碧桂园(02007) - 2024 - 中期业绩

Financial Performance - For the six months ended June 30, 2024, the group achieved a total revenue of approximately RMB 102.1 billion, a year-on-year decrease of about 54.9%[4] - The group recorded a pre-tax loss of approximately RMB 10.8 billion during the same period[4] - The company reported a net loss of RMB 15,064 million for the six months ended June 30, 2024, compared to a net loss of RMB 51,461 million for the same period in 2023[21] - Revenue for the first half of 2024 was RMB 102,102 million, a decrease of 54.9% from RMB 226,309 million in the first half of 2023[13] - The cost of sales for the first half of 2024 was RMB 103,806 million, down 58.7% from RMB 250,572 million in the previous year[13] - The company incurred a gross loss of RMB 1,704 million in the first half of 2024, compared to a gross loss of RMB 24,263 million in the same period of 2023[13] - The group has proposed an offshore debt restructuring plan involving approximately USD 9.4 billion in senior notes, HKD 6.9 billion in convertible bonds, and approximately USD 1.9 billion and HKD 24 billion in bank and other borrowings[24] - The pre-tax loss for the first half of 2024 was approximately RMB 10,831 million, an improvement from a pre-tax loss of RMB 46,148 million in the same period of 2023[68] - The loss attributable to shareholders for the first half of 2024 was approximately RMB 12,842 million, compared to 48,932 million in the same period of 2023[69] Sales and Deliveries - The total contracted sales amount attributable to the company's shareholders was approximately RMB 26 billion, corresponding to a contracted sales area of about 2.65 million square meters[4] - The group delivered over 150,000 housing units, with a total delivery area of approximately 18.22 million square meters across 29 provinces and 178 cities[7] - Property sales accounted for RMB 98,829 million, down 55.2% from RMB 220,803 million in the previous year[30] - The average sales price of delivered properties in the first half of 2024 was approximately RMB 7,725 per square meter, excluding VAT[62] Cash Flow and Liquidity - The group's total cash balance as of June 30, 2024, was approximately RMB 44.8 billion, with total borrowings amounting to RMB 250.2 billion[4] - Operating cash flow for the first half of 2024 was a net outflow of RMB 185 million, compared to a net inflow of RMB 3,386 million in the first half of 2023[17] - The company’s cash and cash equivalents at the end of June 2024 were RMB 6,698 million, a decrease from RMB 101,115 million at the end of June 2023[18] - The total amount of the company's priority notes, convertible bonds, corporate bonds, and bank loans was RMB 250,152 million, with RMB 203,546 million classified as current liabilities[21] - The group is actively considering various debt management measures to alleviate short-term liquidity pressure[84] Expenses and Cost Management - Marketing and administrative expenses were approximately RMB 4.9 billion, a year-on-year decrease of 50.8%[4] - The company has seen a 25.3% reduction in management expenses compared to the same period last year, improving operational efficiency[8] - The cost of sales, marketing, and administrative expenses totaled RMB 108,910 million for the six months ended June 30, 2024, down from RMB 261,133 million in 2023[53] Debt and Liabilities - As of June 30, 2024, the total debt of the group includes RMB 147,287 million that has defaulted or cross-defaulted[22] - Certain debts amounting to RMB 147.3 billion were in default or cross-default as of June 30, 2024[85] - The total liabilities after inter-segment eliminations as of June 30, 2024, were RMB 828,305 million, a slight decrease from RMB 899,597 million as of December 31, 2023, indicating a reduction of about 7.9%[32][34] Strategic Initiatives - The company is actively exploring new businesses in construction technology and property management, aiming to enhance cost control and adapt to market changes[9] - The company is implementing a "three guarantees" strategy focusing on ensuring housing delivery, operational stability, and credit protection[6] - The group plans to actively adjust sales and pre-sale activities in response to market changes and aims to recover cash flow from sales and receivables[24] - The group intends to revitalize underperforming assets, including hotels and office buildings, to generate more cash inflow[24] Governance and Compliance - The independent auditor was unable to express a conclusion regarding the appropriateness of the going concern basis for preparing the interim financial information due to significant uncertainties[88] - The company adhered to the corporate governance principles outlined in the Hong Kong Stock Exchange Listing Rules, except for a delay in obtaining appropriate insurance arrangements for directors due to ongoing discussions with insurers[91] - No violations were reported under the standard code for securities trading by directors during the six months ending June 30, 2024[93] Employee and Shareholder Information - As of June 30, 2024, the group employed approximately 29,261 full-time employees[81] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared in 2023[56] - The company's shares have been suspended from trading since April 2, 2024, and will remain suspended until further notice[109]