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
'000s)
|
(RMB)
|
(m2
'000s)
|
(RMB)
|
(m2
'000s)
|
(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
|
(m2
'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
(m2
'000s)
|
Pre-sales
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
and will be developed gradually)
|
1,426.2
|
To be
determined
|
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
will be developed gradually)
|
192.7
|
To be
determined
|
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
gradually)
|
796.9
|
To be
determined
|
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.
shareholders
|
|
|
20,126
|
|
|
(6,791)
|
|
|
14,076
|
|
|
|
|
|
|
|
|
|
|
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.
shareholders
|
|
2,932
|
|
|
30,617
|
|
|
|
|
|
|
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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content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-third-quarter-2018-financial-results-300748995.html
SOURCE Xinyuan Real Estate Co., Ltd.