BEIJING, Feb. 14, 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 in other countries,
today announced its unaudited financial results for the fourth
quarter ended December 31, 2016.
Fourth Quarter 2016 Highlights
- Total fourth quarter revenue increased 22.2% to US$505.3 million from US$413.6 million in the fourth quarter of 2015
and increased 13.7% from US$444.3
million in the third quarter of 2016.
- Gross profit for the fourth quarter of 2016 increased to
US$126.4 million, or 25.0% of revenue
compared to US$81.4 million, or 19.7%
of revenue, in the fourth quarter of 2015 and US$105.0 million, or 23.6% of revenue in the
third quarter of 2016.
- Selling, General and Administrative ("SG&A") expenses as a
percent of total revenue decreased to 10.3% from 13.3% in the
fourth quarter of 2015 and decreased from 12.1% in the third
quarter of 2016.
- Net income was US$16.7 million,
compared to US$19.1 million in the
fourth quarter of 2015 and US$28.0
million in the third quarter of 2016.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.18, compared to US$0.26 in the fourth quarter of 2015 and
US$0.41 in the third quarter of
2016.
Full Year 2016 Highlights
- For the year ended December 31,
2016, total revenues increased 34.1% to US$1,561.6 million from US$1,164.3 million in 2015. GFA sales increased
14.2% to 1,126,100 square meters from 986,100 square meters in
2015. Contract sales increased 26.7% to US$1,761.7 million from US$1,390.5 million in 2015.
- Gross profit was US$357.6
million, or 22.9% of revenue in 2016, compared to a gross
profit of US$273.0 million, or 23.4%
of revenue in 2015. The Company commenced presales on four projects
in 2016.
- SG&A expenses were US$178.2
million or 11.4% of revenue in 2016, compared to
US$167.5 million, or 14.4% of revenue
in 2015.
- Net income was US$79.5 million in
2016 compared to US$66.5 million in
2015. Diluted earnings per ADS were US$1.06 in 2016 compared to US$0.91 per ADS in 2015.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "Our fourth quarter results were in-line with our
forecast from last quarter. Despite the implementation of new
government restriction policies impacting China's overall housing market, our revenue
and gross profit still achieved strong levels of growth on an
annual and quarterly basis. Our ability to make operational
adjustments to our projects in wake of government restrictions
contributed favorably to our financial results. We reduced
operating expenses and experienced high-margin residential unit
sales activity, which helped support average selling prices."
"We continued to make progress with our real estate development
projects in both mainland China
and overseas markets. Among our U.S. projects, our Oosten project
in Williamsburg, Brooklyn is
performing well with approximately 80% of the total units pre-sold
as of December 31, 2016. As
construction at Oosten nears successful completion, we are pleased
to recognize a total of $152 million
in revenue from this project in 2016. Our two other NYC
projects-one in Manhattan and the
other in Queens, are progressing
according to plan. In China, we
continue to add to our land bank for future development with the
recent acquisition in 2017 to secure land use rights for three land
parcels in Zhengzhou, a market
where Xinyuan has enjoyed great historical success."
"While we remain cautious about the policy and market changes,
we continue to execute our selective land acquisition and project
development strategy in 2017. Our financial position is solid and
we have confidence in our flexible operational strategy and the
development of our overseas projects. Finally, we remain committed
to delivering value to our shareholders through the continuation of
our quarterly cash dividend program and remain committed to our
share repurchase program," concluded Mr. Zhang.
Fourth Quarter 2016 Financial Results
Revenue
In the fourth quarter of 2016, the Company's total revenue
increased 22.2% to US$505.3 million
from US$413.6 million in the fourth
quarter of 2015 and increased 13.7% from US$444.3 million in the third quarter of 2016.
Revenue contributed by the Company's US-based Oosten project, which
from an accounting standpoint is recognized upon delivery of the
completed unit rather than POC method, contributed approximately
$117.5 million or 23.3% of total
revenue in the fourth quarter and has been a valuable contributor
to the Company's financial performance in 2016.
