- Revenue of $$310.5 million -
- Net Income of $19.1
million -
- Reiterating Fiscal 2018 Guidance of $1.2-$1.4 Billion
in Revenue, $90-$110Million in Net Income -
HARBIN, China, May 10, 2018 /PRNewswire/ -- China XD Plastics
Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the
"Company"), one of China's leading
specialty chemical companies engaged in the development,
manufacture and sale of polymer composite materials primarily for
automotive applications, today announced its financial results for
the first quarter ended March 31,
2018.
First Quarter 2018 Financial
Summary
- Revenue was $310.5 million, an increase of 30.6% YoY
- Gross profit was $53.9 million, an increase of 54.9% YoY
- Gross margin of 17.4%, an increase of 280 basis points YoY
- Net income was $19.1 million, an increase of 92.9% YoY
- EBITDA was $49.6 million,
an increase of 45.9% YoY
- Total volume shipped was 106,236 metric tons, up 24.4% YoY
"We are pleased with our quarterly results, both top and bottom
line growths as well as margin improvement," said Jie Han, Chairman of the Board of Directors and
Chief Executive Officer. "An improved macroeconomic environment has
improved business conditions and we are well position to execute
our strategic plan."
"We are particularly pleased to see major revenue contributions
from major new growth frontiers, fostered in large part by the
gradual ramp up of our Sichuan
manufacturing facility, a key milestone in our corporate
development. The new facility also extends our geographical
reach and accelerates our market penetration beyond our established
Northeast base, evidenced by our strong and consistent growth from
Southwest, Central, North and South
China."
"The Sichuan facility
substantially expands the footprint of our auto business in
China and while we expect that
automotive applications will continue to be our core business, the
new facility includes precision equipment which will enable us to
diversify our product platform into such high-growth verticals as
ships, high-speed rail, airplanes, bio-degradable materials,
medical-grade materials, food packaging, electronic equipment,
electrical products, alternative energy applications and power
devices, which will help to propel the Company's growth."
"Our new facility in Dubai also
extends our specialized high-tech products into an important new
market. We are planning to complete installing 45 production lines
with 12,000 metric tons of annual production capacity by the end of
May 2018, and an additional 50
production lines with 13,000 metric tons of annual production
capacity by the end of 2018. This will bring the total
installed production capacity in our Dubai facility to 25,000 metric tons. The
Dubai facility will target
high-end products for the overseas market and will ultimately
enable more active inroads into the markets of Europe, the Middle
East, Russia and other
international regions with several global top customers in
automotive sector."
"China XD continues to value our deep working relationships with
our customers above all, and is committed to creating value with
our culture of hard work and innovation. We anticipate that
the continued execution of our strategic plan supported by an
increase in our production capacity, our entry into new markets, a
diversified customer base and a diversification with international
sales will help to generate business growth for years to
come. For fiscal 2018, we are reiterating our financial
guidance of between $1.2 and
$1.4 billion in revenue, $90 and $110
million in net income ", Mr. Han concluded.
First Quarter 2018 Results
Revenues were $310.5 million for
the first quarter of 2018, compared to $237.8 million for the same period of 2017,
representing an increase of $72.7
million, or 30.6%. The year-over-year increase was primarily
due to an increase of 24.4% in sales volume, a depreciation of USD
against RMB by 8% and offset by a decrease of 3% in the average RMB
selling price of our products, as compared with those of last
year.
PRC domestic revenues increased by $72.6
million in the first quarter of 2018, compared to the same
period of 2017, as a result of an increase of 24.4% in sales
volume, a depreciation of USD against RMB by 8%and offset by a
decrease of 3% in the average RMB selling price of our products, as
compared with those of last year. According to the China
Association of Automobile Manufacturers, automobile sales in
China increased by 2.8% for the
first quarter of 2018 as compared to the same period of 2017. An
improvement in macroeconomic conditions since 2017 has improved
business conditions and eased pricing pressures. Driven
by accelerating growth of 7.6% in Northeast China, 184% in Central China, 124% in South China, 89% in Southwest China, 26% in North China, and 22% in East China, our
domestic sales during the three months ended March 31, 2018 increased by 30.5% as compared to
the same period of the prior year. As for the RMB selling price,
the Company also implemented a marketing strategy of
offering lower-end products with lower RMB pricing to further
penetrate the new regional markets in Central China and Southwest China.
