粤港湾控股(01396) - 2024 - 中期财报

Sales Performance - Contracted sales in the first half of 2024 decreased by 57.6% to approximately RMB565.3 million compared to the same period in 2023 (RMB1,334.6 million)[9] - Residential property sales accounted for 91.6% of total sales, while commercial and other properties accounted for 8.4%[9] - Contracted sales for the first half of 2024 were approximately RMB565.3 million, a decrease of 57.6% compared to RMB1,334.6 million in the same period last year, with residential property sales accounting for 91.6% and commercial and other property sales accounting for 8.4%[13] - Revenue from property sales increased to RMB 845.819 million in the first half of 2024, up from RMB 370.044 million in the same period in 2023[94] - Revenue from residential property sales rose to RMB 407.689 million in H1 2024, compared to RMB 206.636 million in H1 2023[95] - Revenue from commercial property sales grew to RMB 438.130 million in H1 2024, up from RMB 163.408 million in H1 2023[95] Revenue and Costs - Revenue for the six months ended 30 June 2024 was approximately RMB861.7 million, a decrease of 46.9% compared to RMB1,624.2 million in the same period last year, primarily due to a significant drop in transaction volume and a change in the operating model of the trading business[10][14] - Revenue from property development and related services increased by 92.3% to approximately RMB861.7 million, driven by an increase in delivered area of properties[10][14] - Total cost of sales for the Period was approximately RMB1,226.0 million, with property development and related services cost of sales increasing by 84.6% to RMB1,225.1 million, in line with the increase in delivered area of property[11][15] - The Group recorded a gross loss of approximately RMB364.3 million, compared to a gross loss of RMB213.5 million in the same period last year, mainly due to a severe decline in the average selling price of properties and a write-down of inventories amounting to approximately RMB205.5 million[12][16] - Revenue for the six months ended 30 June 2024 was RMB 861.7 million, a significant decrease from RMB 1,624.2 million in the same period in 2023[70] - Gross loss for the six months ended 30 June 2024 was RMB 364.3 million, compared to a gross loss of RMB 213.5 million in the same period in 2023[70] - Loss from operations before fair value gain on investment properties was RMB 922.9 million for the six months ended 30 June 2024, compared to RMB 283.2 million in the same period in 2023[70] - Loss for the period attributable to equity shareholders of the company was RMB 1,028.3 million for the six months ended 30 June 2024, compared to RMB 659.1 million in the same period in 2023[70] - The company's total revenue from contracts with customers and other sources was RMB 861.703 million in H1 2024, down from RMB 1.624 billion in H1 2023[94] - Reportable segment revenue for property development and related services in 2024 was RMB 861,703 thousand, a decrease from RMB 1,624,180 thousand in 2023[101] - Reportable segment loss (adjusted LBITDA) for 2024 was RMB (444,547) thousand, compared to RMB (373,817) thousand in 2023[101] - Impairment loss, net for 2024 was RMB (477,461) thousand, significantly higher than RMB (109,240) thousand in 2023[101] - Fair value loss on investment properties for 2024 was RMB (41,785) thousand, a decrease from RMB (412,000) thousand in 2023[101] - Loss before taxation for 2024 was RMB (1,027,236) thousand, compared to RMB (889,857) thousand in 2023[102] - Net gain on disposal of subsidiaries in 2023 was RMB 203,126 thousand, while there was no such gain in 2024[103] - Loss attributable to equity shareholders increased to RMB 1,028,298 thousand in 2024 from RMB 659,088 thousand in 2023[116] - Basic loss per share increased to RMB 218.6 cents in 2024 from RMB 145.3 cents in 2023[116] - Weighted average number of ordinary shares increased to 470,360 thousand in 2024 from 453,735 thousand in 2023[116] Financial Position - The Group's total land bank with confirmed land use rights was approximately 7.1 million sq.m. as of 30 June 2024[9] - Total cash balances (including pledged and restricted cash) as of 30 June 2024 were RMB345.4 million, down from RMB594.4 million as of 31 December 2023[26] - Bank loans and other borrowings as of 30 June 2024 amounted to RMB2,788.9 million, a decrease from RMB2,995.5 million as of 31 December 2023[27] - Senior notes as of 30 June 2024 were RMB3,267.0 million, slightly up from RMB3,221.9 million as of 31 December 2023[27] - Contingent liabilities related to mortgage guarantees increased to RMB2,891.4 million as of 30 June 2024 from RMB2,449.6 million as of 31 December 2023[30] - Capital commitments for construction and development contracts as of 30 June 2024 were RMB2,558,983 thousand, down from RMB2,883,733 thousand as of 31 December 2023[33] - Current ratio decreased to 1.33 as of 30 June 2024 from 1.39 as of 31 December 2023[37] - Gearing ratio increased to 37.0% as of 30 June 2024 from 35.0% as of 31 December 2023[37] - The Group's total staff costs for the period were approximately RMB34.1 million, a decrease from RMB48.6 million in the same period last year[39] - As of 30 June 2024, the Group had 236 employees, down from 241 employees as of 31 December 2023[39] - The Group has no material foreign exchange exposure, with most operations conducted in Renminbi and only minor exposure from overseas deposits and foreign currency borrowings[39][41] - The Group did not make any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[39][42] - The domestic real estate