CONTENTS
Page
- CORPORATE INFORMATION
-
INTERIM CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
5 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
7 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
9 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
10 NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION
- MANAGEMENT DISCUSSION AND ANALYSIS
- OTHER INFORMATION
1 | C&D International Investment Group Limited INTERIM REPORT 2024 |
CORPORATE
INFORMATION
BOARD OF DIRECTORS
Executive Directors
Ms. ZHAO Chengmin (Chairperson)
Mr. LIN Weiguo (Chief Executive Officer) Mr. TIAN Meitan
Mr. XU Yixuan (appointed on 29 April 2024) Mr. PENG Yong (resigned on 29 April 2024)
Non-executive Directors
Mr. HUANG Wenzhou
Ms. YE Yanliu
Mr. ZHENG Yongda
Independent Non-executive Directors
Mr. WONG Chi Wai
Mr. WONG Tat Yan, Paul
Mr. CHAN Chun Yee
Mr. DAI Yiyi
COMPANY SECRETARY
Ms. KAM Mei Ha Wendy
- (resigned on 30 August 2024) Mr. YAU Tsz Lun
- (appointed on 30 August 2024)
AUDIT COMMITTEE
Mr. WONG Chi Wai (Committee Chairperson)
Mr. WONG Tat Yan, Paul
Mr. CHAN Chun Yee
Mr. DAI Yiyi
REMUNERATION COMMITTEE
Mr. WONG Tat Yan, Paul (Committee Chairperson)
Mr. WONG Chi Wai
Mr. CHAN Chun Yee
Mr. DAI Yiyi
NOMINATION COMMITTEE
Ms. ZHAO Chengmin (Committee Chairperson)
Mr. CHAN Chun Yee
Mr. WONG Chi Wai
Mr. WONG Tat Yan, Paul
Mr. DAI Yiyi
INDEPENDENT AUDITOR
Grant Thornton Hong Kong Limited
PRINCIPAL BANKERS
(in alphabetical order) Agricultural Bank of China Limited Bank of China Limited
Bank of Communications Co., Ltd. China CITIC Bank Corporation Limited China Construction Bank Corporation China Merchants Bank Co., Ltd.
Industrial and Commercial Bank of China Limited Industrial Bank Co., Ltd
Postal Savings Bank of China
REGISTERED OFFICE
Third Floor, Century Yard
Cricket Square, P.O. Box 902
Grand Cayman, KY1-1103
Cayman Islands
PRINCIPAL PLACE OF BUSINESS IN PRC
C&D International Building No.1699 Huandao East Road Xiamen, China (Postcode: 361008)
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Office No. 3517
35th Floor, Wu Chung House
213 Queen's Road East
Wanchai, Hong Kong
PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT
Tricor Services (Cayman Islands) Limited
Third Floor, Century Yard
Cricket Square, P.O. Box 902
Grand Cayman, KY1-1103
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road, Hong Kong
LEGAL ADVISER AS TO HONG KONG LAWS
King & Wood Mallesons
STOCK CODE
1908
COMPANY'S WEBSITE
www.cndintl.com
(the contents of which do not form part of this report)
C&D International Investment Group Limited | 2 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2024
The board (the "Board") of directors (the "Directors") of C&D International Investment Group Limited (the "Company") is pleased to announce the following unaudited interim consolidated results of the Company and its subsidiaries (together the "Group") for the six months ended 30 June 2024 (the "Period") together with the comparative figures for the corresponding period in 2023 (the "corresponding period of the previous year").
