Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter 2017 Financial Results
BEIJING, Feb. 9, 2018 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China and also in other countries, today announced its unaudited financial results for the fourth quarter ended December 31, 2017.
Fourth Quarter 2017 Highlights
-- Contract sales increased 72.4% to US$802.4 million from US$465.3 million
in the fourth quarter of 2016 and increased 32.7% from US$604.5 million
in the third quarter of 2017.
-- Total revenue increased 44.3% to US$729.0 million from US$505.3 million
in the fourth quarter of 2016 and increased 51.1% from US$482.4 million
in the third quarter of 2017.
-- Gross profit increased 40.3% to US$177.9 million, or 24.4% of total
revenue, from US$126.8 million, or 25.1% of total revenue, in the fourth
quarter of 2016 and increased 63.5% from US$108.8 million, or 22.6% of
total revenue, in the third quarter of 2017.
-- Selling, General and Administrative ("SG&A") expenses as a percentage of
total revenue increased to 10.6% from 10.4% in the fourth quarter of
2016 and is the same with 10.6% in the third quarter of 2017.
-- Net income increased 110.2% to US$35.1 million compared from US$16.7
million in the fourth quarter of 2016, and increased 112.7% from US$16.5
million in the third quarter of 2017.
-- Diluted net earnings per American Depositary Share ("ADS") attributable
to shareholders were US$0.47 compared to US$0.18 in the fourth quarter
of 2016 and US$0.22 in the third quarter of 2017.
Full Year 2017 Highlights
-- For the year ended December 31, 2017, contract sales increased 40.0% to
US$2,466.0 million from US$1,761.7 million in 2016. GFA sales increased
21.1% to 1,363,600 square meters from 1,126,100 square meters in 2016.
-- Total revenues increased 26.8% to US$1,980.2 million from US$1,561.6
million in 2016.
-- Gross profit was US$457.3 million, or 23.1% of revenue in 2017, compared
to a gross profit of US$358.0 million, or 22.9% of revenue in 2016.
-- SG&A expenses were US$211.6 million, or 10.7% of revenue in 2017,
compared to US$178.6 million, or 11.4% of revenue in 2016.
-- Net income was US$79.8 million in 2017 compared to US$79.5 million in
2016. Diluted earnings per ADS were US$0.94 in 2017 compared to US$1.06
per ADS in 2016.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "We are pleased to see strong growth in contract sales during the fourth quarter despite ongoing restrictive government policies impacting China's overall housing market. Thanks to steady demand at our active projects, contract sales in this quarter grew to US$802 million, or over RMB5.4 billion, above the high end of our guidance range of RMB4.6 billion to RMB 4.8 billion. This consequently drove our full-year contract sales growth to 40.0% from the previous year, above our guidance range of 35% to 37%."
"During the fourth quarter, we commenced pre-sales on two new projects in China -- Zhengzhou International New City III and Zhengzhou Fancy City II (North)," continued Mr. Zhang, "and we continued to take advantage of market conditions to increase our land bank with six projects for development and three construction management service projects are in the pipeline. These projects are mainly located in our existing markets, with solid track records, and we believe they will drive our long-term growth. Furthermore, our under planning stage projects in both China and the U.S. continue to proceed as expected."
"We remain cautious about the market as the government's restrictive policy continues, but we are optimistic about our ability to adjust to the environment and deliver strong financial results. We will continue to seek additional avenues of growth in our core development business as well as our new construction management service business. We remain committed to our shareholders and are proud to have achieved 24 consecutive quarterly dividends thus far," concluded Mr. Zhang.
Fourth Quarter 2017 Financial Results
Contract Sales
Contract sales in China totaled US$795.9 million in the fourth quarter compared to US$347.8 million in the fourth quarter of 2016 and US$597.5 million in the third quarter of 2017.
The Company's GFA sales in China were 443,600 square meters in the fourth quarter of 2017 compared to 222,000 square meters in the fourth quarter of 2016 and 369,500 square meters in the third quarter of 2017.
The average selling price ("ASP") per square meter sold in China was RMB12,118 (US$1,794) in the fourth quarter of 2017 compared to RMB10,401 (US$1,566) in the fourth quarter of 2016 and RMB10,994 (US$1,616) in the third quarter of 2017.
