Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2017 Financial Results
BEIJING, Aug.11, 2017 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and recently in other countries, today announced its unaudited financial results for the second quarter ended June 30, 2017.
Second Quarter 2017 Highlights
-- Contract sales increased 54.4% to US$732.4 million from US$474.4 million
in the second quarter of 2016 and increased 139.8% from US$305.4 million
in the first quarter of 2017.
-- Total revenue increased 29.6% to US$488.2 million from US$376.6 million
in the second quarter of 2016 and increased 73.9% from US$280.7 million
in the first quarter of 2017.
-- Gross profit increased 39.6% to US$107.9 million (or 22.1% of total
revenue) from US$77.3 million (or 20.5% of total revenue) in the second
quarter of 2016, and increased 72.4% from US$62.6 million (or 22.3% of
total revenue) in the first quarter of 2017.
-- Selling, General and Administrative ("SG&A") expenses as a percentage of
total revenue decreased to 9.9% from 10.9% in the second quarter of 2016
and decreased from 12.6% in the first quarter of 2017.
-- Net income was US$20.6 million, compared to US$27.8 million in the
second quarter of 2016 and US$7.4 million in the first quarter of 2017.
-- Diluted net earnings per American Depositary Share ("ADS") attributable
to shareholders were US$0.14, compared to US$0.39 in the second quarter
of 2016 and US$0.11 in the first quarter of 2017.
-- The Company repurchased through its share repurchase program 952,231
ADSs at a total cost of approximately US$4.7 million in the second
quarter of 2017.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "Our second quarter results were generally in line with our expectations under the current government's restrictive policies impacting China's overall housing market. We achieved 54.4% contract sales growth and 29.6% revenue growth compared to the same quarter last year, which was attributable to strong and solid performance of our active projects.
We were also pleased to increase our number of strategic land acquisitions. During the second quarter, we increased our presence in several existing markets where we have a sound track record, including Zhengzhou, Xi'an and Kunshan, and established our presence in a new market with national geographical significance - Zhuhai, an important location in the "Guangdong-Hong Kong-Macao Greater Bay Area". A total of five new projects with an aggregate GFA of 795,000 square meters were acquired in the second quarter, which we expect to support our growth in the years to come.
Furthermore, we are pleased to pay our 22nd consecutive quarterly dividend. The ongoing US$40 million share repurchase as well as the full redemption of our outstanding US$200 million senior notes in early July also demonstrate our commitment to delivering value to our shareholders," concluded Mr. Zhang.
Second Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled US$711.8 million in the second quarter compared to US$474.4 million in the second quarter of 2016 and US$240.8 million in the first quarter of 2017.
The Company's GFA sales in China were 409,700 square meters in the second quarter of 2017 compared to 344,600 square meters in the second quarter of 2016 and 140,300 square meters in the first quarter of 2017.
The ASP per square meter sold in China was RMB11,946 (US$1,739) in the second quarter of 2017 compared to RMB8,992 (US$1,377) in the second quarter of 2016 and RMB11,820 (US$1,717) in the first quarter of 2017.
Contract sales in the United States totaled US$20.6 million in the second quarter of 2017.
The Company commenced pre-sales of one new project in the second quarter of 2017, Xingyang Splendid III, which contributed 3.8% of total GFA sales.
