WUHAN, China, Nov. 12, 2014 /PRNewswire/ -- China Automotive
Systems, Inc. ("CAAS" or the "Company") (NASDAQ: CAAS), 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, 2014.
Third Quarter 2014 Highlights
- Net sales increased by 11.9% to a third-quarter record high of
$101.7 million, compared to
$90.9 million in the third quarter of
2013.
- Gross profit increased by 24.6% to $20.6
million, compared to $16.5
million in the third quarter of 2013; gross margin was
20.2%, compared to 18.2% in the third quarter of 2013.
- Net income attributable to parent company's common shareholders
was $6.7 million, or diluted earnings
per share of $0.24, compared to net
income attributable to parent company's common shareholders of
$8.6 million, or diluted earnings per
share of $0.31.
First Nine Months of 2014 Highlights
- Net sales increased by 15.9% to $331.5
million, compared to $286.0
million in the first nine months of 2013.
- Gross profit increased by 17.0% to $63.5
million, compared to $54.3
million in the first nine months of 2013; gross margin was
19.2% in the first nine months of 2014, compared to 19.0% in the
same period last year.
- Operating margin was 10.6%, compared to 9.8% in the first nine
months of 2013.
- Diluted earnings per share attributable to parent company's
common shareholders was $0.87,
compared to diluted earnings per share attributable to parent
company's common shareholders of $0.70 in the first nine months of 2013.
- Cash and cash equivalents and short-term investments (excluding
pledged deposits) were $84.8 million
as of September 30, 2014, compared to
$89.5 million as of December 31, 2013.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "We are pleased to report record high
sales for any third quarter in the Company's history. Our 11.9% net
sales growth far surpassed the 4.2% sales growth of the Chinese
vehicle market in the third quarter as we continue to capture
market share. Despite the slowdown in the vehicle market, a number
of our major customers achieved significant growth. For example,
Dongfeng Peugeot Citroen Automobile's sales climbed by 30% and
SAIC-GM-Wuling sales increased by 14% for the nine months of 2014.
We also captured market share as our research and development
program continued to create advanced steering products such as our
growing line of electric power steering (EPS) products and updated
hydraulic steering products. Our advanced products are receiving
strong acceptance from our customers, and they are leading our
sales growth, especially our mid-sized EPS products."
"During the third quarter, we continued to grow market share in
the North American market as we again expanded our relationship
with Chrysler. We are now supplying to the RAM 4500 and 5500 truck
models through a new multi-year agreement, in addition to the RAM
2500 and 3500 trucks. With these additional RAM models, we are now
supplying re-circulating ball (RCB) steering gears to all
heavy-duty trucks produced by Fiat Chrysler in North
America. After winning Chrysler's 2013 Supplier of the Year
Metallic award, this new agreement is further acknowledgement
of the global quality and performance of our steering products to
supply Tier 1 vehicle Original Equipment Manufacturers. We believe
North America remains a growth
market for us where we can continue to penetrate and increase
market share," Mr. Wu concluded.
Mr. Jie Li, chief financial
officer of CAAS, commented, "Our strong financial condition
provides the resources to support our current growth and positions
CAAS for sustainable future growth. We continue to enhance our
research and development and augment our manufacturing efficiencies
to control unit costs as our scale increases. Our acquisition of
the remaining minority interests in Jingzhou Henglong and Shashi
Jiulong will enhance our sales and earnings in the near term and
give us greater control over their future operations."
Third Quarter of 2014
In the third quarter of 2014, net sales increased by 11.9% to a
record third-quarter high of $101.7
million, compared to $90.9
million in the same quarter of 2013. The net sales increase
was mainly due to continued vehicle growth in the large Chinese
vehicle market, with sales to SAIC-GM-Wuling Automobile, Dongfeng Peugeot Citroen and others. We continue
to expand our sales to Chrysler North America, which is our largest
single customer, with the recent new RAM agreement.