Contract Sales
Contract sales in China totaled
US$347.8 million in the fourth
quarter of 2016 compared to US$574.2
million in the fourth quarter of 2015 and US$525.4 million in the third quarter of 2016.
The Company's GFA sales in China
decreased to 222,000 square meters in the fourth quarter of 2016
from 420,900 square meters in the fourth quarter of 2015 and
decreased from 340,700 square meters in the third quarter of 2016.
The average selling price ("ASP") per square meter sold in
China was RMB10,401 (US$1,566) in the fourth quarter of 2016 compared
to RMB8,493 (US$1,364) in the fourth quarter of 2015 and
RMB10,140 (US$1,542) in the third quarter of 2016.The ASP
increase was due to the product mix of units sold and the Company's
efforts to maintain pricing integrity. Sales in the U.S. totaled
US$117.5 million at the end of fourth
quarter of 2016.
The Company commenced pre-sales of one new project in the fourth
quarter of 2016, Henan Xin Central II, which contributed 4.1% of
total GFA sales in China.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q4
2015
|
Q3
2016
|
Q4
2016
|
Unsold
GFA
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
(m2000)
|
(RMB)
|
(m2000)
|
(RMB)
|
(m2000)
|
(RMB)
|
(m2000)
|
Zhengzhou Xin
City
|
0.8
|
12,908
|
-0.7
|
14,767
|
0.1
|
-
|
5.5
|
Zhengzhou Thriving
Family
|
0.1
|
6,054
|
-
|
-
|
0.1
|
36,188
|
16.0
|
Xingyang Splendid
I
|
12.2
|
5,050
|
2.7
|
6,020
|
3.4
|
7,221
|
35.5
|
Xingyang Splendid
II
|
4.4
|
4,983
|
16.2
|
4,979
|
21.4
|
6,213
|
82.8
|
Kunshan Royal
Palace
|
34.5
|
9,465
|
8.4
|
21,099
|
2.0
|
23,137
|
16.4
|
Suzhou Lake Royal
Palace
|
28.7
|
13,482
|
6.1
|
20,782
|
6.1
|
21,464
|
17.0
|
Jinan Xinyuan
Splendid
|
1.8
|
8,122
|
0.1
|
9,401
|
0.1
|
10,878
|
9.1
|
Jinan Royal
Palace
|
44.1
|
6,270
|
28.2
|
7,501
|
29.1
|
8,798
|
200.5
|
Xuzhou Colorful
City
|
2.5
|
10,307
|
3.6
|
11,182
|
2.5
|
11,791
|
51.6
|
Beijing Xindo
Park
|
31.6
|
12,674
|
1.4
|
34,193
|
1.8
|
29,098
|
10.7
|
Chengdu Thriving
Family
|
17.3
|
5,146
|
31.9
|
6,703
|
8.5
|
9,621
|
65.3
|
Changsha Xinyuan
Splendid
|
33.1
|
5,421
|
29.8
|
7,439
|
12.1
|
9,461
|
62.7
|
SanyaYazhou Bay
No.1
|
1.7
|
10,915
|
-1.2
|
22,139
|
2.7
|
12,723
|
104.9
|
Xi'an
Metropolitan
|
42.8
|
6,305
|
23.6
|
7,786
|
19.4
|
10,781
|
77.9
|
Shanghai Royal
Palace
|
8.5
|
21,913
|
8.0
|
28,556
|
1.9
|
37,475
|
11.4
|
Zhengzhou Xindo
Park
|
16.9
|
7,871
|
4.4
|
6,590
|
22.8
|
6,419
|
73.2
|
Jinan Xin
Central
|
16.4
|
10,547
|
13.9
|
9,330
|
9.0
|
12,214
|
80.1
|
Henan Xin Central
I
|
52.0
|
7,621
|
65.7
|
8,775
|
5.5
|
9,673
|
57.7
|
Zhengzhou Fancy City
I
|
57.6
|
7,981
|
15.1
|
9,234
|
2.8
|
14,594
|
32.6
|
Zhengzhou Fancy City
II (South)
|
-
|
-
|
37.9
|
9,613
|
9.6
|
12,353
|
30.9
|
Tianjin Spring Royal
Palace
|
14.0
|
8,599
|
12.3
|
7,377
|
2.4
|
6,934
|
168.5
|
Kunshan Xindo
Park
|
-
|
-
|
30.9
|
18,612
|
0.6
|
19,060
|
59.7
|
Zhengzhou
International New City I
|
-
|
-
|
1.4
|
10,662
|
48.6
|
10,717
|
311.7
|
Henan Xin Central
II
|
-
|
-
|
-
|
-
|
9.0
|
10,920
|
100.8
|
Others
|
-0.2
|
-
|
1.0
|
-
|
0.5
|
-
|
3.6
|
Total
|
420.9
|
8,493
|
340.7
|
10,140
|
222.0
|
10,401
|
1,686.1
|
Gross Profit
Gross profit for the fourth quarter of 2016 was US$126.4 million, or 25.0% of revenue, compared
to a gross profit of US$81.4 million,
or 19.7% of revenue, in the fourth quarter of 2015 and a gross
profit of US$105.0 million, or 23.6%
of revenue, in the third quarter of 2016.
