0001104659-24-040121.txt : 20240328 0001104659-24-040121.hdr.sgml : 20240328 20240328080630 ACCESSION NUMBER: 0001104659-24-040121 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240328 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240328 DATE AS OF CHANGE: 20240328 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHINA AUTOMOTIVE SYSTEMS INC CENTRAL INDEX KEY: 0001157762 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 330885775 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-33123 FILM NUMBER: 24793631 BUSINESS ADDRESS: STREET 1: NO. 1, HENGLONG ROAD STREET 2: YU QIAO DEVELOPMENT ZONE,JINGZHOU CICITY CITY: HUBEI PROVINCE STATE: F4 ZIP: XXXXX BUSINESS PHONE: 0716-8324631 MAIL ADDRESS: STREET 1: NO. 1, HENGLONG ROAD STREET 2: YU QIAO DEVELOPMENT ZONE,JINGZHOU CITY CITY: HUBEI PROVINCE STATE: F4 ZIP: XXXXX FORMER COMPANY: FORMER CONFORMED NAME: VISIONS IN GLASS INC DATE OF NAME CHANGE: 20010820 8-K 1 tm249943d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 28, 2024

 

China Automotive Systems, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware 000-33123 33-0885775
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

 

No. 1 Henglong Road, Yu Qiao Development Zone
Shashi District, Jing Zhou City
Hubei Province
The People's Republic of China
(Address of principal executive offices, including zip code)

 

Registrant’s telephone number, including area code (86) 27-8757 0027

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.0001 par value CAAS The Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On March 28, 2024, China Automotive Systems, Inc. issued a press release announcing financial results for the fiscal year ended December 31, 2023. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Item 2.02 and in Exhibit 99.1 attached to this Form 8-K is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section.

 

Item 9.01 Financial Statements and Exhibits

 

  (d) Exhibits

 

Exhibit No   Description
   
99.1 Press Release of China Automotive Systems, Inc. dated March 28, 2024.

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  China Automotive Systems, Inc.
  (Registrant)
   
     
Date: March 28, 2024 By: /s/ Hanlin Chen
    Hanlin Chen
    Chairman

 

3

 EX-99.1 2 tm249943d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1 

 

China Automotive Systems Reports Record Annual Revenue, and a 81.2% Increase
in Diluted Net Income Per Share to $1.25 in Fiscal Year 2023

 

- Electric Power Steering (“EPS”) Sales Increased by 24.6% in 2023 -

 

WUHAN, China, March 28, 2024 -- 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 fourth quarter and the audited results for the fiscal year ended December 31, 2023.

 

Fourth Quarter 2023 Highlights

 

●Net sales increased by 23.6% year-over-year to $159.2 million
   
●Gross profit increased by 38.8% to $34.7 million from $25.0 million. Gross margin increased to 21.8% from 19.4% in the fourth quarter of 2022
   
●Operating income was $13.6 million, compared with an operating loss of $2.6 million in the fourth quarter of 2022
   
●Net income attributable to parent company’s common shareholders increased by 153.5% to $10.9 million, or diluted net income per share of $0.36, compared to net income of $4.3 million, or diluted net income per share of $0.14 in the fourth quarter of 2022.

 

Fiscal Year 2023 Highlights

 

●Net sales increased by 8.8% to an annual record of $576.4 million compared to $529.6 million in 2022
   
●Gross profit increased by 24.5% to $103.8 million compared to $83.4 million in 2022. Gross margin increased to 18.0% from 15.7% in 2022
   
●Operating income increased by 390.0% to $39.2 million compared to $8.0 million in 2022
   
●Diluted net income per share increased by 81.2% to $1.25 in 2023 compared to $0.69 in 2022
   
●Total cash and cash equivalents, pledged cash and short-term investments were $166.3 million at year end
   
●Net cash flow provided by operating activities was $19.9 million in 2023.


Mr. Qizhou Wu, Chief Executive Officer of CAAS, commented, “Despite weak GDP data from China, we are very proud of finishing 2023 on a high note. Our revenue and profit growth accelerated in the fourth quarter. We posted a 24.6% increase in our electric power steering (“EPS”) products which now accounts for 33.8% of total net sales in 2023. Our sales in Brazil rose by 22.9% in 2023. This strong growth in Brazil offsets weakness in North America in 2023. On our product side, we are encouraged by the growing sales of our EPS products and better economy-of-scale that boosted our bottom line.”

 

“In the first two months of 2024, automobile sales in China increased 11.1% according to statistics from CAAM. We expect our North America business to recover in 2024 and domestic China market to stabilize. We remain optimistic about our market positions as many of our Chinese OEM customers are preparing for aggressive global expansion,” Mr. Wu concluded.

