BEIJING, Nov. 11, 2014 /PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a primary focus on high
growth cities in China, today
announced its unaudited financial results for the third quarter
2014.
Highlights for the Third Quarter 2014
- Net income was US$7.8 million, a
14.7% increase from US$6.8 million in
the second quarter of 2014 and a 72.8% decrease from US$28.7 million reported in the third quarter of
2013.
- Total third quarter revenues were US$163.6 million, a 1.9% decrease from
US$166.8 million recorded in the
second quarter of 2014 and a 32.0% decrease from US$240.7 million reported in the third quarter of
2013. Contract sales totaled US$167.7
million, a 15.6% decrease from US$198.7 million recorded in the second quarter
of 2014 and a 31.2% decrease from US$243.7
million recorded in the third quarter of 2013.
- Total gross floor area ("GFA") sales were 100,300 square
meters, a 33.0% decrease from 149,600 square meters sold in the
second quarter of 2014, and a 34.0% decrease from 151,900 square
meters sold in the third quarter of 2013.
- Selling, General, and Administrative ("SG&A") expenses as a
percent of total revenue totaled 19.6% compared to 21.4% in the
second quarter of 2014 and 9.6% in the third quarter of 2013.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.10, compared to diluted net earnings per ADS
of US$0.08 in the second quarter of
2014 and US$0.39 per ADS in the third
quarter of 2013.
- The Company repurchased 0.63 million ADSs at a total cost of
approximately US$2.3 million in the
third quarter of 2014.
Mr. Yong Zhang, Xinyuan's
Chairman said, "China's real
estate market remained challenging across the industry in the third
quarter as there remained less home purchase activity by
consumers. This resulted in lower revenue and contract sales
than we anticipated last quarter, however, we managed to meet our
net income guidance and achieve sequential profit growth as
operating expenses were lower. We had 14 projects that were active
and available for sale and we acquired one land parcel in
Xi'an City, Shaanxi Province in the third quarter.
"At the end of the third quarter, the government initiated some
important policies to improve China's housing market, which included
allowing a broader range of home buyers access to lower down
payments and easing mortgage credit. We believe such
initiatives can help stabilize the real estate market and create
more home purchasing activity over time. As we enter the
fourth quarter, we will maintain strict cost controls and be highly
selective with our land bank expansion activity. We have five new
projects scheduled to launch in the fourth quarter and believe we
are well positioned to enhance our performance as market conditions
improve," concluded Mr. Zhang.
Financial Results for the Third Quarter 2014
Contract Sales
Contract sales totaled US$167.7
million in the third quarter compared to US$198.7 million in the second quarter of 2014
and US$243.7 million in the third
quarter of 2013. The Company's GFA sales were 100,300 square meters
in the third quarter of 2014 versus 149,600 square meters in the
second quarter of 2014 and 151,900 square meters in the third
quarter of 2013. The average selling price ("ASP") per square meter
sold was RMB10,272 (US$1,672) in the third quarter of 2014 versus
RMB8,155 (US$1,329) in the second quarter of 2014 and
RMB9,976 (US$1,604) in the third quarter of 2013.
Breakdown of GFA Sales and ASP's by Project
|
Q3 2013
|
Q2 2014
|
Q3 2014
|
Unsold
|
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
Project
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
Zhengzhou Royal
Palace
|
12.9
|
10,767
|
-
|
-
|
-
|
-
|
0.5
|
Zhengzhou Century
East A
|
13.7
|
10,708
|
0.4
|
17,792
|
-
|
-
|
1.0
|
Zhengzhou Century
East B
|
7.9
|
14,058
|
0.1
|
9,200
|
-
|
-
|
0.6
|
Zhengzhou Xin
City
|
31.6
|
9,587
|
35.0
|
6,086
|
8.4
|
11,484
|
44.0
|
Zhengzhou Thriving
Family
|
-
|
-
|
33.0
|
7,196
|
27.6
|
7,240
|
81.9
|
Xingyang Splendid
I
|
-
|
-
|
24.5
|
5,250
|
6.5
|
5,366
|
86.8
|
Kunshan Royal
Palace
|
-
|
-
|
6.3
|
10,081
|
6.6
|
8,875
|
222.0
|
Suzhou Xin
City
|
29.3
|
8,160
|
10.8
|
10,040
|
5.5
|
10,659
|
9.6
|
Suzhou Lake Royal
Palace
|
-
|
-
|
-
|
-
|
2.0
|
11,095
|
167.2
|
Jinan Xinyuan
Splendid
|
48.5
|
10,021
|
25.8
|
8,895
|
20.1
|
9,881
|
54.1
|
Jinan Royal
Palace
|
-
|
-
|
3.5
|
6,856
|
18.1
|
6,428
|
426.0
|
Xuzhou Colorful
City
|
-
|
-
|
2.7
|
15,546
|
-0.3
|
8,863
|
91.3
|
Beijing Xindo
Park
|
-
|
-
|
6.1
|
24,431
|
5.3
|
27,233
|
84.9
|
Chengdu Thriving
Family
|
-
|
-
|
-
|
-
|
0.4
|
5,296
|
214.4
|
Others
|
8.0
|
|
1.4
|
|
0.1
|
|
4.5
|
Total
|
151.9
|
9,976
|
149.6
|
8,155
|
100.3
|
10,272
|
1,488.8
|
Revenue
In the third quarter of 2014, the Company's total revenue was
US$163.6 million compared to
US$166.8 million in the second
quarter of 2014 and US$240.7 million
in the third quarter of 2013.
