BEIJING, Aug. 16, 2019 /PRNewswire/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), an
NYSE-listed real estate developer and property manager operating
primarily in China and in other
countries, today announced its unaudited financial results for the
second quarter ended June 30,
2019.
Highlights
- First half contract sales of 2019 increased 3.4% to
RMB6,676.3 million from RMB6,457.0 million in the first half of
2018.
- Contract sales decreased 20.0% to US$507.4 million from US$633.9 million in the second quarter of 2018
and increased 5.8% from US$479.7
million in the first quarter of 2019.
- Total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018
and increased 30.0% from US$468.9
million in the first quarter of 2019.
- Gross profit increased 45.5% to US$159.2
million from US$109.4 million
in the second quarter of 2018 and increased 21.5% from US$131.0 million in the first quarter of
2019.
- Selling, General and Administrative ("SG&A") expenses as a
percentage of total revenue decreased to 10.3% from 13.2% in the
second quarter of 2018 and decreased from 12.0% in the first
quarter of 2019.
- Net income was US$19.8 million
compared to net loss of US$9.3
million in the second quarter of 2018 and net income of
US$18.2 million in the first quarter
of 2019.
- Current debt outstanding decreased 33.8% to US$1,207.2 million, or 33.6% of the total debt,
from US$1,823.7 million, or 51.9% of
the total debt, in the first quarter of 2019.
- Diluted net earnings per American Depositary Share ("ADS")
attributable to shareholders were US$0.19 compared to diluted net loss of
US$0.10 per ADS in the second quarter
of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of
2019.
Mr. Yong Zhang, Xinyuan's
Chairman, stated, "In the first half of 2019, Xinyuan maintained
stable growth and commenced pre-sales of three new projects in
China. The total value of
contracts signed in the first half was RMB7,323.2 million, representing a 12.0%
increase compared to RMB6,537.4 million in the first half of
2018. Thanks to the outstanding sales performance, the company has
achieved top- and bottom-line growth despite downward pressure on
sales across the industry. In the first half of 2019, total revenue
increased 103.5% year over year. Moreover, we were able to reduce
SG&A expenses as a percentage of total revenue to 11.0% in the
first half from 16.4% in the first half of 2018. As a result, gross
profit increased by 96.0% year over year, and net income was
US$38.0 million compared to a net
loss of US$22.0 million in the first
half of 2018. Furthermore, our overseas projects continued to
proceed as planned, and presales of our Manhattan project are expected to launch at
the end of the fourth quarter of 2019.
"At the same time, we are seeing a lasting impact from changes
in the macro-economic environment and stringent government
restriction policies on the Chinese housing market. However, we
believe that our strategic focus on high quality tier-one and
tier-two city projects as well as our strong execution capabilities
enable us to further solidify our leading market position and
deliver sustainable long-term growth. We remain committed to
controlling our financial leverage and maximizing Xinyuan's
financial health. We are also pleased to offer another quarterly
dividend payment to our shareholders," concluded Mr. Zhang.
Second Quarter 2019 Financial Results
Contract Sales
Contract sales in China totaled US$507.4 million in the second
quarter compared to US$630.3
million in the second quarter of
2018 and US$478.9 million in the first quarter of
2019.
The Company's GFA sales in China were 233,200 square meters in the second
quarter of 2019 compared to 282,900 square meters in the
second quarter of 2018 and 211,400 square meters in the
first quarter of 2019.
The average selling price ("ASP") per square meter sold in
China was RMB14,755 (US$2,176) in the second
quarter of 2019 compared to RMB14,173 (US$2,226) in the second quarter of 2018 and
RMB15,269 (US$2,264) in the first quarter of 2019.
The Company commenced pre-sales of two new projects in the
second quarter of 2019, Xinyang Splendid V, Suzhou Gusu Shade II.
The presales contributed 5.9% and 3.6% of total GFA sales and
total contract sales, respectively.
