Sales Performance - For the six months ended June 30, 2024, the Group achieved total contracted sales of approximately RMB 276.1 million, a decrease of 51% compared to RMB 562.7 million for the same period in 2023[21]. - The Group currently has over 8 projects for sale, with a total contracted sales area of approximately 19,286 square meters, down from 49,866 square meters in the same period last year[19]. - For the six months ended June 30, 2024, the Group recorded total contracted sales value of approximately RMB276.1 million, a decrease of 50.9% compared to RMB562.7 million for the same period in 2023[23]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was approximately RMB429.7 million, a decrease of 32.7% from RMB638.5 million for the same period in 2023[40]. - Revenue from property sales amounted to approximately RMB293.5 million, with an average selling price of approximately RMB11,218 per sq.m. for a total gross floor area of approximately 26,161 sq.m. sold[24][26]. - Revenue from property development decreased by approximately 41.4% from approximately RMB501.0 million for the six months ended 30 June 2023 to approximately RMB293.5 million for the six months ended 30 June 2024[45]. - Revenue from property leasing increased by approximately 5.2% to approximately RMB87.8 million for the six months ended 30 June 2024, compared to RMB83.5 million for the same period in 2023[46]. - Revenue from hotel operation decreased by approximately 10.3% to approximately RMB48.4 million for the six months ended 30 June 2024, down from RMB54.0 million for the same period in 2023[47]. Financial Position - The Group's total land bank as of June 30, 2024, was 779,728 sq.m., with no new land acquisitions during the first half of 2024 due to a more cautious approach[25][27]. - As of June 30, 2024, the Group had total unrecognized contracted sales of approximately RMB381.7 million, expected to be recognized in the second half of 2024 and in 2025[24][26]. - The Group's cash and bank balances were approximately RMB339.7 million, a decrease from RMB586.3 million as of 31 December 2023, mainly due to reduced proceeds from property sales[63]. - The Group's net debt-to-equity ratio was approximately 840.8% as of June 30, 2024, compared to 387.3% as of 31 December 2023[69]. - The Group's total debt-to-asset ratio was approximately 91.2% as of June 30, 2024, compared to 86.0% as of 31 December 2023[69]. Loss and Profitability - The Group recorded a net loss of approximately RMB507.7 million for the six months ended 30 June 2024, compared to a net loss of approximately RMB518.9 million for the six months ended 30 June 2023[62]. - The Group recorded a gross profit of approximately RMB74.6 million for the six months ended 30 June 2024, compared to a gross loss of approximately RMB84.6 million for the same period in 2023[52]. - The gross profit margin for property leasing decreased slightly from approximately 87.2% for the six months ended 30 June 2023 to approximately 86.6% for the six months ended 30 June 2024[52]. - The gross profit margin for hotel operation decreased to approximately 12.6% for the six months ended 30 June 2024, down from approximately 20.2% in 2023[52]. Operational Efficiency - The Group's management is focused on improving operational efficiency and financial sustainability during this challenging period[22]. - The Group continues to maintain tight control over the property delivery process to mitigate delivery risks despite the challenging market conditions[22]. - The Group aims to actively engage with financial institutions for prudent asset disposal and debt restructuring to ensure effective cash flow management[36][38]. Debt and Default Issues - The Group failed to repay an accumulated interest of US$103,562,000 (approximately RMB724,547,000) on senior notes as of 30 June 2024, leading to an event of default[67]. - The Group has cross-defaulted on other bank loans with a total book value of approximately RMB 460,265,000 as of 30 June 2024, which are secured by assets valued at approximately RMB 2,287,787,000[139]. - The Group is negotiating with major holders for a senior notes restructuring proposal and is working to secure additional financing sources[145]. Corporate Governance - The Company has complied with most of the Corporate Governance Code provisions during the six months ended June 30, 2024, except for the absence of the chairman at the annual general meeting[109]. - The Audit Committee consists of three independent non-executive Directors with sufficient expertise to carry out their duties[110]. - The primary duties of the Audit Committee include reviewing the financial reporting process and internal control systems[111]. Shareholder Information - Directors and chief executives hold a total of approximately 736,475,600 shares, representing about 40.94% of the issued share capital of the Company as of June 30, 2024[82]. - The total number of issued shares of the company is 1,799,020,000[83]. - Wong Yam Yin and Hung So Ling, as a controlled corporation, own 706,785,600 shares, representing approximately 39.29% of the issued share capital[87]. Investment and Asset Management - The Group's investment properties recorded a fair value loss of approximately RMB325.9 million for the six months ended 30 June 2024, compared to a fair value loss of approximately RMB1.0 million for the same period in 2023[53]. - The Group's investment in Jiangsu Fangtou was reduced by RMB32,400,000 due to a decrease in paid-up share capital from RMB200,000,000 to RMB20,000,000[175]. - The Group's investment properties, completed properties for sale, and properties under development for sale were valued at approximately RMB3,883,846,000, RMB1,359,507,000, and RMB1,528,935,000, respectively, as of 30 June 2024[144].
金轮天地控股(01232) - 2024 - 中期财报