Gross Profit
Gross profit for the third quarter of 2014 was US$43.5 million, or 26.6% of revenue, compared to
a gross profit of US$43.3 million, or
25.9% of revenue, in the second quarter of 2014 and a gross profit
of US$78.5 million, or 32.6% of
revenue, in the third quarter of 2013. The increase in gross margin
compared to the second quarter of 2014 was mainly due to car park
sales in two Zhengzhou projects
this quarter.
Selling, General and Administrative Expenses
SG&A expenses were US$32.1
million for the third quarter of 2014 compared to
US$35.6 million for the second
quarter of 2014 and US$23.0 million
for the third quarter of 2013. As a percentage of total revenue,
SG&A expenses were 19.6% compared to 21.4% in the second
quarter of 2014 and 9.6% in the third quarter of 2013.
Taxation
In the third quarter of 2014, the Company reduced its
unrecognized tax benefit liability related to the Zhengzhou Modern
City project by US$8.7 million due to
the expiration of a three-year statute of limitations period. Based
on the levy method applied by the Zhengzhou local tax bureau before 2011, the
Company's Zhengzhou Modern City project located in Zhengzhou, was paying corporate income tax on
a deemed profit method. Under the deemed profit method, taxable
income is deemed to be 15% of cash receipts, regardless of actual
income generated in 2010. The Company believed that it was more
likely than not that the PRC national tax authorities would require
Zhengzhou Modern City project to pay corporate income taxes
based on the statutory taxable income method instead of the deemed
profit method. Based on the above, the Company recorded the
difference between the corporate income taxes due based on the
statutory taxable income method and the corporate income taxes
based on the deemed profit method amounting to US$8.7 million as tax liability since 2010. The
three-year statute of limitation according to the PRC Tax
administration and Tax Collection Law has already expired in 2014.
Accordingly, the Company reduced its unrecognized tax benefit
liability related to the Zhengzhou Modern City project by
US$8.7 million.
Net Income
Net income for the third quarter of 2014 was US$7.8 million,
compared to US$6.8 million for the
second quarter of 2014 and US$28.7
million for the third quarter of 2013. Net margin was 4.8%,
compared to 4.1% in the second quarter of 2014 and 11.9% in the
third quarter of 2013. Diluted earnings per ADS were
US$0.10, compared to US$0.08 per ADS in the second quarter of 2014 and
to US$0.39 per ADS in the third
quarter of 2013.
Balance Sheet
As of September 30, 2014, the
Company reported US$553.0 million in
cash and cash equivalents (including restricted cash), compared to US$680.2 million as of June 30, 2014. Total debt outstanding was
US$1,391.5 million, an increase of
US$80.7 million, compared to US$1,310.8 million at the end of the second
quarter of 2014. The balance of the Company's real estate property
under development at the end of the third quarter was US$1,599.1 million, compared to US$1,540.8 million at the end of the second
quarter of 2014.
