In the news release, Chemspec International Limited Announces
Third Quarter 2010 Unaudited Financial Results, issued 12-Nov-2010 by Chemspec International Limited
over PR Newswire, a Business Outlook section has been added and the
quote from Dr. Jianhua Yang has been
updated accordingly. The complete, corrected release follows:
Chemspec International Limited Announces Third Quarter 2010
Unaudited Financial Results
SHANGHAI, Nov. 12, 2010 /PRNewswire-Asia-FirstCall/ --
Chemspec International Limited (NYSE: CPC; "Chemspec" or the
"Company"), a leading China-based
contract manufacturer of highly-engineered specialty chemicals,
today announced its unaudited financial results(1) for the third
quarter ended September 30, 2010.
Third Quarter 2010 Financial Highlights
- Total sales increased 53.7% from the third quarter of 2009(2)
and 21.7% from the second quarter of 2010 to RMB 324.7 million (US$
48.5 million), which was a new quarterly record for the
Company.
- Gross profit totaled RMB 123.4
million (US$ 18.5 million), an
increase of 38.0% from the third quarter of 2009(2) and 25.0% from
the second quarter of 2010.
- Income from operations was RMB 85.9
million (US$ 12.8 million), an
increase of 38.7% from the third quarter of 2009(2) and 23.4% from
the second quarter of 2010.
- Net income attributable to the Company's shareholders was
RMB 70.4 million (US$ 10.5 million), an increase of 34.6% from the
third quarter of 2009(2) and 22.4% from the second quarter of
2010.
- Basic and diluted earnings per ADS(3) were RMB 1.95 (US$ 0.29)
and RMB 1.94 (US$ 0.29), respectively. Both basic and
diluted earnings per ADS were RMB
1.44 (US$ 0.22) in the third
quarter of 2009(2) and RMB 1.59
(US$ 0.24) in the second quarter of
2010.
Dr. Jianhua Yang, Chairman and
Chief Executive Officer of Chemspec, commented, "I am pleased to
announce our third quarter financial results, which set a new
record high in our Company's history. These results reflect a
continued upswing in demand in our end markets, particularly in the
electronics sector where our highly engineered specialty chemical
products are used. Our pharmaceutical business remained stable and
we started to see a mild recovery in the agrochemical business. The
improved performance in both revenue and gross margin during the
period was mainly attributed to the strong growth in our
electronics chemical business, an active realignment of customer
inventory, and an effective shift in product mix. Overall, we
have experienced a strong recovery in our business over the first
three quarters of this year and we expect to carry this momentum
into the end of the year. Currently, we expect full fiscal year
2010 revenue to be approximately RMB
1,060 – 1,100 million, which represents growth of
approximately 29% – 34% compared with fiscal year 2009."
Mr. Zixin Wang, Vice President of
Finance, commented, "We are happy to report our strong financial
results for the third quarter of 2010. While our inventories
increased in absolute terms in the third quarter of 2010, primarily
as a result of the increase in total sales, inventories as a
percentage of total sales decreased compared with the second
quarter of 2010. We attribute the decrease in inventories as a
percentage of total sales to our continued efforts in managing our
inventories efficiently. We have also been able to maintain fairly
stable operating margins as a result of strict cost control
measures over the past quarters. We expect to continue these
efforts during the remainder of the year."
Third Quarter 2010 Financial Results
Total Sales
During the three months ended September
30, 2010, the Company generated total sales of RMB 324.7 million (US$
48.5 million), representing an increase of 53.7% from
RMB 211.3 million in the third
quarter of 2009 and an increase of 21.7% from RMB 266.8 million in the second quarter of 2010.
We attribute the increase in sales primarily to strong demand in
the electronics chemical market during the third quarter of
2010.
