BEIJING, Feb. 23, 2012 /PRNewswire-Asia/ -- Xinyuan
Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a focus on high growth,
strategic Tier II cities in China,
today announced its unaudited financial results for the fourth
quarter and full year 2011.
Highlights for the Fourth Quarter 2011
- Total fourth quarter revenues were US$199.8 million, a 45.6% increase from
US$137.2 million reported in the
fourth quarter of 2010, and 6.3% decrease from US$213.3 million recorded in the third quarter of
2011.
- Contract sales totaled US$172.1
million, an 11.3% decrease from US$194.1 million recorded in the fourth quarter
of 2010, and 33.1% decrease from US$257.1
million recorded in the third quarter of 2011.
- Total gross floor area ("GFA") sales were 111,900 square
meters, a 35.4% decrease from 173,200 square meters sold in the
fourth quarter of 2010 and 40.7% decrease from 188,700 square
meters sold in the third quarter of 2011.
- Selling, General, and Administrative ("SG&A") expenses as a
percent of total revenue totaled 5.8% compared to 6.7% in the
fourth quarter of 2010 and 6.7% in the third quarter of 2011.
- Net income reached US$28.3
million, a 31.0% increase from US$21.6 million reported in the fourth quarter of
2010 and 9.3% decrease from US$31.2
million in the third quarter of 2011.
- Diluted net earnings per share attributable to ordinary
shareholders were US$0.19, equivalent
to US$0.38 per American Depositary
Share ("ADS"), compared to diluted net earnings per share of
US$0.14, equivalent to US$0.28 per ADS, in the fourth quarter of 2010
and US$0.21, equivalent to
US$0.42 per ADS, in the third quarter
of 2011.
- Cash and cash equivalents, including restricted cash, decreased
by US$37.5 million to US$487.6 million as of December 31, 2011 from US$525.1 million as of September 30, 2011 as the Company spent
US$83.0 million on new land
acquisitions in the fourth quarter of 2011. Short and long term
debt decreased by US$18.0 million to
US$285.5 million compared to
US$303.5 million as of September 30, 2011.
- On May 26, 2011, the Company
announced a share repurchase program of up to US$10 million. In the 2011 fourth quarter,
the Company repurchased 1,380,265 ADS's at a total cost of
US$2.5 million. Since the start
of the share repurchase program, Xinyuan has repurchased 3,771,764
ADS's at a total cost of nearly US$8.0
million.
- The Company acquired two parcels of land In Zhengzhou and
Xuzhou with a total GFA of approximately 326,000 square
meters.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer said, "We were pleased to
achieve our revenue and net income guidance ranges for the fourth
quarter despite market headwinds experienced from November 2011 onwards. While broader demand
for our projects was affected by ongoing home buying restriction
policies, our development projects in Tier II & III cities have
been better insulated from more significantly weaker housing prices
in Tier I cities. Eleven development projects were active in
the fourth quarter with total GFA sales of approximately 112,000
square meters and average selling prices increasing 12% to
RMB 9,940 primarily due to a mix of
higher-priced projects and sales of commercial retail space in our
Chengdu and Zhengzhou Modern City
projects which carry higher prices than residential space.
"For the full year of 2011, our revenue increased by 52.8% to
US$688 million from US$450 million in 2010. Net profit surpassed
US$100 million, which is virtually
double the previous year's profit. This strong performance has
allowed us to purchase land, reduce our debt, establish a stock
buyback program, and initiate a dividend program.
"Looking ahead, we expect contract sales to remain sluggish in
2012 if there is no easing of buyer restriction policies. However,
we believe that 2012 will see year-over-year revenue and net income
growth for Xinyuan. We have a sound balance sheet, sufficient
capital and access to capital for the development of all of our
projects including our most recent land parcels acquired in the
fourth quarter. We continue to seek attractive land
acquisitions and to maximize shareholder returns. With a highly
diversified project pipeline and strong balance sheet, we remain
highly confident in our strategy to offer affordable developments
in Tier II & III cities."
