WUHAN, China, March 26, 2015 /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 fourth quarter and the audited
results for fiscal year ended December 31,
2014.
Fourth Quarter 2014 Highlights
- Net sales increased by 4.7% to a record high of $135.3 million, compared to $129.2 million in the fourth quarter of
2013.
- Gross profit increased by 7.1% to $24.0
million, compared to $22.4
million in the fourth quarter of 2013; gross margin rose to
17.7%, compared to 17.3% in the fourth quarter of 2013.
- Income from operations was $9.3
million, compared to $8.6
million in the fourth quarter of 2013.
- Net income attributable to parent company's common shareholders
was $9.0 million, or diluted earnings
per share of $0.28, compared to net
income attributable to parent company's common shareholders of
$7.2 million, or diluted earnings per
share of $0.26.
Fiscal Year 2014 Highlights
- Net sales increased by 12.4% to a record annual high of
$466.8 million in 2014, compared to
$415.2 million in 2013.
- Gross profit increased by 14.2% to $87.5
million, compared with $76.6
million in 2013; gross margin was 18.7% in 2014, compared to
18.5% in 2013.
- Operating income increased 21.0% and the operating margin was
9.5% in 2014, compared to 8.8% in 2013.
- Diluted earnings per share attributable to parent company's
shareholders were $1.15 in 2014,
compared to diluted earnings per share attributable to parent
company's shareholders of $0.95 in
2013.
- Cash and cash equivalents and short-term investments were
$109.5 million as of December 31, 2014, compared to $89.5 million as of December 31, 2013.
- Net cash provided by operating activities was $45.7 million compared to $12.9 million in 2013.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "We are pleased to report record sales
in 2014 as we further increased our leading market share of
the Chinese steering market. In 2014, our 19.6% sales volume growth
easily exceeded the 9.9% increase in passenger vehicles as reported
by the China Association of Automobile Manufacturers ("CAAM").
Higher unit sales accounted for $49.4
million of our $51.6 million
sales increase in 2014. The success of our self-developed electric
power steering products, especially new models for mid-level
passenger vehicles, helped propel sales growth. Our upgraded
hydraulic steering products also found greater acceptance by
customers. Our annual sales to Dongfeng Peugeot Citroen Automobile,
Zhejiang Geely Holding Group and Shengyang Brilliance Jinbei
Automobile, Co., Ltd. all increased in 2014. We especially enhanced
our penetration of the multi-purpose vehicle ("MPV") market among
joint-venture brands."
"Our sales to Fiat Chrysler North America continue to grow and
our sales to Ford for its North American operations are
progressing. Sales of our products in South America led us to begin to build an
assembly plant in Brazil in 2014
to serve global OEMs, local branches of Chinese companies operating
in South America and local
automotive companies. We are financially stronger and better
positioned to capture further market share in China and to penetrate deeper into foreign
markets," Mr. Wu concluded.
Mr. Jie Li, chief financial
officer of CAAS, commented, "We continued to generate strong cash
flow from operations in 2014 through our growing sales in
China and North America. Our financial strength
provides flexibility to obtain the most advantageous financing
to help grow our operations and achieve our global strategic
objectives."
Fourth Quarter of 2014
In the fourth quarter of 2014, net sales increased by 4.7% to
$135.3 million, compared to
$129.2 million in the same quarter of
2013. The net sales increase was mainly due to the growth of the
Chinese passenger vehicle market and the strong growth in sales of
mid-level electric power steering ("EPS") units in the fourth
quarter of 2014.
Gross profit increased by 7.1% to $24.0
million in the fourth quarter of 2014, compared to
$22.4 million in the fourth quarter
of 2013. The gross margin was 17.7% in the fourth quarter of 2014,
versus 17.3% in the fourth quarter of 2013. The increase in gross
profit was primarily due to greater sales volume. The increase in
gross margin was partially due to greater sales of more advanced
EPS units with a higher gross margin, and a decrease in unit
material costs associated with better economies of scale and lower
component costs.
Selling expenses rose by 24.3% to $4.6
million in the fourth quarter of 2013, compared to
$3.7 million in the fourth quarter of
2013. Selling expenses represented 3.4% of net sales in the fourth
quarter of 2014 and 2.9% in the fourth quarter of 2013. The
increase in selling expenses was primarily due to the growth of
transportation and office expenses as a result of higher sales
volume.