Contract sales in the United States totaled US$6.5 million in the fourth quarter of 2017.
The Company commenced pre-sales of two new projects in the fourth quarter of 2017, Zhengzhou International New City III and Zhengzhou Fancy City II (North), which contributed 23.6% and 24.8% of total GFA sales and total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project Q4 2016 Q3 2017 Q4 2017 Unsold
------- ------- ------- ------- ------
GFA ASP GFA ASP GFA ASP GFA
--- --- --- --- --- --- ---
(m(2), 000s) (RMB) (m(2), 000s) (RMB) (m(2), 000s) (RMB) (m(2), 000s)
----------- ---- ----------- ---- ----------- ---- -----------
Xingyang Splendid II 21.4 6,213 1.4 6,973 1.6 11,650 55.8
-------------------- ---- ----- --- ----- --- ------ ----
Kunshan Royal Palace 2.0 23,137 6.2 25,987 1.3 24,232 2.0
-------------------- --- ------ --- ------ --- ------ ---
Jinan Royal Palace 29.1 8,798 29.7 12,457 35.5 12,404 101.4
------------------ ---- ----- ---- ------ ---- ------ -----
Xuzhou Colorful City 2.5 11,791 0.6 11,138 31.4 11,246 15.1
-------------------- --- ------ --- ------ ---- ------ ----
Chengdu Thriving Family 8.5 9,621 10.2 15,061 15.8 10,724 30.2
----------------------- --- ----- ---- ------ ---- ------ ----
Changsha Xinyuan Splendid 12.1 9,461 7.4 13,726 4.2 18,379 13.0
------------------------- ---- ----- --- ------ --- ------ ----
Sanya Yazhou Bay No.1 2.7 12,723 1.6 15,313 2.7 27,497 61.7
--------------------- --- ------ --- ------ --- ------ ----
Xi'an Metropolitan 19.4 10,781 7.2 9,497 21.2 9,719 36.8
------------------ ---- ------ --- ----- ---- ----- ----
Zhengzhou Xindo Park 22.8 6,419 8.1 8,552 11.3 11,110 17.7
-------------------- ---- ----- --- ----- ---- ------ ----
Jinan Xin Central 9.0 12,214 9.2 12,151 16.9 11,477 38.7
----------------- --- ------ --- ------ ---- ------ ----
Henan Xin Central I 5.5 9,673 28.5 4,093 9.5 12,890 15.8
------------------- --- ----- ---- ----- --- ------ ----
Zhengzhou Fancy City I 2.8 14,594 18.8 5,155 2.0 14,004 8.4
---------------------- --- ------ ---- ----- --- ------ ---
Zhengzhou Fancy City II (South) 9.6 12,353 2.9 13,995 4.4 15,899 6.0
------------------------------ --- ------ --- ------ --- ------ ---
Tianjin Spring Royal Palace 2.4 6,934 6.2 11,617 2.5 12,590 150.1
--------------------------- --- ----- --- ------ --- ------ -----
Kunshan Xindo Park 0.6 19,060 11.5 22,198 12.7 22,311 18.2
------------------ --- ------ ---- ------ ---- ------ ----
Zhengzhou International New 48.6 10,717 35.3 10,141 33.9 4,401 33.2
City I
------
Henan Xin Central II 9.0 10,920 28.0 8,379 10.4 11,858 20.1
-------------------- --- ------ ---- ----- ---- ------ ----
Xingyang Splendid III - - 47.4 7,217 18.9 7,237 39.3
--------------------- --- --- ---- ----- ---- ----- ----
Changsha Mulian Royal Palace - - 32.8 11,291 21.6 12,899 36.9
---------------------------- --- --- ---- ------ ---- ------ ----
Zhengzhou International New - - 69.0 13,783 76.7 13,711 30.3
City II
-------
Zhengzhou International New - - - - 73.6 14,058 148.6
City III
--------
Zhengzhou Fancy City II (North) - - - - 31.2 9,499 77.2
------------------------------ --- --- --- --- ---- ----- ----
Others 14.0 - 7.5 - 4.3 - 82.5
------ ---- --- --- --- --- --- ----
Total 222.0 10,401 369.5 10,994 443.6 12,118 1,039.0
----- ----- ------ ----- ------ ----- ------ -------
Revenue
In the fourth quarter of 2017, the Company's total revenue increased 44.3% to US$729.0 million from US$505.3 million in the fourth quarter of 2016 and increased 51.1% from US$482.4 million in the third quarter of 2017.