Breakdown of GFA Sales and ASPs by Project in China
Project
|
Q2
2018
|
Q1
2019
|
Q2
2019
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
(m2,
000s)
|
(RMB)
|
Xingyang Splendid
II
|
0.3
|
9,939
|
10.2
|
7,478
|
3.6
|
7,330
|
Jinan Royal
Palace
|
27.4
|
16,341
|
1.6
|
15,661
|
2.8
|
14,739
|
Xuzhou Colorful
City
|
0.8
|
10,495
|
-
|
-
|
0.7
|
14,541
|
Chengdu Thriving
Family
|
1.3
|
16,011
|
(0.1)
|
7,729
|
-
|
-
|
Changsha Xinyuan
Splendid
|
3.7
|
15,869
|
-
|
-
|
0.1
|
18,658
|
Sanya Yazhou Bay
No.1
|
12.0
|
25,758
|
0.4
|
25,615
|
0.3
|
38,158
|
Xi'an
Metropolitan
|
4.5
|
7,480
|
0.6
|
11,253
|
0.1
|
12,896
|
Zhengzhou Xindo
Park
|
0.4
|
7,560
|
-
|
-
|
0.7
|
8,661
|
Jinan Xin
Central
|
9.2
|
14,073
|
0.1
|
13,170
|
0.1
|
18,954
|
Henan Xin Central
I
|
1.0
|
15,342
|
0.1
|
14,887
|
0.7
|
7,942
|
Zhengzhou Fancy City
I
|
1.2
|
10,989
|
(1.4)
|
15,073
|
0.5
|
13,714
|
Zhengzhou Fancy City
II (South)
|
0.8
|
14,103
|
(0.1)
|
12,660
|
(0.1)
|
9,469
|
Tianjin Spring Royal
Palace I
|
0.1
|
16,294
|
-
|
-
|
-
|
-
|
Zhengzhou
International New City I
|
6.0
|
25,102
|
-
|
-
|
-
|
-
|
Henan Xin Central
II
|
6.2
|
12,351
|
-
|
-
|
0.1
|
15,932
|
Xingyang Splendid
III
|
13.2
|
7,934
|
0.4
|
7,046
|
0.3
|
8,091
|
Zhengzhou
International New City II
|
1.7
|
13,671
|
-
|
-
|
0.5
|
18,997
|
Zhengzhou Fancy City
II (North)
|
35.3
|
9,801
|
3.5
|
9,838
|
2.8
|
9,884
|
Tianjin Spring Royal
Palace II
|
11.5
|
14,124
|
8.1
|
12,670
|
10.8
|
13,496
|
Zhengzhou
International New City III D
|
29.6
|
14,282
|
(0.1)
|
14,461
|
0.6
|
14,045
|
Zhengzhou Hangmei
International Wisdom
City I
|
16.2
|
7,195
|
2.3
|
7,144
|
1.8
|
6,845
|
Zhengzhou
International New City III B
|
51.3
|
13,996
|
0.8
|
13,262
|
0.7
|
15,174
|
Chengdu Xinyuan
City
|
-
|
-
|
33.1
|
9,511
|
2.7
|
7,585
|
Kunshan Xinyu
Jiayuan
|
-
|
-
|
5.5
|
24,208
|
13.0
|
23,660
|
Xingyang Splendid
IV
|
-
|
-
|
1.0
|
7,027
|
0.3
|
7,326
|
Suzhou Suhe Bay
*
|
-
|
-
|
30.0
|
21,680
|
8.5
|
21,461
|
Zhengzhou Hangmei
International Wisdom
City II
|
-
|
-
|
0.5
|
7,350
|
9.3
|
7,394
|
Qingdao Royal Dragon
Bay
|
-
|
-
|
15.3
|
20,285
|
28.8
|
19,797
|
Jinan Royal Spring
Bay
|
-
|
-
|
2.7
|
9,201
|
4.0
|
8,777
|
Xinyuan Golden Water
View City-Zhengzhou
|
-
|
-
|
19.0
|
18,817
|
8.3
|
19,740
|
Zhengzhou Fancy City
III
|
-
|
-
|
20.5
|
12,637
|
8.5
|
12,729
|
Zhengzhou
International New City III C
|
-
|
-
|
17.3
|
12,260
|
15.7
|
12,459
|
Zhengzhou
International New City IV A12
|
-
|
-
|
24.8
|
14,254
|
34.8
|
14,224
|
Zhengzhou
International New City IV B10
|
-
|
-
|
7.9
|
13,969
|
15.5
|
10,698
|
Suzhou Galaxy
Bay
|
-
|
-
|
2.4
|
13,790
|
34.6
|
14,227
|
Suzhou Gusu Shade
I
|
-
|
-
|
0.8
|
36,262
|
5.6
|
37,678
|
Dalian International
Health Technology
Town I
|
-
|
-
|
0.1
|
13,618
|
0.4
|
10,421
|
Xingyang Splendid
V
|
-
|
-
|
-
|
-
|
13.1
|
7,629
|
Suzhou Gusu Shade II
**
|
-
|
-
|
-
|
-
|
0.6
|
38,893
|
Others
|
49.2
|
-
|
4.1
|
-
|
2.4
|
-
|
Total
|
282.9
|
14,173
|
211.4
|
15,269
|
233.2
|
14,755
|
|
|
|
|
|
|
|
* The Company owns
16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd.,
which develops Suzhou Suhe
Bay. The Company accounts for its investment under the equity
method.
