BEIJING, Nov, 14, 2016
/PRNewswire/ --
- 2016 Third Quarter Contract Sales Up 69.6% YoY to
US$525.4 Million
- 2016 Third Quarter Net Income Up 23.3% YoY to US$28.0 Million
Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company")
(NYSE: XIN), an NYSE-listed real estate developer and property
manager primarily in China and in
other countries, today announced its unaudited financial results
for the third quarter ended September 30,
2016.
Third Quarter 2016 Highlights
- Total third quarter revenue increased 43.8% to US$444.3 million from US$309.0 million in the third quarter of 2015 and
increased 18.0% from US$376.6 million
in the second quarter of 2016.
- Contract sales increased 69.6% to US$525.4 million from US$309.7 million in the third quarter of 2015 and
increased 10.8% from US$474.4 million
in the second quarter of 2016.
- Total gross floor area ("GFA") sales increased 46.0% to 340,700
square meters from 233,300 square meters sold in the third quarter
of 2015 and decreased 1.1% from 344,600 square meters sold in the
second quarter of 2016.
- Selling, General and Administrative ("SG&A") expenses as a
percent of total revenue decreased to 12.1% from 15.8% in the third
quarter of 2015 and increased from 10.9% in the second quarter of
2016.
- Net income was US$28.0 million,
compared to US$22.7 million in the
third quarter of 2015 and US$27.8
million in the second quarter of 2016.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.41, compared to US$0.31 in the third quarter of 2015 and
US$0.39 in the second quarter of
2016.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "We are pleased to report another quarter of
solid operational and financial results with significant growth in
both contract sales and revenue. Overall project sales remained
active in the third quarter aided by steady market demand resulting
in GFA and ASP growth at the majority of our projects. We were also
pleased to complete our debt refinancing through a series of
activities that extended the maturity of our long-term debt,
lowered financing costs and hedged our exposure to currency
risk.
Among our U.S. projects, our Oosten project in Williamsburg,
Brooklyn is performing well with
approximately 76% of the total units at this project pre-sold as of
September 30, 2016. As construction
at Oosten nears successful completion, we expect to begin
construction on the other two projects in Manhattan and Queens respectively in the quarters ahead.
Among our projects in China, we
were pleased to expand our presence in the provincial capital
cities of Zhengzhou and
Changsha. Given the convenient
location and attractive land price paid for these two projects, we
can establish average selling prices at levels that can provide
highly attractive returns on investment for Xinyuan.
In early October, the local governments in about 20 cities
announced housing purchase restriction policies to cool a market
with escalating prices. These policies will negatively impact our
financial results in the fourth quarter. While we remain cautious
about recent policy changes, our financial position is solid and we
have confidence in our prudent operational strategy. Finally, we
remain committed to delivering value to our shareholders through
the continuation of our quarterly cash dividend program and remain
committed to our share repurchase program," concluded Mr.
Zhang.
Third Quarter 2016 Financial Results
Contract Sales
Contract sales totaled US$525.4
million in the third quarter of 2016 compared to
US$ 309.7 million in the third
quarter of 2015 and US$474.4 million
in the second quarter of 2016. The Company's GFA sales increased to
340,700 square meters in the third quarter of 2016 from 233,300
square meters in the third quarter of 2015 and decreased from
344,600 square meters in the second quarter of 2016. The average
selling price ("ASP") per square meter sold was RMB10,140 (US$1,542) in the third quarter of 2016 compared
to RMB8,196 (US$1,328) in the third quarter of 2015 and
RMB8,992 (US$1,377) in the second quarter of 2016.
The Company commenced pre-sales of two new projects in the third
quarter of 2016, Kunshan Xindo Park and Zhengzhou International New
City I, which contributed 9.1% and 0.4% of total GFA sales,
respectively.
