CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
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Three-Month Period Ended March 31, |
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2015 |
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2014 |
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US$ |
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US$ |
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Cash flows from operating activities: |
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Net cash provided by operating activities |
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37,529,772 |
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26,174,417 |
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Cash flows from investing activities: |
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Purchase of time deposits |
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(110,597,161) |
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(162,265,820) |
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Proceeds from maturity of time deposits |
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80,026,889 |
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111,155,365 |
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Purchase of and deposits for property, plant and equipment |
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(86,042,231) |
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- |
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Purchases of land use rights |
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(5,522,219) |
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(1,020,326) |
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Net cash used in investing activities |
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(122,134,722) |
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(52,130,781) |
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Cash flows from financing activities: |
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Proceeds from bank borrowings |
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203,658,524 |
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176,935,307 |
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Repayment of bank borrowings |
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(111,397,430) |
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(215,370,999) |
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Proceeds from issuance of the Notes |
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- |
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148,396,175 |
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Payment of issuance costs of the Notes |
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- |
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(3,481,955) |
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Placement of restricted cash as collateral for bank borrowings |
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(22,298,692) |
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(2,786,383) |
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Net cash provided by financing activities |
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69,962,402 |
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103,692,145 |
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Effect of foreign currency exchange rate changes on cash and cash equivalents |
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384,182 |
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(2,866,506) |
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Net increase (decrease) in cash and cash equivalents |
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(14,258,366) |
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74,869,275 |
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Cash and cash equivalents at beginning of period |
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45,456,612 |
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95,545,904 |
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Cash and cash equivalents at end of period |
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31,198,246 |
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170,415,179 |
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Supplemental disclosure of cash flow information: |
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Interest paid, net of capitalized interest |
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14,508,630 |
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5,242,256 |
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Income taxes paid |
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2,215,158 |
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18,749,381 |
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Non-cash investing and financing activities: |
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Accrual for issuance costs of the Notes |
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- |
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1,439,209 |
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Accrual for purchase of equipment |
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14,224 |
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155,285 |
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