Gross Profit
Gross profit for the fourth quarter of 2017 was US$177.9 million, or 24.4% of revenue, compared to a gross profit of US$126.8 million, or 25.1% of revenue, in the fourth quarter of 2016 and a gross profit of US$108.8 million, or 22.6% of revenue, in the third quarter of 2017.
Selling, General and Administrative Expenses
SG&A expenses were US$77.2 million for the fourth quarter of 2017 compared to US$52.3 million for the fourth quarter of 2016 and US$51.0 million for the third quarter of 2017. As a percentage of total revenue, SG&A expenses were 10.6% compared to 10.4% in the fourth quarter of 2016 and 10.6% in the third quarter of 2017.
Net Income
Net income for the fourth quarter of 2017 was US$35.1 million compared to US$16.7 million for the fourth quarter of 2016 and US$16.5 million for the third quarter of 2017. Net margin was 4.8% compared to 3.3% in the fourth quarter of 2016 and 3.4% in the third quarter of 2017. Diluted earnings per ADS were US$0.47 compared to US$0.18 per ADS in the fourth quarter of 2016 and US$0.22 per ADS in the third quarter of 2017.
Balance Sheet
As of December 31, 2017, the Company's cash and cash equivalents (including restricted cash) increased to US$1,481.0 million from US$1,187.2 million as of September 30, 2017. The strong cash position is attributable to Xinyuan's solid cash collection ability, which helped the Company's cash collection rate (cash collected from contract sales/total 2017 contract sales) reach around 90%, higher than industry average, even under the current restrictive policies.
Total debt outstanding was US$3,311.8 million, which reflected an increase of US$819.4 million compared to US$2,492.4 million at the end of the third quarter of 2017. The balance of the Company's real estate properties under development at the end of the fourth quarter of 2017 was US$2,001.2 million compared to US$2,080.5 million at the end of the third quarter of 2017.
Real Estate Project Status in China
Below is a summary table of projects that were active and available for sale in the fourth quarter of 2017.
Project GFA Contract Sales Project
Cost %
Complete
--- --------
(m(2), 000s) (US$ millions)
----------- -------------
Total Active Sold to Total Sales to %
Project date Active date Sold
Project
--- -------
Xingyang Splendid II 137.2 81.4 139.7 72.4 51.8% 74.7%
-------------------- ----- ---- ----- ---- ---- ----
Kunshan Royal Palace 280.6 278.6 473.2 467.5 98.8% 97.1%
-------------------- ----- ----- ----- ----- ---- ----
Jinan Royal Palace 451.3 349.9 649.0 427.0 65.8% 79.1%
------------------ ----- ----- ----- ----- ---- ----
Xuzhou Colorful City 130.2 115.1 197.7 170.9 86.4% 87.0%
-------------------- ----- ----- ----- ----- ---- ----
Chengdu Thriving Family 213.0 182.8 369.4 202.2 54.7% 98.7%
----------------------- ----- ----- ----- ----- ---- ----
Changsha Xinyuan Splendid 251.6 238.6 339.2 253.5 74.7% 93.6%
------------------------- ----- ----- ----- ----- ---- ----
Sanya Yazhou Bay No.1 117.6 55.9 293.3 125.9 42.9% 93.1%
--------------------- ----- ---- ----- ----- ---- ----
Xi'an Metropolitan 290.6 253.8 449.6 278.6 62.0% 98.8%
------------------ ----- ----- ----- ----- ---- ----
Zhengzhou Xindo Park 144.4 126.7 195.6 143.8 73.5% 90.5%
-------------------- ----- ----- ----- ----- ---- ----
Jinan Xin Central 194.4 155.7 353.8 240.3 67.9% 94.6%
----------------- ----- ----- ----- ----- ---- ----
Henan Xin Central I 262.2 246.4 357.2 293.7 82.2% 92.4%
------------------- ----- ----- ----- ----- ---- ----
