HARBIN, China, May 15, 2019 /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, 2019.
First Quarter 2019 Financial Summary
- Revenue was $301.5 million, a decrease of 2.9% YoY
- Gross profit was $50.3 million, a decrease of 6.7%
YoY
- Gross margin of 16.7%, a decrease of 700 basis points YoY
- Net income was $11.0 million, a decrease of 42.4% YoY
- EBITDA was $47.6 million, a
decrease of 4.0% YoY
- Total volume shipped was 94,444 metric tons, down 11.1%
YoY
"Our first quarter 2019 results are consistent with the
declining trend of the Chinese auto industry though the declining
trend becomes narrower during the first quarter of 2019. Besides
increased sales of higher-end products such as modified POM and
PPO, the Company started sales of new categories of
higher-end products of PA66 and PA6 produced with high-priced raw
materials for higher selling price in China, leading to an
increase of sales price in domestic market by 14.3%." said
Jie Han, Chairman of the Board of
Directors and Chief Executive Officer.
"Our successful trial production at our production base in
Dubai has brought us prospect in
international sales targeting high-end products. We are working
hard to complete the equipment installation and testing of our
industrial projects in Heilongjiang base for upgrading existing
equipment for 100,000 metric tons of engineering plastics by the
end of the third quarter of 2019. These are our strategic plans of
producing specialized high-tech products for various important new
markets, targeting high-end products for new markets, which will
ultimately enable more active inroads into various product
applications and other market regions."
"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 continuing 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 2019, we are reiterating our financial
guidance of $1.3 -$1.6 billion in revenue, $90- $110 million
in net income ." Mr. Han concluded.
First Quarter 2019 Results
Revenues were US$301.5 million in
the first quarter ended March 31,
2019, a decrease of US$9.0
million, or 2.9%, compared to US$310.5 million in the same period of last
year. This was due to approximately 11.1% decrease in sales
volume, and 6.5% negative impact from exchange rate due to
depreciation of RMB against US dollars, and partially offset by
15.7% increase in the average RMB selling price, as compared with
those of the same period of last year.
(i) Domestic market
For the three months ended March 31,
2019, revenues from domestic market decreased by
US$14.7 million as a combined result
of: i) a decrease of 11.8% in sales volume; ii) a depreciation of
RMB against US dollars by 6.5%; and iii) partially offset by an
increase of 14.3% 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 production and sales in China decreased by 9.8% and 11.3%,
respectively, for the first quarter of 2019 as compared to the same
period of 2018. A weakening in macroeconomic conditions since
summer of 2018 continued to deteriorate auto business environment,
our domestic sales during the first quarter of 2019 decreased by
4.9% as compared to the same period of the prior year, including
26.9% decrease in Southwest China
and 22.0% decrease in East China.
Thanks to our positive efforts to expand customers' bases to
meet their new requirements, the Company has achieved sales growth
of 13.6% in North China and 12.0%
in South China. As for the RMB
selling price, the increase of 14.3% was mainly due to higher sales
of higher-end products such as modified POM and PPO, and sales of
new categories of higher-end products of PA66 and PA6
produced with high-priced raw materials for higher selling price in
China.
(ii) Overseas market
For the three months ended March 31,
2019, revenues from overseas market was US$5.8 million as compared to US$54,854 in the same period of 2018.
After a successful trial production at our production base in
Dubai in November 2018, the Company has tried to develop
new overseas customers besides the existing ROK customer,
established business relationships with new customers in UAE
and India, and shipped products to
the end users in Europe. We are optimistic about the prospect
of our business expansion overseas.
Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in
total accounted for 82.7% of revenues in the first quarter of 2019,
compared to 81.0% for the same period of 2018. The Company
continued to shift production mix from traditional lower-end
products such as PP to higher-end products such as POM and PPO,
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 and consumer recognition of
higher-end cars made by automotive manufacturers from Chinese and
Germany joint ventures, Sino-U.S.
and Sino-Japanese joint ventures where manufacturers tend to
use more and higher-end modified plastics in quantity per vehicle
in China.
