![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
31
|
|
Item 4. Controls and Procedures
|
31
|
|
PART II. OTHER INFORMATION
|
32
|
|
Item 1. Legal Proceedings
|
32
|
|
Item 1A. Risk Factors
|
32
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
32
|
|
Item 3. Defaults Upon Senior Securities
|
32
|
|
Item 4. Mine Safety Disclosures
|
32
|
|
Item 5. Exhibits
|
32
|
|
Signatures
|
33
|
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
US$
|
US$
|
US$
|
US$
|
||||||||||||
|
||||||||||||||||
Revenues
|
277,139,662
|
265,412,742
|
492,169,820
|
487,339,137
|
||||||||||||
Cost of revenues
|
(216,795,181
|
)
|
(213,919,846
|
)
|
(397,011,688
|
)
|
(387,203,965
|
)
|
||||||||
Gross profit
|
60,344,481
|
51,492,896
|
95,158,132
|
100,135,172
|
||||||||||||
|
||||||||||||||||
Selling expenses
|
(382,038
|
)
|
(438,041
|
)
|
(667,174
|
)
|
(734,861
|
)
|
||||||||
General and administrative expenses
|
(6,596,023
|
)
|
(6,592,032
|
)
|
(11,665,697
|
)
|
(11,556,790
|
)
|
||||||||
Research and development expenses
|
(5,906,719
|
)
|
(6,659,310
|
)
|
(10,816,286
|
)
|
(12,473,173
|
)
|
||||||||
Total operating expenses
|
(12,884,780
|
)
|
(13,689,383
|
)
|
(23,149,157
|
)
|
(24,764,824
|
)
|
||||||||
|
||||||||||||||||
Operating income
|
47,459,701
|
37,803,513
|
72,008,975
|
75,370,348
|
||||||||||||
|
||||||||||||||||
Interest income
|
1,615,728
|
2,466,291
|
3,229,991
|
4,894,362
|
||||||||||||
Interest expense
|
(10,628,222
|
)
|
(11,038,295
|
)
|
(21,532,881
|
)
|
(21,667,648
|
)
|
||||||||
Foreign currency exchange gains (losses)
|
(56,091
|
)
|
322,056
|
371,574
|
231,641
|
|||||||||||
Gains on foreign currency forward contracts
|
-
|
305,825
|
-
|
660,344
|
||||||||||||
Government grant
|
218,286
|
4,814
|
426,719
|
4,814
|
||||||||||||
Total non-operating expense, net
|
(8,850,299
|
)
|
(7,939,309
|
)
|
(17,504,597
|
)
|
(15,876,487
|
)
|
||||||||
|
||||||||||||||||
Income before income taxes
|
38,609,402
|
29,864,204
|
54,504,378
|
59,493,861
|
||||||||||||
|
||||||||||||||||
Income tax expense
|
(5,253,628
|
)
|
(4,385,601
|
)
|
(9,791,254
|
)
|
(8,611,232
|
)
|
||||||||
|
||||||||||||||||
Net income
|
33,355,774
|
25,478,603
|
44,713,124
|
50,882,629
|
||||||||||||
|
||||||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic and diluted
|
0.51
|
0.39
|
0.68
|
0.77
|
||||||||||||
|
||||||||||||||||
Net Income
|
33,355,774
|
25,478,603
|
44,713,124
|
50,882,629
|
||||||||||||
|
||||||||||||||||
Other comprehensive loss
|
||||||||||||||||
Foreign currency translation adjustment, net of nil income taxes
|
(18,440,326
|
)
|
(616,961
|
)
|
(13,513,302
|
)
|
(781,721
|
)
|
||||||||
|
||||||||||||||||
Comprehensive income
|
14,915,448
|
24,861,642
|
31,199,822
|
50,100,908
|
|
Six-Month Period Ended
June 30,
|
|||||||
|
2016
|
2015
|
||||||
|
US$
|
US$
|
||||||
Cash flows from operating activities:
|
||||||||
Net cash provided by (used in) operating activities
|
(93,887,642
|
)
|
71,660,883
|
|||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturity of time deposits
|
236,818,725
|
237,499,197
|
||||||
Purchase of time deposits
|
(286,909,102
|
)
|
(231,080,300
|
)
|
||||
Purchase of land use rights
|
-
|
(6,904,447
|
)
|
|||||
