WUHAN, China, Nov. 12, 2015 /PRNewswire/ -- China Automotive
Systems, Inc. ("CAAS" or the "Company"), a leading power
steering components and systems supplier in China, today announced its unaudited financial
results for the third quarter and nine months ended September 30, 2015.
Third Quarter 2015 Highlights
- Net sales were $90.8 million,
compared to $101.7 million in the
third quarter of 2014.
- Gross margin was 17.5%.
- Net income attributable to parent company's common shareholders
was $4.3 million, or diluted earnings
per share of $0.13, compared to net
income attributable to parent company's common shareholders of
$6.7 million, or diluted earnings per
share of $0.24 in the third quarter
of 2014.
First Nine Months of 2015 Highlights
- Net sales were $323.5 million,
compared to $331.5 million in the
first nine months of 2014.
- Gross margin was 18.4%.
- Operating margin was 7.0%.
- Diluted earnings per share attributable to parent company's
common shareholders was $0.64.
- Cash and cash equivalents, pledged cash deposits and short-term
investments were $132.5 million as of
September 30, 2015.
- Net cash flow from operating activities was $24.1 million, compared to $8.1 million for the first nine months of
2014.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "The third quarter was more challenging
than usual for China's automobile
sector due to the turbulence in the Chinese stock market, poor
consumer confidence driven by the slowdown of the Chinese economy;
and the depreciation of China's currency against the U.S. dollar. In
September, passenger vehicle sales showed signs of recovery but the
commercial vehicle market continued to suffer a decline.
Fortunately, we were able to offset some of the impact of the
market decline with 123% sales growth in our electronic power
steering system (EPS) which accounted for 22.4% of our total sales
in the third quarter. While we are encouraged by the growing
adoption of EPS in China, our
sales team is targeting many more OEMs with our EPS products. We
expanded our production capacities in compliance with the US OEM
standard, since we anticipate more contracts from the North
American market in the foreseeable future. Our facility in
Brazil is now undergoing final
testing and we expect to enter into mass production in Brazil in 2016."
"In early October, the Chinese government announced an incentive
plan that includes 50% purchase tax reductions that are intended to
stimulate the passenger vehicle sector. We believe that this new
policy will help revitalize the auto market in China after three consecutive weak quarters.
As we are the main supplier to many OEMs in China, we are well positioned to benefit from
this new policy," Mr. Wu concluded.
Mr. Jie Li, chief financial
officer of CAAS, commented, "Due to our much improved operating
cash flow, we continued to strengthen our balance sheet. More than
half of our total receivables were represented by notes receivable
and endorsed by large commercial banks at the end of third quarter,
and we are confident about the full collection of our outstanding
accounts receivable. As usual, we closely track our return on
capital to maintain a solid return and increase shareholder
value."
Third Quarter of 2015
In the third quarter of 2015, net sales were $90.8 million, compared to $101.7 million in the same quarter of 2014. The
net sales decline was mainly due to the decreased auto sales in a
weak economic environment.
Gross profit was $15.9 million in
the third quarter of 2015, compared to $20.6
million in the third quarter of 2014. The gross margin was
17.5% in the third quarter of 2015, versus 20.2% in the third
quarter of 2014. The decrease in gross margin was mainly due to
weaker unit volume sales and lower average selling price
adjustment.
Gain on other sales was $0.9
million, compared with $1.1
million in the third quarter of 2014.
Selling expenses were $3.3 million
in the third quarter of 2015, compared to $3.7 million in the third quarter of 2014.
Selling expenses represented 3.7% of net sales in the third quarter
of 2015, compared to 3.7% in the third quarter of 2014.
General and administrative expenses ("G&A expenses")
decreased by 17.5% to $3.1 million in
the third quarter of 2015, compared to $3.7
million in the same quarter of 2014. G&A expenses
represented 3.4% of net sales in the third quarter of 2015 and 3.7%
in the third quarter of 2014. The Company continued to implement
cost control measures.
