Financial Performance - The company's revenue for the first half of 2023 was HKD 8.343 billion, an increase of 32.8% compared to HKD 6.283 billion in the same period last year[24]. - Net profit for the period was HKD 593 million, a significant increase of 10.9 times year-on-year[11]. - Contract sales for the first half of 2023 reached RMB 7.06 billion, up 7.1% from RMB 6.59 billion in the same period last year[15]. - The group's total revenue increased by 32.8% year-on-year to HKD 8.34 billion, with real estate development contributing HKD 8.185 billion, accounting for 98.1% of total revenue[25]. - Professional construction revenue rose by 73.1% year-on-year to HKD 135 million, representing 1.6% of total revenue, driven by increased completion rates of ongoing projects[26]. - The overall gross profit margin improved from 13.5% to 21.6%, attributed to higher margins in real estate development and a turnaround in professional construction[27]. - The company's property investment revenue increased by 9.5% to HKD 23 million, with a gross profit margin of 70.2%[19]. - The company reported a profit before tax of HKD 1,030,800 for the six months ended June 30, 2023, compared to HKD 270,937 for the same period in 2022, indicating a significant increase[90]. - The net finance costs for the six months ended June 30, 2023, were HKD 245,355, compared to HKD 63,987 in the same period of 2022, reflecting an increase in financial expenses[90]. - The company reported a net profit of HKD 437,661,000 for the six months ended June 30, 2023, compared to HKD 220,785,000 in the same period last year, marking an increase of 98%[1]. Assets and Liabilities - Total assets decreased by 11.6% to HKD 59.551 billion, largely due to the depreciation of the Renminbi affecting the value of assets denominated in that currency[40]. - Total liabilities decreased to HKD 43,186,040,000 from HKD 50,574,927,000, reflecting a reduction of about 15%[1]. - The total borrowings increased to HKD 25.706 billion, with a rise in the weighted average borrowing cost to 5.0%[43]. - As of June 30, 2023, the total borrowings amounted to HKD 25,706 million, an increase from HKD 24,309 million as of December 31, 2022[44]. - The total non-current borrowings decreased to HKD 13,045,602 thousand as of June 30, 2023, down from HKD 17,176,328 thousand as of December 31, 2022, a reduction of approximately 24.0%[121]. - The company's current borrowings increased to HKD 12,660,232 thousand as of June 30, 2023, compared to HKD 7,132,439 thousand as of December 31, 2022, an increase of approximately 77.5%[121]. Operational Highlights - The company plans to continue its transformation into a "city operator" and enhance its core competitiveness amid ongoing market adjustments[22]. - The overall real estate market in China showed a slight recovery, with a 1.1% year-on-year increase in sales value for the first half of 2023[12]. - The company operates primarily in the real estate development and investment sector, with the People's Republic of China as its main market[72]. - The company has ongoing projects in Hong Kong, including significant landmarks such as the West Kowloon Palace Museum and Ocean Park Water World, indicating a focus on market expansion[131]. - The company is actively catching up on project progress that was delayed due to the pandemic, reflecting a strategic response to market conditions[132]. Employee and Remuneration - The total number of employees decreased by 8.9% to 1,075 as of June 30, 2023, from 1,180 a year earlier[53]. - The total remuneration and benefits for directors and employees amounted to HKD 187 million, down from HKD 218 million for the same period last year[53]. Financial Management - Financial costs surged by 282.8% year-on-year to HKD 245 million, primarily due to rising financing costs and a decrease in the interest capitalization ratio[36]. - The deferred income amounted to HKD 254.228 million, down from HKD 271.363 million as of December 31, 2022[8]. - The company has implemented measures to mitigate foreign exchange risks, including adjusting the proportion of foreign currency borrowings and using hedging tools[47]. - The company provided guarantees for mortgage financing amounting to HKD 7,990 million as of June 30, 2023, down from HKD 8,919 million as of December 31, 2022[52]. Revenue Breakdown - Revenue from customer contracts for the six months ended June 30, 2023, was HKD 8,319,895, an increase of 32.5% compared to HKD 6,261,579 for the same period in 2022[78]. - Revenue from property sales amounted to HKD 7,939,111 for the six months ended June 30, 2023, compared to HKD 5,977,052 for the same period in 2022, reflecting a growth of 32.8%[84][86]. - Management services contributed HKD 246,042 to revenue for the six months ended June 30, 2023, compared to HKD 206,832 for the same period in 2022, marking an increase of 18.9%[84][86]. - The total revenue from investment properties for the six months ended June 30, 2023, was HKD 23,210, slightly up from HKD 21,631 in the same period of 2022[78].
五矿地产(00230) - 2023 - 中期业绩