WUHAN,
China, Aug. 12, 2022 /PRNewswire/
-- China Automotive Systems, Inc. (NASDAQ: CAAS)
("CAAS" or the "Company"), 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,
2022.
Second Quarter 2022 Highlights
- Net sales rose 5.5% to $127.2
million from $120.6 million in
the second quarter of 2021.
- Gross profit increased 43.7% to $22.7 million from $15.8
million in the second quarter of 2021; gross margin was
17.9%, compared with 13.1% in the second quarter of 2021.
- Income from operations was $7.2
million, compared to income from operations of $0.1 million in the second quarter of 2021.
- Net income attributable to parent company's common shareholders
was $9.4 million, or diluted earnings
per share of $0.31, compared to net
income attributable to parent company's common shareholders of
$3.2 million, or diluted earnings per
share of $0.10 in the second quarter
of 2021.
First Six Months of 2022 Highlights
- Net sales grew by 5.1% to $263.6
million, compared to $250.9
million in the first six months of 2021.
- Gross profit increased by 5.1% to $37.4
million, compared to $35.6
million in the first six months of 2021; gross margin was
14.2% in the first six months of 2022, which is consistent with
14.2% in the first six months of 2021.
- Income from operations was $5.7
million compared with income from operations of $4.3 million in the first six months of
2021.
- Net income attributable to parent company's common shareholders
was $9.4 million, compared to net
income attributable to parent company's common shareholders of
$6.4 million in the first six months
of 2021; diluted earnings per share attributable to parent
company's common shareholders was $0.30, compared to diluted earnings per
share attributable to parent company's common shareholders of
$0.21 in the first six months of
2021.
- Net cash provided by operating activities was $14.5 million in the first six months of
2022.
- Cash and cash equivalents, and pledged cash were $143.8 million as of June
30, 2022.
Mr. Qizhou Wu, Chief Executive
Officer of CAAS, commented, "Our second quarter 2022 sales grew a
modest 5.5% as the Chinese economy slowed with GDP growth of 0.4%
in the second quarter of 2022 and 2.5% for the first half of
2022. However, most of our divisions reported higher sales
except for our commercial vehicle business which was hindered by
weak industry demand. Most encouragingly, net sales of our advanced
electric power steering ("EPS") grew by 39.7% and our sales into
the North and South American markets also increased in the second
quarter of 2022."
"According to statistics from the China Association of
Automobile Manufacturers, overall automobile sales in China declined by 13.3% in the second quarter
of 2022 with passenger vehicles sales declining by 2.2% and
commercial vehicle sales down by 50.1% in the second quarter of
2022. For the six months ended June
30, 2022, overall car sales declined by 6.6% as passenger
vehicle sales grew 3.4% and commercial vehicle sales decreased by
41.2%."
"During the second quarter of 2022, we increased our investment
in research and development by 33.9% mainly to improve and expand
our EPS products portfolio. We also reduced spending in selling,
and general and administrative expenses in the second quarter of
2022."
Mr. Jie Li, Chief Financial
Officer of CAAS, commented, "We maintained a strong balance sheet
with cash and cash equivalents plus pledged cash of $143.8 million and working capital of
$150.1 million at June 30, 2022. In the second quarter of 2022, we
generated cash flow from operations of $14.5 million, and we also announced a share
repurchase program of up to $5.0 million of our outstanding common
shares periodically over the next 12 months. We believe that we are
turning the corner and cautiously optimistic about the second half
of year."
Second Quarter of 2022
Net sales increased by 5.5% to $127.2 million in the second quarter of
2022, compared to $120.6 million in
the second quarter of 2021. Net sales of traditional steering
products and parts decreased by 2.6% to $94.8 million for the second quarter of
2022, compared to $97.4 million for
the same period in 2021. Net sales of electric power steering
("EPS") products rose 39.7% to $32.4 million from $23.2 million for the same period in 2021.
EPS product sales were 25.5% of the total net sales for the second
quarter of 2022, compared with 19.2% for the same period
in 2021. Export net sales to North American customers rose by
20.1% to $38.3 million in the second
quarter of 2022 compared with $31.9
million in the second quarter of 2021.
Gross profit rose by 43.7% to $22.7 million compared to $15.8 million in the second quarter of 2021.
Gross margin in the second quarter of 2022 was 17.9% compared with
13.1% in the second quarter of 2021. The increase in gross margin
was mainly due to the changes in the product mix and an increase in
selling price.
