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Xinyuan Real Estate Co., Ltd. Announces Second Quarter 2014 Financial Results

BEIJING, Aug. 15, 2014 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a residential real estate developer with a primary focus on high growth cities in China, today announced its unaudited financial results for the second quarter 2014.

Highlights for the Second Quarter 2014

  • Total gross floor area ("GFA") sales were 149,600 square meters, a 17.7% increase from 127,100 square meters sold in the first quarter of 2014, and a 1.6% increase from 147,200 square meters sold in the second quarter of 2013.
  • Total second quarter revenues were US$166.8 million, a 26.3% decrease from US$226.4 million recorded in the first quarter of 2014 and a 16.0% decrease from US$198.5 million reported in the second quarter of 2013. Contract sales totaled US$198.7 million, a 27.4% decrease from US$273.9 million recorded in the first quarter of 2014 and a 1.4% increase from US$196.0 million recorded in the second quarter of 2013.
  • Selling, General, and Administrative ("SG&A") expenses as a percent of total revenue totaled 21.4% compared to 10.7% in the first quarter of 2014 and 7.4% in the second quarter of 2013.
  • Net income was US$6.8 million, a 32.0% decrease from US$10.1 million in the first quarter of 2014 and an 82.6% decrease from US$39.4 million reported in the second quarter of 2013.
  • Diluted net earnings per American Depositary Share ("ADS") attributable to shareholders were US$0.08, compared to diluted net earnings per ADS of US$0.12 in the first quarter of 2014 and US$0.54 per ADS in the second quarter of 2013.
  • Cash and cash equivalents, including restricted cash, increased by US$28.5 million to US$683.5 million as of June 30, 2014 from US$655.0 million as of March 31, 2014. Short and long term debt increased by US$363.6 million from US$947.2 million as of March 31, 2014 to US$1,310.8 million as of June 30, 2014.
  • The Company repurchased 0.91 million ADSs at a total cost of approximately US$3.8 million in the second quarter.

Mr. Yong Zhang, Xinyuan's Chairman, said, "Overall, China's real estate market slowed down in the second quarter due to credit tightening and adjustment in the property market after two years of strong returns for developers. We experienced a sequential and year over year GFA sales increase in the second quarter in a challenging environment. While we did not reduce the price of any of our existing main projects in the second quarter, we experienced lower ASP's due to the lower price of our three newly launched projects in Zhengzhou, Xingyang and Jinan, each of which is in line with its respective locations. These new projects which commenced pre-sales in the second quarter, contributed approximately 41% of GFA sales in the quarter. We did not acquire any new land parcels during the second quarter however we recently announced a land acquisition in early August."

"In the second half of the year, we expect to remain active with our project activity. We have five new projects that are scheduled to launch during the remainder of this year. Consequently, we expect our sales revenue and profit recognition for the full year to be back-end loaded," concluded Mr. Zhang.

Financial Results for the Second Quarter 2014

Contract Sales

Contract sales totaled US$198.7 million in the second quarter compared to US$273.9 million in the first quarter of 2014 and US$196.0 million in the second quarter of 2013. The Company's GFA sales were 149,600 square meters in the second quarter of 2014 versus 127,100 square meters in the first quarter of 2014 and 147,200 square meters in the second quarter of 2013. The average selling price ("ASP") per square meter sold was RMB8,155 (US$1,329) in the second quarter of 2014 versus RMB13,181 (US$2,155) in the first quarter of 2014 and RMB8,312 (US$1,332) in the second quarter of 2013.

Three new projects became available for sale in the second quarter of 2014, Xingyang Splendid I with sellable GFA of 117,195 square meters, Zhengzhou Thriving Family with sellable GFA of 142,487 square meters and Jinan Royal Palace with sellable GFA of 448,135 square meters. These three projects contributed approximately 40.7% of XIN's GFA sales in the quarter. In addition, our Suzhou Lake Royal Palace project obtained its sales permit in late June and will recognize sales and revenue beginning July, 2014.