|
** The Company owns
19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which
develops Suzhou Gusu Shade
II. The Company accounts for its investment under the equity
method.
|
Revenue
In the second quarter of 2019, the
Company's total revenue increased 71.3% to US$609.4 million from US$355.8 million in the second quarter of 2018
and increased 30.0% from US$468.9
million in the first quarter of 2019.
Gross Profit
Gross profit for the second
quarter of 2019 was US$159.2million, or 26.1% of total
revenue, compared to a gross profit of US$109.4 million, or 30.7% of total revenue, in
the second quarter of 2018 and a gross profit of US$131.0 million, or 28.0% of total revenue, in
the first quarter of 2019.
Selling, General and Administrative Expenses
SG&A
expenses were US$63.0 million
for the second quarter of 2019 compared to US$47.0 million for the second quarter of
2018 and US$56.1 million for the first quarter of
2019. As a percentage of total revenue, SG&A expenses were
10.3% compared to 13.2% in the second quarter of 2018 and
12.0% in the first quarter of 2019.
Net Income
Net income for the second quarter of
2019 was US$19.8 million compared to
net loss of US$9.3 million
for the second quarter of 2018 and net income of
US$18.2 million for the first quarter
of 2019. Net margin was 3.3% compared to negative 2.6% in the
second quarter of 2018 and 3.9% in the first quarter of 2019.
Diluted net earnings per ADS were US$0.19 compared to diluted net loss of
US$0.10 per ADS in the second
quarter of 2018 and diluted net earnings of US$0.33 per ADS in the first quarter of
2019.
Balance Sheet
As of June 30, 2019, the Company's
cash and cash equivalents (including restricted cash) decreased to
US$1,021.8 million from US$1,127.2 million as of March 31, 2019.
Total debt outstanding was US$3,595.0 million, which reflects an
increase of US$81.2 million from
US$3,513.8 million at the end of
the first quarter of 2019. The balance of the Company's real
estate properties under development at the end of the second
quarter of 2019 was US$3,844.0 million compared to US$4,002.0 million at the end of the
first quarter of 2019.
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 2019.
Project
|
GFA
|
(m2 '000s)
|
Total Active
Projects
|
Sold through
June 30, 2019
|
Unsold as of
June 30, 2019
|
Xingyang Splendid
II
|
136.9
|
97.5
|
39.4
|
Jinan Royal
Palace
|
449.6
|
431.7
|
17.9
|
Xuzhou Colorful
City
|
130.8
|
122.2
|
8.6
|
Chengdu Thriving
Family
|
203.4
|
198.0
|
5.4
|
Changsha Xinyuan
Splendid
|
251.7
|
249.0
|
2.7
|
Sanya Yazhou Bay
No.1
|
117.6
|
101.4
|
16.2
|
Xi'an
Metropolitan
|
286.0
|
269.7
|
16.3
|
Zhengzhou Xindo
Park
|
134.1
|
132.7
|
1.4
|
Jinan Xin
Central
|
194.4
|
183.5
|
10.9
|
Henan Xin Central
I
|
262.2
|
253.2
|
9.0
|
Zhengzhou Fancy City
I
|
166.7
|
159.4
|
7.3
|
Zhengzhou Fancy City
II (South)
|
84.1
|
81.7
|
2.4
|
Tianjin Spring Royal
Palace I
|
139.7
|
131.3
|
8.4
|
Zhengzhou
International New City I
|
360.7
|
338.5
|
22.2
|
Henan Xin Central
II
|
109.5
|
103.9
|
5.6
|
Xingyang Splendid
III
|
121.1
|
116.6
|
4.5
|
Zhengzhou
International New City II
|
176.0
|
163.7
|
12.3
|
Zhengzhou Fancy City
II (North)
|
108.7
|
90.9
|
17.8
|
Tianjin Spring Royal
Palace II
|
144.6
|
72.1
|
72.5
|
Zhengzhou
International New City III D
|
46.1
|
44.2
|
1.9
|
Zhengzhou Hangmei
International Wisdom
City I
|
64.7
|
54.9
|
9.8
|
Zhengzhou