Research and development expenses ("R&D expenses") were
$5.4 million in the third quarter of
2015, flat from $5.4 million in the
third quarter of 2014. R&D expenses represented 6.0% of net
sales in the third quarter of 2015 compared with 5.3% in the third
quarter of 2014. The higher R&D expenses as a percentage of
revenue was mainly due to the lower revenue base in the third
quarter of 2015. The Company continued to develop EPS products and
improve in production equipment.
Net financial income was $0.5
million in the third quarter of 2015 compared to net
financial income of $1.1 million in
the third quarter of 2014.
Income from operations was $5.0
million in the third quarter of 2015, compared to
$8.8 million in the same quarter of
2014. The decrease was mainly due to the lower revenue in the 2015
third quarter compared with the same quarter of 2014.
Income before income tax expenses and equity in earnings of
affiliated companies was $5.2 million
in the third quarter of 2015, compared to $9.3 million in the third quarter of 2014. The
decrease in income before income tax expenses and equity in
earnings of affiliated companies was mainly due to lower operating
income in the third quarter of 2015, compared with the third
quarter of 2014.
Net income attributable to parent company's common shareholders
was $4.3 million in the third quarter
of 2015, compared to net income attributable to parent company's
common shareholders of $6.7 million
in the third quarter of 2014. Diluted earnings per share were
$0.13 in the third quarter of 2015,
compared to diluted earnings per share of $0.24 in the third quarter of 2014.
The weighted average number of diluted common shares outstanding
was 32,134,839 in the third quarter of 2015, compared to 28,063,661
in the third quarter of 2014.
First Nine Months of 2015
Net sales for the first nine months of 2015 were $323.5 million, compared to $331.5 million in the first nine months of 2014.
Nine-month gross profit was $59.4
million, compared to $63.5
million in the corresponding period last year. Nine-month
gross margin was 18.4%, compared to 19.2% for the corresponding
period in 2014. For the nine months ended September 30, 2015, gain on other sales amounted
to $3.2 million, compared to
$10.3 million for the corresponding
period in 2014, which included a one-time gain of $7.5 million on sales of land use rights. Income
from operations was $22.6 million
compared to $35.1 million in the
first nine months of 2014. Operating margin was 7.0%, compared to
10.6% for the corresponding period of 2014, or 8.3% after excluding
the one-time gain of $7.5 million
(non-GAAP measurement). Net income attributable to parent company's
common shareholders was $20.5 million
compared with $24.5 million in the
corresponding period last year. Diluted earnings per share were
$0.64 in the first nine months of
2015, compared to diluted earnings per share of $0.87 for the corresponding period in 2014.
Excluding the one-time net income of $5.1
million on the sale of land use rights, net income
attributable to parent company's common shareholders and diluted
earnings per share would have been $19.4
million and $0.69 respectively
for the first nine months of 2014(non-GAAP measurement).
Balance Sheet
As of September 30, 2015, total
cash and cash equivalents, pledged cash deposits and short-term
investments were $132.5 million,
total accounts receivable including notes receivable were
$273.9 million, accounts payable were
$192.5 million and bank and
government loans were $45.0 million.
Total parent company stockholders' equity was $305.9 million as of September 30, 2015, compared to $298.2 million as of December 31, 2014. Net cash flow from operating
activities was $24.1 million,
compared to $8.1 million for the
first nine months in 2014.