Gross profit increased by 24.6% to $20.6
million in the third quarter of 2014, compared to
$16.5 million in the third quarter of
2013. The gross margin was 20.2% in the third quarter of 2014,
versus 18.2% in the third quarter of 2013. The increase in gross
margin was mainly due to greater sales of more advanced electric
power steering ("EPS") units with a higher gross margin, and
continued production efficiencies.
Gain on other sales was $1.1
million consisting of net amount retained from the sales of
materials and property, plant and equipment. For the third quarter
of 2013, the gain on other sales included $5.0 million from the sale of partial idle land
use rights, which represented a pre-tax gain of $4.1 million calculated based on the difference
between the land's selling price and the net book value of the
related land use rights.
Selling expenses rose by 42.3% to $3.7
million in the third quarter of 2014, compared to
$2.6 million in the third quarter of
2013. Selling expenses represented 3.7% of net sales in the third
quarter of 2014, compared to 2.9% in the third quarter of 2013. The
increased selling expenses were primarily due to increases in
transportation expenses and compensation to salesmen resulting from
higher sales volume.
General and administrative expenses ("G&A expenses")
increased by 32.1% to $3.7 million in
the third quarter of 2014, compared to $2.8
million in the same quarter of 2013. The increase in G&A
expenses was due primarily to office facilities improvement
expenses and higher compensation. G&A expenses represented 3.7%
of net sales in the third quarter of 2014 and 3.1% in the third
quarter of 2013.
Research and development expenses ("R&D expenses") increased
by 5.9% to $5.4 million in the third
quarter of 2014, compared to $5.1
million in the third quarter of 2013. The increase in
R&D expenses was mainly due to the development and trial
production of the Company's EPS and other new products, as well as
improvement in production molds and higher external technical
support fees. R&D expenses represented 5.3% of net sales in the
third quarter of 2014 compared with 5.6% in the third quarter of
2013.
Net financial income was $0.4
million in the third quarter of 2014 compared to net
financial income of $0.7 million in
the third quarter of 2013.
Income from operations was $8.8
million in the third quarter of 2014, compared to
$11.0 million in the same quarter of
2013. The decrease was mainly due to no gain on the sale of idle
land use rights in the 2014 third quarter versus the gain of
$4.1 million in the third quarter of
2013.
Income before income tax expenses and equity in earnings of
affiliated companies was $9.3 million
in the third quarter of 2014, compared to $12.2 million in the third quarter of 2013. The
decrease in income before income tax expenses and equity in
earnings of affiliated companies was mainly due to lower operating
and net financial income in the third quarter of 2014, compared
with the third quarter of 2013.
Net income attributable to parent company's common shareholders
was $6.7 million in the third quarter
of 2014, compared to net income attributable to parent company's
common shareholders of $8.6 million,
including $2.8 million of net income
from idle land sales in the corresponding quarter of 2013. Diluted
earnings per share were $0.24 in the
third quarter of 2014, compared to diluted earnings per share of
$0.31, including $0.10 from idle land sales in the third quarter
of 2013.
The weighted average number of diluted common shares outstanding
was 28,063,661 in the third quarter of 2014, compared to 28,062,297
in the third quarter of 2013.
First Nine Months of 2014
Net sales for the first nine months of 2014 increased by 15.9%
to a nine-month record high of $331.5
million, compared to $286.0
million in the first nine months of 2013. Nine-month gross
profit was $63.5 million, compared to
$54.3 million in the corresponding
period last year. Nine-month gross margin was 19.2%, compared to
19.0% for the corresponding period in 2013. For the nine months
ended September 30, 2014, gain on
other sales amounted to $10.3
million, compared to $6.8
million for the same period of 2013. This increase of
$3.5 million was mainly due to the
higher gain on the sales of land use rights in the second quarter
of 2014. During the nine months ended September 30, 2014, CAAS sold its remaining land
use rights for a gain of $7.5
million, compared with a $4.1
million gain for the same period of last year. Income from
operations increased by 24.8% to $35.1
million from $28.1 million in
the first nine months of 2013. Operating margin was 10.6%, compared
to 9.8% for the corresponding period of 2013. Income before income
tax expenses and equity in earnings of affiliated companies
increased 24.4% to $36.2 million from
$29.1 million in the first nine
months of 2013. Net income attributable to parent company's common
shareholders increased 25.4% to $24.5
million from $19.5 million in
the corresponding period last year. Diluted earnings per share were
$0.87 in the first nine months of
2014, compared to diluted earnings per share of $0.70 for the corresponding period in
2013.
