Highpower international, inc. (HPJ)
CashFlow / Quarterly
Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income

4,688

307

-

-

2,714

-1,118

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income

-

-

-

-

-

-

4,986

5,152

4,462

2,612

1,680

2,550

1,873

-476

11

1,851

1,766

-168

1,978

806

801

-985

1,201

708

67

-638

519

596

474

-18

-1,857

-630

428

-394

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization

1,886

1,729

1,443

1,490

1,528

1,475

1,498

1,362

1,155

1,274

1,202

1,249

1,229

1,256

901

1,502

1,289

1,246

1,040

1,107

1,041

1,011

690

650

613

568

421

669

506

493

499

466

438

444

Bad debt expense

4

89

2

-314

-491

18

9

30

12

5

-10

1,657

4

0

-0

0

0

0

0

-0

0

0

487

0

0

-4

588

874

261

20

241

85

60

1

Allowance inventory obsolescence

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

42

Loss on disposal of property, plant and equipment

-94

0

-49

-63

-137

-21

8

-32

-21

-3

-411

-102

-43

-52

-87

-65

-67

-11

119

-195

-113

-37

-154

-5

-66

-36

-16

1

-56

-0

-31

14

-5

-1

Loss on derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

63

6

-137

-76

5

6

-129

139

128

-368

337

-

-

-

-

(Gain) loss on derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-390

Deferred taxes

28

-102

425

-82

-142

-356

221

-110

139

124

31

0

-191

127

304

-64

-42

-187

-14

-281

-130

-418

53

60

-26

-111

-123

119

149

-42

-

-

-

-

Changes in fair value of foreign exchange derivatives

-996

387

-403

214

-1,369

414

394

-166

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on exchange rate difference

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-172

Equity in loss (earnings) of investees

-1,177

-418

-641

184

160

156

0

1

-41

146

132

218

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-104

-2

-1

Share based compensation

189

204

205

247

246

241

239

42

20

24

73

38

95

110

117

123

290

121

223

148

515

400

267

64

45

49

58

52

52

41

38

334

48

228

Changes in fair value of warrant liability

-

-

-

-

-

-

0

0

-31

31

-24

11

-7

-119

14

-510

-84

-346

-1,318

1,286

-74

0

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

10,756

-18,954

-4,657

21,865

7,591

-3,713

3,409

12,908

2,923

-7,314

190

16,835

3,071

-6,287

775

3,884

2,364

-1,576

-5,877

4,563

5,522

-5,681

592

7,877

2,625

-2,583

1,746

-1,067

7,147

-2,175

-2,018

1,210

1,158

-529

Notes receivable

-661

4,120

13

-1,318

1,636

-2,622

-4,154

4,486

1,292

-235

-635

1,111

-1,077

25

-116

-305

-664

2,309

-1,841

-107

1,038

521

-442

880

-76

244

-849

-505

1,379

-152

100

-409

-390

941

Advances to suppliers

-435

-1,412

-2,278

-3,444

1,918

236

5,070

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepayments and other receivables

-1,684

-2,379

471

-352

4,319

601

-8,102

4,976

3,314

485

1,452

-539

107

662

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amount due from a related party

91

-426

235

-145

-454

-285

550

-2,513

-5,016

-161

4,453

816

2,187

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amount due to related parties

-252

113

141

0

0

0

-12

-77

-1,673

193

29

785

774

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Prepayments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,434

-1,212

-1,648

680

519

-535

818

678

694

-434

-37

188

-780

-2,751

798

1,710

2,179

Other receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-33

-52

-85

-278

24

230

17

27

-35

-16

9

1

-241

437

-201

-34

23

Inventories

-5,294

2,626

-4,583

-8,925

17,136

10,779

12,952

2,157

5,971

3,623

1,952

722

1,168

566

-2,362

-2,856

3,820

-434

1,613

-97

593

493

2,429

-1,735

2,429

-505

-365

478

3,634

-727

138

-619

996

-1,895

Accounts payable

-

-6,016

-

-

-

-1,377

8,134

7,544

4,617

-5,111

-621

14,661

-242

-2,600

2,911

-4,729

3,900

-5,404

-5,028

3,813

2,975

3,911

7,310

5,841

-283

1,698

1,212

-267

8,562

-2,882

-402

5,510

-3,272

1,271

Deferred government grants

221

0

-5

-212

-5

475

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred government grant

-

-

-

-

-

-

-

-

-6

116

18

-6

-75

0

-

-

-

-

244

626

-2

1,012

0

0

0

0

-

-

-

-

-

-

-

-

Other payables and accrued liabilities

-1,092

-2,287

1,287

9,556

2,913

665

629

3,539

-168

-1,977

1,725

3,395

-194

544

-226

666

443

-127

-946

1,255

-1,938

-237

927

526

848

876

-901

-3,083

823

657

-

-

-

-

Other payables and accrued liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-385

446

Income taxes payable

-785

57

136

917

-1,160

19

2,083

384

-558

330

188

619

-588

89

231

268

-613

39

-85

689

-230

319

34

266

25

-254

295

389

-10

79

247

30

-1,056

-16

Net cash flows provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-2,738

4,016

6,475

-174

560

-6,515

3,340

6,959

-4,490

9,309

8,930

259

-4,332

4,536

-

-

-

-

-

-

-

-

Net cash flows provided by (used in) operating activities

2,888

10,553

17,280

-2,133

-2,135

-5,500

1,494

-5,715

-944

1,083

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

341

-453

2,088

4,770

4,595

-7,543

1,872

Cash flows from investing activities
Acquisitions of plant and equipment

2,363

4,336

5,802

4,114

4,127

1,553

6,432

2,098

2,325

2,873

13

4,058

3,356

1,059

4,005

3,203

2,383

1,664

3,017

2,361

1,099

2,403

8,075

4,570

4,310

3,025

2,019

1,142

4,941

3,542

2,687

2,055

1,885

1,045

Acquisition of land use right

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

-2

-1

1,327

-

-

-

-

Net cash flows used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-4,121

-1,059

-4,005

-3,203

-2,383

-1,664

-3,017

-2,361

-1,099

-2,403

-8,075

-4,570

-4,310

-3,025

-

-

-

-

-

-

-

-

Payment for long-term investment

-2

313

-4

-7

11

317

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash flows used in investing activities

