HARBIN, China, Nov. 14, 2019 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Financial Summary
Our third quarter 2019 results were consistent with the continuous downturn in the auto industry of China since the summer of 2018," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer." China's automobile industry has been negatively affected by lackluster consumer demand in the domestic market, pressure from the newly issued and more stringent emission standards and a slash in subsidies to alternative energy vehicles. Yet to come is the trend reversal of automobile demand in China. Amid the negative growth environment, the small and medium-sized competitors of our industry in China have experienced difficulty to fulfill customers' orders due to reasons such as changing financial conditions and tougher environmental policies. As a result, customers have started redirecting their orders to larger suppliers such as China XD. During the third quarter of 2019, the Company was able to successfully leverage the increasing customer demand and up-sell its high-end products produced with higher-priced raw materials in China, as well as achieving the rapid increase of customer orders in non-automobile fields, evidenced by our stable sales growth in several domestic regions."
"Meanwhile, China XD continued to optimize its management structure and enhancing efficiency, resulting in decreased expenses and enhanced net income. We are pleased with our good results.
"Last month the Company has achieved a consortium led by ICBC, the world largest commercial bank by assets, which speaks volume of the confidence that world leading financial institutions in our business and brand, This will help us to succeed Company's expansion strategy in multiple regions and sectors. We will be more fiscally vigilant and responsible and stabilize our capital structure by replacing more short term debts with longer term instruments, among other means, in order to maintain a stable and sound balance sheet and weather potential and unexpected turbulence in the future."
"We are committed to completing our industrial project in Heilongjiang base for upgrading existing facilities of 100,000 metric tons capacity of engineering plastics in the fourth quarter of 2019, with relevant equipment on board. Together with the production capacity ramp up in Dubai, we will continure to remain our ability to make further inroads into more specialized high-end products for various important new markets, and to be confident with our core market positioning and expanded platform for growth," Mr. Han concluded.
Third Quarter 2019 Results
Revenues were US$373.2 million in the third quarter ended September 30, 2019, representing an increase of US$76.0 million, or 25.6%, compared to US$297.2 million in the same period of last year, as a combined result of i) an increase of 52.3% in the average RMB selling price of our products; and partially offset by ii) a decrease of 15.5% in sales volume; and iii) a depreciation of RMB against US dollars by 3.8%, as compared with those of last year.
(i) Domestic market
For the three-month period ended September 30, 2019, revenues from domestic market increased by US$55.1 million or 18.5% compared with that in the same period of last year, as a combined result of: i) an increase of 47.3% in the average RMB selling price of our products; partially offset by ii) a decrease of 17.4% in sales volume; and iii) a depreciation of RMB against US dollars by 3.8%, as compared with those of last year.
According to the China Association of Automobile Manufacturers, automobile production and sales in China decreased by 11.4% and 10.3%, respectively, for the first nine months of 2019 as compared to the same period of 2018. The weakening in macroeconomic conditions since summer of 2018 continued to exacerbate automobile business environment, but thanks to our positive efforts to expand our marketing areas and customer bases and to meet their new requirements, the Company has achieved sales growth of 51.6% in Central China, 45.9% in North China, 30.1% in Southwest China, 28.3% in Northeast China, and 0.9% in East China, partially offset by the sales decrease of 12.9% in Southern China.
As for the RMB selling price, the increase of 47.3% was mainly due to: i) increased sales of new categories of higher-end products of PA66 and PA6 produced with high-priced raw materials with higher selling price in domestic market; and ii) sales of high-priced work in progress in domestic market during the three-month period ended September 30, 2019.
(ii) Overseas market
For the three-month period ended September 30, 2019, revenues from overseas market were US$20.9 million as compared to US$2,104 of the same period of 2018.
After a successful trial production at our production base in Dubai in November 2018, the Company has established business relationships with new customers in UAE and India, and shipped products to the end users in Europe and Southeast Asia. We are optimistic about the prospect of our business expansion overseas.
Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 85.5% of revenues from sales of finished goods in the third quarter of 2019, compared to 77.3% for the same period of 2018. The Company continued to shift production mix from traditional lower-end products such as PP to higher-end products such as PA66 and PPO, primarily due to (i) greater growth potential of advanced modified plastics in luxury automobile models in China, (ii) the stronger demand as a result of promotion by the Chinese government for clean energy vehicles and (iii) better quality demand from and consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, Sino-U.S. and Sino-Japanese joint ventures, which manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China.
The Company also sold high-priced work in progress with discounted price in domestic markets during the three-month period ended September 30, 2019 in order to accelerate inventory turnover and replenish operating funds.
