- Revenue of $317.3
million -
- Net Income
of $27.2 million
-
- Reiterating Fiscal 2018 Guidance
of $1.2-$1.4
Billion in Revenue, $90-$110 Million in
Net Income -
HARBIN, China, Aug. 9, 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 second quarter ended June 30,
2018.
Second Quarter 2018 Financial Summary
- Revenue was $317.3 million, an increase of 1.2% YoY
- Gross profit was $56.2 million, a decrease of 10.9%
YoY
- Gross margin of 17.7%, a decrease of 240 basis points YoY
- Net income was $27.2 million, an decrease of 3.2% YoY
- EBITDA was $55.3 million, an
increase of 1.1% YoY
- Total volume shipped was 103,678 metric tons, a decrease of
0.9% YoY
"We are pleased with our quarterly results with continuing top
line growth." 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 positioned 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. It is expected that the construction
of Sichuan facility with 300,000
metric tons of annual production will be completed by the end of
September, 2018, a key milestone in our corporate development. The
new facility also further 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."
"Our new facility in Dubai also
extends our specialized high-end 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
August 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."
"We take pride of our achievement in the past and remain
confident in the long term prospect of our business. The recent
nationwide deleveraging efforts in China, however, has significant impact on
activities of many companies in China, including merger and acquisition as
well as privatization. To ensure the success of the Company's
expansion strategy in multiple regions and sectors, we will be more
fiscally vigilant and responsible and improving our capital
structure by swapping more short term debts with longer term
instruments among other means in order to maintain a stable and
sound balance sheet and weather potential and unexpected turbulence
in the future."
Second Quarter 2018 Results
Revenues were $317.3 million for
the second quarter of 2018, compared to $313.6 million for the same period of 2017,
representing an increase of $3.7
million, or 1.2%. The year-over-year increase was primarily
due to i) a depreciation of USD against RMB by 7.0%; partially
offset by: ii) a decrease of 5.0% in the average RMB selling price
of our products; and iii) a decrease of 0.9% in sales volume, as
compared with those of last year.
PRC domestic revenues increased by $37
million in the second quarter of 2018, compared to the same
period of 2017, as a result of i) an increase of 2.2% in sales
volume; ii) a depreciation of USD against RMB by 7.0%; and iii) an
increase of 2.8% 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 production and
sales in China increased by 4.15%
and 5.57%, respectively, for the first half year of 2018 as
compared to the same period of 2017. An improvement in
macroeconomic conditions since 2017 has improved business
conditions and ease pricing pressures. Driven by accelerating
growth of 1.5% in Northeast China,
120.8% in Central China, 111.0% in
South China, 52.1% in Southwest China, 1.0% in North China, and 1.7% in East China, our
domestic sales during the three month ended June 30, 2018 increased by 13.0%, as compared to
the same period of the prior year. As for the RMB selling price,
the increase was mainly due to more sales of higher end product of
modified PA66, PLA and PPO in China.
For the three months ended June 30,
2018, revenues from overseas market was US$53,353 as compared to US$33.0 million 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
June 30, 2018, the customer has an
outstanding balance of US$46.6
million, among which balance of US$10.2 million was less than 3 months,
US$32.4 million was 3-6 month past
due, US$4.0 million was overdue for
7-12 month past due. The customer expected to pay off the
outstanding balance by September 2018. As the account
receivable balance was overdue, the Company suspended sales to this
oversea customer in 2018.
Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in
total accounted for 82.5% of revenues in the second quarter of
2018, compared to 81.5% for the same period of 2017. During
the second 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 demand from end consumer recognition of higher-end
cars made by automotive manufacturers from Chinese and Germany joint ventures, Sino-U.S. and
Sino-Japanese joint ventures, which manufacturers tend to use
more and higher-end modified plastics in quantity per vehicle in
China.