Breakdown of GFA Sales and ASP's by Project


Q2 2013

Q1 2014

Q2 2014

Unsold


GFA

ASP

GFA

ASP

GFA

ASP

GFA

Project

(m2 000)

(Rmb)

(m2 000)

(Rmb)

(m2 000)

(Rmb)

(m2 000)

Zhengzhou Royal Palace

18.6

9,269

0.4

33,539

-

-

0.5

Zhengzhou Century East A

27.2

10,451

1.2

15,309

0.4

17,792

1.0

Zhengzhou Century East B

3.9

15,030

0.2

9,147

0.1

9,200

0.6

Zhengzhou Xin City

-

-

33.6

10,672

35.0

6,086

52.4

Zhengzhou Thriving Family

-

-

-

-

33.0

7,196

109.6

Xingyang Splendid I

-

-

-

-

24.5

5,250

92.7

Kunshan Royal Palace

-

-

7.0

10,615

6.3

10,081

228.5

Suzhou Xin City

-

-

19.4

9,369

10.8

10,040

15.2

Suzhou Lake Royal Palace

-

-

-

-

-

-

169.2

Jinan Xinyuan Splendid

91.0

7,062

23.8

9,746

25.8

8,895

74.1

Jinan Royal Palace

-

-

-

-

3.5

6,856

444.6

Xuzhou Colorful City

-

-

4.0

6,954

2.7

15,546

91.0

Beijing Xindo Park

-

-

35.8

20,867

6.1

24,431

90.0

Others

6.5


1.7


1.4


4.7

 Total

147.2

8,312

127.1

13,181

149.6

8,155

1,374.1

Revenue

In the second quarter of 2014, the Company's total revenue was US$166.8 million compared to US$226.4 million in the first quarter of 2014 and US$198.5 million in the second quarter of 2013.

Gross Profit

Gross profit for the second quarter of 2014 was US$43.3 million, or 25.9% of revenue, compared to a gross profit of US$59.4 million, or 26.2% of revenue, in the first quarter of 2014 and a gross profit of US$69.9 million, or 35.2% of revenue, in the second quarter of 2013.

Selling, General and Administrative Expenses

SG&A expenses were US$35.6 million for the second quarter of 2014 compared to US$24.3 million for the first quarter of 2014 and US$14.7 million for the second quarter of 2013. As a percentage of total revenue, SG&A expenses were 21.4% compared to 10.7% in the first quarter of 2014 and 7.4% in the second quarter of 2013. The increase in SG&A expenses compared to the 2014 first quarter was mainly due to selling and marketing expenses related to newly launched projects, and the payment of project bonus to senior management. Excluding these items, SG&A remained at the same level as the first quarter of 2014.

Net Income

Net income for the second quarter of 2014 was US$6.8 million compared to US$10.1 million for the first quarter of 2014 and US$39.4 million for the same period in 2013. Net margin was 4.1%, compared to 4.4% in the first quarter of 2014 and 19.8% in the second quarter of 2013. Diluted earnings per ADS were US$0.08, compared to US$0.12 per ADS in the first quarter of 2014 and to US$0.54 per ADS in the same period in 2013.

Balance Sheet

As of June 30, 2014, the Company reported US$683.5 million in cash and cash equivalents (including restricted cash) compared to US$655.0 million as of March 31, 2014. Total debt outstanding was US$1,310.8 million, an increase of US$363.6 million compared to US$947.2 million at the end of the first quarter of 2014. The balance of the Company's real estate property under development at the end of the second quarter was US$1,540.8 million compared to US$868.7 million at the end of the first quarter of 2014. The increase of property under development was primarily due to the land premium of newly acquired four land parcels in the first quarter recognized as property under development after paying off all the land premium in the second quarter.

Project Status

Below is a summary table of projects that were active and available for sale in the second quarter of 2014.


GFA

Contract Sales

Project
Cost % Complete

(m2 000)

(US$ millions)

