HARBIN, China, Aug. 6, 2015 /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, 2015.
Second Quarter 2015 Financial Highlights
- Revenue was $265.4 million, an increase of 0.5% YoY and
19.6% sequentially
- Gross profit was $51.5 million, a decrease of 1.5% YoY and
increase of 6.0% sequentially
- Gross margin of 19.4% decreased 39 basis points YoY and 252
basis points sequentially
- Net income was $25.5 million, an increase of 28.8% YoY and
0.4% sequentially
- Total volume shipped was 84,833 metric tons, up 4.0% from
81,584 metric tons in the second quarter of 2014
"We reported consistently stable cash flow in the first half of
2015 amidst slowing and challenging conditions in China's domestic automotive market," said
Jie Han, Chairman of the Board of
Directors and Chief Executive Officer. Vehicle sales in
China grew by 1.4% in the first
half of 2015, the slowest rate in approximately 24 years, amid
which the State-backed auto association revised its 2015 full year
forecast to 3% growth due to the economic slowdown in the world's
largest car market. Further, both automakers and parts
manufacturers in China experienced
pricing pressure from 2014 to the present. The unusual volatility
of the Chinese stock market since June
2015 also seemed to have certain negative impact on consumer
sentiments. While our top line was virtually even with the year-ago
quarter, our focus on high-end manufacturing led to strong sales
outside of our traditional sales base in China, which coupled with our disciplined
working capital management, resulted in a 14% increase in EBITDA
for the quarter.
"We are pleased to announce that our new facility in
Dubai has been operational since
late May. The facility contains state-of-the-art equipment that
produces an array of specialized high-margin products and serves as
a gateway to geographic opportunities in the Middle East and Europe. It is expected that further expansion
of this facility will be mostly completed by the end of the
year."
Mr. Han continued, "Our expansion plans in Southwest China are proceeding as scheduled
and we are seeing new and increasing demand for our products from
this region, since Southwest China
is rapidly becoming a major auto manufacturing hub and a center for
high speed rail, shipping and aviation. While we expect automotive
applications to continue to be our core business, the new facility
will include precision equipment that will facilitate product
deployment into additional growth verticals."
"We continue to work closely with our upstream customers in the
earliest phases of the development process and believe that it is
our technological edge as well as our relentless pursuit of new and
improved products for our customers that afford us a strong
competitive advantage. We are confident that our ongoing
expansion and culture of innovation will enable us to leverage our
market position and weather different industry conditions in the
periods ahead," concluded Chairman and Chief Executive Officer
Jie Han.
Second Quarter 2015 Results
Revenues for the second quarter of 2015 were $265.4 million, representing a year-over-year
increase of 0.5% from $264.2 million
in the second quarter of 2014. The year-over-year increase was
primarily due to a 4.0% increase in sales volume, which was
partially offset by a 3.4% decrease in the average selling price of
our products.
Gross profit was $51.5 million in
the second quarter ended June 30,
2015 compared to $52.3 million
in the same period of 2014, representing a decrease of 1.5%. Our
gross margin decreased to 19.4% during the quarter ended
June 30, 2015 from 19.8% during the
same quarter of 2014 primarily due to pricing pressure resulting
from the slowdown of the auto industry in China, the increase of depreciation expenses
as the production facility in Dubai was put into operation and no more
orders for two individual products from a Korean customer. The
average selling price decreased by 3.4% for the quarter ended
June 30, 2015 as compared to that of
the prior year.
Premium products in total (PLA, POM, PPO, PA6, PA66 and plastic
alloy) accounted for 79.0% of revenues in the second quarter of
2015 compared to 75.3% in the comparable year-ago quarter. Sales to
the Korean market accounted for 11.0% of total revenue, which
primarily consisted of long carbon chain plastic alloy and
high-performance modified applications for auto functional
components which include engine parts and components for high-end
appliances and circuit boards.
General and administrative expenses were $6.6 million in the second quarter of 2015
compared to $4.5 million in the same
period of 2014, representing an increase of 46.7%, or $2.1 million. This increase is primarily due to
the increase of (i) $0.7 million of
stamp duties in connection with our business expansion; (ii)
$ 0.7 million of expenses incurred
for the opening of temporary exhibition centre in Sichuan; and (iii) $0.7
million of other miscellaneous expenses.
