BEIJING, March 1, 2016 /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 recently in other
countries, today announced its unaudited financial results for the
fourth quarter and full year ended December
31, 2015.
Fourth Quarter 2015 Highlights
- Total fourth quarter revenue increased 13.9% to US$413.6 million from US$362.9 million in the fourth quarter of 2014
and increased 33.9% from US$309.0
million in the third quarter of 2015.
- Contract sales increased 42.6% to US$574.2 million from US$402.6 million in the fourth quarter of 2014
and increased 85.4% from US$309.7
million in the third quarter of 2015.
- Total gross floor area ("GFA") sales increased 66.9% to 420,900
square meters from 252,200 square meters sold in the fourth quarter
of 2014 and increased 80.4% from 233,300 square meters sold in the
third quarter of 2015.
- Selling, General and Administrative ("SG&A") expenses as a
percent of total revenue decreased to 13.3% from 14.6% in the
fourth quarter of 2014 and decreased from 15.8% in the third
quarter of 2015.
- Net income was US$19.1 million,
compared to US$23.8 million in the
fourth quarter of 2014 and US$22.7
million in the third quarter of 2015.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.26, compared to US$0.30 in the
fourth quarter of 2014 and US$0.31 in
the third quarter of 2015.
- The Company repurchased 495,759 ADSs at a total cost of
approximately US$1.7 million in the
fourth quarter of 2015.
Full Year 2015 Highlights
- For the year ended December 31,
2015, total revenues increased 26.6% to US$1,164.3 million from US$919.7 million in 2014. GFA sales increased
56.7% to 986,100 square meters from 629,100 square meters in 2014.
Contract sales increased 34.5% to US$1,401.1
million from US$1,041.6
million in 2014.
- Gross profit was US$273.0
million, or 23.4% of revenue in 2015, compared to a gross
profit of US$242.2 million, or 26.3%
of revenue in 2014. The Company commenced presales on six projects
in 2015.
- SG&A expenses were US$167.5
million, or 14.4% of revenue in 2015, compared to
US$145.1 million, or 15.8% of revenue
in 2014.
- Net income was US$66.5 million in
2015 compared to US$48.5 million in
2014. Diluted earnings per ADS were US$0.91 in 2015 compared to US$0.58 per ADS in 2014.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "We are pleased with our full year 2015 results,
as contract sales were up 34.5% to US$1.40
billion and net income increased 37.1% to US$66.5 million. We experienced strong sequential
and year-over-year GFA sales. Our improvement in GFA sales is
indicative of improving market conditions."
"Recent local and national government policies which include
easing monetary policy, relaxed home purchase restrictions and
lower down payment requirements, continued to have a favorable
impact on our unit sales activity in the fourth quarter. There were
twenty two active development projects during 2015, including our
US-based Oosten project, which represents a record number of
projects for Xinyuan. We are also proud of our efforts to improve
our balance sheet in the fourth quarter, highlighted by our
increased cash position, lower debt level and improved coupon rates
associated with our outstanding debt. We were active with our
dividend program and repurchase activity throughout the year and
remain committed to these programs for 2016."
"As we carefully monitor industry trends for 2016, we remain
optimistic about the projects in our existing markets. While
China's real estate market remains
uncertain, we expect the favorable government policies to introduce
new buyers to our projects. We also intend to explore new land
acquisitions both in China and in
overseas markets. Overall, we believe 2016 will represent another
year of contract sales and net income growth for Xinyuan."
Fourth Quarter 2015 Financial Results
Contract Sales
Contract sales totaled US$574.2
million in the fourth quarter of 2015 compared to
US$402.6 million in the fourth
quarter of 2014 and US$309.7 million
in the third quarter of 2015. The Company's GFA sales increased to
420,900 square meters in the fourth quarter of 2015 from 252,200
square meters in the fourth quarter of 2014 and 233,300 square
meters in the third quarter of 2015. The average selling price
("ASP") per square meter sold was RMB8,493 (US$1,364)
in the fourth quarter of 2015 compared to RMB9,806 (US$1,596)
in the fourth quarter of 2014 and RMB8,196 (US$1,328)
in the third quarter of 2015.