Purchase of and deposits for property, plant and equipment
|
(40,022,079
|
)
|
(119,535,975
|
)
|
||||
Government grant related to the construction of Sichuan plant
|
8,809,473
|
-
|
||||||
Net cash used in investing activities
|
(81,302,983
|
)
|
(120,021,525
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
399,343,916
|
323,407,459
|
||||||
Repayments of bank borrowings
|
(280,843,603
|
)
|
(238,181,426
|
)
|
||||
Release of restricted cash as collateral for bank borrowings
|
28,378,420
|
-
|
||||||
Placement of restricted cash as collateral for bank borrowings
|
(32,492,262
|
)
|
(29,729,123
|
)
|
||||
Net cash provided by financing activities
|
114,386,471
|
55,496,910
|
||||||
|
||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
(1,143,417
|
)
|
109,400
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(61,947,571
|
)
|
7,245,668
|
|||||
|
||||||||
Cash and cash equivalents at beginning of period
|
119,928,485
|
45,456,612
|
||||||
Cash and cash equivalents at end of period
|
57,980,914
|
52,702,280
|
||||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of capitalized interest
|
20,737,714
|
20,159,080
|
||||||
Income taxes paid
|
10,654,265
|
3,706,530
|
||||||
Non-cash investing and financing activities:
|
||||||||
Government grant related to construction in the form of repayment of bank loan on behalf of the Company by the government
|
-
|
11,267,062
|
||||||
Accrual for purchase of equipment and construction included in accrued expenses and other current liabilities
|
88,224,035
|
295,893
|
June 30, 2016,
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
RMB denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
414,281,521
|
417,430,412
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
8,602
|
13,778
|
||||||
Financial Institution in Dubai, United Arab Emirates ("UAE")
|
17,830
|
3,023
|
||||||
U.S. dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
318,162
|
226,010
|
||||||
Financial Institutions in the PRC
|
67,637
|
17,109
|
||||||
Financial Institution in Hong Kong SAR
|
42,568
|
63,854
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
14,968
|
37,120
|
||||||
Financial Institution in Dubai, UAE
|
411,835
|
7,474,960
|
||||||
Euro denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
3,155
|
3,011
|
||||||
HK dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
206
|
336
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
139,982
|
37,278
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
200,530,177
|
234,583,370
|
||||||
Allowance for doubtful accounts
|
(39,864
|
)
|
(40,631
|
)
|
||||
Accounts receivable, net
|
200,490,313
|
234,542,739
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
200,490,313
|
234,396,244
|
||||||
– 1-3 months past due
|
-
|
146,495
|
||||||
– 4-6 months past due
|
-
|
-
|
||||||
– 7-12 months past due
|
-
|
-
|
||||||
– greater than one year past due
|
39,864
|
40,631
|
||||||
Total accounts receivable
|
200,530,177
|
234,583,370
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Raw materials
|
394,938,565
|
287,995,933
|
||||||
Work in progress
|
175,434
|
164,034
|
||||||
Finished goods
|
26,847,167
|
6,505,228
|
||||||
Total inventories
|
421,961,166
|
294,665,195