Gain on other sales was $2.1 million, compared to $0.7 million in the second quarter of 2021.
Selling expenses decreased by 8.5% to $4.1 million compared to $4.4 million in the second quarter of
2021, which was primarily due to lower transportation
expenses. Selling expenses represented 3.2% of net sales in
the second quarter of 2022 compared to 3.6% in the second quarter
of 2021.
General and administrative expenses ("G&A expenses")
decreased by 6.6% to $5.7 million
compared to $6.1 million in the second quarter of 2021, which
was primarily due to lower office expenses and professional
service fees. G&A expenses represented 4.5% of net sales in the
second quarter of 2022 compared to 5.1% of net sales in the second
quarter of 2021.
Research and development expenses ("R&D expenses") increased
by 33.9% to $7.9 million
compared to $5.9 million in the
second quarter of 2021. R&D expenses represented 6.2% of
net sales in the second quarter of 2022 compared to 4.9% in
the second quarter of 2021.
Other income, net was $2.8 million
for the second quarter of 2022, compared to $1.5 million for the three months ended
June 30, 2021.
Income from operations was $7.2
million in the second quarter of 2022, compared to income
from operations of $0.1 million in
the second quarter of 2021. The increase was primarily due to
higher sales and gross profits and cost controls.
Interest expense was $0.4
million in the second quarter of 2022, substantially
consistent with $0.3 million in
the second quarter of 2021.
Net financial income was $2.5 million in the second quarter of 2022,
compared to net financial income of $0.2 million in the second quarter of 2021.
The change in net financial income was primarily due to
a higher foreign exchange benefit in the second quarter of
2022.
Income before income tax expenses and equity in earnings of
affiliated companies was $12.2
million in the second quarter of 2022, compared to income
before income tax expenses and equity in earnings of affiliated
companies of $1.5 million in the
second quarter of 2021.
Net income attributable to parent company's common shareholders
was $9.4 million in the second
quarter of 2022, compared to net income attributable to parent
company's common shareholders of $3.2 million in the second quarter of
2021. Diluted earnings per share was $0.31 in the second quarter of 2022,
compared to $0.10 per share in the
second quarter of 2021.
The weighted average number of diluted common shares outstanding
was 30,849,009 in the second quarter of 2022 compared to 30,855,406
in the second quarter of 2021.
First Six Months of 2022
Net sales increased 5.1% to $263.6 million in the first six months of
2022 compared to $250.9 million in
the first six months of 2021. Six-month gross profit was
$37.4 million, compared to
$35.6 million in the corresponding
period last year. Six-month gross margin was 14.2%, which is
consistent with 14.2% in the first six months of 2021.
The gain on other sales was $3.0 million in the first six months of
2022, compared to $2.0 million
in the corresponding period last year. Income from operations
was $5.7 million in the first
six months of 2022, compared with income from operations of
$4.3 million in the first six months
of 2021.
Net income attributable to parent company's common shareholders
was $9.4 million in the first six
months of 2022, compared to net income attributable to parent
company's common shareholders of $6.4
million in the corresponding period in 2021. Diluted
earnings per share was $0.30 in
the first six months of 2022, compared to diluted earnings per
share of $0.21 in the first six
months of 2021.
Balance Sheet
As of June 30, 2022, total cash
and cash equivalents, and pledged cash were $143.8 million, total accounts receivable
including notes receivable were $203.5
million, accounts payable including notes payable were
$210.7 million and short-term loans
were $47.6 million. Total parent
company stockholders' equity was $313.6 million as of June 30, 2022, compared to $321.0 million as of December 31, 2021.
Business Outlook
Management has increased its revenue guidance for the full year
2022 to $500.0 million. 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 12, 2022 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 see the dial-in information below, enter
the call 10 minutes before the call start time and ask to be
connected to the "China Automotive Systems" conference call:
US Toll
Free:
|
+1-877-545-0523
|
International:
|
+1-973-528-0016
|
China (toll
free):
|
+ 86 400 120
3199
|
|
|
Code:
|
149363
|
A replay of the call will be available on the Company's website
under the investor relations section.