General and administrative expenses ("G&A expenses")
increased by 64.5% to $5.1 million in
the fourth quarter of 2014, compared to $3.1
million in the same quarter of 2013. The increase in G&A
expenses was primarily due to the lower base in the fourth quarter
of 2013. The Company received reimbursement of legal expenses of
$0.6 million by the Company's
insurance company in the fourth quarter of 2013, and depreciation
and amortization expenses decreased mainly due to the continued
usage of certain office equipment in the fourth quarter of 2013
that was fully depreciated at the beginning of 2013. G&A
expenses represented 3.8% of net sales in the fourth quarter of
2014 and 2.4% in the fourth quarter of 2013.
Research and development expenses ("R&D expenses") declined
by 16.7% to $6.5 million from
$7.8 million in the fourth quarter of
2013. The decrease in R&D expenses was mainly due to lower
investment in the development and trial-production of the Company's
new products as some models have reached commercial production,
such as electric power steering (EPS) systems, and reduced external
technical support fees. R&D expenses represented 4.8% of net
sales in the fourth quarter of 2014, compared with 6.0% in the
fourth quarter of 2013.
Operating income increased by 8.1% to $9.3 million in the fourth quarter of 2014,
compared to $8.6 million in the same
quarter of 2013. The increase was mainly due to the higher gross
profit and net gain on other income in the fourth quarter of 2014,
compared to the fourth quarter of 2013. As a percentage of net
sales, the operating margin was 6.9% in the fourth quarter of 2014,
compared to 6.6% in the fourth quarter of 2013.
Net financial income was $0.03
million in the fourth quarter of 2014, compared to net
financial expenses of $0.05 million
in the fourth quarter of 2013.
Income before income tax expenses and equity in earnings of
affiliated companies was $9.9 million
in the fourth quarter of 2014, compared to $9.2 million in the fourth quarter of 2013. The
increase was mainly due to higher operating income of $0.7 million and a $0.4
million reduction in interest expenses.
Net income attributable to parent company's common shareholders
was $9.0 million in the fourth
quarter of 2014, compared to net income attributable to parent
company's common shareholders of $7.2
million in the corresponding quarter of 2013. Diluted
earnings per share were $0.28 in the
fourth quarter of 2014, compared to diluted earnings per share of
$0.26 in the fourth quarter of 2013.
The weighted average number of diluted common shares outstanding
was 32,139,697 in the fourth quarter of 2014, compared to
28,062,553 in the fourth quarter of 2013.
Fiscal Year 2014
Annual net sales increased by $51.6
million, or 12.4%, to $466.8
million in 2014, compared to $415.2
million in 2013. According to 2014 annual statistics from
CAAM, the industry sales volume of passenger vehicles increased
9.9% compared to 2013. The Company's sales volume of power steering
gears for passenger vehicles increased due to higher sales of
passenger vehicles in China.
Higher sales volume represented a sales increase of $49.4 million. The Company's new products,
including volume sales of EPS for mid-range cars, and quality
improvements in some earlier power steering gears for MPV, resulted
in increased market share in China, especially among the joint-venture
brands' auto customers.
Gross profit in 2014 increased by 14.2% to $87.5 million, from $76.6
million in 2013, mainly due to higher sales volume in 2014.
Gross margin was 18.7% in 2014, compared to 18.5% in 2013, with the
increase primarily due to greater sales of higher-margin
products.
Gain on other sales mainly consisted of the net amount retained
from the sales of materials, property, plant and equipment, land
use rights and scraps. For the year ended December 31, 2014, gain on other sales amounted
to $11.8 million, compared to
$7.6 million for the year ended
December 31, 2013. This gain
represented an increase of $4.2
million, or 55.3%, which was mainly due to the Company's
sale of the remaining land use rights in 2014. The Company
recognized a gain on the sale of land use rights of $7.5 million in 2014 and $4.1 million in 2013.
Selling expenses increased by 18.0% to $15.7
million in 2014 from $13.3
million in 2013, which was mainly due to higher
transportation and office expenses related to the increase in unit
volume. Selling expenses represented 3.4% and 3.2% of net sales in
2014 and 2013, respectively.
G&A expenses increased by $2.9
million, or 21.8%, to $16.2
million in 2014 from $13.3
million in 2013. Higher G&A expenses were primarily due
to increased staff compensation and a rise in property taxes due to
larger property holdings. G&A expenses represented 3.5% of net
sales in 2014 compared to 3.2% in 2013.
