BEIJING, May 30, 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 first
quarter ended March 31, 2018.
First Quarter 2018 Highlights
- Under ASC 606, the Company expects to recognize revenue for all
contracts executed starting from January 1,
2018, on an "over time" basis using costs incurred, an input
measure.
- First quarter results reflect the adoption of ASC 606 and may
not be directly comparable to prior periods.
- The adoption of ASC 606 reduced first quarter reported revenues
and net income by US$341.4 million and US$32.8
million, respectively.
- Contract sales increased 24.7% to US$380.7 million from US$305.4 million in the first quarter of 2017 and
decreased 53.8% from US$823.3 million
in the fourth quarter of 2017.
- Total revenue decreased 38.0% to US$174.1 million from US$280.7 million in the first quarter of 2017 and
decreased 76.0% from US$725.7 million
in the fourth quarter of 2017.
- Gross profit decreased 38.2% to US$38.7
million, or 22.2% of total revenue, from US$62.6 million, or 22.3% of total revenue, in
the first quarter of 2017 and decreased 78.5% from US$180.3 million, or 24.8% of total revenue, in
the fourth quarter of 2017.
- Selling, General and Administrative ("SG&A") expenses as a
percentage of total revenue increased to 22.9% from 12.6% in the
first quarter of 2017 and increased from 10.8% in the fourth
quarter of 2017.
- Net loss was US$12.7 million
compared to net income of US$7.4
million in the first quarter of 2017 and net income of
US$35.4 million in the fourth quarter
of 2017.
- Diluted net loss per American Depositary Share ("ADS")
attributable to shareholders were US$0.16 compared to diluted net earnings per
American Depositary Share("ADS") US$0.11 in the first quarter of 2017 and
US$0.50 in the fourth quarter of
2017.
Mr. Yong
Zhang, Xinyuan's Chairman, stated: "Despite the fact that
the overall domestic real estate market is affected by the
continuous government restrictions on purchases and prices, our
contract sales in the first quarter of 2018 have increased 25% from
the first quarter of last year.
"This quarter's financial report
reflects the normal seasonal adjustment of the real estate industry
and the impact of the new changes in accounting
standards.
In early 2018, Xinyuan adopted a strategy to become an
international technology-driven property ecosystem, under which
Xinyuan will place emphasis not only on the development of its
traditional real estate business, but also on its five
sub-businesses: industrial real estate; commercial property
management; traditional property management; property construction
management, and real estate technology. This combination of
Xinyuan's core real estate business with its five sub-businesses
will form an ecosystem that functions as an integrated
whole.
With the upgrade of our strategy, we expect the Group's
sales and net profits will grow better than last year, and we
maintain a stable dividend policy this quarter. The management is
optimistic about the financial outlook for the entire year of 2018,
and will further enhance operational efficiency, optimize the
capital structure, and build a first-class global real estate
development operations and asset management group."
First Quarter 2018 Financial
Results
Contract Sales
Contract sales in China totaled
US$375.5 million in the first quarter
compared to US$240.8 million in the
first quarter of 2017 and US$817.1
million in the fourth quarter of 2017.
The Company's GFA sales in China were 149,800 square meters in the first
quarter of 2018 compared to 140,300 square meters in the first
quarter of 2017 and 443,600 square meters in the fourth quarter of
2017.
The average selling price ("ASP") per square meter sold in
China was RMB15,932 (US$2,506) in the first quarter of 2018 compared
to RMB11,820 (US$1,717) in the first quarter of 2017 and
RMB12,118 (US$1,794) in the fourth quarter of 2017.
Contract sales in the United
States totaled US$5.2 million
in the first quarter of 2018.
