Financial Performance - Contract sales for the period amounted to RMB 4.291 billion, a decrease of 54.5% compared to the same period in 2023[2] - Revenue for the period was RMB 609.1 million, representing a decline of 38.7% year-on-year[3] - The loss for the period was RMB 2.831 billion, an increase of 100.9% compared to the same period in 2023[3] - The loss attributable to equity holders of the company was RMB 3.018 billion, an increase of RMB 1.328 billion compared to the same period in 2023[3] - Gross profit for the period was RMB 537.3 million, down from RMB 759.9 million in the same period last year[3] - The group reported a total comprehensive loss of RMB 2.946 billion for the period, compared to RMB 2.184 billion in the same period last year[4] - The company reported a loss attributable to owners of RMB 3,017,883,000 for the six months ended June 30, 2024[9] - The company’s core net loss for the same period was RMB 2,827.9 million, which is an increase of RMB 1,417.6 million compared to the previous year[36] - The group reported a pre-tax loss of RMB 3,017,883 thousand for the six months ended June 30, 2024, compared to a loss of RMB 1,689,480 thousand for the same period in 2023, representing an increase in loss of approximately 78.7%[31] Assets and Liabilities - Total non-current assets as of June 30, 2024, were RMB 25.864 billion, down from RMB 27.136 billion as of December 31, 2023[5] - Current assets totaled RMB 89.203 billion, a decrease from RMB 93.971 billion at the end of 2023[5] - Total bank and other borrowings amounted to RMB 45,944,794,000, with RMB 31,121,495,000 due within the next 12 months[9] - The total current liabilities reached RMB 87,241,000,000, an increase from RMB 86,543,133,000 as of December 31, 2023[6] - Non-current liabilities totaled RMB 20,113,921,000, compared to RMB 23,906,339,000 in the previous period[6] - The net asset value was reported at RMB 1,961,579,000, a decrease from RMB 7,427,786,000[6] - The total assets less current liabilities were reported at RMB 27,825,605,000, down from RMB 34,564,047,000[6] - Cash and cash equivalents stood at RMB 1,541,204,000 as of June 30, 2024[9] - Trade receivables amounted to RMB 946,198 thousand as of June 30, 2024, an increase from RMB 869,658 thousand as of December 31, 2023[33] Debt and Financing - The company experienced a default on borrowings totaling RMB 22,343,901,000 in principal and RMB 2,529,338,000 in interest[9] - The group has triggered cross-defaults totaling RMB 228,800,000 due to the default events[9] - The group has suspended the repayment of certain offshore debts to ensure fair treatment of creditors and is actively negotiating with them for overall management of offshore debts[81] - The group has reached a consensus on key commercial terms with the creditor group regarding the restructuring of certain existing preferred shares and loans[81] - The group is actively negotiating with several existing financial institutions for the renewal of certain loans[10] Operational Strategy - The company effectively managed costs and controlled expenditure during the period[2] - The group plans to accelerate the sales of developed and completed properties and expedite the collection of outstanding receivables[10] - The group will continue to implement measures to control administrative costs and capital expenditures[10] - The company plans to continue actively selling properties, focusing on cash collection, cost reduction, and maintaining stable operating cash flow[51] - The company aims to optimize the structure of urban renewal projects and accelerate the transformation and investment recovery of these projects[51] Market and Development - The company operates in three segments: property development, urban renewal business, and property leasing, with all projects located in mainland China as of June 30, 2024[13] - The total land reserve as of June 30, 2024, was approximately 12.8 million square meters, deemed sufficient for the company's development needs over the next two to three years[40] - The company owns 136 major projects at different stages, with 124 located in key cities of Guangdong Province[37] - The company is expanding its market presence in Guangzhou, with new projects totaling 500,000 square meters planned for 2025[41] - The company is exploring potential acquisitions in the real estate sector to further expand its portfolio[41] Corporate Governance - The group aims to maintain a high level of corporate governance to protect shareholder interests and enhance corporate value[88] - The board believes that having the same person serve as both Chairman and CEO provides strong and stable leadership for the group[89] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim report and found the risk management and internal control systems to be effective and adequate[91] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[87] Employee and Operational Metrics - As of June 30, 2024, the group employed 1,578 staff, a reduction from 1,757 employees as of December 31, 2023[86] - Employee benefits expenses for the six months ended June 30, 2024, were approximately RMB 170 million, compared to RMB 253.3 million for the six months ended June 30, 2023[86]
时代中国控股(01233) - 2024 - 中期业绩