Gross profit was $56.2 million in
the second quarter ended June 30,
2018, compared to $63.1
million in the same period of 2017, representing a decrease
of $6.9 million, or 10.9%. Our
gross margin decreased to 17.7% during the second quarter ended
June 30, 2018 from 20.1% during the
same quarter of 2017 primarily because there were no overseas sales
in the second quarter ended June 30,
2018 which usually contains high profits products sales.
General and administrative (G&A) expenses were US$ 11.3 million for the quarter ended
June 30, 2018 compared to
US$8.8 million in the same period in
2017, representing an increase of 28.4%, or US$2.5 million. The increase was primarily due to
the increase of (i) US$2.4 million in
stock based compensation and (ii) US$0.1
million in salary and welfare resulting from the increase in
the number of management and general staff from supporting
departments.
Research and development (R&D) expenses were US$5.3 million for the second quarter of 2018,
compared to US$9.5 million for the
same period of 2017, representing a decrease of $4.2 million, or 44.2%. The decrease was
primarily due to the decrease of raw materials used. As of
June 30, 2018, the number of ongoing
research and development projects was 401.
Operating income was $36.0 million
for the second quarter of 2018, compared to $44.0 million for the same period of 2017,
representing a decrease of $8.0
million, or 18.2%. This decrease is primarily due to lower
gross profit, higher selling expenses and G&A expenses,
partially offset by lower R&D expenses.
Net interest expense was $10.3
million for the second quarter of 2018, compared to net
interest expense of $11.0 million for
the same period of 2017, representing a decrease of $0.7 million, or 6.4%. This decrease is primarily
due to (i) the decrease of interest expense resulting from the
weighted average loan interest rate decreased to 4.6% for the
three-month period ended June 30,
2018 as compared to 4.9% of the same period of 2017; and
partially offset by (ii) the increase of average short-term and
long-term loan balance in the amount of US$925.0 million for the three-month period ended
June 30, 2018 compared to
US$849.0 million for the same period
in 2017.
Income tax expense was $5.5
million for the second quarter of 2018, representing an
effective income tax rate of 16.8%, compared to income tax expense
of $4.1 million in the same period of
2017, representing an effective income tax rate of 12.8%. The
increase of effective income tax rate was primarily due to increase
of continuous operating losses occurred in overseas subsidiaries
such as Dubai Xinda and Xinda Holding (HK), the decrease of 50%
additional deduction of R&D expense and partially offset by the
increase of Sichuan Xinda's PBT percentage within the consolidating
entities. The effective income tax rate for the three-month ended
June 30, 2018 differs from the PRC
statutory income tax rate of 25% primarily due to Sichuan Xinda's
preferential income tax rate, the reversal of the unrecognized tax
benefits in year 2012 and 50% additional deduction of R&D
expenses of the major PRC operating entities.
Net income was $27.2 million for
the second quarter of 2018, compared to $28.1 million for the same period of 2017,
representing a decrease of $0.9
million, or 3.2%. Basic and diluted earnings per share for
the three-month period ended June 30,
2018 were $0.41, compared to
$0.43 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 50.3 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 $55.3 million for the
second quarter of 2018, compared to $54.7
million for the same period of 2017, representing an
increase of $0.6 million, or
1.1%. 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 June 30, 2018, the Company
had $449.4 million in the total
amount of cash and cash equivalents, restricted cash and time
deposits, a decrease of $158.7
million or 26.1% as compared to $608.1 million as of December 31, 2017. As of the June 30, 2018, working capital was negative
$174.3 million (current assets minus
current liabilities) and the current ratio (current assets
divided by current liabilities) was 0.9, as compared to the current
ratio of 1.0 as of December 31, 2017.
Stockholders' equity as of June 30,
2018 was $752.1 million, an
increase of $39.3 million or 5.5% as
compared to $712.8 million as of
December 31, 2017.