The Company commenced pre-sales of one new project in the first
quarter of 2018, Tianjin Spring Royal Palace II, which contributed
1.8% and 1.5% of total GFA sales and total contract sales,
respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q1
2017
|
Q4
2017
|
Q1
2018
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
(m2
'000s)
|
(RMB)
|
(m2
'000s)
|
(RMB)
|
(m2
'000s)
|
(RMB)
|
Xingyang Splendid
II
|
8.6
|
6,710
|
1.6
|
11,650
|
-
|
-
|
Kunshan Royal
Palace
|
2.3
|
21,222
|
1.3
|
24,232
|
-0.2
|
22,314
|
Jinan Royal
Palace
|
22.4
|
9,280
|
35.5
|
12,404
|
22.4
|
12,626
|
Xuzhou Colorful
City
|
1.7
|
15,131
|
31.4
|
11,246
|
3.6
|
10,265
|
Chengdu Thriving
Family
|
4.7
|
11,277
|
15.8
|
10,724
|
4.5
|
17,183
|
Changsha Xinyuan
Splendid
|
9.7
|
9,050
|
4.2
|
18,379
|
2.6
|
15,130
|
Sanya Yazhou Bay
No.1
|
26.3
|
15,432
|
2.7
|
27,497
|
30.9
|
23,197
|
Xi'an
Metropolitan
|
3.1
|
8,889
|
21.2
|
9,719
|
1.5
|
9,594
|
Zhengzhou Xindo
Park
|
13.2
|
6,342
|
11.3
|
11,110
|
0.1
|
10,000
|
Jinan Xin
Central
|
6.8
|
11,777
|
16.9
|
11,477
|
12.2
|
10,527
|
Henan Xin Central
I
|
0.5
|
11,568
|
9.5
|
12,890
|
0.3
|
18,486
|
Zhengzhou Fancy City
I
|
0.8
|
21,739
|
2.0
|
14,004
|
0.2
|
19,949
|
Zhengzhou Fancy City
II (South)
|
10.1
|
12,394
|
4.4
|
15,899
|
1.2
|
13,031
|
Tianjin Spring Royal
Palace I
(Tianjin Spring Royal Palace)
|
-0.1
|
6,844
|
2.5
|
12,590
|
1.1
|
14,631
|
Kunshan Xindo
Park
|
4.4
|
18,244
|
12.7
|
22,311
|
2.3
|
23,009
|
Zhengzhou
International New City I
|
0.9
|
10,834
|
33.9
|
4,401
|
2.4
|
13,322
|
Henan Xin Central
II
|
15.0
|
10,955
|
10.4
|
11,858
|
7.7
|
11,768
|
Xingyang Splendid
III
|
-
|
-
|
18.9
|
7,237
|
16.2
|
7,381
|
Changsha Mulian Royal
Palace
|
-
|
-
|
21.6
|
12,899
|
2.0
|
16,177
|
Zhengzhou
International New City
II
|
-
|
-
|
76.7
|
13,711
|
11.8
|
13,739
|
Zhengzhou
International New City III
|
-
|
-
|
73.6
|
14,058
|
20.4
|
13,802
|
Zhengzhou Fancy City
II (North)
|
-
|
-
|
31.2
|
9,499
|
2.3
|
9,813
|
Tianjin Spring Royal
Palace II
(Tianjin Spring Royal
Palace)
|
-
|
-
|
-
|
-
|
2.7
|
13,412
|
Others
|
9.9
|
-
|
4.3
|
-
|
1.6
|
-
|
Total
|
140.3
|
11,820
|
443.6
|
12,118
|
149.8
|
15,932
|
Revenue
In the first quarter of 2018, the Company's total revenue
decreased 38.0% to US$174.1 million
from US$280.7 million in the first
quarter of 2017 and decreased 76.0% from US$725.7 million in the fourth quarter of 2017.
The revenue decrease was mainly due
to the adoption of ASC606.
Gross Profit
Gross profit for the first quarter of 2018 was US$38.7 million, or 22.2% of revenue, compared to
a gross profit of US$62.6 million, or
22.3% of revenue, in the first quarter of 2017 and a gross profit
of US$180.3 million, or 24.8% of
revenue, in the fourth quarter of 2017.
Selling, General and Administrative Expenses
SG&A expenses were US$39.8
million for the first quarter of 2018 compared to
US$35.5 million for the first quarter
of 2017 and US$78.2 million for the
fourth quarter of 2017. As a percentage of total revenue, SG&A
expenses were 22.9% compared to 12.6% in the first quarter of 2017
and 10.8% in the fourth quarter of 2017. The increase was due to
costs associated with company expansion and the decrease of
revenue.
