Financial Performance - The group's revenue was approximately RMB 58.47 billion, representing a year-on-year increase of about 20.5%[2]. - The gross loss for the group was approximately RMB 3.08 billion, a reduction of about RMB 2.98 billion or 49.2% compared to the same period last year[2]. - The loss attributable to the company's owners was approximately RMB 15.37 billion, a decrease of about RMB 3.39 billion or 18.1% year-on-year[2]. - The core net loss was approximately RMB 9.14 billion, a reduction of about RMB 1.92 billion or 17.4% compared to the previous year[2]. - The company reported a net loss of approximately RMB 17.07 billion for the six months ending June 30, 2023[16]. - The total revenue for the first half of 2023 was RMB 48,544,008, compared to RMB 52,227,346 for the same period in 2022, reflecting a decrease of approximately 7.9%[23]. - The net loss for the first half of 2023 was RMB 17,066,152, an improvement from a net loss of RMB 20,351,059 in the first half of 2022[25]. - The company reported a significant decrease in non-current prepayments for equity transactions, dropping to RMB 500,773 thousand from RMB 2,227,644 thousand, a decline of about 77.5%[33]. - The company reported a net foreign exchange loss of RMB 3,243,111 thousand for the six months ended June 30, 2023, compared to RMB 3,790,046 thousand in the prior year, reflecting a decrease of about 14.5%[12]. Assets and Liabilities - The total assets of the group as of June 30, 2023, were approximately RMB 1,069.97 billion, down from RMB 1,090.17 billion at the end of 2022[8]. - The total liabilities amounted to RMB 1,002.74 billion, with total equity and liabilities at RMB 1,069.97 billion[16]. - The total equity attributable to the company's owners was approximately RMB 42.93 billion, a decrease from RMB 58.47 billion at the end of 2022[10]. - The company's current liabilities net amount was approximately RMB 81.6 billion[16]. - The total borrowings as of June 30, 2023, were RMB 240.4 billion for current borrowings and RMB 72.14 billion for non-current borrowings[16]. - The total outstanding borrowings as of June 30, 2023, were approximately RMB 240.42 billion, with a significant portion potentially subject to early repayment due to overdue principal[50]. - The total liabilities as of June 30, 2023, were RMB 919,793,612, slightly up from RMB 919,015,386 as of December 31, 2022[24]. - The total borrowings increased to RMB 312,568,859 thousand from RMB 298,419,217 thousand, marking a rise of about 4.7%[37]. Debt and Restructuring - The company is actively implementing debt resolution solutions to alleviate liquidity pressure[17]. - The company is undergoing a debt restructuring plan involving approximately RMB 90.48 billion (around USD 12.3 billion) of existing senior notes and other offshore debt instruments[18]. - The company has successfully completed a domestic bond restructuring plan, modifying repayment arrangements for bonds totaling RMB 141.23 billion, with interest rates remaining unchanged[18]. - The company has achieved a significant milestone in its offshore debt restructuring, with approximately 87% of relevant creditors agreeing to the restructuring support agreement as of March 28, 2023[45]. - The company plans to hold a meeting on September 18, 2023, to discuss the restructuring plan with creditors, following a court directive on July 26, 2023[45]. - The company has secured approximately RMB 19 billion in special loans for ensuring project delivery[75]. - The company has made significant progress in its debt restructuring, with 87% of relevant offshore creditors joining the restructuring support agreement[73]. Cash Flow and Financial Management - The company's cash balance, including cash and cash equivalents and restricted cash, was approximately RMB 34.82 billion[16]. - The company's cash and cash equivalents decreased to RMB 72,144,243 thousand from RMB 44,943,017 thousand, an increase of approximately 60.5%[36]. - The net cash outflow from operating activities was approximately RMB 87.4 billion during the reporting period[65]. - The company has a cash flow forecast covering at least 18 months from June 30, 2023, indicating sufficient funds to meet financial obligations[19]. - The company is actively seeking new financing through various channels, including asset management companies and financial institutions, and has secured additional funding for several projects[19]. Property Development and Sales - The total contracted sales amount for the group, including joint ventures and associates, was approximately RMB 52.14 billion[2]. - The property sales revenue for the same period was RMB 52.00 billion, representing 88.9% of total revenue, which is an increase of approximately 10.56 billion (25.5%) from RMB 41.44 billion in the previous year[52]. - The total delivered area for properties was 4,817,000 square meters, an increase of 29.3% compared to 3,726,000 square meters in the same period last year[52]. - The company reported total segment revenue of RMB 60.02 billion for the six months ended June 30, 2023, with property development contributing RMB 51.99 billion[22]. - The company has a significant focus on property project completion in response to government policies aimed at supporting housing demand[19]. - The company successfully delivered over 118,000 housing units across 62 cities in the first half of 2023[75]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the six-month period ending June 30, 2023[89]. - The audit committee, consisting of four independent non-executive directors, is responsible for reviewing the company's financial reporting procedures and internal controls[90]. - The interim results for the six months ending June 30, 2023, have been reviewed by the independent auditor according to the relevant Hong Kong auditing standards[91].
融创中国(01918) - 2023 - 中期业绩