Financial Results for the Fourth Quarter 2011
Contract Sales
Contract sales totaled US$172.1
million in the fourth quarter compared to US$194.1 million in the fourth quarter of 2010
and US$257.1 million in the third
quarter of 2011. The Company's GFA sales were 111,900 square meters
in the fourth quarter of 2011 versus 173,200 square meters in the
fourth quarter of 2010 and 188,700 square meters in the third
quarter of 2011. The average selling price per square meter sold
was RMB9,940 (US$1,538) in the fourth quarter of 2011 versus
RMB7,584 (US$1,120) in the fourth quarter of 2010 and
RMB8,857 (US$1,362) in the third quarter of 2011.
Breakdown of GFA Sales and ASP's by Project
|
Q4
2010
|
Q3
2011
|
Q4
2011
|
Unsold
|
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
Project
|
(sqm
000)
|
(Rmb)
|
(sqm
000)
|
(Rmb)
|
(sqm
000)
|
(Rmb)
|
(sqm
000)
|
Chengdu Splendid
I
|
6.6
|
5,001
|
7.6
|
5,674
|
6.3
|
10,195
|
18.7
|
Chengdu Splendid
II
|
53.8
|
6,680
|
21.0
|
6,916
|
13.9
|
6,936
|
51.7
|
Zhengzhou Colorful
Garden
|
5.9
|
8,533
|
1.0
|
13,798
|
0.1
|
17,584
|
3.7
|
Zhengzhou Modern
City
|
54.1
|
7,575
|
17.4
|
8,808
|
15.5
|
13,462
|
62.9
|
Zhengzhou Royal
Palace
|
-
|
-
|
12.1
|
14,388
|
9.2
|
15,568
|
110.9
|
Zhengzhou Century East
B
|
-
|
-
|
25.7
|
8,705
|
13.1
|
8,555
|
117.7
|
Kunshan Intl City
Garden
|
11.8
|
9,422
|
14.0
|
9,786
|
7.9
|
9,433
|
116.0
|
Suzhou Intl City
Garden
|
6.7
|
13,087
|
20.6
|
10,969
|
10.1
|
10,676
|
67.7
|
Xuzhou Colorful
Garden
|
29.1
|
7,263
|
7.6
|
8,785
|
0.8
|
11,064
|
1.0
|
Jinan Xinyuan
Splendid
|
-
|
-
|
22.9
|
9,482
|
7.5
|
8,375
|
479.3
|
Zhengzhou Yipinxiangshan
II
|
-
|
-
|
38.8
|
6,928
|
26.8
|
8,157
|
79.4
|
Others
|
5.2
|
9,756
|
-
|
-
|
0.7
|
-
|
4.1
|
Total
|
173.2
|
7,584
|
188.7
|
8,857
|
111.9
|
9,940
|
1,113.1
|
Revenue under the Percentage of Completion Method
In the fourth quarter of 2011, the Company's total revenue using
the percentage of completion method was US$199.8 million compared to US$137.2 million in the fourth quarter of 2010
and US$213.3 million in the third
quarter of 2011. Versus the previous quarter, this quarter's
decrease in revenue under the percentage of completion method is
mainly due to the decrease in contract sales.
Gross Profit
Gross profit for the fourth quarter of 2011 was US$56.4 million, or 28.2% of revenue, compared to
gross profit of US$41.4 million, or
30.2% of revenue, in the fourth quarter of 2010 and a gross profit
of US$63.8 million, or 29.9% of
revenue, in the third quarter of 2011.
Each quarter the Company revises total project cost and sales
projections for all projects. In the fourth quarter of 2011
US$0.8 million of cumulative gross
profit was recognized under the percentage of completion method due
to changes in estimates compared to US$3.7
million being recognized the previous quarter due to changes
in estimates.