As of September 30, 2014, total
cash and cash equivalents and short-term investments (excluding
pledged deposit) were $84.8 million,
compared to $89.5 million as of
December 31, 2013. Working capital
was $152.4 million as of September 30, 2014, compared to $179.3 million as of December 31, 2013. Total parent company
stockholders' equity was $241.6
million as of September 30,
2014, compared to $226.7
million as of December 31,
2013.
Business Outlook
Management reiterated its revenue guidance of 15% year-over-year
growth for the full year 2014. 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, 2014 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)
A telephone replay of the call will be available after the
conclusion of the conference call through 11:59 P.M. EST on December
12, 2014. The dial-in details for the replay are:
U.S. Toll Free Number +1-877-660-6853
International dial-in number +1-201-612-7415
Use Conference ID "13594621" to access the
replay.
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 4.0 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 31, 2014, and the
Company's Form 10-Q quarterly report for the quarterly period ended
June 30, 2014, filed with the
Securities and Exchange Commission on August
13, 2014, 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
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Balance Sheets
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
December 31,
2013
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
41,569
|
|
|
$
|
53,979
|
Pledged cash
deposits
|
|
|
31,703
|
|
|
|
33,963
|
Short-term
investments
|
|
|
43,266
|
|
|
|
35,510
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
281,620
|
|
|
|
267,639
|
Accounts and notes
receivable, net - related parties
|
|
|
22,253
|
|
|
|
17,194
|
Advance payments and
others - unrelated parties
|
|
|
2,073
|
|
|
|
3,156
|
Advance payments and
others - related parties
|
|
|
1,715
|
|
|
|
866
|
Inventories
|
|
|
72,691
|
|
|
|
51,392
|
Assets held for
sale
|
|
|
-
|
|
|
|
925
|
Current deferred tax
assets
|
|
|
6,419
|
|
|
|
5,783
|
Total current
assets
|
|
|
503,309
|
|
|
|
470,407
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
81,710
|
|
|
|
80,018
|
Intangible assets,
net
|
|
|
1,572
|
|
|
|
686
|
Other receivables, net
- unrelated parties
|
|
|
1,892
|
|
|
|
252
|
Other receivables, net
- related parties
|
|
|
48
|
|
|
|
108
|
Advance payment for
property, plant and equipment - unrelated parties
|
|
|
3,912
|
|
|
|
3,488
|
Advance payment for
property, plant and equipment - related parties
|
|
|
2,391
|
|
|
|
2,097
|
Long-term
investments
|
|
|
3,660
|
|
|
|
4,023
|
Goodwill
|
|
|
642
|
|
|
|
-
|
Non-current deferred
tax assets
|
|
|
4,760
|
|
|
|
4,528
|
Total
assets
|
|
$
|
603,896
|
|
|
$
|
565,607
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
45,565
|
|
|
$
|
37,381
|
Accounts and notes
payable - unrelated parties
|
|
|
203,397
|
|
|
|
198,419
|
Accounts and notes
payable - related parties
|
|
|
3,837
|
|
|
|
4,634
|
Customer
deposits
|
|
|
2,979
|
|
|
|
1677
|
Accrued payroll and
related costs
|
|
|
6,568
|
|
|
|
7,052
|
Accrued expenses and
other payables
|
|