Research and development expenses (R&D) were $6.7 million during the quarter ended
June 30, 2015 compared with
$13.4 million during the same period
in 2014, a decrease of $6.7 million,
or 50.0%. This reflects the Company's efforts to adjust its
research and development activities to focus on new products
primarily for industrialized applications from automotive to other
advanced fields such as ships, airplanes, high-speed rail, 3D
printing materials, biodegradable plastics, and medical devices,
etc. As of June 30, 2015, the
number of ongoing research and development projects was 144.
Operating income was $37.8 million
in the second quarter ended June 30,
2015, compared to $34.3
million in the same period of 2014, representing an increase
of 10.2%, or $3.5 million. The
increase in operating income was primarily due to lower R&D
expenses, partially offset by higher general and administrative
expenses.
Net interest expense was $8.5
million for the three-month period ended June 30, 2015, compared to net interest expense
of $8.2 million in the same period of
2014, primarily due to (i) the decrease of interest income which
was caused by the decrease of average deposit balance in the amount
of $344.5 million for the three
months ended June 30, 2015 compared
to $442.4 million for the same period
of 2014, combined with the decrease in the average interest rate of
2.8% for the three month period ended June
30, 2015 compared to 3.0% for the same period of 2014; and
(ii) the decrease of interest expense which was caused by the
decrease in the average interest rate to that of 5.3% for the three
months ended June 30, 2015 compared
to 5.7% for the three months ended June 30,
2014, which was offset by the increase of short-term and
long-term loans in the amount of $409.9
million for the three months ended June 30, 2015 compared to $374.4 million of the prior year.
Income tax expense was $4.4
million in the second quarter of 2015, representing an
effective income tax rate of 14.7%, compared to an effective income
tax rate of 19.8% in the second quarter of 2014.The decrease was
primarily due to the Sichuan Xinda Group's R&D expense bonus
tax deduction. The decrease was partially offsetting by effect of
tax rate differential on entities not subject to PRC income tax,
effect of non-deductible expenses and increase of valuation
allowances against deferred income tax assets of certain
subsidiaries, which were at a cumulative loss position.
Net income was $25.5 million for
the second quarter of 2015 compared to $19.8
million for the same period of 2014, representing an
increase of $5.7 million or 28.8%. Basic and diluted earnings
per share for the second quarter of 2015 were $0.39 compared to $0.30 per basic and diluted share in the second
quarter of 2014.
Average number of shares used in the computation of basic and
diluted earnings per share for the three months ended June 30, 2015 was 49.2 million compared to 48.8
million in the prior year period.
EBITDA was $47.8 million for the
second quarter of 2015, an increase of 14.3% from EBITDA of
$41.8 million in the prior year
period. 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, 2015, the Company
had $52.7 million in cash and cash
equivalents, $43.6 million in
restricted cash, $231.8 million in time deposits with
commercial banks, $346.8 million in
working capital and a current ratio of 1.7 times. The
Company's financial condition continued to improve as measured by a
9.6% increase in stockholders' equity to $575.9 million as of June
30, 2015 as compared to $525.3
as of December 31, 2014.
Inventories were $287.1 million as
of the second quarter of 2015, an increase of 14.9% from fiscal
year end 2014. This was attributable to the opportunistic
purchase of lower cost raw materials due to lower crude oil prices,
and the need to ship products to customers in farther locations,
such as Southwest China,
South China, Central China and Korea.
The Company's aggregate short-term bank loans, long-term bank
loans and notes payable increased by 17.5% in the second quarter of
2015 from fiscal year end 2014 as we further utilized our existing
lines of credit within the constraints of maintaining a manageable
debt level. We define a manageable debt level as the aggregate sum
of short-term bank loans, long-term bank loans and notes payable
over total assets. Accounts payable and bills payable increased by
23.6% as a result of more purchases made by the Company because of
the lower purchase price of the raw materials and its strategy to
stock up the inventory. As of June 30,
2015, notes payable was $148.8
million relating to the 11.75% guaranteed senior notes due
in 2019, net of discount.
Business Outlook and Guidance
This slowing growth of the economy and auto industry in
China has increased pricing and
sales pressure on China's auto
industry's upstream suppliers. In Particular, plastic
fabricators are seeking new
products utilizing lower cost raw materials and more cost-efficient
formulations. The pricing of the majority of the Company's existing
products was under some pressure in the second quarter with our
average selling price experiencing a 3.4% decline from the year-ago
quarter.
While China continues to be a
growing and prosperous economy, uncertainty as to China's macroeconomic environment both
domestically and internationally,
may inhibit consumer buying for such large-ticket items as
automobiles. While the market environment for the automobile sector
could be challenging for the rest of 2015, we believe that we have
adapted to changing market dynamics by offering more cost-effective
formulations of our products and by expanding our product portfolio
to applications in other industries.
