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

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

PR Newswire

BEIJING, Aug. 15, 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 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."

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

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.

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 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

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.

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.

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


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


 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All US$ amounts and number of shares data in thousands, except per share data)






Six months ended




June 30,


June 30,




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


 

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

 

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

 

Cision View original content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-second-quarter-2018-financial-results-300697438.html

SOURCE Xinyuan Real Estate Co., Ltd.

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