世茂集团(00813) - 2023 - 中期业绩

Financial Performance - Revenue for the first half of 2023 decreased by 11.5% to RMB 30.394 billion, compared to RMB 34.356 billion in the same period of 2022[4]. - The contracted sales amount for the first half of 2023 was RMB 28.07 billion, with a contracted sales area of 1.868 million square meters[6]. - Property sales revenue was RMB 24.39 billion, accounting for 80.3% of total revenue, down 13.6% year-on-year[5]. - The core business loss attributable to shareholders was RMB 7.325 billion, an increase of approximately RMB 1.796 billion (about 32.5%) compared to the same period in 2022[4]. - For the six months ended June 30, 2023, the company reported a loss attributable to equity holders of approximately RMB 12.1 billion, an increase from RMB 9.79 billion for the same period in 2022[84]. - The loss for the period before tax was approximately RMB 10.73 billion, compared to RMB 7.54 billion for the same period in 2022[91]. - The company reported a total comprehensive loss of RMB 11,591,508,000 for the period, compared to a loss of RMB 9,299,596,000 in the previous period, indicating an increase in losses[93]. - The loss attributable to equity holders of the company was RMB 12,057,786,000, compared to a loss of RMB 9,792,344,000 in the previous period, reflecting a significant decline in profitability[93]. - Basic loss per share for the six months ended June 30, 2023, was RMB (3.18), compared to RMB (2.59) for the same period in 2022[125]. Hotel Operations - The hotel segment achieved total revenue of RMB 1.06 billion in the first half of 2023, representing a year-on-year growth of 43.5%[12]. - The average revenue per available room (RevPAR) in the hotel segment increased by 46% year-on-year[12]. - Hotel operating revenue increased approximately 43.5% to RMB 1.059 billion in the first half of 2023, up from RMB 738 million in the same period of 2022[27][28]. - Hotel operating income increased to RMB 1,058,595,000 for the six months ended June 30, 2023, compared to RMB 738,464,000 in the same period of 2022, reflecting a growth of approximately 43.4%[132]. Debt and Financing - The net debt ratio as of June 30, 2023, was approximately 372.5%, up from 302.2% on December 31, 2022[36]. - The company is actively pursuing the restructuring of its offshore debt, including approximately USD 6.8 billion in senior notes and various loans from foreign banks totaling approximately USD 2.1 billion and HKD 20.9 billion[74]. - The company aims to seek alternative financing and loans to meet its existing financial obligations and future operational and capital expenditures[74]. - The company has successfully negotiated the extension of long-term bonds and medium-term notes totaling RMB 121 billion and RMB 54 billion, originally maturing in 2023 and 2024, respectively[100]. - The total amount of secured borrowings as of June 30, 2023, is approximately RMB 238.49 billion, secured by properties, equipment, and restricted cash[63]. Assets and Liabilities - As of June 30, 2023, the group's total assets amount to RMB 577.97 billion, a decrease from RMB 616.21 billion as of December 31, 2022[68]. - The group's total liabilities as of June 30, 2023, are RMB 511.73 billion, down from RMB 536.71 billion as of December 31, 2022[69]. - The total equity attributable to the company's shareholders as of June 30, 2023, is RMB 66.25 billion, a decrease from RMB 79.51 billion as of December 31, 2022[69]. - The company's total borrowings amounted to approximately RMB 275.2 billion, with RMB 181.9 billion due within the next 12 months[74]. - The company's asset-liability ratio, excluding prepayments, was approximately 85.8% as of June 30, 2023, compared to 83.8% as of December 31, 2022[86]. Operational Strategy - The company will continue to adopt a cautious operational strategy, pausing land acquisitions and enhancing management of existing projects[1]. - The group maintains a cautious operating strategy and continues to suspend land acquisitions[40]. - The company is focusing on accelerating property sales as part of its strategic plan to alleviate liquidity pressure and improve financial conditions[100]. Employee and Governance - The group employed 52,518 employees as of June 30, 2023, with total compensation amounting to approximately RMB 2.83 billion[65]. - The company has implemented employee training programs to enhance skills and professional knowledge[65]. - The company has been compliant with the corporate governance code as of June 30, 2023, as confirmed by all directors[153]. - The board of directors includes four executive directors and three independent non-executive directors[168]. - The company is led by Vice Chairman and President Xu Shitan[168]. Other Financial Metrics - The gross profit increased by 5.4% to RMB 3.124 billion, with a gross profit margin of 10.3%[4]. - The gross profit margin for the group was approximately 10.3%, compared to 8.6% in the same period of 2022, showing improvement despite revenue decline[53]. - Administrative expenses decreased by 13.3% to approximately RMB 2.293 billion in the first half of 2023, compared to RMB 2.645 billion in the same period of 2022[31]. - Marketing and promotional expenses decreased by 55.8% to approximately RMB 694 million, aligning with the trend of declining contract sales[54]. - The current tax expense for the six months ended June 30, 2023, was RMB 560,567, significantly lower than RMB 1,520,567 for the same period in 2022, indicating a decrease of 63.1%[145].