|
73,340
|
|
|
|
29,062
|
Accrued pension
costs
|
|
|
6,044
|
|
|
|
4,626
|
Taxes
payable
|
|
|
8,537
|
|
|
|
7,792
|
Amounts due to
shareholders/directors
|
|
|
376
|
|
|
|
312
|
Current deferred tax
liabilities
|
|
|
220
|
|
|
|
117
|
Total current
liabilities
|
|
|
350,863
|
|
|
|
291,072
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Advances
payable
|
|
|
2,875
|
|
|
|
2,764
|
Non-current deferred
tax liabilities
|
|
|
329
|
|
|
|
-
|
Total
liabilities
|
|
$
|
354,067
|
|
|
$
|
293,836
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value - Authorized - 80,000,000 shares; Issued–28,260,302 and
28,260,302 shares as of September 30, 2014 and December 31, 2013,
respectively
|
|
$
|
3
|
|
|
$
|
3
|
Additional paid-in
capital
|
|
|
27,209
|
|
|
|
39,565
|
Retained
earnings-
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,178
|
|
|
|
10,048
|
Unappropriated
|
|
|
170,407
|
|
|
|
146,023
|
Accumulated other
comprehensive income
|
|
|
34,794
|
|
|
|
32,061
|
Treasury stock –
217,283 and 217,283 shares as of September 30, 2014 and December
31, 2013, respectively
|
|
|
(1,000)
|
|
|
|
(1,000)
|
Total parent company
stockholders' equity
|
|
|
241,591
|
|
|
|
226,700
|
Non-controlling
interests
|
|
|
8,238
|
|
|
|
45,071
|
Total stockholders'
equity
|
|
|
249,829
|
|
|
|
271,771
|
Total liabilities and
stockholders' equity
|
|
$
|
603,896
|
|
|
$
|
565,607
|
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,
|
|
|
2014
|
|
|
2013
|
Net product sales,
including $11,890 and $9,166 to related parties for the three
months ended September 30, 2014 and 2013
|
|
$
|
101,735
|
|
|
$
|
90,919
|
Cost of products sold,
including $6,069 and $10,500 purchased from related parties for the
three months ended September 30, 2014 and 2013
|
|
|
81,152
|
|
|
|
74,394
|
Gross profit
|
|
|
20,583
|
|
|
|
16,525
|
Gain on other
sales
|
|
|
1,132
|
|
|
|
5,030
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,734
|
|
|
|
2,647
|
General and
administrative expenses
|
|
|
3,734
|
|
|
|
2,821
|
Research and
development expenses
|
|
|
5,441
|
|
|
|
5,117
|
Total operating
expenses
|
|
|
12,909
|
|
|
|
10,585
|
Income from
operations
|
|
|
8,806
|
|
|
|
10,970
|
Other income,
net
|
|
|
113
|
|
|
|
499
|
Financial income,
net
|
|
|
412
|
|
|
|
689
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
9,331
|
|
|
|
12,158
|
Less: Income
taxes
|
|
|
1,387
|
|
|
|
1,854
|
Equity in earnings of
affiliated companies
|
|
|
82
|
|
|
|
125
|
Net income
|
|
|
8,026
|
|
|
|
10,429
|
Net income attributable
to non-controlling interests
|
|
|
1,293
|
|
|
|
1,805
|
Net income attributable
to parent company's common shareholders
|
|
$
|
6,733
|
|
|
$
|
8,624
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
8,026
|
|
|
$
|
10,429
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation gain, net of tax
|
|
|
9
|
|
|
|
1,218
|
Comprehensive
income
|
|
|
8,035
|
|
|
|
11,647
|
Comprehensive income
attributable to non-controlling interests
|
|
|
1,293
|
|
|
|
2,010
|
Comprehensive income
attributable to parent company
|
|
$
|
6,742
|
|
|
$
|
9,637
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.24
