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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China XD Plastics Company Ltd | NASDAQ:CXDC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.59 | 0.555 | 0.615 | 0 | 01:00:00 |
Nevada
|
04-3836208
|
(State or other jurisdiction of incorporation or
organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
☐
|
Accelerated filer
☒
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☐
|
|
PAGE
|
|
PART I. FINANCIAL INFORMATION
|
2
|
|
|
|
|
Item 1. Financial Statements
|
2
|
|
|
|
|
|
Unaudited Condensed Consolidated Balance Sheets
|
2
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Comprehensive Income
|
3
|
|
|
|
|
Unaudited Condensed Consolidated Statements of Cash Flows
|
4
|
|
|
|
|
Notes to the Unaudited Condensed Consolidated Financial Statements
|
5
|
|
|
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
18
|
|
|
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
27
|
|
|
|
|
Item 4. Controls and Procedures
|
28
|
|
|
|
|
PART II. OTHER INFORMATION
|
28
|
|
|
|
|
Item 1. Legal Proceedings
|
28
|
|
|
|
|
Item 1A. Risk Factors
|
28
|
|
|
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
29
|
|
|
|
|
Item 3. Defaults Upon Senior Securities
|
29
|
|
|
|
|
Item 4. Mine Safety Disclosures
|
29
|
|
|
|
|
Item 5. Exhibits
|
29
|
|
|
|
|
Signatures
|
30
|
|
Three-Month Period Ended March 31,
|
|||||||
|
2016
|
2015
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Revenues
|
215,030,158
|
221,926,395
|
||||||
Cost of revenues
|
(180,216,507
|
)
|
(173,284,119
|
)
|
||||
Gross profit
|
34,813,651
|
48,642,276
|
||||||
|
||||||||
Selling expenses
|
(285,136
|
)
|
(296,820
|
)
|
||||
General and administrative expenses
|
(5,069,674
|
)
|
(4,964,758
|
)
|
||||
Research and development expenses
|
(4,909,567
|
)
|
(5,813,863
|
)
|
||||
Total operating expenses
|
(10,264,377
|
)
|
(11,075,441
|
)
|
||||
|
||||||||
Operating income
|
24,549,274
|
37,566,835
|
||||||
|
||||||||
Interest income
|
1,614,263
|
2,428,071
|
||||||
Interest expense
|
(10,904,659
|
)
|
(10,629,353
|
)
|
||||
Foreign currency exchange losses
|
427,665
|
(90,415
|
)
|
|||||
Gains on foreign currency forward contracts
|
-
|
354,519
|
||||||
Government grant
|
208,433
|
-
|
||||||
Total non-operating expense, net
|
(8,654,298
|
)
|
(7,937,178
|
)
|
||||
|
||||||||
Income before income taxes
|
15,894,976
|
29,629,657
|
||||||
|
||||||||
Income tax expense
|
(4,537,626
|
)
|
(4,225,631
|
)
|
||||
|
||||||||
Net income
|
11,357,350
|
25,404,026
|
||||||
|
||||||||
Earnings per common share:
|
||||||||
Basic and diluted
|
0.17
|
0.39
|
||||||
|
||||||||
Net Income
|
11,357,350
|
25,404,026
|
||||||
|
||||||||
Other comprehensive income (loss)
|
||||||||
Foreign currency translation adjustment, net of nil income taxes
|
4,927,024
|
(164,760
|
)
|
|||||
|
||||||||
Comprehensive income
|
16,284,374
|
25,239,266
|
Three-Month Period Ended March 31,
|
||||||||
2016
|
2015
|
|||||||
US$
|
US$
|
|||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by (used in) operating activities
|
(25,403,676
|
)
|
37,529,772
|
|||||
Cash flows from investing activities:
|
||||||||
Purchase of time deposits
|
(155,330,882
|
)
|
(110,597,161
|
)
|
||||
Proceeds from maturity of time deposits
|
94,362,745
|
80,026,889
|
||||||
Purchase of and deposits for property, plant and equipment
