ZHANGZHOU, China, Dec. 6, 2017 /PRNewswire/ -- China Zenix Auto
International Limited (NYSE: ZX) ("Zenix Auto" or "the
Company"), the largest commercial vehicle wheel manufacturer in
China in both the aftermarket and
OEM market by sales volume, today announced its unaudited financial
results for the third quarter and first nine months ended
September 30, 2017.
Financial Highlights
Third Quarter 2017:
- Revenue was RMB643.4 million
(US$96.7 million), up 30.6%
year-over-year from RMB492.7 million
in the third quarter of 2016;
- Sales to the Chinese OEM market increased by 94.6%
year-over-year to RMB353.5 million
(US$53.1 million) from RMB181.7 million in the same quarter of
2016;
- Gross profit was RMB81.5 million
(US$12.2 million), flat
year-over-year from RMB81.1 million
in the third quarter of 2016;
- Net loss and total comprehensive loss was RMB5.4 million (US$0.8
million) with loss per American Depositary Share ("ADS") of
RMB0.11 (US$
0.02), compared with net loss and total comprehensive loss
of RMB16.0 million and loss per ADS
of RMB0.31 in the third quarter of
2016;
- Net cash flow from operating activities was RMB60.1 million (US$9.0
million).
First Nine Months of 2017:
- Revenue was RMB2,094.7 million
(US$314.8 million), up 26.4%
year-over-year from RMB1,657.6
million in the first nine months of 2016;
- Sales to the Chinese OEM market increased by 88.9%
year-over-year to RMB1,135.1 million
(US$170.6 million) and represented
54.2% of revenue;
- Sales of tubeless steel wheels accounted for 44.1% of revenue
and sales of aluminum wheels accounted for 6.3% of revenue, as the
vehicle market is moving towards light-weight components;
- Net loss and total comprehensive loss was RMB0.4 million (US$0.07
million) with earnings per ADS of RMB0.01 (US$0.00),
compared with net loss and total comprehensive loss of RMB14.3 million and loss per ADS of RMB0.28 in the same period of 2016.
Mr. Junqiu Gao, Deputy CEO and
Chief Sales and Marketing Officer of Zenix Auto, commented, "Our
top line growth accelerated during the third quarter, as our
shipments to many of our over 80 OEM customers experienced in
excess of 32% year-over-year growth. While we benefited from the
robust growth of our long-term OEM customers such as JAC, SAIC
IVECO, Sinotruk and Yutong Bus, our market share with other leading
OEMs such as FAW and Foton also experienced significant increases.
As the largest wheel producer for the commercial vehicle market in
China, our ongoing innovations in
product development are finally paying off. Since the Chinese
government is heavily campaigning for better on-road safety and
lower emissions, OEMs and the aftermarket are increasingly adopting
our tubeless steel wheels and aluminum wheel products due to their
light-weight features. With the robust growth in aluminum wheel
sales, we are planning to launch a second production line to meet
this growing demand."
Mr. Martin Cheung, CFO of Zenix
Auto, commented, "Higher raw material costs continued to affect our
margin. However, we believe we can recover some of the cost
increase through our cost-plus pricing model, and the improved
product mix will also help offset some cost pressure. With the
strong OEM market, we are also increasing collection efforts and
our DSO dropped to 52 days from 60 days in December 31, 2016. In the third quarter, we
generated positive cash flow from operations of US$ 9.0 million."
2017 Third Quarter Results
Revenue for the third quarter ended September 30, 2017 was RMB643.4 million (US$96.7
million) from RMB492.7 million
for the third quarter of 2016. The increase in revenue on a
year-over-year basis was mainly driven by increased demand for new
trucks, especially in heavy- and medium-duty trucks due to the
combined effect of the Government's anti-overloading policy and
increased development of infrastructure and residential properties
in China.
Aftermarket sales in China
decreased by 10.8% year-over-year to RMB203.4 million (US$30.6
million) in the third quarter of 2017 from RMB227.9 million in the third quarter of 2016.
Total unit sales in the aftermarket decreased by 27.7%
year-over-year with pricing helping to stabilize revenues. Sales in
the aftermarket wheel segment remained weak as higher new truck
sales negatively affected aftermarket replacement volume.
