UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 26, 2015
China Automotive Systems, Inc.
(Exact Name of Registrant as Specified in
its Charter)
| Delaware |
000-33123 |
33-0885775 |
(State or other jurisdiction of
incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer
Identification No.) |
No. 1 Henglong Road, Yu Qiao Development
Zone
Shashi District, Jing Zhou City
Hubei Province
The People’s Republic of China
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including
area code (86) 27-8757 0027
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On March 26, 2015, China Automotive Systems,
Inc. (the “Company”) issued a press release announcing financial results for the fourth quarter and 2014 fiscal year
ended December 31, 2014. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report,
including in this Item 2.02 and in the exhibit attached hereto, is furnished pursuant to Item 2.02 of Form 8-K and shall not be
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the
liabilities of that section.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No |
|
Description |
| 99.1 |
|
Press Release of China Automotive Systems, Inc., dated March 26, 2015. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
| |
China Automotive Systems, Inc. |
| |
(Registrant) |
| |
|
|
| Date: March 27, 2015 |
By: |
/s/ Hanlin Chen |
| |
Hanlin Chen |
| |
Chairman |
Exhibit 99.1
China
Automotive Systems ANNOUNCES RECORD NET SALES
FOR THE 2014 FOURTH QUARTER AND FISCAL YEAR
WUHAN, China, March 26, 2015 -- 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 | |
# # #
China Automotive Systems (NASDAQ:CAAS)
Historical Stock Chart
From Mar 2024 to Apr 2024
China Automotive Systems (NASDAQ:CAAS)
Historical Stock Chart
From Apr 2023 to Apr 2024