Selling, General and Administrative Expenses
SG&A expenses were US$11.7
million for the fourth quarter of 2011 compared to
US$9.1 million for the fourth quarter
of 2010 and US$14.2 million for the
third quarter of 2011. As a percentage of total revenue, SG&A
expenses were 5.8% compared to 6.7% in the fourth quarter of 2010
and 6.7% in the third quarter of 2011. The decrease in SG&A
expenses was mainly due to decreased sales agent commissions and
reduced promotional fees associated with new project launches.
Share-based Compensation
Share-based compensation was US$0.2
million for the fourth quarter of 2011 compared to
US$0.6 million for the fourth quarter
of 2010 and US$0.5 million for the
third quarter of 2011.
Net Income
Net income for the fourth quarter of 2011 was US$28.3 million compared to US$21.6 million for the same period in 2010 and
US$31.2 million in the third quarter
of 2011. Net margin was 14.2 %, compared to 15.7% in the fourth
quarter of 2010 and 14.6% in the third quarter of 2011. Diluted
earnings per share for the fourth quarter of 2011 were US$0.19, equivalent to US$0.38 per ADS, compared to a profit of
US$0.14 per diluted share, equivalent
to US$0.28 per ADS, for the same
period in 2010, and US$0.21 per
diluted share, equivalent to US$0.42
per ADS, in the third quarter of 2011.
Financial Results for the Full Year 2011
For the year ended December 31,
2011, total revenues increased by 52.8% to US$687.5 million from US$450.0 million in 2010. GFA sales increased by
8.0% to 565,700 square meters from 523,800 square meters in 2010.
Contract sales increased by 29.0% to US$758.9 million from US$588.3 million in 2010.
Gross profit was US$199.7 million,
or 29.1% of revenue, for fiscal year 2011 compared to a gross
profit of US$115.5 million, or of
25.7% of revenue, for fiscal year 2010.
SG&A expenses were US$43.4
million, or 6.3% of revenue, compared to US$32.9 million, or 7.3% of revenue in 2010.
Net income was US$103.0 million
for fiscal year 2011, versus net income of US$51.1 million for 2010. Diluted earnings per
share were US$0.68, equivalent to
US$1.36 per ADS in 2011, compared to
US$0.33, equivalent to US$0.66 per ADS in 2010.
Balance Sheet
As of December 31, 2011, the
Company reported US$487.6 million in
cash and cash equivalents (including restricted cash) compared to
US$525.1 million as of September 30, 2011. Total debt outstanding was
US$285.5 million, a decrease of
US$18.0 million compared to
US$303.5 million at the end of the
third quarter of 2011. The value of the Company's real estate
property under development at the end of the fourth quarter was
US$761.9 million compared to
US$622.3 million at the end of the
third quarter of 2011.
Project Status
Below is a summary table of projects that were active in the
fourth quarter of 2011.
|
GFA
|
Contract
Sales
|
Project Cost %
Complete
|
(sqm
000)
|
(US$
million)
|
Project
|
Total Active
Projects
|
Sold to
date
|
Total Active
Projects
|
Sales to
date
|
%
|
|
Sold
|
Chengdu Splendid
I
|
231.0
|
212.3
|
192.0
|
171.4
|
89.3%
|
93.7%
|
Chengdu Splendid
II
|
216.9
|
165.2
|
220.9
|
171.4
|
77.6%
|
90.6%
|
Zhengzhou Colorful
Garden
|
191.9
|
188.2
|
199.6
|
193.8
|
97.1%
|
99.7%
|
Zhengzhou Modern
City
|
255.4
|
192.5
|
341.7
|
242.1
|
70.9%
|
67.8%
|
Zhengzhou Royal
Palace
|
132.2
|
21.3
|
209.1
|
49.2
|
23.5%
|
66.9%
|
Zhengzhou Century East
B
|
166.5
|
48.8
|
231.4
|
65.3
|
28.2%
|
68.6%
|
Kunshan Intl City
Garden
|
497.9
|
381.9
|
569.6
|
426.0
|
74.8%
|
94.0%
|
Suzhou Intl City
Garden
|
204.1
|
136.4
|
301.8
|
208.4
|
69.1%
|
97.9%
|
Xuzhou Colorful
Garden
|
101.8
|
100.8
|
116.9
|
115.4
|
98.7%
|
80.1%