Sales to the Chinese OEM market increased by 94.6%
year-over-year to RMB353.5 million
(US$53.1 million) in the third
quarter of 2017 compared to RMB181.7
million in the same quarter of 2016. Total unit sales in the
OEM market increased by 32.0% year-over-year as a result of strong
truck sales, especially heavy- and medium-duty trucks, during the
third quarter of 2017.
International sales increased by 4.0% year-over-year to
RMB86.5 million (US$13.0 million) in the third quarter of 2017
compared to sales of RMB83.1 million
in the third quarter of 2016. Total unit sales in the international
sales decreased by 12.4% year-over-year in the third quarter of
2017 as we increased our pricing to reflect higher raw material
costs.
In the third quarter of 2017, domestic aftermarket sales,
domestic OEM sales and international sales contributed 31.6%, 55.0%
and 13.4% of revenue, respectively.
Sales of tubed steel wheels comprised 44.4% of 2017 third
quarter revenue compared to 54.9% in the same quarter in 2016.
Tubeless steel wheel sales represented 44.4% of 2017 third quarter
revenue compared to 35.7% in the same quarter of 2016. While tubed
and tubeless steel wheel sales remain the main sources of revenue
for the Company, sales of aluminum wheels posted a robust
year-over-year growth in volume and accounted for 7.1% of third
quarter revenue as compared to 4.9% in the same quarter a year
ago.
Third quarter gross profit was RMB81.5
million (US$12.2 million),
compared to RMB81.1 million in the
same quarter in 2016. Gross margin was 12.7% compared with 16.5% in
the third quarter of 2016. The decline in gross margin on a
year-over-year basis was mainly driven by a significant cost
increase in raw materials.
Selling and distribution expenses decreased by 2.0% to
RMB40.6 million (US$6.1 million) from RMB41.4 million in the third quarter of 2016. As
a percentage of revenue, selling and distribution costs were 6.3%
in the third quarter of 2017, compared to 8.4% in the same quarter
a year ago.
Research and development ("R&D") expenses decreased by 29.4%
to RMB13.9 million (US$2.1 million), compared to RMB19.7 million in the third quarter of 2016.
R&D as a percentage of revenue was 2.2% in the third quarter of
2017, compared to 4.0% in last year's third quarter.
Administrative expenses decreased by 3.8% to RMB35.0 million (US$5.3
million) from RMB36.4 million
in the third quarter of 2016. As a percentage of revenue,
administrative expenses were 5.4%, compared to 7.4% of revenue in
the third quarter of 2016.
Net loss and total comprehensive loss for the third quarter of
2017 were RMB5.4 million
(US$0.8 million), compared to net
loss and total comprehensive loss of RMB16.0
million in the same quarter of 2016.
Basic and diluted loss per ADS in the third quarter of 2017 were
RMB 0.11 (US$0.02) compared to basic and diluted loss per
ADS of RMB0.31 in the same quarter of
2016.
In the third quarter of 2017, the Company recorded cash inflows
from operating activities of RMB60.1
million (US$9.0 million).
Capital expenditures for the purchase of property, plant and
equipment in the 2017 third quarter were RMB34.7 million (US$5.2
million).
During the third quarter of 2017 and 2016, the weighted average
number of ordinary shares was 206.5 million and the weighted
average number of ADSs was 51.6 million.
2017 First Nine-Month Results
Revenue for the first nine months ended September 30, 2017 increased by 26.4% to
RMB2,094.7 million (US$314.8 million) compared with RMB1,657.6 million in the first nine months of
2016.
Aftermarket sales declined by 12.7% year-over-year to
RMB674.5 million (US$101.4 million) in the first nine months of
2017, and represented 32.2% of total nine-month revenue. Sales to
the Chinese OEM market increased by 88.9% year-over-year to
RMB1,135.1 million (US$170.6 million) and represented 54.2% of
revenue. International sales increased by 0.5% year-over-year to
RMB285.1 million (US$42.8 million) compared with the same period
last year, and represented 13.6% of revenue.
Tubed steel wheel sales for the first nine months ended
September 30, 2017 accounted for
45.8% of revenue compared with 55.4% in the same period in 2016.
Tubeless steel wheel sales accounted for 44.1% of revenue compared
with 36.7% in the same period in 2016. Aluminum wheel sales
accounted for 6.3% of revenue compared with 3.4% in the same period
in 2016.
