FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
REPORT OF
FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2011
Commission File Number: 001-34368
CHEMSPEC INTERNATIONAL LIMITED
No. 200,
Wu Wei Road
Shanghai 200331
Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form
20-F
x
Form 40-F
¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
¨
No
x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
N/A
TABLE OF CONTENTS
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CHEMSPEC INTERNATIONAL LIMITED
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By:
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/s/ Jianhua Yang
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Name:
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Jianhua Yang
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Title:
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Chief Executive Officer
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Date: May 26, 2011
3
Exhibit 99.1
CHEMSPEC INTERNATIONAL LIMITED ANNOUNCES FIRST QUARTER 2011
UNAUDITED
FINANCIAL RESULTS
SHANGHAI, May 25, 2011 Chemspec International Limited (NYSE: CPC; Chemspec
or the Company), a leading China-based contract manufacturer of highly-engineered specialty chemicals, today announced its unaudited financial results
1
for the first quarter ended March 31, 2011.
First Quarter 2011 Financial Highlights
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Total sales reached RMB209.0 million (US$31.9 million), representing a decrease of 5.1% from the first quarter of 2010 and a decrease of 22.7% from the
fourth quarter of 2010.
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Gross profit totaled RMB76.8 million (US$11.7 million), representing a decrease of 20.3% and 22.2% from the first quarter of 2010 and the fourth
quarter of 2010, respectively.
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Income from operations was RMB28.4 million (US$4.3 million), representing a decrease of 52.4% and 44.9% from the first quarter of 2010 and the fourth
quarter of 2010, respectively.
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Net income attributable to the Companys shareholders was RMB22.6 million (US$3.5 million), representing a decrease of 56.8% and 50.1% from the
first quarter of 2010 and the fourth quarter of 2010, respectively.
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Basic and diluted earnings per ADS
2
were both RMB0.63 (US$0.10). Basic and diluted earnings per ADS were both RMB1.44 (US$0.21) in the first quarter of
2010. Basic and diluted earnings per ADS in the fourth quarter of 2010 were both RMB1.26 (US$0.19).
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Dr. Jianhua Yang,
Chairman and Chief Executive Officer of Chemspec, commented, The total sales of the first quarter of 2011 was in line with the guidance we provided in April. Although the past quarter was not outstanding, especially compared with our
relatively stronger performance in 2010, I want to emphasize two key factors that we value in our business. First, we have strong chemical process and development capabilities and are highly competitive compared to our global peers. Secondly, we
have maintained a strong client relationship with our customers. Both factors will greatly help our business when the market demand grows.
Mr. Zixin Wang, Vice President of Finance, commented, As the inventory level has been a concern for the management, we have closely monitored the inventory level and implemented certain
measures. For the first quarter of 2011, we were able to slightly lower the inventory level. Going forward, we will continue our efforts to bring down the inventory level gradually.
First Quarter 2011 Financial Results
Total Sales
For the three months ended March 31, 2011, we generated total sales of RMB209.0 million (US$31.9 million), representing a decrease of 5.1% from the
first quarter of 2010 and a decrease of 22.7% from the fourth quarter of 2010.
1
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Certain Renminbi (RMB) amounts in this press release have been translated into U.S. dollar (USD) solely for the convenience of the reader. The
conversion of RMB into USD in this release is based on the noon buying rate in the City of New York for cable transfers in RMB per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York on March 31, 2011, which
was RMB 6.5483 to USD1.00. The percentages stated are calculated based on RMB.
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2
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1 ADS=60 ordinary shares
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A strong recovery in the electronics end-market occurred in the first quarter of 2010 after the global
financial crisis. However, our sales to the electronics end-market was relatively weaker in the first quarter of 2011, which caused the decline in the total sales compared with the first quarter of 2010. Compared with the fourth quarter of 2010, the
decrease in our total sales was primarily attributable to seasonality, as the first quarter of each year usually has lower demand for chemicals used in the electronics end-market.
Gross Profit and Gross Margin
In the first quarter of 2011, we generated gross
profit of RMB76.8 million (US$11.7 million), representing a decrease of 20.3% from the first quarter of 2010 and a decrease of 22.2% from the fourth quarter of 2010. We attribute the decreases in the gross profit primarily to the corresponding
declines in the total sales in the corresponding quarters.
Our gross margin was 36.8% in the first quarter of 2011, as compared with 43.8% in
the first quarter of 2010 and 36.5% in the fourth quarter of 2010. Compared with the first quarter of 2010, the gross margin decreased primarily due to a less favorable product mix in the first quarter of 2011. Compared with the fourth quarter of
2010, the gross margin slightly increased because minimal inventory was written down in the first quarter of 2011, but the effect was offset by the unfavorable product mix in the first quarter of 2011.