R&D expenses increased by $2.1
million, or 10.0%, to $23.0
million in 2014 from $20.9
million in 2013, primarily due to the costs incurred with
the Company's further development of its EPS technology,
improvement of machinery molds and higher staff compensation costs
although external technical fees were reduced in 2014. At present,
the Company developed and sold several types of EPS for
small-engine cars. R&D expenses represented 4.9% of net sales
in 2014, which was a decrease from 5.0% of net sales in 2013.
Operating income increased by 21.0% to $44.4 million in 2014 from $36.7 million in 2013. The increase is due
to a 14.2% increase in gross profit and a higher gain on other
sales for material scraps, fixed assets and land use rights. The
operating margin was 9.5% in 2014, compared to 8.8% in 2013.
Net financial income was $2.4
million in 2014, compared to net financial income of
$2.0 million in 2013, due to an
increase in interest income $0.2
million and a decrease in bank handling expenses of
$0.1 million.
Income before income tax expenses and equity in earnings of
affiliated companies was $46.1
million for 2014 compared with $38.2
million for 2013, an increase of $7.9
million, or 20.7%. This growth was mainly due to an increase
in income from operations of $7.7
million.
Income tax expense was $6.8
million for 2014, compared to $5.5
million for 2013, representing an increase of
$1.3 million, or 23.6%. This tax
increase was mainly due to higher income before tax. The effective
tax rate increased to 14.7% for the year ended December 31, 2014 from 14.4% for the year ended
December 31, 2013. The increase was
primarily due to an increase in income before tax of certain high
effective tax rate subsidiaries. The Chinese government rewards
high-tech companies with favorable tax rates.
Net income attributable to parent
company's common shareholders was $33.5
million in 2014, compared to $26.8
million in 2013. Diluted earnings per share were
$1.15 in 2014, compared to
$0.95 in 2013. The weighted average
number of diluted common shares outstanding was 29,082,809 in 2014,
compared to 28,056,144 in 2013.
As of December 31, 2014, total
cash and cash equivalents and short-term investments were
$109.5 million, compared to
$89.5 million as of December 31, 2013. Working capital was
$198.1 million as of December 31, 2014, compared to $179.3 million as of December 31, 2013. Total parent company
stockholders' equity was $289.3
million as of December 31,
2014, compared to $226.7
million as of December 31,
2013.
Business Outlook
Management's revenue growth rate target is 10% year-over-year
growth for the fiscal year 2015. 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 26th
at 8:00 A.M. EDT/8:00
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)
|
China Toll
Free:
|
864-001-202-840
|
A telephone replay of the call will be available after the
conclusion of the conference call through 11:59 P.M. EDT on June 26,
2015. 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 "13604254" 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 its subsidiaries and 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 5.0 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 Fiat Chrysler 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 26, 2015, 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
(Tables Follow)
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
68,505
|
|
$
|
53,979
|
|
Pledged cash
deposits
|
|
|
33,633
|
|
|
33,963
|
|
Short-term
investments
|
|
|
41,017
|
|
|
35,510
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
282,348
|
|
|
267,639
|
|
Accounts and notes
receivable, net - related parties
|
|
|
22,760
|
|
|
17,194
|
|
Advance payments and
others - unrelated parties
|
|
|
2,124
|
|
|
3,156
|
|
Advance payments and
others - related parties
|
|
|
741
|
|
|
866
|
|
Inventories
|
|
|
64,419
|
|
|
51,392
|
|
Assets held for
sale
|
|
|
-
|
|
|
925
|
|
Current deferred tax