Gross profit for the first nine months ended September 30, 2017 was RMB273.1 million (US$41.1
million), compared with RMB298.7
million in the same period in 2016. Gross margin decreased
to 13.0% compared with 18.0% in the same period last year.
Income before taxation was RMB3.4
million (US$0.5 million),
compared to a loss before taxation of RMB12.2 million during the first nine months of
2016.
Net loss and total comprehensive loss for the first nine months
ended September 30, 2017 was
RMB0.4 million (US$0.1 million), compared with loss and total
comprehensive loss of RMB14.3 million
during the same period in 2016. Basic and diluted loss per ordinary
share and per ADS for the first nine months ended September 30, 2017 were RMB0.00 (US$0.00)
and RMB0.01 (US$0.00), respectively.
As of September 30, 2017, Zenix
Auto had bank balances and cash of RMB795.8
million (US$119.6 million) and
fixed bank deposits with a maturity period over three months of
RMB290.0 million (US$43.6 million). Total bank loans were
RMB558.0 million (US$83.9 million). Total equity attributable to
owners of the Company was RMB2,537.1
million (US$381.3
million).
For the first nine months ended September
30, 2017, the Company recorded cash outflows from operating
activities of RMB49.4 million
(US$7.4 million). Capital
expenditures for the purchase of property, plant and equipment for
the first nine months of 2017 were RMB35.2
million (US$5.3 million).
Conference Call Information
The Company will host a conference call, to be simultaneously
webcast, on Wednesday, December 6,
2017 at 8:00 a.m. EST/
9:00 p.m. Beijing Time. Interested
parties may participate in the conference call by dialing
+1-877-407-0782 (U.S. Toll Free) or +1-201-689-8567
(International). Please dial in five minutes before the call start
time and ask to be connected to the "China Zenix Auto" conference
call.
A telephone replay of the call will be available after the
conclusion of the conference call through 8:00 A.M. ET on January 6,
2018. The dial-in details for the replay are: U.S. Toll Free
Number +1-877-481-4010, International dial-in number
+1-919-882-2331 using Conference ID "22591" to access the
replay.
Exchange Rate Information
The United States dollar (US$)
amounts disclosed in this press release are presented solely for
the convenience of the reader. All translations from RMB to U.S.
dollars are made at a rate of RMB6.653 to US$1.00, the effective noon buying rate as of
September 30, 2017 in The
City of New York, for cable
transfers of RMB as set forth in the H.10 weekly statistical
release of the Federal Reserve Board. The percentages stated are
calculated based on RMB amounts.
About China Zenix Auto International Limited
China Zenix Auto International Limited is the largest commercial
vehicle wheel manufacturer in China in both the aftermarket and OEM market
by sales volume. The Company offers more than 798 series of
aluminum wheels, tubed steel wheels, tubeless steel wheels, and
off-road steel wheels in the aftermarket and OEM markets in
China and internationally. The
Company's customers include large PRC commercial vehicle
manufacturers, and it also exports products to over 80 distributors
in more than 28 countries worldwide. With six large, strategically
located manufacturing facilities in multiple regions across
China, the Company has a designed
annual production capacity of approximately 15.5 million units of
steel and aluminum wheels as of September
30, 2017. For more information, please
visit: www.zenixauto.com/en.
Safe Harbor
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. The
Company may make written or oral forward-looking statements in its
periodic reports to the SEC, in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Further information regarding these risks is included in
our filings with the SEC. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. All information provided in this
press release and in the attachments are as of the date of the
press release, and the Company undertakes no duty to update such
information, except as required under applicable law.