The Company commenced pre-sales of two new projects in the
fourth quarter of 2015, Zhengzhou Fancy City, which contributed
13.7% of total GFA sales, and Tianjin Spring Royal Palace, which
contributed 3.3% of total GFA sales.
Breakdown of GFA Sales and ASPs by Project
Project
|
Q4
2014
|
Q3
2015
|
Q4
2015
|
Unsold
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
(m2000)
|
(RMB)
|
(m2000)
|
(RMB)
|
(m2000)
|
(RMB)
|
(m2000)
|
Zhengzhou Royal
Palace
|
3.8
|
7,502
|
-
|
-
|
-
|
-
|
-
|
Zhengzhou Xin
City
|
27.9
|
14,206
|
0.1
|
3,927
|
0.8
|
12,908
|
4.9
|
Zhengzhou Thriving
Family
|
41.5
|
7,229
|
-
|
3,401
|
0.1
|
6,054
|
16.5
|
Xingyang Splendid
I
|
16.8
|
4,831
|
4.2
|
5,149
|
12.2
|
5,050
|
45.8
|
Xingyang Splendid
II
|
1.7
|
13,401
|
0.2
|
9,500
|
4.4
|
4,983
|
129.7
|
Kunshan Royal
Palace
|
23.0
|
8,843
|
36.4
|
9,148
|
34.5
|
9,465
|
80.5
|
Suzhou Xin
City
|
5.8
|
10,312
|
0.7
|
13,052
|
0.1
|
372
|
0.3
|
Suzhou Lake Royal
Palace
|
12.1
|
8,299
|
39.0
|
9,446
|
28.7
|
13,482
|
55.2
|
Jinan Xinyuan
Splendid
|
20.9
|
9,595
|
3.3
|
7,986
|
1.8
|
8,122
|
11.3
|
Jinan Royal
Palace
|
23.6
|
6,348
|
26.2
|
6,294
|
44.1
|
6,270
|
305.8
|
Xuzhou Colorful
City
|
9.6
|
8,700
|
5.1
|
9,424
|
2.5
|
10,307
|
62.6
|
Beijing Xindo
Park
|
19.8
|
22,889
|
0.6
|
20,439
|
31.6
|
12,674
|
13.4
|
Chengdu Thriving
Family
|
15.5
|
5,498
|
9.7
|
5,401
|
17.3
|
5,146
|
147.0
|
Changsha Xinyuan
Splendid
|
10.6
|
5,139
|
14.1
|
5,611
|
33.1
|
5,421
|
169.2
|
Sanya Yazhou Bay
No.1
|
6.5
|
14,750
|
0.1
|
12,194
|
1.7
|
10,915
|
110.2
|
Xi'an
Metropolitan*
|
6.2
|
6,362
|
35.8
|
6,350
|
42.8
|
6,305
|
174.3
|
Shanghai Royal
Palace
|
-
|
-
|
5.4
|
21,606
|
8.5
|
21,913
|
33.4
|
Zhengzhou Xindo
Park
|
-
|
-
|
4.8
|
9,584
|
16.9
|
7,871
|
113.3
|
Jinan Xin
Central
|
-
|
-
|
22.3
|
9,019
|
16.4
|
10,547
|
127.4
|
Henan Xin Central
I
(Zhengzhou
Nangangliu
project)
|
-
|
-
|
25.4
|
7,493
|
52.0
|
7,621
|
185.4
|
Zhengzhou Fancy
City
|
-
|
-
|
-
|
-
|
57.6
|
7,981
|
109.1
|
Tianjin Spring Royal
Palace
|
-
|
-
|
-
|
-
|
14.0
|
8,599
|
260.2
|
Others
|
6.9
|
-
|
-0.1
|
-
|
-0.2
|
-
|
4.8
|
Total
|
252.2
|
9,806
|
233.3
|
8,196
|
420.9
|
8,493
|
2,160.3
|
|
* The Company owns
51% equity interest in a joint venture, Shaanxi Zhongmao Economy
Development Co., Ltd. which develops Xi'an Metropolitan project.
