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恒大汽车(00708) - 2024 - 中期业绩
EVERG VEHICLEEVERG VEHICLE(HK:00708)2024-08-30 14:45

Financial Performance - For the six months ended June 30, 2024, the group reported revenue of RMB 38 million, with a gross profit of RMB 2 million; however, the net loss totaled RMB 20,257 million, representing a year-on-year increase in loss of 194.73%[1] - The group's operating loss for the period was RMB 19,310 million, compared to an operating loss of RMB 4,813 million in the same period of the previous year[2] - The total comprehensive loss for the period was RMB 20,319 million, significantly higher than the RMB 7,420 million reported for the same period in 2023[4] - The company recorded a financial asset impairment loss of RMB 16,909 million, compared to RMB 4,267 million in the previous year[2] - The company reported a basic and diluted loss per share of RMB 186.789 for the period, compared to RMB 63.308 in the previous year[4] - The company reported a net loss attributable to shareholders of approximately RMB 20,254,991 thousand for the six months ended June 30, 2024, compared to a loss of RMB 5,804,029 thousand for the same period in 2023[21] - The basic loss per share from continuing operations was RMB (186.789) for the six months ended June 30, 2024, compared to RMB (53.524) for the same period in 2023[21] - The net loss for the reporting period was RMB 20,256.65 million, an increase of RMB 13,383.6 million compared to a loss of RMB 6,873.05 million for the same period last year[39] Assets and Liabilities - As of June 30, 2024, the total assets of China Evergrande New Energy Vehicle Group Limited amounted to RMB 16,369 million, while total liabilities were RMB 74,350 million, including borrowings of RMB 26,590 million and trade and other payables of RMB 46,695 million[1] - Total liabilities increased from RMB 72,543 million at the end of 2023 to RMB 74,350 million as of June 30, 2024[7] - The company has a net current liability of approximately RMB 58,844,000 thousand as of June 30, 2024, indicating significant financial uncertainty[26] - The group’s total borrowings as of June 30, 2024, included approximately RMB 13,991 million in current borrowings and RMB 12,599 million in non-current borrowings[10] - The total borrowings and lease liabilities amounted to RMB 26,921.86 million, an increase from RMB 26,815.25 million as of December 31, 2023[48] - The debt-to-asset ratio as of June 30, 2024, was 164.47%, significantly up from 76.94% as of December 31, 2023[48] - The company’s cash and cash equivalents decreased from RMB 128,824 thousand to RMB 39,336 thousand during the reporting period[5] - As of June 30, 2024, the group's cash and cash equivalents were only RMB 39 million, indicating a significant liquidity issue[10] - The trade receivables as of June 30, 2024, amounted to RMB 69,554 thousand, a decrease from RMB 81,916 thousand as of December 31, 2023[24] - The trade payables as of June 30, 2024, were RMB 9,542,007 thousand, slightly down from RMB 9,646,566 thousand as of December 31, 2023[25] - The company has outstanding overdue debts totaling approximately RMB 10,269 million, an increase from RMB 9,447 million as of December 31, 2023[50] Revenue Breakdown - Revenue from the new energy vehicle segment was RMB 10,435 thousand for the six months ended June 30, 2024, a decrease of 62.7% compared to RMB 27,978 thousand for the same period in 2023[14] - Revenue from property development was RMB 16,095 thousand for the six months ended June 30, 2024, down from RMB 154,539 thousand in the same period of 2023[14] - The group's revenue for the reporting period was RMB 38.38 million, a decrease of 75.17% compared to RMB 154.54 million for the six months ended June 30, 2023, primarily due to reduced sales of Hengchi 5[31] - The group’s revenue from automotive and automotive parts sales was RMB 5,540 thousand for the six months ended June 30, 2024, a significant decline from RMB 113,370 thousand in the same period of 2023[14] - The group’s revenue from lithium battery sales was RMB 1,776 thousand in the previous period, indicating a lack of current sales in this category for the reporting period[14] Operational Measures and Future Plans - The group is actively negotiating with banks and financial institutions to extend existing borrowings and bonds maturing within 12 months post June 30, 2024, as part of its financing extension plan[11] - The group plans to implement operational restructuring measures, including optimizing production and human resources, controlling capital expenditures, and attracting strategic investors[11] - The group has taken steps to alleviate cash flow pressure and improve its financial situation, but there remains significant uncertainty regarding its ability to continue as a going concern[11] - The group plans to introduce strategic investors to secure funding for survival and future development, focusing on new platform and vehicle model research and development[46] - The group aims to enhance manufacturing standards at the Tianjin manufacturing base to ensure high-quality production and delivery[47] Legal and Compliance Issues - The group is facing potential significant impacts on its financial condition due to administrative decisions regarding non-compliance with investment agreements, which may lead to forced land recovery and asset liquidation[53] - The subsidiary received a notice requiring it to rectify issues related to production qualifications, which could significantly affect the group's operational status if enforced[54] - The two subsidiaries of the company have entered bankruptcy reorganization procedures as of August 2, 2024[57] - The group had 70 pending litigation cases with a total claim amount of approximately RMB 13,989 million as of June 30, 2024, compared to RMB 13,608 million as of December 31, 2023[49] Corporate Governance - The company has complied with all corporate governance codes during the reporting period[60] - Following the resignation of an independent non-executive director, the number of independent directors fell below the required minimum, but compliance was restored with new appointments on August 5, 2024[60] - The company has adopted standard codes for securities trading by its directors, confirming compliance during the reporting period[61] - The interim financial information for the six months ending June 30, 2024, has been reviewed by the audit committee[59] - Shareholders and potential investors are advised to exercise caution and not overly rely on the forward-looking statements made in the announcement[62] Taxation - The estimated corporate income tax rate for China is 25%, with certain subsidiaries benefiting from reduced rates of 20% and 15% due to specific qualifications[18] - There was no land appreciation tax accrued for the six months ended June 30, 2024, consistent with the previous period[19] - The company recorded a deferred income tax expense of RMB (78) thousand for the six months ended June 30, 2024, compared to RMB (8,956) thousand for the same period in 2023[4] Employee and Stock Options - The total employee cost for the reporting period was approximately RMB 118.22 million, a decrease from RMB 313.85 million for the same period in 2023[51] - The stock option plan has granted a total of 752,200,000 options, with 186,595,000 options unexercised as of June 30, 2024[51]