Operating Expenses
Selling
expenses and general and administrative (SG&A) expenses were RMB36.5 million (US$5.6 million), representing an increase of 56.7% from RMB23.3 million in the first quarter of 2010 and an increase of 36.1% from RMB26.8 million in the fourth
quarter of 2010. The increases were mainly attributed to the professional service fees involved in the proposed going-private transaction, for which a Schedule 13E-3 has been filed with United States Securities and Exchange Commission
(SEC) on May 3, 2011. Going forward with the process, we expect to incur further professional service fees.
Research and
development (R&D) expenses were RMB12.0 million (US$1.8 million), representing a decrease of 12.8% from RMB13.7 million in the first quarter of 2010 and a decrease of 46.0% from RMB22.1 million in the fourth quarter of 2010. The fluctuation in
R&D expenses was mainly due to the change of material consumption expenses that were related to the number of active R&D projects during each period.
Income from Operations and Earnings Before Income Taxes
As a result of factors
mentioned above, income from operations was RMB28.4 million (US$4.3 million) and earnings before income taxes was RMB28.2 million (US$4.3 million), respectively, in the first quarter of 2011, representing decreases of 52.4% and 53.1%, respectively,
from the first quarter of 2010, and decreases of 44.9% and 45.3%, respectively, from the fourth quarter of 2010.
Net Income
Attributable to Chemspec International Limited Shareholders
Net income attributable to Chemspec International Limited was RMB22.6
million (US$3.5 million), representing a decrease of 56.8% from the first quarter of 2010 and of 50.1% from the fourth quarter of 2010, respectively.
Basic and diluted earnings per ADS were RMB0.63 (US$0.10), as compared to RMB1.44 (US$0.21) in the first
quarter of 2010 and RMB1.26 (US$0.19), in the fourth quarter of 2010.
Conference Call
The Company will not host a conference call for the first quarter of 2011 financial results.
Statement Regarding Unaudited Financial Information
The financial information set forth
above is based on the Companys unaudited interim consolidated financial statements and is subject to adjustments that may be identified by us and/or our auditors during the audit of our annual consolidated financial statements.
About Chemspec
Chemspec is a leading
China-based contract manufacturer of highly engineered specialty chemicals, especially, the fluorinated specialty chemicals. In manufacturing specialty chemicals, Chemspec also provides process design and process development services, which enable
efficient and rapid production of specialty chemicals that are incorporated into the products of Chemspecs end users. Chemspecs customers and end users include electronics, pharmaceutical and agrochemical companies. For more information,
please visit www.chemspec.com.cn.
Safe Harbor Statements
This announcement contains forward-looking statements. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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 and similar statements. Such statements involve certain risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Chemspecs filings with the U.S. Securities and Exchange Commission, as amended from time to
time. Chemspec does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For
further information, please contact:
Chemspec International Ltd.
In Shanghai
Carol Fang
Manager, Investor Relations
Tel: +86-21-63638108
Email: ir@chemspec.com.cn
Chemspec International Limited
Unaudited Consolidated Balance Sheets
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December 31,
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March 31,
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March 31,
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2010
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2011
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2011
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RMB000
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RMB000
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USD000
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ASSETS
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Current assets
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Cash
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98,719
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74,385
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11,359
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Pledged bank deposits
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56,746
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44,303
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6,766
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Accounts receivable, net
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137,873
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95,664
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14,609
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Bills receivable
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1,200
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150
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23
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Inventories
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470,432
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464,991
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71,010
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Prepayment and other receivables
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73,449
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60,267
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9,203
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Income tax recoverable
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1,454
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222
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Deferred income tax assets
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6,369
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8,305
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1,268
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Total current assets
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844,788
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749,519
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114,460
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Property, plant and equipment, net
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871,398
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869,612
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132,800
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Land use rights
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59,201
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58,864
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8,989
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Deposit for purchases of intangible assets
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9,000
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1,374
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Deposit for purchases of other investment
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5,000
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764
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Intangible assets
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730
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703
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107
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Goodwill
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7,446
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7,446
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1,137
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Investment in an affiliate
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12,793
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12,668
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1,935
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Cost-method investment
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25,026
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3,822