The Company accounts for its investment under the equity
method.
|
Revenue
In the fourth quarter of 2015, the Company's total revenue
increased 13.9% to US$413.6 million
from US$362.9 million in the fourth
quarter of 2014 and increased 33.9% from US$309.0 million in the third quarter of
2015.
Gross Profit
Gross profit for the fourth quarter of 2015 was US$81.4 million, or 19.7% of revenue, compared to
a gross profit of US$96.1 million, or
26.5% of revenue, in the fourth quarter of 2014 and a gross profit
of US$82.7 million, or 26.8% of
revenue, in the third quarter of 2015.
Selling, General and Administrative Expenses
SG&A expenses were US$55.2
million for the fourth quarter of 2015 compared to
US$53.1 million for the fourth
quarter of 2014 and US$48.8 million
for the third quarter of 2015. As a percentage of total revenue,
SG&A expenses were 13.3% compared to 14.6% in the fourth
quarter of 2014 and 15.8% in the third quarter of 2015.
Net Income
Net income for the fourth quarter of 2015 was US$19.1 million, compared to US$23.8 million for the fourth quarter of 2014
and US$22.7 million for the third
quarter of 2015. Net margin was 4.6%, compared to 6.6% in the
fourth quarter of 2014 and 7.3% in the third quarter of 2015.
Diluted earnings per ADS were US$0.26, compared to US$0.30 per ADS
in the fourth quarter of 2014 and US$0.31 per ADS in the third quarter of 2015.
Balance Sheet
As of December 31, 2015, the
Company's cash and cash equivalents (including restricted cash)
increased to US$750.7 million from
US$555.9 million as of September 30, 2015. Total debt outstanding was
US$1,740.9 million, a decrease of
US$52.2 million, compared to
US$1,793.1 million at the end of the
third quarter of 2015. The balance of the Company's real estate
property under development at the end of the fourth quarter of 2015
was US$1,884.3 million, compared to
US$2,012.2 million at the end of the
third quarter of 2015.
Real Estate Project Status in China
Below is a summary table of projects that were active and
available for sale in the fourth quarter of 2015.
Project
|
GFA
|
Contract
Sales
|
Project Cost
% Complete
|
(m2
000)
|
(US$
millions)
|
Total Active
Project
|
Sold to
date
|
Total Active
Project
|
Sales to
date
|
%
Sold
|
|
Zhengzhou Xin
City
|
211.1
|
206.2
|
380.8
|
345.6
|
90.8%
|
93.9%
|
Zhengzhou Thriving
Family
|
131.5
|
115.0
|
161.7
|
133.5
|
82.6%
|
78.7%
|
Xingyang Splendid
I
|
118.8
|
73.0
|
89.5
|
60.0
|
67.0%
|
72.6%
|
Xingyang Splendid
II
|
136.9
|
7.2
|
138.4
|
9.5
|
6.9%
|
40.6%
|
Kunshan Royal
Palace
|
279.9
|
199.4
|
496.4
|
295.5
|
59.5%
|
84.4%
|
Suzhou Xin
City
|
127.2
|
126.9
|
184.2
|
183.1
|
99.4%
|
99.8%
|
Suzhou Lake Royal
Palace
|
169.6
|
114.4
|
388.9
|
188.0
|
48.3%
|
91.9%
|
Jinan Xinyuan
Splendid
|
572.2
|
560.9
|
795.2
|
785.3
|
98.8%
|
98.9%
|
Jinan Royal
Palace
|
452.3
|
146.5
|
698.7
|
148.8
|
21.3%
|
55.9%
|
Xuzhou Colorful
City
|
130.2
|
67.6
|
207.5
|
98.1
|
47.3%
|
75.1%
|
Beijing Xindo
Park
|
132.9
|
119.5
|
482.3
|
385.8
|
80.0%
|
97.5%
|
Chengdu Thriving
Family
|
211.4
|
64.4
|
355.9
|
56.2
|
15.8%
|
82.4%
|
Changsha Xinyuan
Splendid
|
252.7
|
83.5
|
364.6
|
73.4
|
20.1%
|
67.1%
|
Sanya Yazhou Bay
No.1
|
122.0
|
11.8
|
306.7
|
26.1
|
8.5%
|
62.7%
|
Xi'an
Metropolitan*
|
296.6
|
122.3
|
490.8
|
124.3
|
25.3%
|
63.3%
|
Shanghai Royal