Zhengzhou Fancy City I 166.7 158.3 233.5 201.8 86.4% 86.9%
---------------------- ----- ----- ----- ----- ---- ----
Zhengzhou Fancy City II (South) 84.1 78.1 145.8 127.9 87.7% 74.8%
------------------------------ ---- ---- ----- ----- ---- ----
Tianjin Spring Royal Palace 279.7 129.6 492.9 159.6 32.4% 54.8%
--------------------------- ----- ----- ----- ----- ---- ----
Kunshan Xindo Park 89.0 70.8 270.1 211.0 78.1% 88.6%
------------------ ---- ---- ----- ----- ---- ----
Zhengzhou International New 360.7 327.5 659.7 526.9 79.9% 50.1%
City I
------
Henan Xin Central II 109.7 89.6 181.5 137.4 75.7% 65.4%
-------------------- ----- ---- ----- ----- ---- ----
Xingyang Splendid III 121.1 81.8 130.3 86.9 66.7% 50.5%
--------------------- ----- ---- ----- ---- ---- ----
Changsha Mulian Royal Palace 91.2 54.3 161.4 96.0 59.5% 66.4%
---------------------------- ---- ---- ----- ---- ---- ----
Zhengzhou International New 176.0 145.7 381.0 296.5 77.8% 52.8%
City II
-------
Zhengzhou International New 222.2 73.6 463.9 153.2 33.0% 44.9%
City III
--------
Zhengzhou Fancy City II (North) 108.5 31.3 162.7 43.9 27.0% 33.9%
------------------------------ ----- ---- ----- ---- ---- ----
Others remaining GFA 82.5 - - - - -
-------------------- ---- --- --- --- --- ---
Total active projects 4,364.5 3,325.5 7,100.5 4,716.9 66.4% 79.8%
--------------------- ------- ------- ------- ------- ---- ----
Xinyuan further enlarged its land bank in the fourth quarter to support its development in future years by acquiring six pieces of land with total GFA of 1,805,000 m(2), four of which are projects that will be developed through cooperation with other companies.
As of December 31, 2017, the Company's total saleable GFA was approximately 4,935,600 square meters for active projects and under planning stage projects in China, about 223% of the same period last year. Below is a summary of all of the Company's planning stage projects:
Unsold GFA Pre-sales
(m(2), 000s) Scheduled
----------- ---------
Beijing Liyuan project 102.3 To be determined
----- ----------------
Changsha Furong Thriving Family 73.0 2018Q1
---- ------
Xian Aerospace City Project 226.0 2018Q3
----- ------
Zhengzhou Heizhuzhuang Project 340.0 2018Q3
----- ------
Kunshan Zhongyu Project 113.0 2018Q3
----- ------
Zhengzhou International New City IV 787.3 2018Q2
----- ------
Zhuhai Prince Project 70.0 To be determined
---- ----------------
Qingdao New Project 380.0 2018Q3
----- ------
Zhengzhou Fancy City III (new in
this quarter) 83.0 To be determined
---- ----------------
Zhengzhou Hangmei Project (new in
this quarter) 231.0 To be determined
----- ----------------
Zhengzhou Zhongmou Project (new in
this quarter) 480.0 To be determined
----- ----------------
Suzhou Yinhewan Project (new in this
quarter) 75.0 To be determined
---- ----------------
Suzhou Wujiang New City (new in this
quarter) 63.0 To be determined
---- ----------------
Chengdu Wucaicheng Project (new in
this quarter) 873.0 To be determined
----- ----------------
Total projects under planning 3,896.6
-------
Total active projects 1,039.0
-------
Total of all Xinyuan unsold projects
in China 4,935.6
-------
Update on Real Estate Projects in the United States
As of December 31, 2017, a total of 172 units out of 216 total units were sold and closed for the Company's Oosten project in Brooklyn, New York, with total revenue from this project reaching US$250.8 million. Number of units sold and revenue in 2017 were 66 and US$98.8 million respectively.