Gross profit was US$60.1 million in the third quarter ended September 30, 2019, compared to US$47.2million in the same period of 2018. Our gross margin increased to 16.1% during the third quarter ended September 30, 2019 from 15.9% during the same quarter of 2018 primarily due to more sales of higher-end products during the quarter ended September 30, 2019 as compared to that of the prior year.
General and administrative (G&A) expenses were US6.0 million for the quarter ended September 30, 2019 compared to US$8.1 million in the same period in 2018, representing a decrease of 25.9%, or US$2.1 million. The decrease was primarily due to our approach to optimize management structure and enhancing efficiency, leading to the decrease of (i) US$0.6 million in share based compensation incurred for external consultancy, (ii) US$0.6 million in salary and welfare, and (iii) US$0.9 million in travelling, transportation and miscellaneous expenses.
Research and development (R&D) expenses were US$19.9 million during the quarter ended September 30, 2019 compared with US$23.3 million during the same period in 2018, representing a decrease of US$3.4 million, or 14.6%. This decrease was primarily due to (i) a decrease of US$2.5 million in raw materials consumption and (ii) a decrease of US$0.9 million in salary and welfare of R&D personnel. As of September 30, 2019, the number of ongoing research and development projects was 361.
Operating income was US$33.8 million in the third quarter ended September 30, 2019 compared to US$13.0 million in the same period of 2018, representing an increase of 160.0% or US$20.8 million. This increase was primarily due to the higher gross profit, lower selling expenses, G&A expenses and R&D expenses.
Net interest expenses were US$16.7 million for the three-month period ended September 30, 2019, compared to US$13.1 million in the same period of 2018, representing an increase of 27.5% or US$3.6 million, primarily due to (i) the increase of average loan interest rate from 4.01% of the same period in 2018 to 4.70% for the three-month period ended September 30, 2019 and partially offset by (ii) the decrease of average short-term and long-term loan balance in the amount of US$915.6 million for the three-month period ended September 30, 2019 compared to US$936.2 million of the same period in 2018.
Income tax expenses were US$5.6 million for the three-month period ended September 30, 2019, representing an effective income tax rate of 24.8%, compared to income tax benefit of US$3.5 million in the same period of 2018, representing an effective income tax rate of -65.1%, respectively. The increase of effective income tax rate was primarily due to: i) the decrease of Sichuan Xinda's profit before tax ("PBT") percentage within the consolidating entities; and ii) the decrease of additional deduction of R&D expenses. The effective income tax rate for the three-month period ended September 30, 2019 differs from the PRC statutory income tax rate of 25% primarily due to Sichuan Xinda's preferential income tax rate, and 75% additional deduction of R&D expenses of the major PRC operating entities, partially offset by the increase of valuation allowance against deferred income tax assets of certain subsidiaries, which were at cumulative loss position.
Net income was a net income of US$17.0 million in the third quarter of 2019 compared to a net income of US$9.0 million in the same quarter of 2018, representing an increase of US$8.0 million, or 88.9%. Basic and diluted earnings per share for the three-month period ended September 30, 2019 were both US$0.25, compared to US$0.13 basic and diluted earnings per share for the same period of 2018. The average number of shares used in the computation of basic and diluted earnings per share in the current quarter was 51.8 million, compared to 50.9 million and 51.0 million for basic and diluted earnings per share, respectively, in the prior year period.
Earnings before interest, tax, depreciation and amortization (EBITDA) was US$54.6 million for the third quarter of 2019, compared to US$30.0 million for the same period of 2018, representing an increase of US$24.6 million, or 82.0%. For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.
Financial Condition
As of September 30, 2019, the Company had $235.1 million in the total amount of cash, cash equivalents and restricted cash, a decrease of $131.9 million or 35.9% as compared to $367.0 million as of December 31, 2018, primarily due to cash outflows used in operating activities. As of the September 30, 2019, working capital was $89.8 million (current assets minus current liabilities) and the current ratio (current assets divided by current liabilities) was 1.1 as compared to the current ratio of 0.9 as of December 31, 2018. Stockholders' equity as of September 30, 2019 was $889.8 million, an increase of $140.9 million or 18.8% as compared to $748.9 million as of December 31, 2018.
Inventories increased by 12.7% as a result of more purchases of the raw materials and the Company's strategy to stock up the finished goods for the upcoming orders. Prepaid expenses and other current assets increased by 77.5% or US$102.4 million because (i) advances to suppliers for purchasing raw materials increased by US$69.2 million; (ii) other receivables increased by US$42.8 million; (iii) other prepaid expenses decreased by US$9.6 million, which mainly included prepaid miscellaneous service fee and staff advance, and value added taxes receivables. The aggregate short-term and long-term bank loans increased by 6.5% due to using the line of credits to support operating and investing activities in HLJ Xinda Group and Sichuan Xinda. We define the manageable debt level as the sum of aggregate short-term and long-term loans over total assets.