Breakdown of GFA Sales and ASPs by Project
Project
|
Q3
2015
|
Q2
2016
|
Q3
2016
|
Unsold
GFA
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
(m2000)
|
(RMB)
|
(m2000)
|
(RMB)
|
(m2000)
|
(RMB)
|
(m2000)
|
Zhengzhou Xin
City
|
0.1
|
3,927
|
-0.1
|
13,136
|
-0.7
|
14,767
|
5.6
|
Zhengzhou Thriving
Family
|
-
|
3,401
|
0.1
|
10,446
|
-
|
-
|
16.1
|
Xingyang Splendid
I
|
4.2
|
5,149
|
2.1
|
5,281
|
2.7
|
6,020
|
38.8
|
Xingyang Splendid
II
|
0.2
|
9,500
|
8.6
|
5,253
|
16.2
|
4,979
|
104.2
|
Kunshan Royal
Palace
|
36.4
|
9,148
|
29.0
|
15,586
|
8.4
|
21,099
|
18.4
|
Suzhou Lake Royal
Palace
|
39.0
|
9,446
|
10.6
|
21,575
|
6.1
|
20,782
|
23.2
|
Jinan Xinyuan
Splendid
|
3.3
|
7,986
|
1.3
|
9,499
|
0.1
|
9,401
|
9.3
|
Jinan Royal
Palace
|
26.2
|
6,294
|
32.0
|
6,874
|
28.2
|
7,501
|
229.0
|
Xuzhou Colorful
City
|
5.1
|
9,424
|
2.9
|
9,895
|
3.6
|
11,182
|
54.1
|
Beijing Xindo
Park
|
0.6
|
20,439
|
-0.3
|
31,469
|
1.4
|
34,193
|
12.6
|
Chengdu Thriving
Family
|
9.7
|
5,401
|
30.7
|
5,639
|
31.9
|
6,703
|
73.8
|
Changsha Xinyuan
Splendid
|
14.1
|
5,611
|
39.2
|
6,355
|
29.8
|
7,439
|
74.7
|
Sanya Yazhou Bay
No.1
|
0.1
|
12,194
|
4.2
|
12,438
|
-1.2
|
22,139
|
102.4
|
Xi'an
Metropolitan
|
35.8
|
6,350
|
21.7
|
7,133
|
23.6
|
7,786
|
97.3
|
Shanghai Royal
Palace
|
5.4
|
21,606
|
7.0
|
30,594
|
8.0
|
28,556
|
13.3
|
Zhengzhou Xindo
Park
|
4.8
|
9,584
|
10.2
|
6,448
|
4.4
|
6,590
|
96.0
|
Jinan Xin
Central
|
22.3
|
9,019
|
11.9
|
10,793
|
13.9
|
9,330
|
89.0
|
Henan Xin Central
I
|
25.4
|
7,493
|
29.9
|
8,083
|
65.7
|
8,775
|
63.1
|
Zhengzhou Fancy City
I
|
-
|
-
|
29.0
|
8,970
|
15.1
|
9,234
|
35.3
|
Zhengzhou Fancy City
II (South)
|
-
|
-
|
5.6
|
8,897
|
37.9
|
9,613
|
40.6
|
Tianjin Spring Royal
Palace
|
-
|
-
|
68.5
|
7,429
|
12.3
|
7,377
|
171.0
|
Kunshan Xindo
Park
|
-
|
-
|
-
|
-
|
30.9
|
18,612
|
60.3
|
Zhengzhou
International New City I
|
-
|
-
|
-
|
-
|
1.4
|
10,662
|
360.5
|
Others
|
0.6
|
-
|
0.5
|
-
|
1.0
|
-
|
3.7
|
Total
|
233.3
|
8,196
|
344.6
|
8,992
|
340.7
|
10,140
|
1,792.3
|
Revenue
In the third quarter of 2016, the Company's total revenue
increased 43.8% to US$444.3 million
from US$309.0 million in the third
quarter of 2015 and increased 18.0% from US$376.6 million in the second quarter of 2016.
The revenue increase was mainly due to strong real estate market
demand in China's Tier I and Tier
II cities where many Xinyuan development projects are located.