Net Income
The Company experienced a net loss due to the decrease of
revenue, increase of SG&A expenses, and increase of interest
expenses due to an increase in debt during the quarter. Net loss
for the first quarter of 2018 was US$12.7
million compared to net income of US$7.4 million for the first quarter of 2017 and
net income of US$35.4 million for the
fourth quarter of 2017. Net margin decreased from 2.6% in the first
quarter of 2017 and 4.9% in the fourth quarter of 2017 to negative
7.3% for the first quarter of 2018. Diluted net loss was
US$0.16 per ADS in the first quarter
of 2018 compared to diluted net earnings of US$0.11 per ADS in the first quarter of 2017 and
diluted net earnings of US$0.50 per
ADS in the fourth quarter of
2017.
Balance Sheet
As of March 31, 2018, the
Company's cash and cash equivalents (including restricted cash)
decreased to US$1,191.8 million from
US$1,461.2 million as of December 31, 2017. Total debt outstanding was
US$3,814.2 million, which reflected
an increase of US$502.4 million
compared to US$3,311.8 million at the
end of the fourth quarter of 2017. The balance of the Company's
real estate properties under development at the end of the first
quarter of 2018 was US$3,457.1
million compared to US$1,996.0
million at the end of the fourth quarter of 2017.
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 XIN 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 first quarter of 2018.
Project
|
GFA
|
(m2
'000s)
|
Total Active
Project
|
Sold to
date
|
Unsold to
date
|
Xingyang Splendid
II
|
137.3
|
81.5
|
55.8
|
Kunshan Royal
Palace
|
280.6
|
278.8
|
1.8
|
Jinan Royal
Palace
|
449.5
|
372.4
|
77.1
|
Xuzhou Colorful
City
|
130.1
|
118.8
|
11.3
|
Chengdu Thriving
Family
|
203.4
|
195.7
|
7.7
|
Changsha Xinyuan
Splendid
|
251.6
|
241.4
|
10.2
|
Sanya Yazhou Bay
No.1
|
117.6
|
89.4
|
28.2
|
Xi'an
Metropolitan
|
290.6
|
261.0
|
29.6
|
Zhengzhou Xindo
Park
|
144.4
|
127.5
|
16.9
|
Jinan Xin
Central
|
194.4
|
169.2
|
25.2
|
Henan Xin Central
I
|
262.2
|
251.1
|
11.1
|
Zhengzhou Fancy City
I
|
166.7
|
158.6
|
8.1
|
Zhengzhou Fancy City
II (South)
|
84.1
|
80.7
|
3.4
|
Tianjin Spring Royal
Palace I (Tianjin Spring Royal Palace)
|
139.2
|
130.9
|
8.3
|
Kunshan Xindo
Park
|
89.0
|
76.1
|
12.9
|
Zhengzhou
International New City I
|
360.5
|
330.0
|
30.5
|
Henan Xin Central
II
|
109.7
|
97.4
|
12.3
|
Xingyang Splendid
III
|
121.1
|
98.8
|
22.3
|
Changsha Mulian Royal
Palace
|
91.2
|
56.5
|
34.7
|
Zhengzhou
International New City II
|
176.0
|
157.4
|
18.6
|
Zhengzhou
International New City III
|
222.2
|
94.2
|
128
|
Zhengzhou Fancy City
II (North)
|
108.5
|
41.9
|
66.6
|
Tianjin Spring Royal
Palace II (Tianjin Spring Royal Palace)
|
140.6
|
2.7
|
137.9
|
Others
|
80.9
|
-
|
80.9
|
Total active
projects
|
4,351.4
|
3,512.0
|
839.4
|
As of May 20, 2018, the Company's
total saleable GFA was approximately 5,899,100 square meters for
active projects and under planning stage projects in China. Below is a summary of all of the
Company's planning stage projects:
|
Unsold
GFA
(m2
'000s)
|
Pre-sales
Scheduled
|
|
|
|
Tongzhou Xinyuan
Royal Palace (Beijing Liyuan project)
|
102.3
|
To be
determined
|
|
Changsha Furong
Thriving Family
|
72.3
|
2018Q3
|
|
Xinyuan Chang'an
Royal Palace (Xi'an Aerospace City Project)
|
226.0
|
2018Q4
|
|
Xinyuan Golden Water
View City (Zhengzhou Heizhuzhuang Project)
|
340.0
|
2018Q4
|
|
Kunshan Xinyu Jiayuan
(Kunshan Zhongyu Project)
|
109.3
|
2018Q3
|
|
Zhengzhou
International New City IV
|
864.6
|
2018Q2
|
|
Zhengzhou
International New City V(newly added)
|
871.0
|
To be
determined
|
|
Zhuhai Xin World
(Zhuhai Prince Project)
|
70.0
|
To be
determined
|
|
Lingshan Bay Dragon
Seal (Qingdao New Project)
|
380.0
|
To be
determined
|
|
Zhengzhou Fancy City
III
|
83.0
|
To be
determined
|
|
Zhengzhou Hangmei
Project I
|
230.8
|
2018Q2
|
|
Zhengzhou Hangmei
Project II(newly added)
