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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
☐
|
Emerging growth company o |
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
|
21
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
32
|
|
Item 4. Controls and Procedures
|
33
|
|
PART II. OTHER INFORMATION
|
34
|
|
Item 1. Legal Proceedings
|
34
|
|
Item 1A. Risk Factors
|
34
|
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
34
|
|
Item 3. Defaults Upon Senior Securities
|
34
|
|
Item 4. Mine Safety Disclosures
|
34
|
|
Item 5. Exhibits
|
35
|
|
Signatures
|
36
|
Three-Month Period Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Revenues
|
237,840,197
|
215,030,158
|
||||||
Cost of revenues
|
(203,068,027
|
)
|
(180,216,507
|
)
|
||||
Gross profit
|
34,772,170
|
34,813,651
|
||||||
Selling expenses
|
(518,813
|
)
|
(285,136
|
)
|
||||
General and administrative expenses
|
(7,053,671
|
)
|
(5,069,674
|
)
|
||||
Research and development expenses
|
(5,851,100
|
)
|
(4,909,567
|
)
|
||||
Total operating expenses
|
(13,423,584
|
)
|
(10,264,377
|
)
|
||||
Operating income
|
21,348,586
|
24,549,274
|
||||||
Interest income
|
1,163,259
|
1,614,263
|
||||||
Interest expense
|
(10,021,976
|
)
|
(10,904,659
|
)
|
||||
Foreign currency exchange gains (losses)
|
(476,085
|
)
|
427,665
|
|||||
Government grant
|
1,439,531
|
208,433
|
||||||
Total non-operating expense, net
|
(7,895,271
|
)
|
(8,654,298
|
)
|
||||
Income before income taxes
|
13,453,315
|
15,894,976
|
||||||
Income tax expense
|
(3,552,326
|
)
|
(4,537,626
|
)
|
||||
Net income
|
9,900,989
|
11,357,350
|
||||||
Earnings per common share:
|
||||||||
Basic and diluted
|
0.15
|
0.17
|
||||||
Net Income
|
9,900,989
|
11,357,350
|
||||||
Other comprehensive income
|
||||||||
Foreign currency translation adjustment, net of nil income taxes
|
3,918,303
|
4,927,024
|
||||||
Comprehensive income
|
13,819,292
|
16,284,374
|
Three-Month Period Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Cash flows from operating activities:
|
||||||||
Net cash used in operating activities
|
(57,631,880
|
)
|
(25,403,676
|
)
|
||||
Cash flows from investing activities:
|
||||||||
Purchase of time deposits
|
(59,853,272
|
)
|
(155,330,882
|
)
|
||||
Proceeds from maturity of time deposits
|
168,083,097
|
94,362,745
|
||||||
Purchase of and deposits for property, plant and equipment
|
(328,428,788
|
)
|
(27,399,896
|
)
|
||||
Refund of deposit from an equipment supplier
|
75,052,508
|
-
|
||||||
Purchases of land use rights
|
(3,036,333
|
)
|
-
|
|||||
Government grant related to the construction of Sichuan plant
|
-
|
2,060,355
|
||||||
Net cash used in investing activities
|
(148,182,788
|
)
|
(86,307,678
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from bank borrowings
|
316,586,547
|
166,914,532
|
||||||
Repayment of bank borrowings
|
(188,024,421
|
)
|
(131,602,645
|
)
|
||||
Release of restricted cash as collateral for bank borrowings
|
6,292,727
|
21,341,912
|
||||||
Placement of restricted cash as collateral for bank borrowings
|
(40,575,289
|
)
|
(21,954,042
|
)
|
||||
Net cash provided by financing activities
|
94,279,564
|
34,699,757
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
1,144,379
|
138,350
|
||||||
Net decrease in cash and cash equivalents
|
(110,390,725
|
)
|
(76,873,247
|
)
|
||||
Cash and cash equivalents at beginning of period
|
168,086,445
|
119,928,485
|
||||||
Cash and cash equivalents at end of period
|
57,695,720
|
43,055,238
|
||||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid, net of capitalized interest
|
8,482,216
|
14,380,560
|
||||||
Income taxes paid
|
5,057,042
|
6,874,104
|
||||||
Non-cash investing and financing activities:
|
||||||||
Accrual for purchase of property, plant and equipment
|
4,147,349
|
93,422,837
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
RMB denominated bank deposits with:
|
||||||||
Financial Institutions in the PRC
|
290,972,707
|
464,427,328
|
||||||
Financial Institutions in Hong Kong Special Administrative Region ("Hong Kong SAR")
|
7,995
|
7,946
|
||||||
Financial Institution in Dubai, United Arab Emirates ("UAE")
|
57
|
-
|
||||||
U.S. dollar denominated bank deposits with:
|
||||||||
Financial Institution in the U.S.