Gross Profit and Gross Margin
Gross profit was RMB 123.4 million
(US$ 18.5 million), which was an
increase of 38.0% from RMB 89.5
million in the third quarter of 2009 and 25.0% from
RMB 98.7 million in the second
quarter of 2010. Gross margin was 38.0% in the third quarter of
2010, compared with 42.3% in the third quarter of 2009 and 37.0% in
the second quarter of 2010. The changes in gross margin from the
same period last year and the previous quarter were mainly due to
the shift in product mix and price adjustments for certain
products.
Operating Expenses
Selling expenses and general and administrative (SG&A)
expenses were RMB 23.0 million
(US$ 3.4 million) during the third
quarter of 2010, representing an increase of 18.1% from
RMB 19.4 million in the third quarter
of 2009 and an increase of 44.8% from RMB
15.9 million in the second quarter of 2010. The increase in
SG&A expenses compared with the same period of 2009 was
primarily due to an increase in depreciation expenses related to
the Company's new headquarters, and the payment of consulting fees
related to Sarbanes–Oxley (SOX) compliance. The sequential increase
was because the Company recognized a reversal in share-based
compensation expenses in the second quarter of 2010 due to the
forfeiture of options that were granted to former employees.
Research and development expenses increased by 113.2% to
RMB 15.1 million (US$ 2.3 million) from RMB
7.1 million in the third quarter of 2009 and by 2.1% from
RMB 14.8 million in the second
quarter of 2010. The increase in R&D expenditures compared with
the same period in 2009 was primarily due to higher material
consumption as well as an increase in R&D headcount as the
Company hired additional experienced scientists and engineers.
Compared with the second quarter of 2010, R&D expenses remained
stable.
Net income attributable to
Chemspec International Limited shareholders
Net income attributable to Chemspec International Limited
shareholders increased to RMB 70.4
million (US$ 10.5 million), a
rise of 34.6% from RMB 52.3 million
in the third quarter of 2009 and 22.4% from RMB 57.5 million in the second quarter of 2010.
The increase in net income attributable to Chemspec International
Limited shareholders was primarily due to the increase in
sales.
Basic and diluted earnings per ADS were RMB 1.95 (US$ 0.29)
and RMB 1.94 (US$ 0.29), respectively. Both basic and
diluted earnings per ADS were RMB
1.44 (US$ 0.22) in the third
quarter of 2009 and RMB 1.59
(US$ 0.24) in the second quarter of
2010.
Cash Flows
As of September 30, 2010, the
Company had RMB 145.3 million
(US$ 21.7 million) of cash, compared
with RMB 351.1 million as of
December 31, 2009. Significant cash
outflows for the nine-month period ended September 30, 2010 included capital expenditure
payments of RMB 181.1 million
(US$ 27.1 million) for the expansion
of production facilities and the increase in inventory to
RMB 439.5 million (US$ 65.7 million) from RMB
393.6 million at the end of second quarter of 2010. The
higher inventory was due to a rise in the production and sales of
more complex products, primarily for the electronics
end-market.
Business Outlook
Overall, the Company experienced a strong recovery in business
during the first three quarters of 2010 and management expects that
revenue for fiscal year 2010 will be between RMB 1,060 and RMB 1,100 million, which represents
an increase of approximately 29% – 34% compared with fiscal year
2009.
Conference Call Details
The Company will host a conference call and live webcast to
discuss its third quarter financial results at 8:00 am Eastern Standard Time (9:00 pm Shanghai Time) on Friday, November 12, 2010.
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The dial-in details for
the live conference call are as follows:
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- U.S. Toll Free
Number:
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+1-866-519-4004
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- International Dial-in
Number:
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+65-6723-9381
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- Mainland China Toll Free
Number:
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800-819-0121
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- Mainland China Domestic
Mobile:
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400-620-8038
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- Hong Kong Toll Free
Number:
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800-930-346
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Conference ID:
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CPC
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A live and archived webcast of the conference call will be
available on the Investor Relations section of Chemspec's website
at http://www.chemspec.com.cn.
A telephone replay of the call will be available from
11:59 pm Eastern Standard Time on
November 12, 2010 through
11:59 pm Eastern Standard Time on
November 19, 2010.
