Revenue and Profitability - The Group's revenue increased from RMB2,174.2 million in the six months ended June 30, 2022, to RMB2,332.7 million in the same period of 2023, representing an increase of RMB158.5 million[24]. - Other income and gains rose from RMB512.4 million in the six months ended June 30, 2022, to RMB765.6 million in the current period, primarily due to a fair value gain of RMB292.7 million from the acquisition of subsidiaries[24]. - Profit attributable to owners of the Company decreased from RMB1,085.0 million in the six months ended June 30, 2022, to RMB562.5 million in 2023, a decline of RMB522.5 million[27]. - Basic earnings per share dropped by 48%, from RMB0.0654 in the six months ended June 30, 2022, to RMB0.0339 in 2023[27]. - The Group's overall profit from joint ventures and associates decreased from RMB1,188.3 million in the six months ended June 30, 2022, to RMB506.8 million in 2023, a decline of RMB681.5 million[26]. - Gross profit decreased to RMB 599,182, down 46.3% from RMB 1,114,283 year-on-year[75]. - Profit for the period was RMB 607,157, a decline of 46.2% from RMB 1,129,562 in the previous year[76]. Segment Performance - Revenue from the property development segment was RMB1,636.0 million, accounting for 70% of total revenue, compared to RMB1,537.4 million (71%) in the prior year[29]. - The property investment and management segment's revenue increased to RMB615.8 million, representing 26% of total revenue, up from RMB539.8 million (25%) in the previous year[30]. - The segment results for property investment and management reported a profit of RMB566.1 million, an increase of RMB325.4 million from RMB240.7 million in the same period of 2022[30]. - The microfinance segment's revenue decreased to RMB 81 million, down from RMB 96.9 million, maintaining a 4% share of total revenue, with profits dropping to RMB 20.6 million from RMB 50.6 million[33]. - For the six months ended June 30, 2023, the total segment revenue was RMB 2,332,710,000, with property development contributing RMB 1,635,953,000, property investment and management RMB 615,794,000, and microfinance RMB 80,963,000[142]. Financial Position - Total shareholders' equity increased from RMB 22,442.8 million as of December 31, 2022, to RMB 22,705.6 million as of June 30, 2023[35]. - The group's cash and bank balances decreased by RMB 2,153.8 million or 36% to RMB 3,899.4 million as of June 30, 2023, primarily due to property development costs and loan repayments[36]. - Total borrowings amounted to RMB 12,847.3 million as of June 30, 2023, with interest rates ranging from 3.30% to 6.88% per annum[37]. - The net debt decreased by RMB 425.9 million to RMB 17,090.9 million as of June 30, 2023, with a net debt ratio of 63%, down from 65%[40]. - As of June 30, 2023, the total assets of the Group amounted to RMB 17,101,395,000, a significant increase from RMB 1,665,680,000 as of December 31, 2022[48]. - Total current assets rose to RMB 55,219,351, up from RMB 40,005,950 at the end of 2022, reflecting improved liquidity[77]. - Total liabilities as of June 30, 2023, were RMB 73,656,989,000, with property development liabilities at RMB 43,918,935,000 and property investment and management liabilities at RMB 11,542,366,000[142]. Cash Flow and Financing - Net cash used in operating activities for the first half of 2023 was RMB 515,190,000, compared to RMB 1,583,920,000 in the same period of 2022, indicating an improvement in cash flow management[84]. - Cash inflow from investing activities for the six months ended June 30, 2023, was RMB 1,311,888,000, a significant recovery from a cash outflow of RMB 1,611,292,000 in the same period of 2022[86]. - Net cash used in financing activities amounted to RMB (2,967,207,000) for the six months ended June 30, 2023, compared to RMB (76,928,000) in the same period of 2022[87]. - The company reported net proceeds from the issuance of shares of RMB 1,487,000, compared to RMB 8,702,000 in the previous year[87]. - The company paid dividends to non-controlling shareholders totaling RMB (183,880,000) during the period[87]. Asset Management and Investments - The Group's land bank in the PRC totaled 18.14 million square meters as of June 30, 2023, representing a decrease of approximately 6.2% compared to December 31, 2022[54]. - The Group's investment properties in operation totaled 3 million square meters as of June 30, 2023, representing a 13% increase compared to the same period in 2022[57]. - The average selling price in the first half of 2023 was approximately RMB 15,400 per square meter[58]. - The company reported a gain on disposal of financial assets at fair value amounting to RMB 24,583,000 in the first half of 2023, compared to RMB 3,000,000 in the same period of 2022, indicating successful asset management strategies[86]. - The Group's investment in joint ventures was valued at RMB 14,495,468,000, while investments in associates were RMB 6,997,497,000[142]. Taxation and Compliance - The Group is subject to Land Appreciation Tax (LAT) in Mainland China, with rates ranging from 30% to 60% on land value appreciation, and significant judgement is required in determining LAT liabilities[121]. - The final tax determination for LAT is uncertain, and the Group recognizes liabilities based on management's best estimates, which may impact future provisions[122]. - The corporate income tax charge for the period in Mainland China was RMB 92,623,000, down from RMB 157,758,000 in 2022, showing a decrease of about 41.2%[161]. Risk Management - The group is exposed to foreign currency risk due to borrowings in multiple currencies, but considers the risk acceptable given the majority of operating income is in RMB[43]. - The company maintains strict control over outstanding receivables, with no significant concentration of credit risk noted[172]. - The company does not grant credit terms to its customers under normal circumstances, minimizing credit risk[172].
金地商置(00535) - 2023 - 中期财报