Recent Development
(i) Xinda Holding (HK) Company Limited, a wholly owned subsidiary of the Company, entered into a facility agreement on October 2, 2019 for a loan facility in an aggregate amount of US$135,000,000 with a consortium of banks and financial institutions led by Industrial and Commercial Bank of China (Macau) Limited.
(ii) On September 26, 2019, the company delivered an irrevocable written notice pursuit to Section 6(C) (ii) of the Certificate of Designation, preferences and Rights of Series D Junior Convertible Preferred Stock and exercised its right for the mandatory conversion of 16,000,000 shares of Series D Preferred Stock into 16,000,000 shares of common stock. As a result, the term of office of MSPEA's two designees on the Board, Homer Sun and Ryan Law, was automatically terminated. On October 14, 2019, MSPEA sent a letter (the "Proposal Withdrawal Letter") to the Board informing the Board that it no longer intended to participate in the consortium consisting of Mr. Han , XD Engineering Plastics Company Limited, and MSPEA (the "Consortium") and no longer intended to participate in the going private transaction (the "Transaction"). Concurrently with sending the Proposal Withdrawal Letter, MSPEA sent a letter (the "Consortium Withdrawal Letter") to the other members of the Consortium informing them that it no longer intended to participate in the Consortium and no longer intended to participate in the Transaction.
Financial Guidance and Business Outlook
In light of the current changing macroeconomic environment in China, Chinese auto industry market still showing certain decline and yet to come is the trend reversal of automobile demand in China, the Company will continue to adopt the policy of eliminating inventories and ensuring capital safety during the fourth quarter of 2019. With the completion of Heilongjiang base for upgrading existing facilities, and the successful trial run in Dubai resulting in new production capacity to be added, our expansion into new markets overseas, diversified customer base and escalation of sales categories, the Company updated its financial guidance for fiscal 2019 to range $1.1 and $1.3 billion in revenue, net income to range between $70 and $90 million. It also assumes the average exchange rate of the US dollar to RMB at 7.1. This financial guidance reflects the Company's current view of its business outlook for fiscal 2019 and is subject to revision based on changing market conditions at any time.
Conference Call
China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Thursday, November 14th, 2019, to discuss its third quarter 2019 financial results. The conference call can be accessed by dialing +1- 845-675- 0437 (for callers in the U.S.), +86-4006- 208-038 (for Mainland China callers) or +852- 3018-6771 (for Hong Kong callers) and entering passcode 3651209.
A recording of the conference call will be available through November 22nd, 2019, by calling +1-855-452-5696 (for callers in the U.S.) and entering pass code 3651209.
A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://chinaxd.net/.
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 31 automobile brands manufactured in China, including without limitation, Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of September 30, 2019, 595 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://chinaxd.irpass.com/, and the Chinese website at http://www.xdholding.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies; the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospect of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospect of the Company's Southwest China facility, the prospects of the Company's Harbin facility, and its penetration into Northeast China; and its penetration into Southwest China; the Company's projections of its revenues for performance in fiscal 2019. These forward-looking statements can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production could have a material adverse effect on our results of operations and liquidity; our financial performance may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies and the tightening control over the Chinese automotive industry and automobile purchase restrictions imposed in certain major cities may limit market demand for our products; the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
- Financial Tables Follow -
The following table shows a reconciliation of cash, cash equivalents and restricted cash on the condensed consolidated balance sheets to that presented in the above condensed consolidated statements of cash flows.