|
9,270
|
20,192
|
||||||
Financial Institutions in the PRC
|
18,539
|
18,025
|
||||||
Financial Institution in Hong Kong SAR
|
1,827,511
|
1,629,199
|
||||||
Financial Institution in Macau Special Administrative Region ("Macau SAR")
|
3,347
|
1,810
|
||||||
Financial Institution in Dubai, UAE
|
120,180
|
139,201
|
||||||
HK dollar denominated bank deposits with:
|
||||||||
Financial institution in Hong Kong SAR
|
119
|
148
|
||||||
Dirham denominated bank deposits with:
|
||||||||
Financial institution in Dubai, UAE
|
843,731
|
53,647
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Accounts receivable
|
187,358,110
|
410,087,666
|
||||||
Allowance for doubtful accounts
|
(38,315
|
)
|
(38,107
|
)
|
||||
Accounts receivable, net
|
187,319,795
|
410,049,559
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Aging:
|
||||||||
– current
|
153,719,815
|
373,108,359
|
||||||
– 1-3 months past due
|
33,599,980
|
36,941,200
|
||||||
– 4-6 months past due
|
-
|
-
|
||||||
– 7-12 months past due
|
-
|
-
|
||||||
– greater than one year past due
|
38,315
|
38,107
|
||||||
Total accounts receivable
|
187,358,110
|
410,087,666
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Raw materials
|
301,538,670
|
270,605,823
|
||||||
Work in progress
|
103,196
|
157,953
|
||||||
Finished goods
|
66,025,037
|
10,175,232
|
||||||
Total inventories
|
367,666,903
|
280,939,008
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Receivables from Hailezi (i)
|
-
|
88,286,651
|
||||||
Receivables from Jiamu (ii)
|
-
|
20,628,987
|
||||||
Advances to suppliers
|
34,719,620
|
3,365,930
|
||||||
Value added taxes receivable (iii)
|
10,991,823
|
4,814,920
|
||||||
Interest receivable (iv)
|
3,578,294
|
3,231,763
|
||||||
Others (v)
|
5,544,056
|
4,982,058
|
||||||
Total prepaid expenses and other current assets
|
54,833,793
|
125,310,309
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Machinery, equipment and furniture
|
393,165,209
|
391,149,907
|
||||||
Motor vehicles
|
2,653,720
|
2,640,477
|
||||||
Workshops and buildings
|
121,581,036
|
119,503,091
|
||||||
Construction in progress
|
421,099,824
|
409,257,584
|
||||||
Total property, plant and equipment
|
938,499,789
|
922,551,059
|
||||||
Less accumulated depreciation
|
(127,137,650
|
)
|
(116,187,367
|
)
|
||||
Property, plant and equipment, net
|
811,362,139
|
806,363,692
|
Three-Month Period Ended March 31,
|
||||||||
2017
US$
|
2016
US$
|
|||||||
Cost of revenues
|
8,827,150
|
5,680,494
|
||||||
General and administrative expenses
|
561,318
|
403,184
|
||||||
Research and development expenses
|
991,715
|
945,817
|
||||||
Selling expenses
|
776
|
384
|
||||||
Total depreciation expense
|
10,380,959
|
7,029,879
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
- | ||||||||
Hailezi (i)
|
340,684,867
|
-
|
||||||
Beijin Construction (ii)
|
16,709,116
|
4,324,636
|
||||||
Samim Group FZE (iii)
|
14,940,994
|
5,308,737
|
||||||
Peaceful (iv)
|
4,911,150
|
-
|
||||||
Sichuan Construction
|
3,576,524
|
907,024
|
||||||
Sports City (v)
|
-
|
2,859,952
|
||||||
Others
|
184,794
|
767,353
|
||||||
Total Prepayments to equipment and construction suppliers
