Xinyuan Real Estate Co., Ltd. Announces Third Quarter 2018 Financial Results
BEIJING, Nov. 13, 2018 /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 also in other countries, today announced its unaudited financial results for the third quarter ended September 30, 2018.
Third Quarter 2018 Highlights
-- On January 1, 2018, the Company adopted ASC 606 to recognize revenue for
contracts executed after the adoption on an "over time" basis using
costs incurred, an input measure. As such, third quarter results reflect
the adoption of ASC 606 and may not be directly comparable to prior
periods.
-- Contract sales decreased 5.5% to US$571.3 million from US$604.5 million
in the third quarter of 2017 and decreased 9.9% from US$633.9 million in
the second quarter of 2018.
-- Total revenue increased 23.4% to US$595.5 million from US$482.4 million
in the third quarter of 2017 and increased 67.4% from US$355.8 million
in the second quarter of 2018.
-- Gross profit increased 37.1% to US$149.2 million, or 25.1% of total
revenue, from US$108.8 million, or 22.6% of total revenue, in the third
quarter of 2017 and increased 36.4% from US$ 109.4 million, or 30.7% of
total revenue, in the second quarter of 2018.
-- Selling, General and Administrative ("SG&A") expenses as a percentage of
total revenue decreased to 8.0% from 10.6% in the third quarter of 2017
and 13.2% in the second quarter of 2018.
-- Net income increased 44.8% to US$23.9 million from US$16.5 million in
the third quarter of 2017 and increased from a net loss of US$9.3
million in the second quarter of 2018.
-- Diluted net earnings per American Depositary Share ("ADS") attributable
to shareholders were US$0.31 compared to diluted net earnings per ADS of
US$0.22 in the third quarter of 2017 and net loss per ADS of US$0.10 in
the second quarter of 2018.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "Contract sales during the third quarter of 2018 once again experienced downward pressure because of a slowing economy and continued tight regulations on China's property market. However, we were able to offset these market uncertainties due to our strategically located projects in tier-two cities and our strong operational execution, resulting in a 67.4% increase in our top line from the prior quarter and a 23.4% increase from the prior year period. This translated into bottom-line growth of 44.8% year-over-year."
Mr. Zhang added, "In the third quarter of 2018, we commenced pre-sales of four projects, mainly in tier-two cities where housing demand continues to be strong, including Changsha Furong Thriving Family, Chengdu Xinyuan City I, Kunshan Xinyu Jiayuan, and Xingyang Splendid IV. We were also able to expand our land bank with the strategic acquisition of Dalian International Health Technology Town. This acquisition helps unlock our growth potential in Northeastern area of China. With an enlarged land bank, and an expanded global footprint, we are well positioned for long-term growth.
"We remain optimistic about our revenue growth and contract sales for the fourth quarter and we remain focused on our strategic priorities of rolling out projects in tier-one and tier-two cities. Our effective execution will help strengthen our ability to meet our goals for the fourth quarter. We're also pleased to announce another quarterly dividend payment to shareholders," concluded Mr. Zhang.
Third Quarter 2018 Financial Results
Contract Sales
Contract sales in China totaled US$571.3 million in the third quarter compared to US$597.5 million in the third quarter of 2017 and US$630.3 million in the second quarter of 2018.
The Company's GFA sales in China were 277,500 square meters in the third quarter of 2018 compared to 369,500 square meters in the third quarter of 2017 and 282,900 square meters in the second quarter of 2018.
The average selling price ("ASP") per square meter sold in China was RMB13,406 (US$2,059) in the third quarter of 2018 compared to RMB10,994 (US$1,616) in the third quarter of 2017 and RMB14,173 (US$2,226) in the second quarter of 2018.
