Financial Performance - The group's revenue for the first half of 2019 reached HKD 6,856 million, a 20% increase from HKD 5,722 million in the same period of 2018[12]. - The profit attributable to the company's owners for the first half of 2019 was HKD 868 million, representing a 7% increase compared to HKD 808 million in the first half of 2018[12]. - The group achieved property sales of RMB 22.03 billion and toll revenue of RMB 1.596 billion in the first half of 2019, totaling RMB 23.626 billion, a 26% increase year-on-year[96]. - The real estate division's property sales reached a record high of RMB 20.239 billion in the first half of 2019, with signed sales contracts amounting to RMB 18.025 billion and pending sales agreements of RMB 2.214 billion[97]. - The group recorded a net profit of HKD 1,200 million for the period, compared to HKD 1,160 million in the previous year, reflecting a growth of 3.4%[166]. - Gross profit for the same period was HKD 2,727 million, slightly up from HKD 2,693 million, indicating a stable gross margin[166]. Assets and Liabilities - The total assets of the group as of June 30, 2019, amounted to HKD 84,060 million, up from HKD 77,155 million at the end of 2018, reflecting a 9% growth[12]. - The net debt-to-equity ratio stood at 52% as of June 30, 2019, compared to 49% in the same period last year[12]. - The total borrowings amounted to HKD 27,211 million as of June 30, 2019, compared to HKD 20,645 million as of December 31, 2018, representing a growth of approximately 31%[189]. - The company's short-term borrowings accounted for 45% of total borrowings as of June 30, 2019, down from 51% in the previous year[189]. - The company's long-term borrowings increased to 55% of total borrowings as of June 30, 2019, compared to 49% in the previous year[189]. - The company's borrowings in RMB accounted for 42% of total borrowings as of June 30, 2019, down from 45% in the previous year[189]. Cash Flow and Financial Management - The group’s cash and bank deposits increased to HKD 13,917 million, a significant rise of 39% from HKD 9,976 million in the previous year[12]. - The cash and cash equivalents increased to HKD 12,926 million as of June 30, 2019, up from HKD 8,840 million as of June 30, 2018, indicating a year-on-year increase of approximately 46%[195]. - The net cash flow from operating activities, excluding land payments, was negative HKD 2,254 million for the period, compared to positive HKD 5,583 million in the previous year[195]. - Financial expenses increased to HKD 490 million from HKD 281 million, primarily due to the issuance of USD 800 million guaranteed senior notes[172]. - The company issued two series of preferred perpetual capital securities totaling USD 300 million with interest rates of 7.95% and 7% respectively[197]. Land and Property Development - The group holds a land reserve of approximately 7,910,000 square meters, with 97% designated for sale purposes[36]. - The total land reserve as of June 30, 2019, was approximately 6.33 million square meters, primarily located in the Yangtze River Delta region[105]. - The company has several ongoing property development projects in the Yangtze River Delta region, with a total development area of approximately 1,000,000 square meters[38]. - The company acquired new projects in the Yangtze River Delta region, including the "Yancheng Project" with a development area of 159,000 square meters and 51% equity interest, expected to complete in 2021[83]. - The company has secured new land parcels in major cities including Beijing, Guangzhou, Suzhou, Changzhou, and Shanghai through joint ventures[200]. Sales and Market Performance - The average selling price in the real estate division increased to RMB 19,400 per square meter, with the Yangtze River Delta region accounting for approximately 68% of total sales[101]. - The average delivery price for properties was approximately RMB 16,700 per square meter, with a delivery gross profit margin close to 40%[102]. - The company signed sales contracts for the "Lujing Sheshan Courtyard" project amounting to RMB 317 million, with an average price of RMB 44,000 per square meter in the first half of 2019[109]. - The company signed sales contracts amounting to RMB 10.97 billion with an average price of approximately RMB 28,000 per square meter for the Tianjin project, Lujing Taiyang City, in the first half of 2019[131]. - The company anticipates delivering approximately 141,000 square meters in the second half of 2019 for the Changzhou project, Lujing City[114]. Future Outlook and Strategy - The group plans to continue a cautious approach to land acquisition due to ongoing market risks and tightening capital conditions[106]. - The group expects to expand its sales scale while maintaining a balance between profit and sales volume in the second half of 2019[106]. - The group plans to continue seeking new opportunities and profit growth through real estate funds and related businesses under controlled risks[163].
路劲(01098) - 2019 - 中期财报