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 ten 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 6 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 Automobiles (FCA) and
Ford Motor Company 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 30, 2022, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. If the outbreak of COVID-19
is not effectively and timely controlled, our business operations
and financial condition may be materially and adversely affected as
a result of the deteriorating market outlook for automobile sales,
the slowdown in regional and national economic growth, weakened
liquidity and financial condition of our customers or other factors
that we cannot foresee. Any of these factors and other factors
beyond our control, could have an adverse effect on the overall
business environment, cause uncertainties in the regions where we
conduct business, cause our business to suffer in ways that we
cannot predict and materially and adversely impact our business,
financial condition and results of operations. A prolonged
disruption or any further unforeseen delay in our operations of the
manufacturing, delivery and assembly process within any of our
production facilities could continue to result in delays in the
shipment of products to our customers, increased costs and reduced
revenue. 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.
jieli@chl.com.cn
Kevin Theiss
Awaken Advisors
+1-212-521-4050
Kevin@awakenlab.com
-Tables Follow-
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,
|
|
|
|
2022
|
|
|
2021
|
|
Net product sales
($9,158 and $15,750
sold to related parties for the three
months ended June 30,
2022 and 2021)
|
|
$
|
127,161
|
|
|
$
|
120,604
|
|
Cost of products sold
($6,496 and $7,197
purchased from related parties for the
three months
ended June 30, 2022 and 2021)
|
|
|
104,450
|
|
|
|
104,775
|
|
Gross profit
|
|
|
22,711
|
|
|
|
15,829
|
|
Gain on other
sales
|
|
|
2,105
|
|
|
|
725
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,068
|
|
|
|
4,446
|
|
General and
administrative expenses
|
|
|
5,662
|
|
|
|
6,063
|
|
Research and
development expenses
|
|
|
7,886
|
|
|
|
5,926
|
|
Total operating
expenses
|
|
|
17,616
|
|
|
|
16,435
|
|
Income from
operations
|
|
|
7,200
|
|
|
|
119
|
|
Other income,
net
|
|
|
2,804
|
|
|
|
1,506
|
|
Interest
expense
|
|
|
(370)
|
|
|
|
(294)
|
|
Financial income,
net
|
|
|
2,543
|
|
|
|
182
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
12,177
|
|
|
|
1,513
|
|
Less: Income
taxes
|
|
|
3,156
|
|
|
|
198
|
|
Add: Equity in earnings
of affiliated companies
|
|
|
914
|
|
|
|
1,613
|
|
Net income
|
|
|
9,935
|
|
|
|
2,928
|
|
Less: Net income/(loss)
attributable to non-controlling interests
|
|
|
500
|
|
|
|
(279)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
|
(7)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
9,428
|
|
|
$
|
3,200
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
9,935
|
|
|
$
|
2,928
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss)/income, net of tax
|
|
|
(19,055)
|
|
|
|
5,586
|
|
Comprehensive
(loss)/income
|
|
|
(9,120)
|
|
|
|
8,514
|
|
Less: Comprehensive
(loss)/income attributable to non-controlling interests
|
|
|
(642)
|
|
|
|
73
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(7)
|
|
|
|
(7)
|
|
Comprehensive
(loss)/income attributable to parent company
|
|
$
|
(8,485)
|
|
|
$
|
8,434
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.31
|
|
|
$
|
0.10
|
|
Diluted
|
|
$
|
0.31
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
30,847,706
|
|
|
|
30,851,776
|
|
Diluted
|
|
|
30,849,009
|
|
|
|
30,855,406
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
Net product sales
($20,162 and
$32,325 sold to related parties for the six months ended
June
30, 2022 and 2021)
|
|
$
|
263,557
|
|
|
$
|
250,945
|
|
Cost of products sold
($14,036 and $15,411
purchased from related parties for
the six months
ended June 30, 2022 and 2021)
|
|
|
226,112
|
|
|
|
215,368
|
|