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Receivables due from a customer in the ROK
|
-
|
9,471,222
|
||||||
Interest receivable
|
3,257,727
|
3,306,974
|
||||||
Value added taxes receivables
|
38,763,061
|
698,286
|
||||||
Advances to suppliers
|
4,393,320
|
68,354
|
||||||
Others (i)
|
4,640,338
|
2,131,012
|
||||||
Total prepaid expenses and other current assets
|
51,054,446
|
15,675,848
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
316,589,584
|
258,173,175
|
||||||
Motor vehicles
|
2,309,311
|
2,009,440
|
||||||
Workshops and buildings
|
92,909,638
|
76,924,199
|
||||||
Construction in progress
|
499,853,899
|
323,955,531
|
||||||
Total property, plant and equipment
|
911,662,432
|
661,062,345
|
||||||
Less accumulated depreciation
|
(101,478,685
|
)
|
(89,315,838
|
)
|
||||
Property, plant and equipment, net
|
810,183,747
|
571,746,507
|
|
Three-Month Period Ended
June 30,
|
|||||||
|
2016
|
2015
|
||||||
|
US$
|
US$
|
||||||
|
||||||||
Cost of revenues
|
5,681,237
|
5,525,990
|
||||||
General and administrative expenses
|
435,142
|
403,135
|
||||||
Research and development expenses
|
942,387
|
901,082
|
||||||
Selling expense
|
506
|
223
|
||||||
Total depreciation expense
|
7,059,272
|
6,830,430
|
|
Six-Month Period Ended
June 30,
|
|||||||
|
|
2016 |
2015
|
|||||
US$
|
US$
|
|||||||
|
||||||||
Cost of revenues
|
11,361,731
|
10,305,578
|
||||||
General and administrative expenses
|
838,326
|
778,263
|
||||||
Research and development expenses
|
1,888,204
|
1,696,801
|
||||||
Selling expense
|
890
|
223
|
||||||
Total depreciation expense
|
14,089,151
|
12,780,865
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Jiamu (i)
|
11,128,200
|
11,712,843
|
||||||
Peaceful (ii)
|
-
|
170,009,200
|
||||||
Bagader Trading (iii)
|
1,225,030
|
-
|
||||||
Others
|
2,062,467
|
1,503,963
|
||||||
Total Prepayments to equipment and construction suppliers
|
14,415,697
|
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 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 June 30, 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 June 30, 2016, all production equipment for a total amount of US$264.7 were delivered to the Company. |
(iii) | On June 28, 2016, AL Composites entered into a facility purchase contract with Bagader Trading EST for a total consideration of AED45 million (equivalent to US$12.3 million). Pursuant to the contract with Bagader Trading, the Company has paid AED 4.5 million (equivalent to US$1.2 million) as prepayments as of June 30, 2016. |
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
220,933,439
|
64,555,795
|
||||||
Loans secured by accounts receivable
|
57,304,862
|
43,037,196
|
||||||
Loans secured by restricted cash
|
32,100,000
|
27,100,000
|
||||||
Current portion of long-term bank loans (note (b))
|
111,820,364
|
149,646,098
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
422,158,665
|
284,339,089
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
91,400,000
|
81,164,800
|
||||||
Unsecured loans
|
102,093,135
|
175,963,007
|
||||||
Less: current portion
|
111,820,364
|
149,646,098
|
||||||
Total long-term bank loans, excluding current portion
|
81,672,771
|
107,481,709
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