For more information, please contact
Kevin Theiss
Investor Relations
Awaken Advisors
Tel: +1-(212) 521-4050
Email: Kevin.Theiss@awakenlab.com
- tables follow -
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statements of Profit or Loss and Other
Comprehensive Income
|
For the three
months ended September 30, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except number of shares and ADSs
and per share data)
|
|
|
|
2016
Q3
|
|
2017
Q3
|
|
2017
Q3
|
|
RMB'
000
|
|
RMB'
000
|
|
US$'
000
|
|
|
|
|
|
|
|
Revenue
|
|
492,700
|
|
643,360
|
|
96,698
|
Cost of
sales
|
|
(411,584)
|
|
(561,865)
|
|
(84,449)
|
Gross
profit
|
|
81,116
|
|
81,495
|
|
12,249
|
Other operating
income
|
|
3,346
|
|
9,562
|
|
1,437
|
Net exchange
gain(loss)
|
|
142
|
|
(1,048)
|
|
(158)
|
Selling and
distribution costs
|
|
(41,445)
|
|
(40,631)
|
|
(6,107)
|
Research and
development expenses
|
|
(19,670)
|
|
(13,887)
|
|
(2,087)
|
Administrative
expenses
|
|
(36,400)
|
|
(35,025)
|
|
(5,264)
|
Finance
costs
|
|
(5,295)
|
|
(5,262)
|
|
(791)
|
Loss before
taxation
|
|
(18,206)
|
|
(4,796)
|
|
(721)
|
Income tax credit
(expense)
|
|
2,174
|
|
(645)
|
|
(97)
|
|
|
|
|
|
|
|
Loss and total
comprehensive
loss for the period
|
|
(16,032)
|
|
(5,441)
|
|
(818)
|
Loss per
share
|
|
|
|
|
|
|
Basic
|
|
(0.08)
|
|
(0.03)
|
|
(0.00)
|
Diluted
|
|
(0.08)
|
|
(0.03)
|
|
(0.00)
|
|
|
|
|
|
|
|
Loss per
ADS
|
|
|
|
|
|
|
Basic
|
|
(0.31)
|
|
(0.11)
|
|
(0.02)
|
Diluted
|
|
(0.31)
|
|
(0.11)
|
|
(0.02)
|
|
|
|
|
|
|
|
Shares
|
|
206,500,000
|
|
206,500,000
|
|
206,500,000
|
ADSs
|
|
51,625,000
|
|
51,625,000
|
|
51,625,000
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statements of Profit or Loss and Other
Comprehensive Income
|
For the nine
months ended September 30, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except number of shares and ADSs
and per share data)
|
|
|
|
2016
|
|
2017
|
|
2017
|
|
RMB'
000
|
|
RMB'
000
|
|
US$'
000
|
Revenue
|
|
1,657,645
|
|
2,094,703
|
|
314,837
|
Cost of
sales
|
|
(1,358,949)
|
|
(1,821,584)
|
|
(273,787)
|
Gross
profit
|
|
298,696
|
|
273,119
|
|
41,050
|
Other operating
income
|
|
6,702
|
|
18,942
|
|
2,847
|
Net exchange
gain(loss)
|
|
944
|
|
(2,340)
|
|
(352)
|
Selling and
distribution costs
|
|
(136,479)
|
|
(132,653)
|
|
(19,938)
|
Research and
development expenses
|
|
(61,111)
|
|
(41,916)
|
|
(6,300)
|
Administrative
expenses
|
|
(104,954)
|
|
(95,769)
|
|
(14,394)
|
Finance
costs
|
|
(16,043)
|
|
(15,952)
|
|
(2,398)
|
(Loss) Profit before
taxation
|
|
(12,245)
|
|
3,431
|
|
515
|
Income tax
expense
|
|
(2,052)
|
|
(3,876)
|
|
(583)
|
|
|
|
|
|
|
|
Loss and total
comprehensive
loss for the period
|
|
(14,297)
|
|
(445)
|
|
(68)
|
Loss per
share
|
|
|
|
|
|
|
Basic
|
|
(0.07)
|
|
(0.00)
|
|
(0.00)
|
Diluted
|
|
(0.07)
|
|
(0.00)
|
|
(0.00)
|
|
|
|
|
|
|
|
Loss per
ADS
|
|
|
|
|
|
|
Basic
|
|
(0.28)
|
|
(0.01)
|
|
(0.00)
|
Diluted
|
|
(0.28)
|
|
(0.01)
|
|
(0.00)
|
|
|
|
|
|
|
|
Shares
|
|
206,500,000
|
|
206,500,000
|
|
206,500,000
|
ADSs
|
|
51,625,000
|
|
51,625,000
|
|
51,625,000
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statements of Financial
Position
|
(RMB and US$
amounts expressed in thousands)
|
|
|
|
December 31
2016
|
|
September 30
2017
|
|
September 30
