Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 15,639,163 thousand, a decrease from RMB 18,696,880 thousand in the same period of 2022, representing a decline of approximately 16.3%[2] - Net profit for the period was RMB 719,006 thousand, down from RMB 1,229,892 thousand in the previous year, indicating a decrease of about 41.6%[3] - Basic and diluted earnings per share were RMB 16.73, compared to RMB 34.16 for the same period last year, reflecting a decline of approximately 51.0%[3] - Total comprehensive income for the period was RMB 1,012,895 thousand, down from RMB 1,553,492 thousand in 2022, a decrease of around 34.8%[4] - The profit attributable to the owners of the company for the six months ended June 30, 2023, was RMB 639,214,000, down from RMB 1,268,587,000 in the previous year[22] - The company reported a net profit of RMB 719,006 for the period[14] - The company incurred a total tax expense of RMB 1,378,938,000 for the six months ended June 30, 2023, compared to RMB 1,997,327,000 in the previous year[19] - In the first half of 2023, the company's revenue was RMB 15.639 billion, a decrease of RMB 3.058 billion or 16.4% compared to RMB 18.697 billion in the same period of 2022[28] - Shareholders' profit for the first half of 2023 was RMB 639 million, down RMB 630 million or 49.6% from RMB 1.269 billion in the same period of 2022[28] Assets and Liabilities - Non-current assets totaled RMB 23,832,420 thousand as of June 30, 2023, slightly up from RMB 23,662,753 thousand at the end of 2022[5] - Current assets increased to RMB 190,210,823 thousand from RMB 179,434,808 thousand, marking an increase of approximately 6.5%[6] - Current liabilities rose to RMB 108,585,248 thousand, compared to RMB 97,893,869 thousand at the end of 2022, an increase of about 10.0%[7] - Non-current liabilities decreased to RMB 61,464,596 thousand from RMB 63,417,116 thousand, a reduction of approximately 3.1%[8] - Total assets amounted to RMB 214,043,243, with segment assets in property development at RMB 153,635,452[15] - Total liabilities were RMB 170,049,844, with segment liabilities in property development at RMB 81,962,347[15] - The total assets as of December 31, 2022, amounted to RMB 203,115,191,000, with total liabilities of RMB 161,325,247,000, resulting in a net asset value of RMB 41,789,944,000[17] Segment Performance - The segment performance showed a profit of RMB 2,883,039, with property development contributing RMB 2,746,881[14] - The company reported a segment profit of RMB 4,216,368,000 for the six months ended June 30, 2023, compared to RMB 4,150,107,000 in the same period of 2022[16] - The company’s segment assets for property development amounted to RMB 146,697,192,000 as of December 31, 2022[17] - The company’s segment liabilities for property development were RMB 70,228,930,000 as of December 31, 2022[17] Revenue Sources - Total revenue for the six months ended June 30, 2023, was RMB 15,639,163, with rental income contributing RMB 14,633,975[14] - The company reported a decrease in rental income to RMB 233,583,000 for the six months ended June 30, 2023, from RMB 515,999,000 in the previous year[16] - The revenue recognized in the first half of 2023 was approximately RMB 14,589 million, with the Southwest region accounting for 36% of this amount[36] New Projects and Developments - The company acquired five new projects in high-tier cities, adding a land reserve of 1.05 million square meters, with a focus on cash flow and quick turnover projects[29] - The contract sales amount for the first half of 2023 reached RMB 37.4 billion, representing a year-on-year increase of 127%[30] - The company plans to launch six new projects in the second half of 2023, including locations in Ningbo, Jinan, Shanghai, Kunshan, Nanning, and Guangzhou[33] - In the first half of 2023, the company commenced five new projects with a total construction area of approximately 700,000 square meters[34] - The company added five new land reserves in the first half of 2023, with a total planned construction area of approximately 1,050,000 square meters[37] Financial Management - The net debt ratio significantly decreased by 18.6 percentage points to 97.3% compared to the end of 2022[30] - The average financial cost improved to 4.05%, a decrease of 0.21 percentage points from the end of 2022[30] - The total amount of guarantees provided to banks for mortgage financing reached approximately RMB 26.99 billion as of June 30, 2023, up from RMB 23.44 billion at the end of 2022[26] - The total amount of trade payables decreased to RMB 18.17 billion as of June 30, 2023, from RMB 20.17 billion at the end of 2022[25] Corporate Governance - The company has adopted new accounting standards effective from January 1, 2023, with no significant impact on accounting policies[10] - The company has assessed the impact of new and revised accounting standards, expecting no major effects on financial statements[10] - The company has adopted a code of conduct for directors' securities transactions, which complies with the standards set out in the Listing Rules Appendix 10[56] - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and practices adopted by the group and approved the unaudited interim financial statements for the six months ending June 30, 2023[57] Employee Information - The group employed 8,848 staff as of June 30, 2023, with total compensation of approximately RMB 500.35 million during the period[53] Other Information - The group holds investment properties totaling approximately 697,000 square meters, with an asset value of about RMB 9.671 billion[44] - The group’s debt-to-asset ratio as of June 30, 2023, was 79.4%, unchanged from December 31, 2022[47] - The group had outstanding bank and other borrowings totaling RMB 77.102 billion, with 23% due within one year[47] - There were no significant post-reporting period events that had a material impact on the group from June 30, 2023, to the date of this announcement[58]
保利置业集团(00119) - 2023 - 中期业绩