Selling, General and Administrative Expenses
SG&A expenses were US$51.9
million for the fourth quarter of 2016 compared to
US$55.2 million for the fourth
quarter of 2015 and US$53.8 million
for the third quarter of 2016. As a percentage of total revenue,
SG&A expenses were 10.3% compared to 13.3% in the fourth
quarter of 2015 and 12.1% in the third quarter of 2016. This
decrease was due to tighter control over operating costs and
benefits associated with the integration of regional management on
multiple provinces, cities and projects.
Net Income
Net income for the fourth quarter of 2016 was US$16.7 million, compared to US$19.1 million for the fourth quarter of 2015
and US$28.0 million for the third
quarter of 2016. Net margin was 3.3%, compared to 4.6% in the
fourth quarter of 2015 and 6.3% in the third quarter of 2016.
Diluted earnings per ADS were US$0.18, compared to US$0.26 per ADS in the fourth quarter of 2015 and
US$0.41 per ADS in the third quarter
of 2016.
Balance Sheet
As of December 31, 2016, the
Company's cash and cash equivalents (including restricted cash)
decreased to US$905.9 million from
US$1,345.6 million as of September 30, 2016 due to land acquisition
deposits at the end of the year. Total debt outstanding was
US$2,092.8 million, a decrease of
US$167.2 million, compared to
US$2,260.0 million at the end of the
third quarter of 2016. The balance of the Company's real estate
property under development at the end of the fourth quarter of 2016
was US$1,752.3 million, compared to
US$2,330.2 million at the end of the
third quarter of 2016.
Real Estate Project Status in China
Below is a summary table of projects that were active and
available for sale in the fourth quarter of 2016.
Project
|
GFA
|
Contract
Sales
|
Project
Cost %
Complete
|
|
(m2
000)
|
(US$
millions)
|
|
Total
Active
Project
|
Sold to
date
|
Total
Active
Project
|
Sales
to date
|
%
Sold
|
|
|
Zhengzhou Xin
City
|
211.1
|
205.6
|
356.0
|
323.1
|
90.8%
|
97.9%
|
|
Zhengzhou Thriving
Family
|
131.5
|
115.5
|
153.4
|
126.3
|
82.3%
|
92.7%
|
|
Xingyang Splendid
I
|
117.3
|
81.8
|
85.8
|
64.5
|
75.2%
|
77.1%
|
|
Xingyang Splendid
II
|
137.2
|
54.4
|
142.1
|
48.5
|
34.1%
|
57.8%
|
|
Kunshan Royal
Palace
|
280.0
|
263.6
|
484.1
|
420.2
|
86.8%
|
95.5%
|
|
Suzhou Lake Royal
Palace
|
169.6
|
152.6
|
370.4
|
288.2
|
77.8%
|
99.3%
|
|
Jinan Xinyuan
Splendid
|
572.2
|
563.1
|
747.1
|
740.0
|
99.0%
|
99.4%
|
|
Jinan Royal
Palace
|
449.6
|
249.1
|
660.2
|
255.1
|
38.6%
|
71.5%
|
|
Xuzhou Colorful
City
|
130.2
|
78.6
|
199.8
|
110.3
|
55.2%
|
81.3%
|
|
Beijing Xindo