129,668,126
|
42,524,903
|
||||||
Accrued freight expenses
|
2,459,663
|
1,579,936
|
||||||
Accrued interest expenses
|
7,934,070
|
7,800,481
|
||||||
Advance from customers (i)
|
75,198,592
|
82,009,002
|
||||||
Non income tax payables
|
5,238,290
|
4,353,730
|
||||||
Others (ii)
|
3,166,042
|
2,720,660
|
||||||
Total accrued expenses and other current liabilities
|
223,664,783
|
140,988,712
|
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
US$
|
US$
|
US$
|
US$
|
||||||||||||
Costs and expenses resulting from transactions with related parties:
|
|
|
|
|
||||||||||||
Rental expenses for plant and office spaces
|
184,525
|
165,500
|
369,061
|
360,714
|
|
June 30, 2016
|
December 31, 2015
|
||||||
|
US$
|
US$
|
||||||
Amounts due from a related party:
|
||||||||
Prepaid rent expenses to Xinda High-Tech
|
-
|
244,836
|
||||||
Total:
|
-
|
244,836
|
Amounts due to a related party:
|
June 30, 2016
|
December 31, 2015
|
||||||
Rental payable to Xinda High-Tech
|
120,107
|
-
|
||||||
Rental payable to Mr Han's son
|
11,287
|
8,439
|
||||||
Total:
|
131,394
|
8,439
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Office building
|
23,894
|
732,010
|
Between January 1, 2014 and December 31, 2018
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Facility
|
200
|
6,127
|
Between August 17, 2014 and August 16, 2016
|
June 30, 2016
|
December 31, 2015
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
29,262,941
|
24,172,693
|
||||||
Deferred income tax liabilities
|
12,504,645
|
13,874,224
|
||||||
Total other non-current liabilities
|
41,767,586
|
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
Loss
|
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
|
-
|
-
|
-
|
-
|
-
|
-
|
44,713,124
|
-
|
44,713,124
|
|||||||||||||||||||||||||||
Other comprehensive loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(13,513,302
|
)
|
(13,513,302
|
)
|
|||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
470,424
|
-
|
-
|
470,424
|
|||||||||||||||||||||||||||
Vesting of nonvested shares
|
-
|
-
|
82,907
|
8
|
-
|
(8
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Balance as of June 30, 2016
|
1,000,000
|
100
|
49,406,191
|
4,941
|
(92,694
|
)
|
82,390,348
|
560,269,109
|
(32,855,960
|
)
|
609,715,844
|
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
|
(27,770
|
)
|
5.04
|
|||||
Outstanding as of June 30, 2016
|
576,050
|
5.60
|
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
US$
|
US$
|
US$
|
US$
|
||||||||||||
Net income
|
33,355,774
|
25,478,603
|
44,713,124
|
50,882,629
|
||||||||||||
Less:
|
||||||||||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(8,088,078
|
)
|
(6,199,413
|
)
|
(10,843,682
|
)
|
(12,379,759
|
)
|
||||||||
Earnings allocated to participating nonvested shares
|
(292,624
|
)
|
(230,996
|
)
|
(395,191
|
)
|
(466,567
|
)
|
||||||||
Net income for basic and diluted earnings per share
|
24,975,072
|
19,048,194
|
33,474,251
|
38,036,303
|
||||||||||||
|
||||||||||||||||
Denominator
|
||||||||||||||||
Denominator for basic and diluted earnings per share
|
49,406,191
|
49,161,284
|
49,391,710
|
49,159,344
|
||||||||||||
|
||||||||||||||||
Earnings per share:
|
||||||||||||||||
Basic and diluted
|
0.51
|
0.39
|
0.68
|