|
381,007,445
|
14,167,702
|
(i) |
On March 17, 2017, Sichuan Xinda entered into a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch, a high-end color additive process in plastics manufacturing ("the Nanchong Project"). The Nanchong Project will be located in a land area of 250 mu (equivalent to 41.2 acres), with 215 mu will be designated for bio-composite materials and additive manufacturing production and 35 mu to be designated for functional masterbatch production. The projected total capital expenditures for the project is approximately RMB2.5 billion (estimated to be US$357 million) with anticipated completion by the end of December 2018.
Pursuant to the project, Sichuan Xinda entered into equipment purchase contracts with Harbin Hailezi Science and Technology Co., Ltd. ("Hailezi") to purchase production equipment and testing equipment. Pursuant to the contracts with Hailezi, Sichuan Xinda has prepaid RMB1,728.9 million (equivalent to US$250.6 million) as of March 31, 2017.
On September 26, 2016 and February 28, 2017, HLJ Xinda Group entered into two equipment purchase contracts with Hailezi for a total consideration of RMB782.2 million (equivalent to US$113.4 million) to purchase storage facility and other equipment, which will be used for upgrading the storage system of warehouse located in Harbin, China. Pursuant to the contract with Hailezi, HLJ Xinda Group has prepaid RMB621.6 million (equivalent to US$90.1 million) as of March 31, 2017.
|
(ii) |
On November 15, 2016, Sichuan Xinda entered into decoration contract with Sichuan Beijin Construction Engineering Company Limited ("Beijin Construction") to perform indoor and outdoor decoration work for a consideration of RMB237.6 million (equivalent to US$34.3 million). Pursuant to the contract with Beijin Construction, Sichuan Xinda has prepaid RMB115.3 million (equivalent to US$16.7 million) as of March 31, 2017
, which was recognized in investing activities in the statements of cash flow.
|
(iii) |
On September 21, 2016, AL Composites Materials FZE ("Dubai Xinda")
entered into a purchase contract with
Samim Group FZE pertaining approximately 22,324 square meters property in JAFZA in Dubai, UAE with constructed building including a warehouse, office and service block for a total consideration of AED55.3 million (equivalent to US$14.9 million). As of March 31, 2017, the Company has prepaid the full amount of the contract, which was recognized in investing activities in the statements of cash flow.
|
(ii) |
On October 20, 2016, Sichuan Xinda entered into an equipment purchase contract with Peaceful Treasure Limited ("Peaceful") for a total consideration of US$12.9 million to purchase certain production and testing equipment. Pursuant to the contract with Peaceful, the Company prepaid RMB33.9 million (equivalent to US$4.9 million) as of March 31, 2017.
|
(v) |
In September, 2016, Dubai Xinda entered into apartments purchase contracts with Dubai Sports City LLC ("Sports City") for a total consideration of AED14.0 million (equivalent to US$3.8 million). As of March 31, 2017, the apartments have been delivered to the Company.