|
(27,399,896
|
)
|
(86,042,231
|
)
|
||||
Purchases of land use rights
|
-
|
(5,522,219
|
)
|
|||||
Government grant related to the construction of Sichuan plant
|
2,060,355
|
-
|
||||||
Net cash used in investing activities
|
(86,307,678
|
)
|
(122,134,722
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
166,914,532
|
203,658,524
|
||||||
Repayment of bank borrowings
|
(131,602,645
|
)
|
(111,397,430
|
)
|
||||
Release of restricted cash as collateral for bank borrowings
|
21,341,912
|
-
|
||||||
Placement of restricted cash as collateral for bank borrowings
|
(21,954,042
|
)
|
(22,298,692
|
)
|
||||
Net cash provided by financing activities
|
34,699,757
|
69,962,402
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
138,350
|
384,182
|
||||||
Net decrease in cash and cash equivalents
|
(76,873,247
|
)
|
(14,258,366
|
)
|
||||
Cash and cash equivalents at beginning of period
|
119,928,485
|
45,456,612
|
||||||
Cash and cash equivalents at end of period
|
43,055,238
|
31,198,246
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of capitalized interest
|
14,380,560
|
14,508,630
|
||||||
Income taxes paid
|
6,874,104
|
2,215,158
|
||||||
Non-cash investing and financing activities:
|
||||||||
Accrual for purchase of equipment
|
93,422,837
|
14,224
|
March 31, 2016,
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
RMB denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
411,357,298
|
417,430,412
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
13,692
|
13,778
|
||||||
Financial Institution in Dubai, United Arab Emirates ("UAE")
|
28,649
|
3,023
|
||||||
U.S. dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
259,127
|
226,010
|
||||||
Financial Institutions in the PRC
|
222,413
|
17,109
|
||||||
Financial Institution in Hong Kong SAR
|
241,765
|
63,854
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
95,654
|
37,120
|
||||||
Financial Institution in Dubai, UAE
|
296,009
|
7,474,960
|
||||||
Euro denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
3,156
|
3,011
|
||||||
HK dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
259
|
336
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
140,527
|
37,278
|
|
March 31, 2016
|
December 31, 2015
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Accounts receivable
|
179,639,603
|
234,583,370
|
||||||
Allowance for doubtful accounts
|
(40,913
|
)
|
(40,631
|
)
|
||||
Accounts receivable, net
|
179,598,690
|
234,542,739
|
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
179,598,670
|
234,396,244
|
||||||
– 1-3 months past due
|
20
|
146,495
|
||||||
– 4-6 months past due
|
-
|
-
|
||||||
– 7-12 months past due
|
-
|
-
|
||||||
– greater than one year past due
|
40,913
|
40,631
|
||||||
Total accounts receivable
|
179,639,603
|
234,583,370
|
|
March 31, 2016
|
December 31, 2015
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Raw materials
|
366,536,552
|
287,995,933
|
||||||
Work in progress
|
193,778
|
164,034
|
||||||
Finished goods
|
24,818,618
|
6,505,228
|
||||||
Total inventories
|
391,548,948
|
294,665,195
|
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Receivables due from a customer in the ROK (i)
|
8,171,130
|
9,471,222
|
||||||
Interest receivable (ii)
|
3,188,363
|
3,306,974
|
||||||
Value added taxes receivables
|
34,425,876
|
698,286
|
||||||