Breakdown of GFA Sales and ASPs by Project in China
Project Q2 2016 Q1 2017 Q2 2017 Unsold
------- ------- ------- ------- ------
GFA ASP GFA ASP GFA ASP GFA
--- --- --- --- --- --- ---
(m2 '000s) (RMB) (m2 '000s) (RMB) (m2 '000s) (RMB) (m2 '000s)
--------- ---- --------- ---- --------- ---- ---------
Zhengzhou Xin City -0.1 13,136 0.2 52,821 0.1 4,005 5.3
------------------ ---- ------ --- ------ --- ----- ---
Zhengzhou Thriving Family 0.1 10,446 0.3 5,913 - - 15.7
------------------------- --- ------ --- ----- --- --- ----
Xingyang Splendid I 2.1 5,281 6.2 6,626 0.4 7,115 28.9
------------------- --- ----- --- ----- --- ----- ----
Xingyang Splendid II 8.6 5,253 8.6 6,710 15.4 5,265 58.8
-------------------- --- ----- --- ----- ---- ----- ----
Kunshan Royal Palace 29.0 15,586 2.3 21,222 5.3 24,173 8.8
-------------------- ---- ------ --- ------ --- ------ ---
Suzhou Lake Royal Palace 10.6 21,575 2.8 19,906 3.8 20,094 10.5
------------------------ ---- ------ --- ------ --- ------ ----
Jinan Xinyuan Splendid 1.3 9,499 0.2 4,417 0.2 4,263 8.8
---------------------- --- ----- --- ----- --- ----- ---
Jinan Royal Palace 32.0 6,874 22.4 9,280 13.2 10,508 164.9
------------------ ---- ----- ---- ----- ---- ------ -----
Xuzhou Colorful City 2.9 9,895 1.7 15,131 2.8 13,385 47.1
-------------------- --- ----- --- ------ --- ------ ----
Beijing Xindo Park -0.3 31,469 0.1 19,697 0.2 4,235 10.4
------------------ ---- ------ --- ------ --- ----- ----
Chengdu Thriving Family 30.7 5,639 4.7 11,277 6.0 19,194 54.6
----------------------- ---- ----- --- ------ --- ------ ----
Changsha Xinyuan Splendid 39.2 6,355 9.7 9,050 28.2 9,521 24.6
------------------------- ---- ----- --- ----- ---- ----- ----
Sanya Yazhou Bay No.1 4.2 12,438 26.3 15,432 8.1 15,888 65.6
--------------------- --- ------ ---- ------ --- ------ ----
Xi'an Metropolitan 21.7 7,133 3.1 8,889 9.5 9,553 65.3
------------------ ---- ----- --- ----- --- ----- ----
Shanghai Royal Palace 7.0 30,594 -0.1 28,707 - - 11.4
--------------------- --- ------ ---- ------ --- --- ----
Zhengzhou Xindo Park 10.2 6,448 13.2 6,342 22.9 6,998 37.1
-------------------- ---- ----- ---- ----- ---- ----- ----
Jinan Xin Central 11.9 10,793 6.8 11,777 8.3 13,928 65.0
----------------- ---- ------ --- ------ --- ------ ----
Henan Xin Central I 29.9 8,083 0.5 11,568 3.4 16,229 53.7
------------------- ---- ----- --- ------ --- ------ ----
Zhengzhou Fancy City I 29.0 8,970 0.8 21,739 2.6 19,015 29.2
---------------------- ---- ----- --- ------ --- ------ ----
Zhengzhou Fancy City II (South) 5.6 8,897 10.1 12,394 7.6 12,649 13.3
------------------------------ --- ----- ---- ------ --- ------ ----
Tianjin Spring Royal Palace 68.5 7,429 -0.1 6,844 11.0 11,118 157.7
--------------------------- ---- ----- ---- ----- ---- ------ -----
Kunshan Xindo Park - - 4.4 18,244 10.6 20,523 42.5
------------------ --- --- --- ------ ---- ------ ----
Zhengzhou International New City I - - 0.9 10,834 207.4 12,084 102.1
---------------------------------- --- --- --- ------ ----- ------ -----
Henan Xin Central II - - 15.0 10,955 27.2 11,293 58.6
-------------------- --- --- ---- ------ ---- ------ ----
Xingyang Splendid III - - - - 15.5 6,981 108.1
--------------------- --- --- --- --- ---- ----- -----
Others 0.5 - 0.2 - - - 3.2
------ --- --- --- --- --- --- ---
Total 344.6 8,992 140.3 11,820 409.7 11,946 1,251.2
----- ----- ----- ----- ------ ----- ------ -------
Revenue
In the second quarter of 2017, the Company's total revenue increased 29.6% to US$488.2 million from US$376.6 million in the second quarter of 2016 and increased 73.9% from US$280.7 million in the first quarter of 2017.
Gross Profit
Gross profit for the second quarter of 2017 was US$107.9 million, or 22.1% of revenue, compared to a gross profit of US$77.3 million, or 20.5% of revenue, in the second quarter of 2016 and a gross profit of US$62.6 million, or 22.3% of revenue, in the first quarter of 2017.
Selling, General and Administrative Expenses
SG&A expenses were US$48.2 million for the second quarter of 2017 compared to US$41.0 million for the second quarter of 2016 and US$35.5 million for the first quarter of 2017. As a percentage of total revenue, SG&A expenses were 9.9% compared to 10.9% in the second quarter of 2016 and 12.6% in the first quarter of 2017.
Net Income
Net income for the second quarter of 2017 was US$20.6 million compared to US$27.8 million for the second quarter of 2016 and US$7.4 million for the first quarter of 2017. Net margin was 4.2%, compared to 7.4% in the second quarter of 2016 and 2.6% in the first quarter of 2017. Diluted earnings per ADS were US$0.14, compared to US$0.39 per ADS in the second quarter of 2016 and US$0.11 per ADS in the first quarter of 2017.