For the six | For the six | ||
months ended | months ended | ||
30 June 2024 | 30 June 2023 | ||
Notes | RMB'000 | RMB'000 | |
(Unaudited) | (Unaudited) | ||
Revenue | 4 | 32,753,303 | 24,359,190 |
Cost of sales | (28,850,554) | (20,644,747) | |
Gross profit | 3,902,749 | 3,714,443 | |
Other income | 5 | 409,133 | 641,886 |
Loss on changes in fair value of | |||
investment properties | (1,369) | (5,752) | |
Administrative expenses | (926,748) | (512,518) | |
Selling expenses | (1,436,784) | (1,420,391) | |
Reversal of/(provision for) expected credit losses allowance | 89,892 | (67,622) | |
Finance costs | 6 | (266,707) | (372,778) |
Share of profit/(loss) of associates | 254,639 | (61,694) | |
Share of loss of joint ventures | (17,111) | (24,090) | |
Profit before income tax | 7 | 2,007,694 | 1,891,484 |
Income tax expense | 8 | (571,216) | (469,631) |
Profit for the period | 1,436,478 | 1,421,853 | |
Other comprehensive income | |||
Items that may be reclassified subsequently | |||
to profit or loss: | |||
Currency translation differences | (27,737) | (43,230) | |
Total comprehensive income for the period | 1,408,741 | 1,378,623 | |
3 INTERIM REPORT 2024
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six | For the six | ||
months ended | months ended | ||
30 June 2024 | 30 June 2023 | ||
Notes | RMB'000 | RMB'000 | |
(Unaudited) | (Unaudited) | ||
Profit for the period attributable to: | |||
- Equity holders of the Company | 817,068 | 1,284,140 | |
- Non-controlling interests | 619,410 | 137,713 | |
1,436,478 | 1,421,853 | ||
Total comprehensive income for | |||
the period attributable to: | |||
- Equity holders of the Company | 789,331 | 1,219,964 | |
- Non-controlling interests | 619,410 | 158,659 | |
1,408,741 | 1,378,623 | ||
Earnings per share for profit attributable | |||
to the equity holders of the Company | 10 | ||
- Basic (RMB cents) | 47.30 | 80.09 | |
- Diluted (RMB cents) | 42.95 | 74.40 | |
C&D International Investment Group Limited | 4 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at | As at | ||
30 June | 31 December | ||
2024 | 2023 | ||
Notes | RMB'000 | RMB'000 | |
(Unaudited) | (Audited) | ||
ASSETS AND LIABILITIES | |||
Non-current assets | |||
Property, plant and equipment | 409,068 | 390,972 | |
Right-of-use assets | 336,755 | 355,773 | |
Investment properties | 11 | 1,666,904 | 1,668,273 |
Intangible assets | 728,281 | 732,830 | |
Interests in associates | 19,147,610 | 18,979,601 | |
Interests in joint ventures | 6,638,408 | 6,654,509 | |
Other financial assets | 12 | 116,538 | 115,538 |
Deposits for acquisition of land | 64,166 | 64,166 | |
Deferred tax assets | 7,654,357 | 7,055,412 | |
36,762,087 | 36,017,074 | ||
Current assets | |||
Inventories of properties, other inventories and | |||
other contract costs | 13 | ||
- Properties under development | 277,226,201 | 254,715,815 | |
- Properties held for sale | 17,730,596 | 14,559,515 | |
- Other inventories | 137,230 | 55,321 | |
- Other contract costs | 2,160,756 | 1,591,877 | |
Contract assets | 286,103 | 259,915 | |
Trade and other receivables | 14 | 12,970,872 | 11,454,706 |
Amounts due from non-controlling interests | 17 | 46,864,601 | 41,828,357 |
Other financial assets | 12 | - | 1,000 |
Deposits for acquisition of land | 9,066,937 | 6,712,005 | |
Prepaid taxes | 6,757,222 | 5,920,609 | |
Cash at banks and on hand | 15 | 49,217,544 | 54,161,319 |
422,418,062 | 391,260,439 | ||
Total assets | 459,180,149 | 427,277,513 | |
Current liabilities | |||
Trade and other payables | 16 | 31,298,293 | 34,164,477 |
Contract liabilities | 213,299,145 | 190,922,483 | |
Amounts due to related companies | 17 | 19,035,751 | 18,918,766 |
Amounts due to non-controlling interests | 17 | 5,758,814 | 6,181,704 |
Interest-bearing borrowings | 18 | 5,372,496 | 5,922,005 |
Income tax liabilities | 3,340,078 | 4,670,639 | |
Lease liabilities | 59,560 | 80,388 | |
278,164,137 | 260,860,462 | ||
5 INTERIM REPORT 2024
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at | As at | ||
30 June | 31 December | ||
2024 | 2023 | ||
Notes | RMB'000 | RMB'000 | |
(Unaudited) | (Audited) | ||
Net current assets | 144,253,925 | 130,399,977 | |
Total assets less current liabilities | 181,016,012 | 166,417,051 | |
Non-current liabilities | |||
Loans from intermediate holding company | 17 | 53,815,400 | 47,829,395 |
Lease liabilities | 151,641 | 136,171 | |
Interest-bearing borrowings | 18 | 29,542,577 | 26,154,283 |