Gross Profit
Gross profit for the third quarter of 2016 was US$105.0 million, or 23.6% of revenue, compared
to a gross profit of US$82.7 million,
or 26.8% of revenue, in the third quarter of 2015 and a gross
profit of US$77.3 million, or 20.5%
of revenue, in the second quarter of 2016. The gross margin
increase was due to favorable sales at higher margin projects
including the Company's Kunshan Xindo Park and Henan Xin Central I
projects.
Selling, General and Administrative Expenses
SG&A expenses were US$53.8
million for the third quarter of 2016 compared to
US$48.8 million for the third quarter
of 2015 and US$41.0 million for the
second quarter of 2016. As a percentage of total revenue, SG&A
expenses were 12.1% compared to 15.8% in the third quarter of 2015
and 10.9% in the second quarter of 2016.
Net Income
Net income for the third quarter of 2016 was US$28.0 million, compared to US$22.7 million for the third quarter of 2015 and
US$27.8 million for the second
quarter of 2016. Net margin was 6.3%, compared to 7.3% in the third
quarter of 2015 and 7.4% in the second quarter of 2016. Diluted
earnings per ADS were US$0.41,
compared to US$0.31 per ADS in the
third quarter of 2015 and US$0.39 per
ADS in the second quarter of 2016.
Balance Sheet
As of September 30, 2016, the
Company's cash and cash equivalents (including restricted cash)
increased to US$1,345.6 million from
US$899.0 million as of June 30, 2016. Total debt outstanding was
US$2,260.0 million, an increase of
US$281.1 million, compared to
US$1,978.9 million at the end of the
second quarter of 2016. The balance of the Company's real estate
property under development at the end of the third quarter of 2016
was US$2,330.2 million, compared to
US$2,082.7 million at the end of the
second quarter of 2016.
Real Estate Project Status in China
Below is a summary table of projects that were active and
available for sale in the third quarter of 2016.
Project
|
GFA
|
Contract
Sales
|
Project
Cost %
Complete
|
|
(m2
000)
|
(US$
millions)
|
|
Total
Active
Project
|
Sold to
date
|
Total
Active
Project
|
Sales to
date
|
%
Sold
|
|
|
Zhengzhou Xin
City
|
211.1
|
205.5
|
362.0
|
327.9
|
90.6%
|
95.1%
|
|
Zhengzhou Thriving
Family
|
131.5
|
115.4
|
154.1
|
127.6
|
82.8%
|
87.6%
|
|
Xingyang Splendid
I
|
117.3
|
78.5
|
87.2
|
61.8
|
70.9%
|
77.6%
|
|
Xingyang Splendid
II
|
137.2
|
33.0
|
144.5
|
28.9
|
20.0%
|
51.0%
|
|
Kunshan Royal
Palace
|
279.9
|
261.5
|
492.2
|
420.0
|
85.3%
|
93.8%
|
|
Suzhou Lake Royal
Palace
|
169.6
|
146.4
|
376.6
|
272.9
|
72.5%
|
98.2%
|
|
Jinan Xinyuan
Splendid
|
572.2
|
562.9
|
759.0
|
752.1
|
99.1%
|
99.5%
|
|
Jinan Royal
Palace
|
449.0
|
220.0
|
671.2
|
220.1
|
32.8%
|
66.3%
|
|
Xuzhou Colorful
City
|
130.2
|
76.1
|
203.2
|
107.5
|
52.9%
|
79.0%
|
|
Beijing Xindo
Park
|
133.1
|
120.5
|
457.3
|
374.8
|
82.0%
|
97.9%
|
|
Chengdu Thriving
Family
|
211.4
|
137.6
|
382.0
|
121.4
|
31.8%
|
89.4%
|
|
Changsha Xinyuan
Splendid
|
251.8
|
177.1
|
362.9
|
162.7
|
44.8%
|
80.7%
|
|
Sanya Yazhou Bay
No.1
|
116.9
|
14.5
|
303.1
|
28.1
|
9.3%
|
75.4%
|
|
Xi'an
Metropolitan
|
290.7
|
193.4
|
483.4
|
195.6
|
40.5%
|
75.1%
|
|
Shanghai Royal
Palace
|
57.8
|
44.5
|
287.2
|
167.3
|
58.3%
|
97.5%
|
|
Zhengzhou Xindo