0.77
|
|
Three-Month Period Ended June 30,
|
Six-Month Period Ended June 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
||||||||||||||||
Shares issuable upon conversion of Series D convertible preferred stock
|
16,000,000
|
16,000,000
|
16,000,000
|
16,000,000
|
US$
|
||||
Period from July 1, 2016 to December 31, 2016
|
495,307
|
|||
Years ending December 31,
|
||||
2017
|
1,272,455
|
|||
2018
|
984,733
|
|||
2019
|
113,999
|
|||
2020
|
113,999
|
|||
2021
|
113,999
|
|||
After 2021
|
930,994
|
(in millions, except percentage)
|
Three-Month Period Ended
|
Six-Month Period Ended
|
||||||||||||||||||||||
|
June 30,
|
Change
|
June 30,
|
Change
|
||||||||||||||||||||
|
2016
|
2015
|
%
|
2016
|
2015
|
%
|
||||||||||||||||||
Revenues
|
277.1
|
265.4
|
4.4
|
%
|
492.2
|
487.3
|
1.0
|
%
|
||||||||||||||||
Cost of revenues
|
(216.8
|
)
|
(213.9
|
)
|
1.4
|
%
|
(397.0
|
)
|
(387.2
|
)
|
2.5
|
%
|
||||||||||||
Gross profit
|
60.3
|
51.5
|
17.1
|
%
|
95.2
|
100.1
|
(4.9
|
)%
|
||||||||||||||||
Total operating expenses
|
(12.9
|
)
|
(13.7
|
)
|
(5.8
|
)%
|
(23.2
|
)
|
(24.8
|
)
|
(6.5
|
)%
|
||||||||||||
Operating income
|
47.4
|
37.8
|
25.4
|
%
|
72.0
|
75.3
|
(4.4
|
)%
|
||||||||||||||||
Income before income taxes
|
38.6
|
29.9
|
29.1
|
%
|
54.5
|
59.4
|
(8.2
|
)%
|
||||||||||||||||
Income tax expense
|
(5.3
|
)
|
(4.4
|
)
|
(20.5
|
)%
|
(9.8
|
)
|
(8.5
|
)
|
15.3
|
%
|
||||||||||||
Net income
|
33.3
|
25.5
|
30.6
|
%
|
44.7
|
50.9
|
(12.2
|
)%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended June 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
60.4
|
21.8
|
%
|
53.0
|
20.0
|
%
|
7.4
|
14.0
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
59.5
|
21.5
|
%
|
52.1
|
19.6
|
%
|
7.4
|
14.2
|
%
|
|||||||||||||||
Plastic Alloy
|
99.8
|
36.0
|
%
|
99.0
|
37.3
|
%
|
0.8
|
0.8
|
%
|
|||||||||||||||
Modified Polypropylene (PP)
|
43.1
|
15.6
|
%
|
44.6
|
16.8
|
%
|
(1.5
|
)
|
(3.4
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
10.0
|
3.6
|
%
|
10.8
|
4.1
|
%
|
(0.8
|
)
|
(7.4
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
0.9
|
0.3
|
%
|
0.9
|
0.3
|
%
|
0.0
|
0.0
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
2.8
|
1.0
|
%
|
3.3
|
1.3
|
%
|
(0.5
|
)
|
(15.2
|
)%
|
||||||||||||||
Modified Polylactic acid (PLA)
|
0.1
|
0.0
|
%
|
-
|
-
|
0.1
|
n/
|
a
|
||||||||||||||||
Raw Materials
|
0.5
|
0.2
|
%
|
1.7
|
0.6
|
%
|
(1.2
|
)
|
(70.6
|
)%
|
||||||||||||||
Total Revenues
|
277.1
|
100
|
%
|
265.4
|
100
|
%
|
11.7
|
4.4
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended June 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change in
|
Change in
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
14,804
|
16.5
|
%
|
12,342
|
14.5
|
%
|
2,462
|
19.9
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
16,953
|
19.0
|
%
|
14,399
|
17.0
|
%
|
2,554
|
17.7
|
%
|
|||||||||||||||
Plastic Alloy
|
28,131
|
31.5
|
%
|
28,357
|
33.5
|
%
|
(226
|
)
|
(0.8
|
)%
|
||||||||||||||
Modified Polypropylene (PP)
|
24,242
|
27.1
|
%
|
23,542
|
27.8
|
%
|
700
|
3.0
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
4,102
|
4.6
|
%
|
4,185
|
4.9
|
%
|
(83
|
)
|
(2.0
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
280
|
0.3
|
%
|
270
|
0.3
|
%
|