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The dial-in details for
the replay are as follows:
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- U.S. Toll Free
Number:
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+1-866-214-5335
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- International Dial-in
Number:
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+61-2-8235-5000
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Conference ID:
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24110185
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(1) Certain Renminbi (RMB) amounts in this press release have
been translated into U.S. dollar (USD) solely for the convenience
of the reader. The conversion of RMB into USD in this release
is based on the noon buying rate in the City of New York for cable transfers in RMB
per U.S. dollar as certified for customs purposes by the Federal
Reserve Bank of New York on
September 30, 2010, which was
RMB 6.6905 to USD1.00. The
percentages stated are calculated based on RMB.
(2)2009 financial data have been adjusted to reflect the
retrospective adjustment of the Company's financial data due to the
acquisition of Jiangsu Kangpeng Nong Hua Limited on November 9, 2009. The transaction was considered
a combination between entities under common control.
(3) 1 ADS=60 ordinary shares
About Chemspec
Chemspec is a leading China-based contract manufacturer of highly
engineered specialty chemicals, especially, the fluorinated
specialty chemicals. In manufacturing specialty chemicals, Chemspec
also provides process design and process development services,
which enable efficient and rapid production of specialty chemicals
that are incorporated into the products of Chemspec's end users.
Chemspec's customers and end users include electronics,
pharmaceutical and agrochemical companies. For more information,
please visit www.chemspec.com.cn.
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For further
information, please contact:
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Chemspec
International Ltd.
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In Shanghai
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Carol Fang
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Manager, Investor
Relations
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Tel:
+86-21-63638108
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Email: ir@chemspec.com.cn
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Christensen
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In New York
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Kathy Li
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Tel:
+1-212-618-1978
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Email: kli@christensenir.com
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In Hong Kong
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Tip Fleming
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Tel:
+852-9212-0684
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Email: tfleming@christensenir.com
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Chemspec
International Limited
Unaudited
Consolidated Balance Sheets
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December 31,
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September 30,
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September 30,
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2009
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2010
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2010
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RMB’000
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RMB’000
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USD’000
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ASSETS
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Current
assets
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Cash
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351,097
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145,280
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21,714
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Pledged bank deposits
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37,919
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74,795
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11,179
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Accounts receivable,
net
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94,154
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112,994
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16,889
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Bills receivable
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1,327
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623
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93
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Inventories
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271,434
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439,511
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65,692
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Prepayment and other
receivables
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38,738
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80,843
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12,083
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Amounts due from related
parties
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64
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-
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-
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Deferred income tax
assets
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3,424
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6,515
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974
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Total current
assets
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798,157
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860,561
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128,624
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Property, plant and equipment,
net
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699,181
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809,430
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120,982
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Land use rights
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56,064
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59,144
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8,840
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Intangible assets
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839
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757
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113
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Goodwill
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7,446
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7,446
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1,113
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Investment in an
affiliate
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13,296
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12,943
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1,935
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Deferred income tax
assets
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300
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-
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-
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Total assets
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1,575,283
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1,750,281
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261,607