For the three months ended March 31,
2018, revenues from overseas market was US$54,854 as compared to nil of that in 2017.The
Company has tried to develop new customers overseas besides the
existing oversea
customer. The sales with this customer was suspended due to
account receivable balance overdue situation. As of
March 31, 2018, the customer has an
outstanding balance of US$48.3
million, including US$5.8
million was 3-6 month past due, US$32.4 million was overdue for less than 3
month. The customer expected to pay off the outstanding
balance by June 2018. As the account receivable balance was
overdue, the Company suspended sales to the customer in 2018.
Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in
total accounted for 81.1% of revenues in the first quarter of 2018,
compared to 81.3% for the same period of 2017. During the
first quarter of 2018, the Company continued to shift production
mix from traditional lower-end products to higher-end products such
as PA66, PA6, Plastic Alloy, and PLA, primarily due to (i) greater
growth potential of advanced modified plastics in luxury automobile
models in China, (ii) the stronger
demand as a result of promotion by the Chinese government for
clean energy vehicles and (iii) better quality from end consumer
recognition of higher-end cars made by automotive manufacturers
from Chinese and Germany joint
ventures, and U.S. and Japanese joint ventures, which
manufacturers tend to use more and higher-end modified
plastics in quantity per vehicle in China.
Gross profit was $53.9 million in
the first quarter ended March 31,
2018, compared to $34.8
million in the same period of 2017, representing an increase
of $19.1 million, or 54.9%. Our
gross margin increased to 17.4% for the first quarter ended
March 31, 2018 from 14.6% for the
same quarter of 2017 primarily due to higher gross margin of
higher-end products in domestic market for the first quarter
ended March 31, 2018 as compared
to that of the prior year.
General and administrative (G&A) expenses were US$ 8.9 million in the quarter ended March 31, 2018 compared to US$7.1 million in the same period in 2017,
representing an increase of 25.4%, or US$1.8
million. This increase is primarily due to the increase of
US$0.9 million salary and welfare
which was due to the increase in the number of management and
general staff from supporting departments and the increase of
US$0.9 million in professional fee.
Research and development (R&D) expenses were $5.0 million for the first quarter of 2018,
compared to $5.9 million for the same
period of 2017, representing a decrease of $0.9 million, or 15.3%. The decrease was
primarily due to the decrease of raw materials used by HLJ Xinda Group. As of March 31, 2018, the number of ongoing research
and development projects was 326.
Operating income was $38.9 million
for the first quarter of 2018, compared to $21.3 million for the same period of 2017,
representing an increase of $17.6
million, or 82.6%.This increase is primarily due to
increased gross profit, lower research and development expenses,
partially offset by a higher G&A expenses and selling
expenses.
Net interest expense was $10.6
million for the first quarter of 2018, compared to net
interest expense of $8.8 million for
the same period of 2017, representing an increase of $1.8 million, or 20.5%. This increase is
primarily due to (i) the increase of average short-term and
long-term loan balance in amount of US$854.2
million for the three months ended March 31, 2018 compared to US$785.4 million for the same period in 2017, partially offset by (ii) the
decrease of interest expense resulting
from the average loan interest rate decreased to 4.72% for
the three months ended March 31, 2018
compared to 4.77% of the same period in 2017 ;
(iii) the increase of
average deposit balance in amount of US$626.8 million for the first quarter ended
March 31, 2018 compared to
US$485.3 million for the same period
in prior year ; (iv) the increase of interest income resulting
from the average deposit interest rate increased to 1.5% for the
first quarter ended March 31, 2018
compared to 1.2 % of the same period in 2017.
Income tax expense was $6.2
million for the first quarter of 2018, representing an
effective income tax rate of 24.5%, compared to income tax expense
of $3.6 million in the same period of
2017, representing an effective income tax rate of 26.4%. The
effective income tax rate reduced from 26.4% for the three-month period
ended March 31, 2017 to 24.5% for the
three-month period ended March 31,
2018is primarily due to the decrease of continuous operating loss
occurred in oversea subsidiaries, and partially offset by the
decrease of Sichuan Xinda's profit before tax ("PBT")ratio. The
effective income tax rate for the three-month period ended
March 31, 2018 differs from the PRC
statutory income tax rate of 25% primarily due to Sichuan Xinda's
preferential income tax rate and R&D 50% additional
deduction of the major PRC
operating entities.