10
|
3.7
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
420
|
0.5
|
%
|
453
|
0.5
|
%
|
(33
|
)
|
(7.3
|
)%
|
||||||||||||||
Modified Polylactic acid (PLA)
|
10
|
0.0
|
%
|
-
|
-
|
10
|
n/
|
a
|
||||||||||||||||
Raw Materials
|
461
|
0.5
|
%
|
1,285
|
1.5
|
%
|
(824
|
)
|
(64.1
|
)%
|
||||||||||||||
Total Sales Volume
|
89,403
|
100
|
%
|
84,833
|
100
|
%
|
4,570
|
5.4
|
%
|
|
Three-Month Period Ended June 30,
|
|
Change
|
|
||||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
% |
|
|||||||||
Gross Profit
|
|
$
|
60.3
|
|
$
|
51.5
|
|
$
|
8.8
|
17.1
|
%
|
|||||
Gross Profit Margin
|
|
|
21.8
|
%
|
|
19.4
|
%
|
|
|
2.4
|
%
|
Three-Month Period Ended June,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2016
|
2015
|
Amount
|
%
|
||||||||||||
General and Administrative Expenses
|
$
|
6.6
|
$
|
6.6
|
$
|
0.0
|
|
0.0
|
%
|
|||||||
as a percentage of revenues
|
2.4
|
%
|
2.5
|
%
|
(0.1
|
)%
|
Three–Month Period Ended June 30,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2016
|
2015
|
Amount
|
%
|
||||||||||||
Research and Development Expenses
|
$
|
5.9
|
$
|
6.7
|
$
|
(0.8
|
)
|
(11.9
|
)%
|
|||||||
as a percentage of revenues
|
2.1
|
%
|
2.5
|
%
|
(0.4
|
)%
|
|
Three-Month Period Ended June 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2016
|
2015
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
1.6
|
$
|
2.5
|
$
|
(0.9
|
)
|
(36.0
|
)%
|
|||||||
Interest Expenses
|
(10.6
|
)
|
(11.0
|
)
|
0.4
|
(3.6
|
)%
|
|||||||||
Net Interest Expenses
|
$
|
(9.0
|
)
|
$
|
(8.5
|
)
|
$
|
(0.5
|
)
|
5.9
|
%
|
|||||
as a percentage of revenues
|
(3.3
|
)%
|
(3.2
|
)%
|
(0.1
|
)%
|
|
Three–Month Period Ended June 30,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2016
|
2015
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
38.6
|
$
|
29.9
|
$
|
8.7
|
29.1
|
%
|
||||||||
Income Tax Expense
|
(5.3
|
)
|
(4.4
|
)
|
(0.9
|
)
|
20.5
|
%
|
||||||||
Effective income tax rate
|
13.6
|
%
|
14.7
|
%
|
(1.1
|
)%
|
(in millions, except percentage)
|
Revenues
For the Six -Month Period Ended June 30,
|
|
|
|||||||||||||||||||||
|
2016
|
2015
|
|
|
||||||||||||||||||||
|
Amount
|
%
|
Amount
|
%
|
Change in
Amount
|
Change in
%
|
||||||||||||||||||
Modified Polyamide 66 (PA66)
|
111.3
|
22.6
|
%
|
89.1
|
18.3
|
%
|
22.2
|
24.9
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polyamide 6 (PA6)
|
110.6
|
22.4
|
%
|
95.0
|
19.5
|
%
|
15.6
|
16.4
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Plastic Alloy
|
159.8
|
32.5
|
%
|
191.2
|
39.2
|
%
|
(31.4
|
)
|
(16.4
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Polypropylene (PP)
|
83.0
|
16.9
|
%
|
84.1
|
17.3
|
%
|
(1.1
|
)
|
(1.3
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
18.6
|
3.8
|
%
|
19.2
|
3.9
|
%
|
(0.6
|
)
|
(3.1
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Polyoxymethylenes (POM)
|
1.7
|
0.3
|
%
|
1.4
|
0.3
|
%
|
0.3
|
21.4
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Polyphenylene Oxide (PPO)
|
6.2
|
1.3
|
%
|
6.2
|
1.3
|
%
|
0.0
|
0.0
|
%
|
|||||||||||||||
|
||||||||||||||||||||||||
Modified Polylactic acid (PLA)
|
0.1
|
0.0
|
%
|
-
|
-
|
0.1
|
n/
|
a
|
||||||||||||||||
Raw Materials
|
0.9
|
0.2
|
%
|
1.1
|
0.2
|
%
|
(0.2
|
)
|
(18.2
|
)%
|
||||||||||||||