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Unsecured loans
|
389,359,581
|
273,147,455
|
||||||
Loans secured by accounts receivable
|
50,729,784
|
50,454,086
|
||||||
Loans secured by restricted cash
|
56,874,300
|
32,474,300
|
||||||
Current portion of long-term bank loans (note b)
|
140,967,690
|
88,681,635
|
||||||
Total short-term loans, including current portion of long-term bank loans
|
637,931,355
|
444,757,476
|
March 31,2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Secured loans
|
90,170,000
|
90,170,000
|
||||||
Unsecured loans
|
63,049,875
|
73,518,812
|
||||||
Syndicate loan facility
|
175,445,311
|
174,513,438
|
||||||
Less: current portion
|
140,967,690
|
88,681,635
|
||||||
Total long-term bank loans, excluding current portion
|
187,697,496
|
249,520,615
|
March 31, 2017
|
||||
US$
|
||||
2017
|
74,297,690
|
|||
2018
|
197,115,311
|
|||
2019
|
-
|
|||
2020
|
57,252,185
|
|||
after 2020
|
-
|
|||
Total
|
328,665,186
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Payables for purchase of property, plant and equipment
|
99,595,227
|
98,472,641
|
||||||
Accrued freight expenses
|
4,374,036
|
7,972,067
|
||||||
Accrued interest expenses
|
1,197,802
|
885,290
|
||||||
Advance from customers
|
226,216
|
93,066
|
||||||
Non income tax payables
|
3,831,307
|
4,499,161
|
||||||
Others (i)
|
9,461,505
|
7,417,141
|
||||||
Total accrued expenses and other current liabilities
|
118,686,093
|
119,339,366
|
Three-Month Period Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Costs and expenses resulting from transactions with related parties:
|
||||||||
Rental expenses for plant and office spaces
|
173,557
|
184,536
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Amounts due from a related party:
|
||||||||
Prepaid rent expenses to Xinda High-Tech
|
57,720
|
229,624
|
||||||
Total
|
57,720
|
229,624
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Amounts due to a related party
|
||||||||
Rental payable to Mr Han's son
|
11,611
|
11,548
|
Premise Leased
|
Area (M
2
)
|
Annual Rental Fee (US$)
|
Period of Lease
|
||||||
Office building
|
23,894
|
694,226
|
Between January 1, 2014 and December 31, 2018
|
March 31, 2017
|
December 31, 2016
|
|||||||
US$
|
US$
|
|||||||
Income tax payable-noncurrent (i)
|
33,576,992
|
31,602,314
|
||||||
Deferred income tax liabilities
|
10,352,171
|
10,818,305
|
||||||
Total other non-current liabilities
|
43,929,163
|
42,420,619
|
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, 2017
|
1,000,000
|
100
|
49,511,541
|
4,952
|
(92,694
|
)
|
82,606,404
|
617,168,735
|
(65,427,831
|
)
|
634,259,666
|
|||||||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
-
|
-
|
9,900,989
|
-
|
9,900,989
|
|||||||||||||||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,918,303