Park
|
144.4
|
48.4
|
202.3
|
59.1
|
29.2%
|
63.6%
|
|
Jinan Xin
Central
|
194.7
|
105.7
|
366.0
|
155.1
|
42.4%
|
68.0%
|
|
Henan Xin Central
I
|
262.2
|
199.1
|
369.4
|
246.0
|
66.6%
|
59.4%
|
|
Zhengzhou Fancy City
I
|
166.6
|
131.3
|
241.5
|
168.9
|
69.9%
|
54.3%
|
|
Zhengzhou Fancy City
II (South)
|
84.1
|
43.5
|
140.6
|
63.4
|
45.1%
|
43.9%
|
|
Tianjin Spring Royal
Palace
|
278.6
|
107.6
|
447.2
|
127.9
|
28.6%
|
31.3%
|
|
Kunshan Xindo
Park
|
91.2
|
30.9
|
279.4
|
88.1
|
31.5%
|
59.1%
|
|
Zhengzhou
International New City I
|
362.0
|
1.5
|
682.3
|
2.3
|
0.3%
|
27.3%
|
|
Others remaining
GFA
|
3.7
|
-
|
-
|
-
|
-
|
-
|
|
Total active
projects
|
4,847.2
|
3,054.9
|
8,254.6
|
4,279.5
|
51.8%
|
73.9%
|
|
As of September 30, 2016, the
Company's total sellable GFA was approximately 2,429,500 square
meters for active projects and under planning stage projects in
China. Below is a summary of all
of the Company's planning stage projects:
|
Unsold
GFA
(m2
000)
|
Pre
sales
Targeted
|
|
Zhengzhou Fancy City
II (North)
|
119.6
|
Q3 2017
|
|
Zhengzhou
International New City II
|
175.7
|
Q3 2017
|
|
Xingyang Splendid
III
|
37.4
|
To be
determined
|
|
Beijing Liyuan
project
|
102.3
|
To be
determined
|
|
Henan Xin Central
II
|
108.9
|
Q4 2016
|
|
Changsha New
project
|
93.3
|
Q2 2017
|
|
Total projects
under planning
|
637.2
|
|
|
Total active
projects
|
1,792.3
|
|
|
Total all Xinyuan
projects in China
|
2,429.5
|
|
|
Real Estate Project Update in the U.S.
Xinyuan delivered nine apartment units at its Oosten project
resulting in $34.5 million in revenue
at the end of the third quarter.
As of the end of the third quarter, the Company had pre-sold
approximately 76% of the total units at its Brooklyn-based Oosten project and had begun
the closing and delivery process for the presold units. The local
market demand and price trend remained healthy in the third
quarter.
Xinyuan's second New York
project, announced in January 2016,
and located in midtown Manhattan,
has completed its design work. The Company is in the selection
process for the general contractor and the sales listing agency,
and expects to begin demolition and foundation work before the end
of the year. The superior location and design of this project have
attracted high interest from a number of major national retail
chains, including potential large tenants, with whom the Company is
in ongoing negotiations.
In August 2016, Xinyuan announced
a new land acquisition in Flushing, Queens,
New York City. Xinyuan expects to begin construction on this
property in the first half of 2017.
Business Outlook
For the full year 2016, the Company expects full year contract
sales to grow 20%-25% and net income to grow 20%-25% in RMB terms
compared to 2015. Factoring in the foreign currency exchange
impact, the Company expects full year contract sales to grow
12%-17% and net income to grow 12%-17% in USD terms compared to
2015.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on November 14,
2016 to discuss third quarter 2016 results. Listeners may
access the call by dialing:
US: 1-888-740-6144
International: 1-913-312-1279
A webcast will also be available through the Company's investor
relations website at http://ir.xyre.com.