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES |
||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
September 30, |
December 31, |
|||||||
2019 |
2018 |
|||||||
US$ |
US$ |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
10,509,402 |
41,301,817 |
||||||
Restricted cash |
224,647,340 |
325,690,023 |
||||||
Accounts receivable, net of allowance for doubtful accounts |
326,831,373 |
294,688,288 |
||||||
Inventories |
699,002,558 |
620,033,195 |
||||||
Prepaid expenses and other current assets |
234,507,419 |
132,218,528 |
||||||
Total current assets |
1,495,498,092 |
1,413,931,851 |
||||||
Property, plant and equipment, net |
798,105,488 |
775,941,280 |
||||||
Land use rights, net |
28,465,372 |
29,796,795 |
||||||
Long-term prepayments to equipment and construction suppliers |
436,326,962 |
530,636,319 |
||||||
Operating lease right-of-use assets, net |
15,601,773 |
— |
||||||
Other non-current assets |
801,296 |
3,212,986 |
||||||
Total assets |
2,774,798,983 |
2,753,519,231 |
||||||
LIABILITIES, REDEEMABLE CONVERTIBLE |
||||||||
Current liabilities: |
||||||||
Short-term bank loans, including current portion of long-term |
619,522,749 |
729,666,920 |
||||||
Bills payable |
431,288,254 |
618,166,453 |
||||||
Accounts payable |
205,440,261 |
84,958,469 |
||||||
Amounts due to related parties |
28,444,767 |
18,365,738 |
||||||
Income taxes payable |
21,105,696 |
15,975,367 |
||||||
Operating lease liabilities, current |
1,390,531 |
— |
||||||
Accrued expenses and other current liabilities |
98,503,263 |
126,926,898 |
||||||
Total current liabilities |
1,405,695,521 |
1,594,059,845 |
||||||
Long-term bank loans, excluding current portion |
276,518,446 |
111,808,244 |
||||||
Deferred income |
93,214,165 |
99,583,477 |
||||||
Operating lease liabilities, non-current |
14,513,462 |
— |
||||||
Other non-current liabilities |
95,038,794 |
101,573,772 |
||||||
Total liabilities |
1,884,980,388 |
1,907,025,338 |
||||||
Redeemable Series D convertible preferred stock (redemption |
— |
97,576,465 |
||||||
Stockholders' equity: |
||||||||
Series B preferred stock |
100 |
100 |
||||||
Common stock, US$0.0001 par value, 500,000,000 shares |
6,697 |
5,097 |
||||||
Treasury stock, 21,000 shares at cost |
(92,694) |
(92,694) |
||||||
Additional paid-in capital |
184,208,447 |
86,633,582 |
||||||
Retained earnings |
785,161,135 |
717,103,890 |
||||||
Accumulated other comprehensive loss |
(79,465,090) |
(54,732,547) |
||||||
Total stockholders' equity |
889,818,595 |
748,917,428 |
||||||
Commitments and contingencies |
— |
— |
||||||
Total liabilities, redeemable convertible preferred stock and |
2,774,798,983 |
2,753,519,231 |
||||||
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES |
||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||||||||||
Three-Month Period Ended |
Nine-Month Period Ended |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
US$ |
US$ |
US$ |
US$ |
|||||||||||||
Revenues |
373,159,091 |
297,224,740 |
1,137,698,978 |
925,007,293 |
||||||||||||
Cost of revenues |
(313,044,518) |
(249,997,804) |
(961,994,051) |
(767,759,035) |
||||||||||||
Gross profit |
60,114,573 |
47,226,936 |
175,704,927 |
157,248,258 |
||||||||||||
Selling expenses |
(431,070) |
(2,741,156) |
(956,300) |
(7,354,876) |
||||||||||||
General and administrative expenses |
(5,999,123) |
(8,117,769) |
(20,539,101) |
(28,341,545) |
||||||||||||
Research and development expenses |
(19,908,789) |
(23,342,321) |
(39,522,696) |
(33,680,855) |
||||||||||||
Total operating expenses |
(26,338,982) |
(34,201,246) |
(61,018,097) |
(69,377,276) |
||||||||||||
Operating income |
33,775,591 |
13,025,690 |
114,686,830 |
87,870,982 |
||||||||||||
Interest income |
338,033 |
264,838 |
1,228,169 |
3,607,136 |
||||||||||||
Interest expense |
(17,036,345) |
(13,393,886) |
(46,595,864) |
(37,562,666) |
||||||||||||
Foreign currency exchange gains |
4,065,890 |
4,387,166 |
4,975,637 |
6,064,328 |
||||||||||||
Losses on foreign currency option |
— |
— |
— |
(520,981) |
||||||||||||
Gains on disposal of a subsidiary |
— |
— |
518,491 |
— |
||||||||||||
Government grant |
1,405,284 |
1,145,703 |
5,111,437 |
4,001,746 |
||||||||||||
Total non-operating expense, net |
(11,227,138) |
(7,596,179) |
(34,762,130) |
(24,410,437) |
||||||||||||
Income before income taxes |
22,548,453 |
