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29.04.17
ROUNDUP 2: EU vor Brexit-​Verhandlungen ungewöhnlich einig

Xinyuan Real Estate Co., Ltd. Announces Fourth Quarter 2016 Financial Results

Dienstag, 14.02.2017 12:00 von

PR Newswire

BEIJING, Feb. 14, 2017 /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 in other countries, today announced its unaudited financial results for the fourth quarter ended December 31, 2016.

Fourth Quarter 2016 Highlights

  • Total fourth quarter revenue increased 22.2% to US$505.3 million from US$413.6 million in the fourth quarter of 2015 and increased 13.7% from US$444.3 million in the third quarter of 2016.
  • Gross profit for the fourth quarter of 2016 increased to US$126.4 million, or 25.0% of revenue compared to US$81.4 million, or 19.7% of revenue, in the fourth quarter of 2015 and US$105.0 million, or 23.6% of revenue in the third quarter of 2016.
  • Selling, General and Administrative ("SG&A") expenses as a percent of total revenue decreased to 10.3% from 13.3% in the fourth quarter of 2015 and decreased from 12.1% in the third quarter of 2016.
  • Net income was US$16.7 million, compared to US$19.1 million in the fourth quarter of 2015 and US$28.0 million in the third quarter of 2016.
  • Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.18, compared to US$0.26 in the fourth quarter of 2015 and US$0.41 in the third quarter of 2016.

Full Year 2016 Highlights

  • For the year ended December 31, 2016, total revenues increased 34.1% to US$1,561.6 million from US$1,164.3 million in 2015. GFA sales increased 14.2% to 1,126,100 square meters from 986,100 square meters in 2015. Contract sales increased 26.7% to US$1,761.7 million from US$1,390.5 million in 2015.
  • Gross profit was US$357.6 million, or 22.9% of revenue in 2016, compared to a gross profit of US$273.0 million, or 23.4% of revenue in 2015. The Company commenced presales on four projects in 2016.
  • SG&A expenses were US$178.2 million or 11.4% of revenue in 2016, compared to US$167.5 million, or 14.4% of revenue in 2015.
  • Net income was US$79.5 million in 2016 compared to US$66.5 million in 2015. Diluted earnings per ADS were US$1.06 in 2016 compared to US$0.91 per ADS in 2015.

Mr. Yong Zhang, Xinyuan's Chairman, stated, "Our fourth quarter results were in-line with our forecast from last quarter. Despite the implementation of new government restriction policies impacting China's overall housing market, our revenue and gross profit still achieved strong levels of growth on an annual and quarterly basis. Our ability to make operational adjustments to our projects in wake of government restrictions contributed favorably to our financial results. We reduced operating expenses and experienced high-margin residential unit sales activity, which helped support average selling prices."

"We continued to make progress with our real estate development projects in both mainland China and overseas markets. Among our U.S. projects, our Oosten project in Williamsburg, Brooklyn is performing well with approximately 80% of the total units pre-sold as of December 31, 2016. As construction at Oosten nears successful completion, we are pleased to recognize a total of $152 million in revenue from this project in 2016. Our two other NYC projects-one in Manhattan and the other in Queens, are progressing according to plan. In China, we continue to add to our land bank for future development with the recent acquisition in 2017 to secure land use rights for three land parcels in Zhengzhou, a market where Xinyuan has enjoyed great historical success."

"While we remain cautious about the policy and market changes, we continue to execute our selective land acquisition and project development strategy in 2017. Our financial position is solid and we have confidence in our flexible operational strategy and the development of our overseas projects. Finally, we remain committed to delivering value to our shareholders through the continuation of our quarterly cash dividend program and remain committed to our share repurchase program," concluded Mr. Zhang.

Fourth Quarter 2016 Financial Results

Revenue

In the fourth quarter of 2016, the Company's total revenue increased 22.2% to US$505.3 million from US$413.6 million in the fourth quarter of 2015 and increased 13.7% from US$444.3 million in the third quarter of 2016. Revenue contributed by the Company's US-based Oosten project, which from an accounting standpoint is recognized upon delivery of the completed unit rather than POC method, contributed approximately $117.5 million or 23.3% of total revenue in the fourth quarter and has been a valuable contributor to the Company's financial performance in 2016.

