UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
FOR THE MONTH OF MARCH 2016
COMMISSION FILE NUMBER: 001-33863
XINYUAN REAL ESTATE CO., LTD.
27/F, China Central Place, Tower II
79 Jianguo Road, Chaoyang District
Beijing 100025
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
This Form 6-K is hereby incorporated by reference into the registration statements of Xinyuan Real Estate Co., Ltd. (“Xinyuan” or the “Company”) on Form S-8 (Registration Numbers 333-152637, 333-198525 and 333-205371) and on Form F-3 (Registration Number 333-192046) and any outstanding prospectus, offering circular or similar document issued or authorized by the Company that incorporates by reference any of the Company’s reports on Form 6-K that are incorporated into its registration statements filed with the Securities and Exchange Commission, and this Form 6-K shall be deemed a part of each such document from the date on which this Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
TABLE OF CONTENTS
| Page | |
| Signature | 2 |
| Exhibit Index | 3 |
| Exhibit 99.1 Xinyuan Real Estate Co., Ltd. Press Release dated March 1, 2016 |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Xinyuan Real Estate Co., Ltd. | |||
| By: |
/s/ Huaiyu Liu | ||
| Name: | Huaiyu Liu | ||
| Title: | Chief Financial Officer | ||
Date: March 1, 2016
2
EXHIBIT INDEX
| Exhibit Number | Description | |
| Exhibit 99.1 | Xinyuan Real Estate Co., Ltd. Press Release dated March 1, 2016 |
3
Exhibit 99.1
Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter and Full Year 2015 Financial Results
FY15 Contract Sales Up 34.5% Year-over-Year to US$1.40 billion
FY15 Net Income Up 37.1% Year-over-Year to US$66.5million
BEIJING, China, March 1, 2016 - 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. |
| 1 |
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.
| 2 |
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.
| 3 |
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.
| 4 |
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 | |||||||
| (m2 000) | Scheduled | |||||||
| 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
| 5 |
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.
| 6 |
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
| 7 |
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 | |||||||||
| 8 |
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 | ||||||
| 9 |
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 | |||||||||
| 10 |
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 | |||||||||
| 11 |