The Company commenced pre-sales of four new projects in the third quarter of 2018, Changsha Furong Thriving Family, Chengdu Xinyuan City I, Kunshan Xinyu Jiayuan, and Xingyang Splendid IV, which contributed 37.2% and 32.0% of total GFA sales and total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
---
Project Q3 2017 Q2 2018 Q3 2018
---
GFA ASP
GFA ASP
GFA ASP
--- ---
(m2 (m2
' (m2
'
'0 000s) 000s)
00s) (RMB) (RMB) (RMB)
--- ---
Xingyang Splendid II 1.4 6,973 0.3 9,939 1.2 13,900
---
Kunshan Royal Palace 6.2 25,987 0.2 22,313
---
Jinan Royal Palace 29.7 12,457 27.4 16,341 25.9 16,426
---
Xuzhou Colorful City 0.6 11,138 0.8 10,495 0.1 10,989
---
Chengdu Thriving Family 10.2 15,061 1.3 16,011 1.1 8,012
---
Changsha Xinyuan Splendid 7.4 13,726 3.7 15,869 0.2 19,771
---
Sanya Yazhou Bay No.1 1.6 15,313 12.0 25,758 -0.9 23,515
---
Xi'an Metropolitan 7.2 9,497 4.5 7,480 1.8 10,546
---
Zhengzhou Xindo Park 8.1 8,552 0.4 7,560 4.1 8,015
---
Jinan Xin Central 9.2 12,151 9.2 14,073 1.3 12,839
---
Henan Xin Central I 28.5 4,093 1.0 15,342 0.3 18,931
---
Zhengzhou Fancy City I 18.8 5,155 1.2 10,989 0.2 17,481
---
Zhengzhou Fancy City II (South) 2.9 13,995 0.8 14,103 0.4 17,780
---
Tianjin Spring Royal Palace I 6.2 11,617 0.1 16,294
---
Kunshan Xindo Park 11.5 22,198 4.3 23,585 2.4 24,014
---
Zhengzhou International New City I 35.3 10,141 6.0 25,102 2.3 25,725
---
Henan Xin Central II 28.0 8,379 6.2 12,351 0.2 16,913
---
Xingyang Splendid III 47.4 7,217 13.2 7,934 2.7 8,018
---
Changsha Mulian Royal Palace 32.8 11,291 29.2 10,188 4.0 14,445
---
Zhengzhou International New City II 69.0 13,783 1.7 13,671 3.4 13,388
---
Zhengzhou International New City III A 1.2 13,611 -0.1 14,150
---
Zhengzhou Fancy City II (North) 35.3 9,801 2.5 9,567
---
Tianjin Spring Royal Palace II 11.5 14,124 23.6 12,691
---
Zhengzhou International New City III D 29.6 14,282 14.0 14,264
---
Zhengzhou Hangmei International Wisdom City I 16.2 7,195 18.9 7,230
---
Zhengzhou International New City III B 51.3 13,996 54.5 14,135
---
Changsha Furong Thriving Family 68.4 9,773
---
Chengdu Xinyuan City I 7.1 9,988
---
Kunshan Xinyu Jiayuan 13.1 26,108
---
Xingyang Splendid IV 14.7 7,576
---
Suzhou Suhe Bay (Suzhou Wujiang New City) * 9.6 21,722
---
Others 7.5 14.3 0.5
---
Total 369.5 10,994 282.9 14,173 277.5 13,406
---
* The Company owns 16.66% equity interest in a joint venture, Suzhou Hengwan Real Estate Co., Ltd. which develops
Suzhou Suhe Bay. The Company accounts for its investment under the equity method.
Revenue
In the third quarter of 2018, the Company's total revenue increased 23.4% to US$595.5 million from US$482.4 million in the third quarter of 2017 and increased 67.4% from US$355.8 million in the second quarter of 2018.
Gross Profit
Gross profit for the third quarter of 2018 was US$149.2 million, or 25.1% of revenue, compared to a gross profit of US$108.8 million, or 22.6% of revenue, in the third quarter of 2017 and a gross profit of US$109.4 million, or 30.7% of revenue, in the second quarter of 2018.