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Total assets
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1,796,356
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1,737,838
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265,388
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LIABILITIES AND EQUITY
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Current liabilities
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Bank borrowings
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25,000
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25,000
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3,818
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Accounts payable
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142,319
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111,460
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17,022
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Bills payable
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64,340
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52,994
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8,093
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Accrued expenses and other payables
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148,238
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89,376
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13,649
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Amounts due to related parties
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5,559
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58
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9
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Deferred income
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14,215
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16,315
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2,491
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Income taxes payable
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5,408
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Total current liabilities
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405,079
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295,203
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45,082
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Bank borrowings
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30,000
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4,581
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Deferred income tax liabilities
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21,517
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22,043
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3,366
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Deferred income
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3,280
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|
1,380
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|
|
211
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Total liabilities
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429,876
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348,626
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53,240
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Equity
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Equity attributable to Chemspec International Limited
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Ordinary shares: Par value: HK$ 0.01; Authorized: 20,000,000,000 shares as of December 31, 2010 and March 31, 2011;
Issued and outstanding: 2,163,190,740 shares as of December 31, 2010 and March 31, 2011;
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21,649
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21,649
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3,306
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Additional paid-in capital
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319,048
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320,370
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48,924
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Statutory reserves
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85,820
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85,820
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13,106
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Accumulated other comprehensive income
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5,197
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5,037
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769
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Retained earnings
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929,108
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951,726
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145,339
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Equity attributable to Chemspec International Limited
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1,360,822
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1,384,602
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211,444
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Noncontrolling interests
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5,658
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4,610
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704
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Total equity
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1,366,480
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1,389,212
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212,148
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Total liabilities and equity
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1,796,356
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1,737,838
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265,388
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Chemspec International Limited
Unaudited Quarterly Consolidated Statements of Income
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Three-month periods ended
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March 31,
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December 31,
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Mar 31,
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Mar 31,
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2010
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2010
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2011
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2011
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RMB000
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RMB000
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RMB000
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USD000
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Sales
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220,151
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270,357
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208,967
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31,912
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Cost of sales
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(123,813
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)
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(171,629
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)
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|
(132,139
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)
|
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|
(20,179
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)
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Gross profit
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96,338
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|
98,728
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|
76,828
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|
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|
11,733
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Selling expenses
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(2,503
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)
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|
(3,083