2017
|
|
|
RMB'000
|
|
RMB'000
|
|
US$'
000
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Inventories
|
|
138,740
|
|
237,189
|
|
35,650
|
Trade and other
receivables and
prepayments
|
|
695,856
|
|
752,244
|
|
113,064
|
Prepaid lease
payments
|
|
9,425
|
|
9,425
|
|
1,417
|
Pledged bank
deposits
|
|
32,100
|
|
33,100
|
|
4,975
|
Fixed bank deposits
with maturity
period over three months
|
|
290,000
|
|
290,000
|
|
43,587
|
Bank balances and
cash
|
|
896,799
|
|
795,761
|
|
119,604
|
Total current
assets
|
|
2,062,920
|
|
2,117,719
|
|
318,297
|
|
|
|
|
|
|
|
Non-Current
Assets
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
1,379,287
|
|
1,309,372
|
|
196,800
|
Prepaid lease
payments
|
|
376,449
|
|
369,380
|
|
55,518
|
Deferred tax
assets
|
|
23,836
|
|
25,750
|
|
3,870
|
Intangible
assets
|
|
17,000
|
|
17,000
|
|
2,555
|
Total non-current
assets
|
|
1,796,572
|
|
1,721,502
|
|
258,743
|
Total
assets
|
|
3,859,492
|
|
3,839,221
|
|
577,040
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Trade and other
payables and
accruals
|
|
668,633
|
|
644,257
|
|
96,833
|
Amount due to a
shareholder
|
|
1,398
|
|
2,981
|
|
448
|
Taxation
payable
|
|
109
|
|
1,049
|
|
158
|
Bank
borrowings
|
|
558,000
|
|
558,000
|
|
83,868
|
Total current
liabilities
|
|
1,228,140
|
|
1,206,287
|
|
181,307
|
Deferred tax
liabilities
|
|
85,286
|
|
87,911
|
|
13,213
|
Deferred
income
|
|
8,496
|
|
7,898
|
|
1,187
|
Total non-current
liabilities
|
|
93,782
|
|
95,809
|
|
14,400
|
Total
liabilities
|
|
1,321,922
|
|
1,302,096
|
|
195,707
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
136
|
|
136
|
|
20
|
Paid in
capital
|
|
392,076
|
|
392,076
|
|
58,930
|
Reserves
|
|
2,145,358
|
|
2,144,913
|
|
322,383
|
Total equity
attributable to owners of
the company
|
|
2,537,570
|
|
2,537,125
|
|
381,333
|
Total equity and
liabilities
|
|
3,859,492
|
|
3,839,221
|
|
577,040
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
For the three
months ended September 30, 2017
|
(RMB and US$
amounts expressed in thousands)
|
|
OPERATING
ACTIVITIES
|
|
Three Months
Ended
September 30,
2017
|
|
|
|
RMB'
000
|
|
US$'
000
|
Loss before
taxation
|
|
(4,796)
|
|
(721)
|
Adjustments
for:
|
|
|
|
|
|
Amortization of
prepaid lease payments
|
|
2,357
|
|
354
|
|
Depreciation of
property plant and equipment
|
|
36,684
|
|
5,514
|
|
Release of deferred
income
|
|
(199)
|
|
(30)
|
|
Finance
costs
|
|
5,262
|
|
791
|
|
Interest
income
|
|
(2,854)
|
|
(429)
|
Operating cash flows
before movements in working capital
|
|
36,454
|
|
5,479
|
Decrease in
inventories
|
|
536
|
|
81
|
Decrease in trade and
other receivables and prepayments
|
|
54,626
|
|
8,210
|
Decrease in trade and
other payables and accruals
|
|
(35,099)
|
|
(5,275)
|
Cash generated from
operations
|
|
56,517
|
|
8,495
|
Interest
received
|
|
3,617
|
|
544
|
NET CASH FROM
OPERATING ACTIVITIES
|
|
60,134
|
|
9,039
|
INVESTING
ACTIVITIES
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(34,719)
|
|
(5,218)
|
Proceeds on disposal
of property, plant and equipment
|
|
26
|
|
4
|
Withdrawal of pledged
bank deposits
|
|
2,800
|
|
421
|
Placement of fixed
bank deposits with maturity periods over
three months
|
|
(240,000)
|
|
(36,072)
|
Withdrawal of fixed
