Financial Performance - In the first half of 2022, the company achieved a revenue of HKD 15.53 billion, a decrease of 20% compared to the same period last year[15]. - The gross profit margin increased by 7 percentage points to 45%, with a gross profit of HKD 6.95 billion, down 5% year-on-year[15]. - The profit attributable to equity shareholders was HKD 2.36 billion, an increase of 69% year-on-year, while the basic earnings per share rose by 70% to HKD 0.2653[15]. - The company achieved a revenue of approximately HKD 15,534.4 million, a decrease of 20% compared to the same period last year[28]. - The overall gross profit margin increased by 7 percentage points to 45%, with a gross profit of HKD 6,951.2 million, down 5% year-on-year[28]. - Profit attributable to equity shareholders rose by 69% to HKD 2,360.8 million, while excluding fair value changes, it increased by 24% to HKD 2,650.0 million[28]. - The company reported a total comprehensive loss of HKD 688,784 thousand for the period, compared to a total comprehensive income of HKD 2,642,431 thousand in 2021[57]. - Total comprehensive income for the six months ended June 30, 2022, was a loss of HKD 688,784,000, compared to a profit of HKD 2,642,431,000 for the same period in 2021[62]. Real Estate Development - Real estate development sales revenue was HKD 12.94 billion, a decrease of 23% year-on-year, with a gross profit margin of approximately 50%[16]. - The company recognized property sales of approximately 322,000 square meters, a decrease of 14% year-on-year, with net sales revenue of approximately HKD 12,939.9 million, down 23%[29]. - The gross profit margin for real estate development improved by 10 percentage points to 50%[29]. - Contracted sales area reached approximately 208,000 square meters, generating a revenue of approximately RMB 4.96 billion, with major contributions from projects in Dongguan and Zhongshan[31]. - The Greater Bay Area projects accounted for 70% of the contracted sales revenue, with residential products making up 70% of the total sales[31]. - The company commenced new construction projects covering approximately 850,000 square meters during the period[34]. - The average gross profit margin for Shenzhen projects was about 60%, while other cities averaged 22%[29]. - The company completed approximately 120,000 square meters of construction during the period[34]. - The total construction area of completed projects in the first half of 2022 was 122,655 square meters, with a saleable area of 75,864 square meters[36]. - The company expanded its land resources by acquiring 2 plots of land in Shenzhen and Shanghai, totaling approximately 69,243 square meters, with a total construction area of about 222,047 square meters[37][38]. - As of June 30, 2022, the company's land reserve had a total construction area of approximately 6.74 million square meters, with 1.08 million square meters for unstarted projects and 5.11 million square meters for projects under construction[39]. Financing and Debt Management - The group successfully secured a HKD 5 billion three-year syndicated loan and replaced an existing HKD 3.5 billion loan, maintaining a low overall financing cost with an average interest rate of 3.2%[21]. - The group paid approximately RMB 16.4 billion in land costs during the first half of the year, resulting in a net debt ratio of 42.0% (excluding bank loans and other loans) and 105.4% (including all interest-bearing liabilities) by the end of the period[22]. - As of June 30, 2022, the total bank and other borrowings amounted to HKD 43,997.1 million, an increase from HKD 38,097.2 million as of December 31, 2021[48]. - The long-term borrowings were HKD 30,584.6 million, representing approximately 70% of total borrowings, while short-term borrowings were HKD 13,412.6 million, accounting for about 30%[48]. - The average comprehensive interest rate for bank and other borrowings was approximately 3.2% per annum, an increase of 0.2 percentage points compared to the previous year[47]. - The company has secured loans against assets totaling HKD 10,247.76 million as of June 30, 2022, up from HKD 6,907.05 million as of December 31, 2021[51]. - The company reported a significant increase in bank and other borrowings from HKD 39,861,858 in 2021 to HKD 46,961,013 in 2022, reflecting a growth of approximately 17.5%[80]. - The total amount of loans from non-controlling shareholders reached HKD 11,923,086, with a notable increase in the one-year category to HKD 5,440,954[79]. - The company has established a diverse portfolio of financing options to support its operational and strategic initiatives[182]. Operational Efficiency and Strategy - The group aims to enhance management and operational efficiency, focusing on systematic process improvement and resource acquisition to strengthen cost control and value creation capabilities[23]. - The group plans to actively pursue investment opportunities with a focus on projects that require less initial investment but can yield significant resources post-incubation[26]. - The group will enhance its marketing capabilities and optimize sales strategies to achieve its annual sales targets despite market confidence issues[26]. - The group is committed to developing a comprehensive urban operation system and exploring merger and acquisition opportunities for accelerated growth[26]. - The group aims to upgrade its business model to focus on urban comprehensive development and technology industry investment services, enhancing its competitive edge[27]. - The company continues to focus on expanding its property development and management services in mainland China, where most of its revenue is generated[97]. Employee and Management - The company employed 21,786 staff as of June 30, 2022, an increase from 21,225 staff as of June 30, 2021[52]. - Total employee compensation (excluding directors' remuneration) for the six months ended June 30, 2022, was approximately HKD 1,497.7 million, compared to HKD 1,328.1 million for the same period in 2021[52]. - Total remuneration for key management personnel increased to HKD 12,877,000 in the first half of 2022 from HKD 12,182,000 in 2021, reflecting a rise of 5.7%[157]. Shareholder Returns - The group plans to maintain stable dividends to reward shareholders while pursuing sustainable development and value creation[27]. - The company declared dividends amounting to HKD 711,903,000 during the six months ended June 30, 2022[62]. - The company declared an interim dividend of HKD 0.03 per share for 2022, totaling HKD 266,964,000, compared to HKD 0.07 per share totaling HKD 622,993,000 for the same period in 2021[108]. Risks and Compliance - The company is closely monitoring and actively managing foreign exchange risks, particularly due to fluctuations in the RMB, which constitutes 55% of its borrowings[49]. - The company is subject to various financial risks, including market risk, credit risk, and liquidity risk[77]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the six months ended June 30, 2022[175]. - The company has established an audit committee consisting of three independent non-executive directors to review accounting principles and financial reporting matters[176].
深圳控股(00604) - 2022 - 中期财报