Financial Performance - The group's revenue was approximately RMB 48.54 billion, a decrease of about 49.3% compared to the same period last year[2]. - The group reported a gross loss of approximately RMB 6.06 billion, a decline of about 130.3% year-on-year[2]. - The loss attributable to the company's owners was approximately RMB 18.76 billion, a decrease of about 256.5% compared to the previous year[2]. - The core net loss was approximately RMB 11.06 billion, a decrease of about 184.1% year-on-year[2]. - The group reported a net operating loss of approximately RMB 16.58 billion for the period[5]. - The company reported a net loss of approximately RMB 20.35 billion for the six months ended June 30, 2022[16]. - The group reported a net loss of RMB 13.37 billion across its segments for the six months ended June 30, 2022[23]. - The company's total revenue, including joint ventures and associates, was approximately RMB 114.48 billion for the six months ended June 30, 2022, a decrease of approximately 37.6% from RMB 183.37 billion for the same period in 2021[56]. - The company's attributable net loss for the six months ended June 30, 2022, was RMB 18.76 billion, compared to a profit of RMB 11.99 billion for the same period in 2021[45]. - The group's operating loss for the six months ended June 30, 2022, was approximately RMB 165.8 billion, a decrease of about RMB 311.3 billion from an operating profit of RMB 145.5 billion in the same period of 2021[64]. Assets and Liabilities - The group's total assets amounted to RMB 1,143.13 billion as of June 30, 2022, down from RMB 1,176.55 billion at the end of 2021[8]. - The equity attributable to the company's owners was RMB 106.03 billion, down from RMB 124.67 billion at the end of 2021[9]. - The total liabilities amounted to RMB 1,037.10 billion, while total equity and liabilities were RMB 1,143.13 billion as of June 30, 2022[16]. - The total borrowings as of June 30, 2022, were approximately RMB 259.87 billion for current borrowings and RMB 36.47 billion for non-current borrowings[16]. - The company's cash balance, including cash and cash equivalents and restricted cash, was approximately RMB 48.96 billion as of June 30, 2022[16]. - The total borrowings of the group as of June 30, 2022, amounted to approximately RMB 296.34 billion, a decrease from approximately RMB 321.71 billion as of December 31, 2021[70]. - The company's non-current borrowings from banks and other institutions decreased to RMB 201,307,358 thousand as of June 30, 2022, down from RMB 224,968,774 thousand at the end of 2021, representing a decline of about 10.5%[38]. - The guarantees provided by the group for buyers' mortgage loans amounted to approximately RMB 98.88 billion as of June 30, 2022, down from approximately RMB 156.72 billion as of December 31, 2021[75]. Cash Flow and Financing - The net cash inflow from operating activities was approximately RMB 20.27 billion, while the net cash outflow from financing activities was approximately RMB 26.29 billion[69]. - The company has successfully completed a bond restructuring plan for RMB 14.12 billion principal and interest, extending the repayment period by 3 to 4 years[17]. - The company has achieved loan extensions totaling approximately RMB 18.17 billion with domestic lenders[17]. - The company is actively seeking new financing through various channels, including asset management companies and financial institutions[17]. - The company raised approximately HKD 4.52 billion (around USD 580 million) through a share placement and subscription agreement, with 50% allocated for general operating funds and 50% for loan repayment[85]. Operational Challenges - The company faced unprecedented operational pressure due to a significant sales decline starting in March 2022, leading to liquidity challenges despite efforts to stabilize cash flow[77]. - The company has received a winding-up petition related to unpaid senior notes amounting to USD 22 million, with a court hearing scheduled for June 14, 2023[49]. - The company is actively seeking legal measures to oppose the winding-up petition and is taking necessary actions to protect its legal rights[49]. - The company faces significant uncertainties regarding its ability to continue as a going concern due to various factors, including outstanding debts and ongoing litigation[52]. Property Development and Sales - The group's contracted sales amount to approximately RMB 112.82 billion for the six months ended June 30, 2022[2]. - Property sales revenue for the six months ended June 30, 2022, decreased by approximately RMB 460.6 billion (about 52.6%) compared to the same period in 2021, with total delivered area down by 4.095 million square meters (about 52.4%) due to the downturn in the real estate industry and COVID-19 impacts[57]. - The group's sales cost for the six months ended June 30, 2022, was approximately RMB 546.1 billion, a decrease of about RMB 212.3 billion (about 28.0%) from RMB 758.4 billion in the same period of 2021, primarily due to reduced property delivery area[58]. - The company has made efforts to ensure the delivery of properties, completing approximately 90,000 housing deliveries across 59 cities in the first half of 2022[79]. - The company aims to leverage government policies to support the recovery of the real estate market, expecting gradual improvement in sales in the second half of 2023[79]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[90]. - The audit committee consists of four independent non-executive directors, with Mr. Pan Zhaoguo as the chairman, who has professional accounting qualifications[91]. - The audit committee reviewed the accounting principles and practices adopted by the company and discussed matters related to audit, internal control, and risk management systems[92]. - The independent auditor has reviewed the company's unaudited interim results for the six months ended June 30, 2022[93]. Market Position and Strategy - The group is focused on the completion and delivery of property projects in response to government calls, ensuring stable and sustainable operations[18]. - The group maintains a diverse customer base, with no single customer contributing 10% or more to total revenue[22]. - The property management segment, under Sunac Services Holdings Limited, showed stable growth with an increasing management scale and high-quality market expansion[79]. - The company is actively collaborating with asset management companies, successfully launching projects with a cooperation scale exceeding RMB 20 billion[77].
融创中国(01918) - 2022 - 中期业绩