Inventories increased by 30.4% as compared to the end of fiscal
year 2017 as a result of more purchases of the raw materials and
the Company's strategy to stock up the finished goods for the
upcoming order. Prepaid expenses and other current assets
decreased by 41.0% or US$59.1 million
as compared to the end of fiscal year 2017 as Sichuan Xinda
received the refund of prepayment from equipment supplier in
January 2018. Prepayments to
equipment supplier and construction suppliers increased by 166.2%
or US$316.7 million as compared to
the end of fiscal year 2017 because HLJ Xinda Group prepaid to
equipment to purchase equipment for the industrial project of
upgrading existing equipment for 300,000 metric tons of biological
based composite material and 100,000 metric tons of engineering
plastics and Sichuan Xinda prepaid to equipment supplier to
purchase equipment for the production of 300,000 metric tons of
bio-composite materials. The aggregate short-term and long-term
bank loans decreased by 13.7% as compared to the end of fiscal year
2017 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.
Financial Guidance and Business Outlook
The Company reiterates its financial guidance for fiscal 2018 to
range between $1.2 and $1.4 billion 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 $90 and $110
million. 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 September of 2018
and the end of August of 2018, respectively. It also assumes
the average exchange rate of the US dollar to RMB at 6.8 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
On July 14, 2018, Xinda Holding
(HK) entered into a subscription intent agreement with Changmu
Investment (Beijing) Company
Limited ("Changmu"), a company wholly controlled by Mr. Tiexin Han,
the son of Mr. Jie Han, the
Registrant's Chief Executive Officer and Chairman of the Company.
Pursuant to the terms of the agreement, HLJ Xinda Group received
USD75.6 million (RMB500 million) from Changmu on June 29, 2018 which was injected into HLJ Xinda
Group in order to subscribe newly authorized registered capital of
HLJ Xinda Group (the "Subscription"), subject to further
negotiations among the parties of one or more definitive agreements
governing the terms of the Subscription, including the valuation of
HLJ Xinda Group. An agreement was subsequently entered on
August 8, 2018 and the transaction
will be reclassified as non-controlling interests and additional
paid-in capital from amounts due to a related party. Subject to
final independent evaluation, Xinda Holding (HK) Company Limited
and Changmu's equity interests in HLJ Xinda Group are estimated to
be 75% and 25%, respectively.
Conference Call
China XD Plastics' senior management will host a conference call
at 9:00 am Eastern Time on Thursday,
August 9th, 2018, to discuss its second 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
8991228.
A recording of the conference call will be available through
August 16th, 2018, by calling
+1-855-452-5696 (for callers in the U.S.) and entering pass code
89991228.
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 31 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 June 30,
2018, 464 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.
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.
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
June
30,
|
|
December
31,
|
|
2018
|
|
2017
|
|
US$
|
|
US$
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
72,721,460
|
|
190,392,211
|
Restricted
cash
|
263,254,352
|
|
129,699,454
|
Time
deposits
|
113,351,268
|
|
288,023,017
|
Accounts receivable,
