EX-99.2 3 tv501118_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

 

 

Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2018 Financial Results

 

 

BEIJING, China, August 15, 2018 - 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 second quarter ended June 30, 2018.

 

Second Quarter 2018 Highlights

 

·Under ASC 606, the Company expects to recognize revenue for contracts executed starting from January 1, 2018, on an “over time” basis using costs incurred, an input measure.

 

·Second quarter results reflect the adoption of ASC 606 and may not be directly comparable to prior periods.

 

·The adoption of ASC 606 reduced second quarter reported revenues and net income by $212.8 million and $29.2 million, respectively.

 

·Contract sales decreased 13.4% to US$633.9 million from US$732.4 million in the second quarter of 2017 and increased 66.5% from US$380.7 million in the first quarter of 2018.

 

·Total revenue decreased 26.1% to US$360.6 million from US$488.2 million in the second quarter of 2017 and increased 107.1% from US$174.1 million in the first quarter of 2018.

 

·Gross profit increased 3.4% to US$111.6 million, or 30.9% of total revenue, from US$107.9 million, or 22.1% of total revenue, in the second quarter of 2017 and increased 188.4% from US$38.7 million, or 22.2% of total revenue, in the first quarter of 2018.

 

·Selling, General and Administrative (“SG&A”) expenses as a percentage of total revenue increased to 12.6% from 9.8% in the second quarter of 2017 and decreased from 22.9% in the first quarter of 2018.

 

·Net loss was US$9.1 million compared to net income of US$20.8 million in the second quarter of 2017 and net loss of US$12.7 million in the first quarter of 2018. Exchange gains of $11.6 million in the first quarter of 2018 swung to exchange losses in Q2 2018 as the RMB weakened against the US dollar.

 

·Diluted net loss per American Depositary Share (“ADS”) attributable to shareholders were US$0.11 compared to diluted net earnings per ADS of US$0.14 in the second quarter of 2017 and net loss per ADS of US$0.16 in the first quarter of 2018.

Mr. Yong Zhang, Xinyuan’s Chairman, stated, “During the second quarter of 2018, our contract sales experienced downward pressure because of tightened regulations on China’s property market. Also, our revenue recognition was delayed due to ASC606 adoption. Despite these factors, we managed to double our revenue and grow our contract sales by two-thirds since the first quarter of 2018.”

 

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Mr. Zhang continued, “In the second quarter of 2018, we continued to progress as planned with our domestic pre-sales and overseas projects. We commenced pre-sales of three projects, Zhengzhou International New City III D, Zhengzhou International New City III B, and Zhengzhou Hangmei International Wisdom City I. We were also able to expand our land bank with the strategic acquisition of 6 pieces of land: Zhengzhou International New City, Zhengzhou Hangmei International Wisdom City, Wuhan New Project, Jinan Zhangqiu Project, Suzhou New Project, and Qingdao West Coast Project. With an enlarged land bank, and an expanded global footprint, we are well positioned for long-term growth.

 

“Despite persistent regulatory headwinds, we remain optimistic about the financial outlook for the rest of the year. We are also proud of our ability to deliver sustainable value to shareholders via a consistent quarterly dividend payout.” concluded Mr. Zhang.

 

Second Quarter 2018 Financial Results

 

Contract Sales

Contract sales in China totaled US$630.3 million in the second quarter compared to US$711.8 million in the second quarter of 2017 and US$375.5 million in the first quarter of 2018.

 

The Company’s GFA sales in China were 282,900 square meters in the second quarter of 2018 compared to 409,700 square meters in the second quarter of 2017 and 149,800 square meters in the first quarter of 2018.

 

The average selling price (“ASP”) per square meter sold in China was RMB14,173 (US$2,226) in the second quarter of 2018 compared to RMB11,946 (US$1,739) in the second quarter of 2017 and RMB15,932 (US$2,506) in the first quarter of 2018.

 

Contract sales in the United States totaled US$3.6 million in the second quarter of 2018.