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LIABILITIES AND
EQUITY
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Current
liabilities
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Bank borrowings
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-
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20,000
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2,989
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Accounts payable
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81,870
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161,085
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24,077
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Bills payable
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49,738
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55,323
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8,269
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Accrued expenses and other
payables
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183,266
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129,609
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19,372
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Amounts due to related
parties
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23,659
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8,559
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1,279
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Deferred income
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-
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14,044
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2,099
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Income taxes payable
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1,298
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8,368
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1,251
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Total current
liabilities
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339,831
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396,988
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59,336
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Bank borrowings
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10,000
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5,000
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747
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Deferred income tax
liabilities
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18,056
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20,744
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3,101
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Deferred income
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15,136
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2,585
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386
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Total liabilities
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383,023
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425,317
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63,570
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Equity
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Chemspec International Limited
shareholders' equity
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Ordinary shares: Par
value: HK$ 0.01; Authorized: 20,000,000,000 shares as of December
31, 2009 and September 30, 2010; Issued and outstanding:
2,167,620,000 shares as of December 31, 2009 and
2,169,624,240 shares as of September 30, 2010;
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21,686
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21,705
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3,244
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Additional paid-in
capital
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323,916
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322,288
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48,171
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Statutory reserves
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63,422
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63,422
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9,479
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Accumulated other comprehensive
income
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6,803
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5,538
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828
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Retained earnings
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770,425
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906,212
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135,448
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Total Chemspec International
Limited shareholders' equity
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1,186,252
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1,319,165
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197,170
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Noncontrolling
interests
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6,008
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5,799
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867
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Total equity
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1,192,260
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1,324,964
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198,037
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Total liabilities and
equity
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1,575,283
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1,750,281
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261,607
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Chemspec
International Limited
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Unaudited
Quarterly Consolidated Statements of Income
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Three-month
periods ended
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September 30,
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June 30,
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September 30,
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September 30,
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2009
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2010
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2010
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2010
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RMB’000
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RMB’000
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RMB’000
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USD’000
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(As
adjusted)
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Sales
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211,305
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266,831
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324,692
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48,530
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Cost of sales
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(121,848)
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(168,101)
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(201,248)
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(30,080)
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Gross
profit
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89,457
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98,730
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123,444
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18,450