The lower net income compared with the second quarter of 2016 was mainly due to (i) an increase in selling and distribution expenses related to commercial sales under a more challenging market environment, (ii) an increase in the un-capitalized portion of the Company's interest expenses due to some debt not yet allocated into real estate projects, and (iii) a one-time Land Value-Added Tax (LVAT) refund of approximately US$9 million in the prior year period related to a final settlement at one of the Company's projects.
Balance Sheet
As of June 30, 2017, the Company's cash and cash equivalents (including restricted cash) increased to US$1,276.8 million from US$1,245.9 million as of March 31, 2017. Total debt outstanding was US$2,647.8 million, which reflected an increase of US$320.7 million compared to US$2,327.1 million at the end of the first quarter of 2017. The balance of the Company's real estate properties under development at the end of the second quarter of 2017 was US$2,135.2 million, compared to US$1,848.5 million at the end of the first quarter of 2017.
Real Estate Project Status in China
Below is a summary table of projects that were active and available for sale in the second quarter of 2017.
Project GFA Contract Sales Project Cost % Complete
------- --- -------------- -----------------------
(m(2) '000s) (US$ millions)
----------- -------------
Total
Active
Project Sold to date Total Active Project Sales to date % Sold
------- ------------ -------------------- ------------- ------
Zhengzhou Xin City 211.1 205.8 345.1 315.4 91.4% 98.2%
------------------ ----- ----- ----- ----- ---- ----
Zhengzhou Thriving Family 131.5 115.8 148.3 122.4 82.5% 96.7%
------------------------- ----- ----- ----- ----- ---- ----
Xingyang Splendid I 117.4 88.5 90.7 68.8 75.9% 75.7%
------------------- ----- ---- ---- ---- ---- ----
Xingyang Splendid II 137.2 78.4 137.3 67.1 48.9% 58.6%
-------------------- ----- ---- ----- ---- ---- ----
Kunshan Royal Palace 280.0 271.2 467.9 431.7 92.3% 95.2%
-------------------- ----- ----- ----- ----- ---- ----
Suzhou Lake Royal Palace 169.6 159.1 349.3 297.7 85.2% 99.6%
------------------------ ----- ----- ----- ----- ---- ----
Jinan Xinyuan Splendid 572.2 563.4 722.2 716.0 99.1% 99.5%
---------------------- ----- ----- ----- ----- ---- ----
Jinan Royal Palace 449.7 284.8 638.0 301.8 47.3% 76.2%
------------------ ----- ----- ----- ----- ---- ----
Xuzhou Colorful City 130.2 83.1 193.1 115.7 59.9% 83.4%
-------------------- ----- ---- ----- ----- ---- ----
Beijing Xindo Park 133.1 122.7 435.8 364.7 83.7% 99.8%
------------------ ----- ----- ----- ----- ---- ----
Chengdu Thriving Family 211.4 156.8 363.1 151.7 41.8% 96.5%
----------------------- ----- ----- ----- ----- ---- ----
Changsha Xinyuan Splendid 251.6 227.0 345.0 223.2 64.7% 90.0%
------------------------- ----- ----- ----- ----- ---- ----
Sanya Yazhou Bay No.1 117.2 51.6 288.3 109.3 37.9% 86.2%
--------------------- ----- ---- ----- ----- ---- ----
Xi'an Metropolitan 290.7 225.4 459.5 233.9 50.9% 97.4%
------------------ ----- ----- ----- ----- ---- ----
Shanghai Royal Palace 57.8 46.4 273.0 170.5 62.5% 99.3%
--------------------- ---- ---- ----- ----- ---- ----
Zhengzhou Xindo Park 144.4 107.3 192.3 113.0 58.8% 84.5%
-------------------- ----- ----- ----- ----- ---- ----
Jinan Xin Central 194.7 129.7 347.8 191.7 55.1% 82.2%
----------------- ----- ----- ----- ----- ---- ----
Henan Xin Central I 262.2 208.5 351.2 254.0 72.3% 75.7%
------------------- ----- ----- ----- ----- ---- ----
Zhengzhou Fancy City I 166.8 137.6 229.6 180.2 78.5% 67.0%
---------------------- ----- ----- ----- ----- ---- ----
Zhengzhou Fancy City II (South) 84.1 70.8 142.2 109.7 77.1% 63.3%
------------------------------ ---- ---- ----- ----- ---- ----
Tianjin Spring Royal Palace 278.6 120.9 484.5 141.7 29.2% 47.7%
--------------------------- ----- ----- ----- ----- ---- ----
Kunshan Xindo Park 89.0 46.5 265.5 128.7 48.5% 68.7%
------------------ ---- ---- ----- ----- ---- ----
Zhengzhou International New City I 360.5 258.4 648.5 444.2 68.5% 39.1%
---------------------------------- ----- ----- ----- ----- ---- ----
Henan Xin Central II 109.8 51.2 178.5 83.0 46.5% 53.6%
-------------------- ----- ---- ----- ---- ---- ----
Xingyang Splendid III 123.5 15.4 135.2 15.7 11.6% 33.7%
--------------------- ----- ---- ----- ---- ---- ----
Others remaining GFA 3.2
-------------------- ---
Total active projects 5,077.5 3,826.3 8,231.9 5,351.8 65.0% 78.5%