Palace
|
57.8
|
24.4
|
297.9
|
84.3
|
28.3%
|
88.0%
|
Zhengzhou Xindo
Park
|
145.2
|
31.9
|
203.9
|
44.5
|
21.8%
|
48.2%
|
Jinan Xin
Central
|
194.7
|
67.3
|
388.8
|
102.8
|
26.4%
|
57.3%
|
Henan Xin Central I
(Zhengzhou
Nangangliu project)
|
262.8
|
77.4
|
377.4
|
94.2
|
25.0%
|
49.2%
|
Zhengzhou Fancy
City
|
166.7
|
57.6
|
244.8
|
73.8
|
30.1%
|
43.6%
|
Tianjin Spring Royal
Palace
|
274.3
|
14.1
|
374.2
|
19.4
|
5.2%
|
25.3%
|
Others remaining
GFA
|
4.8
|
-
|
-
|
-
|
-
|
-
|
Total active
projects
|
4,451.6
|
2,291.3
|
7,428.6
|
3,332.2
|
44.9%
|
71.8%
|
|
* The Company owns
51% equity interest in a joint venture, Shaanxi Zhongmao Economy
Development Co., Ltd. which develops Xi'an Metropolitan project.
The Company accounts for its investment under the equity
method.
|
As of December 31, 2015, the
Company's total sellable GFA was approximately 2,306,614 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
|
Pre
sales
Scheduled
|
|
(m2
000)
|
Henan Xin Central II
(Zhengzhou Nangangliu project)
|
108.9
|
Q2 2016
|
Xingyang Splendid
III
|
37.4
|
Q2 2016
|
Total projects
under planning
|
146.3
|
|
Total active
projects
|
2,160.3
|
|
Total all Xinyuan
projects in China
|
2,306.6
|
|
Real Estate Project Update in the U.S.
During the fourth quarter of 2015, the Company continued to make
good progress in its Oosten project based in Brooklyn, New York. As of the end of the
fourth quarter, the Company had pre-sold approximately 64% of its
total units.
Business Outlook
The full year 2015 contract sales and net income were up 34.5%
and 37.1% year-over-year to US$1.40
billion and US$66.5 million,
respectively. For the full year 2016, the Company currently expects
its full year contract sales to grow between 10% and 15% and net
income to grow between 15% and 20% compared to 2015.
Conference Call Information
The Company will hold a conference call at 8:00 am ET on March 1,
2016 to discuss its fourth quarter 2015 results. Listeners
may access the call by dialing:
US:
|
1-888-661-5174
|
International:
|
1-913-312-9309
|
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 March 8, 2016 by dialing:
US:
|
1-877-870-5176
|
International:
|
1-858-384-5517
|
Access
code:
|
6487042
|
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, the Company 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. The Company 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, 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,
2014. 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. May Shen
Investor Relations Director
Tel: +86 (10) 8588-9376
Email: irteam@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,
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
413,586
|
|
|
308,954
|
|
|
362,900
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
(332,188)
|
|
|
(226,288)
|
|
|
(266,820)
|
Gross
profit
|
|
81,398
|
|
|
82,666
|
|
|
96,080
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
(20,316)
|
|
|
(13,163)
|
|
|
(17,361)
|
General and
administrative expenses
|
|
(34,863)
|
|
|
(35,673)
|
|
|
(35,725)
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
26,219
|
|
|
33,830
|
|
|
42,994
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
6,260
|
|
|
6,333
|
|
|
8,711
|
Interest
expense
|
|
(5,986)
|
|
|
(5,021)
|
|
|
(6,189)
|
Net realized gain on
short-term investments