|
Jinan Xinyuan
Splendid
|
565.4
|
86.1
|
747.4
|
117.9
|
15.8%
|
53.7%
|
Zhengzhou Yipinxiangshan
II
|
198.5
|
119.1
|
209.7
|
132.9
|
63.4%
|
70.3%
|
Others remaining
GFA
|
4.1
|
|
|
|
|
|
Total active
projects
|
2,765.7
|
1,652.6
|
3,340.1
|
1,893.8
|
56.7%
|
77.8%
|
As of December 31, 2011, the
Company's total sellable GFA was approximately 1,516,800 square
meters for active projects and pre-revenue stage projects. Below is
a summary of all projects at Xinyuan that are in the planning
stage:
|
Unsold
GFA
(sqm
000)
|
First
Pre sales
Scheduled
|
Zhengzhou Century East A
(planning)
|
77.8
|
Q2 2012
|
Newly Acquired
Zhengzhou Land
|
208.3
|
Q4 2012
|
Newly Acquired Xuzhou
Land
|
117.6
|
Q4 2012
|
Total active
projects
|
1,113.1
|
|
Total all Xinyuan
projects
|
1,516.8
|
|
First Quarter and Full Year 2012 Outlook
The Company expects contract sales in the first quarter of 2012
to be in the range of US$105 to US$115
million. Revenue under the percentage of completion method
is expected to range between US$135 and
US$145 million and net income in the first quarter is
expected to be in the range of US$18.0 to
US$21.0 million.
For the full year 2012, contract sales are expected to be in the
range of US$635 to US$655 million.
Revenue under the percentage of completion method is expected to
range between US$755 and US$775
million and net income is expected to be in the range of
US$95 to US$105 million.
Percentage of Completion Accounting
Xinyuan's projects recognize revenue under the percentage of
completion method. This requires the Company to re-evaluate its
estimates of future revenues and costs on a quarterly basis project
by project.
Cumulative revenue = Cumulative contract sales proceeds x
Cumulative incurred cost
Total estimated project cost
Cumulative cost of sales = Cumulative contract sales x
Cumulative incurred cost
Total estimated project revenue
Whenever Xinyuan makes changes to expected total project life
profit margins, a "catch-up" adjustment must be made in the quarter
of change to account for the difference between profits previously
recognized using the previous profit margin estimate and the
comparable profit using the new profit margin estimates. Further,
if the updated profit margin indicates that the Company will have
to sell units at a price less than its costs to develop them, it
must recognize the full expected gross loss over the life of the
project at that time regardless of whether the units have been
sold. Additionally for such unprofitable projects the Company must
also determine whether an impairment exists, and, if so, write down
the cost to the fair value of the project which, in turn, may be
less than the basis after recognizing the effect of future
losses.
Conference Call Information
Xinyuan's management will host an earnings conference call on
February 23rd, 2012 at 8:00 a.m. U.S. Eastern Time. Listeners may access
the call by dialing 1-719-325-4849. A webcast will also be
available through the Company's investor relations website at
http://www.xyre.com. Listeners may access the replay by
dialing 1-858-384-5517, access code: 6044672.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle. Xinyuan focuses on
China's Tier II cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. Xinyuan has expanded its
network to cover a total population of over 44.7 million people in
seven strategically selected Tier II cities, comprising
Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou and Chengdu. Xinyuan is the first real estate
developer from China to be listed
on the New York Stock Exchange. For more information, please visit
http://www.xyre.com.