Park
|
133.1
|
122.4
|
451.0
|
376.7
|
83.5%
|
100.0%
|
|
Chengdu Thriving
Family
|
211.4
|
146.1
|
375.7
|
131.7
|
35.1%
|
92.5%
|
|
Changsha Xinyuan
Splendid
|
251.8
|
189.1
|
357.0
|
177.3
|
49.7%
|
89.2%
|
|
SanyaYazhou Bay
No.1
|
122.1
|
17.2
|
298.3
|
32.7
|
11.0%
|
85.9%
|
|
Xi'an
Metropolitan
|
290.7
|
212.8
|
475.5
|
224.0
|
47.1%
|
94.1%
|
|
Shanghai Royal
Palace
|
57.8
|
46.4
|
282.5
|
175.2
|
62.0%
|
100.0%
|
|
Zhengzhou Xindo
Park
|
144.4
|
71.2
|
199.0
|
80.2
|
40.3%
|
78.0%
|
|
Jinan Xin
Central
|
194.7
|
114.6
|
359.9
|
169.0
|
47.0%
|
72.6%
|
|
Henan Xin Central
I
|
262.2
|
204.5
|
363.4
|
249.9
|
68.8%
|
67.7%
|
|
Zhengzhou Fancy City
I
|
166.8
|
134.2
|
237.5
|
172.4
|
72.6%
|
62.3%
|
|
Zhengzhou Fancy City
II (South)
|
84.1
|
53.2
|
147.1
|
80.3
|
54.6%
|
56.8%
|
|
Tianjin Spring Royal
Palace
|
278.6
|
110.1
|
501.4
|
128.4
|
25.6%
|
36.5%
|
|
Kunshan Xindo
Park
|
91.2
|
31.5
|
274.8
|
88.4
|
32.2%
|
63.3%
|
|
Zhengzhou
International New City I
|
361.6
|
49.9
|
671.0
|
80.7
|
12.0%
|
31.9%
|
|
Henan Xin Central
II
|
109.8
|
9.0
|
184.7
|
14.8
|
8.0%
|
45.6%
|
|
Others remaining
GFA
|
3.6
|
-
|
-
|
-
|
-
|
-
|
|
Total active
projects
|
4,962.6
|
3,276.5
|
8,377.7
|
4,557.9
|
54.4%
|
75.1%
|
|
As of December 31, 2016, the
Company's total sellable GFA was approximately 2,214,400 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
Targeted
|
|
|
(m2
000)
|
|
Zhengzhou Fancy City
II(North)
|
119.6
|
Q3 2017
|
|
Zhengzhou
International New City II
|
175.7
|
Q3 2017
|
|
Xingyang Splendid
III
|
37.4
|
To be
determined
|
|
Beijing Liyuan
project
|
102.3
|
To be
determined
|
|
Changsha New
project
|
93.3
|
Q2 2017
|
|
Total projects
under planning
|
528.3
|
|
|
Total active
projects
|
1,686.1
|
|
|
Total all Xinyuan
projects in China
|
2,214.4
|
|
|
Additional planning stage projects acquired in 2017
|
Unsold
GFA
|
Pre
sales
Targeted
|
|
|
(m2
000)
|
|
Zhengzhou
International New City III
|
345.6
|
To be
determined
|
|
Real Estate Project Update in the U.S.
As of the end of the fourth quarter, the Company had pre-sold
approximately 80% of the total units at its Brooklyn-based Oosten project. As of
December 31, 2016, the Company had
delivered approximately $152 million
and 106 units in total, and most closed buyers had moved in. In
addition, the project passed government inspections and obtained
Temporary Certificates of Occupancy for all phases. During the
fourth quarter, the local market demand and price trend remained
healthy in the mid-market condo segment, with a relative slowdown
in the high-end market.