Advances to suppliers
|
1,854,417
|
68,354
|
||||||
Others (iii)
|
3,021,290
|
2,131,012
|
||||||
Total prepaid expenses and other current assets
|
50,661,076
|
15,675,848
|
(i) | As of March 31, 2016, receivables due from a customer in the ROK represent the amount the Company paid to purchase raw materials on behalf of the customer in the ROK. |
(ii) | Interest receivable mainly represents interest income accrued from time deposits and restricted cash. |
(iii) | Others mainly include prepaid miscellaneous service fees, staff advances and prepaid rental fee. |
|
March 31, 2016
|
December 31, 2015
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Machinery, equipment and furniture
|
259,528,017
|
258,173,175
|
||||||
Motor vehicles
|
2,157,932
|
2,009,440
|
||||||
Workshops and buildings
|
77,316,839
|
76,924,199
|
||||||
Construction in progress
|
564,945,155
|
323,955,531
|
||||||
Total property, plant and equipment
|
903,947,943
|
661,062,345
|
||||||
Less accumulated depreciation
|
(96,900,279
|
)
|
(89,315,838
|
)
|
||||
Property, plant and equipment, net
|
807,047,664
|
571,746,507
|
Three-Month Period Ended March 31,
|
||||||||
2016
US$
|
2015
US$
|
|||||||
Cost of revenues
|
5,680,494
|
4,779,588
|
||||||
General and administrative expenses
|
403,184
|
375,128
|
||||||
Research and development expenses
|
945,817
|
795,719
|
||||||
Selling expenses
|
384
|
-
|
||||||
Total depreciation expense
|
7,029,879
|
5,950,435
|
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Jiamu (i)
|
11,841,901
|
11,712,843
|
||||||
Peaceful (ii)
|
-
|
170,009,200
|
||||||
Huayuan Zhiye (iii)
|
18,323,996
|
-
|
||||||
Others
|
1,445,244
|
1,503,963
|
||||||
Total Prepayments to equipment and construction suppliers
|
31,611,141
|
183,226,006
|
(i) | In December 2013, the Company entered into an equipment purchase contract with Harbin Jiamu Import & Export Trading Co., Ltd ("Jiamu Trading") for a consideration of RMB1,629.3 million to purchase 70 production lines and for a consideration of RMB89.7 million to purchase testing equipment. In August 2015, the Company signed a supplemental contract with Harbin Jiamu Science and Technology Co., Ltd. (together with Jiamu Trading as "Jiamu") to purchase testing equipment for a consideration of RMB16.3 million (equivalent to US$2.5 million). The balance of Jiamu as of March 31, 2016 and December 31, 2015 mainly represents the prepayment for testing equipment. |
(ii) | On January 5, 2015, AL Composites Materials FZE ("AL Composites") entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$271.2 million to purchase certain production and testing equipment. As of March 31, 2016, all production equipment for a total amount of US$264.7 were delivered to the Company. |
(iii) | On February 4, 2016, Xinda CI (Beijing) Investment Holding Company Limited (“Xinda Beijing Investment”) (the "Buyer") entered into a contract with Beijing Xiaoyun Huayuan Property Co., Ltd. ("the Seller") to purchase the two-floor office space (2,331.90 square meters) and 5-parking-lot spaces (288.17 square meters) for a total consideration of RMB118.40 million (equivalent to US$18.32 million). The titles transfer of such office space and parking spaces are still pending as of March 31, 2016. |
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
117,962,608
|
64,555,795
|
||||||