Gross profit was US$50.3 million
in the quarter ended March 31, 2019,
compared to US$53.9 million in the
same period of 2018, representing a decrease of 6.7% or
US$3.6 million. Our gross margin
decreased to 16.7% during the quarter ended March 31, 2019 from 17.4% during the same quarter
of 2018 primarily due to the adopted lower-priced strategy as
a new entrant to new categories of higher-end products of PA6 and
PA66 in domestic market for the first quarter ended March 31, 2019 as compared to that of the
prior year.
General and administrative (G&A) expenses were US$8.8 million in the quarter ended March 31, 2019 compared to US$8.9 million in the same period in 2018,
representing a decrease of 1.1%, or US$0.1
million. The decrease was primarily due to our approach on
optimizing management structure and enhancing efficiency, leading
to the decrease of (i) US$0.9 million in salary and welfare,
and partially offset by the increase of (ii) US$0.8 million in professional fees.
R&D expenses were US$10.1
million during the quarter ended March 31, 2019 compared with US$5.0 million during the same period in 2018, an
increase of US$5.1 million, or
102.0%. This significant increase was primarily due to (i) elevated
R&D activities to meet the new higher specification
requirements from potential customers, especially overseas; and
(ii) increased efforts directed towards applications in
new electrical equipment and electronics, alternative
energy applications, power devices, aviation equipment and ocean
engineering, in addition to other new products primarily
for advanced industrialized applications in the
automobile sector and in new verticals such as ships,
airplanes, high-speed rail, 3D printing materials, biodegradable
plastics, and medical devices. As of March 31, 2019, the number of ongoing research
and development projects was 355.
Total operating income was US$31.2 million in the first quarter ended
March 31, 2019 compared to
$38.9 million in the same period
of 2018, representing a decrease of 19.8% or US$7.7 million. This decrease is primarily due to
due to the lower gross margin, higher R&D expenses, partially
offset by the lower general & administration expenses and
selling expenses.
Net interest expenses were US$17.1
million for the three-month period ended March 31, 2019, compared to $10.6 million in the same period of 2018,
representing an increase of 61.3% or US$6.5
million, primarily due to i) the increase of average
short-term and long-term loan balance in amount of US$990.1 million for the three months ended
March 31, 2019 compared to
US$854.2 million for the same period
in 2018; ii) the increase of interest expense resulting from the
average loan interest rate increased to 4.91% for the three months
ended March 31, 2019 compared to
4.72% of the same period in 2018; iii) the decrease of average
deposit balance in amount of US$242.4
million for the first quarter ended March 31, 2019 compared to US$626.8 million for the same period in prior
year; and iv) the decrease of interest income resulting
from the average deposit interest rate decreased to 0.72% for the
first quarter ended March 31, 2019
compared to 1.52% of the same period in 2018.
Income tax expenses were $3.6
million for the three-month period ended March 31, 2019, compared to $6.2 million in the same period of 2018,
representing a decrease of $2.6
million, or 41.9%. The effective income tax rate increased
from 24.5% for the three-month period ended March 31, 2018 to 24.9% for the three-month
period ended March 31, 2019,
primarily due to the decrease of Sichuan Xinda's profit before tax
("PBT") ratio, which enjoys 15% preferential income tax rate.
Net income of US$11.0 million in
the first quarter of 2019 compared to a net income of
US$19.1 million in the same quarter
of 2018, representing a decrease of $8.1
million, or 42.4%. Basic and diluted earnings per share for
the three-month period ended March 31,
2019 were $0.16, compared to
$0.29 per basic and diluted share for
the same period of 2018. The average number of shares used in the
computation of basic and diluted earnings per share for the
three-month ended March 31, 2019 was
50.9 million, compared to 49.7 million shares for the same period
of 2018.
Earnings before interest, tax, depreciation and amortization
(EBITDA) was $47.6 million for the
first quarter of 2019, compared to $49.6
million for the same period of 2018, representing a decrease
of $2.0 million or 4.0%.