|
204.7
|
To be
determined
|
|
Zhengzhou Zhongmou
Project
|
480.0
|
To be
determined
|
|
Suzhou Yinhewan
Project
|
89.7
|
To be
determined
|
|
Suzhou Wujiang New
City
|
63.0
|
To be
determined
|
|
Chengdu Xinyuan City
(Chengdu Wucaicheng Project)
|
873.0
|
To be
determined
|
|
Total projects
under planning
|
5,059.7
|
|
|
Total active
projects
|
839.4
|
|
|
Total of all
Xinyuan unsold projects in China
|
5,899.1
|
|
|
Real Estate Project Update in the
United States
As of March 31, 2018, a total of
174 units out of 216 total units were sold and closed at the
Company's Oosten project in Brooklyn, New
York City, with total
revenue from this project reaching US$255.7
million. During the first quarter of 2018, two units were
sold, and revenues were US$5.2
million.
Foundation work was completed in the first quarter of 2018 for
the Company's Hudson Garden project
in Manhattan, New York City. After optimizing the internal layout
of the building, the Company now expects 92 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 City. The Landmark
Protection Committee has approved the Company's landmark protection
plan and awarded the Company a Certificate of Appropriateness. The
Company has begun transferring and protecting crucial parts of the
landmark RKO theater as scheduled.
Real Estate Project Update in the United
Kingdom
During the first quarter of 2018, construction continued to
progress at the Madison Project in London. All below-ground work has been
completed, including the formation of the extensive basement and
all piling work. The structural core of the building has been
constructed up to the 12th floor, out of a total 53 floors. Central
mechanical and electrical installations also began during the
quarter, and cladding work commenced shortly after the period end.
Construction remains on schedule for completion in 2020.
Of the 423 residential units in the Madison Project, all of the 104 Affordable Housing
apartments have been pre-sold to a regulated affordable housing
provider. At the end of the first quarter 2018, pre-sale
contracts had been exchanged on 128 of the 319 market sale units,
representing GBP 89.6 million of
gross development value, or 40% of available market sale units.
Enquiry levels remained robust during the period, tempered by a
competitive market environment and a backdrop of ongoing
political uncertainty.
Update on Construction Management Service Business
Xinyuan started its construction management service business in
the third quarter of 2017 with its first project in Guangzhou, and this business developed well in
the first quarter of 2018. Under this asset-light business model,
Xinyuan charges 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, establishing limited partnerships with financial
institutions. Below is a summary of the Company's active
construction management service projects:
|
Project
GFA
(m2,
000s)
|
|
|
|
Guangzhou
Project
|
55.0
|
|
Zhengzhou Derun
Southern District Project
|
1,029.0
|
|
Zhengzhou
Qinglongshan Project
|
357.0
|
|
Shandong Heze
Project
|
233.0
|
|
Zhengzhou Derun
Northern District Project
|
181.0
|
|
Qiqihar
Project
|
797.0
|
|
Total of all
Xinyuan construction management service projects
|
2,652.0
|
|
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 second quarter of 2018, the Company expects contract sales to be approximately US$530 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.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on May 30,
2018 to discuss first quarter 2018 results. Listeners may
access the call by dialing:
US Toll Free: 1-800-347-6311
International: 1-323-794-2094
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 June 5, 2018 by dialing:
US: 1-844-512-2921
International: 1-412-317-6671
Access code: 5602971
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, 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 City.