Business Outlook
Management has reiterated the revenue guidance for the full year
2015 to be even with 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, 2015 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:
|
+1-800 894 5910
(North America)
|
Phone
Number:
|
+1-785 424 1052
(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, 2015. The dial-in details for the replay are:
U.S. Toll Free
Number
|
+1-800 723
5792
|
International dial-in
number
|
+1-402 220
2664
|
Use Conference ID
"CHINA" 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 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 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 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
Investor Relations
Email: caas@compassbell.com
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,
|
|
|
2015
|
|
|
2014
|
Net product sales,
including $8,137 and $11,890 to related parties for the
three months ended September 30, 2015 and 2014
|
|
$
|
90,845
|
|
|
$
|
101,735
|
Cost of products
sold, including $5,721 and $6,069 purchased from related
parties for the three months ended September 30, 2015 and
2014
|
|
|
74,933
|
|
|
|
81,152
|
Gross
profit
|
|
|
15,912
|
|
|
|
20,583
|
Gain on other
sales
|
|
|
877
|
|
|
|
1,132
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
3,319
|
|
|
|
3,734
|
General and
administrative expenses
|
|
|
3,080
|
|
|
|
3,734
|
Research and
development expenses
|
|
|
5,440
|
|
|
|
5,441
|
Total operating
expenses
|
|
|
11,839
|
|
|
|
12,909
|
Income from
operations
|
|
|
4,950
|
|
|
|
8,806
|
Other income,
net
|
|
|
221
|
|
|
|
113
|
Interest
expense
|
|
|
(501)
|
|
|
|
(728)
|
Financial income,
net
|
|
|
556
|
|
|
|
1,140
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
5,226
|
|
|
|
9,331
|
Less: Income
taxes
|
|
|
945
|
|
|
|
1,387
|
Equity in earnings of
affiliated companies
|
|
|
100
|
|
|
|
82
|
Net income
|
|
|
4,381
|
|
|
|
8,026
|
Net income
attributable to non-controlling interests
|
|
|
93
|
|
|
|
1,293
|
Net income
attributable to parent company's common shareholders
|
|
$
|
4,288
|
|
|
$
|
6,733
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
4,381
|
|
|
$
|
8,026
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation (loss) gain, net of tax
|
|
|
(12,477)
|
|
|
|
9
|
Comprehensive (loss)
income
|
|
|
(8,096)
|
|
|
|
8,035
|
Comprehensive (loss)
income attributable to non-controlling interests
|
|
|
(483)
|
|
|
|
1,293
|
Comprehensive (loss)
income attributable to parent company
|
|
$
|
(7,613)
|
|
|
$
|
6,742
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.13
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.13
|
|
|
$
|
0.24
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
32,121,019
|
|
|
|
28,043,019
|
Diluted
|
|
|
32,134,839
|
|
|
|
28,063,661
|
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,
|
|
|
2015
|
|
|
2014
|
Net product sales,
including $28,076 and $38,627 to related parties for the
nine months ended September 30, 2015 and 2014
|
|
$
|
323,455
|
|
|
$
|
331,517
|
Cost of products
sold, including $18,359 and $ 20,721 purchased from related
parties for the nine months ended September 30, 2015 and
2014
|
|
|
264,080
|
|
|
|
268,013
|
Gross
profit
|
|
|
59,375
|
|
|
|
63,504
|
Gain on other
sales
|
|
|
3,248
|
|
|
|
10,267
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
10,989
|
|
|
|
11,104
|
General and
administrative expenses
|
|
|
11,316
|
|
|
|
11,056
|
Research and
development expenses
|
|
|
17,746
|
|
|
|
16,509
|
Total operating
expenses
|
|
|
40,051
|
|
|
|
38,669
|
Income from
operations
|
|
|
22,572
|
|
|
|
35,102
|