--------------------- ------- ------- ------- ------- ---- ----
As of June 30, 2017, the Company's total saleable GFA was approximately 2,947,100 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 Pre-sales
(m(2) '000s) Scheduled
----------- ---------
Zhengzhou Fancy City II(North) 119.6 Q3 2017
----- -------
Zhengzhou International New City
II 175.7 Q3 2017
----- -------
Beijing Liyuan project 102.3 To be determined
----- ----------------
Changsha Mulian Royal Palace 93.3 Q3 2017
---- -------
Zhengzhou International New City
III 337.0 To be determined
----- ----------------
Changsha Renmin East Road project 73.0 To be determined
---- ----------------
Xian Aerospace City Project 226.0 To be determined
----- ----------------
Zhengzhou Heizhuzhuang Project 340.0 To be determined
----- ----------------
Kunshan Zhongyu Project 113.0 To be determined
----- ----------------
Zhengzhou International New City
IV 46.0 To be determined
---- ----------------
Zhuhai Prince Project 70.0 To be determined
---- ----------------
Total projects under planning 1,695.9
-------
Total active projects 1,251.2
-------
Total of all Xinyuan unsold
projects in China 2,947.1
-------
Real Estate Project Update in the United States
In the second quarter of 2017, our Oosten project in Brooklyn, New York recognized revenue of approximately US$21 million. As of June 30, 2017, we had sold and closed a total of 161 units out of 216 total units and revenue from this project had reached US$238 million. The construction loan for this project was fully paid off. As a testament to this project's success in the New York market, the Oosten project was recently awarded the "Best Residential Condominium Building" award by the Brooklyn Chamber of Commerce at the 2017 Building Brooklyn Awards, which represents the first win by a non-US-based developer in the award's history.
During the second quarter of 2017, local market demand and price trends remained stable in both Manhattan and Brooklyn. Both saw modest year-on-year unit price increases, with Brooklyn enjoying slightly higher increases.
The Company is continuing its foundation work for its second New York City project which is located in midtown Manhattan.
The Company continues to execute its planning, governmental approvals and pre-development of its ground-up development project located in Queens, New York.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on August 11, 2017 to discuss second quarter 2017 results. Listeners may access the call by dialing:
US Toll Free: 1-888-857-6931
China: +86-400-120-2694
International: 1-719-457-2601
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 August 18, 2017 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 4856564
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 recently in other countries. In China, Xinyuan 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. Xinyuan 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 and 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 successfully into new geographic markets and new business lines 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, 2016. 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.
Mr. Joe Xu
Investor Relations Deputy 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
------------------
June 30, March 31, June 30,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (unaudited)
Total revenue 488,165 280,714 376,623
Total costs of revenue (380,242) (218,147) (299,317)
-------- -------- --------
Gross profit 107,923 62,567 77,306
Selling and distribution
expenses (18,219) (10,488) (8,801)
General and administrative
expenses (29,965) (25,017) (32,197)
------- ------- -------
Operating income 59,739 27,062 36,308
Interest income 4,375 2,599 4,223
Interest expense (20,195) (9,325) (5,063)
Net realized gain on short-
term investments 2,257 588 807
Unrealized gain/(loss) on
short-term investments 524 1,254 (153)
Other income - 159 4,101
Exchange (loss)/gains (46) (51) 182
Share of loss of equity
investees (265) (243) (641)
---- ---- ----
Income from operations
before income taxes 46,389 22,043 39,764
Income taxes (25,769) (14,625) (11,960)
------- ------- -------
Net income 20,620 7,418 27,804
====== ===== ======
Net (income)/loss
attributable to non-
controlling interest (11,698) 42 (1,278)
Net income attributable to
Xinyuan Real Estate Co.,
Ltd. shareholders 8,922 7,460 26,526
===== ===== ======
Earnings per ADS:
Basic 0.14 0.12 0.40
Diluted 0.14 0.11 0.39