Contract Sales

Contract sales in China totaled US$347.8 million in the fourth quarter of 2016 compared to US$574.2 million in the fourth quarter of 2015 and US$525.4 million in the third quarter of 2016. The Company's GFA sales in China decreased to 222,000 square meters in the fourth quarter of 2016 from 420,900 square meters in the fourth quarter of 2015 and decreased from 340,700 square meters in the third quarter of 2016. The average selling price ("ASP") per square meter sold in China was RMB10,401 (US$1,566) in the fourth quarter of 2016 compared to RMB8,493 (US$1,364) in the fourth quarter of 2015 and RMB10,140 (US$1,542) in the third quarter of 2016.The ASP increase was due to the product mix of units sold and the Company's efforts to maintain pricing integrity. Sales in the U.S. totaled US$117.5 million at the end of fourth quarter of 2016.

The Company commenced pre-sales of one new project in the fourth quarter of 2016, Henan Xin Central II, which contributed 4.1% of total GFA sales in China.

Breakdown of GFA Sales and ASPs by Project in China

Project

Q4 2015

Q3 2016

Q4 2016

Unsold

GFA

GFA

ASP

GFA

ASP

GFA

ASP

(m2000)

(RMB)

(m2000)

(RMB)

(m2000)

(RMB)

(m2000)

Zhengzhou Xin City

0.8

12,908

-0.7

14,767

0.1

-

5.5

Zhengzhou Thriving Family

0.1

6,054

-

-

0.1

36,188

16.0

Xingyang Splendid I

12.2

5,050

2.7

6,020

3.4

7,221

35.5

Xingyang Splendid II

4.4

4,983

16.2

4,979

21.4

6,213

82.8

Kunshan Royal Palace

34.5

9,465

8.4

21,099

2.0

23,137

16.4

Suzhou Lake Royal Palace

28.7

13,482

6.1

20,782

6.1

21,464

17.0

Jinan Xinyuan Splendid

1.8

8,122

0.1

9,401

0.1

10,878

9.1

Jinan Royal Palace

44.1

6,270

28.2

7,501

29.1

8,798

200.5

Xuzhou Colorful City

2.5

10,307

3.6

11,182

2.5

11,791

51.6

Beijing Xindo Park

31.6

12,674

1.4

34,193

1.8

29,098

10.7

Chengdu Thriving Family

17.3

5,146

31.9

6,703

8.5

9,621

65.3

Changsha Xinyuan Splendid

33.1

5,421

29.8

7,439

12.1

9,461

62.7

SanyaYazhou Bay No.1

1.7

10,915

-1.2

22,139

2.7

12,723

104.9

Xi'an Metropolitan

42.8

6,305

23.6

7,786

19.4

10,781

77.9

Shanghai Royal Palace

8.5

21,913

8.0

28,556

1.9

37,475

11.4

Zhengzhou Xindo Park

16.9

7,871

4.4

6,590

22.8

6,419

73.2

Jinan Xin Central

16.4

10,547

13.9

9,330

9.0

12,214

80.1

Henan Xin Central I

52.0

7,621

65.7

8,775

5.5

9,673

57.7

Zhengzhou Fancy City I

57.6

7,981

15.1

9,234

2.8

14,594

32.6

Zhengzhou Fancy City II (South)

-

-

37.9

9,613

9.6

12,353

30.9

Tianjin Spring Royal Palace

14.0

8,599

12.3

7,377

2.4

6,934

168.5

Kunshan Xindo Park

-

-

30.9

18,612

0.6

19,060

59.7

Zhengzhou International New City I

-

-

1.4

10,662

48.6

10,717

311.7

Henan Xin Central II

-

-

-

-

9.0

10,920

100.8

Others

-0.2

-

1.0

-

0.5

-

3.6

Total

420.9

8,493

340.7

10,140

222.0

10,401

1,686.1

Gross Profit

Gross profit for the fourth quarter of 2016 was US$126.4 million, or 25.0% of revenue, compared to a gross profit of US$81.4 million, or 19.7% of revenue, in the fourth quarter of 2015 and a gross profit of US$105.0 million, or 23.6% of revenue, in the third quarter of 2016.