Selling, General and Administrative Expenses
SG&A expenses were US$47.7 million for the third quarter of 2018 compared to US$51.0 million for the third quarter of 2017 and US$47.0 million for the second quarter of 2018. As a percentage of total revenue, SG&A expenses were 8.0% compared to 10.6% in the third quarter of 2017 and 13.2% in the second quarter of 2018.
Net Income/(loss)
Net income for the third quarter of 2018 was US$23.9 million compared to net income of US$16.5 million for the third quarter of 2017 and net loss of US$9.3 million for the second quarter of 2018. Net margin increased from 3.4% in the third quarter of 2017 and increased from negative 2.6% in the second quarter of 2018 to 4.0% for the third quarter of 2018. Diluted net earnings were US$0.31 per ADS in the third quarter of 2018 compared to diluted net earnings of US$0.22 per ADS in the third quarter of 2017 and diluted net loss of US$0.10 per ADS in the second quarter of 2018.
Balance Sheet
As of September 30, 2018, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,416.9 million from US$1,451.5 million as of June 30, 2018. Total debt outstanding was US$4,084.4 million, which reflected an increase of US$498.9 million compared to US$3,585.5 million at the end of the second quarter of 2018. The balance of the Company's real estate properties under development at the end of the third quarter of 2018 was US$4,469.1 million compared to US$3,694.8 million at the end of the second quarter of 2018.
Adoption of ASC606
On January 1, 2018, the Company adopted ASC 606: Revenue from Contracts with Customers ("ASC 606") issued by the Financial Accounting Standards Board. The Company adopted ASC 606 using the modified retrospective approach and applied the adoption only to contracts not completed as of the date of adoption, with no restatement of comparative periods, and a cumulative-effect adjustment to retained earnings recognized as of the date of adoption.
The following tables show the actual annual 2017 operating results and the annual 2017 operating results if the Company had adopted ASC 606 on January 1, 2017.
2017 Financial Results Prior to ASC 606
---
2017 Total
2017 Q1
2017 Q2
2017 Q3
2017 Q4
USD'000
USD'000
USD'000
USD'000
USD'000
---
(unaudited) (unaudited) (unaudited) (unaudited)
Contract Sales 2,465,663 305,382 732,476 604,520 823,285
---
1. Revenue 1,976,907 280,714 488,165 482,373 725,655
---
Gross Profit 459,628 62,567 107,922 108,842 180,297
---
Gross Profit Margin 23.2% 22.3% 22.1% 22.6% 24.8%
---
SG&A 212,568 35,505 47,894 50,976 78,193
---
Interest Expense 66,153 9,325 20,195 11,418 25,215
---
2. Profit Before Income Taxes 193,228 22,042 46,678 38,895 85,613
---
Income Taxes 113,117 14,625 25,901 22,366 50,225
---
3. Net Profit 80,111 7,417 20,777 16,529 35,388
---
2017 Financial Results Adjusted for ASC 606 Adoption
---
2017 Total
2017 Q1
2017 Q2
2017 Q3
2017 Q4
USD'000
USD'000
USD'000
USD'000
USD'000
---
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Contract Sales 2,465,663 305,382 732,476 604,520 823,285
---
1. Revenue 1,584,038 354,572 184,834 247,499 797,133
---
Gross Profit 346,635 70,098 31,576 49,599 195,362
---
Gross Profit Margin 21.9% 19.8% 17.1% 20.0% 24.5%
---
SG&A 212,568 35,505 47,894 50,976 78,193
---
Interest Expense 66,153 9,325 20,195 11,418 25,215
---
2. Profit Before Income Taxes 80,235 29,573 (29,669) (20,347) 100,678
---
Income Taxes 75,653 19,295 890 7,991 47,477
---
3. Net Profit 4,582 10,278 (30,559) (28,338) 53,201
---
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 2018.