The Company expects Xinyuan's second New York project, announced in January 2016 and located in midtown Manhattan, to begin demolition and foundation
work in the first quarter of 2017. In the fourth quarter, the
Company executed a lease with the national retailer Target
Corporation, which will occupy the entire cellar level and 60% of
the retail space on the ground level. This lease marks the
Company's first successful foray into the retail real estate market
in New York City.
In August 2016, Xinyuan announced
a new land acquisition in Flushing, Queens,
New York City. The Company is in the selection process for
the general contractor and expects to begin construction on this
property in the first half of 2017.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on February14, 2017 to discuss fourth
quarter 2016 results. Listeners may access the call by dialing:
US: 1-800-406-5345
International: 1-913-981-5537
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 21, 2017 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 6349077
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real
estate developer and property manager primarily in China and in other countries. In China, the Company develops and manages large
scale, high quality real estate projects in over ten tier one and
tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an,
Suzhou, among others. Xinyuan was one of the first Chinese real
estate developers to enter the U.S. market and over the past few
years has been active in real estate development in New York. The Company aims to provide
comfortable and convenient real estate related products and
services to middle-class consumers. For more information, please
visit http://www.xyre.com.
Forward Looking Statements
Certain statements in this press release constitute
"forward-looking statements". These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements includes
statements about estimated financial performance, sales performance
and activity, among others and can generally be identified by
terminology such as "will", "expects", "anticipates", "future",
"intends", "plans", "believes", "estimates" and similar statements.
Statements that are not historical statements are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated, including, but not limited to,
our ability to continue to implement our business model
successfully; our ability to secure adequate financing for our
project development; our ability to successfully sell or complete
our property projects under construction and planning; our ability
to enter into new geographic markets and expand our operations; the
marketing and sales ability of our third-party sales agents; the
performance of our third-party contractors; the impact of laws,
regulations and policies relating to real estate developers and the
real estate industry in the countries in which we operate; our
ability to obtain permits and licenses to carry on our business in
compliance with applicable laws and regulations; competition from
other real estate developers; the growth of the real estate
industry in the markets in which we operate; fluctuations in
general economic and business conditions in the markets in which we
operate; and other risks outlined in our public filings with the
Securities and Exchange Commission, including our annual report on
Form 20-F for the year ended December 31,
2015. Except as required by law, we undertake no obligation
to update or review publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statement is made.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is
subject to year-end audit adjustments. Adjustments to the financial
statements may be identified when the audit work is completed,
which could result in significant differences between our audited
financial statements and this unaudited financial information.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
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