 

 

 

 

Mr. Jie Li, Chief Financial Officer of CAAS, commented, “We entered 2023 with a modest goal but we overachieved it, by not only improving our product mix and controlling costs, but also regaining revenue growth. Our balance sheet remains strong with total cash and cash equivalents, pledged cash and short-term investments reaching $166.3 million at year end, or approximately $5.50 per share. Our current ratio is almost 1.5 on December 31, 2023. Net cash provided by operating activities was $19.9 million while capital expenditures were $21.7 million in 2023.”

 

Fourth Quarter of 2023

 

In the fourth quarter of 2023, net sales increased by 23.6% to $159.2 million compared to $128.8 million in the same quarter of 2022. The net sales increase was mainly due to a change in the product mix and higher demand for passenger automobiles and commercial vehicles in the fourth quarter of 2023 compared to the fourth quarter of 2022.

 

Gross profit increased by 38.8% to $34.7 million in the fourth quarter of 2023, compared to $25.0 million in the fourth quarter of 2022. Gross margin in the fourth quarter of 2023 was 21.8% compared to 19.4% in the fourth quarter of 2022, primarily due to a change in product mix.

 

Selling expenses were $4.6 million in the fourth quarter of 2023, which is stable compared with $4.6 million in the fourth quarter of 2022. Selling expenses represented 2.9% of net sales in the fourth quarter of 2023, compared to 3.6% in the fourth quarter of 2022.

 

General and administrative expenses (“G&A expenses”) were $9.4 million in the fourth quarter of 2023, compared to $10.8 million in the same period in 2022. G&A expenses represented 5.9% of net sales in the fourth quarter of 2023, compared to 8.4% of net sales in the fourth quarter of 2022.

 

Research and development expenses (“R&D expenses”) were $9.3 million in the fourth quarter of 2023, compared to $10.6 million in the fourth quarter of 2022. R&D expenses represented 5.8% of net sales in the fourth quarter of 2023, compared to 8.2% in the fourth quarter of 2022, mainly due to a decrease in new product development expenses for the traditional products.

 

Operating income was $13.6 million in the fourth quarter of 2023, compared to a loss from operations of $2.6 million in the fourth quarter of 2022. Higher operating income was primarily due to increased gross profit and lower operating expenses in the 2023 fourth quarter compared with the same period last year.

 

Interest expense was $0.3 million in both the fourth quarter of 2023 and 2022.

 

Financial income was $1.0 million in the fourth quarter of 2023, compared to $1.4 million in the fourth quarter of 2022, due to lower foreign exchange gains.

 

Income before income tax expenses and equity in earnings of affiliated companies was $15.0 million in the fourth quarter of 2023, compared to a loss of $2.7 million in the fourth quarter of 2022.

 

 

 

 

Income tax expense was $2.1 million in the fourth quarter of 2023, compared to an income benefit of $1.9 million in the fourth quarter of 2022.

 

Net income attributable to parent company’s common shareholders rose by 153.5% to $10.9 million in the fourth quarter of 2023 compared to net income attributable to parent company’s common shareholders of $4.3 million in the fourth quarter of 2022. Diluted income per share was $0.36 in the fourth quarter of 2023, compared to diluted income per share of $0.14 in the fourth quarter of 2022.

 

The weighted average number of diluted common shares outstanding was 30,189,421 in the fourth quarter of 2023, compared with 30,229,987 in the fourth quarter of 2022.

 

Fiscal Year 2023

 

Net sales increased by 8.8% to $576.4 million in 2023, compared to $529.6 million in 2022. This increase was mainly due to higher sales of passenger vehicles in China, as total sales of the Company’s EPS systems increased by 24.6% year-over-year and sales of the Henglong subsidiary’s vehicle steering systems to the Chinese passenger vehicle market increased by 10.1% year-over-year. Brazil Henglong’s net sales grew by 22.9% year-over-year to $48.3 million in 2023. This growth partially offset an 8.5% year-over-year sales reduction by North American customers in 2023. EPS sales represented 33.8% of total revenue in 2023 compared to 29.5% in 2022.

 

Gross profit in 2023 increased by 24.5% year-over-year to $103.8 million, compared to $83.4 million in 2022. The gross margin increased to 18.0% from 15.7% in 2022 mainly due to a change in our product mix for the year ended December 31, 2023.

 

Net gain on other sales in 2023 increased to $5.8 million, compared to $3.7 million in 2022 mainly due to an increased R&D revenue.