Due to our leading market position, culture of innovation and
visibility into current and new business, we are reiterating our
full year guidance for 2015. The Company expects full-year
2015 sales to be in the $960
million to $1.06 billion range, and
expects net income to be in the $100 million to $120 million range. This financial forecast
reflects the Company's business outlook for the remainder of fiscal
2015. It makes certain assumptions about the impact of crude
oil prices on polymer composite materials for 2015 and makes
assumptions about exchange rates and interest expense associated
with both its long and short-term debt. This financial guidance is
subject to revision based on changing market conditions at any
time.
Conference Call
China XD Plastics' management will host a conference call at
8:30 a.m. ET on Thursday, August 6, 2015, to discuss its second
quarter of 2015 financial results. The conference call can be
accessed by dialing +1 (855) 298-3404 (for callers in the U.S.),
+86-4001-200-539 (for Mainland China callers) or +852 5808 3202
(for Hong Kong callers) and
entering pass code 8826053.
A recording of the conference call will be available through
August 13, 2015, by calling +1 (866)
846-0868 (for callers in the U.S.) and entering pass code
8826053.
A live webcast and replay of the conference call will be
available on the investor relations page of the Company's website
at http://www.chinaxd.net.
About China XD Plastics Company Limited
China XD Plastics Company Limited, one of China's leading specialty chemical companies,
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 27 automobile
brands manufactured in China,
including without limitation, AUDI, BMW, Volkswagen, Buick, Mazda,
and Toyota. 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, 2015, 339 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
http://www.chinaxd.net.
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 volatility of the
Company's operating results and financial condition; the Company's
ability to raise additional capital to finance the Company's
activities; the Company's and its subsidiaries' ability to fully
perform all of their obligations under the guaranteed senior notes
transaction and other contractual obligations applicable to them;
the effectiveness, profitability, and the marketability of its the
ongoing mix shift to more advanced products; the prospect of the
Company's Dubai facility, and the
associated expansion into Middle
East, Europe and other
parts of Asia; the prospect of the
Company's Southwest China
facility, and its penetration into Southwest China; the impact of volatile crude
oil prices on the Company's efforts to diversify its product
offers; market for plastic resins; legal and regulatory risks; the
Company's projections of its revenues for performance in fiscal in
2015; the Company's ability to execute its growth strategy and the
effectiveness of its marketing strategy; the future trading of the
common stock of the Company; the Company's ability to operate as a
public company; the period of time for which its current liquidity
will enable the Company to fund its operations; general economic
and business conditions; the volatility of the Company's operating
results and financial condition; the Company's ability to attract
or retain qualified senior management personnel and research and
development staff; 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. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about the Company and the industry. 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.
Contacts:
China XD Plastics
Mr. Taylor Zhang
CFO (New York)
US Phone: +1 (212) 747-1118
Email: cxdc-ir@chinaxd.net
Grayling
Vivian Chen
Managing Director
Email: vivian.chen@grayling.com
-Financial Tables Follow-
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
June
30,
2015
|
|
|
December
31,
2014
|
|
|
|
$
|
|
|
$
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
52,702,280
|
|
|
|
45,456,612
|
|
Restricted
cash
|