Project Status
Below is a summary table of projects that were active and
available for sale in the third quarter of 2014.
|
GFA
|
Contract
Sales
|
Project Cost %
Complete
|
(m2
000)
|
(US$
millions)
|
Project
|
Total Active
Projects
|
Sold to
date
|
Total Active
Projects
|
Sales to
date
|
%
Sold
|
|
Zhengzhou Royal
Palace
|
132.4
|
131.9
|
248.9
|
246.1
|
98.9%
|
94.6%
|
Zhengzhou Century East A
|
77.3
|
76.3
|
129.1
|
127.4
|
98.7%
|
98.5%
|
Zhengzhou Century East B
|
166.5
|
165.9
|
253.0
|
252.1
|
99.6%
|
98.3%
|
Zhengzhou Xin
City
|
206.4
|
162.4
|
341.1
|
245.3
|
71.9%
|
73.6%
|
Zhengzhou Thriving Family
|
142.5
|
60.6
|
150.2
|
71.1
|
47.3%
|
47.4%
|
Xingyang Splendid I
|
117.8
|
31.0
|
93.9
|
26.6
|
28.3%
|
44.2%
|
Kunshan Royal
Palace
|
284.3
|
62.3
|
495.9
|
96.0
|
19.4%
|
48.6%
|
Suzhou Xin
City
|
127.3
|
117.7
|
186.7
|
169.2
|
90.6%
|
80.7%
|
Suzhou Lake Royal
Palace
|
169.2
|
2.0
|
365.5
|
3.6
|
1.0%
|
72.5%
|
Jinan Xinyuan
Splendid
|
574.9
|
520.8
|
811.4
|
736.1
|
90.7%
|
88.8%
|
Jinan Royal
Palace
|
447.6
|
21.6
|
694.6
|
22.8
|
3.3%
|
45.2%
|
Xuzhou Colorful
City
|
129.0
|
37.7
|
210.8
|
56.0
|
26.6%
|
50.4%
|
Beijing Xindo
Park
|
132.1
|
47.2
|
478.9
|
169.3
|
35.4%
|
74.4%
|
Chengdu Thriving
Family
|
214.8
|
0.4
|
359.9
|
0.3
|
0.1%
|
58.6%
|
Others remaining
GFA
|
4.5
|
|
|
|
|
|
Total active projects
|
2,926.6
|
1,437.8
|
4,820.1
|
2,222.2
|
46.1%
|
68.7%
|
As of September 30, 2014, the
Company's total sellable GFA was approximately 2,534,100 square
meters for active projects and under planning stage projects in
China, up 2.7% from 2,467,300
square meters as of the Company's last reporting earnings date.
Below is a summary of all of the Company's planning stage
projects:
|
Unsold
GFA
|
Pre sales
Scheduled
|
(m2
000)
|
Xingyang Splendid
II&III
|
177.4
|
Q4 2014
|
Zhengzhou Xindo
Park (commercial)
|
146.2
|
Q4 2014
|
Sanya Yazhou Bay
No.1
|
117.8
|
Q4 2014
|
Shanghai Royal
Palace
|
57.2
|
Q4 2014
|
Changsha Xinyuan
Splendid
|
252.6
|
Q4 2014
|
Newly Acquired
Shaanxi Land
|
294.1
|
Q2 2015
|
Total projects
under planning
|
1,045.3
|
|
Total active
projects
|
1,488.8
|
|
Total all Xinyuan
projects in China
|
2,534.1
|
|
The Company's New York Oosten project has a total GFA of 37,078
square meters. Presales of the project are on track. As of
October 31, 2014, approximately 20%
of all units were under contracts. The revenue is expected to be
recognized in 2016 after delivery.
Redemption of TPG Convertible Note
Subsequent to the end of the third quarter, the Company entered
into a redemption agreement with TPG Asia VI SF Pte. Ltd. ("the
Holder"), pursuant to which the Company has agreed to redeem in
full on December 1, 2014 its 5%
senior secured convertible notes due 2018 in an aggregate principal
amount of US$75,761,009 issued on
September 19, 2013 to the
Holder. The Company will pay in cash as a redemption price an
amount equal to (i) the principal of the Note, plus (ii) all
accrued and unpaid interest up to and including the redemption
date, plus (iii) an amount equal to the principal multiplied by
13%. The company has available cash to fund the redemption, however
it is also considering other alternatives to finance the
redemption.
Conference Call Information
The Company will hold a conference call at 7:30 am ET on November 11,
2014 to discuss third quarter 2014 results. Listeners may
access the call by dialing 1-913-312-0391. A webcast will also be
available through the Company's investor relations website at
http://www.xyre.com. A replay of the call will be available through
November 18, 2014 by dialing
1-858-384-5517, access code: 2669871.