The Company expects foundation work to be completed in the first quarter of 2018 for its Hudson Garden project in Manhattan, New York. After optimizing the internal layout of the building, the Company now expects 87 units to be available for sale, an increase from the original 82.
The Company continues to execute on the planning, governmental approvals and pre-development activities of its ground-up development project in Flushing, New York. During the fourth quarter of 2017 and the beginning of 2018, the Landmark Protection Committee approved Xinyuan's landmark protection plan and awarded the Company a Certificate of Appropriateness. The Company expects to begin transferring and protecting crucial parts of the landmark RKO theater in the first quarter of 2018. The Company continues to follow the required governmental procedures for the future construction needs of this project.
Update on Construction Management Service Business
Leveraging its experience and resources in the industry to provide value to companies that would like to own buildings but have no property development expertise, Xinyuan started its construction management service business in the third quarter of 2017 with its first project in Guangzhou. Another three projects were added to the pipeline of this business section.
Under this asset-light business model, Xinyuan will charge a service fee for providing the construction management service. Xinyuan may also charge an interest spread if it provides financing support by means including, without limitation to, holding minority interest in the project through limited partnerships with financial institutions. This business section will supplement Xinyuan's core traditional project development business for future growth. Below is a summary of the Company's construction management service projects:
Project GFA
(m(2), 000s)
-----------
Guangzhou Project 55.0
----
Zhengzhou Derun Project 1,029.0
-------
Zhengzhou Qinglongshan Project 230.0
-----
Shandong Heze Project 233.0
-----
Total of all Xinyuan construction
management service projects 1,547.0
-------
Business Outlook
For 2018, the Company expects an increase in contract sales of about 10% and an increase in consolidated net income of 15%-20% over 2017. For first quarter of 2018, contract sales are expected to be on par with the prior year first quarter period and the Company expects significant pressure on earnings in the first quarter due to slower sales associated with Chinese New Year and increased interest expense associated with new debt from land acquisitions in late 2017.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on February 09, 2018 to discuss fourth quarter 2017 results. Listeners may access the call by dialing:
US: 1-888-394-8218
International: 1-323-794-2149
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 February 16, 2018 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 8795287
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, and Suzhou. 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 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
------------------
December 31, September, December 31,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (unaudited)
Total revenue 728,993 482,373 505,340
Total costs of revenue (551,060) (373,532) (378,507)
-------- -------- --------
Gross profit 177,933 108,841 126,833
Selling and distribution expenses (28,885) (18,890) (22,059)
General and administrative expenses (48,295) (32,085) (30,226)
------- ------- -------
Operating income 100,753 57,866 74,548
Interest income 4,431 5,454 6,107
Interest expense (25,215) (11,418) (13,236)
Net realized gain on short-term investments 4,102 1,017 198
Unrealized (loss)/gain on short-term investments (2,116) 2,434 (623)
Other income 2,170 (3) 459
Loss on extinguishment of debt - (15,880) (12,124)
Exchange gains/(loss) 1,043 (189) 261
Share of loss of equity investees (898) (386) (138)
---- ---- ----
Income from operations before income taxes 84,270 38,895 55,452
Income taxes (49,202) (22,366) (38,735)
------- ------- -------
Net income 35,068 16,529 16,717
====== ====== ======
Net income attributable to non-controlling interest (4,089) (2,453) (4,588)
Net income attributable to Xinyuan Real Estate Co., Ltd. 30,979 14,076 12,129
shareholders
Earnings per ADS:
Basic 0.48 0.22 0.18
Diluted 0.47 0.22 0.18
ADS used in computation:
Basic 64,754 64,333 65,960
Diluted 65,929 65,347 68,928
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)
Twelve months ended
-------------------