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) 8588-9314
Email: irteam@xyre.com
ICR, LLC
Investors:
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
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
|
|
|
|
March 31,
|
|
|
December
31,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
174,097
|
|
|
|
725,656
|
|
|
|
280,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(135,394)
|
|
|
|
(545,358)
|
|
|
|
(218,147)
|
|
Gross
profit
|
|
|
38,703
|
|
|
|
180,298
|
|
|
|
62,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(12,174)
|
|
|
|
(28,274)
|
|
|
|
(10,488)
|
|
General and
administrative expenses
|
|
|
(27,592)
|
|
|
|
(49,920)
|
|
|
|
(25,017)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(loss)/income
|
|
|
(1,063)
|
|
|
|
102,104
|
|
|
|
27,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
6,350
|
|
|
|
4,431
|
|
|
|
2,599
|
|
Interest
expense
|
|
|
(29,785)
|
|
|
|
(25,215)
|
|
|
|
(9,325)
|
|
Net realized gain on
short-term investments
|
|
|
1,237
|
|
|
|
4,012
|
|
|
|
588
|
|
Unrealized
gain/(loss) on short-term investments
|
|
|
(242)
|
|
|
|
(2,116)
|
|
|
|
1,254
|
|
Other
income
|
|
|
207
|
|
|
|
2,170
|
|
|
|
159
|
|
Loss on
extinguishment of debt
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Exchange
gains/(loss)
|
|
|
11,639
|
|
|
|
1,043
|
|
|
|
(51)
|
|
Share of loss of
equity investees
|
|
|
(921)
|
|
|
|
(816)
|
|
|
|
(243)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss/(income) from
operations before income taxes
|
|
|
(12,578)
|
|
|
|
85,613
|
|
|
|
22,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(142)
|
|
|
|
(50,226)
|
|
|
|
(14,625)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
|
(12,720)
|
|
|
|
35,387
|
|
|
|
7,418
|
|
Net loss/(income)
attributable to non-controlling interest
|
|
|
2,315
|
|
|
|
(2,375)
|
|
|
|
42
|
|
Net (loss)/income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
(10,405)
|
|
|
|
33,012
|
|
|
|
7,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/earnings per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.16)
|
|
|
|
0.51
|
|
|
|
0.12
|
|
Diluted
|
|
|
(0.16)
|
|
|
|
0.50
|
|
|
|
0.11
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
64,821
|
|
|
|
64,754
|
|
|
|
63,995
|
|
Diluted
|
|
|
65,805
|
|
|
|
65,927
|
|
|
|
64,944
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (All US$ amounts and number
of shares data in thousands)
|
|
|
March 31,
|
|
|
December
31,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
|
(unaudited)
|
|
|
(audited)
|
|
|
(unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
813,736
|
|
|
|
894,551
|
|
|
|
916,029
|
|
Restricted
cash
|
|
|
378,077
|
|
|
|
566,676
|
|
|
|
329,909
|
|
Short-term
investments
|
|
|
123,478
|
|
|
|
57,740
|
|
|
|
41,113
|
|
Accounts
receivable
|
|
|
10,912
|
|
|
|
100,553
|
|
|
|
26,884
|
|
Other
receivables
|
|
|
49,422
|
|
|
|
73,194
|
|
|
|
31,804
|
|
Deposits for land use
rights
|
|
|
97,669
|
|
|
|
103,716
|
|
|
|
100,804
|
|
Other deposits and
prepayments
|
|
|
674,320
|
|
|
|
272,022
|
|
|
|
276,914
|
|
Advances to
suppliers
|
|
|
45,524
|
|
|
|
36,731
|
|
|
|
30,433
|
|
Real estate
properties development completed
|
|
|
813,542
|
|
|
|
840,393
|
|
|
|
429,254
|
|
Real estate
properties under development
|
|
|
3,457,139
|
|
|
|
1,996,001
|
|
|
|
1,848,471
|
|
Amounts due from
related parties
|
|
|
187,644
|
|
|
|
125,662
|
|
|
|
20,284
|
|
Amounts due from
employees
|
|
|
5,187
|
|
|
|
2,174
|
|
|
|
2,277
|
|