 

The Company commenced pre-sales of three new projects in the second quarter of 2018, Zhengzhou International New City III D, Zhengzhou International New City III B and Zhengzhou Hangmei International Wisdom City I, which contributed 34.3% and 31.3% of total GFA sales and total contract sales, respectively.

 

Breakdown of GFA Sales and ASPs by Project in China

 

Project  Q2 2017   Q1 2018   Q2 2018 
   GFA   ASP   GFA   ASP   GFA   ASP 
   (m2 ’000s)   (RMB)   (m2 000s)   (RMB)   (m2 000s)   (RMB) 
Xingyang Splendid II   15.4    5,265    -    -    0.3    9,939 
Kunshan Royal Palace   5.3    24,173    (0.2)   22,314    0.2    22,313 
Jinan Royal Palace   13.2    10,508    22.4    12,626    27.4    16,341 
Xuzhou Colorful City   2.8    13,385    3.6    10,265    0.8    10,495 
Chengdu Thriving Family   6.0    19,194    4.5    17,183    1.3    16,011 
Changsha Xinyuan Splendid   28.2    9,521    2.6    15,130    3.7    15,869 
Sanya Yazhou Bay No.1   8.1    15,888    30.9    23,197    12.0    25,758 
Xi’an Metropolitan   9.5    9,553    1.5    9,594    4.5    7,480 
Zhengzhou Xindo Park   22.9    6,998    0.1    10,000    0.4    7,560 
Jinan Xin Central   8.3    13,928    12.2    10,527    9.2    14,073 
Henan Xin Central I   3.4    16,229    0.3    18,486    1.0    15,342 
Zhengzhou Fancy City I   2.6    19,015    0.2    19,949    1.2    10,989 
Zhengzhou Fancy City II (South)   7.6    12,649    1.2    13,031    0.8    14,103 
Tianjin Spring Royal Palace I   11.0    11,118    1.1    14,631    0.1    16,294 
Kunshan Xindo Park   10.6    20,523    2.3    23,009    4.3    23,585 
Zhengzhou International New City I   207.4    12,084    2.4    13,322    6.0    25,102 
Henan Xin Central II   27.2    11,293    7.7    11,768    6.2    12,351 
Xingyang Splendid III   15.5    6,981    16.2    7,381    13.2    7,934 
Changsha Mulian Royal Palace   -    -    2.0    16,177    29.2    10,188 
Zhengzhou International New City II   -    -    11.8    13,739    1.7    13,671 
Zhengzhou International New City III A   -    -    20.4    13,802    1.2    13,611 
Zhengzhou Fancy City II (North)   -    -    2.3    9,813    35.3    9,801 
Tianjin Spring Royal Palace II   -    -    2.7    13,412    11.5    14,124 
Zhengzhou International New City III D   -    -    -    -    29.6    14,282 
Zhengzhou Hangmei International Wisdom City I   -    -    -    -    16.2    7,195 
Zhengzhou International New City III B   -    -    -    -    51.3    13,996 
Others   4.7    -    1.6    -    14.3    - 
Total   409.7    11,946    149.8    15,932    282.9    14,173 

 

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Revenue

In the second quarter of 2018, the Company’s total revenue decreased 26.1% to US$360.6 million from US$488.2 million in the second quarter of 2017 and increased 107.1% from US$174.1 million in the first quarter of 2018.

 

Gross Profit

Gross profit for the second quarter of 2018 was US$111.6 million, or 30.9% of revenue, compared to a gross profit of US$107.9 million, or 22.1% of revenue, in the second quarter of 2017 and a gross profit of US$38.7 million, or 22.2% of revenue, in the first quarter of 2018.

 

Selling, General and Administrative Expenses

SG&A expenses were US$45.6 million for the second quarter of 2018 compared to US$47.9 million for the second quarter of 2017 and US$39.8 million for the first quarter of 2018. As a percentage of total revenue, SG&A expenses were 12.6% compared to 9.8% in the second quarter of 2017 and 22.9% in the first quarter of 2018.

