Financial Performance - Recognised revenue for the six months ended June 30, 2022, was RMB 6,498.1 million, a decrease of 52.4% compared to RMB 13,638.4 million in 2021[15]. - Gross profit for the same period was RMB 860.0 million, down 81.1% from RMB 4,547.9 million in 2021[15]. - Profit attributable to owners of the Company was RMB 23.8 million, a decline of 98.5% from RMB 1,628.9 million in the previous year[15]. - Core net profit decreased to RMB 1 million, representing a 97.0% drop from RMB 58.9 million in 2021[15]. - Profit for the same period amounted to RMB 31.1 million, representing a decrease of 98.4% year-on-year[21]. - Profit attributable to the owners of the Company was RMB 23.8 million, a decrease of 98.5% from the same period in 2021[21]. - Basic and diluted earnings per share for the six months ended 30 June 2022 were RMB 1 cent, compared to RMB 84 cents for the same period in 2021[21]. - The Group's revenue decreased by RMB7,140.3 million, or 52.4%, to RMB6,498.1 million for the six months ended 30 June 2022 from RMB13,638.4 million for the same period in 2021[130]. - Revenue from property sales decreased by RMB4,823.3 million, or 43.8%, to RMB6,182.3 million for the six months ended 30 June 2022 from RMB11,005.6 million for the same period in 2021[134]. - The Group's gross profit decreased by RMB3,687.9 million, or 81.1%, to RMB860.0 million for the six months ended 30 June 2022 from RMB4,547.9 million for the same period in 2021[136]. - The gross profit margin decreased to 13.2% for the six months ended 30 June 2022 from 33.3% for the same period in 2021[136]. - Profit for the period decreased by RMB1,892.2 million, or 98.4%, to RMB31.1 million for the six months ended 30 June 2022 from RMB1,923.3 million for the same period in 2021[145]. - Core net profit attributable to the owners of the Company decreased by RMB1,588.5 million, or 96.9%, to RMB51.6 million for the six months ended 30 June 2022 from RMB1,640.1 million for the same period in 2021[146]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 183,884.5 million, down from RMB 198,393.0 million at the end of 2021[15]. - Total liabilities decreased to RMB 142,156.2 million from RMB 155,738.2 million in 2021[15]. - Cash and bank balances were RMB 9,637.2 million, significantly lower than RMB 20,657.2 million in the previous year[15]. - Total equity attributable to owners of the Company was RMB 18,516.9 million, down from RMB 19,262.0 million in 2021[15]. - As of June 30, 2022, the carrying balance of the Group's cash and bank deposits was approximately RMB9,637.2 million, representing a decrease of 53.4% compared to RMB20,657.2 million as of 31 December 2021[147]. - Total interest-bearing bank loans and other borrowings amounted to approximately RMB49,310.2 million as of 30 June 2022, with short-term borrowings increasing to RMB15,674.0 million from RMB11,019.6 million as of 31 December 2021[149]. Operational Strategy - The Company is focusing on market expansion and new product development strategies to improve future performance[15]. - The Company plans to enhance its operational efficiency and explore potential mergers and acquisitions to strengthen its market position[15]. - The Group aims to actively manage its debt and optimize its debt structure while disposing of non-core assets[132]. Project Development - As of 30 June 2022, the Group had 144 major projects in various stages, with 132 located in major cities of Guangdong Province[22]. - Contracted sales for the six months ended 30 June 2022 amounted to approximately RMB 27.46 billion, with a total GFA of approximately 1,651,000 sq.m.[22]. - The Group's completed projects include Times Cloud Atlas (Guangzhou) with a GFA of 45,593 sq.m.[36]. - The Group's ongoing and future development projects include Times Bridges (Zengcheng) and Times Centralpark Living (Guangzhou)[36]. - The Group's projects under development include Times Impression (Zhaoqing) with a GFA of 208,739 sq.m. and Times Horizon (Shantou) with a GFA of 36,230 sq.m.[93]. Market Conditions - The national commodity housing sales area reached 68.923 million sq.m., a year-on-year decrease of 22.2%[121]. - The national residential land transaction value was RMB1.46 trillion, which decreased by 53.6% year-on-year[125]. - The transaction volume of commercial properties reached RMB6,607.2 billion, representing a decrease of 28.9% year-on-year[124]. - The Group's market performance was significantly impacted by the COVID-19 pandemic, particularly in economically active provinces like Zhejiang, Jiangsu, and Guangdong, with sales growth rates of -45%, -42%, and -31% respectively[121]. Financial Management - The company raised gross proceeds of approximately HKD400.2 million through the placing of 117,700,000 existing shares at a price of HKD3.40 per share for debt repayment and general corporate purposes[152]. - The company issued USD400 million of 5.55% senior notes due 2024, with a total equivalent value of approximately RMB2,684.56 million[160]. - The company issued non-public domestic corporate bonds in RMB1,100 million at a coupon rate of 5.94% due 2024[167]. - The company has engaged in multiple bond issuances to manage its capital structure and financing needs effectively[175]. Employee and Governance - The Group's employee benefit expense (excluding Directors' remuneration) for the six months ended June 30, 2022, was approximately RMB583.4 million, a decrease from RMB819.9 million for the same period in 2021[189]. - The Group had 4,020 employees as of June 30, 2022, down from 5,934 employees as of December 31, 2021[189]. - The Board did not recommend the payment of an interim dividend for the six months ended June 30, 2022[189]. - The Group's corporate governance practices adhere to the Corporate Governance Code as per the Listing Rules[194]. - The Company has complied with all applicable code provisions of the CG Code for the six months ended June 30, 2022[195].
时代中国控股(01233) - 2022 - 中期财报