|
3,918,303
|
|||||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
-
|
-
|
-
|
116, 264
|
-
|
-
|
116,264
|
|||||||||||||||||||||||||||
Vesting of nonvested shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Balance as of March 31, 2017
|
1,000,000
|
100
|
49,511,541
|
4,952
|
(92,694
|
)
|
82,722,668
|
627,069,724
|
(61,509,528
|
)
|
648,195,222
|
Number of Nonvested
Shares
|
Weighted Average
Grant date Fair Value
|
|||||||
US$
|
||||||||
Outstanding as of December 31, 2016
|
402,210
|
6.10
|
||||||
Vested
|
-
|
-
|
||||||
Forfeited
|
(24,910
|
)
|
5.60
|
|||||
Outstanding as of March 31, 2017
|
377,300
|
6.13
|
Three-Month Period Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
US$
|
US$
|
|||||||
Numerator:
|
||||||||
Net income
|
9,900,989
|
11,357,350
|
||||||
Less:
|
||||||||
Earnings allocated to participating Series D convertible preferred stock
|
(2,404,280
|
)
|
(2,754,663
|
)
|
||||
Earnings allocated to participating nonvested shares
|
(56,733
|
)
|
(101,584
|
)
|
||||
Net income for basic and dilutive earnings per share
|
7,439,976
|
8,501,103
|
||||||
Denominator:
|
||||||||
Denominator for basic and diluted earnings per share
|
49,511,541
|
49,377,229
|
||||||
Earnings per share:
|
||||||||
Basic and diluted
|
0.15
|
0.17
|
Three-Month Period Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Shares issuable upon conversion of Series D convertible preferred stock
|
16,000,000
|
16,000,000
|
US$
|
||||
Period from April 1, 2017 to December 31, 2017
|
943,679
|
|||
Years ending December 31,
|
||||
2018
|
1,008,337
|
|||
2019
|
108,382
|
|||
2020
|
108,382
|
|||
2021
|
108,382
|
|||
2022 and thereafter
|
867,055
|
Three-Month Period Ended March 31,
|
||||||||||||||||
(in thousands, except percentages)
|
2017
|
2016
|
||||||||||||||
Amount
|
%
|
Amount
|
%
|
|||||||||||||
Revenues
|
$
|
237,840
|
100
|
%
|
$
|
215,030
|
100
|
%
|
||||||||
Cost of revenues
|
$
|
203,068
|
85
|
%
|
$
|
180,217
|
84
|
%
|
||||||||
Gross profit
|
$
|
34,772
|
15
|
%
|
$
|
34,813
|
16
|
%
|
||||||||
Total operating expenses
|
$
|
13,424
|
6
|
%
|
$
|
10,264
|
5
|
%
|
||||||||
Operating income
|
$
|
21,348
|
9
|
%
|
$
|
24,549
|
11
|
%
|
||||||||
Income before income taxes
|
$
|
13,453
|
6
|
%
|
$
|
15,895
|
7
|
%
|
||||||||
Income tax expenses
|
$
|
3,552
|
2
|
%
|
$
|
4,538
|
2
|
%
|
||||||||
Net income
|
$
|
9,901
|
4
|
%
|
$
|
11,357
|
5
|
%
|
(in millions, except percentage)
|
Revenues
For the Three-Month Period Ended March 31,
|
|||||||||||||||||||||||
2017
|
2016
|
Change in
|
Change in
|
|||||||||||||||||||||
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
64.7
|
27.2
|
%
|
50.8
|
23.6
|
%
|
13.9
|
27.4
|
%
|
|||||||||||||||
Plastic Alloy
|
62.7
|
26.4
|
%
|
60.0
|
27.9
|
%
|
2.7
|
4.5