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, 2019, the Company
had $506.2 million in cash and
restricted cash, an increase of $139.2
million or 37.9% as compared to $367.0 million as of December 31, 2018. As of the March 31, 2019, working capital was negative
$64.7 million (current assets minus
current liabilities) and the current ratio (current assets divided
by current liabilities) was 1.0, as compared to the current ratio
of 0.9 as of December 31, 2018.
Stockholders' equity as of March 31,
2019 was $774.6 million, an
increase of $25.7 million or 3.4% as
compared to $748.9 million as of
December 31, 2018.
Inventories increased by 27.9% 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 27.2% or US$35.9
million because (i) advances to suppliers for purchasing raw
materials decreased by US$57.9
million; and partially offset by (ii) HLJ Xinda Group has
reclassified US$16.1 million of
long-term prepayments to Green River to receivables due from
Shanghai sales; (iii) others
increased by US$5.9 million. The
aggregate short-term and long-term bank loans increased by 8.3% due
to using the line of credits to support operating and investing
activities in HLJ Xinda Group and Sichuan Xinda. We define the
manageable debt level as the sum of aggregate short-term and
long-term loans over total assets.
Financial Guidance and Business Outlook
In light of the current changing macro economic
environment in China , Chinese auto industry market still
showing certain decline though narrower, and the successful trial
run in Dubai resulting in new
production capacity to be added, our expansion into to new markets
overseas, diversified customer base and escalation of sales
categories, the Company reiterates its financial guidance for
fiscal 2019 to range $1.3 and
$1.6 billion in revenue, net
income to range between $90 and
$110 million. It also assumes the
average exchange rate of the US dollar to RMB at 6.8. This
financial guidance reflects the Company's current view of its
business outlook for fiscal 2019 and is subject to revision based
on changing market conditions at any time.
Conference Call
China XD Plastics' senior management will host a conference call
at 9:00 am Eastern Time on
[Wednesday May 15], 2019, to discuss
its first quarter 2019 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 3827289.
A recording of the conference call will be available through
May 23, 2019, by calling
+1-855-452-5696 (for callers in the U.S.) and entering pass
code 3927289.
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 March 31,
2019, 489 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 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, the prospects of the Company's Harbin facility, and its penetration into
Northeast China; and its
penetration into Southwest China;
the Company's projections of its revenues for performance in fiscal
2019. 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 could further impair the automotive
industry and limit demand for our products; fluctuations in
automotive sales and production could have a material adverse
effect on our results of operations and liquidity; our financial
performance 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 and the tightening control over the Chinese
automotive industry and automobile purchase restrictions imposed in
certain major cities 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.
Financial Tables Follow -
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
|
|
|
78,891,580
|
|
|
41,301,817
|
Restricted
cash
|
|
|
427,321,731
|
|
|
325,690,023
|
Accounts receivable,
net of
allowance for doubtful accounts
|
|
|
154,051,127
|
|
|
294,688,288
|
Inventories
|
|
|
793,243,874
|
|
|
620,033,195
|
Prepaid expenses and
other
current assets