Other income,
net
|
|
|
587
|
|
|
|
491
|
Interest
expense
|
|
|
(1,040)
|
|
|
|
(1,552)
|
Financial income,
net
|
|
|
2,018
|
|
|
|
2,150
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
24,137
|
|
|
|
36,191
|
Less: Income
taxes
|
|
|
4,001
|
|
|
|
6,488
|
Equity in earnings of
affiliated companies
|
|
|
264
|
|
|
|
220
|
Net income
|
|
|
20,400
|
|
|
|
29,923
|
Net (loss) income
attributable to non-controlling interests
|
|
|
(56)
|
|
|
|
5,409
|
Net income
attributable to parent company's common shareholders
|
|
$
|
20,456
|
|
|
$
|
24,514
|
Comprehensive
income:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
20,400
|
|
|
$
|
29,923
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
Foreign currency
translation loss, net of tax
|
|
|
(12,316)
|
|
|
|
(2,413)
|
Comprehensive
income
|
|
|
8,084
|
|
|
|
27,510
|
Comprehensive (loss)
income attributable to non-controlling interests
|
|
|
(649)
|
|
|
|
5,006
|
Comprehensive income
attributable to parent company
|
|
$
|
8,733
|
|
|
$
|
22,504
|
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic –
|
|
$
|
0.64
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.64
|
|
|
$
|
0.87
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
Basic
|
|
|
32,121,019
|
|
|
|
28,043,019
|
Diluted
|
|
|
32,136,003
|
|
|
|
28,063,846
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Balance Sheets
|
(In thousands of
USD unless otherwise indicated)
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
|
December 31,
2014
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
76,064
|
|
|
$
|
68,505
|
Pledged cash
deposits
|
|
|
29,675
|
|
|
|
33,633
|
Short-term
investments
|
|
|
26,801
|
|
|
|
41,017
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
242,510
|
|
|
|
282,348
|
Accounts and notes
receivable, net - related parties
|
|
|
31,423
|
|
|
|
22,760
|
Advance payments and
others - unrelated parties
|
|
|
3,673
|
|
|
|
2,124
|
Advance payments and
others - related parties
|
|
|
812
|
|
|
|
741
|
Inventories
|
|
|
67,067
|
|
|
|
64,419
|
Current deferred tax
assets
|
|
|
7,244
|
|
|
|
7,078
|
Total current
assets
|
|
|
485,269
|
|
|
|
522,625
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
76,012
|
|
|
|
82,466
|
Intangible assets,
net
|
|
|
2,973
|
|
|
|
3,419
|
Other receivables,
net - unrelated parties
|
|
|
3,585
|
|
|
|
1,619
|
Other receivables,
net - related parties
|
|
|
3
|
|
|
|
76
|
Advance payment for
property, plant and equipment - unrelated parties
|
|
|
13,658
|
|
|
|
6,755
|
Advance payment for
property, plant and equipment - related parties
|
|
|
6,185
|
|
|
|
2,085
|
Long-term
investments
|
|
|
6,203
|
|
|
|
4,575
|
Goodwill
|
|
|
621
|
|
|
|
645
|
Non-current deferred
tax assets
|
|
|
5,388
|
|
|
|
4,896
|
Total
assets
|
|
$
|
599,897
|
|
|
$
|
629,161
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
44,982
|
|
|
$
|
43,988
|
Accounts and notes
payable - unrelated parties
|
|
|
186,286
|
|
|
|
213,090
|
Accounts and notes
payable - related parties
|
|
|
6,233
|
|
|
|
4,857
|
Customer
deposits
|
|
|
1,477
|
|
|
|
1,885
|
Accrued payroll and
related costs
|
|
|
6,259
|
|
|
|
7,554
|
Accrued expenses and
other payables
|
|
|
33,835
|
|
|
|
35,429
|
Accrued pension
costs
|
|
|
4,535
|
|
|
|
5,586
|
Taxes
payable
|
|
|
7,580
|
|
|
|
11,557
|
Amounts due to
shareholders/directors
|
|
|
358
|
|
|
|
380
|
Current deferred tax
liabilities
|
|
|
177
|
|
|
|
189
|
Total current
liabilities
|
|
|
291,722
|
|
|
|
324,515
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
Advances
payable
|
|
|
1,960
|
|
|
|
6,156
|
Non-current deferred
tax liabilities
|
|
|
280