A replay of the call will be available through November 21, 2016 by dialing:
US: 1-877-870-5176
International: 1-858-384-5517
Access code: 9087229
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real
estate developer and property manager primarily in China and in other countries. In China, the Company develops and manages large
scale, high quality real estate projects in over ten tier one and
tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an,
Suzhou, among others. Xinyuan was one of the first Chinese real
estate developers to enter the U.S. market and over the past few
years has been active in real estate development in New York. The Company aims to provide
comfortable and convenient real estate related products and
services to middle-class consumers. For more information, please
visit http://www.xyre.com.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements". These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements includes
statements about estimated financial performance, sales performance
and activity, among others and can generally be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Statements that are not historical statements are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including, but not limited to,
our ability to continue to implement our business model
successfully; our ability to secure adequate financing for our
project development; our ability to successfully sell or complete
our property projects under construction and planning; our ability
to enter into new geographic markets and expand our operations; the
marketing and sales ability of our third-party sales agents; the
performance of our third-party contractors; the impact of laws,
regulations and policies relating to real estate developers and the
real estate industry in the countries in which we operate; our
ability to obtain permits and licenses to carry on our business in
compliance with applicable laws and regulations; competition from
other real estate developers; the growth of the real estate
industry in the markets in which we operate; fluctuations in
general economic and business conditions in the markets in which we
operate; and other risks outlined in our public filings with the
Securities and Exchange Commission, including our annual report on
Form 20-F for the year ended December 31,
2015. Except as required by law, we undertake no obligation
to update or review publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statement is made.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is
subject to year-end audit adjustments. Adjustments to the financial
statements may be identified when the audit work is completed,
which could result in significant differences between our audited
financial statements and this unaudited financial information.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Ms. May Shen
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
Media:
Edmond Lococo
In China: +86 (10) 6583-7510
Email: Edmond.Lococo@icrinc.com
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All US$ amounts
and number of shares data in thousands, except per share
data)
|
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
|
June 30,
|
|
|
September
30,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
444,278
|
|
|
|
376,623
|
|
|
|
308,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(339,322)
|
|
|
|
(299,317)
|
|
|
|
(226,288)
|
|
Gross
profit
|
|
|
104,956
|
|
|
|
77,306
|
|
|
|
82,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(19,233)
|
|
|
|
(8,801)
|
|
|
|
(13,163)
|
|
General and
administrative expenses
|
|
|
(34,584)
|
|
|
|
(32,197)
|
|
|
|