|
||||||||||||||||||||||||
Total Revenues
|
492.2
|
100
|
%
|
487.3
|
100
|
%
|
4.9
|
1.0
|
%
|
|
Six-Month Period Ended June 30,
|
|
Change
|
|
||||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|
||||||||
Gross Profit
|
|
$
|
95.2
|
|
|
$
|
100.1
|
|
|
$
|
(4.9)
|
|
|
|
(4.9)
|
%
|
Gross Profit Margin
|
|
|
19.3
|
%
|
|
|
20.5
|
%
|
|
|
|
|
|
|
(1.4)
|
%
|
|
Six-Month Period Ended June 30,
|
|
Change
|
|
||||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|
||||||||
General and Administrative Expenses
|
|
$
|
11.7
|
|
|
$
|
11.6
|
|
|
$
|
0.1
|
|
|
|
0.9
|
%
|
as a percentage of revenues
|
|
|
2.4
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
(0.0)
|
%
|
|
Six-Month Period Ended June 30,
|
|
Change
|
|
||||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
|
%
|
|
||||||||
Research and Development Expenses
|
|
$
|
10.8
|
|
|
$
|
12.5
|
|
|
$
|
(1.7
|
)
|
|
|
(13.6
|
)%
|
as a percentage of revenues
|
|
|
2.2
|
%
|
|
|
2.6
|
%
|
|
|
|
|
|
|
(0.4)
|
%
|
|
|
Six-Month Period Ended June 30,
|
|
|
Change
|
|
||||||||||
(in millions, except percentage)
|
|
2016
|
|
|
2015
|
|
|
Amount
|
|
|
%
|
|
||||
Interest Income
|
|
$
|
3.2
|
|
|
$
|
4.9
|
|
|
$
|
(1.7
|
)
|
|
|
(34.7
|
)%
|
Interest Expenses
|
|
|
(21.5
|
)
|
|
|
(21.7
|
)
|
|
|
0.2
|
|
|
(0.9
|
)%
|
|
Net Interest Expenses
|
|
$
|
(18.3
|
)
|
|
$
|
(16.8
|
)
|
|
$
|
(1.5
|
)
|
|
|
8.9
|
%
|
as a percentage of revenues
|
|
|
(3.7
|
)%
|
|
|
(3.4
|
)%
|
|
|
|
|
|
|
(0.3
|
)%
|
|
Six Month Period Ended June 30,
|
|
Change
|
|
||||||||||
(in millions, except percentage)
|
2016
|
|
2015
|
|
Amount
|
%
|
|
|||||||
Income before Income Taxes
|
$
|
|
54.5
|
|
|
$
|
59.4
|
|
$
|
(4.9)
|
(8.2)
|
%
|
||
Income Tax Expense
|
|
|
(9.8
|
)
|
|
|
(8.5
|
)
|
|
(1.3)
|
15.3
|
%
|
||
Effective income tax rate
|
|
|
18.0
|
%
|
|
|
14.3
|
%
|
|
|
3.7
|
%
|
June 30, 2016
|
December 31, 2015
|
Change
|
||||||||||||||
(
in millions, except percentage)
|
Amount
|
%
|
||||||||||||||
Cash and cash equivalents
|
58.0
|
119.9
|
(61.9
|
)
|
(51.6
|
)%
|
||||||||||
Restricted cash
|
64.5
|
50.9
|
13.6
|
26.7
|
%
|
|||||||||||
Time deposits
|
282.5
|
237.6
|
44.9
|
18.9
|
%
|
|||||||||||
Accounts receivable, net of allowance for doubtful accounts
|
200.5
|
234.5
|
(34.0
|
)
|
(14.5
|
)%
|
||||||||||
Inventories
|
422.0
|
294.7
|
127.3
|
43.2
|
%
|
|||||||||||
Prepaid expenses and other current assets
|
51.0
|
15.7
|
35.3
|
224.8
|
%
|
|||||||||||
Property, plant and equipment, net
|
810.1
|
571.7
|
238.4
|
41.7
|
%
|
|||||||||||
Land use rights, net
|
23.8
|
24.5
|
(0.7
|
)
|
(2.9
|
)%
|
||||||||||
Prepayments to equipment and construction suppliers
|
14.4
|
183.2
|
(168.8
|
)
|
(92.1
|
)%
|
||||||||||
Other non-current assets
|
12.7
|
19.0
|
(6.3
|
)
|
(33.2
|
)%
|
||||||||||
Total assets
|
1,939.5
|
1752.0
|
187.5
|
10.7
|
%
|
|||||||||||
Short-term bank loans, including current portion of long-term bank loans
|
422.2
|
284.3
|
137.9
|
48.5
|
%
|
|||||||||||
Bills payable
|
47.0
|
33.5
|
13.5
|
40.3
|
%
|
|||||||||||
Accounts payable
|
195.3
|
257.4
|
(62.1
|
)
|
(24.1
|
)%
|
||||||||||
Income taxes payable, including noncurrent portion
|
28.0
|
28.0
|
-
|
-
|
||||||||||||
Accrued expenses and other current liabilities