|
|
437
|
|
|
80
|
|
|
3,128
|
Unrealized
gain/(loss) on short-term investments
|
|
13
|
|
|
17
|
|
|
(1,983)
|
Other
income/(expense)
|
|
1,258
|
|
|
(35)
|
|
|
105
|
Loss on
extinguishment of debt
|
|
-
|
|
|
-
|
|
|
(9,849)
|
Exchange
gains
|
|
140
|
|
|
269
|
|
|
656
|
Share of gain/(loss)
of an equity investee
|
|
783
|
|
|
974
|
|
|
(1,047)
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
29,124
|
|
|
36,447
|
|
|
36,526
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
(10,009)
|
|
|
(13,756)
|
|
|
(12,685)
|
|
|
|
|
|
|
|
|
|
Net income
|
|
19,115
|
|
|
22,691
|
|
|
23,841
|
Net loss attributable
to non-controlling interest
|
|
1
|
|
|
-
|
|
|
19
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
19,116
|
|
|
22,691
|
|
|
23,860
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.27
|
|
|
0.31
|
|
|
0.32
|
Diluted
|
|
0.26
|
|
|
0.31
|
|
|
0.30
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
Basic
|
|
70,126
|
|
|
73,434
|
|
|
74,446
|
Diluted
|
|
72,838
|
|
|
73,499
|
|
|
81,660
|
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)
|
|
|
Twelve months
ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(audited)
|
|
|
|
|
|
|
Total
revenue
|
|
1,164,324
|
|
|
919,748
|
|
|
|
|
|
|
Total costs of
revenue
|
|
(891,334)
|
|
|
(677,582)
|
Gross
profit
|
|
272,990
|
|
|
242,166
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
(52,126)
|
|
|
(39,494)
|
General and
administrative expenses
|
|
(115,329)
|
|
|
(105,622)
|
|
|
|
|
|
|
Operating
income
|
|
105,535
|
|
|
97,050
|
|
|
|
|
|
|
Interest
income
|
|
24,504
|
|
|
14,577
|
Interest
expense
|
|
(20,957)
|
|
|
(28,201)
|
Net realized gain on
short-term investments
|
|
1,279
|
|
|
3,128
|
Unrealized gain on
short-term investments
|
|
49
|
|
|
122
|
Other
income
|
|
5,945
|
|
|
3,213
|
Loss on
extinguishment of debt
|
|
-
|
|
|
(9,849)
|
Exchange
gains
|
|
403
|
|
|
706
|
Share of gain/(loss)
of an equity investee
|
|
2,235
|
|
|
(1,692)
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
118,993
|
|
|
79,054
|
|
|
|
|
|
|
Income
taxes
|
|
(52,511)
|
|
|
(30,558)
|
|
|
|
|
|
|
Net income
|
|
66,482
|
|
|
48,496
|
Net loss attributable
to non-controlling interest
|
|
1
|
|
|
19
|
Net income
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
66,483
|
|
|
48,515
|
|
|
|
|
|
|
Earnings per
ADS:
|
|
|
|
|
|
Basic
|
|
0.93
|
|
|
0.64
|
Diluted
|
|
0.91
|
|
|
0.58
|
ADS used in
computation:
|
|
|
|
|
|
Basic
|
|
71,313
|
|
|
75,968
|
Diluted
|
|
73,244
|
|
|
88,559
|
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
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
414,497
|
|
|
218,765
|
|
|
140,495
|
Restricted
cash
|
|
336,168
|
|
|
337,117
|
|
|
368,874
|
Short-term
investments
|
|
1,245
|
|
|
6,397
|
|
|
6,008
|
Accounts
receivable
|
|
42,040
|
|
|
35,832
|
|
|
15,457
|
Other
receivables
|
|
149,959
|
|
|
153,774
|
|
|
134,819
|
Restricted
deposit
|
|
-
|
|
|
66,716
|
|
|
69,358
|
Deposits for land use
rights
|
|
46,199
|
|
|
144,625
|
|
|
299,739
|
Other deposits and
prepayments
|
|
254,048
|
|
|
233,378
|
|
|
152,290
|
Advances to
suppliers
|
|
50,534
|
|
|
56,836
|
|
|
29,787
|
Real estate
properties held for sale
|
|
-
|
|
|
-
|
|
|
1,185
|
Real estate
properties development completed
|
|
24,077
|
|
|
27,273
|
|
|
12,309
|
Real estate
properties under development