 

Net Income/(loss)

The Company experienced a net loss in the second quarter of 2018 due to the decrease of revenue, foreign currency exchange loss, and interest expenses. Net loss for the second quarter of 2018 was US$9.1 million compared to net income of US$20.8 million for the second quarter of 2017 and net loss of US$12.7 million for the first quarter of 2018. Net margin decreased from 4.3% in the second quarter of 2017 and increased from negative 7.3% in the first quarter of 2018 to negative 2.5% for the second quarter of 2018. Diluted net loss was US$0.11 per ADS in the second quarter of 2018 compared to diluted net earnings of US$0.14 per ADS in the second quarter of 2017 and diluted net loss of US$0.16 per ADS in the first quarter of 2018.

 

Balance Sheet

As of June 30, 2018, the Company’s cash and cash equivalents (including restricted cash) increased to US$1,450.8 million from US$1,191.8 million as of March 31, 2018. Total debt outstanding was US$3,585.5 million, which reflected a decrease of US$228.7 million compared to US$3,814.2 million at the end of the first quarter of 2018. The balance of the Company’s real estate properties under development at the end of the second quarter of 2018 was US$3,707.3 million compared to US$3,457.1 million at the end of the first 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.

 

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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 

 

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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 2018.

 

Project  GFA 
   (m2 000s) 
   Total Active Project   Sold to date   Unsold to date 
Xingyang Splendid II   137.3    81.7    55.6 
Kunshan Royal Palace   280.6    278.9    1.7 
Jinan Royal Palace   449.5    399.9    49.6 
Xuzhou Colorful City   130.7    119.7    11.0 
Chengdu Thriving Family   203.4    197.0    6.4 
Changsha Xinyuan Splendid   251.7    245.1    6.6 
Sanya Yazhou Bay No.1   117.6    101.4    16.2 
Xi’an Metropolitan   290.6    265.5    25.1 
Zhengzhou Xindo Park   144.4    127.8    16.6 
Jinan Xin Central   194.4    178.4    16.0 
Henan Xin Central I   262.2    252.1    10.1 
Zhengzhou Fancy City I   166.7    159.9    6.8 
Tianjin Spring Royal Palace I   139.2    131.0    8.2 
Zhengzhou Fancy City II (South)   84.1    81.5    2.6 
Kunshan Xindo Park   89.0    80.4    8.6 
Zhengzhou International New City I   360.5    335.9    24.6 
Henan Xin Central II   109.8    103.6    6.2 
Xingyang Splendid III   121.1    112.0    9.1 
Changsha Mulian Royal Palace   91.1    85.7    5.4 
Zhengzhou International New City II   176.0    159.2    16.8 
Zhengzhou International New City III A   96.0    95.4    0.6 
Zhengzhou Fancy City II (North)   108.5    77.2    31.3 
Tianjin Spring Royal Palace II   144.0    14.1    129.9 
Zhengzhou International New City III D   46.1    29.7    16.4 
Zhengzhou Hangmei International Wisdom City I   64.7    16.1    48.6 
Zhengzhou International New City III B   118.8    51.3    67.5 
Others   66.8    -    66.8 
Total active projects   4,444.8    3,780.5    664.3 

 

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As of August 10, 2018, the Company’s total saleable GFA was approximately 5,992,900 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
Changsha Furong Thriving Family   72.3   2018Q3
Xinyuan Chang’an Royal Palace   226.0   To be determined
Xinyuan Golden Water View City   340.0   2018Q4
Kunshan Xinyu Jiayuan   109.3   2018Q3
Zhengzhou International New City Land Bank (all land is grouped together and will be developed gradually)   1,689.5   2018Q4
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 Project Land Bank (all land is grouped together and will be developed gradually)   268.5   2018Q3
Zhengzhou Zhongmou Project   480.0   To be determined
Suzhou Yinhewan Project   89.7   2018Q4
Suzhou Wujiang New City   63.0   2018Q3
Chengdu Xinyuan City   873.0   2018Q3
Wuhan New Project(newly added)   185.0   To be determined
Jinan Zhangqiu Project(newly added)   118.0   To be determined
Suzhou New Project(newly added)   24.0   2018Q4
Qingdao West Coast Project(newly added)   155.0   2018Q4
Total projects under planning   5,328.6    
Total active projects   664.3    
Total of all Xinyuan unsold projects in China   5,992.9    

 

Real Estate Project Update in the United States

 

As of June 30, 2018, a total of 176 units out of 216 units had been sold and closed at the Company’s Oosten project in Brooklyn, New York City, with a total revenue from this project reaching US$259.3 million. During the first half of 2018, revenues were US$8.8 million.