|
|
|
|
321
|
Total
liabilities
|
|
$
|
293,962
|
|
|
$
|
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 September 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
|
|
|
199,720
|
|
|
|
179,435
|
Accumulated other
comprehensive income
|
|
|
24,396
|
|
|
|
36,119
|
Treasury stock –
217,283 and 217,283 shares as of September 30, 2015
and December 31, 2014, respectively
|
|
|
(1,000)
|
|
|
|
(1,000)
|
Total parent company
stockholders' equity
|
|
|
297,990
|
|
|
|
289,257
|
Non-controlling
interests
|
|
|
7,945
|
|
|
|
8,912
|
Total stockholders'
equity
|
|
|
305,935
|
|
|
|
298,169
|
Total liabilities and
stockholders' equity
|
|
$
|
599,897
|
|
|
$
|
629,161
|
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,
|
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
20,400
|
|
$
|
29,923
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
-
|
|
|
193
|
Depreciation and
amortization
|
|
|
11,509
|
|
|
11,592
|
Increase (decrease)
in allowance for doubtful accounts
|
|
|
(124)
|
|
|
177
|
Inventory write
downs
|
|
|
1,522
|
|
|
2,531
|
Deferred income
taxes
|
|
|
(1,180)
|
|
|
(907)
|
Equity in earnings of
affiliated companies
|
|
|
(236)
|
|
|
(182)
|
Loss (gain) on fixed
assets disposals
|
|
|
2
|
|
|
(7,500)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
|
Pledged
deposits
|
|
|
2,696
|
|
|
1,953
|
Accounts and notes
receivable
|
|
|
19,801
|
|
|
(19,173)
|
Advance payments and
others
|
|
|
(1,741)
|
|
|
328
|
Inventories
|
|
|
(6,723)
|
|
|
(17,449)
|
Increase (decrease)
in:
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
(17,021)
|
|
|
2,363
|
Customer
deposits
|
|
|
(381)
|
|
|
1,313
|
Accrued payroll and
related costs
|
|
|
(1,068)
|
|
|
(423)
|
Accrued expenses and
other payables
|
|
|
1,109
|
|
|
597
|
Accrued pension
costs
|
|
|
(842)
|
|
|
1,460
|
Taxes
payable
|
|
|
(3,671)
|
|
|
1,257
|
Advances
payable
|
|
|
-
|
|
|
8
|
Net cash provided by
operating activities
|
|
|
24,052
|
|
|
8,061
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Increase in other
receivables
|
|
|
(1,965)
|
|
|
(347)
|
Cash received from
property, plant and equipment sales
|
|
|
573
|
|
|
6,994
|
Payments to acquire
property, plant and equipment
|
|
|
(24,077)
|
|
|
(11,317)
|
Payments to acquire
intangible assets
|
|
|
(947)
|
|
|
(252)
|
Purchase of
short-term investments
|
|
|
(12,264)
|
|
|
(46,192)
|
Proceeds from
maturities of short-term investments
|
|
|
25,038
|
|
|
38,115
|
Acquisition of Fujian
Qiaolong, net of cash acquired
|
|
|
-
|
|
|
(2,976)
|
Investment under cost
method
|
|
|
(1,636)
|
|
|
-
|
Net cash used in
investing activities
|
|
|
(15,278)
|
|
|
(15,975)
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from
government and bank loan
|
|
|
11,420
|
|
|
15,836
|
Repayments of bank
loan
|
|
|
(8,685)
|
|
|
(9,590)
|
Dividends paid to the
non-controlling interest holders
|
|
|
(1,121)
|
|
|
(6,048)
|
Dividends paid to the
holders of the Company's common stock
|
|
|
-
|
|
|
(4,291)
|
Increase (decrease)
in amounts due to shareholders/directors
|
|
|
(252)
|
|
|
69
|
Net cash provided by
(used in) financing activities
|
|
|
1,362
|
|
|
(4,024)
|
Effects of exchange
rates on cash and cash equivalents
|
|
|
(2,577)
|
|
|
(472)
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
7,559
|
|
|
(12,410)
|
Cash and cash
equivalents at beginning of period
|
|
|
68,505
|
|
|
53,979
|
Cash and cash
equivalents at end of period
|
|
$
|
76,064
|
|
$
|
41,569
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-automotive-systems-reports-third-quarter-2015-results-300177483.html
SOURCE China Automotive Systems, Inc.