bank deposits with maturity periods over
three months
|
|
240,000
|
|
36,072
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
(31,893)
|
|
(4,793)
|
FINANCING
ACTIVITIES
|
|
|
|
|
New bank borrowings
raised
|
|
80,000
|
|
12,024
|
Repayment of bank
borrowings
|
|
(80,000)
|
|
(12,024)
|
Interest
paid
|
|
(6,199)
|
|
(932)
|
Advance from a
shareholder
|
|
2,981
|
|
448
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
(3,218)
|
|
(484)
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
25,023
|
|
3,762
|
Cash and cash
equivalents at beginning of the period
|
|
770,076
|
|
115,743
|
Effect of foreign
exchange rate changes
|
|
662
|
|
99
|
Cash and cash
equivalents at end of the period
|
|
795,761
|
|
119,604
|
China Zenix Auto
International Limited
|
Unaudited
Condensed Consolidated Statement of Cash Flows
|
For the nine
months ended September 30, 2017
|
(RMB and US$
amounts expressed in thousands)
|
|
OPERATING
ACTIVITIES
|
|
Nine Months Ended
September 30,
2017
|
|
|
|
RMB'
000
|
|
US$'
000
|
Profit before
taxation
|
|
3,431
|
|
515
|
Adjustments
for:
|
|
|
|
|
|
Amortization of
prepaid lease payments
|
|
7,069
|
|
1,062
|
|
Depreciation of
property plant and equipment
|
|
110,639
|
|
16,629
|
|
Release of deferred
income
|
|
(598)
|
|
(89)
|
|
Finance
costs
|
|
15,952
|
|
2,398
|
|
Interest
income
|
|
(8,488)
|
|
(1,276)
|
|
Loss on disposal of
property, plant and equipment
|
|
22
|
|
3
|
Operating cash flows
before movements in working capital
|
128,027
|
|
19,242
|
Increase in
inventories
|
|
(98,449)
|
|
(14,797)
|
Increase in trade and
other receivables and prepayments
|
|
(58,534)
|
|
(8,797)
|
Decrease in trade and
other payables and accruals
|
|
(27,480)
|
|
(4,130)
|
Cash used in
operations
|
|
(56,436)
|
|
(8,482)
|
Interest
received
|
|
9,268
|
|
1,393
|
PRC income tax
paid
|
|
(2,225)
|
|
(334)
|
NET CASH USED IN
OPERATING ACTIVITIES
|
|
(49,393)
|
|
(7,423)
|
INVESTING
ACTIVITIES
|
|
|
|
|
Purchase of property,
plant and equipment
|
|
(35,218)
|
|
(5,293)
|
Proceeds on disposal
of property, plant and equipment
|
|
45
|
|
7
|
Placement of pledged
bank deposits
|
|
(5,000)
|
|
(752)
|
Withdrawal of pledged
bank deposits
|
|
4,000
|
|
601
|
Placement of fixed
bank deposits with maturity periods over three months
|
|
(530,000)
|
|
(79,660)
|
Withdrawal of fixed
bank deposits with maturity periods over three months
|
|
530,000
|
|
79,660
|
NET CASH USED IN
INVESTING ACTIVITIES
|
|
(36,173)
|
|
(5,437)
|
FINANCING
ACTIVITIES
|
|
|
|
|
New bank borrowings
raised
|
|
335,000
|
|
50,351
|
Repayment of bank
borrowings
|
|
(335,000)
|
|
(50,351)
|
Interest
paid
|
|
(18,421)
|
|
(2,769)
|
Advance from a
shareholder
|
|
1,583
|
|
238
|
NET CASH USED IN
FINANCING ACTIVITIES
|
|
(16,838)
|
|
(2,531)
|
NET DECREASE IN
CASH AND CASH EQUIVALENTS
|
|
(102,404)
|
|
(15,391)
|
Cash and cash
equivalents at beginning of the period
|
|
896,799
|
|
134,790
|
Effect of foreign
exchange rate changes
|
|
1,366
|
|
205
|
Cash and cash
equivalents at end of the period
|
|
795,761
|
|
119,604
|
View original
content:http://www.prnewswire.com/news-releases/china-zenix-auto-international-limited-reports-revenue-growth-of-306-in-the-2017-third-quarter-300567460.html
SOURCE China Zenix Auto International Limited