WUHAN, China, Aug. 13, 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 second quarter and six months
ended June 30, 2015.
Second Quarter 2015 Highlights
- Net sales were $109.2 million,
compared to $115.5 million in the
second quarter of 2014;
- Gross margin was 20.0%, compared to 18.7% in the second quarter
of 2014;
- Operating margin was 7.6%, compared to 14.3% in the second
quarter of 2014. Excluding a one-time gain on the sale of land use
rights (non-GAAP measurement), the operating margin would have been
7.8% in the second quarter of 2014;
- Net income attributable to parent company's common shareholders
was $7.7 million, or diluted earnings
per share of $0.24, compared to net
income attributable to parent company's common shareholders of
$11.0 million, or diluted earnings
per share of $0.39, in the second
quarter of 2014. Excluding the one-time gain on the sale of land
use rights, net income and diluted earnings per share would have
been $5.9 million and $0.21 respectively in the second quarter of
2014;
- Cash, cash equivalents and short-term investments were
$108.6 million and $109.5 million as of June
30, 2015 and December 31,
2014, respectively.
First Six Months of 2015 Highlights
- Net sales increased to $232.6
million, compared to $229.8
million in the first six months of 2014;
- Gross profit increased to $43.5
million, compared to $42.9
million in the first six months of 2014; gross margin was
18.7% in the first six months of 2015, equivalent to the same
period last year;
- Operating margin was 7.6%, compared to 11.4% in the first six
months of 2014. The operating margin in last year's first six
months benefitted from a gain in the sale of land use rights not
present in the 2015 period. Excluding the one-time gain on the sale
of land use rights, the operating margin would have been 8.2% in
the first six months of 2014;
- Diluted earnings per share attributable to parent company's
common shareholders was $0.50,
compared to diluted earnings per share attributable to parent
company's common shareholders of $0.63 in the first six months of 2014. Excluding
the one-time gain on the sale of land use rights, the diluted
earnings per share would have been $0.45 in the first six months of 2014.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "We are pleased to report that sales
were resilient in the face of headwinds in both the passenger and
commercial vehicle markets in the second quarter of 2015. Our new
products, especially electric power steering for the domestic
market and steering products for North
America, generated higher sales.
"Sales to North America
accelerated by 15.2% compared to the same period last year. Our key
customer, Chrysler, reported its 63rd consecutive month of
year-over-year sales gains in June
2015. The Jeep® brand reported that June 2015 sales were the highest June sales in
its history and it has achieved 21 consecutive months of
year-over-year sale increases. The Jeep brand's sales grew by 25%
in June and Wrangler's sales growth of 17% represented its best
June sales ever. RAM® pickup truck sales increased by 1% in June,
to its highest June sales in the last 11 years."
"We believe our strategy of focusing on new product development
and penetration of foreign markets positions us to capture market
share in multiple markets," Mr. Wu concluded.
Mr. Jie Li, chief financial
officer of CAAS, commented, "We continued to generate positive cash
flow from operations of over $9.6
million in the second quarter of 2015 to enhance our
financial strength. We are maintaining our leadership position in
China as we expand our presence in
North and South American markets. Our investment in research and
development has led to new products that maintain and increase our
market positions in China as we
expand in overseas markets."
Second Quarter of 2015
In the second quarter of 2015, net sales were $109.2 million, compared to $115.5 million in the same quarter of 2014. Net
sales declined due to lower sales of domestic vehicles using the
Company's legacy hydraulic power steering, partially offset by
higher sales to North America and
sales of electric power steering ("EPS") units in China. Also, steering sales to the commercial
vehicle market declined due to the economic slowdown in
China and the effects of the
implementation of the stricter National IV emission standards in
2015.
Gross profit increased to $21.8
million in the second quarter of 2015, compared to
$21.6 million in the second quarter
of 2014. The gross margin was 20.0% in the second quarter of 2015,
versus 18.7% in the second quarter of 2014 and 17.6% in the first
quarter of 2015. The gross margin increased mainly due to greater
efficiencies driving unit cost lower.
Selling expenses decreased to $4.0
million in the second quarter of 2015, compared to
$4.3 million in the second quarter of
2014. Selling expenses represented 3.7% of net sales in the second
quarter of both 2015 and 2014. The decrease was mainly due to lower
transportation expenses and reduced advertising costs.
General and administrative expenses ("G&A expenses") were
$3.8 million in the second quarter of
both 2015 and 2014. G&A expenses represented 3.5% of net sales
in the second quarter of 2015 compared to 3.3% in the second
quarter of 2014.