Net income was $19.1 million for
the first quarter of 2018, compared to $9.9
million for the same period of 2017, representing an
increase of $9.2 million, or 92.9%.
Basic and diluted earnings per share for the three-month period
ended March 31, 2018 were
$0.29, compared to $0.15 per basic and diluted share for the same
period of 2017. The average number of shares used in the
computation of basic and diluted earnings per share in the current
quarter was 49.7 million compared to 49.5 million shares for basic
and diluted earnings per share in the prior year period.
Earnings before interest, tax, depreciation and amortization
(EBITDA) was $49.6 million for the
first quarter of 2018, compared to $34.0
million for the same period of 2017, representing an
increase of $15.6 million, or
45.9%. For a detailed reconciliation of EBITDA, a non-GAAP
measure, to its nearest GAAP equivalent, please see the financial
tables at the end of this release.
Financial Condition
As of March 31, 2018, the Company
had $564.8 million in cash and cash
equivalents, restricted cash and time deposits, a decrease of
$43.3 million or 7.1% as compared to
$608.1 million as of December 31, 2017. As of the March 31, 2018, working capital was $110.1 million (current assets minus current
liabilities) and the current ratio (current assets divided by
current liabilities) was 1.1, as compared to the current ratio
of1.0 as of December 31, 2017.
Stockholders' equity as of March 31,
2018 was $761.6 million, an
increase of $48.8 million or 6.8% as
compared to $712.8 million as of
December 31, 2017.
Accounts receivable decreased by 36.3% or US$108.6 million due to the management efforts to
collect outstanding balances due from the domestic customers.
Inventories increased by 32.1% as a result of more purchases of the
raw materials and the Company's strategy to stock up the finished
goods for the upcoming orders. Prepaid expenses and other
current assets decreased by 22.5% or US$32.5
million as Sichuan Xinda received the refund of prepayment
from an equipment supplier in
January 2018. Prepayments to
equipment and construction suppliers increased by 17.9% or
US$34.2 million because HLJ Xinda
Group prepaid to an equipment supplier for purchase equipment for
the industrial project of upgrading existing equipment for 100,000
metric tons of engineering plastics. The aggregate short-term and
long-term bank loans decreased by 7.9% due to the repayments of the
loans. We define the manageable debt level as the sum of aggregate
short-term and long-term loans, and notes payable over total
assets. We expect that we will be able to meet our needs to
fund operations, capital expenditures and other commitments in the
next 12 months primarily with our cash and cash equivalents,
operating cash flows and bank borrowings.
Financial Guidance and Business Outlook
The Company reiterates its financial guidance for fiscal 2018 to
range between $1.2 and $1.4billion in revenue. Gross margin in fiscal
2018 is expected to remain stable as compared to that of fiscal
2017. The Company project net income to range between
$90and$110million. This is based on the anticipation of a steady
recovery throughout the Chinese automotive supply chain and a
stabilization of crude oil pricing and its impact on polymer
composite materials in 2018. This forecast also assumes
contributions from the Sichuan
plant and the Dubai second phase
project, which will be completed by the end of second quarter of 2018
and the end of 2018, respectively. It also assumes the
average exchange rate of the US dollar to RMB at 6.3. This
financial guidance reflects the Company's preliminary view of its
business outlook for fiscal 2018 and is subject to revision based
on changing market conditions at any time.
Recent Development
This year at National Plastics Exhibition 2018 ("NPE 2018") in
Orlando FL, China XD is showcasing to its potential customers
its comprehensive product range of petro-based, bio-based and
additive manufacturing (aka 3D printing) composite materials,
spanning the automotive, ships, high-speed rail, airplanes,
bio-degradable materials, medical-grade materials, food packaging,
electronic equipment, electrical products, alternative energy
applications and power devices. NPE 2018: The Plastics Show is
known as the world's leading plastics trade show and features
exhibitors from over 2,000 companies to showcase cutting-edge
technology through polymer materials, process and full-scale
operating prototypes and machinery. Held every three years, this
year's event takes place in Orlando,
Florida, from May 7-11, 2018.