Project
GFA
---
(m(2)
'
000s)
---
Total Active Project Sold to date
Unsold to date
---
Xingyang Splendid II 137.0 82.9 54.1
---
Kunshan Royal Palace 280.6 278.9 1.7
---
Jinan Royal Palace 449.5 425.8 23.7
---
Xuzhou Colorful City 130.7 119.7 11.0
---
Chengdu Thriving Family 203.4 198.1 5.3
---
Changsha Xinyuan Splendid 251.7 245.3 6.4
---
Sanya Yazhou Bay No.1 117.6 100.5 17.1
---
Xi'an Metropolitan 290.6 267.3 23.3
---
Zhengzhou Xindo Park 134.4 131.9 2.5
---
Jinan Xin Central 194.4 179.7 14.7
---
Henan Xin Central I 262.2 252.4 9.8
---
Zhengzhou Fancy City I 166.7 160.1 6.6
---
Zhengzhou Fancy City II (South) 84.1 81.9 2.2
---
Tianjin Spring Royal Palace I 139.2 131.0 8.2
---
Kunshan Xindo Park 89.0 82.8 6.2
---
Zhengzhou International New City I 360.7 338.2 22.5
---
Henan Xin Central II 109.5 103.8 5.7
---
Xingyang Splendid III 121.1 114.7 6.4
---
Changsha Mulian Royal Palace 91.1 89.5 1.6
---
Zhengzhou International New City II 176.0 162.6 13.4
---
Zhengzhou International New City III A 96.0 95.2 0.8
---
Zhengzhou Fancy City II (North) 108.5 79.8 28.7
---
Tianjin Spring Royal Palace II 144.6 37.8 106.8
---
Zhengzhou International New City III D 46.1 43.7 2.4
---
Zhengzhou Hangmei International Wisdom City I 64.7 35.0 29.7
---
Zhengzhou International New City III B 118.8 105.8 13.0
---
Changsha Furong Thriving Family 72.3 68.4 3.9
---
Chengdu Xinyuan City I 76.1 7.1 69.0
---
Kunshan Xinyu Jiayuan 108.2 13.1 95.1
---
Xingyang Splendid IV 22.0 14.6 7.4
---
Suzhou Suhe Bay (Suzhou Wujiang New City) * 62.6 9.6 53.0
---
Others 64.0 64.0
---
Total active projects 4,773.4 4,057.2 716.2
---
* The Company owns 16.66% equity interest in a joint venture, Suzhou Hengwan Real Estate Co., Ltd. which develops
Suzhou Suhe Bay. The Company accounts for its investment under the equity method.
As of September 30, 2018, the Company's total saleable GFA was approximately 5,874,300 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
Tongzhou Xinyuan Royal Palace 102.3
To be determined
Xinyuan Chang'an Royal Palace 226.0
To be determined
Xinyuan Golden Water View City 340.0
2018Q4
Zhengzhou International New City III C 76.2
2018Q4
Zhengzhou International New City IV 187.1
2018Q4
Zhengzhou International New City Land Bank(all land is grouped together 1,426.2
To be determined
and will be developed gradually)
Zhuhai Xin World 70.0
To be determined
Lingshan Bay Dragon Seal 380.0
To be determined
Zhengzhou Fancy City III 83.0
2018Q4
Zhengzhou Hangmei International Wisdom City II 75.8
2018Q4
Zhengzhou Hangmei Project Land Bank(all land is grouped together and 192.7
To be determined
will be developed gradually)
Zhengzhou Zhongmou Project 480.0
To be determined
Suzhou Galaxy Bay (Suzhou Yinhewan Project) 89.7
To be determined
Chengdu Xinyuan City(all land is grouped together and will be developed 796.9
To be determined
gradually)
Wuhan Canglong Royal Palace (Wuhan New Project) 185.0
To be determined
Jinan Royal Spring Bay (Jinan Zhangqiu Project) 118.0
2018Q4
Suzhou New Project 24.0
2018Q4
Qingdao Royal Dragon Bay (Qingdao West Coast Project) 155.0
2018Q4
Dalian International Health Technology Town(newly added) 150.2
2018Q4
Total projects under planning 5,158.1
Total active projects 716.2
Total of all Xinyuan unsold projects in China 5,874.3
Real Estate Project Update in the United States
As of September 30, 2018, a total of 176 units out of 216 units were sold and closed at the Company's Oosten project in Brooklyn, New York City, with total revenue from this project reaching US$259.3 million. During the first nine months of 2018, revenues were US$8.8 million.