 

Excavation and foundation work was completed in the first half of 2018 for the Company’s 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. The shell of the building is scheduled to begin in September 2018, with facade, core mechanical, and electrical installations to follow. 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. The Company has begun the protection, master molds, and removal of landmarked artifacts and will transfer them in the third quarter of 2018. Offsite restoration work will follow at a later date.

 

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Real Estate Project Update in the United Kingdom

 

During the second quarter of 2018, the structural core of the Madison project has been constructed up to the 23rd floor out of a total 53 floors. Construction remains on programmed 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, 130 apartments have been sold. UK inquiry levels remained robust during the period despite ongoing political uncertainty caused by Brexit and the transition into the typically quieter summer sales season.

 

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 third quarter of 2018, the Company expects contract sales to be approximately US$540 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 August 15, 2018 to discuss second quarter 2018 results. Listeners may access the call by dialing:

 

US Toll Free: 1-866-575-6539

International: 1-323-994-2082

 

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 22, 2018 by dialing:

 

US: 1-844-512-2921

International: 1-412-317-6671

Access code: 3902086

 

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.

 

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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

 

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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, 
   2018   2018   2017 
   (unaudited)   (unaudited)   (unaudited) 
             
Total revenue   360,569    174,097    488,165 
                
Total costs of revenue   (248,921)   (135,394)   (380,242)
Gross profit   111,648    38,703    107,923 
                
Selling and distribution expenses   (13,819)   (12,174)   (18,072)
General and administrative expenses   (31,773)   (27,592)   (29,823)
                
Operating income/(loss)   66,056    (1,063)   60,028 
                
Interest income   6,678    6,350    4,375 
Interest expense   (26,592)   (29,785)   (20,195)
Net realized gain on short-term investments   2    1,237    2,257 
Unrealized (loss)/gains on short-term investments   (700)   (242)   524 
Other (expense)/income   (1,037)   207    - 
Exchange (loss)/gains   (21,374)   11,639    (46)
Share of loss of equity investees   (3,227)   (921)   (265)
                
Income/(loss) from operations before income taxes   19,806    (12,578)   46,678 
                
Income taxes   (28,952)   (142)   (25,901)
                
Net (loss)/income   (9,146)   (12,720)   20,777 
Net (loss)/ income attributable to non-controlling interest   2,207    2,315    (11,698)
Net (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders   (6,939)   (10,405)   9,079 
                
(Loss)/earnings per ADS:               
Basic   (0.11)   (0.16)   0.14 
Diluted   (0.11)   (0.16)   0.14 
ADS used in computation:               
Basic   64,921    64,821    64,324 
Diluted   65,816    65,805    65,622 

 

 

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   Six months ended 
   June 30,   June 30, 
   2018   2017 
   (unaudited)   (unaudited) 
         
Total revenue   534,666    768,878 
           
Total costs of revenue   (384,314)   (598,389)
Gross profit   150,352    170,489 
           
Selling and distribution expenses   (25,993)   (28,559)
General and administrative expenses   (59,365)   (54,840)
           
Operating income   64,994    87,090 
           
Interest income   13,027    6,974 
Interest expense   (56,377)   (29,521)
Net realized gain on short-term investments   1,239    2,845 
Unrealized (loss)/gains on short-term investments   (941)   1,778 
Other (expense)/income   (830)   159 
Exchange loss   (9,735)   (97)
Share of loss of equity investees   (4,149)   (508)
           