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Selling
expenses
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(2,405)
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(2,341)
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(3,203)
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(479)
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General and administrative
expenses
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(17,044)
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(13,521)
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(19,767)
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(2,954)
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Research and development
expenses
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(7,074)
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(14,765)
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(15,080)
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(2,254)
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Other operating
expenses
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(1,297)
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(623)
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(121)
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(18)
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Other operating
income
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311
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522
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242
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36
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Government
grants
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11
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1,618
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400
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60
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Income from
operations
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61,959
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69,620
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85,915
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12,841
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Other income
(expenses):
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Interest income
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467
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339
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532
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80
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Interest
expense
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(418)
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-
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-
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-
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Foreign currency exchange
gain (loss), net
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220
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(994)
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(1,625)
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(243)
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Equity in loss of an
affiliate
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(85)
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(121)
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(134)
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(20)
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Other income
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|
376
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|
165
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45
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7
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Other expenses
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-
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(236)
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-
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-
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Earnings
before income taxes
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62,519
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68,773
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84,733
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12,665
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|
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Income tax
expense
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(11,427)
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(10,663)
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(14,210)
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(2,124)
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Net
income
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51,092
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|
58,110
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70,523
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10,541
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Net (income)
loss attributable to noncontrolling interests
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|
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1,200
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(577)
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(122)
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(18)
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Net income
attributable to Chemspec International Limited
shareholders
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52,292
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57,533
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70,401
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|
10,523
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Basic
earnings per share
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RMB
0.02
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RMB
0.03
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RMB
0.03
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USD
0.00
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Diluted
earnings per share
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RMB
0.02
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RMB
0.03
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RMB
0.03
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USD
0.00
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Basic
earnings per ADS
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RMB
1.44
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RMB
1.59
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RMB
1.95
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USD
0.29
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Diluted
earnings per ADS
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RMB
1.44
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RMB
1.59
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RMB
1.94
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USD
0.29
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|
|
|
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Nine-month
periods ended
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September 30,
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September 30,
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September 30,
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2009
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2010
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2010
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RMB’000
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RMB’000
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USD’000