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)
|
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|
(4,295
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)
|
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(656
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)
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General and administrative expenses
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|
(20,761
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)
|
|
|
(23,719
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)
|
|
|
(32,170
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)
|
|
|
(4,914
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)
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Research and development expenses
|
|
|
(13,705
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)
|
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|
(22,129
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)
|
|
|
(11,952
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)
|
|
|
(1,825
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)
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Other operating expenses
|
|
|
(551
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)
|
|
|
(1,205
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)
|
|
|
(204
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)
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|
|
(31
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)
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Other operating income
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|
|
509
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|
|
|
351
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|
|
|
242
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|
|
|
37
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|
Government grants
|
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|
450
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|
|
|
2,684
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
59,777
|
|
|
|
51,627
|
|
|
|
28,449
|
|
|
|
4,344
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|
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
558
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|
|
|
525
|
|
|
|
471
|
|
|
|
72
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|
Interest expense
|
|
|
(80
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)
|
|
|
|
|
|
|
(295
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)
|
|
|
(45
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)
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Foreign currency exchange loss, net
|
|
|
(47
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)
|
|
|
(583
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)
|
|
|
(388
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)
|
|
|
(59
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)
|
Equity in loss of an affiliate
|
|
|
(98
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)
|
|
|
(150
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)
|
|
|
(125
|
)
|
|
|
(19
|
)
|
Other income
|
|
|
48
|
|
|
|
142
|
|
|
|
73
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
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|
60,158
|
|
|
|
51,561
|
|
|
|
28,185
|
|
|
|
4,304
|
|
|
|
|
|
|
Income tax expense
|
|
|
(7,718
|
)
|
|
|
(6,408
|
)
|
|
|
(5,815
|
)
|
|
|
(888
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
52,440
|
|
|
|
45,153
|
|
|
|
22,370
|
|
|
|
3,416
|
|
Net (income) loss attributable to noncontrolling interests
|
|
|
(127
|
)
|
|
|
141
|
|
|
|
248
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Chemspec International Limited shareholders
|
|
|
52,313
|
|
|
|
45,294
|
|
|
|
22,618
|
|
|
|
3,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
RMB 0.02
|
|
|
|
RMB 0.02
|
|
|
|
RMB 0.01
|
|
|
|
USD 0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
RMB 0.02
|
|
|
|
RMB 0.02
|
|
|
|
RMB 0.01
|
|
|
|
USD 0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per ADS
|
|
|
RMB 1.44
|
|
|
|
RMB 1.26
|
|
|
|
RMB 0.63
|
|
|
|
USD 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
|
|
|
RMB 1.44
|
|
|
|
RMB 1.26
|
|
|
|
RMB 0.63
|
|
|
|
USD 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chemspec International Limited
Unaudited Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
March 31,
|
|
|
March 31,
|
|
|
|
2010
|
|
|
2011
|
|
|
2011
|
|
|
|
RMB000
|
|
|
RMB000
|
|
|
USD 000
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
52,440
|
|
|
|
22,370
|
|
|
|
3,416
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization of property, plant and equipment
|
|
|
17,358
|
|
|
|
21,771
|
|
|
|
3,325
|
|
Land use rights expenses
|
|
|
315
|
|
|
|
337
|
|
|
|
51
|
|
Loss on disposal of property, plant and equipment
|
|
|
188
|
|
|
|
162
|
|
|
|
25
|
|
Amortization of intangible assets
|
|
|
28
|
|
|
|
27
|
|
|
|
4
|
|
Equity in loss of an affiliate
|
|
|
98
|
|
|
|
125
|
|
|
|
19
|
|
Unrealized foreign exchange loss, net
|
|
|
32
|
|
|
|
248
|
|
|
|
38
|
|
Share-based compensation
|
|
|
1,872
|
|
|
|
1,322
|
|
|
|
202
|
|
Deferred income tax benefit
|
|
|
(1,651
|
)
|
|
|
(1,410
|
)
|
|
|
(215
|
)
|
Changes in operating assets and liabilities, net of effect of an acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
Pledged bank deposits related to purchase of inventories
|
|
|
(26,164
|
)
|
|
|
14,189
|
|
|
|
2,167
|
|
Inventories
|
|
|
(54,285
|
)
|
|
|
5,441
|
|
|
|
831
|
|
Accounts receivable
|
|
|
(19,992
|
)
|
|
|
41,958
|
|
|
|
6,407
|
|
Bills receivable
|
|
|
1,279
|
|
|
|
1,050
|
|
|
|
160
|
|
Prepayment and other receivables
|
|
|
(8,172
|
)
|
|
|
4,182
|
|
|
|
639
|
|
Accounts payable
|
|
|
22,072
|
|
|
|
(30,859
|
)
|
|
|
(4,713
|
)
|
Bills payable related to purchase of inventories
|
|
|
17,904
|
|
|
|
(12,850
|
)
|
|
|
(1,962
|
)
|
Accrued expenses and other payables
|
|
|
(4,371
|
)
|
|
|
6,416
|
|
|
|
980
|
|
Deferred income
|
|
|
1,001
|
|
|
|
200
|
|
|
|
31
|
|
Income taxes payable
|
|
|
298
|
|
|
|
(6,862
|
)
|
|
|
(1,048
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
250
|
|
|
|
67,817
|
|
|
|
10,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures, including interest capitalized
|
|
|
(76,552
|
)
|
|
|
(83,921
|
)
|
|
|
(12,815
|
)
|
Pledged bank deposits related to purchase of property, plant and equipment
|
|
|
(1,542
|
)
|
|
|
(1,746
|
)
|
|
|
(267
|
)
|
Payments for land use rights
|
|
|
(400
|
)
|
|
|
|
|
|
|
|
|
Deposit for purchase of other investment
|
|
|
|
|
|
|
(5,000
|
)
|
|
|
(764
|
)
|
Purchase of investment
|
|
|
|
|
|
|
(25,026
|
)
|
|
|
(3,822
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(78,494
|
)
|
|
|
(115,693
|
)
|
|
|
(17,668
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend by a subsidiary to noncontrolling shareholders
|
|
|
|
|
|
|
(800
|
)
|
|
|
(122
|
)
|
Acquisition of additional equity interest in subsidiaries from noncontrolling interests
|
|
|
(26,300
|
)
|
|
|
|
|
|
|
|
|
Proceeds from long-term bank borrowings
|
|
|
|
|
|
|
30,000
|
|
|
|
4,581
|
|
Repayments of long-term bank borrowings
|
|
|
(5,000
|
)
|
|
|
|
|
|
|
|
|
Repayments of non-interest bearing borrowings from related parties
|
|
|
(1,000
|
)
|
|
|
(5,500
|
)
|
|
|
(840
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by financing activities
|
|
|
(32,300
|
)
|
|
|
23,700
|
|
|
|
3,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash
|
|
|
(19
|
)
|
|
|
(158
|
)
|
|
|
(24
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash
|
|
|
(110,563
|
)
|
|
|
(24,334
|
)
|
|
|
(3,716
|
)
|
Cash at beginning of year
|
|
|
351,097
|
|
|
|
98,719
|
|
|
|
15,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of year
|
|
|
240,534
|
|
|
|
74,385
|
|
|
|
11,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid
|
|
|
9,071
|
|
|
|
14,087
|
|
|
|
2,151
|
|
Interest paid, net of amounts capitalized
|
|
|
80
|
|
|
|
295
|
|
|
|
45
|
|
|
|
|
|
Noncash investing and financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for purchase of property, plant and equipment
|
|
|
86,848
|
|
|
|
64,045
|
|
|
|
9,780
|
|
Payable for acquisition of Kangpeng Nong Hua
|
|
|
25,000
|
|
|
|
|
|
|
|
|
|
Bills payable for purchase of property, plant and equipment
|
|
|
20,751
|
|
|
|
21,401
|
|
|
|
3,268
|
|
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