2022-09-07 08:45Financial Performance - For the six months ended June 30, 2022, the turnover was RMB 21,013 million, representing a 7.0% increase from RMB 19,634 million in the same period of 2021[8]. - Profit attributable to shareholders for the same period was RMB 3,802 million, down 11.4% from RMB 4,291 million in 2021[8]. - Basic earnings per share decreased to RMB 1.17 from RMB 1.32 year-on-year[8]. - The interim dividend per share was RMB 0.234, compared to RMB 0.264 for the year ended December 31, 2021[8]. - Total equity increased to RMB 27,404 million from RMB 24,489 million in 2021[8]. - Consolidated net cash rose significantly to RMB 13,628 million from RMB 5,396 million in the previous year[8]. - The current ratio improved to 0.93 from 0.75 in 2021[8]. - Earnings before interest and taxation decreased by approximately 12.8% to RMB 5,159,000,000, while profit attributable to shareholders decreased by approximately 11.4% to RMB 3,802,000,000[16]. - Overall beer sales volume decreased slightly by 0.7% to approximately 6,295,000 kilolitres, which was better than the overall industry performance[17]. - Gross profit increased by approximately 6.9% to RMB 8,878,000,000, with the gross profit margin remaining flat compared to the previous year[19]. Regional Performance - Turnover in the Eastern region was RMB 10,455 million, a 5.8% increase from RMB 9,883 million[12]. - The Central region saw a 14.4% increase in turnover, reaching RMB 6,107 million from RMB 5,339 million[12]. - Earnings before interest and taxation for the Eastern region decreased by 33.2% to RMB 2,158 million from RMB 3,231 million[13]. Cash Flow and Liquidity - The Group's consolidated cash and bank deposits amounted to RMB14,428,000,000 as of June 30, 2022[22]. - The Group's borrowings as of June 30, 2022, including a short-term loan, were RMB800,000,000, compared to no borrowings as of December 31, 2021[22]. - The current liabilities of the Group were RMB23,227,000,000 with a current ratio of 0.93 as of June 30, 2022[22]. - The net cash from operating activities for the six months ended June 30, 2022, was RMB 6,478 million, compared to RMB 6,350 million for the same period in 2021, indicating a year-over-year increase of about 2%[28]. - The net cash from investing activities for the first half of 2022 was RMB 1,856 million, compared to RMB 1,266 million in the same period of 2021, showing a growth of around 46%[28]. Expenses and Cost Management - The Group implemented cost-reduction measures, resulting in a decrease of approximately 2.2% in selling and distribution expenses compared to the same period last year[19]. - Administrative and other expenses decreased by approximately 17.8% due to the absence of impairment losses and one-off staff compensation expenses[19]. - Staff costs, including directors' emoluments, amounted to RMB 2,748 million, slightly up from RMB 2,725 million in the previous year[49]. Corporate Strategy and Initiatives - The Group continued to promote its "Achieving Success in Premiumization" strategy through various marketing activities, leading to double-digit growth in the sales of the "Heineken®" brand products[19]. - The Group plans to launch new products such as "Snow Draft Pure Malt Beer" in the second half of 2022 to enhance product diversity[20]. - The Group aims to expand community group buying and home delivery online platforms to ensure stable supply against disruptions[20]. - The Group continues to focus on promoting both domestic and international brands while enhancing its competitive position through various business initiatives[20]. Environmental, Social, and Governance (ESG) Efforts - The Group has committed to 12 specific environmental, health, and safety management targets as part of its "14th Five-Year" Plan, focusing on waste reduction and emission control[83]. - The Group's commitment to sustainable development is demonstrated through its ongoing ESG reporting and initiatives[83]. - The Group achieved zero coal consumption in the first half of 2022, resulting in a reduction of sulfur dioxide (SO2) and nitrogen oxides (NOX) emissions by over 30% compared to the same period last year[93]. - The Group actively participated in various environmental awareness campaigns, including World Environment Day and National Energy Conservation Week[85]. Corporate Governance - The Company has implemented its own corporate governance standards and objectives since November 2003[139]. - The Corporate Governance Manual has been revised multiple times, with the latest revision on January 1, 2022[139]. - The Company has complied with the Code Provisions set out in the CG Code during the six months ended June 30, 2022, except for certain provisions related to the Chairman position[141]. - The position of the Chairman has been vacant since July 11, 2019, and has not been filled as of the report date[141]. Shareholder Information - As of June 30, 2022, China Resources Company Limited holds a long position of 1,684,077,366 shares, representing 51.91% of the total issued shares[134]. - The company declared an interim dividend of RMB0.234 per share, equivalent to HK$0.272 per share, for the six months ended June 30, 2022, compared to RMB0.264 per share (HK$0.317) in the previous year[145]. - There were no significant investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures during the six months ended June 30, 2022[148].