Selling, General and Administrative Expenses

SG&A expenses were US$51.9 million for the fourth quarter of 2016 compared to US$55.2 million for the fourth quarter of 2015 and US$53.8 million for the third quarter of 2016. As a percentage of total revenue, SG&A expenses were 10.3% compared to 13.3% in the fourth quarter of 2015 and 12.1% in the third quarter of 2016. This decrease was due to tighter control over operating costs and benefits associated with the integration of regional management on multiple provinces, cities and projects.

Net Income

Net income for the fourth quarter of 2016 was US$16.7 million, compared to US$19.1 million for the fourth quarter of 2015 and US$28.0 million for the third quarter of 2016. Net margin was 3.3%, compared to 4.6% in the fourth quarter of 2015 and 6.3% in the third quarter of 2016. Diluted earnings per ADS were US$0.18, compared to US$0.26 per ADS in the fourth quarter of 2015 and US$0.41 per ADS in the third quarter of 2016.

Balance Sheet

As of December 31, 2016, the Company's cash and cash equivalents (including restricted cash) decreased to US$905.9 million from US$1,345.6 million as of September 30, 2016 due to land acquisition deposits at the end of the year. Total debt outstanding was US$2,092.8 million, a decrease of US$167.2 million, compared to US$2,260.0 million at the end of the third quarter of 2016. The balance of the Company's real estate property under development at the end of the fourth quarter of 2016 was US$1,752.3 million, compared to US$2,330.2 million at the end of the third quarter of 2016.

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 2016.

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

205.6

356.0

323.1

90.8%

97.9%


Zhengzhou Thriving Family

131.5

115.5

153.4

126.3

82.3%

92.7%


Xingyang Splendid I

117.3

81.8

85.8

64.5

75.2%

77.1%


Xingyang Splendid II

137.2

54.4

142.1

48.5

34.1%

57.8%


Kunshan Royal Palace

280.0

263.6

484.1

420.2

86.8%

95.5%


Suzhou Lake Royal Palace

169.6

152.6

370.4

288.2

77.8%

99.3%


Jinan Xinyuan Splendid

572.2

563.1

747.1

740.0

99.0%

99.4%


Jinan Royal Palace

449.6

249.1

660.2

255.1

38.6%

71.5%


Xuzhou Colorful City

130.2

78.6

199.8

110.3

55.2%

81.3%


Beijing Xindo Park

133.1

122.4

451.0

376.7

83.5%

100.0%


Chengdu Thriving Family

211.4

146.1

375.7

131.7

35.1%

92.5%


Changsha Xinyuan Splendid

251.8

189.1

357.0

177.3

49.7%

89.2%


SanyaYazhou Bay No.1

122.1

17.2

298.3

32.7

11.0%

85.9%


Xi'an Metropolitan

290.7

212.8

475.5

224.0

47.1%

94.1%


Shanghai Royal Palace

57.8

46.4

282.5

175.2

62.0%

100.0%


Zhengzhou Xindo Park

144.4

71.2

199.0

80.2

40.3%

78.0%


Jinan Xin Central

194.7

114.6

359.9

169.0

47.0%

72.6%


Henan Xin Central I

262.2

204.5

363.4

249.9

68.8%

67.7%


Zhengzhou Fancy City I

166.8

134.2

237.5

172.4

72.6%

62.3%


Zhengzhou Fancy City II (South)

84.1

53.2

147.1

80.3

54.6%

56.8%


Tianjin Spring Royal Palace

278.6

110.1

501.4

128.4

25.6%

36.5%


Kunshan Xindo Park

91.2

31.5

274.8

88.4

32.2%

63.3%


Zhengzhou International New City I

361.6

49.9

671.0

80.7

12.0%

31.9%


Henan Xin Central II

109.8

9.0

184.7

14.8

8.0%

45.6%


Others remaining GFA

3.6

-

-

-

-

-


Total active projects

4,962.6

3,276.5

8,377.7

4,557.9

54.4%

75.1%


As of December 31, 2016, the Company's total sellable GFA was approximately 2,214,400 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

