Financial Performance - For the six months ended June 30, 2024, the group recorded total sales of RMB 3,427.5 million, a decrease of 64.6% compared to the same period in 2023[1]. - Revenue for the same period was RMB 24,658.4 million, up from RMB 18,501.0 million in the previous year[1]. - The group reported a loss attributable to equity holders of RMB 2,343.4 million, compared to a loss of RMB 1,464.3 million for the same period in 2023[1]. - The gross profit for the six months was RMB 1,314.1 million, slightly down from RMB 1,334.2 million in the previous year[3]. - The basic and diluted loss per share for the period was RMB 0.54, compared to RMB 0.34 in the same period last year[3]. - The company reported a net loss of RMB 2,508,370,000 for the six months ending June 30, 2024[11]. - The company’s total liabilities classification as current or non-current remained unchanged following the adoption of revised accounting standards[3]. - The group recorded a contract sales amount of RMB 3,427.5 million, a decrease of 64.6% compared to the six months ended June 30, 2023[35]. - The confirmed revenue from property sales was RMB 24,609.6 million, an increase of 33.4% compared to RMB 18,441.9 million for the six months ended June 30, 2023[36]. - The group’s total revenue increased by 33.3% to RMB 24,658.4 million from RMB 18,501.0 million for the six months ended June 30, 2023[41]. Assets and Liabilities - As of June 30, 2024, the total land bank held by the group and its joint ventures was 11.52 million square meters, down from 12.98 million square meters as of December 31, 2023[1]. - The total current assets amounted to RMB 108,247.2 million, a decrease from RMB 134,584.8 million as of December 31, 2023[5]. - Current liabilities totaled RMB 115,325.4 million, down from RMB 139,397.9 million at the end of 2023[6]. - Non-current assets were valued at RMB 18,268.4 million, a slight decrease from RMB 18,602.9 million as of December 31, 2023[7]. - As of June 30, 2024, the company's current liabilities exceeded current assets by RMB 7,078,217,000[11]. - Total bank and other borrowings amounted to RMB 62,433,782,000, with RMB 54,667,438,000 due within the next twelve months[11]. - The total trade receivables as of June 30, 2024, amounted to RMB 29,001 million, a decrease from RMB 152,986 million as of December 31, 2023[27]. - The company’s total borrowings as of June 30, 2024, stand at RMB 59,956.4 million, slightly up from RMB 59,508.3 million as of December 31, 2023[58]. - The total amount of borrowings due within one year is RMB 53,626.6 million, compared to RMB 52,576.7 million as of December 31, 2023, indicating a year-over-year increase of approximately 2%[58]. - The net debt to equity ratio as of June 30, 2024, is 1,829.1%, significantly higher than 885.5% as of December 31, 2023, reflecting increased leverage[62]. Financing and Liquidity - The group incurred financing costs of RMB 1,564.7 million, significantly higher than RMB 673.4 million in the same period last year[3]. - Financing costs for the six months ended June 30, 2024, totaled RMB 1,564,696 thousand, a notable rise from RMB 673,390 thousand in the same period of 2023, reflecting an increase of approximately 132.5%[21]. - The company has implemented liquidity management and cost-saving measures to address challenges in obtaining financing due to declining property pre-sales in China[60]. - The company is actively negotiating with lenders to defer repayments on certain borrowings[12]. - The company has provided mortgage guarantees amounting to RMB 21,063.9 million as of June 30, 2024, down from RMB 29,210.5 million as of December 31, 2023, indicating a reduction in contingent liabilities[63]. - The company has not paid the principal and/or interest on several securities, including RMB 10,020,000 and USD 23,361,000 for various notes due in 2022[68]. - As of the announcement date, the company has outstanding principal of USD 200,000,000 for notes maturing in September 2023 and March 2024, with unpaid interest[69]. - The company has not made payments on USD 728,623,000 of principal for notes due in March 2023, along with unpaid interest[69]. - The restructuring support agreement's final deadline has been extended to August 29, 2024, at 11:59 PM Hong Kong time[72]. Operational Strategy - The company is focusing on accelerating property sales as part of its business strategy[12]. - The company plans to continue seeking opportunities to sell equity in several project development companies to generate additional cash flow[12]. - The company has implemented measures to accelerate the collection of receivables and effectively control costs and expenses[12]. - The group aims to ensure orderly business operations while enhancing asset value recovery in the second half of 2024[33]. - The company has not engaged in hedging activities to manage foreign exchange rate risks, which may impact its cash value due to depreciation of the RMB[60]. - The company is actively seeking to manage its offshore debt through an overall management plan[61]. Employee and Governance - The total number of employees decreased from 1,566 as of December 31, 2023, to 1,108 as of June 30, 2024[73]. - The company emphasizes the importance of recruiting and retaining skilled employees through competitive compensation and systematic training programs[73]. - The company has adopted the Corporate Governance Code as the basis for its governance practices[78]. - The company is committed to high standards of corporate governance through principles of integrity, accountability, and transparency[78]. - The audit committee, consisting of three members, is responsible for reviewing the company's accounting policies and financial status[82]. Other Financial Information - The company did not declare any interim dividend for the six months ended June 30, 2024, similar to the previous year[25]. - The company has no plans to issue any new shares or dividends in the near term, focusing on stabilizing its financial position[30]. - The company has not reported any significant events from June 30, 2024, to the announcement date[75]. - There were no purchases, sales, or redemptions of the company's listed securities during the period[80]. - The interim results announcement will be published on the Stock Exchange and the company's website[83].
正荣地产(06158) - 2024 - 中期业绩