China Automotive Systems Inc

NASDAQ:CAASUnited States

Mar 28, 2024

Show headlines and story abstract

• 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, from 6:00AM ET on Thursday Mar 28, 2024 by PR Newswire

  6:00AM ET on Thursday Mar 28, 2024 by PR Newswire
  Companies Mentioned: CAAS

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

  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.

• 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, from 6:00AM ET on Thursday Mar 28, 2024 by Dow Jones

  6:00AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: CAAS
  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
  

• Press Release: 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, from 6:00AM ET on Thursday Mar 28, 2024 by Dow Jones

  6:00AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: CAAS