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.24
|
|
|
$
|
0.31
|
Weighted average number
of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
28,043,019
|
|
|
|
28,043,019
|
Diluted
|
|
|
28,063,661
|
|
|
|
28,062,297
|
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,
|
|
|
2014
|
|
|
2013
|
Net product sales,
including $38,627 and $26,344 to related parties for the nine
months ended September 30, 2014 and 2013
|
|
$
|
331,517
|
|
|
$
|
285,971
|
Cost of products sold,
including $20,721 and $23,171 purchased from related parties for
the nine months ended September 30, 2014 and 2013
|
|
|
268,013
|
|
|
|
231,696
|
Gross profit
|
|
|
63,504
|
|
|
|
54,275
|
Gain on other
sales
|
|
|
10,267
|
|
|
|
6,762
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
11,104
|
|
|
|
9,611
|
General and
administrative expenses
|
|
|
11,056
|
|
|
|
10,164
|
Research and
development expenses
|
|
|
16,509
|
|
|
|
13,134
|
Total operating
expenses
|
|
|
38,669
|
|
|
|
32,909
|
Income from
operations
|
|
|
35,102
|
|
|
|
28,128
|
Other income,
net
|
|
|
491
|
|
|
|
573
|
Financial income,
net
|
|
|
598
|
|
|
|
380
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
36,191
|
|
|
|
29,081
|
Less: Income
taxes
|
|
|
6,488
|
|
|
|
5,172
|
Equity in earnings of
affiliated companies
|
|
|
220
|
|
|
|
251
|
Net income
|
|
|
29,923
|
|
|
|
24,160
|
Net income attributable
to non-controlling interests
|
|
|
5,409
|
|
|
|
4,616
|
Net income attributable
to parent company's common shareholders
|
|
$
|
24,514
|
|
|
$
|
19,544
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
29,923
|
|
|
$
|
24,160
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss), net of tax
|
|
|
(2,413)
|
|
|
|
5,265
|
Comprehensive
income
|
|
|
27,510
|
|
|
|
29,425
|
Comprehensive income
attributable to non-controlling interests
|
|
|
5,006
|
|
|
|
5,507
|
Comprehensive income
attributable to parent company
|
|
$
|
22,504
|
|
|
$
|
23,918
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.87
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.87
|
|
|
$
|
0.70
|
Weighted average number
of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
28,043,019
|
|
|
|
28,043,019
|
Diluted
|
|
|
28,063,846
|
|
|
|
28,054,008
|
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,
|
|
|
2014
|
|
|
2013
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
29,923
|
|
|
$
|
24,160
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
193
|
|
|
|
194
|
Depreciation and
amortization
|
|
|
11,592
|
|
|
|
10,964
|
Increase (decrease) in
allowance for doubtful accounts
|
|
|
177
|
|
|
|
(139)
|
Inventory write
downs
|
|
|
2,531
|
|
|
|
480
|
Deferred income
taxes
|
|
|
(907)
|
|
|
|
(1,611)
|
Equity in earnings of
affiliated companies
|
|
|
(182)
|
|
|
|
(251)
|
Amortization of debt
issue cost
|
|
|
-
|
|
|
|
58
|
Gain on fixed assets
disposals
|
|
|
(7,500)
|
|
|
|
(4,288)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
Pledged
deposits
|
|
|
1,953
|
|
|
|
1,413
|
Accounts and notes
receivable
|
|
|
(19,173)
|
|
|
|
(36,803)
|
Advance payments and
others
|
|
|
328
|
|
|
|
465
|
Inventories
|
|
|
(17,449)
|
|
|
|
(9,076)
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