net of allowance for doubtful accounts
|
308,622,962
|
|
298,868,984
|
Inventories
|
549,782,095
|
|
421,736,682
|
Prepaid expenses and
other current assets
|
85,211,205
|
|
144,326,151
|
Total current
assets
|
1,392,943,342
|
|
1,473,046,499
|
Property, plant and
equipment, net
|
813,775,162
|
|
835,561,739
|
Land use rights,
net
|
31,226,580
|
|
31,943,652
|
Long-term prepayments
to equipment and construction suppliers
|
507,306,748
|
|
190,627,514
|
Other non-current
assets
|
16,102,868
|
|
12,924,279
|
Total
assets
|
2,761,354,700
|
|
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
|
635,504,864
|
|
775,396,929
|
Bills
payable
|
519,466,191
|
|
252,768,510
|
Accounts
payable
|
166,693,789
|
|
227,993,140
|
Amounts due to a
related party
|
75,567,512
|
|
-
|
Income taxes
payable
|
16,612,181
|
|
17,710,217
|
Accrued expenses and
other current liabilities
|
153,355,737
|
|
138,605,509
|
Total current
liabilities
|
1,567,200,274
|
|
1,412,474,305
|
Long-term bank loans,
excluding current portion
|
132,304,205
|
|
114,208,319
|
Deferred
income
|
105,746,194
|
|
99,168,276
|
Other non-current
liabilities
|
106,440,118
|
|
107,898,318
|
Total
liabilities
|
1,911,690,791
|
|
1,733,749,218
|
|
|
|
|
Redeemable Series
D convertible preferred stock (redemption amount of
US$252,601,000
and US$244,044,200 as of June 30, 2018 and December 31, 2017,
respectively)
|
97,576,465
|
|
97,576,465
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Series B preferred
stock
|
100
|
|
100
|
Common stock,
US$0.0001 par value, 500,000,000 shares authorized, 50,308,731
shares and
|
5,031
|
|
4,975
|
49,748,731 shares issued, 50,287,731 shares and 49,727,731
shares outstanding as of
|
June 30, 2018 and December 31, 2017, respectively
|
Treasury stock,
21,000 shares at cost
|
(92,694)
|
|
(92,694)
|
Additional paid-in
capital
|
85,789,902
|
|
83,159,893
|
Retained
earnings
|
695,114,448
|
|
648,790,469
|
Accumulated other
comprehensive loss
|
(28,729,343)
|
|
(19,084,743)
|
Total stockholders'
equity
|
752,087,444
|
|
712,778,000
|
Commitments and
contingencies
|
-
|
|
-
|
Total liabilities,
redeemable convertible preferred stock and stockholders'
equity
|
2,761,354,700
|
|
2,544,103,683
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
Three-Month Period
Ended
June 30,
|
|
Six-Month Period
Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
US$
|
|
US$
|
|
US$
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
317,329,520
|
|
313,555,663
|
|
627,782,553
|
|
551,395,860
|
Cost of
revenues
|
(261,175,654)
|
|
(250,446,461)
|
|
(517,761,231)
|
|
(453,514,488)
|
Gross
profit
|
56,153,866
|
|
63,109,202
|
|
110,021,322
|
|
97,881,372
|
|
|
|
|
|
|
|
|
Selling
expenses
|
(3,562,711)
|
|
(705,337)
|
|
(4,613,720)
|
|
(1,224,150)
|
General and
administrative expenses
|
(11,348,767)
|
|
(8,844,582)
|
|
(20,223,776)
|
|
(15,898,253)
|
Research and
development expenses
|
(5,288,636)
|
|
(9,546,922)
|
|
(10,338,534)
|
|
(15,398,022)
|
Total operating
expenses
|
(20,200,114)
|
|
(19,096,841)
|
|
(35,176,030)
|
|
(32,520,425)
|
|
|
|
|
|
|
|
|
Operating
income
|
35,953,752
|
|
44,012,361
|
|
74,845,292
|
|
65,360,947
|
|
|
|
|
|
|
|
|
Interest
income
|
1,029,675
|
|
970,293
|
|
3,342,298
|
|
2,133,552
|
Interest
expense
|
(11,274,575)
|
|
(11,951,851)
|
|
(24,168,780)
|
|
(21,973,827)
|
Foreign currency
exchange gains (losses)
|
5,632,970
|
|
(1,870,977)
|
|
1,677,162
|
|
(2,347,062)
|
Losses on foreign
currency option contracts
|
-
|
|
-
|
|
(520,981)
|
|
-
|
Government
grant
|
1,378,484
|
|
1,023,922
|
|
2,856,043
|
|
2,463,453
|
Total non-operating
