Financial Performance - Gross revenue for the six months ended June 30, 2023, was RMB 512.3 million, an increase from RMB 495.3 million in the same period of 2022, representing a growth of approximately 3.9%[11]. - Revenue decreased to RMB 190.4 million from RMB 230.6 million year-on-year, indicating a decline of about 17.4%[11]. - Loss attributable to equity shareholders increased to RMB 200.1 million from RMB 185.8 million, reflecting a rise of approximately 7.0%[11]. - Basic loss per share was reported at 17.0 cents, compared to 8.0 cents in the previous year, indicating a significant increase in losses per share[11]. - Loss for the period was RMB 204,292,000, compared to a loss of RMB 195,556,000 in the previous year, reflecting an increase in loss of 4.4%[20]. - Basic and diluted loss per share increased to RMB 0.17 from RMB 0.08, indicating a worsening financial performance[16]. - Total comprehensive income for the period was RMB (169,081,000), slightly improved from RMB (177,951,000) in the prior year[22]. - For the six months ended June 30, 2023, the company reported a loss of RMB 200,090,000, compared to a loss of RMB 200,090,000 in the same period of 2022[36]. Assets and Liabilities - Net assets of the Group decreased to RMB 1,124.8 million from RMB 1,507.0 million, a decline of about 25.4%[11]. - NAV per ordinary share fell to RMB 0.98 from RMB 1.31, representing a decrease of approximately 25.2%[11]. - Non-current assets totaled RMB 7,360,802,000 as of June 30, 2023, showing a marginal increase from RMB 7,353,273,000 at the end of 2022[26]. - Current liabilities decreased significantly to RMB 2,385,946,000 from RMB 4,442,302,000, indicating improved liquidity management[26]. - Non-current liabilities increased significantly to RMB 4,145,332,000 as of June 30, 2023, compared to RMB 1,603,771,000 at December 31, 2022, representing a growth of approximately 158%[28]. - Total equity attributable to equity shareholders of the Company fell to RMB 1,099,349,000 from RMB 1,475,838,000, a decrease of approximately 25.5%[28]. - Share capital decreased from RMB 199,369,000 to RMB 103,602,000, reflecting a reduction of about 47.9%[28]. - The Group's total financial liabilities measured at amortised cost increased to RMB 858,616,000 as of June 30, 2023, compared to RMB 652,991,000 as of December 31, 2022, marking a growth of around 31.5%[164]. Cash Flow and Financing - Cash at bank and on hand increased to RMB 51,919,000 from RMB 19,542,000, reflecting better cash flow management[26]. - Cash used in operating activities increased to RMB 101,840,000 from RMB 67,319,000 in the previous year[38]. - Net cash generated from investing activities was RMB 32,803,000, compared to a cash outflow of RMB 25,632,000 in the same period of 2022[38]. - Proceeds from new bank loans amounted to RMB 44,900,000, while repayments of bank loans were RMB 164,550,000[42]. - The company reported a net increase in cash and cash equivalents of RMB 22,358,000, compared to a decrease of RMB 3,282,000 in the previous year[42]. - As of June 30, 2023, cash and cash equivalents totaled RMB 33,866,000, up from RMB 26,994,000 at the end of June 2022[42]. - The Group's borrowings are primarily unsecured and unguaranteed, amounting to RMB 2,705,052,000 as of June 30, 2023[168]. Operational Highlights - Sales per ticket increased to RMB 1,258 from RMB 922, indicating a growth of approximately 36.5%[15]. - Annualised area efficiency decreased to RMB 12,732 per m² from RMB 13,827 per m², reflecting a decline of about 7.9%[15]. - The company’s principal activities include the operation of department stores, a shopping mall, and supermarkets in the People's Republic of China[44]. - The Group's revenue is derived from the sales value of goods sold, net income from concession sales, gross rental income, and management and administrative service fee income[63]. - The group operates two department stores and a shopping mall, with one department store expected to re-open in 2025[80]. Cost Management - Staff costs decreased to RMB 43,273,000 from RMB 51,329,000, a reduction of 15.7%, contributing to cost control efforts[16]. - Depreciation expenses rose to RMB 95,740,000 from RMB 78,015,000, an increase of 22.7%, indicating potential investments in fixed assets[16]. - Total borrowing costs increased to RMB 152,774,000 for the first half of 2023, compared to RMB 143,450,000 in the same period of 2022[94]. Taxation and Compliance - The provision for PRC Corporate Income Tax for the six months ended June 30, 2023, was RMB 205,000, significantly lower than RMB 1,924,000 for the same period in 2022, reflecting a decrease of approximately 89.3%[100]. - The company did not make any provision for Hong Kong Profits Tax for the six months ended June 30, 2023, as there were no assessable profits, similar to the previous year[102]. - The interim financial report is unaudited but has been reviewed by an independent auditor[52]. Future Outlook - The Group's financial performance in department store and supermarket operations did not meet management's expectations due to slowing economic growth and intense competition[134]. - The company has not indicated any new product launches or market expansion strategies during this reporting period[108]. - The company expects an annual sales growth rate beyond the five-year period to stabilize at 2%[139].
世纪金花(00162) - 2023 - 中期财报