|
223.7
|
141.0
|
82.7
|
58.7
|
%
|
|||||||||||
Notes payable within one-year
|
146.2
|
-
|
146.2
|
n/a
|
%
|
|||||||||||
Long-term bank loans, excluding current portion
|
81.7
|
107.5
|
(25.8
|
)
|
(24.0
|
)%
|
||||||||||
Notes payable
|
-
|
145.6
|
(145.6
|
)
|
(100.0
|
)%
|
||||||||||
Deferred income
|
71.3
|
62.0
|
9.3
|
15.0
|
%
|
|||||||||||
Redeemable Series D convertible preferred stock
|
97.6
|
97.6
|
-
|
0.0
|
%
|
|||||||||||
Stockholders' equity
|
609.7
|
578.0
|
31.7
|
5.5
|
%
|
(in millions)
|
June 30, 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
|
30.2
|
0.5
|
|||||||||
Bank of Longjiang, Heilongjiang
|
March 16, 2016
|
400.0
|
60.3
|
-
|
|||||||||
Bank of China
|
April 28, 2015
|
1,118.4
|
168.7
|
73.9
|
|||||||||
HSBC
|
August 16, 2015
|
630.0
|
95.0
|
54.8
|
|||||||||
Agriculture Bank of China
|
November 25, 2015
|
400.0
|
60.3
|
-
|
|||||||||
China Construction Bank
|
January 8, 2016
|
540.0
|
81.4
|
58.8
|
|||||||||
ICBC
|
October 28, 2015
|
500.0
|
75.4
|
-
|
|||||||||
Societe Generale (China) Limited
|
October 15, 2015
|
80.0
|
12.1
|
-
|
|||||||||
Export-Import Bank of China
|
March 30, 2016
|
300.0
|
45.2
|
-
|
|||||||||
Subtotal (credit term<=1 year)
|
4168.4
|
628.6
|
206.5
|
||||||||||
Bank of China
|
April 28, 2015
|
977.6
|
147.4
|
96.1
|
|||||||||
China Construction Bank
|
May 12, 2016
|
210.0
|
31.7
|
1.3
|
|||||||||
Subtotal (credit term>1 year)
|
1,187.6
|
179.1
|
97.4
|
||||||||||
Total
|
5,356.0
|
807.7
|
303.9
|
Six-Month Period Ended June 30,
|
||||||||
(in millions US$)
|
2016
|
2015
|
||||||
Net cash provided by (used in) operating activities
|
(93.9
|
)
|
71.7
|
|||||
Net cash used in investing activities
|
(81.3
|
)
|
(120.1
|
)
|
||||
Net cash provided by financing activities
|
114.4
|
55.5
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
(1.1
|
)
|
0.1
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(61.9
|
)
|
7.2
|
|||||
Cash and cash equivalents at the beginning of period
|
119.9
|
45.5
|
||||||
Cash and cash equivalents at the end of period
|
58.0
|
42.7
|
Six
-month period ended June 30, 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 90 days
|
Payment in advance/up to 90 days
|
Contractual obligations
|
Total
|
Payment due
less than 1 year
|
1 – 3 years
|
3-5 years
|
More than 5
years
|
|||||||||||||||
Lease commitments
|
4,025,486
|
1,131,535
|
1,677,960
|
227,998
|
987,993
|
|||||||||||||||
Purchase of land use rights, plant equipment, and construction in progress (3)(4)(5)
|
35,436,535
|
35,436,535
|
-
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
208,675,384
|
118,257,107
|
35,846,996
|
54,571,281
|
-
|
|||||||||||||||
Notes payable (2)
|
175,321,458
|
175,321,458
|
-
|
-
|
-
|
|||||||||||||||
Total
|
423,458,863
|
330,146,635
|
37,524,956
|
54,799,279
|
987,993
|
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: August 5, 2016
|
By:
|
/s/ Jie Han
|
Name: Jie Han
|
||
Title: Chief Executive Officer
(Principal Executive Officer)
|
Date: August 5, 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.
|
|
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.
|
1 Year China XD Plastics Chart |
1 Month China XD Plastics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions