Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2019 Financial Results
BEIJING, Aug. 16, 2019 /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 in other countries, today announced its unaudited financial results for the second quarter ended June 30, 2019.
Highlights
-- First half contract sales of 2019 increased 3.4% to RMB6,676.3 million
from RMB6,457.0 million in the first half of 2018.
-- Contract sales decreased 20.0% to US$507.4 million from US$633.9 million
in the second quarter of 2018 and increased 5.8% from US$479.7 million
in the first quarter of 2019.
-- Total revenue increased 71.3% to US$609.4 million from US$355.8 million
in the second quarter of 2018 and increased 30.0% from US$468.9 million
in the first quarter of 2019.
-- Gross profit increased 45.5% to US$159.2 million from US$109.4 million
in the second quarter of 2018 and increased 21.5% from US$131.0 million
in the first quarter of 2019.
-- Selling, General and Administrative ("SG&A") expenses as a percentage of
total revenue decreased to 10.3% from 13.2% in the second quarter of
2018 and decreased from 12.0% in the first quarter of 2019.
-- Net income was US$19.8 million compared to net loss of US$9.3 million in
the second quarter of 2018 and net income of US$18.2 million in the
first quarter of 2019.
-- Current debt outstanding decreased 33.8% to US$1,207.2 million, or 33.6%
of the total debt, from US$1,823.7 million, or 51.9% of the total debt,
in the first quarter of 2019.
-- Diluted net earnings per American Depositary Share ("ADS") attributable
to shareholders were US$0.19 compared to diluted net loss of US$0.10 per
ADS in the second quarter of 2018 and diluted net earnings of US$0.33
per ADS in the first quarter of 2019.
Mr. Yong Zhang, Xinyuan's Chairman, stated, "In the first half of 2019, Xinyuan maintained stable growth and commenced pre-sales of three new projects in China. The total value of contracts signed in the first half was RMB7,323.2 million, representing a 12.0% increase compared to RMB6,537.4 million in the first half of 2018. Thanks to the outstanding sales performance, the company has achieved top- and bottom-line growth despite downward pressure on sales across the industry. In the first half of 2019, total revenue increased 103.5% year over year. Moreover, we were able to reduce SG&A expenses as a percentage of total revenue to 11.0% in the first half from 16.4% in the first half of 2018. As a result, gross profit increased by 96.0% year over year, and net income was US$38.0 million compared to a net loss of US$22.0 million in the first half of 2018. Furthermore, our overseas projects continued to proceed as planned, and presales of our Manhattan project are expected to launch at the end of the fourth quarter of 2019.
"At the same time, we are seeing a lasting impact from changes in the macro-economic environment and stringent government restriction policies on the Chinese housing market. However, we believe that our strategic focus on high quality tier-one and tier-two city projects as well as our strong execution capabilities enable us to further solidify our leading market position and deliver sustainable long-term growth. We remain committed to controlling our financial leverage and maximizing Xinyuan's financial health. We are also pleased to offer another quarterly dividend payment to our shareholders," concluded Mr. Zhang.
Second Quarter 2019 Financial Results
Contract Sales
Contract sales in China totaled US$507.4 million in the second quarter compared to US$630.3 million in the second quarter of 2018 and US$478.9 million in the first quarter of 2019.
The Company's GFA sales in China were 233,200 square meters in the second quarter of 2019 compared to 282,900 square meters in the second quarter of 2018 and 211,400 square meters in the first quarter of 2019.
The average selling price ("ASP") per square meter sold in China was RMB14,755 (US$2,176) in the second quarter of 2019 compared to RMB14,173 (US$2,226) in the second quarter of 2018 and RMB15,269 (US$2,264) in the first quarter of 2019.
The Company commenced pre-sales of two new projects in the second quarter of 2019, Xinyang Splendid V, Suzhou Gusu Shade II. The presales contributed 5.9% and 3.6% of total GFA sales and total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project Q2 2018 Q1 2019 Q2 2019
---
GFA ASP
GFA ASP
GFA ASP
--- ---
(m(2), 000s) (RMB) (m(2), 000s) (RMB) (m(2), 000s) (RMB)
--- ---
Xingyang Splendid II 0.3 9,939 10.2 7,478 3.6 7,330
---
Jinan Royal Palace 27.4 16,341 1.6 15,661 2.8 14,739
---
Xuzhou Colorful City 0.8 10,495 0.7 14,541
---
Chengdu Thriving Family 1.3 16,011 (0.1) 7,729
---
Changsha Xinyuan Splendid 3.7 15,869 0.1 18,658
---
Sanya Yazhou Bay No.1 12.0 25,758 0.4 25,615 0.3 38,158
---
Xi'an Metropolitan 4.5 7,480 0.6 11,253 0.1 12,896
---
Zhengzhou Xindo Park 0.4 7,560 0.7 8,661
---
Jinan Xin Central 9.2 14,073 0.1 13,170 0.1 18,954
---
Henan Xin Central I 1.0 15,342 0.1 14,887 0.7 7,942
---
Zhengzhou Fancy City I 1.2 10,989 (1.4) 15,073 0.5 13,714
---
Zhengzhou Fancy City II (South) 0.8 14,103 (0.1) 12,660 (0.1) 9,469
---
Tianjin Spring Royal Palace I 0.1 16,294
---
Zhengzhou International New City I 6.0 25,102
---
Henan Xin Central II 6.2 12,351 0.1 15,932
---
Xingyang Splendid III 13.2 7,934 0.4 7,046 0.3 8,091
---
Zhengzhou International New City II 1.7 13,671 0.5 18,997
---
Zhengzhou Fancy City II (North) 35.3 9,801 3.5 9,838 2.8 9,884
---
Tianjin Spring Royal Palace II 11.5 14,124 8.1 12,670 10.8 13,496
---
Zhengzhou International New City III D 29.6 14,282 (0.1) 14,461 0.6 14,045
---
Zhengzhou Hangmei International Wisdom 16.2 7,195 2.3 7,144 1.8 6,845
City I
---
Zhengzhou International New City III B 51.3 13,996 0.8 13,262 0.7 15,174
---
Chengdu Xinyuan City 33.1 9,511 2.7 7,585
---
Kunshan Xinyu Jiayuan 5.5 24,208 13.0 23,660
---
Xingyang Splendid IV 1.0 7,027 0.3 7,326
---
Suzhou Suhe Bay * 30.0 21,680 8.5 21,461
---
Zhengzhou Hangmei International Wisdom 0.5 7,350 9.3 7,394
City II
---
Qingdao Royal Dragon Bay 15.3 20,285 28.8 19,797
---
Jinan Royal Spring Bay 2.7 9,201 4.0 8,777
---
Xinyuan Golden Water View City-Zhengzhou 19.0 18,817 8.3 19,740
---
Zhengzhou Fancy City III 20.5 12,637 8.5 12,729
---
Zhengzhou International New City III C 17.3 12,260 15.7 12,459
---
Zhengzhou International New City IV A12 24.8 14,254 34.8 14,224
---
Zhengzhou International New City IV B10 7.9 13,969 15.5 10,698
---
Suzhou Galaxy Bay 2.4 13,790 34.6 14,227
---
Suzhou Gusu Shade I 0.8 36,262 5.6 37,678
---
Dalian International Health Technology 0.1 13,618 0.4 10,421
Town I
---
Xingyang Splendid V 13.1 7,629
---
Suzhou Gusu Shade II ** 0.6 38,893
---
Others 49.2 4.1 2.4
---
Total 282.9 14,173 211.4 15,269 233.2 14,755
---
* The Company owns 16.66%
equity interest in Suzhou
Hengwan Real Estate Co.,
Ltd., which develops Suzhou
Suhe
Bay. The Company accounts
for its investment under
the equity method.
** The Company owns 19.99%
equity interest in Suzhou
Litai Real Estate Co.,
Ltd., which develops Suzhou
Gusu Shade
II. The Company accounts for
its investment under the
equity method.
Revenue
In the second quarter of 2019, the Company's total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018 and increased 30.0% from US$468.9 million in the first quarter of 2019.
Gross Profit
Gross profit for the second quarter of 2019 was US$159.2million, or 26.1% of total revenue, compared to a gross profit of US$109.4 million, or 30.7% of total revenue, in the second quarter of 2018 and a gross profit of US$131.0 million, or 28.0% of total revenue, in the first quarter of 2019.
Selling, General and Administrative Expenses
SG&A expenses were US$63.0 million for the second quarter of 2019 compared to US$47.0 million for the second quarter of 2018 and US$56.1 million for the first quarter of 2019. As a percentage of total revenue, SG&A expenses were 10.3% compared to 13.2% in the second quarter of 2018 and 12.0% in the first quarter of 2019.
Net Income
Net income for the second quarter of 2019 was US$19.8 million compared to net loss of US$9.3 million for the second quarter of 2018 and net income of US$18.2 million for the first quarter of 2019. Net margin was 3.3% compared to negative 2.6% in the second quarter of 2018 and 3.9% in the first quarter of 2019. Diluted net earnings per ADS were US$0.19 compared to diluted net loss of US$0.10 per ADS in the second quarter of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of 2019.
Balance Sheet
As of June 30, 2019, the Company's cash and cash equivalents (including restricted cash) decreased to US$1,021.8 million from US$1,127.2 million as of March 31, 2019.
Total debt outstanding was US$3,595.0 million, which reflects an increase of US$81.2 million from US$3,513.8 million at the end of the first quarter of 2019. The balance of the Company's real estate properties under development at the end of the second quarter of 2019 was US$3,844.0 million compared to US$4,002.0 million at the end of the first quarter of 2019.
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 2019.
Project
GFA
---
(m(2) '000s)
---
Total Active Projects
Sold through
Unsold as of
June 30, 2019 June 30, 2019
---
Xingyang Splendid II 136.9 97.5 39.4
--- ---
Jinan Royal Palace 449.6 431.7 17.9
--- ---
Xuzhou Colorful City 130.8 122.2 8.6
--- ---
Chengdu Thriving Family 203.4 198.0 5.4
--- ---
Changsha Xinyuan Splendid 251.7 249.0 2.7
--- ---
Sanya Yazhou Bay No.1 117.6 101.4 16.2
--- ---
Xi'an Metropolitan 286.0 269.7 16.3
--- ---
Zhengzhou Xindo Park 134.1 132.7 1.4
--- ---
Jinan Xin Central 194.4 183.5 10.9
--- ---
Henan Xin Central I 262.2 253.2 9.0
--- ---
Zhengzhou Fancy City I 166.7 159.4 7.3
--- ---
Zhengzhou Fancy City II (South) 84.1 81.7 2.4
--- ---
Tianjin Spring Royal Palace I 139.7 131.3 8.4
--- ---
Zhengzhou International New City I 360.7 338.5 22.2
--- ---
Henan Xin Central II 109.5 103.9 5.6
--- ---
Xingyang Splendid III 121.1 116.6 4.5
--- ---
Zhengzhou International New City II 176.0 163.7 12.3
--- ---
Zhengzhou Fancy City II (North) 108.7 90.9 17.8
--- ---
Tianjin Spring Royal Palace II 144.6 72.1 72.5
--- ---
Zhengzhou International New City III D 46.1 44.2 1.9
--- ---
Zhengzhou Hangmei International Wisdom 64.7 54.9 9.8
City I
--- ---
Zhengzhou International New City III B 118.8 117.7 1.1
--- ---
Chengdu Xinyuan City 742.0 109.9 632.1
--- ---
Kunshan Xinyu Jiayuan 107.9 42.1 65.8
--- ---
Xingyang Splendid IV 22.0 22.0
--- ---
Suzhou Suhe Bay * 62.6 62.5 0.1
--- ---
Zhengzhou Hangmei International Wisdom 68.8 24.0 44.8
City II
--- ---
Qingdao Royal Dragon Bay 157.3 64.6 92.7
--- ---
Jinan Royal Spring Bay 116.8 24.9 91.9
--- ---
Xinyuan Golden Water View 331.5 63.2 268.3
City-Zhengzhou
--- ---
Zhengzhou Fancy City III 80.6 45.8 34.8
--- ---
Zhengzhou International New City III C 79.9 61.6 18.3
--- ---
Zhengzhou International New City IV A12 198.4 68.9 129.5
--- ---
Zhengzhou International New City IV B10 92.3 23.4 68.9
--- ---
Suzhou Galaxy Bay 76.5 61.3 15.2
--- ---
Suzhou Gusu Shade I 12.0 6.6 5.4
--- ---
Dalian International Health Technology 103.8 1.3 102.5
Town I
--- ---
Xingyang Splendid V 80.5 13.1 67.4
--- ---
Suzhou Gusu Shade II ** 14.3 0.6 13.7
--- ---
Others 42.1 42.1
--- ---
Total active projects 6,196.7 4,209.6 1,987.1
--- ---
* The Company owns 16.66%
equity interest in Suzhou
Hengwan Real Estate Co.,
Ltd., which develops Suzhou
Suhe
Bay. The Company accounts
for its investment under
the equity method.
** The Company owns 19.99%
equity interest in Suzhou
Litai Real Estate Co.,
Ltd., which develops Suzhou
Gusu Shade
II. The Company accounts for
its investment under the
equity method.
As of June 30, 2019, the Company's total saleable GFA was approximately 5,224,600 square meters for active projects and under planning stage projects in China. Below is a summary of all of the Company's projects in China:
Unsold GFA as of
Pre-sales
June 30, 2019
Scheduled
(m(2)
'
000s)
Tongzhou Xinyuan Royal Palace-Beijing 102.3
To be determined
Xinyuan Chang'an Royal Palace-Xi'an 226.0
To be determined
Zhengzhou International New City Land Bank (all land is grouped together 1,300.3
To be determined
and will be developed gradually)
Zhuhai Xin World 70.0
To be determined
Lingshan Bay Dragon Seal-Qingdao 380.0
To be determined
Zhengzhou Hangmei Project Land Bank (all land is grouped together and 191.1
To be determined
will be developed gradually)
Wuhan Hidden Dragon Royal Palace (old name: Wuhan Canglong Royal 185.0
To be determined
Palace)
Dalian International Health Technology Town II 34.4
To be determined
Huzhou Silk Town * 144.1
2019 Q3
Xingyang Splendid New Project 147.5
To be determined
Foshan Xinchuang AI International Science and Technology Innovation 456.8
To be determined
Valley
Total projects under planning 3,237.5
Total active projects 1,987.1
Total of all Xinyuan unsold projects in China 5,224.6
* The Company owns 51% equity
interest indirectly in Huzhou
Xinhong Renju Construction
Development Co., Ltd.,
which develops Huzhou Silk Town.
Based on the articles of
association, the company cannot
exercise control of Huzhou
Silk Town, but has the ability to
exercise significant influence
over Huzhou Silk Town's
operating and financial
decisions
and accounted for it as an equity
method investment.
Update on Real Estate Projects in the United States
As of June 30, 2019, a total of 177 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$260.1 million.
During the second quarter, the Company completed superstructure construction and closed out 90% of the external wall and windows for the Hudson Garden project, BLOOM ON FORTY FIFTH, in the Hell's Kitchen area of Manhattan, New York City. During the past year, the design drawings were optimized, increasing the number of units from 82 to 92. Of the 38,000 square feet of retail/commercial space, a total of 29,000 square feet have been leased to the U.S. department store retailer Target for a 20-year term. The offering plan was approved in the first quarter of 2019, and the launch of presales is expected to begin in the end of the fourth quarter of 2019.
The Company continued to execute on the planning, governmental approvals, and pre-development activities of its ground-up project, the RKO, in Flushing, New York City. During the past year, the Landmark Preservation Committee approved the Company's landmark protection plan relating to the landmarked theater on site and awarded the Company a Certificate of Appropriateness. Landmark artifact removal was completed at the end of February 2019, and the artifacts are currently stored in a warehouse for restoration work.
Real Estate Project Update in the United Kingdom
During the second quarter of 2019, the structural frame of the Company's Madison project in London was completed, reaching a significant milestone for the delivery of the project. Construction remains on track for completion in 2020.
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, 134 apartments have been sold.
Business Outlook
For the full year of 2019, the Company expects an increase in contract sales of about 10% and an increase in consolidated net income of 15% to 20% over 2018.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on August 16, 2019, to discuss its second quarter 2019 results. Listeners may access the call by dialing:
US Toll Free: 1-800-458-4121
International: 1-323-794-2597
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 23, 2019, by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 5806910
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, 2018. 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
Mr. William Zima
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com
Media:
Mr. 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,
2019 2019 2018
(unaudited) (unaudited) (unaudited)
Total revenue 609,439 468,853 355,832
Total costs of revenue (450,224) (337,804) (246,452)
Gross profit 159,215 131,049 109,380
Selling and distribution expenses (20,633) (19,406) (14,135)
General and administrative expenses (42,343) (36,644) (32,888)
Operating income 96,239 74,999 62,357
Interest income 4,964 4,085 7,100
Interest expense (28,384) (24,306) (24,704)
Net realized (loss) /gain on short-term investments (333) 1,171 474
Unrealized gain/ (loss) on short-term investments 838 (696)
Other (expense)/ income (867) 94 (1,037)
Net loss on debt extinguishment (1,955) (4,589)
Exchange (loss)/ gain (4,354) 3,545 (22,518)
Share of loss of equity investees (1,702) (1,600) (3,227)
Income from operations before income taxes 64,446 53,399 17,749
Income taxes (44,621) (35,209) (27,046)
Net income/(loss) 19,825 18,190 (9,297)
Net (income) /loss attributable to non-controlling interest (9,171) 1,419 2,506
Net income/(loss) attributable to Xinyuan Real Estate Co., Ltd. 10,654 19,609 (6,791)
shareholders
Earnings/(loss) per ADS:
Basic 0.19 0.33 (0.10)
Diluted 0.19 0.33 (0.10)
ADS used in computation:
Basic 57,003 58,911 64,803
Diluted 57,371 59,325 65,877
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,
2019 2018
---
(unaudited) (unaudited)
Total revenue 1,078,292 529,929
Total costs of revenue (788,028) (381,846)
Gross profit 290,264 148,083
Selling and
distribution expenses (40,039) (26,309)
General and
administrative
expenses (78,987) (60,481)
Operating income 171,238 61,293
Interest income 9,049 13,450
Interest expense (52,690) (54,489)
Net realized gain on
short-term
investments 838 1,711
Unrealized gain/
(loss) on short-term
investments 838 (937)
Other expense (773) (830)
Loss on extinguishment
of debt (6,544) -
Exchange loss (809) (10,879)
Share of loss of
equity investees (3,302) (4,149)
Income from operations
before income taxes 117,845 5,170
Income taxes (79,830) (27,187)
Net income/(loss) 38,015 (22,017)
Net (income)/loss
attributable to non-
controlling interest (7,752) 4,821
Net income/(loss)
attributable to
Xinyuan Real Estate
Co., Ltd. 30,263 (17,196)
shareholders
Earnings/(loss) per ADS:
Basic 0.52 (0.27)
Diluted 0.52 (0.26)
ADS used in computation:
Basic 57,950 64,803
Diluted 58,309 66,082
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,
2019 2019 2018
(unaudited) (unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents 666,057 761,190 674,142
Restricted cash 355,776 366,008 511,875
Short-term investments 838 8,442
Accounts receivable 73,158 44,473 64,130
Other receivables 176,299 171,271 166,633
Deposits for land use rights 22,546 46,038 42,254
Other deposits and prepayments 297,863 258,490 257,288
Advances to suppliers 51,550 47,909 46,983
Real estate properties development completed 714,651 623,871 632,360
Real estate properties under development 3,843,980 4,001,981 4,068,716
Amounts due from related parties 313,532 257,625 216,184
Amounts due from employees 2,955 4,315 1,694
Other current assets 1,334 602 520
Total current assets 6,520,539 6,583,773 6,691,221
Real estate properties held for lease, net 297,565 305,897 302,764
Property and equipment, net 35,725 37,512 38,114
Long-term investment 552,312 566,816 564,340
Deferred tax assets 206,511 241,823 230,453
Deposits for land use rights 21,819 22,276 21,855
Amounts due from related parties 24,632 27,289 26,122
Contract assets 20,316 16,292 21,779
Operating lease right-of-use assets 12,920 14,039
Other assets 131,910 135,710 137,063
TOTAL ASSETS 7,824,249 7,951,427 8,033,711
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,
2019 2019 2018
(unaudited) (unaudited) (audited)
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and notes payable 833,073 704,397 790,631
Short-term bank loans and other debt 35,901 27,326 43,711
Customer deposits 1,573,859 1,827,630 1,921,851
Income tax payable 165,737 198,148 213,273
Other payables and accrued liabilities 340,145 341,919 341,108
Payroll and welfare payable 16,529 12,812 33,752
Current portion of long-term bank loans and other debt 1,207,191 1,823,724 1,647,918
Current maturities of lease obligations 12,320 12,604 6,562
Mandatorily redeemable non-controlling interests 6,905 22,892 22,559
Amounts due to related parties 32,224 41,204 48,502
Total current liabilities 4,223,884 5,012,656 5,069,867
Non-current liabilities
Long-term bank loans 732,874 790,267 720,039
Other long-term debt 1,619,007 872,468 1,040,455
Deferred tax liabilities 393,541 412,354 370,509
Unrecognized tax benefits 58,922 45,939 45,939
Lease obligations, net of current maturities 13,645 16,530 10,015
Amounts due to related parties 28,879 32,537 31,242
TOTAL LIABILITIES 7,070,752 7,182,751 7,288,066
Shareholders' equity
Common shares 16 16 16
Treasury shares (104,233) (97,934) (87,639)
Additional paid-in capital 533,366 532,641 532,117
Statutory reserves 166,501 166,501 166,496
Retained earnings 117,904 112,660 99,502
Accumulated other comprehensive loss (32,957) (10,409) (30,122)
Total Xinyuan Real Estate Co., Ltd. shareholders' equity 680,597 703,475 680,370
Non-controlling interest 72,900 65,201 65,275
Total equity 753,497 768,676 745,645
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,824,249 7,951,427 8,033,711
View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-second-quarter-2019-financial-results-300902892.html
SOURCE Xinyuan Real Estate Co., Ltd.