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(As
adjusted)
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Sales
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643,244
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811,674
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121,317
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Cost of sales
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(381,562)
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(493,162)
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|
(73,710)
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Gross profit
|
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261,682
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|
318,512
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47,607
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Selling expenses
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(8,428)
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|
(8,047)
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|
(1,203)
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|
General and administrative
expenses
|
|
(49,079)
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|
(54,049)
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|
(8,078)
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Research and development
expenses
|
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(22,901)
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(43,550)
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(6,509)
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Other operating
expenses
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|
(3,765)
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(1,295)
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|
(194)
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Other operating
income
|
|
717
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|
1,273
|
|
190
|
|
Government grants
|
|
609
|
|
2,468
|
|
369
|
|
Income from
operations
|
|
178,835
|
|
215,312
|
|
32,182
|
|
Other income
(expenses):
|
|
|
|
|
|
|
|
Interest income
|
|
1,814
|
|
1,429
|
|
214
|
|
Interest expense
|
|
(1,841)
|
|
(80)
|
|
(12)
|
|
Foreign currency exchange loss,
net
|
|
(2,192)
|
|
(2,666)
|
|
(399)
|
|
Equity in loss of an
affiliate
|
|
(85)
|
|
(353)
|
|
(53)
|
|
Other income
|
|
428
|
|
258
|
|
39
|
|
Other expenses
|
|
-
|
|
(236)
|
|
(35)
|
|
Earnings before income
taxes
|
|
176,959
|
|
213,664
|
|
31,936
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(35,588)
|
|
(32,591)
|
|
(4,871)
|
|
Net income
|
|
141,371
|
|
181,073
|
|
27,065
|
|
|
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests
|
|
(4,009)
|
|
(826)
|
|
(124)
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Chemspec International Limited shareholders
|
|
137,362
|
|
180,247
|
|
26,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
RMB
0.07
|
|
RMB
0.08
|
|
USD
0.01
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
RMB
0.07
|
|
RMB
0.08
|
|
USD
0.01
|
|
|
|
|
|
|
|
|
|
Basic earnings per
ADS
|
|
RMB 4.25
|
|
RMB
4.98
|
|
USD
0.74
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS
|
|
RMB
4.24
|
|
RMB
4.98
|
|
USD
0.74
|
|
|
|
|
|
|
|
|
Chemspec
International Limited
|
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine-month
periods ended
|
|
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
|
|
2009
|
|
2010
|
|
2010
|
|
|
|
RMB’000
|
|
RMB’000
|
|
USD’000
|
|
|
|
(As
adjusted)
|
|
|
|
|
|
Cash flows from operating
activities
|
|
|
|
|
|
|
|
Net income
|
|
141,371
|
|
181,073
|
|
27,064
|
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization of
property, plant and equipment
|
|
26,468
|
|
52,391
|
|
7,831
|
|
Amortization of land use
rights
|
|
810
|
|
978
|
|
146
|
|
Amortization of intangible
assets
|
|
81
|
|
82
|
|
12
|
|
Loss on disposal of property,
plant and equipment
|
|
3,035
|
|
606
|
|
91
|
|
Equity in loss of an
affiliate
|
|
85
|
|
353
|
|
53
|
|
Inventory writedowns
|
|
2,541
|
|
1,788
|
|
267
|
|
Gain on transfer of land use
right to an affiliate
|
|
(290)
|
|
-
|
|
-
|
|
Unrealized foreign exchange
(gain) loss, net
|
|
(200)
|
|
892
|
|
133
|
|
Share-based
compensation
|
|
12,506
|
|
266
|
|
40
|
|
Deferred income tax expense
(benefit)
|
|
7,409
|
|
(103)
|
|
(15)
|
|
Changes in operating assets and
liabilities:
|
|
|
|
|
|
|
|
Pledged
bank deposits related to purchase of inventory
|
|
5,317
|
|
(30,428)
|
|
(4,548)
|
|
Inventories
|
|
(29,934)
|
|
(169,865)
|
|
(25,389)
|
|
Accounts
receivable
|
|
26,158
|
|
(19,662)
|
|
(2,939)
|
|
Bills
receivable
|
|
(200)
|
|
704
|
|
105
|
|
Prepayment
and other receivables
|
|
(9,466)
|
|
(34,527)
|
|
(5,161)
|
|
Accounts
payable
|
|
10,353
|
|
79,215
|
|
11,840
|
|
Bills
payable related to purchase of inventory
|
|
3,666
|
|
14,202
|
|
2,123
|
|
Accrued
expenses and other payables
|
|
(4,192)
|
|
(12,860)
|
|
(1,922)
|
|
Deferred
income
|
|
4,357
|
|
1,493
|
|
223
|
|
Income
taxes payable
|
|
868
|
|
7,070
|
|
1,057
|
|
Net cash
provided by operating activities
|
|
200,743
|
|
73,668
|
|
11,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
Capital expenditures, including
interest capitalized
|
|
(188,626)
|
|
(181,132)
|
|
(27,073)
|
|
Investment in an
affiliate
|
|
(11,225)
|
|
-
|
|
-
|
|
Pledged bank deposit related to
purchase of property, plant and equipment
|
|
(19,294)
|
|
(6,448)
|
|
(964)
|
|
Non-interest bearing advances
repaid by related parties
|
|
2,500
|
|
64
|
|
10
|
|
Payments for land use
rights
|
|
(3,121)
|
|
(4,058)
|
|
(607)
|
|
Net cash used in investing
activities
|
|
(219,766)
|
|
(191,574)
|
|
(28,634)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital contributions from
noncontrolling shareholders
|
|
1,600
|
|
-
|
|
-
|
|
Cash distribution to
noncontrolling shareholders
|
|
(2,500)
|
|
-
|
|
-
|
|
Dividends paid
|
|
-
|
|
(44,460)
|
|
(6,645)
|
|
Proceeds from issuance of
ordinary shares
|
|
389,022
|
|
5,697
|
|
852
|
|
Issuance costs of ordinary
shares upon IPO
|
|
(42,846)
|
|
(3,028)
|
|
(453)
|
|
Acquisition of additional equity
interests in subsidiaries
|
|
-
|
|
(45,400)
|
|
(6,786)
|
|
Proceeds from short-term bank
borrowings
|
|
15,000
|
|
20,000
|
|
2,989
|
|
Repayments of short-term bank
borrowings
|
|
(75,000)
|
|
-
|
|
-
|
|
Proceeds from long-term bank
borrowings
|
|
5,000
|
|
-
|
|
-
|
|
Repayments of long-term
bank borrowings
|
|
-
|
|
(5,000)
|
|
(747)
|
|
Repurchase of ordinary
shares
|
|
-
|
|
(5,807)
|
|
(868)
|
|
Deposit for purchase of ordinary
shares
|
|
|
|
(7,578)
|
|
(1,133)
|
|
Proceeds from non-interest
bearing borrowings from related parties
|
|
6,000
|
|
-
|
|
-
|
|
Repayments of non-interest
bearing borrowings from related parties
|
|
(46,310)
|
|
(1,000)
|
|
(149)
|
|
Net cash provided by (used in)
financing activities
|
|
249,966
|
|
(86,576)
|
|
(12,940)
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency
exchange rate changes on cash
|
|
200
|
|
(1,335)
|
|
(200)
|
|
Net increase (decrease) in
cash
|
|
231,143
|
|
(205,817)
|
|
(30,763)
|
|
Cash at beginning of
period
|
|
180,602
|
|
351,097
|
|
52,477
|
|
Cash at end of
period
|
|
411,745
|
|
145,280
|
|
21,714
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash
flow information:
|
|
|
|
|
|
|
|
Income taxes paid
|
|
26,524
|
|
25,624
|
|
3,830
|
|
Interest paid, net of amounts
capitalized
|
|
1,875
|
|
80
|
|
12
|
|
Noncash investing and financing
activities:
|
|
|
|
|
|
|
|
Accrued IPO cost
|
|
6,900
|
|
-
|
|
-
|
|
Payable for purchase of
property, plant and equipment
|
|
102,943
|
|
108,905
|
|
16,278
|
|
Payable for acquisition of
Kangpeng Nong Hua
|
|
-
|
|
5,900
|
|
882
|
|
Bills payable for purchase of
property, plant and equipment
|
|
4,771
|
|
19,488
|
|
2,913
|
|
Land use right contributed to an
affiliate
|
|
1,957
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
SOURCE Chemspec International Limited