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
57.6
|
24.2
|
%
|
51.2
|
23.8
|
%
|
6.4
|
12.5
|
%
|
|||||||||||||||
Modified Polypropylene (PP)
|
38.0
|
16.0
|
%
|
39.9
|
18.6
|
%
|
(1.9
|
)
|
(4.8
|
)%
|
||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
6.4
|
2.7
|
%
|
8.6
|
4.0
|
%
|
(2.2
|
)
|
(25.6
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
2.5
|
1.1
|
%
|
0.8
|
0.4
|
%
|
1.7
|
212.5
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
5.8
|
2.4
|
%
|
3.4
|
1.6
|
%
|
2.4
|
70.6
|
%
|
|||||||||||||||
PLA
|
0.1
|
0.0
|
%
|
0
|
0.0
|
%
|
0.1
|
n/a
|
||||||||||||||||
Raw Materials
|
0
|
0.0
|
%
|
0.3
|
0.1
|
%
|
(0.3
|
)
|
(100
|
)%
|
||||||||||||||
Total Revenues
|
237.8
|
100
|
%
|
215.0
|
100
|
%
|
22.8
|
10.6
|
%
|
(in MTs, except percentage)
|
Sales Volume
For the Three-Month Period Ended March 31,
|
|||||||||||||||||||||||
2017
|
2016
|
Change in
|
Change in
|
|||||||||||||||||||||
MT
|
%
|
MT
|
%
|
MT
|
%
|
|||||||||||||||||||
Modified Polyamide 66 (PA66)
|
14,608
|
17.1
|
%
|
12,240
|
15.9
|
%
|
2,368
|
19.3
|
%
|
|||||||||||||||
Plastic Alloy
|
24,520
|
28.6
|
%
|
22,784
|
29.7
|
%
|
1,736
|
7.6
|
%
|
|||||||||||||||
Modified Polyamide 6 (PA6)
|
18,004
|
21.1
|
%
|
14,820
|
19.3
|
%
|
3,184
|
21.5
|
%
|
|||||||||||||||
Modified Polypropylene (PP)
|
23,428
|
27.4
|
%
|
22,177
|
28.9
|
%
|
1,251
|
5.6
|
%
|
|||||||||||||||
Modified Acrylonitrile butadiene styrene (ABS)
|
2,862
|
3.4
|
%
|
3,535
|
4.6
|
%
|
(673
|
)
|
(19.0
|
)%
|
||||||||||||||
Polyoxymethylenes (POM)
|
862
|
1.0
|
%
|
270
|
0.4
|
%
|
592
|
219.3
|
%
|
|||||||||||||||
Polyphenylene Oxide (PPO)
|
905
|
1.1
|
%
|
510
|
0.7
|
%
|
395
|
77.5
|
%
|
|||||||||||||||
PLA
|
11
|
0.0
|
%
|
1
|
0.0
|
%
|
10
|
1,000.0
|
%
|
|||||||||||||||
Raw Materials
|
216
|
0.3
|
%
|
418
|
0.5
|
% |
(202
|
)
|
(48.3
|
)%
|
||||||||||||||
Total Sales Volume
|
85,416
|
100
|
%
|
76,755
|
100
|
%
|
8,661
|
11.3
|
%
|
Three-Month Period Ended March 31,
|
Change
|
||||||||||||
(in millions, except percentage)
|
2017
|
2016
|
Amount
|
%
|
|||||||||
Gross Profit
|
$
|
34.8
|
$
|
34.8
|
$
|
(0.0)
|
(0.0)
|
%
|
|||||
Gross Profit Margin
|
14.6
|
%
|
16.2
|
%
|
(1.6)
|
%
|
Three-Month Period Ended March 31,
|
Change
|
|||||||||||||
(in millions, except percentage)
|
2017
|
2016
|
Amount
|
%
|
||||||||||
General and Administrative Expenses
|
$
|
7.1
|
$
|
5.1
|
$
|
2.0
|
39.2
|
%
|
||||||
as a percentage of revenues
|
3.0
|
%
|
2.4
|
%
|
0.6
|
%
|
Three–Month Period Ended March 31,
|
Change
|
||||||||||||||
(in millions, except percentage)
|
2017
|
2016
|
Amount
|
%
|
|||||||||||
Research and Development Expenses
|
$
|
5.9
|
$
|
4.9
|
$
|
1.0
|
20.4
|
%
|
|||||||
as a percentage of revenues
|
2.5
|
%
|
2.3
|
%
|
0.2
|
%
|