International New City III B
|
118.8
|
117.7
|
1.1
|
Chengdu Xinyuan
City
|
742.0
|
109.9
|
632.1
|
Kunshan Xinyu
Jiayuan
|
107.9
|
42.1
|
65.8
|
Xingyang Splendid
IV
|
22.0
|
22.0
|
-
|
Suzhou Suhe Bay
*
|
62.6
|
62.5
|
0.1
|
Zhengzhou Hangmei
International Wisdom
City II
|
68.8
|
24.0
|
44.8
|
Qingdao Royal Dragon
Bay
|
157.3
|
64.6
|
92.7
|
Jinan Royal Spring
Bay
|
116.8
|
24.9
|
91.9
|
Xinyuan Golden Water
View
City-Zhengzhou
|
331.5
|
63.2
|
268.3
|
Zhengzhou Fancy City
III
|
80.6
|
45.8
|
34.8
|
Zhengzhou
International New City III C
|
79.9
|
61.6
|
18.3
|
Zhengzhou
International New City IV A12
|
198.4
|
68.9
|
129.5
|
Zhengzhou
International New City IV B10
|
92.3
|
23.4
|
68.9
|
Suzhou Galaxy
Bay
|
76.5
|
61.3
|
15.2
|
Suzhou Gusu Shade
I
|
12.0
|
6.6
|
5.4
|
Dalian International
Health Technology
Town I
|
103.8
|
1.3
|
102.5
|
Xingyang Splendid
V
|
80.5
|
13.1
|
67.4
|
Suzhou Gusu Shade II
**
|
14.3
|
0.6
|
13.7
|
Others
|
42.1
|
-
|
42.1
|
Total active
projects
|
6,196.7
|
4,209.6
|
1,987.1
|
|
|
|
|
* The Company owns
16.66% equity interest in Suzhou Hengwan Real Estate Co., Ltd.,
which develops Suzhou Suhe
Bay. The Company accounts for its investment under the equity
method.
|
** The Company owns
19.99% equity interest in Suzhou Litai Real Estate Co., Ltd., which
develops Suzhou Gusu Shade
II. The Company accounts for its investment under the equity
method.
|
As of June 30, 2019, the Company's
total saleable GFA was approximately 5,224,600 square meters
for active projects and under planning stage projects in
China. Below is a summary of all
of the Company's projects in China:
|
Unsold GFA as
of
June 30, 2019
(m2 '000s)
|
Pre-sales
Scheduled
|
|
|
|
Tongzhou Xinyuan
Royal Palace-Beijing
|
102.3
|
To be
determined
|
|
Xinyuan Chang'an
Royal Palace-Xi'an
|
226.0
|
To be
determined
|
|
Zhengzhou International New
City Land Bank (all land is grouped together
and will be developed gradually)
|
1,300.3
|
To be
determined
|
|
Zhuhai Xin
World
|
70.0
|
To be
determined
|
|
Lingshan Bay Dragon
Seal-Qingdao
|
380.0
|
To be
determined
|
|
Zhengzhou Hangmei Project Land
Bank (all land is grouped together and
will be developed gradually)
|
191.1
|
To be
determined
|
|
Wuhan Hidden Dragon
Royal Palace (old name: Wuhan Canglong Royal
Palace)
|
185.0
|
To be
determined
|
|
Dalian International
Health Technology Town II
|
34.4
|
To be
determined
|
|
Huzhou Silk Town
*
|
144.1
|
2019 Q3
|
|
Xingyang Splendid New
Project
|
147.5
|
To be
determined
|
|
Foshan Xinchuang AI
International Science and Technology Innovation
Valley
|
456.8
|
To be
determined
|
|
Total projects
under planning
|
3,237.5
|
|
|
Total active
projects
|
1,987.1
|
|
|
Total of all
Xinyuan unsold projects in China
|
5,224.6
|
|
|
|
|
|
|
* The Company owns
51% equity interest indirectly in Huzhou Xinhong Renju Construction
Development Co., Ltd.,
which develops Huzhou Silk Town. Based on the articles of
association, the company cannot exercise control of Huzhou
Silk Town, but has the ability to exercise significant influence
over Huzhou Silk Town's operating and financial decisions
and accounted for it as an equity method investment.
|
Update on Real Estate Projects in the United States
As of June 30, 2019, a total of
177 units out of 216 units were sold and closed at the Company's
Oosten project in Brooklyn, New
York City, with total revenue from this project reaching
US$260.1 million.