ADS used in computation:
Basic 64,324 63,995 66,005
Diluted 65,622 64,944 68,164
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)
Six months ended
----------------
June 30, June 30,
2017 2016
---- ----
(unaudited) (unaudited)
Total revenue 768,879 612,007
Total costs of revenue (598,389) (485,807)
-------- --------
Gross profit 170,490 126,200
Selling and distribution
expenses (28,707) (16,922)
General and administrative
expenses (54,982) (55,605)
------- -------
Operating income 86,801 53,673
Interest income 6,974 12,694
Interest expense (29,520) (10,063)
Net realized gain on short-
term investments 2,845 916
Unrealized gain on short-
term investments 1,778 767
Other income 159 4,108
Exchange (loss)/gains (97) 236
Share of loss of an equity
investee (508) (599)
---- ----
Income from operations
before income taxes 68,432 61,732
Income taxes (40,394) (27,033)
------- -------
Net income 28,038 34,699
====== ======
Net income attributable to
non-controlling interest (11,656) (2,054)
Net income attributable to
Xinyuan Real Estate Co.,
Ltd. shareholders 16,382 32,645
====== ======
Earnings per ADS:
Basic 0.26 0.49
Diluted 0.25 0.47
ADS used in computation:
Basic 64,159 67,309
Diluted 65,779 69,492
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
June 30, March 31, December 31,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents 955,209 916,029 578,244
Restricted cash 321,615 329,909 328,499
Short-term investments 49,686 41,113 39,311
Accounts receivable 27,669 26,884 32,704
Other receivables 38,714 31,804 31,822
Deposits for land use
rights 80,376 100,804 153,252
Other deposits and
prepayments 492,429 276,914 525,263
Advances to suppliers 38,569 30,433 27,457
Real estate properties
development completed 381,238 429,254 477,179
Real estate properties
under development 2,135,226 1,848,471 1,719,135
Amounts due from related
parties 6,155 20,284 17,732
Amounts due from
employees 1,582 2,277 621
Other current assets 704 140 226
--- --- ---
Total current assets 4,529,172 4,054,316 3,931,445
--------- --------- ---------
Real estate properties
held for lease, net 191,021 163,541 159,874
Property and equipment,
net 33,455 33,610 34,090
Other long-term
investment 9,099 8,938 242
Investment in joint
ventures 7,502 7,541 7,556
Deferred tax assets 50,190 49,701 49,690
Deposits for land use
rights 29,523 28,988 28,831
Other assets 57,060 24,740 24,717
------ ------ ------
TOTAL ASSETS 4,907,022 4,371,375 4,236,445
========= ========= =========
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
June 30, March 31, December 31,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (audited)
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and notes payable 482,009 423,413 524,663
Short-term bank loans and other debt 109,856 130,448 178,576
Customer deposits 173,326 168,829 150,545
Income tax payable 102,736 106,396 120,573
Other payables and accrued
liabilities 242,940 208,466 199,661
Payroll and welfare payable 12,247 4,626 19,522
Current portion of long-term bank
loans and other debt 1,074,467 574,802 704,695
Current maturities of capital lease
obligations 4,314 3,945 3,923
Mandatorily redeemable non-
controlling interests 12,916 - 12,614
Amounts due to related parties 69,307 67,949 66,230
------ ------ ------
Total current liabilities 2,284,118 1,688,874 1,981,002
--------- --------- ---------
Non- current liabilities
Long-term bank loans 363,898 350,887 235,885
Other long term debt 1,099,563 1,270,978 974,791
Deferred tax liabilities 172,763 105,086 93,107
Unrecognized tax benefits 20,494 20,492 20,492
Capital lease obligations, net of
current maturities 13,093 14,876 15,016
Due to related parties 1,543 - -
----- --- ---
TOTAL LIABILITIES 3,955,472 3,451,193 3,320,293
--------- --------- ---------
Shareholders' equity
Common shares 16 16 16
Treasury shares (65,590) (60,915) (53,734)
Additional paid-in capital 542,040 539,763 538,414
Statutory reserves 95,965 95,965 95,973
Retained earnings 356,990 354,905 354,274
Accumulated other comprehensive
income (11,227) (30,652) (34,683)
------- ------- -------
Total Xinyuan Real Estate Co., Ltd.
shareholders' equity 918,194 899,082 900,260
------- ------- -------
Non-controlling interest 33,356 21,100 15,892
Total equity 951,550 920,182 916,152
------- ------- -------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 4,907,022 4,371,375 4,236,445
========= ========= =========
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SOURCE Xinyuan Real Estate Co., Ltd.