NPE is produced by the Plastics Industry Association (PLASTICS) and
includes the entire global plastics supply chain, along with the
full range of end-user markets.
Conference Call
China XD Plastics' senior management will host a conference call
at 9:00 am Eastern Time on Thursday,
May10, 2018, to discuss its first quarter 2018 financial
results. The conference call can be accessed by dialing +1-
845-675- 0437 (for callers in
the U.S.), +86-4006- 208-038 (for Mainland China callers) or +852-
3018-6771 (for Hong Kong
callers)and entering passcode 2985596.
A recording of the conference call will be available through
May 17, 2018, by calling
+1-855-452-5696(for callers in the U.S.) and entering pass code
2985596.
A live webcast and replay of the conference call will be
available on the investor relations page of the Company's website
at http://chinaxd.net/.
About China XD Plastics Company
Limited
China XD Plastics Company Limited, through its wholly-owned
subsidiaries, develops, manufactures and sells polymer composites
materials, primarily for automotive applications. The Company's
products are used in the exterior and interior trim and in the
functional components of 30 automobile brands manufactured in
China, including without
limitation, Audi, Mercedes Benz,
BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei
and VW Passat, Golf, Jetta, etc.The Company's wholly-owned research
center is dedicated to the research and development of polymer
composites materials and benefits from its cooperation with
well-known scientists from prestigious universities in China. As of March31, 2018, 456 of the
Company's products have been certified for use by one or more of
the automobile manufacturers in China. For more information, please visit the
Company's English website at http://chinaxd.irpass.com/, and the
Chinese website at http://www.xdholding.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's growth
potential in international markets; the effectiveness and
profitability of the Company's product diversification strategy;
the impact of the Company's product mix shift to more advanced
products and related pricing policies; the effectiveness,
profitability, and the marketability of its the ongoing mix shift
to more advanced products; the prospects of the Company's
Dubai facility, and the associated
expansion into Middle East,
Europe and other parts of
Asia; the prospects of the
Company's Sichuan facility, and
its penetration into Southwest
China; the prospects of the Company's Harbin facility, and its penetration into
Northeast China; the Company's
projections of its revenues for performance in fiscal 2018.
These forward-looking statements can be identified by terminology
such as "will," "expect," "project," "anticipate," "forecast,"
"plan," "believe," "estimate" and similar statements.
Forward-looking statements involve inherent risks and uncertainties
and are based on current expectations, assumptions, estimates and
projections about the Company and the industry. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the global
economic uncertainty which could further impair the automotive
industry and limit demand for our products; fluctuations in
automotive sales and production which could have a material adverse
effect on our results of operations and liquidity; our financial
performance which may be affected by the prospect of our
Dubai facility and the associated
expansion into Middle East,
Europe and other parts of
Asia; the withdrawal of
preferential government policies, the tightening control over the
Chinese automotive industry, automobile purchase restrictions
imposed in certain major cities which may limit market demand for
our products;the slowing of Chinese automotive industry's growth;
the concentration of our distributors, customers and suppliers; and
other risks detailed in the Company's filings with the Securities
and Exchange Commission and available on its website at
http://www.sec.gov. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. Although the Company believes that the
expectations expressed in these forward looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results.