Safe Harbor Statement
This press release contains 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 can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
concerning our beliefs, forecasts, estimates and expectations, 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, the risk that: our financing costs are subject
to changes in interest rates; our results of operations may
fluctuate from period to period; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; the market
price of our ADSs may be volatile, 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, 2010. All information
provided in this press release is as of February 23, 2012. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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:
Mr. Tom Gurnee
Chief Financial Officer
Tel: +86 (10) 8588-9390
Email: tom.gurnee@xyre.com
Ms. Helen Zhang
Financial Controller
Tel: +86 (10) 8588-9255
Email: yuan.z@xyre.com
ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
XINYUAN REAL ESTATE
CO., LTD. AND ITS SUBSIDIARIES
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All US$ amounts and
number of shares data in thousands, except per share
data)
|
|
|
|
|
|
|
|
Three months ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2011
|
|
2011
|
|
2010
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Revenue
|
199,770
|
|
213,272
|
|
137,191
|
|
|
|
|
|
|
Cost of
revenue
|
(143,407)
|
|
(149,464)
|
|
(95,806)
|
Gross
profit
|
56,363
|
|
63,808
|
|
41,385
|
|
|
|
|
|
|
Selling and distribution
expenses
|
(3,645)
|
|
(6,773)
|
|
(3,328)
|
General and
administrative expenses
|
(8,006)
|
|
(7,453)
|
|
(5,817)
|
|
|
|
|
|
|
Operating
income
|
44,712
|
|
49,582
|
|
32,240
|
|
|
|
|
|
|
Interest
income
|
2,582
|
|
1,230
|
|
665
|
Share of income in an
equity investee
|
-
|
|
-
|
|
1,273
|
Exchange
gains
|
1
|
|
-
|
|
1
|
Income from
operations before income taxes
|
47,295
|
|
50,812
|
|
34,179
|
|
|
|
|
|
|
Income taxes
|
(18,986)
|
|
(19,591)
|
|
(12,572)
|
|
|
|
|
|
|
Net
income
|
28,309
|
|
31,221
|
|
21,607
|
Less: net income/ (loss)
attributable to non-controlling interest
|
114
|
|
(59)
|
|
(18)
|
Net income
attributable to shareholders
|
28,195
|
|
31,280
|
|
21,625
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
0.19
|
|
0.21
|
|
0.14
|
Diluted
|
0.19
|
|
0.21
|
|
0.14
|
Shares used in
computation:
|
|
|
|
|
|
Basic
|
147,992
|
|
151,015
|
|
153,186
|
Diluted
|
147,992
|
|
151,015
|
|
153,280
|
|
|
|
|
|
|
|
XINYUAN REAL ESTATE
CO., LTD. AND SUBSIDIARIES
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All US$ amounts and
number of shares data in thousands, except per share
data)
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
December
31
|
|
December
31,
|
|
2011
|
|
2010
|
|
(unaudited)
|
|
(audited)
|
Revenue
|
687,508
|
|
449,972
|
|
|
|
|
Cost of
revenue
|
(487,777)
|
|
(334,453)
|
Gross
profit
|
199,731
|
|
115,519
|
|
|
|
|
Selling
expenses
|
(16,209)
|
|
(10,724)
|
General and
administrative expenses
|
(27,231)
|
|
(22,208)
|
|
|
|
|
Operating
income
|
156,291
|
|
82,587
|
|
|
|
|
Interest
income
|
5,294
|
|
2,218
|
Other
income/(expense)
|
-
|
|
2,380
|
Share of income in an
equity investee
|
-
|
|
227
|
Exchange
gains
|
57
|
|
202
|
Change in fair value of
warrant liabilities
|
-
|
|
842
|
Income from
operations before income taxes
|
161,642
|
|
88,456
|
|
|
|
|
Income taxes
|
(58,637)
|
|
(37,333)
|
|
|
|
|
Net
income
|
103,005
|
|
51,123