Gross profit
|
|
|
37,445
|
|
|
|
35,577
|
|
Gain on other
sales
|
|
|
3,036
|
|
|
|
2,041
|
|
Less: Operating
expenses
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
8,380
|
|
|
|
10,055
|
|
General and
administrative expenses
|
|
|
10,416
|
|
|
|
10,678
|
|
Research and
development expenses
|
|
|
16,023
|
|
|
|
12,606
|
|
Total operating
expenses
|
|
|
34,819
|
|
|
|
33,339
|
|
Income from
operations
|
|
|
5,662
|
|
|
|
4,279
|
|
Other income,
net
|
|
|
6,323
|
|
|
|
3,229
|
|
Interest
expense
|
|
|
(772)
|
|
|
|
(637)
|
|
Financial
income/(expense), net
|
|
|
4,558
|
|
|
|
(57)
|
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
15,771
|
|
|
|
6,814
|
|
Less: Income taxes
expense
|
|
|
4,114
|
|
|
|
839
|
|
Add: Equity in
(loss)/earnings of affiliated companies
|
|
|
(1,573)
|
|
|
|
184
|
|
Net income
|
|
|
10,084
|
|
|
|
6,159
|
|
Less: Net income/(loss)
attributable to non-controlling interests
|
|
|
700
|
|
|
|
(261)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(15)
|
|
|
|
(14)
|
|
Net income attributable
to parent company's common shareholders
|
|
$
|
9,369
|
|
|
$
|
6,406
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
10,084
|
|
|
$
|
6,159
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation (loss)/income, net of tax
|
|
|
(17,618)
|
|
|
|
3,315
|
|
Comprehensive
(loss)/income
|
|
|
(7,534)
|
|
|
|
9,474
|
|
Less: Comprehensive
loss attributable to non-controlling interests
|
|
|
(353)
|
|
|
|
(52)
|
|
Accretion to redemption
value of redeemable non-controlling interests
|
|
|
(15)
|
|
|
|
(14)
|
|
Comprehensive
(loss)/income attributable to parent company
|
|
$
|
(7,196)
|
|
|
$
|
9,512
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to parent company's common shareholders per share -
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
Diluted
|
|
$
|
0.30
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding -
|
|
|
|
|
|
|
|
|
Basic
|
|
|
30,849,730
|
|
|
|
30,851,776
|
|
Diluted
|
|
|
30,850,859
|
|
|
|
30,856,571
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in operating expense above is as
follows:
|
|
|
|
|
|
|
|
|
General and
administrative expenses
|
|
|
—
|
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed Unaudited
Consolidated Balance Sheets
|
(In thousands of USD
unless otherwise indicated)
|
|
|
|
|
|
|
|
June 30,
2022
|
December 31, 2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
112,421
|
|
|
$
|
131,695
|
|
Pledged cash
|
|
|
31,401
|
|
|
|
27,804
|
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
192,894
|
|
|
|
195,729
|
|
Accounts and notes
receivable, net
- related parties
|
|
|
10,597
|
|
|
|
14,607
|
|
Inventories
|
|
|
109,787
|
|
|
|
116,493
|
|
Other current
assets
|
|
|
34,330
|
|
|
|
15,052
|
|
Total current
assets
|
|
|
491,430
|
|
|
|
501,380
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
113,271
|
|
|
|
127,721
|
|
Land use rights,
net
|
|
|
10,055
|
|
|
|
10,732
|
|
Long-term
investments
|
|
|
58,363
|
|
|
|
36,966
|
|
Other non-current
assets
|
|
|
20,717
|
|
|
|
39,963
|
|
Total assets
|
|
$
|
693,836
|
|
|
$
|
716,762
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
loans
|
|
$
|
47,569
|
|
|
$
|
47,592
|
|
Accounts and notes
payable-unrelated parties
|
|
|
200,576
|
|
|
|
214,590
|
|
Accounts and notes
payable-related parties
|
|
|
10,123
|
|
|
|
13,464
|
|
Accrued expenses and
other payables
|
|
|
54,031
|
|
|
|
50,332
|
|
Other current
liabilities
|
|
|
29,046
|
|
|
|
25,838
|
|
Total current
liabilities
|
|
|
341,345
|
|
|
|
351,816
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term tax
payable
|
|
|
15,805
|
|
|
|
21,075
|
|
Long-term
loans
|
|
|
480
|
|
|
|
-
|
|
Other non-current
liabilities
|
|
|
6,495
|
|
|
|
6,430
|
|
Total
liabilities
|
|
$
|
364,125
|
|
|
$
|
379,321
|
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies (See Note 22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity:
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
|
568
|
|
|
|
553
|
|
|
|
|
|
|
|