The Company has completed excavation and foundation work for Hudson Garden project in the Hell's Kitchen area of Manhattan, New York City. The design drawings were optimized, increasing the number of units from 82 to 92. Of the 38,000 SF of retail/commercial space a total of 29,000 SF has been leased to the U.S. department store retailer Target with a 20-year lease. Soft launch of sales is scheduled to begin in the last quarter of 2018.
The Company continues to execute on the planning, governmental approvals, and pre-development activities of its ground-up project in Flushing, New York City. The Landmark Protection Committee approved the Company's landmark protection plan and awarded the Company a Certificate of Appropriateness. Transfer phase for landmarked artifacts is near to be completed by the end of 2018. Offsite restoration work will follow at a later date.
Real Estate Project Update in the United Kingdom
During the third quarter of 2018, another 11 floors were added to the structural core of the Madison project, resulting in 34 out of 53 floors built. Construction remains on track for completion in 2020. While a slowing economy in the UK and heightened Brexit uncertainty caused a low sales conversion rate, international demand remains robust.
Of the 423 residential units in The Madison, all of the 104 Affordable Housing apartments have been pre-sold to a regulated affordable housing provider. Of the remaining 319 apartments, 131 apartments have been sold with more reservations during the period expected to yield sales in the fourth quarter.
Business Outlook
The 2018 business outlook reflects the modified retrospective adoption of ASC 606 and may not be comparable to prior year periods.
For the fourth quarter of 2018, the Company expects contract sales to be approximately US$1,158.0 million.
For 2018, the Company expects an increase in contract sales of about 10% and an increase in consolidated net income of 15% to 20% over 2017.
This guidance excludes any potential foreign currency translation impact.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on November 13, 2018 to discuss third quarter 2018 results. Listeners may access the call by dialing:
US Toll Free:
1-888-256-1007
International:
1-323-994-2093
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 20, 2018 by dialing:
US:
1-844-512-2921
International:
1-412-317-6671
Access code: 9099342
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, 2017. 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. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
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,
2018 2018 2017
(unaudited) (unaudited) (unaudited)
Total revenue 595,460 355,832 482,373
Total costs of revenue (446,284) (246,452) (373,532)
Gross profit 149,176 109,380 108,841
Selling and distribution expenses (12,282) (14,135) (18,890)
General and administrative expenses (35,414) (32,888) (32,085)
Operating income 101,480 62,357 57,866
Interest income 8,084 7,100 5,454
Interest expense (21,778) (24,704) (11,418)
Net realized gain on short-term investments 2,119 474 1,017
Unrealized (loss)/gain on short-term investments (1,121) (696) 2,434
Other expense (443) (1,037) (3)
Loss on extinguishment of debt (15,880)
Exchange loss (15,451) (22,518) (189)
Share of loss of equity investees (2,620) (3,227) (386)
Income from operations before income taxes 70,270 17,749 38,895
Income taxes (46,415) (27,046) (22,366)
Net income/(loss) 23,855 (9,297) 16,529
Net (income)/loss attributable to non-controlling interest (3,729) 2,506 (2,453)
Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. 20,126 (6,791) 14,076
shareholders
Earnings/(loss) per ADS:
Basic 0.32 (0.10) 0.22
Diluted 0.31 (0.10) 0.22
ADS used in computation:
Basic 63,734 64,803 64,333
Diluted 64,472 65,877 65,347
Nine months ended
September 30, September 30,
2018 2017
(unaudited) (unaudited)
Total revenue 1,125,389 1,251,252
Total costs of revenue (828,130) (971,921)