-2,360

-4,649

-5,797

-4,106

-4,139

-1,871

-7,498

8,354

-2,325

-2,873

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,140

-4,940

-4,870

-2,687

-2,055

-1,885

-1,045

Cash flows from financing activities
Proceeds from short-term bank loans

8,808

5,963

7,396

5,762

1,237

14,427

3,927

5,881

5

2,910

1,453

16,705

-5

1,457

3,104

11,325

0

0

4,524

6,210

9,315

295

3,680

14,826

6,241

9,339

4,760

3,994

2,695

3,176

1,227

5,621

3,044

4,042

Repayments of short-term bank loans

1,322

13,560

7,116

5,866

0

0

4,737

14,752

1,459

1,381

2,876

10,650

0

0

-

-

-

-

5,187

21,567

3,542

10,824

3,022

7,233

2,728

5,786

4

2,575

1,196

0

8,881

-1,117

4,081

4,340

Capital contribution from non-controlling interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

-1

-1

951

-

-

-

-

Proceeds from a related party

-27

2,981

-86

6,031

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of long-term loans

-

-

-

-

-

-

-

-

-

-

-

906

456

460

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from non-financial institution borrowings

-

-

-

-

-

-

80

105

1,474

8,726

-50

-27

4,586

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of non-financial institution borrowing

-82

8,944

-21

-37

1,566

0

29

1,496

4

2,327

601

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from letter credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,407

-2,512

2,876

2,631

Proceeds from long-term bank loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

25

-14

-11

7,925

-

-

-

-

Repayment of long-term bank loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

467

477

490

488

488

486

487

489

488

486

484

477

316

0

0

0

-

-

-

-

Proceeds from notes payable

28,109

30,205

44,653

32,546

25,154

28,429

28,677

21,331

20,393

20,467

18,043

12,423

20,003

9,482

14,229

18,384

14,048

16,882

18,011

12,493

15,561

6,192

12,977

12,270

14,563

5,474

12,804

13,873

11,314

8,367

12,016

6,251

11,840

6,546

Repayments of notes payable

41,529

30,171

25,493

26,819

29,432

26,488

21,102

17,358

17,968

13,081

18,212

9,204

15,357

14,956

17,545

15,941

15,394

12,237

15,228

7,113

13,035

12,159

14,862

5,579

13,434

13,083

10,909

10,645

10,935

5,698

12,641

6,540

1,999

8,225

Payment of derivative instruments

46

143

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from exercise of employee options

-

-

-

-

-

-

167

11

555

68

15

19

0

0

0

0

35

9

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-921

-930

-931

2,463

474

-97

3,197

-609

137

4,584

1,395

6,920

2,189

-5,820

2,335

945

-5,201

-4,108

-3,862

-1,525

2,952

-4,064

-4,575

-591

Net cash flows provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

7,837

-2,012

-2,726

8,339

-4,666

3,557

1,768

-5,879

13,841

-10,065

472

7,976

6,493

-3,588

-

-

-

-

-

-

-

-

Net cash flows (used in) provided by financing activities

-14,516

-13,669

18,804

11,691

-4,606

16,368

13,019

-6,277

2,996

15,383

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

522

-4,877

13,198

-5,455

-1,506

7,105

62

Effect of foreign currency translation on cash

-2,495

2,083

-479

-3,287

-3,176

2,046

630

1,204

1,460

-72

1,337

-316

-929

-44

-1,803

-790

304

-66

716

263

-567

322

211

101

110

155

120

656

-81

-120

363

-370

685

-218

Net decrease in cash and restricted cash

-16,483

-5,681

29,807

2,164

-14,058

11,042

7,646

-2,434

1,186

13,519

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental disclosures for cash flow information:
Cash paid for:
Income taxes

1,630

330

510

75

1,711

327

235

317

1,014

132

240

149

700

73

88

67

675

52

61

31

642

7

50

44

159

414

16

18

223

15

31

885

370

15

Interest expenses

530

863

664

282

888

114

148

453

365

583

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest expenses

-

-

-

-

-

-

-

-

-

-

-

-

435

274

179

206

346

268

422

427

466

595

501

444

365

336

329

327

370

219

181

220

233

152

Non-cash investing and financing activities:
Accounts payable for construction in progress

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-145

-3

797

-113

-241

-539

2,189

1,481

784

-356

1,857

-

-

-

-

Offset of deferred income related to government grant and property, plant and equipment

-

-

-

-

-

-

-

-

-

-

196

6

6

20

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of plant and equipment financed by accounts payable

1,487

-7,203

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Reconciliation of cash and restricted cash:
Net increase in cash

-

-

-

-

-

-

-

-

-

-

-4,152

6,678

49

899

-2,060

4,170

-6,183

-4,688

2,809

-1,017

7,682

-2,835

1,538

3,767

-2,038

-1,921

1,126

380

-10,351

10,296

-3,009

662

-1,638

670