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
March
31,
|
|
|
December
31,
|
|
|
|
2018
|
|
|
2017
|
|
|
|
US$
|
|
|
US$
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
50,814,789
|
|
|
|
190,392,211
|
|
Restricted
cash
|
|
|
170,455,598
|
|
|
|
129,699,454
|
|
Time
deposits
|
|
|
343,505,988
|
|
|
|
288,023,017
|
|
Accounts receivable,
net of allowance for doubtful
accounts
|
|
|
190,293,398
|
|
|
|
298,868,984
|
|
Inventories
|
|
|
556,919,906
|
|
|
|
421,736,682
|
|
Prepaid expenses and
other current assets
|
|
|
111,816,277
|
|
|
|
144,326,151
|
|
Total current
assets
|
|
|
1,423,805,956
|
|
|
|
1,473,046,499
|
|
Property, plant and
equipment, net
|
|
|
844,425,358
|
|
|
|
835,561,739
|
|
Land use rights,
net
|
|
|
33,025,874
|
|
|
|
31,943,652
|
|
Long-term prepayments
to equipment and
construction suppliers
|
|
|
224,826,888
|
|
|
|
190,627,514
|
|
Other non-current
assets
|
|
|
13,148,575
|
|
|
|
12,924,279
|
|
Total
assets
|
|
|
2,539,232,651
|
|
|
|
2,544,103,683
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK
AND STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term loans,
including current portion of long-term bank loans
|
|
|
674,006,093
|
|
|
|
775,396,929
|
|
Bills
payable
|
|
|
431,472,146
|
|
|
|
252,768,510
|
|
Accounts
payable
|
|
|
47,678,749
|
|
|
|
227,993,140
|
|
Income taxes
payable
|
|
|
15,879,046
|
|
|
|
17,710,217
|
|
Accrued expenses and
other current liabilities
|
|
|
144,619,028
|
|
|
|
138,605,509
|
|
Total current
liabilities
|
|
|
1,313,655,062
|
|
|
|
1,412,474,305
|
|
Long-term bank loans,
excluding current portion
|
|
|
145,577,201
|
|
|
|
114,208,319
|
|
Deferred
income
|
|
|
108,962,772
|
|
|
|
99,168,276
|
|
Other non-current
liabilities
|
|
|
111,839,048
|
|
|
|
107,898,318
|
|
Total
liabilities
|
|
|
1,680,034,083
|
|
|
|
1,733,749,218
|
|
|
|
|
|
|
|
|
|
|
Redeemable Series
D convertible preferred stock
(redemption amount of US$252,601,000 and
US$244,044,200 as of March 31, 2018 and
December 31, 2017, respectively)
|
|
|
97,576,465
|
|
|
|
97,576,465
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Series B preferred
stock
|
|
|
100
|
|
|
|
100
|
|
Common stock,
US$0.0001 par value, 500,000,000
shares authorized, 49,748,731 shares and
49,748,731 shares issued, 49,727,731 shares and
49,727,731 shares outstanding as of March 31,
2018 and December 31, 2017, respectively
|
|
|
4,975
|
|
|
|
4,975
|
|
Treasury stock,
21,000 shares at cost
|
|
|
(92,694)
|
|
|
|
(92,694)
|
|
Additional paid-in
capital
|
|
|
83,242,685
|
|
|
|
83,159,893
|
|
Retained
earnings
|
|
|
667,890,370
|
|
|
|
648,790,469
|
|
Accumulated other
comprehensive income (loss)
|
|
|
10,576,667
|
|
|
|
(19,084,743)
|
|
Total stockholders'
equity
|
|
|
761,622,103
|
|
|
|
712,778,000
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
|
-
|
|
Total liabilities,
redeemable convertible
preferred stock and stockholders'
equity
|
|
|
2,539,232,651
|
|
|
|
2,544,103,683
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
Three-Month Period
Ended March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
|
US$
|
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
310,453,033
|
|
|
|
237,840,197
|
|
Cost of
revenues
|
|
|
(256,585,577)
|
|
|
|
(203,068,027)
|
|
Gross
profit
|
|
|
53,867,456
|
|
|
|
34,772,170
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(1,051,009)
|
|
|
|
(518,813)
|
|
General and
administrative expenses
|
|
|
(8,875,009)
|
|
|
|
(7,053,671)
|
|
Research and
development expenses
|
|
|
(5,049,898)
|
|
|
|
(5,851,100)
|
|
Total operating
expenses
|
|
|
(14,975,916)
|
|
|
|
(13,423,584)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
38,891,540
|
|
|
|
21,348,586
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,312,623
|
|
|
|
1,163,259
|
|
Interest
expense
|
|
|
(12,894,205)
|
|
|
|
(10,021,976)
|
|
Foreign currency
exchange losses
|
|
|
(3,955,808)
|
|
|
|
(476,085)
|
|
Losses on foreign
currency option contracts
|
|
|
(520,981)
|
|
|
|
-
|
|
Government
grant
|
|