December 31, December 31,
2017 2016
---- ----
(unaudited) (audited)
Total revenue 1,980,244 1,561,625
Total costs of revenue (1,522,981) (1,203,636)
---------- ----------
Gross profit 457,263 357,989
Selling and distribution expenses (76,335) (58,214)
General and administrative expenses (135,220) (120,416)
-------- --------
Operating income 245,708 179,359
Interest income 16,859 20,917
Interest expense (66,153) (29,857)
Net realized gain on short-term investments 7,964 2,506
Unrealized gain on short-term investments 2,096 235
Other income 2,326 4,540
Loss on extinguishment of debt (15,880) (12,124)
Exchange gains 757 459
Share of loss of equity investees (1,792) (325)
------ ----
Income from operations before income taxes 191,885 165,710
Income taxes (112,092) (86,248)
-------- -------
Net income 79,793 79,462
====== ======
Net income attributable to non-controlling interest (18,198) (6,485)
Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders 61,595 72,977
====== ======
Earnings per ADS:
Basic 0.96 1.10
Diluted 0.94 1.06
ADS used in computation:
Basic 64,352 66,631
Diluted 65,820 68,827
XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(All US$ amounts and number of shares data in thousands)
December 31, September 30, December 31,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents 1,119,456 806,459 578,244
Restricted cash 361,590 380,785 328,499
Short-term investments 55,597 49,813 39,311
Accounts receivable 102,282 53,294 32,704
Other receivables 72,550 45,199 31,822
Deposits for land use
rights 227,182 82,041 153,252
Other deposits and
prepayments 251,828 501,284 525,263
Advances to suppliers 46,983 47,235 27,457
Real estate properties
development completed 827,342 538,476 477,179
Real estate properties
under development 2,001,175 2,080,472 1,719,135
Amounts due from related
parties 127,359 30,134 17,732
Amounts due from employees 2,174 3,399 621
Other current assets 597 995 226
--- --- ---
Total current assets 5,196,115 4,619,586 3,931,445
--------- --------- ---------
Real estate properties
held for lease, net 277,776 187,280 159,874
Property and equipment,
net 32,386 32,783 34,090
Other long-term investment 425,037 12,671 242
Investment in joint
ventures 407,532 12,824 7,556
Deferred tax assets 52,215 50,722 49,690
Deposits for land use
rights 22,956 22,601 28,831
Amounts due from related
parties 24,666 - -
Other assets 43,248 71,193 24,717
------ ------ ------
TOTAL ASSETS 6,481,931 5,009,660 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)
December 31, September 30, December 31,
2017 2017 2016
---- ---- ----
(unaudited) (unaudited) (audited)
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 826,296 472,000 524,663
Short-term bank loans and other debt 293,671 120,430 178,576
Customer deposits 438,695 318,973 150,545
Income tax payable 174,556 109,842 120,573
Other payables and accrued liabilities 303,761 250,848 199,661
Payroll and welfare payable 24,255 17,005 19,522
Current portion of long-term bank loans and other debt 1,602,321 1,295,942 704,695
Current maturities of capital lease obligations 4,472 4,403 3,923
Mandatorily redeemable non-controlling interests 15,593 13,184 12,614
Amounts due to related parties 128,178 105,931 66,230
------- ------- ------
Total current liabilities 3,811,798 2,708,558 1,981,002
--------- --------- ---------
Non- current liabilities
Long-term bank loans 11,019 - 235,885
Other long term debt 1,404,814 1,076,066 974,791
Deferred tax liabilities 134,575 179,789 93,107
Unrecognized tax benefits 20,418 20,495 20,492
Capital lease obligations, net of current maturities 11,415 12,314 15,016
Amounts due to related parties 26,432 1,849 -
------ ----- ---
TOTAL LIABILITIES 5,420,471 3,999,071 3,320,293
--------- --------- ---------
Shareholders' equity
Common shares 16 16 16
Treasury shares (67,792) (67,792) (53,734)
Additional paid-in capital 546,340 545,464 538,414
Statutory reserves 101,691 96,371 95,973
Retained earnings 384,054 365,336 354,274
Accumulated other comprehensive income /(loss) 32,661 10,247 (34,683)
------ ------ -------
Total Xinyuan Real Estate Co., Ltd. shareholders' equity 996,970 949,642 900,260
------- ------- -------
Non-controlling interest 64,490 60,947 15,892
Total equity 1,061,460 1,010,589 916,152
--------- --------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,481,931 5,009,660 4,236,445
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View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-fourth-quarter-2017-financial-results-300596339.html
SOURCE Xinyuan Real Estate Co., Ltd.