Research and development expenses ("R&D expenses") increased
by 23.1% to $6.4 million in the
second quarter of 2015, compared to $5.2
million in the second quarter of 2014. The increase in
R&D expenses was mainly due to higher expenditures for the
development of the Company's EPS products, and included higher
personnel-related expenses and mold improvement costs. R&D
expenses represented 5.9% of net sales in the second quarter of
2015, compared to 4.5% in the second quarter of 2014.
Income from operations was $8.3
million in the second quarter of 2015, compared to
$16.5 million in the same quarter of
2014. The decrease was primarily due to the lower gain on other
sales related to a $7.5 million gain
on the sale of land use rights recognized in the second quarter of
2014. Without the $7.5 million gain
on sale of land use rights, income from operations for the second
quarter of 2014 would have approximated $9.0
million. As a percentage of net sales, the operating margin
was 7.6% in the second quarter of 2015, compared to 14.3% in the
second quarter of 2014. Without the $7.5
million gain on sale of land use rights, operating margin
for the second quarter of 2014 would have approximated 7.8%.
Net financial income in the second quarter of 2015 was
$0.7 million compared with
$0.5 million in the second quarter of
2014. The increase was mainly due to higher interest income from
time deposits.
Income before income tax expenses and equity in earnings of
affiliated companies was $9.2 million
in the second quarter of 2015, compared to $16.6 million in the second quarter of 2014. The
decrease of $7.4 million in the
second quarter of 2015 was mainly due to the reduction in the gain
on other sales related to the sale of land use rights in the second
quarter of 2014.
Net income attributable to
parent company's common shareholders was $7.7 million in the second quarter of 2015,
compared to net income attributable to parent company's common
shareholders of $11.0 million in the
corresponding quarter of 2014. Diluted earnings per share were
$0.24 in the second quarter of 2015,
compared to diluted earnings per share of $0.39 in the second quarter of 2014. Excluding
the one-time gain on the sale of land use rights, net income and
diluted earnings per share would have been $5.9 million and $0.21 respectively in the second quarter of 2014.
The weighted average number of diluted common shares outstanding
increased by 14.5% to 32,138,438 in the second quarter of 2015,
compared to 28,064,376 in the second quarter of 2014.
First Six Months of 2015
Net sales increased to $232.6
million in the first six months of 2015, compared to
$229.8 million in the first six
months of 2014. Six-month gross profit was $43.5 million, compared to $42.9 million in the corresponding period last
year. Six-month gross margin was 18.7% in both 2015 and 2014. The
gain on other sales of $2.4 million
in the first six months of 2015 compared with $9.1 million in the 2014 period due to a gain of
$7.5 million from the sale of land
use rights in the second quarter of 2014. Income from operations
was $17.6 million, compared to
$26.3 million in the first six months
of 2014. Without the gain from the sale of land use rights, income
from operations would have approximated $18.8 million in the second quarter of 2014.
Operating margin was 7.6%, compared to 11.4% for the corresponding
period of 2014. Without the $7.5
million gain on sale of land use rights, operating margin
for the first six months of 2014 would have approximated 8.2%.
Net income attributable to parent company's common shareholders
was $16.2 million in the first six
months of 2015, compared to $17.8
million in the corresponding period in 2014. Diluted
earnings per share were $0.50 in the
first six months of 2015, compared to diluted earnings per share of
$0.63 for the corresponding period in
2014. Excluding the one-time gain on the sale of land use rights,
the diluted earnings per share would have been $0.45 in the first six months of 2014.
As of June 30, 2015, total cash,
cash equivalents and short-term investments were $108.6 million, compared to $109.5 million as of December 31, 2014. Working capital increased to
$205.8 million as of June 30, 2015, compared to $198.1 million as of December 31, 2014. Cash flow from operations was
$14.5 million for the six months
ended June 30, 2015. Total parent
company stockholders' equity was $314.0
million as of June 30, 2015,
compared to $298.2 million as of
December 31, 2014.