|
1,477,559
|
|
|
|
1,439,531
|
|
Total non-operating
expense, net
|
|
|
(13,580,812)
|
|
|
|
(7,895,271)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
25,310,728
|
|
|
|
13,453,315
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(6,210,827)
|
|
|
|
(3,552,326)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
19,099,901
|
|
|
|
9,900,989
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
0.29
|
|
|
|
0.15
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
19,099,901
|
|
|
|
9,900,989
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of
nil income taxes
|
|
|
29,661,410
|
|
|
|
3,918,303
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
48,761,311
|
|
|
|
13,819,292
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Three-Month Period
Ended March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
|
US$
|
|
|
US$
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net cash provided
by (used in) operating
activities
|
|
|
28,429,789
|
|
|
|
(47,564,499)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of time
deposits
|
|
|
(163,426,937)
|
|
|
|
(59,853,272)
|
|
Proceeds from
maturity of time deposits
|
|
|
119,741,660
|
|
|
|
168,083,097
|
|
Purchase of and
deposits for property, plant
and equipment
|
|
|
(64,469,960)
|
|
|
|
(328,428,788)
|
|
Refund of deposit
from an equipment supplier
|
|
|
60,054,417
|
|
|
|
75,052,508
|
|
Purchases of land use
rights
|
|
|
-
|
|
|
|
(3,036,333)
|
|
Government
grantrelated to the industrial
project for 300,000 metric tons
biological composite materials
|
|
|
6,953,816
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(41,147,004)
|
|
|
|
(148,182,788)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
borrowings
|
|
|
251,134,403
|
|
|
|
316,586,547
|
|
Repayment of bank
borrowings
|
|
|
(347,339,779)
|
|
|
|
(188,024,421)
|
|
Net cash (used in)
provided by financing activities
|
|
|
(96,205,376)
|
|
|
|
128,562,126
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rate
changes on cash, cash equivalents,
and
restricted cash
|
|
|
10,101,313
|
|
|
|
1,608,314
|
|
Net decrease in
cash, cash equivalents, and
restricted cash
|
|
|
(98,821,278)
|
|
|
|
(65,576,847)
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash
at beginning of period
|
|
|
320,091,665
|
|
|
|
271,575,847
|
|
Cash, cash
equivalents, and restricted cash
at end of period
|
|
|
221,270,387
|
|
|
|
205,999,000
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow
information:
|
|
|
|
|
|
|
|
|
Interest paid, net of
capitalized interest
|
|
|
11,062,464
|
|
|
|
8,482,216
|
|
Income taxes
paid
|
|
|
7,064,571
|
|
|
|
5,057,042
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
|
Accrual for purchase
of property, plant and
equipment
|
|
|
196,911
|
|
|
|
4,147,349
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows a reconciliation of cash, cash
equivalents and restricted cash on the condensed consolidated
balance sheets to that presented in the above condensed
consolidated statements of cash flows.
|
|
Three-Month Period
Ended March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
|
US$
|
|
|
US$
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
50,814,789
|
|
|
|
57,695,720
|
|
Restricted
cash
|
|
|
170,455,598
|
|
|
|
148,303,280
|
|
Total cash, cash
equivalents, and restricted
cash shown in the statement of cash
flows
|
|
|
221,270,387
|
|
|
|
205,999,000
|
|
|
|
|
|
|
|
|
|
|
|
CHINA XD PLASTICS
COMPANY LIMITED
|
|
Reconciliation of
Net Income to EBITDA
|
|
(Amounts expressed
in United States Dollars)
|
|
Three Months Ended
|
|
March
31
|
|
2018
|
2017
|
|
|
|
Net income
|
$19,099,901
|
$9,900,989
|
Interest
expense
|
12,894,205
|
10,021,976
|
Provision for income
taxes
|
6,210,827
|
3,552,326
|
Depreciation and
amortization expense
|
11,442,287
|
10,493,783
|
EBITDA
|
$49,647,220
|
$33,969,074
|
View original
content:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-first-quarter-2018-financial-results-300646258.html
SOURCE China XD Plastics Company Limited