,016
|
|
Cash received from
long-term investment
|
|
|
3,986
|
|
|
|
10,116
|
|
Net cash used in
investing activities
|
|
|
(42,662)
|
|
|
|
(2,188)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
43,616
|
|
|
|
42,700
|
|
Repayments of bank
loans
|
|
|
(41,465)
|
|
|
|
(44,854)
|
|
Repayments of the
borrowing for sale and leaseback transaction
|
|
|
(1,130)
|
|
|
|
(3,328)
|
|
Repurchase of common
shares
|
|
|
(1,567)
|
|
|
|
-
|
|
Acquisition of
non-controlling interest
|
|
|
-
|
|
|
|
(538)
|
|
Net cash used in
financing activities
|
|
|
(546)
|
|
|
|
(6,020)
|
|
Effects of exchange
rate on cash, cash equivalents and pledged cash
|
|
|
(16,223)
|
|
|
|
1,015
|
|
Net decrease in cash,
cash equivalents and pledged cash
|
|
|
(27,754)
|
|
|
|
(13,060)
|
|
Cash, cash equivalents
and pledged cash at beginning of the period
|
|
|
159,499
|
|
|
|
128,061
|
|
Cash, cash equivalents
and pledged cash at end of the period
|
|
$
|
131,745
|
|
|
$
|
115,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-a-26-8-net-sales-increase-in-2022-third-quarter-and-175-diluted-eps-growth-in-first-nine-months-301676671.html
SOURCE China Automotive Systems, Inc.