assets
|
|
|
7,078
|
|
|
5,783
|
|
Total current
assets
|
|
|
522,625
|
|
|
470,407
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
82,466
|
|
|
80,018
|
|
Intangible assets,
net
|
|
|
3,419
|
|
|
686
|
|
Other receivables, net
- unrelated parties
|
|
|
1,619
|
|
|
252
|
|
Other receivables, net
- related parties
|
|
|
76
|
|
|
108
|
|
Advance payment for
property, plant and equipment - unrelated
parties
|
|
|
6,755
|
|
|
3,488
|
|
Advance payment for
property, plant and equipment - related parties
|
|
|
2,085
|
|
|
2,097
|
|
Long-term
investments
|
|
|
4,575
|
|
|
4,023
|
|
Goodwill
|
|
|
645
|
|
|
-
|
|
Non-current deferred
tax assets
|
|
|
4,896
|
|
|
4,528
|
|
Total
assets
|
|
$
|
629,161
|
|
$
|
565,607
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Bank loans
|
|
$
|
43,988
|
|
$
|
37,381
|
|
Accounts and notes
payable - unrelated parties
|
|
|
213,090
|
|
|
198,419
|
|
Accounts and notes
payable - related parties
|
|
|
4,857
|
|
|
4,634
|
|
Customer
deposits
|
|
|
1,885
|
|
|
1,677
|
|
Accrued payroll and
related costs
|
|
|
7,554
|
|
|
7,052
|
|
Accrued expenses and
other payables
|
|
|
35,429
|
|
|
29,062
|
|
Accrued pension
costs
|
|
|
5,586
|
|
|
4,626
|
|
Taxes
payable
|
|
|
11,557
|
|
|
7,792
|
|
Amounts due to
shareholders/directors
|
|
|
380
|
|
|
312
|
|
Current deferred tax
liabilities
|
|
|
189
|
|
|
117
|
|
Total current
liabilities
|
|
|
324,515
|
|
|
291,072
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Advances
payable
|
|
|
6,156
|
|
|
2,764
|
|
Non-current deferred
tax liabilities
|
|
|
321
|
|
|
-
|
|
Total
liabilities
|
|
|
330,992
|
|
|
293,836
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
Common stock, $0.0001
par value - Authorized - 80,000,000
shares Issued –32,338,302 and 28,260,302 shares at December
31, 2014 and 2013, respectively
|
|
|
3
|
|
|
3
|
|
Additional paid-in
capital
|
|
|
64,522
|
|
|
39,565
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
Appropriated
|
|
|
10,178
|
|
|
10,048
|
|
Unappropriated
|
|
|
179,435
|
|
|
146,023
|
|
Accumulated other
comprehensive income
|
|
|
36,119
|
|
|
32,061
|
|
Treasury stock –217,283
and 217,283 shares at December 31,
2014 and 2013, respectively
|
|
|
(1,000)
|
|
|
(1,000)
|
|
Total parent company
stockholders' equity
|
|
|
289,257
|
|
|
226,700
|
|
Non-controlling
interests
|
|
|
8,912
|
|
|
45,071
|
|
Total stockholders'
equity
|
|
|
298,169
|
|
|
271,771
|
|
Total liabilities and
stockholders' equity
|
|
$
|
629,161
|
|
$
|
565,607
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Statements of Income
|
(In thousands of
USD, except share and per share amounts)
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net product sales,
including $50,442 and $37,453 to related parties for
the years ended December 31, 2014 and 2013
|
|
$
|
466,773
|
|
$
|
415,158
|
|
Cost of products sold,
including $23,506 and $25,916 purchased from related parties for
the years ended December 31, 2014 and 2013
|
|
|
379,299
|
|
|
338,526
|
|
Gross
profit
|
|
|
87,474
|
|
|
76,632
|
|
Net gain on other
sales
|
|
|
11,821
|
|
|
7,555
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
15,736
|
|
|
13,331
|
|
General and
administrative expenses
|
|
|
16,161
|
|
|
13,253
|
|
Research and
development expenses
|
|
|
22,966
|
|
|
20,885
|
|
Total operating
expenses
|
|
|
54,863
|
|
|
47,469
|
|
Operating
income
|
|
|
44,432
|
|
|
36,718
|
|
Other income,
net
|
|
|
1,021
|
|
|
1,096
|
|
Interest
expense
|
|
|
(1,788)
|
|
|
(1,569)
|
|
Financial income,
net
|
|
|
2,416
|
|
|
1,996
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
46,081
|
|
|
38,241
|
|
Less: Income
taxes
|
|
|
6,785
|
|
|
5,483
|
|
Add: Equity in earnings
of affiliated companies
|
|
|
298
|
|
|
307
|
|
Net income
|
|
|
39,594
|
|
|
33,065
|
|
Net income attributable
to noncontrolling interest
|
|
|
6,052
|
|
|
6,276
|
|
Net income attributable
to parent company's common
shareholders
|
|
|
33,542
|
|
|
26,789
|