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. In China, Xinyuan primarily focuses its
development projects in high growth cities, including Zhengzhou, Jinan, Suzhou, Kunshan, Xuzhou, Chengdu, Shanghai, Beijing, Changsha, Sanya, Xi'an and Hefei. The Company's U.S. development arm, XIN
Development Group International, Inc., is a pioneer amongst Chinese
real estate residential developers, entering the US market in
2012. 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.
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, 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 into new geographic markets 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, 2013. 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.
Ms. Jing Ye
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irmanager@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
|
|
September 30,
|
|
June
30,
|
|
September 30,
|
|
2014
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
Total
revenue
|
163,612
|
|
166,824
|
|
240,665
|
|
|
|
|
|
|
Total costs of
revenue
|
(120,154)
|
|
(123,565)
|
|
(162,152)
|
Gross
profit
|
43,458
|
|
43,259
|
|
78,513
|
|
|
|
|
|
|
Selling and
distribution expenses
|
(8,495)
|
|
(8,857)
|
|
(5,633)
|
General and
administrative expenses
|
(23,642)
|
|
(26,761)
|
|
(17,397)
|
|
|
|
|
|
|
Operating
income
|
11,321
|
|
7,641
|
|
55,483
|
|
|
|
|
|
|
Interest
income
|
2,979
|
|
1,440
|
|
4,085
|
Interest
expense
|
(5,904)
|
|
(7,467)
|
|
(5,608)
|
Income from changes
in fair value of short-term investment
|
2,105
|
|
(85)
|
|
-
|
Other
income
|
-
|
|
3,109
|
|
-
|
Exchange
gains
|
-
|
|
50
|
|
-
|
Share of loss of an
equity investee
|
(227)
|
|
(201)
|
|
-
|
|
|
|
|
|
|
Income from
operations before income taxes
|
10,274
|
|
4,487
|
|
53,960
|
|
|
|
|
|
|
Income
taxes
|
(2,501)
|
|
2,345
|
|
(25,212)
|
|
|
|
|
|
|
Net
income
|
7,773
|
|
6,832
|
|
28,748
|
|
|
|
|
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
7,773
|
|
6,832
|
|
28,748
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
Basic
|
0.10
|
|
0.09
|
|
0.40
|
Diluted
|
0.10
|
|
0.08
|
|
0.39
|
ADS used in
computation:
|
|
|
|
|
|
Basic
|
75,325
|
|
76,343
|
|
71,360
|
Diluted
|
88,165
|
|
89,272
|
|
73,480
|
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)
|
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
2014
|
|
2013
|
|
(unaudited)
|
|
(unaudited)
|
Revenue
|
556,848
|
|
608,578
|
|
|
|
|
Cost of
revenue
|
(410,762)
|
|
(404,512)
|
Gross
profit
|
146,086
|
|
204,066
|
|
|
|
|
Selling and
distribution expenses
|
(22,133)
|
|
(11,281)
|
General and
administrative expenses
|
(69,897)
|
|
(38,848)
|
|
|
|
|
Operating
income
|
54,056
|
|
153,937
|
|
|
|
|
Interest
income
|
5,865
|
|
8,596
|
Interest
expense
|
(22,012)
|
|
(10,450)
|
Other
income
|
3,109
|
|
-
|
Income from changes
in fair value of short-term investment
|
2,105
|
|
-
|
Exchange
gains
|
50
|
|
-
|
Share of loss of an
equity investee
|
(645)
|
|
-
|
Income from
operations before income taxes
|
42,528
|
|
152,083
|
|
|
|
|
Income
taxes
|
(17,873)
|
|
(57,357)
|
|
|
|
|
Net
income
|
24,655
|
|
94,726
|
|
|
|
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
24,655
|
|
94,726
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
Basic
|
0.32
|
|
1.33
|
Diluted
|
0.30
|
|
1.31
|
ADS used in
computation:
|
|
|
|
Basic
|
76,481
|
|
71,266
|
Diluted
|
89,440
|
|
72,344
|
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,
