Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 106,105, a decrease of 29% compared to RMB 149,304 for the same period in 2021[4] - Loss attributable to owners of the Company for the period was RMB 147,020, compared to a loss of RMB 116,221 in the previous year, representing a 26.5% increase in loss[12] - Basic loss per share was RMB (0.71), compared to RMB (0.57) for the same period in 2021[12] - Operating profit increased to RMB 60,762, up from RMB 15,722 in the previous year, indicating a significant improvement in operational efficiency[9] - Total comprehensive loss for the period was RMB 81,847, a decrease from RMB 131,884 in the previous year, reflecting a 38% improvement[12] - The comprehensive loss for the period ended June 30, 2022, was RMB 147,020, compared to a loss of RMB 154,458 for the same period in the previous year, indicating a slight improvement[59] - The total comprehensive loss for the period was RMB 74,409, compared to RMB 81,847 for the same period in the previous year, indicating a reduction in overall losses[59] - Loss before income tax for the group was RMB 146,994,000, indicating a challenging financial environment[139] Assets and Liabilities - Total assets increased to RMB 14,154,420 as of June 30, 2022, compared to RMB 14,080,475 at the end of 2021[16] - Total equity attributable to owners of the Company as of June 30, 2022, was RMB 4,140,565, a decrease from RMB 4,214,974 as of December 31, 2021, representing a decline of approximately 1.75%[19] - Total liabilities increased to RMB 9,752,858 as of June 30, 2022, compared to RMB 9,597,066 as of December 31, 2021, reflecting an increase of about 1.62%[19] - The company reported a decrease in current liabilities to RMB 4,547,825 as of June 30, 2022, from RMB 4,353,541 as of December 31, 2021, indicating a reduction of approximately 4.45%[19] - Interest-bearing bank borrowings as of June 30, 2022, amounted to RMB 934,454, an increase from RMB 896,749 as of December 31, 2021, representing an increase of approximately 4.8%[19] - The company's accumulated losses as of June 30, 2022, were RMB 2,858,935, an increase from RMB 2,711,915 as of December 31, 2021, reflecting a rise of approximately 5.4%[19] Cash Flow - Cash and cash equivalents as of June 30, 2022, were RMB 72,239, slightly up from RMB 70,521 at the end of 2021[16] - Cash used in operating activities for the six months ended June 30, 2022, was RMB 25,848, compared to a cash inflow of RMB 3,350 for the same period in 2021, showing a significant decline in operational cash flow[66] - Net cash inflow from investing activities for the six months ended June 30, 2022, was RMB 51,820, contrasting with a net cash outflow of RMB 146,033 in the same period of the previous year, indicating a positive shift in investment cash flow[66] - The net cash outflow from financing activities for the six months ended June 30, 2022, was RMB 24.254 million, compared to a net inflow of RMB 37.466 million in the same period of 2021[68] - The Group's cash and cash equivalents at the end of the period were RMB 72.239 million, down from RMB 235.266 million in the previous year[68] Financial Challenges - The Group's financial position is under pressure due to multiple events of default, including the failure of a joint venture to meet its loan obligations[81] - The Group's financial difficulties were exacerbated by the deterioration of the financial conditions of its ultimate holding company, China Minsheng Investment Corporation Ltd.[81] - Significant uncertainties remain regarding the Group's ability to achieve its plans and maintain relationships with lenders[102] - The Group's ability to continue as a going concern depends on successful sales, timely divestments, and collection of receivables[102] - The Group must successfully execute timely sales and pre-sales activities to recover investments in joint ventures, properties, and financial assets[103] Taxation - The total tax charge for the period was RMB 7,464,000, compared to a tax credit of RMB 2,130,000 in the previous year[150] - Current taxation for Mainland China income tax was RMB (1,770,000), a decrease from RMB 2,619,000 in the previous year[150] - The applicable income tax rate for subsidiaries operating in Mainland China is generally 25%[154] - The Group incurred RMB 733,000 in Mainland China land appreciation tax (LAT), up from RMB 432,000 in the previous year[150] - Deferred taxation for Mainland China income tax amounted to RMB 8,501,000, compared to RMB (5,181,000) in the previous year[150] Share Capital - As of June 30, 2022, the issued share capital was RMB 6,747,788,000[199] - The group reported a total of 20,564,713 thousand shares issued as of June 30, 2022[199] - The average number of ordinary shares outstanding during the period was 20,564,713 thousand shares[167] - The Group's share options issued in 2016 are considered dilutive shares for earnings per share calculations[171] Segment Performance - The property development segment generated revenue of RMB 9,989,000, while the property leasing segment contributed RMB 61,818,000, and other operations accounted for RMB 34,298,000[139] - The segment profit for property development was RMB 888,000, while property leasing achieved a profit of RMB 38,323,000, and other operations generated a profit of RMB 21,551,000, totaling a segment profit of RMB 60,762,000[139] - Revenue from property leasing increased to RMB 61,955,000 compared to RMB 43,670,000 in the previous year, showing a growth of approximately 42%[145] - Revenue from contracts with customers recognized at a point in time was RMB 15,388,000, down from RMB 78,096,000 in the previous year, reflecting a significant decline[145]
上置集团(01207) - 2022 - 中期财报