(35,673)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
51,139
|
|
|
|
36,308
|
|
|
|
33,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
2,116
|
|
|
|
4,223
|
|
|
|
6,333
|
|
Interest
expense
|
|
|
(6,558)
|
|
|
|
(5,063)
|
|
|
|
(5,021)
|
|
Net realized gain on
short-term investments
|
|
|
1,392
|
|
|
|
807
|
|
|
|
80
|
|
Unrealized
gain/(loss) on short-term investments
|
|
|
91
|
|
|
|
(153)
|
|
|
|
17
|
|
Other (expense)/
income
|
|
|
(27)
|
|
|
|
4,101
|
|
|
|
(35)
|
|
Exchange
(loss)/gains
|
|
|
(37)
|
|
|
|
182
|
|
|
|
269
|
|
Share of gain/(loss)
of equity investee
|
|
|
412
|
|
|
|
(641)
|
|
|
|
974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
48,528
|
|
|
|
39,764
|
|
|
|
36,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(20,481)
|
|
|
|
(11,960)
|
|
|
|
(13,756)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
28,047
|
|
|
|
27,804
|
|
|
|
22,691
|
|
Net loss/(income)
attributable to non-controlling interest
|
|
|
157
|
|
|
|
(1,278)
|
|
|
|
-
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
28,204
|
|
|
|
26,526
|
|
|
|
22,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.43
|
|
|
|
0.40
|
|
|
|
0.31
|
|
Diluted
|
|
|
0.41
|
|
|
|
0.39
|
|
|
|
0.31
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
66,121
|
|
|
|
66,005
|
|
|
|
73,434
|
|
Diluted
|
|
|
69,329
|
|
|
|
68,164
|
|
|
|
73,499
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All US$ amounts
and number of shares data in thousands, except per share
data)
|
|
|
|
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
1,056,285
|
|
|
|
750,738
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(825,130)
|
|
|
|
(559,147)
|
|
Gross
profit
|
|
|
231,155
|
|
|
|
191,591
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(36,155)
|
|
|
|
(31,810)
|
|
General and
administrative expenses
|
|
|
(90,189)
|
|
|
|
(80,466)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
104,811
|
|
|
|
79,315
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
14,810
|
|
|
|
18,244
|
|
Interest
expense
|
|
|
(16,621)
|
|
|
|
(14,972)
|
|
Net realized gain on
short-term investments
|
|
|
2,308
|
|
|
|
842
|
|
Unrealized gain on
short-term investments
|
|
|
858
|
|
|
|
36
|
|
Other
income
|
|
|
4,081
|
|
|
|
4,687
|
|
Exchange
gains
|
|
|
198
|
|
|
|
264
|
|
Share of (loss)/gain
of equity investee
|
|
|
(186)
|
|
|
|
1,452
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
110,259
|
|
|
|
89,868
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(47,513)
|
|
|
|
(42,503)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
62,746
|
|
|
|
47,365
|
|
Net income
attributable to non-controlling interest
|
|
|
(1,897)
|
|
|
|
-
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
60,849
|
|
|
|
47,365
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.91
|
|
|
|
0.64
|
|
Diluted
|
|
|
0.88
|
|
|
|
0.64
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
66,910
|
|
|
|
73,490
|
|
Diluted
|
|
|
69,090
|
|
|
|
73,579
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(All US$ amounts
and number of shares data in thousands)
|
|
|
|
|
|
September
30,
|
|
|
June 30,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
927,717
|
|
|
|
416,829
|
|
|
|
387,528
|
|
Restricted
cash
|
|
|
417,904
|
|
|
|
482,125
|
|
|
|
363,137
|
|
Short-term
investments
|
|
|
37,330
|
|
|
|
32,398
|
|
|
|
1,245
|
|
Accounts
receivable
|
|
|
21,889
|
|
|
|
17,228
|
|
|
|
42,040
|
|
Other
receivables
|
|
|
48,963
|
|
|
|
28,331
|
|
|
|
147,652
|
|
Deposits for land use
rights
|
|
|
29,950
|
|
|
|
49,765
|
|
|
|
46,199
|
|
Other deposits and
prepayments
|
|
|
239,912
|
|
|
|
261,492
|
|
|
|
254,048
|
|
Advances to
suppliers
|
|
|
36,713
|
|
|
|
55,850
|
|
|
|