Gross profit 297,259 279,331
Selling and distribution expenses (38,592) (47,449)
General and administrative expenses (95,894) (86,925)
Operating income 162,773 144,957
Interest income 21,534 12,428
Interest expense (76,266) (40,938)
Net realized gain on short-term investments 3,830 3,862
Unrealized (loss)/gain on short-term investments (2,058) 4,212
Other (expense)/income (1,272) 156
Loss on extinguishment of debt (15,880)
Exchange loss (26,330) (286)
Share of loss of equity investees (6,769) (894)
Income from operations before income taxes 75,442 107,617
Income taxes (73,602) (62,891)
Net income 1,840 44,726
Net loss/(income) attributable to non-controlling interest 1,092 (14,109)
Net income attributable to Xinyuan Real Estate Co., Ltd. 2,932 30,617
shareholders
Earnings per ADS:
Basic 0.05 0.48
Diluted 0.04 0.47
ADS used in computation:
Basic 64,443 64,217
Diluted 65,489 65,618
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,
2018 2018 2017
(unaudited) (unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents 1,000,886 1,067,179 894,551
Restricted cash 416,060 384,276 566,676
Short-term investments 243,036 99,244 57,740
Accounts receivable 77,743 37,508 100,553
Other receivables 114,829 51,575 73,194
Deposits for land use rights 43,610 202,255 103,716
Other deposits and prepayments 316,974 169,105 272,022
Advances to suppliers 56,026 50,977 36,731
Real estate properties development completed 678,029 710,504 840,393
Real estate properties under development 4,469,128 3,694,817 1,996,001
Contract assets 18,517 16,990
Amounts due from related parties 157,422 136,287 125,662
Amounts due from employees 4,420 3,307 2,174
Other current assets 910 656 799
Total current assets 7,597,590 6,624,680 5,070,212
Real estate properties held for lease, net 272,526 286,689 277,933
Property and equipment, net 32,241 30,378 32,386
Long-term investment 612,901 842,508 829,773
Deferred tax assets 136,828 142,772 82,006
Deposits for land use rights 21,804 22,670 22,956
Amounts due from related parties 29,538 30,020 24,666
Other assets 134,920 169,103 44,502
TOTAL ASSETS 8,838,348 8,148,820 6,384,434
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,
2018 2018 2017
(unaudited) (unaudited) (audited)
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and notes payable 626,425 491,159 690,839
Short-term bank loans and other debt 190,932 167,338 247,758
Customer deposits 2,490,508 2,639,504 438,342
Income tax payable 110,353 114,878 169,839
Other payables and accrued liabilities 496,956 266,547 300,120
Payroll and welfare payable 10,093 10,288 31,445
Current portion of long-term bank loans and other debt 2,105,469 1,690,379 1,648,233
Current maturities of capital lease obligations 4,629 5,059 4,472
Mandatorily redeemable non-controlling interests 14,159 15,853 15,593
Amounts due to related parties 70,044 119,190 128,178
Total current liabilities 6,119,568 5,520,195 3,674,819
Non-current liabilities
Long-term bank loans 622,849 297,524 11,019
Other long term debt 1,165,132 1,430,226 1,404,814
Deferred tax liabilities 202,878 141,404 164,204
Unrecognized tax benefits 31,231 31,231 31,231
Capital lease obligations, net of current maturities 8,409 8,408 11,415
Amounts due to related parties 30,702 30,964 29,919
TOTAL LIABILITIES 8,180,769 7,459,952 5,327,421
Shareholders' equity
Common shares 16 16 16
Treasury shares (78,265) (70,757) (67,792)
Additional paid-in capital 543,253 546,238 543,338
Statutory reserves 105,844 105,848 105,660
Retained earnings 94,317 80,619 382,124
Accumulated other comprehensive (loss)/income (29,068) 8,250 29,226
Total Xinyuan Real Estate Co., Ltd. shareholders' equity 636,097 670,214 992,572
Non-controlling interest 21,482 18,654 64,441
Total equity 657,579 688,868 1,057,013
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,838,348 8,148,820 6,384,434
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SOURCE Xinyuan Real Estate Co., Ltd.