 

Selling expenses declined by 7.7% year-over-year to $15.6 million in 2023, compared to $16.9 million in 20221, mainly due to a decrease in transportation expense. Selling expenses represented 2.7% of net sales in 2023, compared to 3.2% in 2022.

 

G&A expenses decreased by 2.3% year-over-year to $25.5 million in 2023, compared to $26.1 million in 2022. G&A expenses represented 4.4% of net sales in 2023, compared to 4.9% of net sales in 2022. This decrease was mainly due to mainly due to the decrease of allowances for credit losses.

 

R&D expenses declined by 19.1% to $29.2 million in 2023, compared to $36.1 million in 2022. The decrease was primarily due to the decreased R&D activities for new projects of the traditional products. R&D expenses were 5.1% of net sales in 2023, compared to 6.8% of net sales in 2022.

 

Operating income increased by 390.0% to $39.2 million in 2023, compared to $8.0 million in 2022. The increase in operating income was mainly due to a 24.5% increase in gross profits combined with an 11.1% decrease in operating expenses.

 

 

 

 

Interest expense was $1.0 million in 2023, compared to $1.5 million in 2022, primarily due to the decrease in borrowing rates.

 

Net financial income was $4.7 million in 2023, compared to net financial income of $10.8 million in 2022, primarily due to a decrease in the foreign exchange gains contributed by the foreign exchange volatility in 2023.

 

Income before income tax expenses and equity in earnings of affiliated companies rose by 109.6% to $48.2 million, compared to $23.0 million in 2022. The change was primarily due to higher operating income in 2023.

 

Income tax expense was $5.1 million in 2023, as compared to $3.1 million for the year ended December 31, 2022, representing an increase of $2.0 million, which is mainly due to the increase in GILTI tax expenses.

 

Net income attributable to parent company’s common shareholders was $37.7 million in 2023, compared to net income attributable to parent company’s common shareholders of $21.2 million in 2022. Diluted net income per share increased by 81.2% to $1.25 in 2023 compared to $0.69 in 2022.

 

The weighted average number of diluted common shares outstanding was 30,189,421 in 2023 compared with 30,641,274 in 2022.

 

Balance Sheet

 

As of December 31, 2023, total cash and cash equivalents, pledged cash and short-term investments were $166.3 million. Total accounts receivable including notes receivable were $269.4 million. Accounts payable including notes payable were $253.6 million and short-term bank loans were $48.0 million. Total parent company stockholders’ equity was $344.5 million as of December 31, 2023, compared to $311.7 million as of December 31, 2022. Net cash flow from operating activities was $19.9 million in 2023, compared to $48.0 million in 2022. Cash paid to acquire property, plant and equipment and land use rights was $18.2 million in 2023, compared to $20.3 million in 2022.

 

Business Outlook

 

Management provides revenue guidance for the fiscal year 2024 of $605.0 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 March 28, 2024 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 with pin 493763:

 

 

 

 

Phone Number: +1-888-506-0062 (North America)

Phone Number: +1-973-528-0011 (International)

Mainland China Toll Free: +86-400-120-3199

 

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 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 8.0 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 Stellantis N.V. 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. 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 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 28, 2024, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. 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.

Email: jieli@chl.com.cn

 

Kevin Theiss

Investor Relations

+1-212-510-8922

Email: Kevin@awakenlab.com

-Tables Follow –

 

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands of USD, except share and per share amounts)

 