|
|
|
96,270,070
|
|
|
132,218,528
|
Total current
assets
|
|
|
1,549,778,382
|
|
|
1,413,931,851
|
Property, plant and
equipment,
net
|
|
|
770,413,511
|
|
|
775,941,280
|
Land use rights,
net
|
|
|
30,213,879
|
|
|
29,796,795
|
Long-term prepayments
to
equipment and construction
suppliers
|
|
|
524,297,914
|
|
|
530,636,319
|
Operating lease
right-of-use
assets, net
|
|
|
15,918,647
|
|
|
-
|
Other non-current
assets
|
|
|
3,171,583
|
|
|
3,212,986
|
Total
assets
|
|
|
2,893,793,916
|
|
|
2,753,519,231
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term bank
loans, including
current portion of long-term
bank loans
|
|
|
723,302,348
|
|
|
729,666,920
|
Bills
payable
|
|
|
730,318,556
|
|
|
618,166,453
|
Accounts
payable
|
|
|
40,865,322
|
|
|
84,958,469
|
Amounts due to
related parties
|
|
|
18,995,751
|
|
|
18,365,738
|
Income taxes
payable
|
|
|
16,337,961
|
|
|
15,975,367
|
Operating lease
liabilities, current
|
|
|
2,304,598
|
|
|
-
|
Accrued expenses and
other
current liabilities
|
|
|
82,423,884
|
|
|
126,926,898
|
Total current
liabilities
|
|
|
1,614,548,420
|
|
|
1,594,059,845
|
Long-term bank loans,
excluding
current portion
|
|
|
188,183,909
|
|
|
111,808,244
|
Deferred
income
|
|
|
100,255,791
|
|
|
99,583,477
|
Operating lease
liabilities, non-
current
|
|
|
14,666,805
|
|
|
-
|
Other non-current
liabilities
|
|
|
103,993,582
|
|
|
101,573,772
|
Total
liabilities
|
|
|
2,021,648,507
|
|
|
1,907,025,338
|
|
|
|
|
|
|
|
Redeemable Series
D
convertible preferred stock
(redemption amount of
US$290,491,100 and
US$280,650,800 as of March 31,
2019 and December 31, 2018,
respectively)
|
|
|
97,576,465
|
|
|
97,576,465
|
Stockholders'
equity:
|
|
|
|
|
|
|
Series B preferred
stock
|
|
|
100
|
|
|
100
|
Common stock,
US$0.0001 par
value, 500,000,000 shares
authorized, 50,969,841 shares
issued, 50,948,841 shares
outstanding as of March 31, 2019
and December 31, 2018,
respectively
|
|
|
5,097
|
|
|
5,097
|
Treasury stock,
21,000 shares at
cost
|
|
|
(92,694)
|
|
|
(92,694)
|
Additional paid-in
capital
|
|
|
86,633,582
|
|
|
86,633,582
|
Retained
earnings
|
|
|
728,084,605
|
|
|
717,103,890
|
Accumulated other
comprehensive loss
|
|
|
(40,061,746)
|
|
|
(54,732,547)
|
Total stockholders'
equity
|
|
|
774,568,944
|
|
|
748,917,428
|
Commitments and
contingencies
|
|
|
-
|
|
|
-
|
Total liabilities,
redeemable
convertible preferred stock and
stockholders' equity
|
|
|
2,893,793,916
|
|
|
2,753,519,231
|
|
|
|
|
|
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
|
|
Three-Month
Period
Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
US$
|
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
301,466,007
|
|
|
|
310,453,033
|
|
Cost of
revenues
|
|
|
(251,136,339)
|
|
|
|
(256,585,577)
|
|
Gross
profit
|
|
|
50,329,668
|
|
|
|
53,867,456
|
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
|
|
(277,820)
|
|
|
|
(1,051,009)
|
|
General and
administrative expenses
|
|
|
(8,775,385)
|
|
|
|
(8,875,009)
|
|
Research and
development expenses
|
|
|
(10,062,186)
|
|
|
|
(5,049,898)
|
|
Total operating
expenses
|
|
|
(19,115,391)
|
|
|
|
(14,975,916)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
31,214,277
|
|
|
|
38,891,540
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
435,779
|
|
|
|
2,312,623
|
|
Interest
expense
|
|
|
(17,500,277)
|
|
|
|
(12,894,205)
|
|
Foreign currency
exchange losses
|
|
|
(2,140,865)
|
|
|
|
(3,955,808)
|
|
Losses on foreign
currency option contracts
|
|
|
-
|
|
|
|
(520,981)
|
|
Gains on disposal of
a subsidiary
|
|
|
518,491
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Government
grant
|
|
|
2,094,937
|
|
|
|
1,477,559
|
|
Total non-operating
expense, net
|
|
|
(16,591,935)
|
|
|
|
(13,580,812)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