5,429,511 |
79,924,700 |
63,460,545 |
||||||||||||
Income tax benefit (expense) |
(5,583,240) |
3,535,430 |
(11,867,455) |
(8,171,625) |
||||||||||||
Net income |
16,965,213 |
8,964,941 |
68,057,245 |
55,288,920 |
||||||||||||
Earnings per common share: |
||||||||||||||||
Basic and diluted |
0.25 |
0.13 |
1.02 |
0.83 |
||||||||||||
Net Income |
16,965,213 |
8,964,941 |
68,057,245 |
55,288,920 |
||||||||||||
Other comprehensive losses |
||||||||||||||||
Foreign currency translation adjustment, |
(22,690,259) |
(28,497,101) |
(24,732,543) |
(38,141,701) |
||||||||||||
Total Comprehensive income |
(5,725,046) |
(19,532,160) |
43,324,702 |
17,147,219 |
||||||||||||
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES |
||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
Nine-Month Period Ended September 30, |
||||||||
2019 |
2018 |
|||||||
US$ |
US$ |
|||||||
Cash flows from operating activities: |
||||||||
Net cash (used in) provided by operating activities |
(183,155,418) |
115,513,922 |
||||||
Cash flows from investing activities: |
||||||||
Purchase of and deposits for property, plant and equipment |
(54,255,192) |
(430,839,423) |
||||||
Refund of prepayment for building purchase |
15,810,261 |
— |
||||||
Net proceeds from sales of a subsidiary |
7,296,921 |
— |
||||||
Proceeds from maturity of time deposits |
— |
517,686,072 |
||||||
Purchase of time deposits |
— |
(236,428,396) |
||||||
Refund of deposit from equipment suppliers |
— |
121,464,390 |
||||||
Deposits for acquisition of equity |
— |
(3,640,688) |
||||||
Refund of deposits for acquisition of equity |
— |
15,577,880 |
||||||
Government grant related to the construction of Sichuan plant |
— |
10,324,859 |
||||||
Net cash used in investing activities |
(31,148,010) |
(5,855,306) |
||||||
Cash flows from financing activities: |
||||||||
Proceeds from bank borrowings |
1,647,171,688 |
719,994,473 |
||||||
Repayments of bank borrowings |
(1,569,203,033) |
(757,018,030) |
||||||
Proceeds from interest-free advances from related parties |
79,969,718 |
14,256,429 |
||||||
Repayments of interest-free advances from related parties |
(68,543,743) |
— |
||||||
Investment received in advance from a related party |
— |
75,567,512 |
||||||
Refund of investment received in advance from a related party |
— |
(75,567,512) |
||||||
Net cash provided by (used in) financing activities |
89,394,630 |
(22,767,128) |
||||||
Effect of foreign currency exchange rate changes on cash, cash |
(6,926,300) |
(19,528,082) |
||||||
Net (decrease) increase in cash, cash equivalents and restricted |
(131,835,098) |
67,363,406 |
||||||
Cash, cash equivalents and restricted cash at beginning of |
366,991,840 |
320,091,665 |
||||||
Cash, cash equivalents and restricted cash at end of period |
235,156,742 |
387,455,071 |
||||||
Supplemental disclosure of cash flow information: |
||||||||
Interest paid, net of capitalized interest |
46,534,262 |
35,067,228 |
||||||
Income taxes paid |
7,951,724 |
16,866,842 |
||||||
Non-cash investing activities: |
||||||||
Accrual for purchase of equipment and construction included in |
1,794,800 |
5,825,800 |
||||||
Non-cash financing activities: |
||||||||
Conversion of Series D preferred stock to common stock |
97,576,465 |
— |
||||||
The following table shows a reconciliation of cash, cash equivalents and restricted cash on the condensed |
||||||||
September 30, |
||||||||
2019 |
2018 |
|||||||
US$ |
US$ |
|||||||
Cash and cash equivalents |
10,509,402 |
51,539,593 |
||||||
Restricted cash |
224,647,340 |
335,915,478 |
||||||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
235,156,742 |
387,455,071 |
||||||
CHINA XD PLASTICS COMPANY LIMITED |
||
Reconciliation of Net Income to EBITDA |
||
(Amounts expressed in United States Dollars) |
||
Three-Month Period Ended |
||
September 30, |
||
2019 |
2018 |
|
Net income -GAAP |
$ 16,965,213 |
$ 8,964,941 |
Interest expense |
17,036,345 |
13,393,886 |
Provision for income taxes |
5,583,240 |
(3,535,430) |
Depreciation and amortization expense |
14,815,533 |
11,157,560 |
Amortization of operating lease right-of-use assets |
159,068 |
- |
EBITDA |
54,559,399 |
29,980,957 |
View original content:http://www.prnewswire.com/news-releases/specialty-chemical-company-china-xd-plastics-announces-third-quarter-2019-financial-results-300958309.html
