BEIJING NORTH STAR COMPANY LIMITED HKEx Stock Code: 0588
SSE Stock Code: 601588
2023
INTERIM REPORT
INTERIM REPORT 2023 1
INTERIM REPORT
For the six months ended 30 June 2023
- Revenue was RMB7,268,886,000, representing an increase of 6.26% over the same period of the previous year
- Operating profit was RMB755,275,000, representing an increase of 593.17% over the same period last year
- Profit attributable to the ordinary shareholders of the Company was RMB132,966,000, realizing a turnaround from loss to profit and representing an increase of RMB665,879,000 over the same period last year, among others, the after- tax core operating results of the Company's principal business (excluding gains arising from the changes in fair value) were RMB109,700,000, representing an increase of RMB540,532,000 over the same period last year. During the Period, the gains (after taxation) on changes in fair value of investment properties were RMB23,266,000
- Profits per share were RMB0.0395, and losses per share in the same period last year were RMB0.1583
- The board of directors (the "Board") resolved that no interim dividend would be declared in respect of the six months ended 30 June 2023 (six months ended 30 June 2022: nil)
2 BEIJING NORTH STAR COMPANY LIMITED
Interim Condensed Consolidated Balance Sheet
Unaudited | Audited | ||
30 June 2023 31 December 2022 | |||
Note | RMB'000 | RMB'000 | |
ASSETS | |||
Non-current assets | |||
Right-of-use assets | 7 | 416,647 | 433,030 |
Investment properties | 7 | 16,922,000 | 16,826,279 |
Property, plant and equipment | 7 | 2,468,151 | 2,543,658 |
Investments accounted for using the equity method | 328,023 | 357,765 | |
Deferred income tax assets | 1,355,160 | 1,309,347 | |
Other receivables and prepayments | 9 | 248,412 | 191,717 |
21,738,393 | 21,661,796 | ||
Current assets | |||
Properties under development | 8 | 17,342,584 | 22,977,693 |
Completed properties held-for-sale | 18,238,909 | 16,582,388 | |
Other inventories | 40,436 | 43,066 | |
Trade and other receivables and prepayments | 9 | 4,801,970 | 5,204,597 |
Restricted bank deposits | 1,028,578 | 1,255,045 | |
Cash and cash equivalents | 10,356,222 | 8,388,151 | |
51,808,699 | 54,450,940 | ||
Total assets | 73,547,092 | 76,112,736 | |
INTERIM REPORT 2023 3
Interim Condensed Consolidated Balance Sheet (Continued)
Unaudited | Audited | ||
30 June 2023 31 December 2022 | |||
Note | RMB'000 | RMB'000 | |
LIABILITIES | |||
Non-current liabilities | |||
Long-term borrowings | 12 | 18,635,805 | 17,468,165 |
Loans from other parties | 11 | 4,436,744 | 2,369,408 |
Employee termination benefit obligations | 92,134 | 96,332 | |
Deferred income tax liabilities | 2,249,541 | 2,208,129 | |
Lease liabilities | 6,002 | 10,503 | |
Deferred income | 31,750 | 19,287 | |
25,451,976 | 22,171,824 | ||
Current liabilities | |||
Trade and other payables | 11 | 8,356,720 | 9,535,581 |
Loans/advances from other parties | 11 | 3,606,428 | 2,248,718 |
Contract liabilities | 8,211,343 | 10,609,330 | |
Current income tax liabilities | 1,398,867 | 1,773,757 | |
Lease liabilities | 26,682 | 26,751 | |
Current portion of long-term borrowings | 12 | 3,829,534 | 7,162,682 |
25,429,574 | 31,356,819 | ||
Total liabilities | 50,881,550 | 53,528,643 | |
Net assets | 22,665,542 | 22,584,093 | |
EQUITY | |||
Share capital | 10 | 3,367,020 | 3,367,020 |
Other reserves | 4,915,444 | 4,915,444 | |
Retained earnings | 11,263,452 | 11,130,486 | |
Capital and reserves attributable to ordinary shareholders of the | |||
Company | 19,545,916 | 19,412,950 | |
Non-controlling interests | 3,119,626 | 3,171,143 | |
Total equity | 22,665,542 | 22,584,093 | |
The above interim condensed consolidated balance sheet should be read in conjunction with the accompanying notes.
4 BEIJING NORTH STAR COMPANY LIMITED
Interim Condensed Consolidated Income Statement
Unaudited | |||
Six months ended 30 June | |||
2023 | 2022 | ||
Note | RMB'000 | RMB'000 | |
Revenue | 6 | 7,268,886 | 6,840,511 |
Cost of sales | (5,977,765) | (5,989,769) | |
Gross profit | 1,291,121 | 850,742 | |
Selling and marketing expenses | (196,984) | (208,231) | |
Administrative expenses | (395,050) | (409,846) | |
Net provision for impairment losses on financial assets | (58,884) | (17,713) | |
Other income and gains/(losses) - net | 13 | 115,072 | (105,993) |
Operating profit | 13 | 755,275 | 108,959 |
Finance income | 14 | 46,136 | 50,829 |
Finance expenses | 14 | (433,577) | (412,167) |
Finance expenses - net | (387,441) | (361,338) | |
Share of net profit/(loss) of investments accounted for using the equity | |||
method | 12,150 | (2,463) | |
Profit/(loss) before income tax | 379,984 | (254,842) | |
Income tax expense | 15 | (286,299) | (209,617) |
Profit/(loss) for the period | 93,685 | (464,459) | |
Attributable to: | |||
Ordinary shareholders of the Company | 132,966 | (532,913) | |
Holders of perpetual bond | - | 25,359 | |
Non-controlling interests | (39,281) | 43,095 | |
93,685 | (464,459) | ||
Earnings/(losses) per share attributable to ordinary shareholders | |||
of the Company (expressed in RMB cents per share) | |||
(basic and diluted) | 16 | 3.95 | (15.83) |
The above interim condensed consolidated income statement should be read in conjunction with the accompanying notes.
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Beijing North Star Company Limited published this content on 14 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 07:54:03 UTC.