   December 31, 
   2023   2022 
ASSETS        
Current assets:          
Cash and cash equivalents  $114,660   $121,216 
Pledged cash   40,534    37,735 
Short-term investments   11,084    12,861 
Accounts and notes receivable, net - unrelated parties (Allowance for credit losses of $15,599 and $14,359, respectively)   261,237    214,308 
Accounts and notes receivable, net - related parties (Allowance for credit losses of $1,404 and $1,763, respectively)   8,169    10,016 
Advance payments and others, net - unrelated parties (Allowance for credit losses of $22 and $115, respectively)   14,008    10,907 
Advance payments and others - related parties   1,991    1,439 
Inventories   112,392    112,236 
Total current assets   564,075    520,718 
Non-current assets:          
Property, plant and equipment, net   101,359    106,606 
Land use rights, net   9,233    9,555 
Intangible assets, net   3,865    1,273 
Operating lease assets   278    477 
Long-term time deposits   8,647    — 
Other receivables, net (Allowance for credit losses of $49 and $50, respectively)   598    46 
Advance payment for property, plant and equipment - unrelated parties   3,554    6,331 
Advance payment for property, plant and equipment - related parties   5,759    1,884 
Long-term investments   60,173    59,810 
Deferred tax assets   8,899    7,652 
Total assets  $766,440   $714,352 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Short-term bank loans  $48,005   $45,671 
Accounts and notes payable - unrelated parties   240,739    218,412 
Accounts and notes payable - related parties   12,839    16,695 
Customer deposits   8,633    5,654 
Accrued payroll and related costs   11,282    11,628 
Accrued expenses and other payables   44,771    48,311 
Taxes payable   17,267    17,598 
Operating lease liabilities - current portion   203    226 
Total current liabilities   383,739    364,195 
Long-term liabilities:          
Advances payable   282    2,144 
Operating lease liabilities - non-current portion   52    255 
Long-term loans   1,221    528 
Deferred tax liabilities   3,943    4,010 
Long-term taxes payable   8,781    15,805 
    　      
Total liabilities   398,018    386,937 
Commitments and Contingencies          
Mezzanine equity:          
Redeemable non-controlling interests   613    582 
Stockholders’ Equity          
Common stock, $0.0001 par value - Authorized - 80,000,000 shares Issued – 32,338,302 and 32,338,302 shares at December 31, 2023 and 2022, respectively   3    3 
Additional paid-in capital   63,731    63,731 
Retained earnings-          
Appropriated   11,851    11,851 
Unappropriated   284,832    247,174 
Accumulated other comprehensive income   (8,258)   (3,413)
Treasury stock – 2,152,600 and 2,152,600 shares at December 31, 2023 and 2022, respectively   (7,695)   (7,695)
Total parent company stockholders’ equity   344,464    311,651 
Non-controlling interests   23,345    15,182 
Total stockholders’ equity   367,809    326,833 
Total liabilities, mezzanine equity and stockholders’ equity  $766,440   $714,352 

 

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Income or Loss

(In thousands of USD, except share and per share amounts)

 

   Year Ended December 31, 
   2023   2022 
Net product sales ($47,514 and $44,282 sold to related parties for the years ended December 31, 2023 and 2022)  $576,354   $529,551 
Cost of products sold ($27,288 and $28,810 purchased from related parties for the years ended December 31, 2023 and 2022)   472,603    446,157 
Gross profit   103,751    83,394 
Net gain on other sales   5,788    3,696 
Operating expenses:          
Selling expenses   15,610    16,910 
General and administrative expenses   25,503    26,120 
Research and development expenses   29,181    36,109 
Total operating expenses   70,294    79,139 
Operating income   39,245    7,951 
Other income, net   5,345    5,782 
Interest expense   (1,021)   (1,450)
Financial income, net   4,666    10,753 
Income before income tax expenses and equity in earnings of affiliated companies   48,235    23,036 
Less: Income taxes   5,137    3,082 
Add: Equity in (loss)/earnings of affiliated companies   (360)   2,389 
Net income   42,738    22,343 
Net income attributable to non-controlling interest   5,050    1,132 
Accretion to redemption value of redeemable non-controlling interests   (30)   (30)
Net income attributable to parent company’s common shareholders   37,658    21,181 
           
Net income attributable to parent company’s common shareholders per share -          
Basic  $1.25   $0.69 
           
Diluted  $1.25   $0.69 
           
Weighted average number of common shares outstanding -          
Basic   30,185,702    30,639,102 
Diluted   30,189,421    30,641,274 

 

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income or Loss

(In thousands of USD unless otherwise indicated)

 

   Year Ended December 31, 
   2023   2022 
Net income  $42,738   $22,343 
Other comprehensive income:        　 
Foreign currency translation loss   (5,191)   (29,934)
Comprehensive income/(loss)   37,547    (7,591)
Comprehensive income/(loss) attributable to non-controlling interest   4,704    (672)
Accretion to redemption value of redeemable non-controlling interest   (30)   (30)
Comprehensive income/(loss) attributable to parent company  $32,813   $(6,949)

 

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

(In thousands of USD, except share and per share amounts)

 

   2023   2022 
Common Stock          
Balance at January 1, 2023 and 2022 - 32,338,302 and 32,338,302 shares, respectively  $3   $3 
Balance at December 31, 2023 and 2022 - 32,338,302 and 32,338,302 shares, respectively  $3   $3 
           
Additional Paid-in Capital          
Balance at January 1  $63,731   $63,731 
Balance at December 31  $63,731   $63,731 
           
Retained Earnings - Appropriated          
Balance at January 1  $11,851   $11,481 
Appropriation of retained earnings   —    370 
Balance at December 31  $11,851   $11,851 
           