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
319,443
|
|
374,120
|
|
587,119
|
Restricted
cash
|
|
233,514
|
|
306,069
|
|
250,098
|
Short-term
investment
|
|
5,029
|
|
3,348
|
|
-
|
Accounts
receivable
|
|
23,436
|
|
31,244
|
|
8,528
|
Other
receivables
|
|
108,860
|
|
85,914
|
|
10,593
|
Restricted
deposit
|
|
11,410
|
|
11,409
|
|
11,514
|
Deposits for land use
rights
|
|
359,437
|
|
220,737
|
|
297,389
|
Other deposits and
prepayments
|
|
122,189
|
|
115,193
|
|
103,790
|
Advances to
suppliers
|
|
18,889
|
|
25,367
|
|
15,317
|
Real estate property
held for sale
|
|
1,694
|
|
2,970
|
|
5,524
|
Real estate property
development completed
|
|
12,629
|
|
13,969
|
|
21,260
|
Real estate property
under development
|
|
1,599,106
|
|
1,540,816
|
|
932,519
|
Amounts due from
related parties
|
|
12,017
|
|
2,113
|
|
820
|
Amounts due from
employees
|
|
1,228
|
|
713
|
|
59
|
Other current
assets
|
|
159
|
|
193
|
|
-
|
|
|
|
|
|
|
|
Total current
assets
|
|
2,829,040
|
|
2,734,175
|
|
2,244,530
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
62,499
|
|
62,970
|
|
60,410
|
Property and
equipment, net
|
|
46,697
|
|
46,089
|
|
46,706
|
Other long-term
investment
|
|
242
|
|
242
|
|
242
|
Investment in joint
venture
|
|
5,248
|
|
5,474
|
|
5,945
|
Deferred tax
assets
|
|
14,796
|
|
14,528
|
|
10,191
|
Deferred
charges
|
|
18,614
|
|
18,988
|
|
9,049
|
Other
assets
|
|
7,968
|
|
7,063
|
|
5,028
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
2,985,104
|
|
2,889,529
|
|
2,382,101
|
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,
|
|
|
2014
|
|
2014
|
|
2013
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
254,731
|
|
250,675
|
|
194,403
|
Short-term bank loans
and other debt
|
|
170,662
|
|
170,654
|
|
23,291
|
Customer
deposits
|
|
106,803
|
|
93,927
|
|
75,285
|
Income tax
payable
|
|
47,543
|
|
57,296
|
|
121,642
|
Deferred tax
liabilities
|
|
103,428
|
|
105,402
|
|
78,958
|
Other payables and
accrued liabilities
|
|
79,599
|
|
65,945
|
|
73,446
|
Payroll and welfare
payable
|
|
7,342
|
|
3,980
|
|
19,638
|
Current portion of
long-term bank loans and other
debt
|
|
359,553
|
|
424,712
|
|
217,964
|
Current maturities of
capital lease
obligations
|
|
2,994
|
|
2,721
|
|
2,746
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
1,132,655
|
|
1,175,312
|
|
807,373
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
Long-term bank
loans
|
|
39,303
|
|
59,466
|
|
32,804
|
Other long term
debt
|
|
821,982
|
|
655,957
|
|
536,943
|
Deferred tax
liabilities
|
|
10,575
|
|
9,385
|
|
9,385
|
Unrecognized tax
benefits
|
|
16,166
|
|
16,165
|
|
16,314
|
Capital lease
obligations, net of current maturities
|
|
24,087
|
|
25,057
|
|
26,646
|
Redeemable
non-controlling interests
|
|
2,836
|
|
2,836
|
|
-
|
TOTAL
LIABILITIES
|
|
2,047,604
|
|
1,944,178
|
|
1,429,465
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Common
shares
|
|
16
|
|
16
|
|
16
|
Treasury
shares
|
|
(16,773)
|
|
(14,507)
|
|
(3,085)
|
Additional paid-in
capital
|
|
529,942
|
|
540,048
|
|
534,937
|
Statutory
reserves
|
|
68,547
|
|
68,547
|
|
68,547
|
Retained
earnings
|
|
257,435
|
|
253,365
|
|
244,310
|
Accumulated other
comprehensive income
|
|
98,333
|
|
97,882
|
|
107,911
|
TOTAL
EQUITY
|
|
937,500
|
|
945,351
|
|
952,636
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
2,985,104
|
|
2,889,529
|
|
2,382,101
|
|
|
|
|
|
|
|
|
|
SOURCE Xinyuan Real Estate Co., Ltd.