Loans secured by accounts receivable
|
9,286,200
|
43,037,196
|
||||||
Loans secured by restricted cash
|
39,100,000
|
27,100,000
|
||||||
Current portion of long-term bank loans (note b)
|
157,648,902
|
149,646,098
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
323,997,710
|
284,339,089
|
March 31,2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
81,164,800
|
81,164,800
|
||||||
Unsecured loans
|
181,296,706
|
175,963,007
|
||||||
Less: current portion
|
157,648,902
|
149,646,098
|
||||||
Total long-term bank loans, excluding current portion
|
104,812,604
|
107,481,709
|
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
136,633,861
|
42,524,903
|
||||||
Accrued freight expenses
|
2,557,056
|
1,579,936
|
||||||
Accrued interest expenses
|
3,461,380
|
7,800,481
|
||||||
Advance from customers (i)
|
82,875,638
|
82,009,002
|
||||||
Non income tax payables
|
3,897,566
|
4,353,730
|
||||||
Others(ii)
|
2,098,323
|
2,720,660
|
||||||
Total accrued expenses and other current liabilities
|
231,523,824
|
140,988,712
|
|
Three-Month Period Ended March 31,
|
|||||||
|
2016
|
2015
|
||||||
|
US$
|
US$
|
||||||
Costs and expenses resulting from transactions with related parties:
|
||||||||
Rental expenses for plant and office spaces
|
184,536
|
195,213
|
|
March 31, 2016
|
December 31, 2015
|
||||||
|
US$
|
US$
|
||||||
Amounts due from a related party:
|
||||||||
Prepaid rent expenses to Xinda High-Tech
|
61,633
|
244,836
|
||||||
Total
|
61,633
|
244,836
|
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Amounts due to a related party
|
||||||||
Rental payable to Mr Han's son
|
10,041
|
8,439
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Office building
|
23,894
|
732,032
|
Between January 1, 2014 and December 31, 2018
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Facility
|
200
|
6,127
|
Between August 17, 2014 and August 16, 2016
|
March 31, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
26,351,381
|
24,172,693
|
||||||
Deferred income tax liabilities
|
13,395,630
|
13,874,224
|
||||||
Total other non-current liabilities
|
39,747,011
|
38,046,917
|
|
Series B Preferred Stock
|
Common Stock
|
Additional
|
Accumulated
Other
|
Total
|
|||||||||||||||||||||||||||||||
|
Number
of Shares
|
Amount
|
Number
of Shares
|
Amount
|
Treasury Stock
|
Paid-in
Capital
|
Retained
Earnings
|
Comprehensive
Income
|
Stockholders’
Equity
|
|||||||||||||||||||||||||||
|
US$
|
US$
|
||||||||||||||||||||||||||||||||||
Balance as of January 1, 2016
|
1,000,000
|
100
|
49,323,284
|
4,933
|
(92,694
|
)
|
81,919,932
|
515,555,985
|
(19,342,658
|
)
|
578,045,598
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
11,357,350
|
-
|
11,357,350
|
|||||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
4,927,024
|
4,927,024
|
|||||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
222,180
|
-
|
-
|
222,180
|
|||||||||||||||||||||||||||
Vesting of nonvested shares
|
-
|
-
|
82,907
|
8
|
-
|
(8
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of March 31, 2016
|
1,000,000
|
100
|
49,406,191
|
4,941
|
(92,694
|
)
|
82,142,104
|
526,913,335
|
(14,415,634
|
)
|
594,552,152
|
|
Number of Nonvested
Shares
|
Weighted Average
Grant date Fair Value
|
||||||
|
US$
|
|||||||
Outstanding as of December 31, 2015
|
614,727
|
5.54
|
||||||
Vested
|
(10,907
|
)
|
3.08
|
|||||
Forfeited
|
(22,210
|
)
|
4.93
