First Quarter 2021 Financial Results
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Revenue grew 23.8% year-over-year to RMB397.3 million (US$60.6 million);
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Total unit sales in the OEM market increased by 79.1% year-over-year as a result of a significant increase in the Company's wheel sales during the first quarter of 2021, especially in the heavy- and medium-duty categories;
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Net loss and total comprehensive loss for the first quarter of 2021 was RMB128.4 million (US$19.6 million);
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As of March 31, 2021, Zenix Auto had bank balances and cash of RMB528.2 million (US$80.6 million) and fixed bank deposits with a maturity period over three months of RMB210.0 million (US$32.1 million),which were equivalent to RMB14.3 (US$2.18) in cash and fixed bank deposits per American Depositary Share ('ADS');
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Total equity attributable to owners of the Company was RMB1,906.3 million (US$291.0 million) as of March 31, 2021.
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This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. The Company may make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these risks is included in our filings with the SEC. The consequences of the coronavirus outbreak to economic conditions and the automobile
Three Months Ended March 31,
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2020
|
2021
|
2021
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RMB' 000
|
RMB' 000
|
US$' 000
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Revenue
|
320,783
|
397,280
|
60,637
| ||||
Cost of sales
|
(322,874)
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(459,097)
|
(70,072)
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Gross loss
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(2,091)
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(61,817)
|
(9,435)
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Other operating income
|
3,059
|
3,212
|
490
| ||||
Net exchange gain (loss)
|
72
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(15)
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(2)
| ||||
Selling and distribution costs
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(25,565)
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(34,633)
|
(5,286)
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Research and development expenses
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(11,855)
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(18,402)
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(2,809)
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Administrative expenses
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(31,217)
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(37,659)
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(5,748)
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Finance costs
|
(5,985)
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(5,707)
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(871)
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Loss before taxation
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(73,582)
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(155,021)
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(23,661)
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Income tax credit
|
13,018
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26,575
|
4,056
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Loss and total comprehensive loss
for the period
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(60,564)
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(128,446)
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(19,605)
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Loss per share
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Basic
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(0.29)
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(0.62)
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(0.09)
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Diluted
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(0.29)
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(0.62)
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(0.09)
| ||||
Loss per ADS
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Basic
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(1.17)
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(2.49)
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(0.38)
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Diluted
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(1.17)
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(2.49)
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(0.38)
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Shares
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206,500,000
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206,500,000
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206,500,000
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ADSs
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51,625,000
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51,625,000
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51,625,000
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December 31, 2020 |
March 31, 2021 |
March 31, 2021 | ||||
RMB'000 |
RMB'000 |
US$' 000 | ||||
ASSETS
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Current Assets
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Inventories
|
90,351
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170,735
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26,059
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Trade and other receivables and prepayments
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617,328
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581,500
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88,754
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Pledged bank deposits
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26,000
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25,000
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3,816
| |||
Fixed bank deposits with maturity period over three months
|
290,000
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210,000
|
32,052
| |||
Bank balances and cash
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616,290
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528,203
|
80,620
| |||
Total current assets
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1,639,969
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1,515,438
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231,301
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Non-Current Assets
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Property, plant and equipment
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960,453
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993,874
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151,695
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Right-of-use assets
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348,174
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345,818
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52,782
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Deposit paid for acquisition of property, plant and equipment
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62,083
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3,720
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568
| |||
Deferred tax assets
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117,846
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144,540
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22,061
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Intangible assets
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17,000
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17,000
|
2,594
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Long term prepayments
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12,000
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11,000
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1,679
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Total non-current assets
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1,517,556
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1,515,952
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231,379
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Total assets
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3,157,525
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3,031,390
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462,680
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EQUITY AND LIABILITIES
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Current Liabilities
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Trade and other payables and accruals
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489,380
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491,771
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75,059
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Bank borrowings
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558,000
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558,000
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85,167
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Total current liabilities
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1,047,380
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1,049,771
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160,226
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Deferred tax liabilities
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70,111
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70,230
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10,719
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Deferred income
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5,310
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5,111
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780
| |||
Total non-current liabilities
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75,421
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75,341
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11,499
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Total liabilities
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1,122,801
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1,125,112
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171,725
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EQUITY
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Share capital
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136
|
136
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21
| |||
Paid in capital
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392,076
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392,076
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59,842
| |||
Reserves
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1,642,512
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1,514,066
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231,092
| |||
Total equity attributable to owners of the company
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2,034,724
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1,906,278
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290,955
| |||
Total equity and liabilities
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3,157,525
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3,031,390
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462,680
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Three Months Ended
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OPERATING ACTIVITIES
|
March 31, 2021
| |||
RMB' 000
|
US$' 000
| |||
Loss before taxation
|
(155,021)
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(23,661)
| ||
Adjustments for:
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Depreciation of right-of-use assets
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2,356
|
360
| ||
Depreciation of property, plant and equipment
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29,526
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4,507
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Release of deferred income
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(199)
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(30)
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Finance costs
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5,707
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871
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Loss on disposal of property, plant and equipment
|
17
|
3
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Interest income
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(2,379)
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(363)
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Operating cash flows before movements in working capital
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(119,993)
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(18,313)
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Increase in inventories
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(80,384)
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(12,269)
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Decrease in trade and other receivables and prepayments
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36,763
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5,611
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Increase in trade and other payables and accruals
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2,344
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358
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Cash used in operations
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(161,270)
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(24,613)
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Interest received
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2,532
|
386
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NET CASH USED IN OPERATING ACTIVITIES
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(158,738)
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(24,227)
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INVESTING ACTIVITIES
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Purchase of property, plant and equipment
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(829)
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(127)
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Withdrawal of pledged bank deposits
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150,000
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22,894
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Placement of pledged bank deposits
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(149,000)
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(22,742)
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Proceeds on disposal of property, plant and equipment
|
26
|
4
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Deposits paid for acquisition of property, plant and equipment
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(3,720)
|
(568)
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Placement of fixed bank deposits with maturity periods
over three months
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(80,000)
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(12,210)
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Withdrawal of fixed bank deposits with maturity periods
over three months
|
160,000
|
24,421
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NET CASH FROM INVESTING ACTIVITIES
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76,477
|
11,672
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FINANCING ACTIVITIES
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New bank borrowings raised
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340,000
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51,894
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Repayment of bank borrowings
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(340,000)
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(51,894)
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Interest paid
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(5,738)
|
(876)
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NET CASH USED IN FINANCING ACTIVITIES
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(5,738)
|
(876)
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NET DECREASE IN CASH AND CASH EQUIVALENTS
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(87,999)
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(13,431)
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Cash and cash equivalents at beginning of the year
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616,290
|
94,064
| ||
Effect of foreign exchange rate changes
|
(88)
|
(13)
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Cash and cash equivalents at end of the year
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528,203
|
80,620
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Disclaimer
China Zenix Auto International Ltd. published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 15:58:10 UTC.