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
505,340
|
|
|
|
444,278
|
|
|
|
413,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(378,906)
|
|
|
|
(339,322)
|
|
|
|
(332,188)
|
|
Gross
profit
|
|
|
126,434
|
|
|
|
104,956
|
|
|
|
81,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(21,659)
|
|
|
|
(19,233)
|
|
|
|
(20,316)
|
|
General and
administrative expenses
|
|
|
(30,226)
|
|
|
|
(34,584)
|
|
|
|
(34,863)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
74,549
|
|
|
|
51,139
|
|
|
|
26,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
6,107
|
|
|
|
2,116
|
|
|
|
6,260
|
|
Interest
expense
|
|
|
(13,236)
|
|
|
|
(6,558)
|
|
|
|
(5,310)
|
|
Net realized
gain/(loss) on short-term investments
|
|
|
198
|
|
|
|
1,392
|
|
|
|
(239)
|
|
Unrealized
(loss)/gain on short-term investments
|
|
|
(623)
|
|
|
|
91
|
|
|
|
13
|
|
Loss on
extinguishment of debt
|
|
|
(12,124)
|
|
|
|
-
|
|
|
|
-
|
|
Other
income/(expense)
|
|
|
459
|
|
|
|
(27)
|
|
|
|
1,258
|
|
Exchange gains
/(loss)
|
|
|
261
|
|
|
|
(37)
|
|
|
|
140
|
|
Share of (loss)/gain
of equity investee
|
|
|
(138)
|
|
|
|
412
|
|
|
|
783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
55,453
|
|
|
|
48,528
|
|
|
|
29,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(38,735)
|
|
|
|
(20,481)
|
|
|
|
(10,009)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
16,718
|
|
|
|
28,047
|
|
|
|
19,115
|
|
Net (income)/loss
attributable to non-controlling interest
|
|
|
(4,588)
|
|
|
|
157
|
|
|
|
1
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
12,130
|
|
|
|
28,204
|
|
|
|
19,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.18
|
|
|
|
0.43
|
|
|
|
0.27
|
|
Diluted
|
|
|
0.18
|
|
|
|
0.41
|
|
|
|
0.26
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
65,960
|
|
|
|
66,121
|
|
|
|
70,126
|
|
Diluted
|
|
|
68,928
|
|
|
|
69,329
|
|
|
|
72,838
|
|
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,
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(audited)
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
1,561,625
|
|
|
|
1,164,324
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(1,204,036)
|
|
|
|
(891,334)
|
|
Gross
profit
|
|
|
357,589
|
|
|
|
272,990
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(57,814)
|
|
|
|
(52,126)
|
|
General and
administrative expenses
|
|
|
(120,416)
|
|
|
|
(115,329)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
179,359
|
|
|
|
105,535
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
20,917
|
|
|
|
24,504
|
|
Interest
expense
|
|
|
(29,857)
|
|
|
|
(20,281)
|
|
Net realized gain on
short-term investments
|
|
|
2,506
|
|
|
|
603
|
|
Unrealized gain on
short-term investments
|
|
|
235
|
|
|
|
49
|
|
Loss on
extinguishment of debt
|
|
|
(12,124)
|
|
|
|
-
|
|
Other
income
|
|
|
4,540
|
|
|
|
5,945
|
|
Exchange
gains
|
|
|
459
|
|
|
|
403
|
|
Share of (loss)/gain
of equity investee
|
|
|
(325)
|
|
|
|
2,235
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
165,710
|
|
|
|
118,993
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(86,248)
|
|
|
|
(52,511)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
79,462
|
|
|
|
66,482
|
|
Net income
attributable to non-controlling interest
|
|
|
(6,485)
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
72,977
|
|
|
|
66,483
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
1.10
|
|
|
|
0.93
|
|
Diluted
|
|
|
1.06
|
|
|
|
0.91
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
66,631
|
|
|
|
71,313
|
|
Diluted
|
|
|
68,827
|
|
|
|
73,244
|
|
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,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
577,406
|
|
|
|
927,717
|
|
|
|
387,528
|
|
Restricted
cash
|
|
|
328,499
|
|
|
|
417,904
|
|
|
|
363,137
|
|
Short-term
investments
|
|
|
39,311
|
|
|
|
37,330
|
|
|
|
1,245
|
|
Accounts
receivable
|
|
|
32,704
|
|
|
|
21,889
|
|
|
|
42,040
|
|
Other
receivables
|
|
|
29,321
|
|
|
|
48,963
|
|
|
|
147,652
|
|
Deposits for land use