|
|||||
Outstanding as of March 31, 2016
|
581,610
|
5.60
|
|
Three-Month Period Ended March 31,
|
|||||||
|
2016
|
2015
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Numerator:
|
||||||||
Net income
|
11,357,350
|
25,404,026
|
||||||
|
||||||||
Less:
|
||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(2,754,663
|
)
|
(6,177,505
|
)
|
||||
Earnings allocated to participating nonvested shares
|
(101,584
|
)
|
(247,148
|
)
|
||||
Net income for basic and dilutive earnings per share
|
8,501,103
|
18,979,373
|
||||||
|
||||||||
Denominator:
|
||||||||
Denominator for basic and diluted earnings per share
|
49,377,229
|
49,157,383
|
||||||
|
||||||||
Earnings per share:
|
||||||||
Basic and diluted
|
0.17
|
0.39
|
|
Three-Month Period Ended March 31,
|
|||||||
|
2016
|
2015
|
||||||
|
||||||||
Shares issuable upon conversion of Series D convertible preferred stock
|
16,000,000
|
16,000,000
|
|
US$
|
|||
Period from April 1, 2016 to December 31, 2016
|
847,460
|
|||
Years ending December 31,
|
||||
2017
|
1,216,626
|
|||
2018
|
936,080
|
|||
2019
|
113,978
|
|||
2020
|
113,978
|
|||
2021 and thereafter
|
1,044,800
|
|
Three-Month Period Ended March 31,
|
|||||||||||||||
(in thousands, except percentages)
|
2016
|
2015
|
||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Revenues
|
$
|
215,030
|
100
|
%
|
$
|
221,926
|
100
|
%
|
||||||||
Cost of revenues
|
$
|
180,217
|
84
|
%
|
$
|
173,284
|
78
|
%
|
||||||||
Gross profit
|
$
|
34,813
|
16
|
%
|
$
|
48,642
|
22
|
%
|
||||||||
Total operating expenses
|
$
|
10,264
|
5
|
%
|
$
|
11,075
|
5
|
%
|
||||||||
Operating income
|
$
|
24,549
|
11
|
%
|
$
|
37,567
|
17
|
%
|
||||||||
Income before income taxes
|
$
|
15,895
|
7
|
%
|
$
|
29,630
|
13
|
%
|
||||||||
Income tax expenses
|
$
|
4,538
|
|
2
|
%
|
$
|
4,226
|
2
|
%
|
|||||||
Net income
|
$
|
11,357
|
5
|
%
|
$
|
25,404
|
11
|
%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended March 31,
|
|||||||||||||||||||||||
2016
|
2015
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
50.8
|
23.6
|
%
|
36.0
|
16.2
|
%
|
14.8
|
41.1
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
51.2
|
23.8
|
%
|
42.4
|
19.1
|
%
|
8.8
|
20.8
|
%
|
|||||||||||||||
Plastic Alloy
|
60.0
|
27.9
|
%
|
92.2
|
41.6
|
%
|
(32.2
|
)
|
(
34.9
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
39.9
|
18.6
|
%
|
39.5
|
17.8
|
%
|
0.4
|
1.0
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
8.6
|
4.0
|
%
|
8.4
|
3.8
|
%
|
0.2
|
2.4
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
0.8
|
0.4
|
%
|
0.5
|
0.2
|
%
|
0.3
|
60.0
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
3.4
|
1.6
|
%
|
2.9
|
1.3
|
%
|
0.5
|
17.2
|
%
|
|||||||||||||||
Raw Materials
|
0.3
|
0.1
|
%
|
-
|
-
|
%
|
0.3
|
-
|
%
|
|||||||||||||||
Others
|
0
|
0.0
|
%
|
-
|
-
|
%
|
0
|
N/
|
A
|
|||||||||||||||
Total Revenues
|
215.0
|
100
|
%
|
221.9
|
100
|
%
|
(6.9
|
)
|
(3.1
|
)%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended March 31,
|
|||||||||||||||||||||||
2016
|
2015
|
Change in
|
Change in
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
12,240
|
15.9
|
%
|
8,447
|
12.2
|
%
|
3,793
|
44.9
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
14,820
|
19.3
|
%
|
11,981
|
17.3
|
%
|
2,839
|
23.7
|
%
|
|||||||||||||||
Plastic Alloy
|
22,784
|
29.7
|
%
|
24,143
|
34.7
|
%
|
(1,359
|
)
|
(5.6