Project

Total
Active Projects

Sold to date

Total
Active Projects

Sales to date

% Sold



Zhengzhou Royal Palace

132.4

131.9

240.9

238.2

98.9%

94.0%

Zhengzhou Century East A

77.3

76.3

127.4

125.7

98.7%

95.4%

Zhengzhou Century East B

166.5

165.9

246.3

245.3

99.6%

98.4%

Zhengzhou Xin City

206.4

154.0

340.5

229.8

67.5%

69.7%

Zhengzhou Thriving Family

142.5

32.9

150.3

38.6

25.7%

34.6%

Xingyang Splendid I

117.2

24.5

93.8

20.9

22.3%

35.0%

Kunshan Royal Palace

284.3

55.8

498.7

86.5

17.4%

41.4%

Suzhou Xin City

127.3

112.1

186.5

159.8

85.7%

74.4%

Suzhou Lake Royal Palace

169.2

0.0

394.4

0.0

0.0%

66.8%

Jinan Xinyuan Splendid

574.9

500.8

811.1

704.6

86.9%

86.6%

Jinan Royal Palace

448.1

3.5

682.4

3.9

0.6%

42.5%

Xuzhou Colorful City

129.0

38.0

198.2

56.3

28.4%

49.4%

Beijing Xindo Park

131.9

41.9

480.9

146.1

30.4%

72.0%

Others remaining GFA

4.7






 Total active projects

2,711.7

1,337.6

4,451.4

2,055.7

46.2%

65.8%

As of August 15, 2014, the Company's total sellable GFA was approximately 2,467,300 square meters for active projects and under planning stage projects in China. Below is a summary of all of our planning stage projects:


Unsold
GFA

Pre sales
Scheduled

(m2 000)

Xingyang Splendid II&III

113.4

Q4 2014

Chengdu Thriving Family (Newly Acquired Chengdu Land)

206.2

Q3 2014

Sanya Yazhou Bay No.1 (Newly Acquired Sanya Land)

116.2

Q4 2014

Shanghai Royal Palace (Newly Acquired Shanghai Land)

57.6

Q4 2014

Changsha Xinyuan Splendid (Newly Acquired Changsha Land)

238.1

Q4 2014

Newly Acquired Shaanxi Land

361.7

Q1 2015

Total projects under planning

1093.2


Total active projects

1,374.1


Total all Xinyuan projects in China

2,467.3


The Company's New York Oosten project has a total GFA of 37,100 square meters. Its New York sales gallery was opened on June 30. As of the end of the second quarter, the Company began negotiating contracts on select units with buyers.

Third Quarter Outlook

The Company expects contract sales in the third quarter of 2014 to reach approximately US$265 to US$280 million. Third quarter revenue is expected to total US$220 to US$230 million while net income is expected to reach US$7 to US$9 million.

Conference Call Information

The Company will hold a conference call at 8:00 am ET on August 15, 2014 to discuss second quarter 2014 results. Listeners may access the call by dialing 1-913-312-0868. A webcast will also be available through the Company's investor relations website at http://www.xyre.com. A replay of the call will be available through August 22, 2014 by dialing 1-858-384-5517, access code: 1236931.

About Xinyuan Real Estate Co., Ltd.

Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a developer of large scale, high quality residential real estate projects aimed at providing middle-income consumers with a comfortable and convenient community lifestyle. In China, Xinyuan primarily focuses its development projects in high growth cities, including Zhengzhou, Jinan, Suzhou, Kunshan, Xuzhou, Chengdu, Shanghai, Beijing, Changsha, Sanya, Xi'an and Hefei. The Company's U.S. development arm, XIN Development Group International, Inc., is a pioneer amongst Chinese real estate residential developers, entering the US market in 2012. Xinyuan is the first real estate developer from China to be listed on the New York Stock Exchange. For more information, please visit http://www.xyre.com.

Forward Looking Statements

Certain statements in this press release constitute "forward-looking statements". These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements includes statements about estimated financial performance, sales performance and activity, among others and can generally be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter into new geographic markets and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2013. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.

Notes to Unaudited Financial Information

This release contains unaudited financial information which is subject to year-end audit adjustments. Adjustments to the financial statements may be identified when the audit work is completed, which could result in significant differences between our audited financial statements and this unaudited financial information.

For more information, please contact:

In China:

Ms. Helen Zhang
Financial Controller
Tel: +86 (10) 8588-9398
Email: [email protected]

ICR, LLC
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: [email protected]

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,



2014


2014


2013



(unaudited)


(unaudited)


(unaudited)









Total revenue

166,824


226,412


198,484









Total costs of revenue

(123,565)


(167,043)


(128,598)


Gross profit

43,259


59,369


69,886









Selling and distribution expenses

(8,857)


(4,781)


(2,860)


General and administrative expenses

(26,761)


(19,494)


(11,877)









Operating income

7,641


35,094


55,149









Interest income

1,355


1,531


2,877


Interest expense

(7,467)


(8,641)


(4,844)


Other income

3,109


-


-


Exchange gains

50


-


-


Share of loss of an equity investee

(201)


(217)


-









Income from operations before income taxes

4,487


27,767


53,182









Income taxes

2,345


(17,717)


