Financial Performance - The total revenue of the Group for the period was approximately RMB 299,399,000, representing a significant increase of 313% compared to the previous period (RMB 72,453,000) [19] - Profit attributable to owners of the Company for the period was RMB 116,257,000, down from RMB 176,204,000 in the previous period; after adjusting for non-operating items, the operating profit after tax was approximately RMB 73,234,000, compared to a loss of RMB 17,758,000 previously [19] - Basic earnings per share were RMB 1.02 cents, down from RMB 1.60 cents in the previous period; diluted earnings per share were RMB 0.75 cents, compared to a diluted loss per share of RMB 0.05 cents previously [19] - Revenue from property sales was approximately RMB270,772,000, a significant increase of 337% compared to RMB61,999,000 in the Previous Period [41] - Rental income increased to approximately RMB28,627,000 from RMB10,454,000 in the Previous Period [41] - Gross profit for the period was RMB 76,800,000, up from RMB 23,905,000 in the previous year, indicating a strong growth in profitability [109] - Profit before taxation was RMB 169,251,000, compared to RMB 184,450,000 in the prior period, showing a slight decrease [109] - Total comprehensive income for the period attributable to owners of the Company was RMB 115,697,000, compared to RMB 179,737,000 in the previous year [113] Assets and Liabilities - As of June 30, 2019, the Group owned 14 projects under development and for sale, with a total gross floor area of approximately 1,660,836 sq.m., and attributable gross floor area of approximately 1,365,445 sq.m. [19] - The Group's total current assets increased to approximately RMB11.35 billion, up from RMB9.48 billion at the end of 2018, while current liabilities rose to approximately RMB8.37 billion [62] - The Group's net assets increased by approximately 56.4% to RMB2.79 billion as of June 30, 2019, compared to RMB1.78 billion at the end of 2018 [62] - Non-current assets as of June 30, 2019, totaled RMB 2,844,856,000, an increase from RMB 2,193,711,000 at the end of 2018 [115] - The company reported a net current assets value of RMB 2,977,182,000, down from RMB 3,241,585,000 in the previous year [115] - Total bank and other borrowings increased to approximately RMB4,985.1 million as of June 30, 2019, compared to RMB4,326.4 million as of December 31, 2018 [64] - The net capital debt ratio as of June 30, 2019, was 138.1%, down from 164.8% at the end of 2018 [61] Sales and Contracts - The Group achieved contracted sales of approximately RMB1.21 billion during the Period, a decrease from RMB1.38 billion in the Previous Period [41] - As of June 30, 2019, total unrecognised contracted sales amounted to approximately RMB5.20 billion, with RMB1.51 billion expected to be recognised as income in the next 12 months [41] - The Group's contracted sales performance is a key focus area, with ongoing monitoring of sales figures [40] Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the reporting period [96] - The company is committed to maintaining high standards of corporate governance and has established policies for compliance with regulatory requirements [96] - The audit committee reviewed the interim financial report and discussed internal control and financial reporting matters with management [94] Share Capital and Dividends - The Board does not recommend the payment of an interim dividend for the Period, consistent with the Previous Period [59] - The total number of issued shares remained at 11,351,749,796 as of both January 1, 2019, and June 30, 2019 [74] - The company approved a reduction of share premium by RMB 5,000,000,000 to offset accumulated losses and RMB 500,000,000 for capital contribution in May 2019 [129] Cash Flow and Financing Activities - For the six months ended June 30, 2019, the net cash used in operating activities was RMB (327,470) thousand, compared to RMB 1,154,401 thousand for the same period in 2018 [134] - The net cash used in investing activities amounted to RMB (1,191,101) thousand, slightly higher than RMB (1,170,864) thousand in the previous year [137] - Financing activities generated a net cash inflow of RMB 1,213,200 thousand, a significant increase from RMB 412,794 thousand in the prior period [137] - The company incurred interest paid of RMB (249,237) thousand, compared to RMB (215,274) thousand in the previous year [137] Lease Accounting - The Group has applied HKFRS 16 for the first time in the current interim period, replacing HKAS 17 "Leases" and related interpretations [159] - The application of HKFRS 16 has not had a material impact on the Group's financial performance and positions for the current and prior periods [158] - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less any accumulated depreciation and impairment losses [169] - Lease payments on short-term leases and leases of low-value assets are recognized as expenses on a straight-line basis over the lease term [163] - The Group recognizes lease liabilities at the present value of unpaid lease payments at the lease commencement date [177]
福晟国际(00627) - 2019 - 中期财报