中國鑫達塑料有限公司宣布2016年第一季度財務結果

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

March 31,

2016

December 31,

2015

US$

US$

ASSETS

Current assets:

Cash and cash equivalents

43,055,238

119,928,485

Restricted cash

51,723,198

50,852,327

Time deposits

300,872,903

237,626,806

Accounts receivable, net

179,598,690

234,542,739

Amounts due from a related party

61,633

244,836

Inventories

391,548,948

294,665,195

Prepaid expenses and other current assets

50,661,076

15,675,848

???? Total current assets

1,017,521,686

953,536,236

Property, plant and equipment, net

807,047,664

571,746,507

Land use rights, net

24,556,562

24,506,837

Prepayments to equipment and construction suppliers

31,611,141

183,226,006

Other non-current assets

19,096,297

18,966,622

Total assets

1,899,833,350

1,751,982,208

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term bank loans, including current portion of long-term bank loans

323,997,710

284,339,089

Bills payable

33,213,025

33,522,287

Accounts payable

258,142,758

257,417,000

Amounts due to a related party

10,041

8,439

Income taxes payable

3,816,130

6,881,946

Accrued expenses and other current liabilities

231,523,824

140,988,712

Total current liabilities

850,703,488

723,157,473

Long-term bank loans, excluding current portion

104,812,604

107,481,709

Notes payable

145,926,833

145,634,996

Deferred income

66,514,797

62,039,050

Other non-current liabilities

39,747,011

38,046,917

??? Total liabilities

1,207,704,733

1,076,360,145

Redeemable Series D convertible preferred stock (redemption amount of US$191,002,600 and US$184,461,800 as of March 31, 2016 and December 31, 2015)

97,576,465

97,576,465

Stockholders’ equity:

Series B preferred stock

100

100

Common stock, US$0.0001 par value, 500,000,000 shares authorized, 49,427,191 shares and 49,344,284 shares issued, 49,406,191 shares and 49,323,284 shares outstanding as of March 31, 2016 and December 31, 2015, respectively

4,941

4,933

Treasury stock, 21,000 shares at cost

(92,694)

(92,694)

Additional paid-in capital

82,142,104

81,919,932

Retained earnings

526,913,335

515,555,985

Accumulated other comprehensive loss

(14,415,634)

(19,342,658)

??? Total stockholders’ equity

594,552,152

578,045,598

Commitments and contingencies

-

-

??? Total liabilities, redeemable convertible preferred stock and stockholders’ equity

1,899,833,350

1,751,982,208

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three-Month Period Ended March 31,

2016

2015

US$

US$

Cash flows from operating activities:

Net cash provided by 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)

Proceeds from exercise of options

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 increase (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 issuance costs of the Notes

-

-

Accrual for purchase of equipment

93,422,837

14,224