Three-Month Period Ended March 31,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2017
|
2016
|
Amount
|
%
|
||||||||||||
Interest Income
|
$
|
1.2
|
$
|
1.6
|
$
|
(0.4
|
)
|
(25.0
|
)%
|
|||||||
Interest Expenses
|
(10.0
|
)
|
(10.9
|
)
|
0.9
|
(8.3
|
)%
|
|||||||||
Net Interest Expenses
|
$
|
(8.8
|
)
|
$
|
(9.3
|
)
|
$
|
0.5
|
(5.4
|
)%
|
||||||
as a percentage of revenues
|
(3.7
|
)%
|
(4.3
|
)%
|
0.6
|
%
|
Three-Month Period Ended March 31,
|
Change
|
|||||||||||||||
(in millions, except percentage)
|
2017
|
2016
|
Amount
|
%
|
||||||||||||
Income before Income Taxes
|
$
|
13.5
|
$
|
15.9
|
$
|
(2.4
|
)
|
(15.1
|
)%
|
|||||||
Income Tax Expense
|
(3.6
|
)
|
(4.5
|
)
|
0.9
|
(20.0
|
)%
|
|||||||||
Effective income tax rate
|
26.4
|
%
|
28.5
|
%
|
(2.1
|
)%
|
|
|
March 31, 2017
|
|
|
December 31, 2016
|
|
|
Change
|
||||||||
(
in millions, except percentage)
|
|
|
|
|
|
|
|
Amount
|
|
|
%
|
|||||
Cash and cash equivalents
|
|
|
57.7
|
|
|
|
168.1
|
|
|
|
(110.4)
|
|
|
|
(65.7)
|
%
|
Restricted cash
|
|
|
148.3
|
|
|
|
103.5
|
|
|
|
44.8
|
|
|
|
43.3
|
%
|
Time deposits
|
|
|
77.8
|
|
|
|
184.8
|
|
|
|
(107.0)
|
|
|
|
(57.9)
|
%
|
Accounts receivable, net of allowance for doubtful accounts
|
|
|
187.3
|
|
|
|
410.0
|
|
|
|
(222.7)
|
|
|
|
(54.3)
|
%
|
Inventories
|
|
|
367.7
|
|
|
|
280.9
|
|
|
|
86.8
|
|
|
30.9
|
%
|
|
Prepaid expenses and other current assets
|
|
|
54.8
|
|
|
|
125.3
|
|
|
|
(70.5)
|
|
|
|
(56.3)
|
%
|
Property, plant and equipment, net
|
|
|
811.4
|
|
|
|
806.4
|
|
|
|
5.0
|
|
|
|
0.6
|
%
|
Land use rights, net
|
|
|
22.5
|
|
|
|
22.5
|
|
|
|
-
|
|
|
|
-
|
|
Prepayments to equipment and construction suppliers
|
|
|
381.0
|
|
|
|
14.2
|
|
|
|
366.8
|
2,583.1
|
%
|
|||
Other non-current assets
|
|
|
10.6
|
|
|
|
10.5
|
|
|
|
0.1
|
1.0
|
%
|
|||
Total assets
|
|
|
2,119.2
|
|
|
|
2,126.5
|
|
|
|
(7.3)
|
|
|
|
(0.3)
|
%
|
Short-term bank loans, including current portion of long-term bank loans
|
|
|
637.9
|
|
|
|
444.8
|
|
|
|
193.1
|
|
|
|
43.4
|
%
|
Bills payable
|
|
|
164.6
|
|
|
|
148.4
|
|
|
|
16.2
|
|
|
|
10.9
|
%
|
Accounts payable
|
|
|
152.3
|
|
|
|
320.0
|
|
|
|
(167.7)
|
|
|
|
(52.4)
|
%
|
Income taxes payable, including noncurrent portion
|
|
|
26.9
|
|
|
|
26.7
|
|
|
|
0.2
|
|
|
|
0.7
|
%
|
Accrued expenses and other current liabilities
|
|
|
118.6
|
|
|
|
119. 3
|
|
|
|
(0.7)
|
|
|
|
(0.6)
|
%
|
Long-term bank loans, excluding current portion
|
|
|
187.7
|
|
|
|
249.5
|
|
|
|
(61.8)
|
|
|
|
(24.8)
|
%
|
Deferred income
|
|
|
68.3
|
|
|
|
69.3
|
|
|
|
(1.0)
|
|
|
|
(1.4)
|
%
|
Redeemable Series D convertible preferred stock
|
|
|
97.6
|
|
|
|
97.6
|
|
|
|
-
|
|
|
|
-
|
|
Stockholders' equity
|
|
|
648.2
|
|
|
|
634.3
|
|
|
|
13.9
|
|
|
|
2.2
|
%
|
(in millions)
|
March 31, 2017
|
||||||||||||
|
Lines of Credit, Obtained