Business Outlook
Management has revised its revenue guidance for the full year
2015 to be even with 2014 due to the China auto market slowdown. 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 August 13, 2015 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: +86-400-120-2840
A telephone replay of the call will be available after the
conclusion of the conference call through 11:59 P.M. EDT on September 14, 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 "13616215" 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
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: caas@grayling.com
(Tables Follow)
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(In
thousands of USD unless otherwise indicated)
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
December 31,
2014
|
|
|
Unaudited
|
|
Audited
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
70,889
|
|
$
|
68,505
|
Pledged cash
deposits
|
|
|
32,810
|
|
|
33,633
|
Short-term
investments
|
|
|
37,760
|
|
|
41,017
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
276,648
|
|
|
282,348
|
Accounts and notes
receivable, net - related parties
|
|
|
27,003
|
|
|
22,760
|
Advance payments and
others - unrelated parties
|
|
|
2,538
|
|
|
2,124
|
Advance payments and
others - related parties
|
|
|
784
|
|
|
741
|
Inventories
|
|
|
67,794
|
|
|
64,419
|
Current deferred tax
assets
|
|
|
7,334
|
|
|
7,078
|
Total current
assets
|
|
|
523,560
|
|
|
522,625
|
Non-current
assets:
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
83,027
|
|
|
82,466
|
Intangible assets,
net
|
|
|
3,124
|
|
|
3,419
|
Other receivables,
net - unrelated parties
|
|
|
1,825
|
|
|
1,619
|
Other receivables,
net - related parties
|
|
|
19
|
|
|
76
|
Advance payment for
property, plant and equipment - unrelated parties
|
|
|
8,481
|
|
|
6,755
|
Advance payment for
property, plant and equipment - related parties
|
|
|
2,693
|
|
|
2,085
|
Long-term
investments
|
|
|
6,380
|
|
|
4,575
|
Goodwill
|
|
|
646
|
|
|
645
|
Non-current deferred
tax assets
|
|
|
5,458
|
|
|
4,896
|
Total
assets
|
|
$
|
635,213
|
|
$
|
629,161
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
45,387
|
|
$
|
43,988
|
Accounts and notes
payable - unrelated parties
|
|
|
209,777
|
|
|
213,090
|
Accounts and notes
payable - related parties
|
|
|
5,198
|
|
|
4,857
|
Customer
deposits
|
|
|
1,224
|
|
|
1,885
|
Accrued payroll and
related costs
|
|
|
5,963
|
|
|
7,554
|
Accrued expenses and
other payables
|
|
|
35,296
|
|
|
35,429
|
Accrued pension
costs
|
|
|
5,450
|
|
|
5,586
|
Taxes
payable
|
|
|
8,331
|
|
|
11,557
|
Amounts due to
shareholders/directors
|
|
|
380
|
|
|
380
|
Current deferred tax
liabilities
|
|
|
165
|
|
|
189
|
Total current
liabilities
|
|
|
317,171
|
|
|
324,515
|
Long-term
liabilities:
|
|
|
|
|
|
|
Advances
payable
|
|
|
3,708
|
|
|
6,156
|
Non-current deferred
tax liabilities
|
|
|
302
|
|
|
321
|
Total
liabilities
|
|
$
|
321,181
|
|
$
|
330,992
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $0.0001
par value - Authorized - 80,000,000 shares; Issued – 32,338,302
and 32,338,302 shares as of June 30, 2015 and December 31, 2014,
respectively
|
|
$
|
3
|
|
$
|
3
|
Additional paid-in
capital
|
|
|
64,522
|
|
|
64,522
|
Retained
earnings-
|
|
|
|
|
|
|
Appropriated
|
|
|
10,349
|
|
|
10,178
|
Unappropriated
|
|
|
195,434
|
|
|
179,435
|
Accumulated other
comprehensive income
|
|
|
36,297
|
|
|
36,119
|
Treasury stock –
217,283 and 217,283 shares as of June 30, 2015 and December 31,
2014,
respectively
|
|
|
(1,000)
|
|
|
(1,000)
|
Total parent company
stockholders' equity
|
|
|
305,605
|
|
|
289,257
|
Non-controlling
interests
|
|
|
8,427
|
|
|
8,912
|
Total stockholders'
equity
|
|
|
314,032
|
|
|
298,169
|
Total liabilities and
stockholders' equity
|
|
$
|
635,213
|
|
$
|
629,161
|
|
|
|
|
|
|
|
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
June 30,
|
|
|
2015
|
|
2014
|
Net product sales,
including $11,640 and $14,928 to related parties
for the three months ended June 30, 2015 and 2014
|
|
$
|
109,167
|
|
$
|
115,476
|
Cost of products sold,
including $5,630 and $7,461 purchased from related parties
for the three months ended June 30, 2015 and 2014
|
|
|
87,374
|
|
|
93,893
|
Gross
profit
|
|
|
21,793
|
|
|
21,583
|
Gain on other
sales
|
|
|
713
|
|
|
8,226
|
Less: Operating
expenses
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,046
|
|
|
4,327
|
General and
administrative expenses
|
|
|
3,787
|
|
|
3,776
|
Research and
development expenses
|
|
|
6,413
|
|
|
5,180
|
Total operating
expenses
|
|
|
14,246
|
|
|
13,283
|
Income from
operations
|
|
|
8,260
|
|
|
16,526
|
Other income,
net
|
|
|
271
|
|
|
139
|
Interest
expense
|
|
|
(65)
|
|
|
(546)
|
Financial income,
net
|
|
|
709
|
|
|
518
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
9,175
|
|
|
16,637
|
Less: Income
taxes
|
|
|
1,645
|
|
|
3,126
|
Equity in earnings of
affiliated companies
|
|
|
98
|
|
|
75
|
Net income
|
|
|
7,628
|
|
|
13,586
|
Net income (loss)
attributable to non-controlling interests
|
|
|
(31)
|
|
|
2,580
|
Net income attributable
to parent company's common shareholders
|
|
$
|
7,659
|
|
$
|
11,006
|
Comprehensive
income:
|
|
|
|
|
|
|
Net income
|
|
$
|
7,628
|
|
$
|
13,586
|
Other comprehensive
income:
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
1,436
|
|
|
(25)
|
Comprehensive
income
|
|
|
9,064
|
|
|
13,561
|
Comprehensive income
attributable to non-controlling interests
|
|
|
34
|
|
|
2,576
|
Comprehensive income
attributable to parent company
|
|
$
|
9,030
|
|
$
|
10,985
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.24
|
|
$
|
0.39
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.24
|
|
$
|
0.39
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding
|
|
|
|
|
|
|
Basic
|
|
|
32,121,019
|
|
|
28,043,019
|
Diluted
|
|
|
32,138,438
|
|
|
28,064,376
|
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)
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2015
|
|
|
2014
|
Net product sales,
including $19,939 and $26,738 to related parties for the six
months
ended June 30, 2015 and 2014
|
|
$
|
232,610
|
|
|
$
|
229,782
|
Cost of products sold,
including $12,638 and $14,652 purchased from related parties for
the six months ended June 30, 2015 and 2014
|
|
|
189,146
|
|
|
|
186,861
|
Gross
profit
|
|
|
43,464
|
|
|
|
42,921
|
Gain on other
sales
|
|
|
2,371
|
|
|
|
9,135
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
7,670
|
|
|
|
7,369
|
General and
administrative expenses
|
|
|
8,235
|
|
|
|
7,322
|
Research and
development expenses
|
|
|
12,306
|
|
|
|
11,068
|
Total operating
expenses
|
|
|
28,211
|
|
|
|
25,759
|
Income from
operations
|
|
|
17,624
|
|
|
|
26,297
|
Other income,
net
|
|
|
365
|
|
|
|
378
|
Interest
expense
|
|
|
(540)
|
|
|
|
(824)
|
Financial income,
net
|
|
|
1,463
|
|
|
|
1,010
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
18,912
|
|
|
|
26,861
|
Less: Income
taxes
|
|
|
3,055
|
|
|
|
5,101
|
Equity in earnings of
affiliated companies
|
|
|
164
|
|
|
|
137
|
Net income
|
|
|
16,021
|
|
|
|
21,897
|
Net income (loss)
attributable to non-controlling interests
|
|
|
(150)
|
|
|
|
4,116
|
Net income attributable
to parent company's common shareholders
|
|
$
|
16,171
|
|
|
$
|
17,781
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,021
|
|
|
$
|
21,897
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
161
|
|
|
|
(2,422)
|
Comprehensive
income
|
|
|
16,182
|
|
|
|
19,475
|
Comprehensive income
(loss) attributable to non-controlling interests
|
|
|
(167)
|
|
|
|
3,712
|
Comprehensive income
attributable to parent company
|
|
$
|
16,349
|
|
|
$
|
15,763
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.50
|
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.50