Targeted



(m2 000)


Zhengzhou Fancy City II(North)

119.6

Q3 2017


Zhengzhou International New City II

175.7

Q3 2017


Xingyang Splendid III

37.4

To be determined


Beijing Liyuan project

102.3

To be determined


Changsha New project

93.3

Q2 2017


Total projects under planning

528.3



Total active projects

1,686.1



Total all Xinyuan projects in China

2,214.4



Additional planning stage projects acquired in 2017


Unsold GFA

Pre sales

Targeted



(m2 000)


Zhengzhou International New City III

345.6

To be determined


Real Estate Project Update in the U.S.

As of the end of the fourth quarter, the Company had pre-sold approximately 80% of the total units at its Brooklyn-based Oosten project. As of December 31, 2016, the Company had delivered approximately $152 million and 106 units in total, and most closed buyers had moved in. In addition, the project passed government inspections and obtained Temporary Certificates of Occupancy for all phases. During the fourth quarter, the local market demand and price trend remained healthy in the mid-market condo segment, with a relative slowdown in the high-end market.

The Company expects Xinyuan's second New York project, announced in January 2016 and located in midtown Manhattan, to begin demolition and foundation work in the first quarter of 2017. In the fourth quarter, the Company executed a lease with the national retailer Target Corporation, which will occupy the entire cellar level and 60% of the retail space on the ground level. This lease marks the Company's first successful foray into the retail real estate market in New York City.

In August 2016, Xinyuan announced a new land acquisition in Flushing, Queens, New York City. The Company is in the selection process for the general contractor and expects to begin construction on this property in the first half of 2017.

Conference Call Information

The Company will hold a conference call at 8:00 am ET on February14, 2017 to discuss fourth quarter 2016 results. Listeners may access the call by dialing:

US: 1-800-406-5345
International: 1-913-981-5537

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 February 21, 2017 by dialing:

US: 1-844-512-2921
International: 1-412-317-6671
Access code: 6349077

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 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, 2015. 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. Joe Xu
Investor Relations Deputy 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

Media:
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




December 31,



September 30,



December 31,




2016



2016



2015




(unaudited)



(unaudited)



(unaudited)















Total revenue



505,340




444,278




413,586















Total costs of revenue



(378,906)




(339,322)




(332,188)


Gross profit



126,434




104,956




81,398















Selling and distribution expenses



(21,659)




(19,233)




(20,316)


General and administrative expenses



(30,226)




(34,584)




(34,863)















Operating income



74,549




51,139




26,219















Interest income



6,107




2,116




6,260


Interest expense



(13,236)




(6,558)




(5,310)


Net realized gain/(loss) on short-term investments



198




1,392




(239)


Unrealized (loss)/gain on short-term investments



(623)




91




13


Loss on extinguishment of debt



(12,124)




-




-


Other income/(expense)



459




(27)




1,258


Exchange gains /(loss)



261




(37)




140


Share of (loss)/gain of equity investee



(138)




412




783















Income from operations before income taxes



55,453




48,528




29,124















Income taxes



(38,735)




(20,481)




(10,009)















Net income



16,718




28,047




19,115


Net (income)/loss attributable to non-controlling interest



(4,588)




157




1


Net income attributable to Xinyuan Real Estate Co., Ltd.
shareholders



12,130




28,204




19,116















Earnings per ADS:













Basic



0.18




0.43




0.27


Diluted



0.18




0.41




0.26


ADS used in computation:













Basic



65,960




66,121




70,126


Diluted



68,928




69,329




72,838


 

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,




2016



2015




(unaudited)



(audited)











Total revenue



1,561,625




1,164,324











Total costs of revenue



(1,204,036)




(891,334)


Gross profit



357,589




272,990











Selling and distribution expenses



(57,814)




(52,126)


General and administrative expenses



(120,416)




(115,329)











Operating income



179,359




105,535











Interest income



20,917




24,504


Interest expense



(29,857)