|
Less: net income/ (loss)
attributable to non-controlling interest
|
707
|
|
(18)
|
|
|
|
|
Net income
attributable to shareholders
|
102,298
|
|
51,141
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
0.68
|
|
0.34
|
Diluted
|
0.68
|
|
0.33
|
Shares used in
computation:
|
|
|
|
Basic
|
151,315
|
|
152,578
|
Diluted
|
151,315
|
|
155,397
|
XINYUAN REAL ESTATE
CO., LTD. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All US$ amounts and
number of shares data in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
319,218
|
|
364,247
|
|
213,326
|
Restricted
cash
|
|
|
168,384
|
|
160,806
|
|
82,305
|
Accounts
receivable
|
|
|
22,391
|
|
22,434
|
|
3,511
|
Other
receivables
|
|
|
13,352
|
|
10,123
|
|
6,462
|
Other deposits and
prepayments
|
|
|
60,006
|
|
71,091
|
|
34,790
|
Advances to
suppliers
|
|
|
14,184
|
|
15,812
|
|
21,933
|
Real estate property
development completed
|
|
|
6,775
|
|
6,030
|
|
1,470
|
Real estate property
under development
|
|
|
761,871
|
|
622,345
|
|
710,585
|
Other current
assets
|
|
|
658
|
|
429
|
|
663
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
1,366,839
|
|
1,273,317
|
|
1,075,045
|
|
|
|
|
|
|
|
|
Real estate properties
held for lease, net
|
|
|
18,527
|
|
19,213
|
|
19,876
|
Property and equipment,
net
|
|
|
2,981
|
|
2,664
|
|
2,687
|
Other long-term
investment
|
|
|
247
|
|
247
|
|
242
|
Deferred tax
asset
|
|
|
708
|
|
692
|
|
1,925
|
Other assets
|
|
|
2,901
|
|
3,181
|
|
4,190
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
1,392,203
|
|
1,299,314
|
|
1,103,965
|
XINYUAN REAL ESTATE
CO., LTD. AND ITS SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(All US$ amounts and
number of shares data in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
SHAREHOLDERS¡¯
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
236,517
|
|
175,929
|
|
150,670
|
Short-term bank
loans
|
|
|
|
172,039
|
|
179,362
|
|
186,631
|
Customer
deposits
|
|
|
|
71,109
|
|
65,023
|
|
22,789
|
Income tax
payable
|
|
|
|
73,589
|
|
38,056
|
|
40,895
|
Deferred tax
liabilities
|
|
|
|
17,896
|
|
47,592
|
|
18,731
|
Other payables and
accrued liabilities
|
|
|
|
50,970
|
|
47,884
|
|
39,162
|
Payroll and welfare
payable
|
|
|
|
7,018
|
|
3,061
|
|
4,539
|
Current portion of
long-term debt
|
|
|
|
313
|
|
296
|
|
331
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
|
629,451
|
|
557,203
|
|
463,748
|
|
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
|
73,482
|
|
82,831
|
|
70,213
|
Unrecognized tax
benefits
|
|
|
|
13,824
|
|
13,707
|
|
13,151
|
Other long-term
debt
|
|
|
|
39,709
|
|
41,046
|
|
38,688
|
TOTAL
LIABILITIES
|
|
|
|
756,466
|
|
694,787
|
|
585,800
|
|
|
|
|
|
|
|
|
|
Shareholders¡¯
equity
|
|
|
|
|
|
|
|
|
Common shares
|
|
|
|
15
|
|
15
|
|
15
|
Treasury
shares
|
|
|
|
(7,959)
|
|
(5,417)
|
|
-
|
Additional paid-in
capital
|
|
|
|
509,713
|
|
509,487
|
|
507,973
|
Retained earnings
(accumulated deficit)
|
|
|
|
99,278
|
|
71,893
|
|
(17,749)
|
Statutory
reserves
|
|
|
|
33,579
|
|
27,559
|
|
27,559
|
TOTAL SHAREHOLDERS¡¯
EQUITY
|
|
|
|
634,626
|
|
603,537
|
|
517,798
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
|
1,111
|
|
990
|
|
367
|
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY
|
|
|
|
635,737
|
|
604,527
|
|
518,165
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
1,392,203
|
|
1,299,314
|
|
1,103,965
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Xinyuan Real Estate Co., Ltd.