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share –
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.15
|
|
$
|
0.96
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
1.15
|
|
$
|
0.95
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding –
|
|
|
|
|
|
|
|
Basic
|
|
|
29,062,519
|
|
|
28,043,019
|
|
Diluted
|
|
|
29,082,809
|
|
|
28,056,144
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Statements of Comprehensive Income
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
39,594
|
|
$
|
33,065
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss (gain)
|
|
|
(1,057)
|
|
|
7,411
|
|
Comprehensive
income
|
|
|
38,537
|
|
|
40,476
|
|
Comprehensive income
attributable to noncontrolling interest
|
|
|
5,680
|
|
|
7,524
|
|
Comprehensive income
attributable to parent company
|
|
$
|
32,857
|
|
$
|
32,952
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
39,594
|
|
$
|
33,065
|
|
Adjustments to
reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
193
|
|
|
194
|
|
Depreciation and
amortization
|
|
|
15,523
|
|
|
14,587
|
|
Deferred income
taxes
|
|
|
(1,684)
|
|
|
(1,471)
|
|
Inventory write
downs
|
|
|
3,908
|
|
|
2,313
|
|
Provision for doubtful
accounts
|
|
|
96
|
|
|
60
|
|
Equity in earnings of
affiliated companies
|
|
|
(260)
|
|
|
(307)
|
|
Gain on disposal of
fixed assets
|
|
|
(7,475)
|
|
|
(4,282)
|
|
Amortization of debt
issue cost
|
|
|
-
|
|
|
57
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
|
Pledged cash
deposits
|
|
|
195
|
|
|
(6,701)
|
|
Accounts and notes
receivable
|
|
|
(18,712)
|
|
|
(54,820)
|
|
Advance payments and
other
|
|
|
1,272
|
|
|
8
|
|
Inventories
|
|
|
(10,156)
|
|
|
(8,716)
|
|
Increase (decrease)
in:
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
11,940
|
|
|
26,600
|
|
Customer
deposits
|
|
|
207
|
|
|
787
|
|
Accrued payroll and
related costs
|
|
|
526
|
|
|
1,403
|
|
Accrued expenses and
other payables
|
|
|
2,057
|
|
|
5,335
|
|
Accrued pension
costs
|
|
|
969
|
|
|
235
|
|
Taxes
payable
|
|
|
4,231
|
|
|
1,994
|
|
Advances
payable
|
|
|
3,273
|
|
|
2,535
|
|
Net cash provided by
operating activities
|
|
|
45,697
|
|
|
12,876
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchase of short-term
investments
|
|
|
(46,419)
|
|
|
(46,492)
|
|
Proceeds from
maturities of short-term investments
|
|
|
40,828
|
|
|
11,330
|
|
Dividends from
investment under cost method
|
|
|
-
|
|
|
66
|
|
Decrease (increase) in
other receivables
|
|
|
(43)
|
|
|
625
|
|
Cash received from
property, plant and equipment sales
|
|
|
7,048
|
|
|
6,284
|
|
Cash paid to acquire
property, plant and equipment
|
|
|
(18,038)
|
|
|
(14,708)
|
|
Cash paid to acquire
intangible assets
|
|
|
(1,376)
|
|
|
(163)
|
|
Acquisition of Fujian
Qiaolong, net of cash acquired
|
|
|
(2,976)
|
|
|
-
|
|
Investment under cost
method
|
|
|
(817)
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(21,793)
|
|
|
(43,058)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from
government and bank loan
|
|
|
19,922
|
|
|
24,017
|
|
Repayment of bank
loans
|
|
|
(15,501)
|
|
|
(28,359)
|
|
Dividends paid to the
holders of the Company's common stock
|
|
|
(4,291)
|
|
|
-
|
|
Dividends paid to the
non-controlling interest holders of joint
venture companies
|
|
|
(9,316)
|
|
|
(1,433)
|
|
Increase (decrease) in
amounts due to shareholders/directors
|
|
|
69
|
|
|
(35)
|
|
Net cash provided by
financing activities
|
|
|
(9,117)
|
|
|
(5,810)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents affected by foreign currency
|
|
|
(261)
|
|
|
2,322
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
|
14,526
|
|
|
(33,670)
|
|
Cash and equivalents at
beginning of year
|
|
|
53,979
|
|
|
87,649
|
|
Cash and equivalents at
end of year
|
|
$
|
68,505
|
|
$
|
53,979
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-automotive-systems-announces-record-net-sales-for-the-2014-fourth-quarter-and-fiscal-year-300056415.html
SOURCE China Automotive Systems, Inc.