|
|
43,587,432
|
|
|
|
12,545,772
|
|
Time
deposits
|
|
|
231,779,552
|
|
|
|
238,532,702
|
|
Accounts receivable,
net
|
|
|
211,803,068
|
|
|
|
203,998,138
|
|
Amounts due
from a related party
|
|
|
-
|
|
|
|
220,262
|
|
Inventories
|
|
|
287,072,414
|
|
|
|
249,797,244
|
|
Prepaid expenses and
other current assets
|
|
|
9,384,107
|
|
|
|
11,253,828
|
|
Total current
assets
|
|
|
836,328,853
|
|
|
|
761,804,558
|
|
Property, plant and
equipment, net
|
|
|
315,022,041
|
|
|
|
318,324,600
|
|
Land use rights,
net
|
|
|
18,707,621
|
|
|
|
11,896,542
|
|
Prepayments to
equipment and construction suppliers
|
|
|
294,418,527
|
|
|
|
182,259,578
|
|
Other non-current
assets
|
|
|
40,904,920
|
|
|
|
25,499,744
|
|
Total
assets
|
|
|
1,505,381,962
|
|
|
|
1,299,785,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS'
EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term bank
loans, including current portion of long-term bank loans
|
|
|
217,468,948
|
|
|
|
99,735,422
|
|
Bills
payable
|
|
|
50,561,363
|
|
|
|
43,389,928
|
|
Accounts
payable
|
|
|
190,971,174
|
|
|
|
152,073,014
|
|
Amounts Due to
related parties
|
|
|
141,834
|
|
|
|
-
|
|
Income taxes
payable
|
|
|
4,864,511
|
|
|
|
3,269,115
|
|
Accrued expenses and
other current liabilities
|
|
|
25,534,299
|
|
|
|
24,484,583
|
|
Total
current liabilities
|
|
|
489,542,129
|
|
|
|
322,952,062
|
|
Long-term bank loans,
excluding current portion
|
|
|
130,407,653
|
|
|
|
174,274,446
|
|
Notes
payable
|
|
|
148,750,658
|
|
|
|
148,617,057
|
|
Income taxes
payable
|
|
|
18,460,593
|
|
|
|
14,025,825
|
|
Deferred income tax
liabilities
|
|
|
15,797,125
|
|
|
|
16,951,551
|
|
Deferred
income
|
|
|
28,972,444
|
|
|
|
-
|
|
Total
liabilities
|
|
|
831,930,602
|
|
|
|
676,820,941
|
|
|
|
|
|
|
|
|
|
|
Redeemable Series
D convertible preferred stock
|
|
|
97,576,465
|
|
|
|
97,576,465
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Series B preferred
stock
|
|
|
100
|
|
|
|
100
|
|
Common stock, $0.0001
par value, 500,000,000 shares authorized,
49,182,284 shares and 49,172,796 shares issued, 49,161,284 shares
and
49,151,796 shares outstanding as of June 30, 2015 and December
31, 2014,
respectively
|
|
|
4,917
|
|
|
|
4,916
|
|
Treasury stock,
21,000 shares at cost
|
|
|
(92,694)
|
|
|
|
(92,694)
|
|
Additional paid-in
capital
|
|
|
81,262,157
|
|
|
|
80,875,787
|
|
Retained
earnings
|
|
|
482,706,335
|
|
|
|
431,823,706
|
|
Accumulated other
comprehensive income
|
|
|
11,994,080
|
|
|
|
12,775,801
|
|
Total stockholders'
equity
|
|
|
575,874,895
|
|
|
|
525,387,616
|
|
Commitments and
contingencies
|
|
|
-
|
|
|
|
-
|
|
Total liabilities,
redeemable convertible preferred stock and
stockholders' equity
|
|
|
1,505,381,962
|
|
|
|
1,299,785,022
|
|
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,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
265,412,742
|
|
|
|
264,208,995
|
|
|
|
487,339,137
|
|
|
|
487,789,670
|
|
Cost of
revenues
|
|
|
(213,919,846)
|
|
|
|
(211,909,052)
|
|
|
|
(387,203,965)
|
|
|
|
(388,841,389)
|
|
Gross
profit
|
|
|
51,492,896
|
|
|
|
52,299,943
|
|
|
|
100,135,172
|
|
|
|
98,948,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(438,041)
|
|
|
|
(135,625)
|
|
|
|
(734,861)
|
|
|
|
(257,953)
|
|
General and
administrative expenses
|
|
|
(6,592,032)
|
|
|
|
(4,553,144)
|
|
|
|
(11,556,790)
|
|
|
|
(8,349,508)
|
|
Research and
development expenses
|
|
|
(6,659,310)
|
|
|
|
(13,355,881)
|
|
|
|
(12,473,173)
|
|
|
|
(21,986,615)
|
|
Total operating
expenses
|
|
|
(13,689,383)
|
|
|
|
(18,044,650)
|
|
|
|
(24,764,824)
|
|
|
|
(30,594,076)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
37,803,513
|
|
|
|
34,255,293
|
|
|
|
75,370,348
|
|
|
|
68,354,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,466,291
|
|
|
|
3,454,649
|
|
|
|
4,894,362
|
|
|
|
6,490,014
|
|
Interest
expense
|
|
|
(11,038,295)
|
|
|
|
(11,614,261)
|
|
|
|
(21,667,648)
|
|
|
|
(20,194,238)
|
|
Foreign currency
exchange gains (losses)
|
|
|
322,056
|
|
|
|
406,479
|
|
|
|
231,641
|
|
|
|