50,534
|
|
Real estate
properties development completed
|
|
|
21,471
|
|
|
|
21,987
|
|
|
|
24,077
|
|
Real estate
properties under development
|
|
|
2,330,204
|
|
|
|
2,082,680
|
|
|
|
1,887,322
|
|
Amounts due from
related parties
|
|
|
8,347
|
|
|
|
45,591
|
|
|
|
58,630
|
|
Amounts due from
employees
|
|
|
2,435
|
|
|
|
1,872
|
|
|
|
351
|
|
Other current
assets
|
|
|
196
|
|
|
|
115
|
|
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
4,123,031
|
|
|
|
3,496,263
|
|
|
|
3,262,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
|
67,429
|
|
|
|
68,664
|
|
|
|
71,133
|
|
Property and
equipment, net
|
|
|
36,313
|
|
|
|
36,778
|
|
|
|
39,323
|
|
Other long-term
investment
|
|
|
242
|
|
|
|
31,108
|
|
|
|
31,108
|
|
Investment in joint
ventures
|
|
|
7,838
|
|
|
|
11,009
|
|
|
|
6,125
|
|
Deferred tax
assets
|
|
|
28,435
|
|
|
|
28,807
|
|
|
|
15,489
|
|
Deposits for land use
rights
|
|
|
74,875
|
|
|
|
78,417
|
|
|
|
107,798
|
|
Other
assets
|
|
|
12,543
|
|
|
|
13,310
|
|
|
|
14,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
4,350,706
|
|
|
|
3,764,356
|
|
|
|
3,548,883
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(All US$ amounts
and number of shares data in thousands)
|
|
|
|
|
September
30,
|
|
|
June 30,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
403,193
|
|
|
|
457,770
|
|
|
|
471,176
|
|
Short-term bank loans
and other debt
|
|
|
262,803
|
|
|
|
226,679
|
|
|
|
222,226
|
|
Customer
deposits
|
|
|
135,022
|
|
|
|
63,833
|
|
|
|
64,452
|
|
Income tax
payable
|
|
|
105,044
|
|
|
|
98,037
|
|
|
|
106,034
|
|
Deferred tax
liabilities
|
|
|
64,820
|
|
|
|
44,369
|
|
|
|
57,692
|
|
Other payables and
accrued liabilities
|
|
|
351,649
|
|
|
|
105,787
|
|
|
|
106,127
|
|
Payroll and welfare
payable
|
|
|
13,789
|
|
|
|
8,788
|
|
|
|
22,966
|
|
Amounts due to
related parties
|
|
|
-
|
|
|
|
15,080
|
|
|
|
-
|
|
Current portion of
long-term bank loans and other debt
|
|
|
780,264
|
|
|
|
809,094
|
|
|
|
594,834
|
|
Current maturities of
capital lease obligations
|
|
|
4,076
|
|
|
|
3,002
|
|
|
|
3,066
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
13,103
|
|
|
|
1,206
|
|
|
|
2,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
2,133,763
|
|
|
|
1,833,645
|
|
|
|
1,650,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
50,896
|
|
|
|
51,022
|
|
|
|
13,860
|
|
Other long-term
debt
|
|
|
1,166,029
|
|
|
|
892,098
|
|
|
|
897,504
|
|
Deferred tax
liabilities
|
|
|
14,006
|
|
|
|
20,711
|
|
|
|
13,500
|
|
Unrecognized tax
benefits
|
|
|
18,059
|
|
|
|
18,081
|
|
|
|
17,842
|
|
Capital lease
obligations, net of current maturities
|
|
|
17,222
|
|
|
|
16,549
|
|
|
|
18,111
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
-
|
|
|
|
452
|
|
|
|
1,232
|
|
TOTAL
LIABILITIES
|
|
|
3,399,975
|
|
|
|
2,832,558
|
|
|
|
2,612,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
Treasury
shares
|
|
|
(45,262)
|
|
|
|
(45,262)
|
|
|
|
(24,046)
|
|
Additional paid-in
capital
|
|
|
535,294
|
|
|
|
533,955
|
|
|
|
531,233
|
|
Statutory
reserves
|
|
|
79,255
|
|
|
|
79,255
|
|
|
|
80,050
|
|
Retained
earnings
|
|
|
365,630
|
|
|
|
344,197
|
|
|
|
317,765
|
|
Accumulated other
comprehensive income
|
|
|
4,205
|
|
|
|
11,516
|
|
|
|
30,952
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
939,138
|
|
|
|
923,677
|
|
|
|
935,970
|
|
Non-controlling
interest
|
|
|
11,593
|
|
|
|
8,121
|
|
|
|
(19)
|
|
Total
equity
|
|
|
950,731
|
|
|
|
931,798
|
|
|
|
935,951
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
4,350,706
|
|
|
|
3,764,356
|
|
|
|
3,548,883
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2016-financial-results-300361996.html
SOURCE Xinyuan Real Estate Co., Ltd.