During the second quarter, the Company completed
superstructure construction and closed out 90% of the external wall
and windows for the Hudson Garden project, BLOOM ON FORTY
FIFTH, in the Hell's Kitchen area of Manhattan, New York City. During the past
year, the design drawings were optimized, increasing the number of
units from 82 to 92. Of the 38,000 square feet of retail/commercial
space, a total of 29,000 square feet have been leased to the U.S.
department store retailer Target for a 20-year term. The
offering plan was approved in the first quarter of 2019, and the
launch of presales is expected to begin in the end of the fourth
quarter of 2019.
The Company continued to execute on the planning, governmental
approvals, and pre-development activities of its ground-up project,
the RKO, in Flushing, New
York City. During the past year, the Landmark Preservation
Committee approved the Company's landmark protection plan relating
to the landmarked theater on site and awarded the Company a
Certificate of Appropriateness. Landmark artifact removal was
completed at the end of February
2019, and the artifacts are currently stored in a warehouse
for restoration work.
Real Estate Project Update in the United
Kingdom
During the second quarter of 2019, the structural frame of the
Company's Madison project in London was completed, reaching a significant
milestone for the delivery of the project. Construction remains on
track 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, 134
apartments have been sold.
Business Outlook
For the full year of 2019, the Company expects an increase in
contract sales of about 10% and an increase in consolidated net
income of 15% to 20% over 2018.
Conference Call Information
The Company will hold a
conference call at 8:00 am ET on
August 16, 2019, to discuss its
second quarter 2019 results. Listeners may access the call by
dialing:
US Toll
Free:
|
1-800-458-4121
|
International:
|
1-323-794-2597
|
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 23, 2019, by dialing:
US:
|
1-844-512-2921
|
International:
|
1-412-317-6671
|
Access
code:
|
5806910
|
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,
and Suzhou. 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, 2018. 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
Mr. William Zima
In U.S.: +1-646-308-1472
Email: William.zima@icrinc.com
Media:
Mr. 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,
|
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
|
609,439
|
|
|
|
468,853
|
|
|
|
355,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs of
revenue
|
|
|
(450,224)
|
|
|
|
(337,804)
|
|
|
|
(246,452)
|
|
Gross
profit
|
|
|
159,215
|
|
|
|
131,049
|
|
|
|
109,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
distribution expenses
|
|
|
(20,633)
|
|
|
|
(19,406)
|
|
|
|
(14,135)
|
|
General and
administrative expenses
|
|
|
(42,343)
|
|
|
|
(36,644)
|
|
|
|
(32,888)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
96,239
|
|
|
|
74,999
|
|
|
|
62,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
4,964
|
|
|
|
4,085
|
|
|
|
7,100
|
|
Interest
expense
|
|
|
(28,384)
|
|
|
|
(24,306)
|
|
|
|
(24,704)
|
|
Net realized (loss)
/gain on short-term investments
|
|
|
(333)
|
|
|
|
1,171
|
|
|
|
474
|
|
Unrealized gain/
(loss) on short-term investments
|
|
|
838
|
|
|
|
-
|
|
|
|
(696)
|
|
Other (expense)/
income
|
|
|
(867)
|
|
|
|
94
|
|
|
|
(1,037)
|
|
Net loss on debt
extinguishment
|
|
|
(1,955)
|
|
|
|
(4,589)
|
|
|
|
-
|
|
Exchange (loss)/