|
|
|
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, 2022 and December 31,
2021, respectively
|
|
$
|
3
|
|
|
$
|
3
|
|
Additional paid-in
capital
|
|
|
63,731
|
|
|
|
63,731
|
|
Retained
earnings-
|
|
|
|
|
|
|
|
|
Appropriated
|
|
|
11,481
|
|
|
|
11,481
|
|
Unappropriated
|
|
|
235,732
|
|
|
|
226,363
|
|
Accumulated other
comprehensive income
|
|
|
8,152
|
|
|
|
24,717
|
|
Treasury stock –
1,555,711 and 1,486,526 shares as of June 30, 2022 and December
31, 2021,
respectively
|
|
|
(5,457)
|
|
|
|
(5,261)
|
|
Total parent company
stockholders' equity
|
|
|
313,642
|
|
|
|
321,034
|
|
Non-controlling
interests
|
|
|
15,501
|
|
|
|
15,854
|
|
Total stockholders'
equity
|
|
|
329,143
|
|
|
|
336,888
|
|
Total liabilities,
mezzanine equity and stockholders' equity
|
|
$
|
693,836
|
|
|
$
|
716,762
|
|
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,
|
|
|
|
2022
|
|
|
2021
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
10,084
|
|
|
$
|
6,159
|
|
Adjustments to
reconcile net income from operations to net cash provided by
operating
activities:
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
-
|
|
|
|
88
|
|
Depreciation and
amortization
|
|
|
12,012
|
|
|
|
13,117
|
|
Provision of credit
losses
|
|
|
527
|
|
|
|
311
|
|
Deferred income
taxes
|
|
|
2,945
|
|
|
|
469
|
|
Equity in
loss/(earnings) of affiliated companies
|
|
|
1,573
|
|
|
|
(184)
|
|
Loss on fixed assets
disposals
|
|
|
46
|
|
|
|
9
|
|
(Increase)/decrease
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
receivable
|
|
|
(4,333)
|
|
|
|
6,887
|
|
Inventories
|
|
|
896
|
|
|
|
(7,036)
|
|
Other current
assets
|
|
|
(1,218)
|
|
|
|
(1,250)
|
|
Increase/(decrease)
in:
|
|
|
|
|
|
|
|
|
Accounts and notes
payable
|
|
|
(6,156)
|
|
|
|
(6,291)
|
|
Accrued expenses and
other payables
|
|
|
(2,643)
|
|
|
|
(4,030)
|
|
Long-term taxes
payable
|
|
|
(2,809)
|
|
|
|
(2,809)
|
|
Other current
liabilities
|
|
|
3,560
|
|
|
|
105
|
|
Net cash provided by
operating activities
|
|
|
14,484
|
|
|
|
5,545
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Decrease/(increase) in
demand loans included in other non-current assets
|
|
|
291
|
|
|
|
(137)
|
|
Repayment of loan from
a related party
|
|
|
-
|
|
|
|
154
|
|
Cash received from
property, plant and equipment sales
|
|
|
572
|
|
|
|
206
|
|
Payments to acquire
property, plant and equipment (including $ 2,143 and
$330 paid to
related parties for the six months ended
June 30, 2022 and 2021, respectively)
|
|
|
(7,881)
|
|
|
|
(3,927)
|
|
Payments to acquire
intangible assets
|
|
|
(41)
|
|
|
|
(303)
|
|
Investment under the
equity method
|
|
|
(5,480)
|
|
|
|
-
|
|
Purchase of short-term
investments
|
|
|
(59,758)
|
|
|
|
(31,253)
|
|
Proceeds from
maturities of short-term investments
|
|
|
45,150
|
|
|
|
23,806
|
|
Cash received from
long-term investment
|
|
|
2,704
|
|
|
|
4,785
|
|
Net cash used in
investing activities
|
|
|
(24,443)
|
|
|
|
(6,669)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
loans
|
|
|
35,852
|
|
|
|
34,990
|
|
Repayments of bank
loans
|
|
|
(32,916)
|
|
|
|
(43,081)
|
|
Repayments of the
borrowing for sale and leaseback transaction
|
|
|
(1,130)
|
|
|
|
(2,217)
|
|
Repurchase of common
shares
|
|
|
(196)
|
|
|
|
-
|
|
Acquisition of
non-controlling interest
|
|
|
-
|
|
|
|
(538)
|
|
Net cash provided
by/(used in) financing activities
|
|
|
1,610
|
|
|
|
(10,846)
|
|
Effects of exchange
rate on cash, cash equivalents and pledged cash
|
|
|
(7,327)
|
|
|
|
1,226
|
|
Net decrease in cash,
cash equivalents and pledged cash
|
|
|
(15,676)
|
|
|
|
(10,744)
|
|
Cash, cash equivalents
and pledged cash at beginning of the period
|
|
|
159,498
|
|
|
|
128,061
|
|
Cash, cash equivalents
and pledged cash at end of the period
|
|
$
|
143,822
|
|
|
$
|
117,317
|
|
View original
content:https://www.prnewswire.com/news-releases/china-automotive-systems-reports-almost-200-increase-in-net-income-in-the-second-quarter-of-2022-301604887.html
SOURCE China Automotive Systems, Inc.