Deferred tax liabilities | 1,359,283 | 1,358,333 | |
84,868,901 | 75,478,182 | ||
Total liabilities | 363,033,038 | 336,338,644 | |
Net assets | 96,147,111 | 90,938,869 | |
EQUITY | |||
Share capital | 19 | 163,148 | 163,148 |
Reserves | 21,688,338 | 21,293,331 | |
Equity attributable to the equity holders | |||
of the Company | 21,851,486 | 21,456,479 | |
Equity attributable to the subscriber | |||
of the perpetual loan | 12,000,000 | 12,000,000 | |
Equity attributable to owners of the parent | 33,851,486 | 33,456,479 | |
Non-controlling interests | 62,295,625 | 57,482,390 | |
Total equity | 96,147,111 | 90,938,869 | |
C&D International Investment Group Limited | 6 |
7 INTERIM REPORT 2024
Equity attributable to owners of the parent | |||||||||||||
Equity attributable to the equity holders of the Company | |||||||||||||
Shares | |||||||||||||
held for | |||||||||||||
restricted | |||||||||||||
share | Non- | ||||||||||||
Share | Share | incentive | Statutory | Exchange | Capital | Revaluation | Retained | Perpetual | controlling | Total | |||
capital | premium | scheme | reserve | reserve | reserve | reserve | earnings | Total | loans | Total | interests | equity | |
RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |
Balance at 1 January 2023 | 148,689 | 5,873,059 | (836,797) | 1,895,457 | (100,710) | (1,224,619) | 2,692 | 11,379,449 | 17,137,220 | 14,500,000 | 31,637,220 | 47,783,268 | 79,420,488 |
Total comprehensive income for the period | |||||||||||||
Profit for the period | - | - | - | - | - | - | - | 1,284,140 | 1,284,140 | - | 1,284,140 | 137,713 | 1,421,853 |
Other comprehensive income | |||||||||||||
- Currency translation differences | - | - | - | - | (64,176) | - | - | - | (64,176) | - | (64,176) | 20,946 | (43,230) |
Total comprehensive income | - | - | - | - | (64,176) | - | - | 1,284,140 | 1,219,964 | - | 1,219,964 | 158,659 | 1,378,623 |
Transactions with owners | |||||||||||||
Share-based payment expense of the Company, | |||||||||||||
net of taxation | - | - | - | - | - | 139,304 | - | - | 139,304 | - | 139,304 | - | 139,304 |
Share-based payment expense of subsidiaries, | |||||||||||||
net of taxation | - | - | - | - | - | 3,628 | - | - | 3,628 | - | 3,628 | 6,562 | 10,190 |
Restricted shares forfeited | - | - | 4,461 | - | - | - | - | - | 4,461 | - | 4,461 | - | 4,461 |
Restricted shares exercised | - | - | 82,305 | - | - | - | - | - | 82,305 | - | 82,305 | - | 82,305 |
Capital contribution from non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | 9,845,675 | 9,845,675 |
Change in ownership interests in subsidiaries without | |||||||||||||
change of control | - | - | - | - | - | 784 | - | - | 784 | - | 784 | 589 | 1,373 |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | (44,689) | (44,689) |
2022 final dividend approved (note 1) | - | (2,083,147) | - | - | - | 1,701,441 | - | - | (381,706) | - | (381,706) | - | (381,706) |
Acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | (34,038) | (34,038) |
Total transactions with owners | - | (2,083,147) | 86,766 | - | - | 1,845,157 | - | - | (151,224) | - | (151,224) | 9,774,099 | 9,622,875 |
Balance at 30 June 2023 (Unaudited) | 148,689 | 3,789,912 | (750,031) | 1,895,457 | (164,886) | 620,538 | 2,692 | 12,663,589 | 18,205,960 | 14,500,000 | 32,705,960 | 57,716,026 | 90,421,986 |
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
C&D International Investment Group Limited
Equity attributable to owners of the parent | |||||||||||||
Equity attributable to the equity holders of the Company | |||||||||||||
Shares | |||||||||||||
held for | |||||||||||||
restricted | |||||||||||||
share | Non- | ||||||||||||
Share | Share | incentive | Statutory | Exchange | Capital | Revaluation | Retained | Perpetual | controlling | Total | |||
capital | premium* | scheme* | reserve* | reserve* | reserve* | reserve* | earnings* | Total | loans | Total | interests | equity | |
RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |
Balance at 1 January 2024 | 163,148 | 5,876,071 | (1,138,522) | 2,452,179 | (112,606) | (948,341) | 2,692 | 15,161,858 | 21,456,479 | 12,000,000 | 33,456,479 | 57,482,390 | 90,938,869 |
Total comprehensive income for the period | |||||||||||||
Profit for the period | - | - | - | - | - | - | - | 817,068 | 817,068 | - | 817,068 | 619,410 | 1,436,478 |
Other comprehensive income | |||||||||||||
- Currency translation differences | - | - | - | - | (27,737) | - | - | - | (27,737) | - | (27,737) | - | (27,737) |