gain
|
|
|
(4,354)
|
|
|
|
3,545
|
|
|
|
(22,518)
|
|
Share of loss of
equity investees
|
|
|
(1,702)
|
|
|
|
(1,600)
|
|
|
|
(3,227)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations before income taxes
|
|
|
64,446
|
|
|
|
53,399
|
|
|
|
17,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
|
(44,621)
|
|
|
|
(35,209)
|
|
|
|
(27,046)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
|
19,825
|
|
|
|
18,190
|
|
|
|
(9,297)
|
|
Net (income) /loss
attributable to non-controlling interest
|
|
|
(9,171)
|
|
|
|
1,419
|
|
|
|
2,506
|
|
Net income/(loss)
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
|
|
10,654
|
|
|
|
19,609
|
|
|
|
(6,791)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
ADS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.19
|
|
|
|
0.33
|
|
|
|
(0.10)
|
|
Diluted
|
|
|
0.19
|
|
|
|
0.33
|
|
|
|
(0.10)
|
|
ADS used in
computation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
57,003
|
|
|
|
58,911
|
|
|
|
64,803
|
|
Diluted
|
|
|
57,371
|
|
|
|
59,325
|
|
|
|
65,877
|
|
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,
2019
|
|
June 30,
2018
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
Total
revenue
|
1,078,292
|
|
529,929
|
|
|
|
|
Total costs of
revenue
|
(788,028)
|
|
(381,846)
|
Gross
profit
|
290,264
|
|
148,083
|
|
|
|
|
Selling and
distribution expenses
|
(40,039)
|
|
(26,309)
|
General and
administrative expenses
|
(78,987)
|
|
(60,481)
|
|
|
|
|
Operating
income
|
171,238
|
|
61,293
|
|
|
|
|
Interest
income
|
9,049
|
|
13,450
|
Interest
expense
|
(52,690)
|
|
(54,489)
|
Net realized gain on
short-term investments
|
838
|
|
1,711
|
Unrealized gain/
(loss) on short-term investments
|
838
|
|
(937)
|
Other
expense
|
(773)
|
|
(830)
|
Loss on
extinguishment of debt
|
(6,544)
|
|
-
|
Exchange
loss
|
(809)
|
|
(10,879)
|
Share of loss of
equity investees
|
(3,302)
|
|
(4,149)
|
|
|
|
|
Income from
operations before income taxes
|
117,845
|
|
5,170
|
|
|
|
|
Income
taxes
|
(79,830)
|
|
(27,187)
|
|
|
|
|
Net
income/(loss)
|
38,015
|
|
(22,017)
|
Net (income)/ loss
attributable to non-controlling interest
|
(7,752)
|
|
4,821
|
Net income/(loss)
attributable to Xinyuan Real Estate Co., Ltd.
shareholders
|
30,263
|
|
(17,196)
|
|
|
|
|
Earnings/(loss) per
ADS:
|
|
|
|
Basic
|
0.52
|
|
(0.27)
|
Diluted
|
0.52
|
|
(0.26)
|
ADS used in
computation:
|
|
|
|
Basic
|
57,950
|
|
64,803
|
Diluted
|
58,309
|
|
66,082
|
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,
|
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
666,057
|
|
|
|
761,190
|
|
|
|
674,142
|
|
Restricted
cash
|
|
|
355,776
|
|
|
|
366,008
|
|
|
|
511,875
|
|
Short-term
investments
|
|
|
838
|
|
|
|
-
|
|
|
|
8,442
|
|
Accounts
receivable
|
|
|
73,158
|
|
|
|
44,473
|
|
|
|
64,130
|
|
Other
receivables
|
|
|
176,299
|
|
|
|
171,271
|
|
|
|
166,633
|
|
Deposits for land use
rights
|
|
|
22,546
|
|
|
|
46,038
|
|
|
|
42,254
|
|
Other deposits and
prepayments
|
|
|
297,863
|
|
|
|
258,490
|
|
|
|
257,288
|
|
Advances to
suppliers
|
|
|
51,550
|
|
|
|
47,909
|
|
|
|
46,983
|
|
Real estate
properties development completed
|
|
|
714,651
|
|
|
|
623,871
|
|
|
|
632,360
|
|
Real estate
properties under development
|
|
|
3,843,980
|
|
|
|
4,001,981
|
|
|
|
4,068,716
|
|
Amounts due from
related parties
|
|
|
313,532
|
|
|
|
257,625
|
|
|
|
216,184
|
|
Amounts due from
employees
|
|
|
2,955
|
|
|
|
4,315
|
|
|
|
1,694
|
|
Other current
assets
|
|
|
1,334
|
|
|
|
602
|
|
|
|
520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