(13,820)









Net income

6,832


10,050


39,362









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

6,832


10,050


39,362









Earnings per ADS:







 Basic

0.09


0.13


0.55


 Diluted

0.08


0.12


0.54


ADS used in computation:







 Basic

76,343


77,801


71,256


 Diluted

89,272


90,810


72,242


 

XINYUAN REAL ESTATE CO., LTD. AND 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,


June 30,


2014


2013


(unaudited)


(unaudited)

Revenue

393,236


367,913





Cost of revenue

(290,608)


(242,360)

Gross profit

102,628


125,553





Selling expenses

(13,638)


(5,648)

General and administrative expenses

(46,255)


(21,451)





Operating income

42,735


98,454





Interest income

2,886


4,512

Interest expense

(16,108)


(4,844)

Other income

3,109


-

Exchange gains

50


-

Share of loss of an equity investee

(418)


-

Income from operations before income taxes

32,254


98,122





Income taxes

(15,372)


(32,145)





Net income

16,882


65,977





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

16,882


65,977





Earnings per ADS:




 Basic

0.22


0.93

 Diluted

0.20


0.91

ADS used in computation:




 Basic

77,068


71,219

 Diluted

90,047


72,314

 

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,



2014


2014


2013



(unaudited)


(unaudited)


(audited)

ASSETS







Current assets







Cash and cash equivalents


377,468


348,096


587,119

Restricted cash


306,069


306,857


250,098

Accounts receivable


31,244


24,986


8,528

Other receivables


85,914


143,813


10,593

Restricted deposit


11,409


11,411


11,514

Deposits for land use right


220,737


480,739


297,389

Other deposits and prepayments


115,193


106,026


103,790

Advances to suppliers


25,367


20,175


15,317

Real estate property held for sale


2,970


5,524


5,524

Real estate property development completed


13,969


17,036


21,260

Real estate property under development


1,540,816


868,679


932,519

Amounts due from related parties


2,113


1,301


820

Amounts due from employees


713


586


59

Other current assets


193


34


-








Total current assets


2,734,175


2,335,263


2,244,530








Real estate properties held for lease, net


62,970


61,534


60,410

Property and equipment, net


46,089


45,688


46,706

Other long-term investment


242


242


242

Investment in joint venture


5,474


5,676


5,945

Deferred tax assets


14,528


10,593


10,191

Deferred charges


18,988


8,699


9,049

Other assets


7,063


4,940


5,028








TOTAL ASSETS


2,889,529


2,472,635


2,382,101

 

XINYUAN REAL ESTATE CO., LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(All US$ amounts and number of shares data in thousands)



June 30,


March 31,


December 31,



2014


2014


2013



(unaudited)


(unaudited)


(audited)

LIABILITIES AND







SHAREHOLDERS' EQUITY







Current liabilities







Accounts payable


250,675


171,161


194,403

Short-term bank loans and other debt


170,654


113,782


23,291

Customer deposits


93,927


81,805


75,285

Income tax payable


57,296


106,833


121,642

Deferred tax liabilities


105,402


85,821


78,958

Other payables and accrued liabilities


65,945


79,881


73,446

Payroll and welfare payable


3,980


4,610


19,638

Current portion of long-term bank loans and other debt

424,712


 

231,015


217,964

Current maturities of capital lease obligations

2,721


2,721


2,746








Total current liabilities


1,175,312


877,629


807,373








Non- current liabilities







Long-term bank loans


59,466


61,768


32,804

Other long term debt


655,957


540,662


536,943

Deferred tax liabilities


9,385


9,385


9,385

Unrecognized tax benefits


16,165


16,167


16,314

Capital lease obligations, net of current maturities  


25,057


25,742


26,646

Redeemable non-controlling interests


2,836


-


-

TOTAL LIABILITIES


1,944,178


1,531,353


1,429,465








Shareholders' equity







Common shares


16


16


16

Treasury shares


(14,507)


(10,696)


(3,085)

Additional paid-in capital


540,048


535,169


534,937

Statutory reserves


68,547


68,547


68,547

Retained earnings


253,365


250,447


244,310

Accumulated other comprehensive income


97,882


97,799


107,911

TOTAL EQUITY


945,351


941,282


952,636








TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY


2,889,529


2,472,635


2,382,101

SOURCE Xinyuan Real Estate Co., Ltd.

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SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...