14,622,342
|
|
|
|
25,310,728
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(3,641,627)
|
|
|
|
(6,210,827)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
10,980,715
|
|
|
|
19,099,901
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
0.16
|
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
10,980,715
|
|
|
|
19,099,901
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of
nil income taxes
|
|
|
14,670,801
|
|
|
|
29,661,410
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
25,651,516
|
|
|
|
48,761,311
|
|
CHINA XD PLASTICS
COMPANY LIMITED AND SUBSIDIARIES
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
Three-Month
Period
Ended March 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
US$
|
|
|
US$
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
|
66,949,790
|
|
|
|
28,429,789
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchase of time
deposits
|
|
|
-
|
|
|
|
(163,426,937)
|
|
Proceeds from
maturity of time deposits
|
|
|
-
|
|
|
|
119,741,660
|
|
Purchase of and
deposits for property, plant and equipment
|
|
|
(11,471,899)
|
|
|
|
(64,469,960)
|
|
Refund of deposit
from an equipment supplier
|
|
|
-
|
|
|
|
60,054,417
|
|
Government grant
related to the industrial project for 300,000
metric tons biological composite materials
|
|
|
-
|
|
|
|
6,953,816
|
|
Cash disposed for
sales of a subsidiary
|
|
|
(3,217)
|
|
|
|
-
|
|
Net cash used in
investing activities
|
|
|
(11,475,116)
|
|
|
|
(41,147,004)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from bank
borrowings
|
|
|
357,291,327
|
|
|
|
251,134,403
|
|
Repayment of bank
borrowings
|
|
|
(281,123,795)
|
|
|
|
(347,339,779)
|
|
Proceeds from
interest-free advances from related parties
|
|
|
289,298
|
|
|
|
-
|
|
Net cash provided
by (used in) financing activities
|
|
|
76,456,830
|
|
|
|
(96,205,376)
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange rate changes on cash, cash
equivalents, and restricted cash
|
|
|
7,289,967
|
|
|
|
10,101,313
|
|
Net increase
(decrease) in cash, cash equivalents, and
restricted cash
|
|
|
139,221,471
|
|
|
|
(98,821,278)
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash at beginning of
period
|
|
|
366,991,840
|
|
|
|
320,091,665
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
|
|
506,213,311
|
|
|
|
221,270,387
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
Interest paid, net of
capitalized interest
|
|
|
13,316,939
|
|
|
|
11,062,464
|
|
Income taxes
paid
|
|
|
2,276,847
|
|
|
|
7,064,571
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
|
Accrual for purchase
of property, plant and equipment
|
|
|
1,181,670
|
|
|
|
196,911
|
|
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.
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
US$
|
|
|
US$
|
|
Cash and cash
equivalents
|
|
|
78,891,580
|
|
|
|
50,814,789
|
|
Restricted
cash
|
|
|
427,321,731
|
|
|
|
170,455,598
|
|
Total cash, cash
equivalents, and restricted cash shown in the
statement of cash flows
|
|
|
506,213,311
|
|
|
|
221,270,387
|
|
|
|
|
|
|
|
|
|
|
CHINA XD PLASTICS
COMPANY LIMITED
|
Reconciliation of
Net Income to EBITDA
|
(Amounts expressed
in United States Dollars)
|
|
|
|
Three-Month Period
Ended
|
|
|
March 31,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
Net income
-GAAP
|
|
$
10,980,715
|
|
$
19,099,901
|
Interest
expense
|
|
17,500,277
|
|
12,894,205
|
Provision for
income taxes
|
|
3,641,627
|
|
6,210,827
|
Depreciation and
amortization
expense
|
|
15,326,044
|
|
11,442,287
|
Amortization of
operating lease
right-of-use assets
|
|
156,566
|
|
-
|
EBITDA
|
|
47,605,229
|
|
49,647,220
|
View original
content:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-first-quarter-2019-financial-results-300850664.html
SOURCE China XD Plastics Company Limited