|
|
1,884,331
|
|
|
2,012,161
|
|
|
1,714,575
|
Amounts due from
related parties
|
|
58,630
|
|
|
71,245
|
|
|
125,374
|
Amounts due from
employees
|
|
351
|
|
|
2,241
|
|
|
50
|
Other current
assets
|
|
414
|
|
|
682
|
|
|
139
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
3,262,493
|
|
|
3,367,042
|
|
|
3,070,459
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
71,133
|
|
|
74,439
|
|
|
69,224
|
Property and
equipment, net
|
|
39,323
|
|
|
41,703
|
|
|
46,476
|
Other long-term
investment
|
|
31,108
|
|
|
31,755
|
|
|
242
|
Investment in joint
ventures
|
|
6,125
|
|
|
5,429
|
|
|
4,226
|
Deferred tax
assets
|
|
15,489
|
|
|
13,504
|
|
|
13,642
|
Deferred
charges
|
|
12,504
|
|
|
14,197
|
|
|
16,677
|
Deposits for land use
rights
|
|
100,099
|
|
|
3,144
|
|
|
-
|
Other
assets
|
|
14,943
|
|
|
11,180
|
|
|
10,580
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
3,553,217
|
|
|
3,562,393
|
|
|
3,231,526
|
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
|
|
2015
|
|
2015
|
|
2014
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
471,176
|
|
|
408,199
|
|
|
351,506
|
Short-term bank loans
and other debt
|
|
222,226
|
|
|
235,966
|
|
|
293,450
|
Customer
deposits
|
|
63,768
|
|
|
80,522
|
|
|
107,163
|
Income tax
payable
|
|
106,034
|
|
|
60,989
|
|
|
62,429
|
Deferred tax
liabilities
|
|
57,692
|
|
|
108,581
|
|
|
91,202
|
Other payables and
accrued liabilities
|
|
98,640
|
|
|
98,141
|
|
|
74,089
|
Payroll and welfare
payable
|
|
22,966
|
|
|
14,212
|
|
|
18,457
|
Current portion of
long-term bank loans and other debt
|
|
564,204
|
|
|
743,520
|
|
|
586,841
|
Current maturities of
capital lease obligations
|
|
3,066
|
|
|
3,129
|
|
|
3,010
|
Mandatorily
redeemable non-controlling interests
|
|
2,310
|
|
|
-
|
|
|
4,486
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
1,612,082
|
|
|
1,753,259
|
|
|
1,592,633
|
|
|
|
|
|
|
|
|
|
Noncurrent
liabilities
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
13,860
|
|
|
28,296
|
|
|
52,296
|
Other long-term
debt
|
|
940,638
|
|
|
785,318
|
|
|
576,204
|
Deferred tax
liabilities
|
|
13,500
|
|
|
16,637
|
|
|
9,825
|
Unrecognized tax
benefits
|
|
17,842
|
|
|
10,948
|
|
|
14,005
|
Capital lease
obligations, net of current maturities
|
|
18,111
|
|
|
20,159
|
|
|
23,500
|
Mandatorily
redeemable non-controlling interests
|
|
1,232
|
|
|
3,616
|
|
|
2,451
|
TOTAL
LIABILITIES
|
|
2,617,265
|
|
|
2,618,233
|
|
|
2,270,914
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
Common
shares
|
|
16
|
|
|
16
|
|
|
16
|
Treasury
shares
|
|
(24,045)
|
|
|
(22,384)
|
|
|
(20,696)
|
Additional paid-in
capital
|
|
531,233
|
|
|
529,978
|
|
|
530,670
|
Statutory
reserves
|
|
80,451
|
|
|
72,821
|
|
|
72,829
|
Retained
earnings
|
|
317,364
|
|
|
309,566
|
|
|
273,255
|
Accumulated other
comprehensive income
|
|
30,952
|
|
|
54,182
|
|
|
104,557
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
935,971
|
|
|
944,179
|
|
|
960,631
|
Non-controlling
interest
|
|
(19)
|
|
|
(19)
|
|
|
(19)
|
Total
equity
|
|
935,952
|
|
|
944,160
|
|
|
960,612
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
3,553,217
|
|
|
3,562,393
|
|
|
3,231,526
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-fourth-quarter-and-full-year-2015-financial-results-300228474.html
SOURCE Xinyuan Real Estate Co., Ltd.