|
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
32,121,019
|
|
|
|
28,043,019
|
Diluted
|
|
|
32,136,585
|
|
|
|
28,063,939
|
China
Automotive Systems, Inc. and Subsidiaries
|
Condensed Unaudited
Consolidated Statements of Cash Flows
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
Six Months Ended
June 30,
|
Cash flows from
operating activities:
|
2015
|
|
2014
|
Net income
|
$
|
16,021
|
|
$
|
21,897
|
Adjustments to
reconcile net income from operations to net cash
provided
by operating
activities
|
|
|
|
Depreciation and
amortization
|
|
7,897
|
|
|
7,751
|
Increases (decreases)
in allowance for doubtful accounts
|
|
(32)
|
|
|
121
|
Inventory write
downs
|
|
1,307
|
|
|
1,922
|
Deferred income
taxes
|
|
(849)
|
|
|
(413)
|
Equity in earnings of
affiliated companies
|
|
(164)
|
|
|
(128)
|
Gain on disposal of
fixed assets
|
|
1
|
|
|
(7,506)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
Pledged
deposits
|
|
840
|
|
|
6,695
|
Accounts and notes
receivable
|
|
1,843
|
|
|
(25,139)
|
Advance payments and
others
|
|
(449)
|
|
|
1,038
|
Inventories
|
|
(4,604)
|
|
|
(7,461)
|
Increase (decrease)
in:
|
|
|
|
|
|
Accounts and notes
payable
|
|
(2,951)
|
|
|
7,948
|
Customer
deposits
|
|
(661)
|
|
|
57
|
Accrued payroll and
related costs
|
|
(1,595)
|
|
|
(790)
|
Accrued expenses and
other payables
|
|
1,268
|
|
|
191
|
Accrued pension
costs
|
|
(140)
|
|
|
502
|
Taxes
payable
|
|
(3,237)
|
|
|
1,007
|
Net
cash provided by operating activities
|
|
14,495
|
|
|
7,692
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Decrease (increase)
in other receivables
|
|
(153)
|
|
|
636
|
Cash received from
property, plant and equipment sales
|
|
570
|
|
|
6,777
|
Payments to acquire
property, plant and equipment
|
|
(13,705)
|
|
|
(8,194)
|
Payments to acquire
intangible assets
|
|
(825)
|
|
|
(5)
|
Purchase of
short-term investments
|
|
(11,388)
|
|
|
(15,882)
|
Proceeds from
maturities of short-term investments
|
|
14,672
|
|
|
12,597
|
Acquisition of Fujian
Qiaolong, net of cash acquired
|
|
-
|
|
|
(2,976)
|
Investment under cost
method
|
|
(1,636)
|
|
|
-
|
Net
cash used in investing activities
|
|
(12,465)
|
|
|
(7,047)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
government and bank loan
|
|
6,420
|
|
|
6,774
|
Repayments of
government and bank loan
|
|
(5,048)
|
|
|
(3,251)
|
Dividends paid to the
non-controlling interest holders
|
|
(814)
|
|
|
(1,985)
|
Dividends paid to the
holders of the Company's common stock
|
|
(252)
|
|
|
-
|
Increase in amounts
due to shareholders/directors
|
|
-
|
|
|
69
|
Net
cash provided by financing activities
|
|
306
|
|
|
1,607
|
Effects of exchange
rates on cash and cash equivalents
|
|
48
|
|
|
(474)
|
Net
decrease in cash and cash equivalents
|
|
2,384
|
|
|
1,778
|
Cash and cash
equivalents at beginning of period
|
|
68,505
|
|
|
53,979
|
Cash and cash
equivalents at end of period
|
$
|
70,889
|
|
$
|
55,757
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
2015
|
|
2014
|
Cash paid for
interest
|
$
|
561
|
|
$
|
603
|
Cash paid for income
taxes
|
|
5,487
|
|
|
3,109
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING
AND FINANCING
ACTIVITIES:
|
|
Six Months Ended June
30,
|
|
2015
|
|
2014
|
Advance payments for
acquiring property, plant and equipment
|
$
|
6,732
|
|
$
|
5,155
|
Dividends payable to
non-controlling interest holders
|
|
318
|
|
|
8,127
|
Dividends payable to
the Company's shareholders
|
|
-
|
|
|
5,048
|
Non-controlling
interests arising as a result of acquisition of Fujian
Qiaolong
|
|
-
|
|
|
2,793
|
Accounts receivable
for selling property, plant and equipment
|
|
-
|
|
|
1,890
|
Accounts payable for
acquiring property, plant and equipment
|
|
328
|
|
|
-
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-2015-second-quarter-financial-results-300128072.html
SOURCE China Automotive Systems, Inc.