Revenue and Profitability - The Group's revenue decreased from RMB4,997.9 million for the six months ended 30 June 2021 to RMB2,174.2 million for the six months ended 30 June 2022, a decrease of RMB2,823.7 million[17]. - Overall profit attributable to owners of the Company was RMB1,074.3 million, a slight increase of RMB7.8 million compared to RMB1,066.5 million for the corresponding period[22]. - The decrease in revenue was mainly attributed to the impact of COVID-19 prevention measures affecting property project development and delivery schedules[17]. - Revenue from the property development segment decreased to RMB1,537.4 million, representing 71% of total revenue, down from RMB4,417.9 million or 88% for the same period in 2021[24]. - Revenue for the six months ended June 30, 2022, was RMB 2,174,164, a decrease of 56.4% compared to RMB 4,997,902 in the same period of 2021[76]. - Profit for the period was RMB 1,118,875, representing a decline of 13.3% from RMB 1,289,944 in 2021[78]. - The company reported a basic earnings per share of RMB 0.0648, slightly up from RMB 0.0645 in the previous year[76]. Expenses and Costs - Direct operating expenses decreased from RMB789.4 million to RMB707.2 million, with the previous period including RMB95.4 million from a disposed fitting-out business[18]. - Finance costs increased from RMB392.4 million to RMB467.7 million, due to payments of remaining land premiums and increased interest paid to related parties[21]. - Total finance costs incurred for the six months ended June 30, 2022, were RMB 618,590, an increase from RMB 504,288 in 2021, marking a rise of about 23%[186]. - Total employees benefits expenses for the six months ended June 30, 2022, were RMB 448,283, down from RMB 486,823 in 2021, indicating a decrease of about 8%[189]. Assets and Liabilities - Total non-current assets increased to RMB 42,118,866 as of June 30, 2022, compared to RMB 39,877,717 at the end of 2021, reflecting a growth of 5.6%[79]. - The Group's bank deposits and cash balances decreased by RMB3,229.0 million or 37% to RMB5,542.9 million as of 30 June 2022[35]. - Total current liabilities decreased to RMB 28,725,885 from RMB 31,838,363, a reduction of approximately 6.6%[81]. - Total non-current liabilities rose to RMB 24,379,503, compared to RMB 20,650,664, an increase of about 18.4%[81]. - Total assets as of June 30, 2022, amounted to RMB 78,103,222, while total liabilities were RMB 53,105,388, resulting in a net asset position of RMB 24,997,834[174]. Cash Flow and Financing - The cash flow from operating activities for the six months was RMB 429,974,000, indicating strong cash generation capabilities[86]. - Net cash used in operating activities for the first half of 2022 was RMB 1,583,920, compared to RMB 4,586,228 in the same period of 2021, indicating a significant reduction in cash outflow[87]. - The net decrease in cash and cash equivalents for the same period was RMB (3,272,140,000), compared to RMB (73,523,000) in 2021, indicating a substantial decline in liquidity[91]. - The company experienced significant changes in financing activities, including net proceeds from share issuance of RMB 8,702,000 and new bank borrowings of RMB 3,646,919,000[91]. Market and Strategic Outlook - The implementation of new strategies and market expansion plans were discussed, focusing on enhancing operational efficiency and exploring new property development opportunities[15]. - The national real estate market faced unprecedented challenges in the first half of 2022, leading to a significant decline in commercial property sales[62]. - The industry is expected to gradually recover in the second half of 2022 as favorable policies for the real estate sector continue to be introduced[63]. - The Group plans to adopt a scientific investment layout and flexible volume-price management strategy to optimize investment and sales ratios for maximum shareholder returns[64]. Taxation - The corporate income tax expense for Mainland China for the period was RMB 157,758,000, down from RMB 265,170,000 in 2021, indicating a decrease of approximately 40.5%[192]. - The land appreciation tax (LAT) in Mainland China for the period was RMB 341,927,000, compared to RMB 319,604,000 in 2021, showing an increase of about 7%[192]. - The total tax expenses deducted in the interim condensed consolidated income statement amounted to RMB 490,431,000, a decrease from RMB 534,432,000 in 2021[192]. Financial Reporting and Compliance - The Group has applied revised Hong Kong Financial Reporting Standards for the first time, effective from 1 January 2022[15]. - The unaudited interim financial information has been prepared in accordance with HKAS 34 Interim Financial Reporting, ensuring compliance with relevant accounting standards[94]. - The Group has applied amendments to HKFRS 3 prospectively to business combinations that occurred on or after January 1, 2022, with no impact on financial position or performance due to the absence of contingent assets and liabilities[104].
金地商置(00535) - 2022 - 中期财报