rights
|
|
|
153,252
|
|
|
|
29,950
|
|
|
|
46,199
|
|
Other deposits and
prepayments
|
|
|
528,205
|
|
|
|
239,912
|
|
|
|
254,048
|
|
Advances to
suppliers
|
|
|
27,457
|
|
|
|
36,713
|
|
|
|
50,534
|
|
Real estate
properties development completed
|
|
|
445,017
|
|
|
|
21,471
|
|
|
|
24,077
|
|
Real estate
properties under development
|
|
|
1,752,345
|
|
|
|
2,330,204
|
|
|
|
1,887,322
|
|
Amounts due from
related parties
|
|
|
17,732
|
|
|
|
8,347
|
|
|
|
58,630
|
|
Amounts due from
employees
|
|
|
620
|
|
|
|
2,435
|
|
|
|
351
|
|
Other current
assets
|
|
|
889
|
|
|
|
196
|
|
|
|
201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
3,932,758
|
|
|
|
4,123,031
|
|
|
|
3,262,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
|
158,962
|
|
|
|
67,429
|
|
|
|
71,133
|
|
Property and
equipment, net
|
|
|
34,090
|
|
|
|
36,313
|
|
|
|
39,323
|
|
Other long-term
investment
|
|
|
242
|
|
|
|
242
|
|
|
|
31,108
|
|
Investment in joint
ventures
|
|
|
7,556
|
|
|
|
7,838
|
|
|
|
6,125
|
|
Deferred tax
assets
|
|
|
28,688
|
|
|
|
28,435
|
|
|
|
15,489
|
|
Deposits for land use
rights
|
|
|
28,831
|
|
|
|
74,875
|
|
|
|
107,798
|
|
Other
assets
|
|
|
23,354
|
|
|
|
12,543
|
|
|
|
14,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
4,214,481
|
|
|
|
4,350,706
|
|
|
|
3,548,883
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All US$ amounts
and number of shares data in thousands)
|
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December31,
|
|
|
|
2016
|
|
|
2016
|
|
|
2015
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
532,371
|
|
|
|
403,193
|
|
|
|
471,176
|
|
Short-term bank loans
and other debt
|
|
|
178,576
|
|
|
|
262,803
|
|
|
|
222,226
|
|
Customer
deposits
|
|
|
148,643
|
|
|
|
135,022
|
|
|
|
64,452
|
|
Income tax
payable
|
|
|
123,028
|
|
|
|
105,044
|
|
|
|
106,034
|
|
Deferred tax
liabilities
|
|
|
61,613
|
|
|
|
64,820
|
|
|
|
57,692
|
|
Other payables and
accrued liabilities
|
|
|
194,823
|
|
|
|
351,649
|
|
|
|
106,127
|
|
Payroll and welfare
payable
|
|
|
19,522
|
|
|
|
13,789
|
|
|
|
22,966
|
|
Amounts due to
related parties
|
|
|
63,572
|
|
|
|
-
|
|
|
|
-
|
|
Current portion of
long-term bank loans and other debt
|
|
|
703,574
|
|
|
|
780,264
|
|
|
|
594,834
|
|
Current maturities of
capital lease obligations
|
|
|
3,923
|
|
|
|
4,076
|
|
|
|
3,066
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
12,614
|
|
|
|
13,103
|
|
|
|
2,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
2,042,259
|
|
|
|
2,133,763
|
|
|
|
1,650,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
235,885
|
|
|
|
50,896
|
|
|
|
13,860
|
|
Other long-term
debt
|
|
|
974,791
|
|
|
|
1,166,029
|
|
|
|
897,504
|
|
Deferred tax
liabilities
|
|
|
13,500
|
|
|
|
14,006
|
|
|
|
13,500
|
|
Unrecognized tax
benefits
|
|
|
16,159
|
|
|
|
18,059
|
|
|
|
17,842
|
|
Capital lease
obligations, net of current maturities
|
|
|
15,016
|
|
|
|
17,222
|
|
|
|
18,111
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
-
|
|
|
|
-
|
|
|
|
1,232
|
|
TOTAL
LIABILITIES
|
|
|
3,297,610
|
|
|
|
3,399,975
|
|
|
|
2,612,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
Treasury
shares
|
|
|
(53,734)
|
|
|
|
(45,262)
|
|
|
|
(24,046)
|
|
Additional paid-in
capital
|
|
|
538,414
|
|
|
|
535,294
|
|
|
|
531,233
|
|
Statutory
reserves
|
|
|
95,126
|
|
|
|
79,255
|
|
|
|
80,050
|
|
Retained
earnings
|
|
|
355,121
|
|
|
|
365,630
|
|
|
|
317,765
|
|
Accumulated other
comprehensive income
|
|
|
(33,964)
|
|
|
|
4,205
|
|
|
|
30,952
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
900,979
|
|
|
|
939,138
|
|
|
|
935,970
|
|
Non-controlling
interest
|
|
|
15,892
|
|
|
|
11,593
|
|
|
|
(19)
|
|
Total
equity
|
|
|
916,871
|
|
|
|
950,731
|
|
|
|
935,951
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
4,214,481
|
|
|
|
4,350,706
|
|
|
|
3,548,883
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-fourth-quarter-2016-financial-results-300406889.html
SOURCE Xinyuan Real Estate Co., Ltd.