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
22,177
|
28.9
|
%
|
20,943
|
30.2
|
%
|
1,234
|
5.9
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
3,535
|
4.6
|
%
|
3,307
|
4.8
|
%
|
228
|
6.9
|
%
|
|||||||||||||||
Polyoxymethylenes (POM)
|
270
|
0.4
|
%
|
138
|
0.2
|
%
|
132
|
95.7
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
510
|
0.7
|
%
|
396
|
0.6
|
%
|
114
|
28.8
|
%
|
|||||||||||||||
PLA
|
1
|
0.0
|
%
|
-
|
0.0
|
%
|
1
|
N/A
|
%
|
|||||||||||||||
Raw Materials
|
418
|
0.5
|
%
|
-
|
-
|
418
|
N/A
|
%
|
||||||||||||||||
Total Sales Volume
|
76,755
|
100
|
%
|
69,355
|
100
|
%
|
7,400
|
10.7
|
%
|
|
Three-Month Period Ended March 31,
|
|
Change
|
|
|||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
%
|
|
||||||
Gross Profit
|
|
$
|
34.8
|
|
|
$
|
48.6
|
|
$
|
(13.8)
|
(28.4
|
)%
|
|
Gross Profit Margin
|
|
|
16.2
|
%
|
|
|
21.9
|
%
|
|
|
(5.7)
|
%
|
|
Three-Month Period Ended March 31,
|
|
Change
|
|
|||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
%
|
|
||||||
General and Administrative Expenses
|
|
$
|
5.1
|
|
|
$
|
5.0
|
|
$
|
0.1
|
2.0
|
%
|
|
as a percentage of revenues
|
|
|
2.4
|
%
|
|
|
2.3
|
%
|
|
|
0.1
|
%
|
|
Three–Month Period Ended March 31,
|
|
Change
|
|
|||||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|
|||||||||
Research and Development Expenses
|
|
$
|
4.9
|
|
|
$
|
5.8
|
|
|
$
|
(0.9
|
)
|
|
|
(15.5
|
)%
|
|
as a percentage of revenues
|
|
|
2.3
|
%
|
|
|
2.6
|
%
|
|
|
|
|
|
|
(0.3
|
)%
|
|
Three-Month Period Ended March 31,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2016
|
2015
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
1.6
|
$
|
2.4
|
$
|
(0.8
|
)
|
(33.3
|
%)
|
|||||||
Interest Expenses
|
(10.9
|
)
|
(10.6
|
)
|
(0.3
|
)
|
2.8
|
%
|
||||||||
Net Interest Expenses
|
$
|
(9.3
|
)
|
$
|
(8.2
|
)
|
$
|
(1.1
|
)
|
13.4
|
%
|
|||||
as a percentage of revenues
|
(4.3
|
)%
|
(3.7
|
)%
|
(0.6
|
)%
|
|
Three–Month Period Ended March 31
|
|
Change
|
|
||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|
||||||
Income before Income Taxes
|
|
$
|
15.9
|
|
|
$
|
29.6
|
|
|
$
|
(13.7
|
)
|
(46.3
|
)%
|
Income Tax Expense
|
|
|
(4.5
|
)
|
|
|
(4.2
|
)
|
|
|
(0.3
|
)
|
7.1
|
%
|
Effective income tax rate
|
|
|
28.5
|
%
|
|
|
14.3
|
%
|
|
|
|
|
14.2
|
%
|
|
|
March 31, 2016
|
|
|
December 31, 2015
|
|
|
Change
|
|
|||||||
(
in millions, except percentage)
|
|
|
|
|
|
|
|
Amount
|
|
|
%
|
|
||||
Cash and cash equivalents
|
|
|
43.1
|
|
|
|
119.9
|
|
|
|
(76.8
|
)
|
|
|
(64.1
|
)%
|
Restricted cash
|
|
|
51.7
|
|
|
|
50.9
|
|
|
|
0.8
|
|
|
|
1.6
|
%
|
Time deposits
|
|
|
300.9
|
|
|
|
237.6
|
|
|
|
63.3
|
|
|
|
26.6
|
%
|
Accounts receivable, net of allowance for doubtful accounts
|
|
|
179.6
|
|
|
|
234.5
|
|
|
|
(54.9
|
)
|
|
|
(23.4
|
)%
|
Inventories
|
|
|
391.5
|
|
|
|
294.7
|
|
|
|
96.8
|
|
|
|
32.8
|
%
|
Prepaid expenses and other current assets
|
50.7
|
15.7
|
35.0
|
222.9
|
%
|
|||||||||||
Property, plant and equipment, net
|
|
|
807.0
|
|
|
|
571.7
|
|
|
|
235.3
|
|
|
41.
|
2%
|
|
Land use rights, net
|
|
|
24.6
|
|
|
|
24.5
|
|
|
|
0.1
|
|
|
|
0.4
|
%
|
Prepayments to equipment and construction suppliers
|
|
|
31.6
|
|
|
|
183.2
|
|
|
|
(151.6)
|
|
|
|
(82.8
|
)%
|
Other non-current assets
|
|
|
19.1
|
|
|
|
19.0
|
|
|
|
0.1
|
|
|
|
0.5
|
%
|
Total assets
|
|
|
1,899.8
|
|
|
|
1752.0
|
|
|
|
147.8
|
|
|
|
8.
