Financial Performance - In the first half of 2022, the group's property sales amounted to RMB 14,674 million, a decrease from RMB 26,000 million in the same period of 2021[5]. - The group's revenue from joint ventures and associates was RMB 4,973 million, slightly up from RMB 4,949 million in the first half of 2021[5]. - The net profit attributable to the company's owners for the first half of 2022 was RMB 469 million, compared to RMB 647 million in the same period of 2021, representing a decline of approximately 27.6%[5]. - The group's total revenue for the six months ended June 30, 2022, was HKD 4,973 million, slightly up from HKD 4,949 million in the same period last year[166]. - The group's net profit for the period was HKD 469 million, down from HKD 647 million in the previous year[166]. - The group recorded a foreign exchange loss of approximately HKD 490 million due to the depreciation of the RMB during the period[169]. - The group's share of investment profit mainly comes from infrastructure joint ventures amounting to HKD 350 million and real estate joint ventures contributing HKD 86 million, with a decrease in profit contribution due to project delays caused by the pandemic[171]. Assets and Liabilities - The total assets of the company as of June 30, 2022, were RMB 102,255 million, down from RMB 118,109 million at the end of 2021[5]. - The company's cash and bank deposits stood at RMB 10,370 million, a significant decrease from RMB 22,337 million at the end of 2021[5]. - The total borrowing amount decreased from HKD 38,326 million to HKD 36,859 million, with a shift in short-term borrowing from 21% to 35%[182]. - The net debt-to-equity ratio and net debt-to-total capital ratio were reported at 76% and 43%, respectively, as of June 30, 2022[190]. - Cash and cash equivalents decreased from HKD 19,971 million to HKD 9,776 million during the six months ended June 30, 2022[193]. - The group incurred land payments of HKD 1,785 million during the period, primarily for new projects in Beijing and previously acquired projects in Changzhou and Guangzhou[191]. - The company's equity attributable to owners was HKD 21.758 billion, down from HKD 22.337 billion as of December 31, 2021[200]. - The total assets of the group as of June 30, 2022, were HKD 102.255 billion, a decrease from HKD 108.236 billion as of December 31, 2021[200]. Real Estate Development - The land bank held by the company includes over 5.7 million square meters, with significant holdings in the Yangtze River Delta and Bohai Bay regions[5]. - The revenue contribution from the real estate segment in the first half of 2022 was 74%, while the toll road segment contributed 9%[5]. - The company is focusing on expanding its residential projects in the Yangtze River Delta region, with multiple projects set for completion in 2022 and 2023[34][39][45]. - The average selling price of properties in the real estate division for the first half of 2022 was RMB 22,700 per square meter, with the Yangtze River Delta and Bohai Bay regions accounting for approximately 69% and 24% of total sales, respectively[118]. - The real estate division's property sales in the first half of 2022 amounted to RMB 14.340 billion, with signed sales contracts totaling RMB 12.302 billion and pending sales agreements of RMB 2.038 billion[114]. - The average delivery price for properties in the real estate division increased to RMB 17,100 per square meter, with a gross margin of approximately 36%[119]. - The group expects the real estate market to stabilize in the second half of 2022, with government policies likely to support a healthy development of the industry[122]. Project Details - The company has a total development area of 104,000 square meters for the project "路勁佘山院子" with a land area of 122,000 square meters, targeting completion in 2024[34]. - The project "路勁 • 悅茂府" has a development area of 30,000 square meters and a land area of 61,000 square meters, with 93.75% of the rights available and completed[34]. - "路勁城" in Zhenjiang has a development area of 81,000 square meters and a total land area of 257,000 square meters, with 100% rights and targeted completion in 2023[36]. - The project "雲樾觀山府" has a development area of 146,000 square meters and a land area of 67,000 square meters, with 25% of the rights available and targeted completion in 2023[39]. - "山語春風" has a development area of 177,000 square meters and a land area of 83,000 square meters, with 40% of the rights available and targeted completion in 2023[39]. - The project "棠頌" has a development area of 101,000 square meters and a land area of 129,000 square meters, with 49% of the rights available and targeted completion in 2022[40]. - "春秋金茂府" has a development area of 110,000 square meters and a land area of 108,000 square meters, with 51% of the rights available and targeted completion in 2023[45]. - The project "玖園" has a development area of 112,000 square meters and a land area of 60,000 square meters, with 95% of the rights available and targeted completion in 2023[46]. - "路勁 • 御湖灣" has a development area of 25,000 square meters and a land area of 34,000 square meters, with 100% of the rights completed[45]. - The company has completed several commercial projects, including a development area of 113,000 square meters in Changzhou, Jiangsu Province, with a land area of 67,000 square meters, achieving 100% equity interest[85]. Toll Road Operations - The company has ongoing toll road projects in Hebei and Shanxi provinces, with equity interests of 40% and 45% respectively, covering lengths of 105 km and 72 km[107][106]. - The company has a toll road project in Indonesia, "Solo Ngawi," with a length of 91 km and a 40% equity interest[110]. - The company's highway projects recorded an average daily mixed traffic volume of 275,100 vehicles and toll revenue of RMB 1.82 billion in the first half of 2022, representing a year-on-year decrease of 17% and 4%, respectively[145]. - The average daily mixed traffic volume for domestic highways decreased by 25% year-on-year due to strict lockdown measures in major cities, while toll revenue fell by 16% to RMB 1.376 billion[147]. - In the first half of 2022, the group's toll revenue from the Indonesia highway project increased by 69% year-on-year, contributing to a profit of HKD 350 million, up HKD 4 million from the previous year[148]. - The group's highway division profit (after deducting headquarters expenses and taxes) reached HKD 309 million, an increase of HKD 5 million compared to the same period last year[148]. Cash Flow and Financing - The company reported a net cash flow from operating activities decreased due to a decline in sales scale caused by the pandemic, with cash income from pre-sales and property sales lower than the same period last year[197]. - The net cash flow from investing activities increased due to the repayment of shareholder loans from joint real estate projects, offsetting the decrease in loans to non-controlling interests and investments in joint ventures[198]. - The net cash outflow from financing activities was primarily due to the repayment of several bank loans, contrasting with the previous year's net cash inflow from issuing a $500 million bond and drawing multiple other overseas loans[199]. - The group received cash distributions from highway joint ventures amounting to HKD 488 million, returning to pre-pandemic normal levels[148]. - The company is increasing efforts to manage project cash flow to ensure delivery while also looking to cash out long-cycle real estate projects when appropriate[200]. Market Outlook - The ongoing impact of real estate companies facing financial difficulties and pandemic control measures is negatively affecting investor confidence and overall capital flow in the industry[200]. - The group plans to continue developing market-responsive products and enhancing brand recognition as a reliable developer in the second half of 2022[122].
路劲(01098) - 2022 - 中期财报