|
Remaining Available
|
|||||||||||
Name of Financial Institution
|
Date of Approval
|
RMB
|
USD
|
USD
|
|||||||||
Bank of Longjiang, Heilongjiang
|
March 16, 2016
|
400.0
|
58.0
|
-
|
|||||||||
China Everbright Bank
|
July 21, 2016
|
100.0
|
14.5
|
7.2
|
|||||||||
China CITIC Bank
|
May 19, 2016
|
100.0
|
14.5
|
-
|
|||||||||
Bank of China
|
July 28, 2016
|
1,935.0
|
280.4
|
159.4
|
|||||||||
HSBC
|
August 16, 2015
|
507.8
|
73.6
|
51.2
|
|||||||||
Agriculture Bank of China
|
March 17, 2017
|
400.0
|
58.0
|
29.0
|
|||||||||
China Construction Bank
|
January 8, 2016
|
749.7
|
108.6
|
56.5
|
|||||||||
ICBC
|
September 27, 2016
|
2,605.0
|
377.5
|
277.4
|
|||||||||
Societe Generale (China) Limited
|
March 1, 2017
|
80.0
|
11.6
|
-
|
|||||||||
Export-Import Bank of China
|
March 30, 2017
|
400.0
|
58.0
|
14.5
|
|||||||||
Bank of Communications
|
January 13, 2017
|
300.0
|
43.5
|
-
|
|||||||||
Postal Savings Bank of China
|
March 30, 2017
|
400.0
|
58.0
|
29.0
|
|||||||||
Nanchong Shuntou Development Group Ltc.
|
January 5, 2017
|
420.0
|
60.9
|
-
|
|||||||||
Subtotal (credit term<=1 year)
|
|
8,397.5
|
1,217.1
|
624.2
|
|||||||||
Bank of China
|
July 28, 2016
|
400.0
|
58.0
|
0.7
|
|||||||||
Subtotal (credit term>1 year)
|
|
400.0
|
58.0
|
0.7
|
|||||||||
Total
|
|
8,797.5
|
1,275.1
|
624.9
|
Three-Month Period Ended March 31,
|
||||||||
(in millions US$)
|
2017
|
2016
|
||||||
Net cash used in operating activities
|
(57.6
|
)
|
(25.4
|
)
|
||||
Net cash used in investing activities
|
(148.2
|
)
|
(86.3
|
)
|
||||
Net cash provided by financing activities
|
94.3
|
34.7
|
||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
1.1
|
0.2
|
||||||
Net decrease in cash and cash equivalents
|
(110.4
|
)
|
(76.8
|
)
|
||||
Cash and cash equivalents at the beginning of period
|
168.1
|
119.9
|
||||||
Cash and cash equivalents at the end of period
|
57.7
|
43.1
|
Three-month period ended March 31, 2017
|
Year ended December 31, 2016
|
|
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
|
3,144,217
|
1,238,377
|
849,116
|
216,764
|
839,960
|
|||||||||||||||
Purchase of land use rights, plant equipment, and construction in progress (2)
|
136,510,186
|
106,846,153
|
29,664,033
|
-
|
-
|
|||||||||||||||
Long-term bank loans (1)
|
352,051,992
|
151,244,242
|
141,961,648
|
58,846,102
|
-
|
|||||||||||||||
Total
|
491,706,395
|
259,328,772
|
172,474,797
|
59,062,866
|
839,960
|
(i)
|
Sichuan Xinda
|
(ii)
|
HLJ Xinda Group
|
(iii)
|
Dubai Xinda
|
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, 2017
|
By:
|
/s/ Jie Han
|
Name: Jie Han
|
||
Title: Chief Executive Officer
(Principal Executive Officer)
|
Date: May 10, 2017
|
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 |
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