|
4%
|
Short-term bank loans, including current portion of long-term bank loans
|
|
|
324.0
|
|
|
|
284.3
|
|
|
|
39.7
|
|
|
|
14.0
|
%
|
Bills payable
|
|
|
33.2
|
|
|
|
33.5
|
|
|
|
(0.3
|
)
|
|
|
(0.9
|
)%
|
Accounts payable
|
|
|
258.1
|
|
|
|
257.4
|
|
|
|
0.7
|
|
|
|
0.3
|
%
|
Income taxes payable, including noncurrent portion
|
|
|
26.5
|
|
|
|
28.0
|
|
|
|
(1.5)
|
|
|
|
(5.4
|
%)
|
Accrued expenses and other current liabilities
|
|
|
231.5
|
|
|
|
141.0
|
|
|
|
90.5
|
|
|
64.2
|
%
|
|
Long-term bank loans, excluding current portion
|
|
|
104.8
|
|
|
|
107.5
|
|
|
|
(2.7
|
)
|
|
|
(2.5
|
)%
|
Notes payable
|
|
|
145.9
|
|
|
|
145.6
|
|
|
|
0.3
|
|
|
|
0.2
|
% |
Deferred income
|
|
|
66.5
|
|
|
|
62.0
|
|
|
|
4.5
|
|
|
|
7.3
|
%
|
Redeemable Series D convertible preferred stock
|
|
|
97.6
|
|
|
|
97.6
|
|
|
|
-
|
|
|
|
-
|
|
Stockholders' equity
|
|
|
594.6
|
|
|
|
578.0
|
|
|
|
16.6
|
|
|
|
2.9
|
%
|
(in millions)
|
March 31, 2016
|
||||||||||||
Lines of Credit, Obtained
|
Remaining Available
|
||||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
|||||||||
Bank of Communications
|
December 09, 2014
|
200.0
|
31.0
|
0.3
|
|||||||||
Bank of Longjiang, Heilongjiang
|
June 29, 2015
|
300.0
|
46.4
|
46.4
|
|||||||||
Bank of China
|
April 28, 2015
|
1,389.5
|
215.1
|
76.0
|
|||||||||
HSBC
|
September 2, 2014
|
613.8
|
95.0
|
59.4
|
|||||||||
Agriculture Bank of China
|
November 25, 2015
|
260.0
|
40.2
|
14.5
|
|||||||||
China Construction Bank
|
January 8, 2016
|
540.0
|
83.6
|
60.4
|
|||||||||
ICBC
|
October 28, 2015
|
500.0
|
77.4
|
54.0
|
|||||||||
Export-Import Bank of China
|
March 30, 2016
|
200.0
|
31.0
|
-
|
|||||||||
Subtotal (credit term<=1 year)
|
4,003.3
|
619.7
|
311.0
|
||||||||||
Bank of China
|
April 28, 2015
|
962.4
|
149.0
|
50.3
|
|||||||||
Agriculture Bank of China
|
November 25, 2015
|
40.0
|
6.2
|
-
|
|||||||||
Subtotal (credit term>1 year)
|
1,002.4
|
155.2
|
50.3
|
||||||||||
Total
|
5,005.7
|
774.9
|
361.3
|
Three-Month Period Ended March 31,
|
||||||||
(in millions US$)
|
2016
|
2015
|
||||||
Net cash provided by (used in) operating activities
|
(25.4
|
)
|
37.5
|
|||||
Net cash used in investing activities
|
(86.3
|
)
|
(122.1
|
)
|
||||
Net cash provided by financing activities
|
34.7
|
69.9
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
0.2
|
0.4
|
||||||
Net decrease in cash and cash equivalents
|
(76.8
|
)
|
(14.3
|
)
|
||||
Cash and cash equivalents at the beginning of period
|
119.9
|
45.5
|
||||||
Cash and cash equivalents at the end of period
|
43.1
|
31.2
|
|
Three-month period ended March 31, 2016
|
Year ended December 31, 2015
|
Customer Payment Term
|
Payment in advance/up to 90 days
|
Payment in advance/up to 90 days
|
Supplier Payment Term
|
Payment in advance/up to 60 days
|
Payment in advance/up to 60 days
|
Contractual obligations
|
Total
|
Payment due
less than 1 year
|
1 – 3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Lease commitments
|
4,272,922
|
1,151,616
|
1,877,044
|
227,956
|
1,016,306
|
|||||||||||||||
Purchase of land use rights, plant equipment, and construction in progress (3)
|
26,523,912
|
26,523,912
|
-
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
278,886,038
|
164,902,389
|
57,437,872
|
56,545,777
|
-
|
|||||||||||||||
Notes payable (2)
|
202,875,000
|
17,625,000
|
26,437,500
|
158,812,500
|
-
|
|||||||||||||||
Total
|
512,557,872
|
210,202,917
|
85,752,416
|
215,586,233
|
1,016,306
|
Exhibit
No.
|
|
Document Description
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
32.2
|
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
|
China XD Plastics Company Limited
|
|
|
|
|
Date: May 10, 2016
|
By:
|
/s/ Jie Han
|
|
Name: Jie Han
|
|
|
Title: Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Date: May 10, 2016
|
By:
|
/s/ Taylor Zhang
|
|
Name: Taylor Zhang
|
|
|
Title: Chief Financial Officer
|
Exhibit
No.
|
|
Document Description
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
|
Certification of the Chief Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
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32.2
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Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).
|
101
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|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T.
|
1 Year China XD Plastics Chart |
1 Month China XD Plastics Chart |
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