Other current
assets
|
|
|
454
|
|
|
|
799
|
|
|
|
140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
6,657,104
|
|
|
|
5,070,212
|
|
|
|
4,054,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
|
287,457
|
|
|
|
277,933
|
|
|
|
163,541
|
|
Property and
equipment, net
|
|
|
32,707
|
|
|
|
32,386
|
|
|
|
33,610
|
|
Long-term
investment
|
|
|
982,714
|
|
|
|
829,773
|
|
|
|
16,479
|
|
Deferred tax
assets
|
|
|
153,558
|
|
|
|
82,006
|
|
|
|
49,701
|
|
Deposits for land use
rights
|
|
|
23,854
|
|
|
|
22,956
|
|
|
|
28,988
|
|
Amounts due from
related parties
|
|
|
30,871
|
|
|
|
24,666
|
|
|
|
-
|
|
Other
assets
|
|
|
46,809
|
|
|
|
44,502
|
|
|
|
24,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
8,215,074
|
|
|
|
6,384,434
|
|
|
|
4,371,375
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (All US$ amounts and number
of shares data in thousands)
|
|
|
March 31,
|
|
|
December
31,
|
|
|
March 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
462,161
|
|
|
|
690,839
|
|
|
|
423,413
|
|
Short-term bank loans
and other debt
|
|
|
264,130
|
|
|
|
247,758
|
|
|
|
130,448
|
|
Customer
deposits
|
|
|
2,429,980
|
|
|
|
438,342
|
|
|
|
168,829
|
|
Income tax
payable
|
|
|
159,391
|
|
|
|
169,839
|
|
|
|
106,396
|
|
Other payables and
accrued liabilities
|
|
|
279,251
|
|
|
|
300,120
|
|
|
|
208,466
|
|
Payroll and welfare
payable
|
|
|
8,973
|
|
|
|
31,445
|
|
|
|
4,626
|
|
Current portion of
long-term bank loans and other debt
|
|
|
1,987,650
|
|
|
|
1,648,233
|
|
|
|
574,802
|
|
Current maturities of
capital lease obligations
|
|
|
4,647
|
|
|
|
4,472
|
|
|
|
3,945
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
16,522
|
|
|
|
15,593
|
|
|
|
-
|
|
Amounts due to
related parties
|
|
|
140,993
|
|
|
|
128,178
|
|
|
|
67,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
5,753,698
|
|
|
|
3,674,819
|
|
|
|
1,688,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
100,523
|
|
|
|
11,019
|
|
|
|
350,887
|
|
Other long term
debt
|
|
|
1,461,869
|
|
|
|
1,404,814
|
|
|
|
1,270,978
|
|
Deferred tax
liabilities
|
|
|
120,320
|
|
|
|
164,204
|
|
|
|
105,086
|
|
Unrecognized tax
benefits
|
|
|
31,231
|
|
|
|
31,231
|
|
|
|
20,492
|
|
Capital lease
obligations, net of current maturities
|
|
|
10,701
|
|
|
|
11,415
|
|
|
|
14,876
|
|
Amounts due to
related parties
|
|
|
31,831
|
|
|
|
29,919
|
|
|
|
-
|
|
TOTAL
LIABILITIES
|
|
|
7,510,173
|
|
|
|
5,327,421
|
|
|
|
3,451,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
Treasury
shares
|
|
|
(67,792)
|
|
|
|
(67,792)
|
|
|
|
(60,915)
|
|
Additional paid-in
capital
|
|
|
544,911
|
|
|
|
543,338
|
|
|
|
539,763
|
|
Statutory
reserves
|
|
|
105,848
|
|
|
|
105,660
|
|
|
|
95,965
|
|
Retained
earnings
|
|
|
81,185
|
|
|
|
382,124
|
|
|
|
354,905
|
|
Accumulated other
comprehensive loss/(income)
|
|
|
51,382
|
|
|
|
29,226
|
|
|
|
(30,652)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
715,550
|
|
|
|
992,572
|
|
|
|
899,082
|
|
Non-controlling
interest
|
|
|
(10,649)
|
|
|
|
64,441
|
|
|
|
21,100
|
|
Total
equity
|
|
|
704,901
|
|
|
|
1,057,013
|
|
|
|
920,182
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
8,215,074
|
|
|
|
6,384,434
|
|
|
|
4,371,375
|
|
Note: The adoption of
ASC 606 reduced first quarter total equity 33.31% to US$704.90
million from US$1,057.01 million in the fourth quarter of
2017.
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-first-quarter-2018-financial-results-300656349.html
SOURCE Xinyuan Real Estate Co., Ltd.