expense, net
|
(3,233,446)
|
|
(11,828,613)
|
|
(16,814,258)
|
|
(19,723,884)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
32,720,306
|
|
32,183,748
|
|
58,031,034
|
|
45,637,063
|
|
|
|
|
|
|
|
|
Income tax
expense
|
(5,496,228)
|
|
(4,119,756)
|
|
(11,707,055)
|
|
(7,672,082)
|
|
|
|
|
|
|
|
|
Net income
|
27,224,078
|
|
28,063,992
|
|
46,323,979
|
|
37,964,981
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
Basic and
diluted
|
0.41
|
|
0.43
|
|
0.70
|
|
0.58
|
|
|
|
|
|
|
|
|
Net
Income
|
27,224,078
|
|
28,063,992
|
|
46,323,979
|
|
37,964,981
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
(39,306,010)
|
|
13,751,361
|
|
(9,644,600)
|
|
17,669,664
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss)
|
(12,081,932)
|
|
41,815,353
|
|
36,679,379
|
|
55,634,645
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Six-Month Period
Ended June 30,
|
|
2018
|
|
2017
|
|
US$
|
|
US$
|
Cash flows from
operating activities:
|
|
|
|
Net cash provided
by operating activities
|
152,600,917
|
|
166,636,423
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Proceeds from
maturity of time deposits
|
388,105,630
|
|
244,825,478
|
Purchase of time
deposits
|
(210,380,884)
|
|
(215,714,244)
|
Purchase of land use
rights
|
-
|
|
(6,214,207)
|
Purchase of and
deposits for property, plant and equipment
|
(334,739,673)
|
|
(281,550,529)
|
Refund of deposit
from an equipment supplier
|
60,054,417
|
|
75,197,802
|
Deposits for
acquisition of equity
|
(3,640,688)
|
|
-
|
Government grant
related to the construction projects
|
10,558,608
|
|
7,136,482
|
Net cash used in
investing activities
|
(90,042,590)
|
|
(176,319,218)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from bank
borrowings
|
470,494,396
|
|
441,425,024
|
Repayments of bank
borrowings
|
(587,236,484)
|
|
(311,342,509)
|
Investment received in advance
from a related party
|
75,567,512
|
|
-
|
Net cash (used in)
provided by financing activities
|
(41,147,576)
|
|
130,082,515
|
|
|
|
|
Effect of foreign
currency exchange rate changes on cash, cash equivalentsand
restricted cash
|
(5,499,604)
|
|
7,995,135
|
Net increase in
cash, cash equivalents and restricted cash
|
15,884,147
|
|
128,394,855
|
|
|
|
|
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
|
335,975,812
|
|
399,970,702
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Interest paid, net of
capitalized interest
|
23,267,235
|
|
17,323,875
|
Income taxes
paid
|
12,906,780
|
|
7,353,371
|
Non-cash investing
and financing activities:
|
|
|
|
Accrual for purchase
of equipment and construction included in accrued expenses and
other
current liabilities
|
6,057,014
|
|
5,379,730
|
|
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.
|
|
|
|
June
30,
|
|
2018
|
|
2017
|
|
US$
|
|
US$
|
|
|
|
|
Cash and cash
equivalents
|
72,721,460
|
|
279,825,075
|
Restricted
cash
|
263,254,352
|
|
120,145,627
|
Total cash, cash
equivalents, and restricted cash shown in the statement of cash
flows
|
335,975,812
|
|
339,970,702
|
CHINA XD PLASTICS
COMPANY LIMITED
|
Reconcilation of
Net Income to EBITDA
|
(Amounts expressed
in United States Dollars)
|
|
Three Months
Ended
|
|
June
30,
|
|
2018
|
2017
|
|
|
|
Net income
|
$27,224,078
|
$28,063,992
|
Interest
expense
|
11,274,575
|
11,951,851
|
Provision for income
taxes
|
5,496,228
|
4,119,756
|
Depreciation and
amortization expense
|
11,348,832
|
10,585,602
|
EBITDA
|
55,343,713
|
54,721,201
|
View original
content:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-second-quarter-2018-financial-results-300694664.html
SOURCE China XD Plastics Company Limited