Total comprehensive income | - | - | - | - | (27,737) | - | - | 817,068 | 789,331 | - | 789,331 | 619,410 | 1,408,741 |
Transactions with owners | |||||||||||||
Share-based payment expense of the Company, | |||||||||||||
net of taxation | - | - | - | - | - | 209,487 | - | - | 209,487 | - | 209,487 | - | 209,487 |
Share-based payment expense of subsidiaries, | |||||||||||||
net of taxation | - | - | - | - | - | 6,603 | - | - | 6,603 | - | 6,603 | 10,836 | 17,439 |
Restricted shares forfeited | - | - | 7,650 | - | - | - | - | - | 7,650 | - | 7,650 | - | 7,650 |
Capital contribution from non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | 5,388,008 | 5,388,008 |
Capital reduction of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | (1,088,498) | (1,088,498) |
Change in ownership interests in subsidiaries without | |||||||||||||
change of control | - | - | - | - | - | 34,195 | - | - | 34,195 | - | 34,195 | (42,651) | (8,456) |
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | (373,647) | (373,647) |
2023 final dividend approved (note 2) | - | (2,248,509) | - | - | - | 1,596,250 | - | - | (652,259) | - | (652,259) | - | (652,259) |
Acquisition of subsidiaries | - | - | - | - | - | - | - | - | - | - | - | 299,777 | 299,777 |
Total transactions with owners | - | (2,248,509) | 7,650 | - | - | 1,846,535 | - | - | (394,324) | - | (394,324) | 4,193,825 | 3,799,501 |
Balance at 30 June 2024 (Unaudited) | 163,148 | 3,627,562 | (1,130,872) | 2,452,179 | (140,343) | 898,194 | 2,692 | 15,978,926 | 21,851,486 | 12,000,000 | 33,851,486 | 62,295,625 | 96,147,111 |
- These reserve accounts comprise the Group's reserves of RMB21,688,388,000 in the consolidated statement of financial position.
Note: 1. On 30 March 2023, the Board recommended the payment of a final dividend of HK$1.30 per share for the year ended 31 December 2022 out of the share premium account of the Company, which was approved by the shareholders of the Company at the annual general meeting held on 30 May 2023, with the eligible shareholders being given an option to elect to receive the final dividend all in cash, or all in new shares, or partly in new shares and partly in cash. The election of the shareholders to receive final dividend all or partly in new shares had been determined as of 27 June 2023. As at 30 June 2023, the final dividend would be settled by cash of approximately RMB381,706,000 and issue of the Company's shares of approximately RMB1,701,441,000.
2. On 21 March 2024, the Board recommended the payment of a final dividend of HK$1.30 per share for the year ended 31 December 2023 out of the share premium account of the Company, which was approved by the shareholders of the Company at the annual general meeting held on 24 May 2024, with the eligible shareholders being given an option to elect to receive the final dividend all in cash, or all in new shares, or partly in new shares and partly in cash. The election of the shareholders to receive final dividend all or partly in new shares had been determined as of 30 June 2024. As at 30 June 2024, the final dividend would be settled by cash of approximately RMB652,259,000 and issue of the Company's shares of approximately RMB1,596,250,000.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
8
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the | For the | ||
six months | six months | ||
ended | ended | ||
30 June | 30 June | ||
Note | 2024 | 2023 | |
RMB'000 | RMB'000 | ||
(Unaudited) | (Unaudited) | ||
Net cash (used in)/from operating activities | (3,411,876) | 33,639,003 | |
Net cash from/(used in) investing activities | 811,866 | (9,663,691) | |
Net cash used in financing activities (Note) | (2,268,153) | (13,925,184) | |
Net (decrease)/increase in cash and cash equivalents | (4,868,163) | 10,050,128 | |
Cash and cash equivalents as at 1 January | 51,119,518 | 47,367,877 | |
Effect of foreign exchange rate changes on | |||
cash and cash equivalents | 4,271 | 43,743 | |
Cash and cash equivalents as at 30 June | 15 | 46,255,626 | 57,461,748 |
Note: Included in net cash used in financing activities for the six months ended 30 June 2024 were repayment of interest-bearing borrowings, loans from intermediate holding company and amounts due to non-controlling interests of approximately RMB117,912.22 million (corresponding period of the previous year: approximately RMB138,468.10 million).
9 INTERIM REPORT 2024