Unappropriated          
Balance at January 1  $247,174   $226,363 
Net income attributable to parent company   37,688    21,211 
Accretion of redeemable non-controlling interests   (30)   (30)
Appropriation of retained earnings   —    (370)
Balance at December 31  $284,832   $247,174 
           
Accumulated Other Comprehensive (Loss)/Income          
Balance at January 1  $(3,413)  $24,717 
Net foreign currency translation adjustment attributable to parent company   (4,845)   (28,130)
Balance at December 31  $(8,258)  $(3,413)
           
Treasury Stock          
Balance at January 1, 2023 and 2022 –2,152,600 and 1,486,526 shares, respectively  $(7,695)  $(5,261)
Repurchase of common stock in 2023 and 2022 –nil and 666,074 shares, respectively   —    (2,434)
Balance at December 31, 2023 and 2022 – 2,152,600 and 2,152,600 shares, respectively  $(7,695)  $(7,695)
           
Total parent company stockholders’ equity  $344,464   $311,651 
           
Non-controlling Interest          
Balance at January 1  $15,182   $15,854 
Net foreign currency translation adjustment attributable to non-controlling interest   (346)   (1,804)
Net income attributable to non-controlling interest   5,050    1,132 
Contribution by non-controlling shareholder of Wuhan Hyoseong   3,459    — 
Balance at December 31  $23,345   $15,182 
           
Total stockholders’ equity  $367,809   $326,833 

 

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands of USD unless otherwise indicated)

 

   Year Ended December 31, 
   2023   2022 
Cash flows from operating activities:          
Net income  $42,738   $22,343 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   18,708    25,173 
Deferred income taxes   (1,319)   1,243 
Allowance for credit losses   1,564    4,404 
Impairment loss on prepayment for investment in Hefei Senye   —    2,676 
Equity in (loss)/earnings of affiliates   360    (2,389)
Impairment loss on property, plant and equipment   794    — 
(Gain)/loss on disposal of fixed assets   (3)   58 
(Increase)/decrease in:          
Accounts and notes receivable   (50,699)   (36,935)
Advance payments and others   (3,881)   (41)
Inventories   (1,654)   (5,368)
Other receivables   (556)   — 
Increase/(decrease) in:          
Accounts and notes payable   22,024    27,271 
Customer deposits   3,091    3,580 
Accrued payroll and related costs   77    1,628 
Accrued expenses and other payables   (2,667)   1,158 
Taxes payable   (6,835)   2,925 
Advances payable   (1,836)   297 
Net cash provided by operating activities   19,906    48,023 
           
Cash flows from investing activities:          
Purchase of short-term investments and long-term time deposits   (68,550)   (80,244)
Proceeds from maturities of short-term investments   63,240    75,144 
Decrease/(increase) in demand loans and employee housing loans included in other receivables   —    292 
Loan to a related party   —    (146)
Cash received from property, plant and equipment sales   2,790    1,514 
Cash paid to acquire property, plant and equipment and land use right (including $5,336 and $3,445 paid to related parties for the years ended December 31, 2023 and 2022, respectively)   (18,235)   (20,296)
Cash paid to acquire intangible assets   (3,445)   (188)
Cash received from long-term investment   3,292    3,986 
Investment under equity method   (7,729)   (12,802)
Net cash used in investing activities   (28,637)   (32,740)
           
Cash flows from financing activities:          
Proceeds from bank loans   64,776    51,898 
Repayment of bank loans and government loans   (61,437)   (49,917)
Repurchase of common shares   —    (2,434)
Repayments of the borrowing under sale and leaseback transaction   —    (1,130)
Cash received from capital contributions by a non-controlling interest holder   3,459    — 
Net cash provided by/(used in) financing activities   6,798    (1,583)
           
Cash and cash equivalents affected by foreign currency   (1,824)   (14,248)
Net decrease in cash and cash equivalents   (3,757)   (548)
Cash,  cash equivalents and pledged cash at beginning of year   158,951    159,499 
Cash, cash equivalents and pledged cash at end of year  $155,194   $158,951 

 

 

 

 

China Automotive Systems, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (continued)

(In thousands of USD unless otherwise indicated)

 

 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

   Year Ended December 31, 
   2023   2022 
Cash paid for interest  $1,145   $1,492 
Cash paid for income taxes  $7,965   $4,044 

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:

 

Non-cash investing activities:

 

   Year Ended December 31, 
   2023   2022 
Property, plant and equipment recorded during the year which previously were advance payments  $2,699   $2,473 
Change in accounts payable for acquiring property, plant and equipment  $960   $985 
           
   Year Ended December 31, 
   2023   2022 
Supplemental disclosure of acquisition of operating lease assets  $278   $477 

 

 

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