Income from operations before income taxes   7,228    68,720 
           
Income taxes   (29,093)   (40,525)
           
Net (loss)/income   (21,865)   28,195 
Net (loss)/ income attributable to non-controlling interest   4,522    (11,656)
Net (loss)/income attributable to Xinyuan Real Estate Co., Ltd. shareholders   (17,343)   16,539 
           
(Loss)/earnings per ADS:          
Basic   (0.27)   0.26 
Diluted   (0.26)   0.26 
ADS used in computation:          
Basic   64,921    64,159 
Diluted   65,642    65,779 

 

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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, 
   2018   2018   2017 
   (unaudited)   (unaudited)   (audited) 
ASSETS               
Current assets               
Cash and cash equivalents   1,066,507    813,736    894,551 
Restricted cash   384,276    378,077    566,676 
Short-term investments   99,409    123,478    57,740 
Accounts receivable   37,508    10,912    100,553 
Other receivables   50,158    49,422    73,194 
Deposits for land use rights   202,255    97,669    103,716 
Other deposits and prepayments   184,903    674,320    272,022 
Advances to suppliers   50,582    45,524    36,731 
Real estate properties development completed   715,893    813,542    840,393 
Real estate properties under development   3,707,284    3,457,139    1,996,001 
Contract asset   16,990    -    - 
Amounts due from related parties   149,702    187,644    125,662 
Amounts due from employees   3,298    5,187    2,174 
Other current assets   657    454    799 
                
Total current assets   6,669,422    6,657,104    5,070,212 
                
Real estate properties held for lease, net   284,948    287,457    277,933 
Property and equipment, net   30,287    32,707    32,386 
Long-term investment   844,903    982,714    829,773 
Deferred tax assets   140,899    153,558    82,006 
Deposits for land use rights   22,669    23,854    22,956 
Amounts due from related parties   30,020    30,871    24,666 
Other assets   162,261    46,809    44,502 
                
TOTAL ASSETS   8,185,409    8,215,074    6,384,434 

 

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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, 
   2018   2018   2017 
   (unaudited)   (unaudited)   (audited) 
LIABILITIES AND               
SHAREHOLDERS’ EQUITY               
Current liabilities               
Accounts payable and notes payable   489,866    462,161    690,839 
Short-term bank loans and other debt   167,338    264,130    247,758 
Customer deposits   2,634,724    2,429,980    438,342 
Income tax payable   130,764    159,391    169,839 
Other payables and accrued liabilities   267,744    279,251    300,120 
Payroll and welfare payable   9,855    8,973    31,445 
Current portion of long-term bank loans and other debt   1,690,379    1,987,650    1,648,233 
Current maturities of capital lease obligations   5,059    4,647    4,472 
Mandatorily redeemable non-controlling interests   15,853    16,522    15,593 
Amounts due to related parties   54,583    140,993    128,178 
                
Total current liabilities   5,466,165    5,753,698    3,674,819 
                
Non-current liabilities               
Long-term bank loans   297,524    100,523    11,019 
Other long term debt   1,430,226    1,461,869    1,404,814 
Deferred tax liabilities   157,468    120,320    164,204 
Unrecognized tax benefits   31,231    31,231    31,231 
Capital lease obligations, net of current maturities   8,408    10,701    11,415 
Amounts due to related parties   114,411    31,831    29,919 
TOTAL LIABILITIES   7,505,433    7,510,173    5,327,421 
                
Shareholders’ equity               
Common shares   16    16    16 
Treasury shares   (70,757)   (67,792)   (67,792)
Additional paid-in capital   546,207    544,911    543,338 
Statutory reserves   105,848    105,848    105,660 
Retained earnings   85,498    81,185    382,124 
Accumulated other comprehensive loss   13,077    51,382    29,226 
                
Total Xinyuan Real Estate Co., Ltd. shareholders’ equity   679,889    715,550    992,572 
Non-controlling interest   87    (10,649)   64,441 
Total equity   679,976    704,901    1,057,013 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   8,185,409    8,215,074    6,384,434 

 

 

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