market continues to decline, with contract sales and sales area experiencing double-digit declines in the first half of 2024[43] - The nationwide destocking cycle for commercial housing exceeds two years[43] - The Group plans to strengthen sales collections and accelerate inventory turnover through optimized sales strategies[45][46] - The Group will focus on controlling costs and expenses to improve efficiency and ensure coordinated development[45][46] - The Group aims to expand financing channels, optimize debt structure, and reduce financing costs[45][46] - The Group will actively explore investment opportunities in the Greater Bay Area, leveraging regional economic and industrial development potential[45][46] - The total issued share capital of the company as of 30 June 2024 is 542,735,400 shares[49][53][54] - The total number of outstanding shares under the Share Option Scheme as of 30 June 2024 was 2,100,000 shares, representing approximately 0.39% of the company's issued shares[56] - No options or awards were granted by the company during the six months ended 30 June 2024[56] - The options granted on 26 June 2022 vest and are exercisable in three tranches: 30% on 1 April 2023, 30% on 1 April 2024, and 40% on 1 April 2025[57] - The company has complied with the Corporate Governance Code (CG Code) as set out in Appendix C1 to the Listing Rules during the period[60] - The Audit Committee consists of three independent non-executive directors: Mr. Han Qinchun (Chairman), Mr. Guan Huanfei, and Mr. Chen Yangsheng[63] - The company's unaudited condensed consolidated interim results for the period were reviewed by the Audit Committee, confirming compliance with applicable accounting principles and standards[63] - The company did not declare any interim dividend for the six months ended 30 June 2023[67] - The company issued 89,000,000 new shares at a subscription price of HK$0.1 per share, raising gross proceeds of HK$8,900,000[67] - Net proceeds from the share subscription were approximately HK$8,400,000 after deducting related costs and expenses[67] - All net proceeds were used for the group's general working capital as of 30 June 2024[67] - The share subscription involved eight subscribers, including seven PRC residents and one BVI company[67] - The company's audit committee reviewed the unaudited interim financial statements and confirmed compliance with accounting principles[66] - The audit committee consists of three independent non-executive directors[66] - The company complied with the Corporate Governance Code during the reporting period[64] - All directors confirmed compliance with the Model Code for securities transactions[65] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[67] - The company issued 89,000,000 new shares on 28 May 2024, bringing the total issued shares to 542,735,400 as of 30 June 2024[68] - The company issued new senior notes with a principal amount of US$413.6 million on 28 April 2023, and the outstanding principal amount of the new notes was US$439.1 million as of 25 October 2023[68] - The interest rate on the new senior notes was reduced from 7.0$15,801,000 and US$4,377,000 (equivalent to RMB112,611,000 and RMB31,194,000), respectively[86] - The Group's inability to repay the October 2023 Senior Notes may lead to an event of default and immediate repayment demands[86] - The directors believe the Group will have sufficient working capital to meet financial obligations within the next 15 months from 30 June 2024[90] - Material uncertainty exists regarding the Group's ability to arrange sufficient financing through refinancing or renewal of bank borrowings and operating cash flows from property sales[90] - The Group's financial statements for the six months ended 30 June 2024 were prepared on a going concern basis[90] - The company operates two main business segments: Property development and related services, and Trading business (non-ferrous metal)[96] - Segment performance is measured using "adjusted LBITDA" (adjusted losses before interest, taxes, depreciation, and amortisation)[98] - Reportable segment assets as of 30 June 2024 were RMB 15,717,551 thousand, down from RMB 17,561,172 thousand in 2023[101] - Reportable segment liabilities as of 30 June 2024 were RMB 14,438,875 thousand, compared to RMB 15,278,790 thousand in 2023[101] - Finance costs for 2024 were RMB 65,985 thousand, a decrease from RMB 211,398 thousand in 2023[101] - Depreciation and amortisation for 2024 was RMB 2,671 thousand, down from RMB 8,981 thousand in 2023[101] - Depreciation and amortization for plant and equipment decreased to RMB 1,203 thousand in 2024 from RMB 6,711 thousand in 2023[105] - Net impairment losses on trade and other receivables increased significantly to RMB 477,461 thousand in 2024 from RMB 98,695 thousand in 2023[105] - Cost of inventories sold for properties increased to RMB 1,018,139 thousand in 2024 from RMB 498,257 thousand in 2023[105] - Current tax expense for PRC Corporate Income Tax decreased to RMB 330 thousand in 2024 from RMB 4,131 thousand in 2023[106] - Provision for PRC Land Appreciation Tax increased to RMB 87,127 thousand in 2024 from a negative provision of RMB 19,686 thousand in 2023[106] - Deferred tax reversal of temporary differences decreased to RMB 86,868 thousand in 2024 from RMB 133,437 thousand in 2023[106] - PRC Land Appreciation Tax is calculated based on 6% to 8% of revenue for certain subsidiaries[113] - The Group acquired property, plant and equipment with a cost of RMB264,000 during the six months ended 30 June 2024, compared to nil in the same period in 2023