(20,281)


Net realized gain on short-term investments



2,506




603


Unrealized gain on short-term investments



235




49


Loss on extinguishment of debt



(12,124)




-


Other income



4,540




5,945


Exchange gains



459




403


Share of (loss)/gain of equity investee



(325)




2,235











Income from operations before income taxes



165,710




118,993











Income taxes



(86,248)




(52,511)











Net income



79,462




66,482


Net income attributable to non-controlling interest



(6,485)




1











Net income attributable to Xinyuan Real Estate Co., Ltd. shareholders



72,977




66,483











Earnings per ADS:









Basic



1.10




0.93


Diluted



1.06




0.91


ADS used in computation:









Basic



66,631




71,313


Diluted



68,827




73,244


 

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,




2016



2016



2015




(unaudited)



(unaudited)



(audited)


ASSETS













Current assets













Cash and cash equivalents



577,406




927,717




387,528


Restricted cash



328,499




417,904




363,137


Short-term investments



39,311




37,330




1,245


Accounts receivable



32,704




21,889




42,040


Other receivables



29,321




48,963




147,652


Deposits for land use rights



153,252




29,950




46,199


Other deposits and prepayments



528,205




239,912




254,048


Advances to suppliers



27,457




36,713




50,534


Real estate properties development completed



445,017




21,471




24,077


Real estate properties under development



1,752,345




2,330,204




1,887,322


Amounts due from related parties



17,732




8,347




58,630


Amounts due from employees



620




2,435




351


Other current assets



889




196




201















Total current assets



3,932,758




4,123,031




3,262,964















Real estate properties held for lease, net



158,962




67,429




71,133


Property and equipment, net



34,090




36,313




39,323


Other long-term investment



242




242




31,108


Investment in joint ventures



7,556




7,838




6,125


Deferred tax assets



28,688




28,435




15,489


Deposits for land use rights



28,831




74,875




107,798


Other assets



23,354




12,543




14,943















TOTAL ASSETS



4,214,481




4,350,706




3,548,883


 

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,



December31,




2016



2016



2015




(unaudited)



(unaudited)



(audited)


LIABILITIES AND













SHAREHOLDERS' EQUITY













Current liabilities













Accounts payable and notes payable



532,371




403,193




471,176


Short-term bank loans and other debt



178,576




262,803




222,226


Customer deposits



148,643




135,022




64,452


Income tax payable



123,028




105,044




106,034


Deferred tax liabilities



61,613




64,820




57,692


Other payables and accrued liabilities



194,823




351,649




106,127


Payroll and welfare payable



19,522




13,789




22,966


Amounts due to related parties



63,572




-




-


Current portion of long-term bank loans and other debt



703,574




780,264




594,834


Current maturities of capital lease obligations



3,923




4,076




3,066


Mandatorily redeemable non-controlling interests



12,614




13,103




2,310















Total current liabilities



2,042,259




2,133,763




1,650,883















Noncurrent liabilities













Long-term bank loans



235,885




50,896




13,860


Other long-term debt



974,791




1,166,029




897,504


Deferred tax liabilities



13,500




14,006




13,500


Unrecognized tax benefits



16,159




18,059




17,842


Capital lease obligations, net of current maturities



15,016




17,222




18,111


Mandatorily redeemable non-controlling interests



-




-




1,232


TOTAL LIABILITIES



3,297,610




3,399,975




2,612,932















Shareholders' equity













Common shares



16




16




16


Treasury shares



(53,734)




(45,262)




(24,046)


Additional paid-in capital



538,414




535,294




531,233


Statutory reserves



95,126




79,255




80,050


Retained earnings



355,121




365,630




317,765


Accumulated other comprehensive income



(33,964)




4,205




30,952


Total Xinyuan Real Estate Co., Ltd. shareholders' equity



900,979




939,138




935,970


Non-controlling interest



15,892




11,593




(19)


Total equity



916,871




950,731




935,951


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



4,214,481




4,350,706




3,548,883


To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-fourth-quarter-2016-financial-results-300406889.html

SOURCE Xinyuan Real Estate Co., Ltd.