(72,711)
|
|
Gains (losses) on
foreign currency
forward contracts
|
|
|
305,825
|
|
|
|
(934,765)
|
|
|
|
660,344
|
|
|
|
(934,765)
|
|
Change in fair value
of warrants liability
|
|
|
-
|
|
|
|
(906,006)
|
|
|
|
-
|
|
|
|
(1,068,745)
|
|
Government
grant
|
|
|
4,814
|
|
|
|
12,974
|
|
|
|
4,814
|
|
|
|
1,324,213
|
|
Total non-operating
expense, net
|
|
|
(7,939,309)
|
|
|
|
(9,580,930)
|
|
|
|
(15,876,487)
|
|
|
|
(14,456,232)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
29,864,204
|
|
|
|
24,674,363
|
|
|
|
59,493,861
|
|
|
|
53,897,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(4,385,601)
|
|
|
|
(4,837,703)
|
|
|
|
(8,611,232)
|
|
|
|
(12,065,262)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
25,478,603
|
|
|
|
19,836,660
|
|
|
|
50,882,629
|
|
|
|
41,832,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
0.39
|
|
|
|
0.30
|
|
|
|
0.77
|
|
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
25,478,603
|
|
|
|
19,836,660
|
|
|
|
50,882,629
|
|
|
|
41,832,711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment,
net of nil income taxes
|
|
|
(616,961)
|
|
|
|
1,346,532
|
|
|
|
(781,721)
|
|
|
|
(12,842,203)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
24,861,642
|
|
|
|
21,183,192
|
|
|
|
50,100,908
|
|
|
|
28,990,508
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
Six-Month Period
Ended June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
|
$
|
|
|
$
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
|
71,660,883
|
|
|
|
61,291,114
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
maturity of time deposits
|
|
|
237,499,197
|
|
|
|
259,984,756
|
|
Purchase of time
deposits
|
|
|
(231,080,300)
|
|
|
|
(362,130,254)
|
|
Purchase of land use
rights
|
|
|
(6,904,447)
|
|
|
|
-
|
|
Purchase of and
deposits for property, plant and equipment
|
|
|
(119,535,975)
|
|
|
|
(86,442,465)
|
|
Net cash used in
investing activities
|
|
|
(120,021,525)
|
|
|
|
(188,587,963)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
borrowings
|
|
|
323,407,459
|
|
|
|
422,150,363
|
|
Repayments of bank
borrowings
|
|
|
(238,181,426)
|
|
|
|
(383,003,049)
|
|
Proceeds from
issuance of the Notes
|
|
|
-
|
|
|
|
148,396,175
|
|
Payment of issuance
costs of the Notes
|
|
|
-
|
|
|
|
(3,970,357)
|
|
Proceeds from the
exercise of Series A investor warrants
|
|
|
-
|
|
|
|
596,740
|
|
Release of restricted
cash as collateral for bank borrowings
|
|
|
-
|
|
|
|
3,243,383
|
|
Placement of
restricted cash as collateral for bank borrowings
|
|
|
(29,729,123)
|
|
|
|
(20,595,485)
|
|
Net cash provided
by financing activities
|
|
|
55,496,910
|
|
|
|
166,817,770
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rate changes on cash and cash
equivalents
|
|
|
109,400
|
|
|
|
(2,211,225)
|
|
Net increase in
cash and cash equivalents
|
|
|
7,245,668
|
|
|
|
37,309,696
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
45,456,612
|
|
|
|
95,545,904
|
|
Cash and cash
equivalents at end of period
|
|
|
52,702,280
|
|
|
|
132,855,600
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
Interest paid, net of
capitalized interest
|
|
|
20,159,080
|
|
|
|
12,985,268
|
|
Income taxes
paid
|
|
|
3,706,530
|
|
|
|
23,029,798
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
Government grant
related to construction in the form of repayment of bank loan
on behalf of the Company by the government
|
|
|
11,267,062
|
|
|
|
-
|
|
Accrual for purchase
of equipment and construction
|
|
|
295,893
|
|
|
|
564,103
|
|
CHINA XD PLASTICS
COMPANY LIMITED
|
RECONCILIATION
OF NET INCOME TO
EBITDA
|
|
Three Months
Ended
|
|
June
30,
|
|
2015
|
2014
|
Net income
|
$25,478,603
|
$19,836,660
|
Interest
expense
|
11,038,295
|
11,614,261
|
Income tax
expense
|
4,385,601
|
4,837,703
|
Depreciation and amortization expense
|
6,929,627
|
5,549,705
|
EBITDA
|
47,832,126
|
41,838,329
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-xd-plastics-announces-second-quarter-2015-financial-results-300124767.html
SOURCE China XD Plastics Company Limited