6,520,539
|
|
|
|
6,583,773
|
|
|
|
6,691,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
properties held for lease, net
|
|
|
297,565
|
|
|
|
305,897
|
|
|
|
302,764
|
|
Property and
equipment, net
|
|
|
35,725
|
|
|
|
37,512
|
|
|
|
38,114
|
|
Long-term
investment
|
|
|
552,312
|
|
|
|
566,816
|
|
|
|
564,340
|
|
Deferred tax
assets
|
|
|
206,511
|
|
|
|
241,823
|
|
|
|
230,453
|
|
Deposits for land use
rights
|
|
|
21,819
|
|
|
|
22,276
|
|
|
|
21,855
|
|
Amounts due from
related parties
|
|
|
24,632
|
|
|
|
27,289
|
|
|
|
26,122
|
|
Contract
assets
|
|
|
20,316
|
|
|
|
16,292
|
|
|
|
21,779
|
|
Operating lease
right-of-use assets
|
|
|
12,920
|
|
|
|
14,039
|
|
|
|
-
|
|
Other
assets
|
|
|
131,910
|
|
|
|
135,710
|
|
|
|
137,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
7,824,249
|
|
|
|
7,951,427
|
|
|
|
8,033,711
|
|
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,
|
|
|
|
2019
|
|
|
2019
|
|
|
2018
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(audited)
|
|
LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and
notes payable
|
|
|
833,073
|
|
|
|
704,397
|
|
|
|
790,631
|
|
Short-term bank loans
and other debt
|
|
|
35,901
|
|
|
|
27,326
|
|
|
|
43,711
|
|
Customer
deposits
|
|
|
1,573,859
|
|
|
|
1,827,630
|
|
|
|
1,921,851
|
|
Income tax
payable
|
|
|
165,737
|
|
|
|
198,148
|
|
|
|
213,273
|
|
Other payables and
accrued liabilities
|
|
|
340,145
|
|
|
|
341,919
|
|
|
|
341,108
|
|
Payroll and welfare
payable
|
|
|
16,529
|
|
|
|
12,812
|
|
|
|
33,752
|
|
Current portion of
long-term bank loans and other debt
|
|
|
1,207,191
|
|
|
|
1,823,724
|
|
|
|
1,647,918
|
|
Current maturities of
lease obligations
|
|
|
12,320
|
|
|
|
12,604
|
|
|
|
6,562
|
|
Mandatorily
redeemable non-controlling interests
|
|
|
6,905
|
|
|
|
22,892
|
|
|
|
22,559
|
|
Amounts due to
related parties
|
|
|
32,224
|
|
|
|
41,204
|
|
|
|
48,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
4,223,884
|
|
|
|
5,012,656
|
|
|
|
5,069,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank
loans
|
|
|
732,874
|
|
|
|
790,267
|
|
|
|
720,039
|
|
Other long-term
debt
|
|
|
1,619,007
|
|
|
|
872,468
|
|
|
|
1,040,455
|
|
Deferred tax
liabilities
|
|
|
393,541
|
|
|
|
412,354
|
|
|
|
370,509
|
|
Unrecognized tax
benefits
|
|
|
58,922
|
|
|
|
45,939
|
|
|
|
45,939
|
|
Lease obligations,
net of current maturities
|
|
|
13,645
|
|
|
|
16,530
|
|
|
|
10,015
|
|
Amounts due to
related parties
|
|
|
28,879
|
|
|
|
32,537
|
|
|
|
31,242
|
|
TOTAL
LIABILITIES
|
|
|
7,070,752
|
|
|
|
7,182,751
|
|
|
|
7,288,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
Treasury
shares
|
|
|
(104,233)
|
|
|
|
(97,934)
|
|
|
|
(87,639)
|
|
Additional paid-in
capital
|
|
|
533,366
|
|
|
|
532,641
|
|
|
|
532,117
|
|
Statutory
reserves
|
|
|
166,501
|
|
|
|
166,501
|
|
|
|
166,496
|
|
Retained
earnings
|
|
|
117,904
|
|
|
|
112,660
|
|
|
|
99,502
|
|
Accumulated other
comprehensive loss
|
|
|
(32,957)
|
|
|
|
(10,409)
|
|
|
|
(30,122)
|
|
Total Xinyuan Real
Estate Co., Ltd. shareholders' equity
|
|
|
680,597
|
|
|
|
703,475
|
|
|
|
680,370
|
|
Non-controlling
interest
|
|
|
72,900
|
|
|
|
65,201
|
|
|
|
65,275
|
|
Total
equity
|
|
|
753,497
|
|
|
|
768,676
|
|
|
|
745,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
7,824,249
|
|
|
|
7,951,427
|
|
|
|
8,033,711
|
|
View original
content:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-second-quarter-2019-financial-results-300902892.html
SOURCE Xinyuan Real Estate Co., Ltd.