2,363
|
|
|
|
6,199
|
Customer
deposits
|
|
|
1,313
|
|
|
|
1,016
|
Accrued payroll and
related costs
|
|
|
(423)
|
|
|
|
514
|
Accrued expenses and
other payables
|
|
|
597
|
|
|
|
3,459
|
Accrued pension
costs
|
|
|
1,460
|
|
|
|
653
|
Taxes
payable
|
|
|
1,257
|
|
|
|
3,256
|
Advances
payable
|
|
|
8
|
|
|
|
(32)
|
Net cash provided by
operating activities
|
|
|
8,061
|
|
|
|
631
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Increase in other
receivables
|
|
|
(347)
|
|
|
|
158
|
Cash received from
property, plant and equipment sales
|
|
|
6,994
|
|
|
|
6,282
|
Payments to acquire
property, plant and equipment
|
|
|
(11,317)
|
|
|
|
(9,065)
|
Payments to acquire
intangible assets
|
|
|
(252)
|
|
|
|
(109)
|
Purchase of short-term
investments
|
|
|
(46,192)
|
|
|
|
(32,197)
|
Proceeds from
maturities of short-term investments
|
|
|
38,115
|
|
|
|
-
|
Acquisition of Fujian
Qiaolong, net of cash acquired
|
|
|
(2,976)
|
|
|
|
-
|
Dividend from
investment under cost method
|
|
|
-
|
|
|
|
66
|
Net cash used in
investing activities
|
|
|
(15,975)
|
|
|
|
(34,865)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from
government and bank loan
|
|
|
15,836
|
|
|
|
15,588
|
Repayments of bank
loan
|
|
|
(9,590)
|
|
|
|
(14,758)
|
Dividends paid to the
non-controlling interests
|
|
|
(6,048)
|
|
|
|
(1,381)
|
Dividends paid to the
shareholders of the Company's common stock
|
|
|
(4,291)
|
|
|
|
-
|
Increase (decrease) in
amounts due to shareholders/directors
|
|
|
69
|
|
|
|
(40)
|
Net cash used in
financing activities
|
|
|
(4,024)
|
|
|
|
(591)
|
Effects of exchange
rate on cash and cash equivalents
|
|
|
(472)
|
|
|
|
1,878
|
Net decrease in cash
and cash equivalents
|
|
|
(12,410)
|
|
|
|
(32,947)
|
Cash and cash
equivalents at beginning of period
|
|
|
53,979
|
|
|
|
87,649
|
Cash and cash
equivalents at end of period
|
|
$
|
41,569
|
|
|
$
|
54,702
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
Nine Months Ended
September 30,
|
|
|
2014
|
|
|
2013
|
Cash paid for
interest
|
|
$
|
893
|
|
|
$
|
972
|
Cash paid for income
taxes
|
|
|
3,459
|
|
|
|
4,217
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|
|
Nine Months Ended
September 30,
|
|
|
2014
|
|
|
2013
|
Advance payments for
acquiring property, plant and equipment
|
|
$
|
6,303
|
|
|
$
|
2,777
|
Non-controlling
interests arising as a result of acquisition of Fujian
Qiaolong
|
|
|
2,793
|
|
|
|
-
|
Payables for the
acquisition of non-controlling interests of Henglong and
Jiulong
|
|
|
37,314
|
|
|
|
-
|
Account receivable for
the sales of land use rights
|
|
|
1,890
|
|
|
|
-
|
Dividends payable to
the Company's shareholders
|
|
|
757
|
|
|
|
-
|
Dividends payable to
non-controlling interests
|
|
|
4,063
|
|
|
|
86
|
Dividends receivable
from joint venture company
|
|
|
508
|
|
|
|
-
|
SUPPLEMENTAL
DISCLOSURE OF ACQUISITION:
|
|
|
Nine Months Ended
September 30,
|
|
|
2014
|
|
|
2013
|
Purchase consideration
settled in cash for Fujian Qiaolong
|
|
$
|
(3,007)
|
|
|
$
|
-
|
Less: cash
acquired
|
|
|
31
|
|
|
|
-
|
Investing cash outflow
for acquisitions
|
|
$
|
(2,976)
|
|
|
$
|
-
|
SOURCE China Automotive Systems, Inc.