Financial Performance - The group's revenue for the year ended December 31, 2021, was RMB 250.01 billion, a significant decrease from RMB 507.25 billion in 2020, reflecting a decline of approximately 50.7%[6] - The group reported a gross loss of RMB 18.45 billion for the year, compared to a gross profit of RMB 123.50 billion in the previous year[6] - The net loss for the year was RMB 686.22 billion, a stark contrast to a profit of RMB 31.40 billion in 2020[6] - The total comprehensive loss for the year was RMB 686,634 million, significantly higher than the comprehensive income of RMB 31,035 million in the previous year[7] - The company’s basic and diluted loss per share for the year was RMB 36.006, compared to earnings of RMB 0.613 per share in 2020[7] - The group recorded a net loss attributable to shareholders of RMB (476,035) million for the year ended December 31, 2021, compared to a profit of RMB 8,076 million in 2020, reflecting a substantial decline in profitability[29] - The basic loss per share for the year ended December 31, 2021, was RMB (36.006), compared to earnings of RMB 0.613 per share in 2020, indicating a significant deterioration in financial performance[29] - The group’s income from property sales was RMB 226,149 million for the year ended December 31, 2021, a decrease of 54.4% from RMB 494,550 million in 2020, highlighting challenges in the property market[26] - The group’s rental income for the year ended December 31, 2021, was RMB 782 million, down from RMB 1,275 million in 2020, indicating a decline in rental revenue[26] Debt and Liabilities - As of December 31, 2021, the total debt of China Evergrande Group amounted to RMB 2,580.15 billion, with net debt after excluding contract liabilities at RMB 1,605.8 billion[2] - The total liabilities of the group increased from RMB 1,950.73 billion in 2020 to RMB 2,580.15 billion in 2021[5] - As of December 31, 2021, the company had total liabilities of approximately RMB 473,054 million, with net current liabilities of RMB 627,315 million[13] - The group’s total liabilities as of December 31, 2021, were RMB 614,208 million, slightly down from RMB 621,715 million in 2020, showing a marginal improvement in debt management[25] - The group has significant contingent liabilities amounting to approximately RMB 9.24 billion as of December 31, 2021, compared to none as of December 31, 2020[61] Cash and Assets - The group's cash and cash equivalents decreased significantly to RMB 5.44 billion from RMB 158.75 billion in 2020[3] - As of December 31, 2021, the total cash (including cash and cash equivalents and restricted cash) was approximately RMB 28,776 million[36] - The group's non-current assets totaled RMB 213.28 billion, down from RMB 396.23 billion in 2020[3] - The total assets of the group were RMB 2,107.10 billion, a decrease from RMB 2,301.16 billion in the previous year[4] - The group has a land reserve of 260 million square meters and is involved in 93 urban renewal projects, with 66 located in the Greater Bay Area[43] Restructuring and Financing - The company is actively pursuing an offshore debt restructuring plan, with a restructuring support agreement (RSA) signed with the Ad Hoc Group (AHG) on April 3, 2023, aimed at providing a sustainable capital structure and protecting stakeholder interests[14] - The proposed restructuring is expected to be implemented through one or more agreements, with an effective date anticipated on October 1, 2023, and a final deadline of December 15, 2023[14] - The company is actively seeking new financing and additional capital through various channels, including asset management companies and financial institutions[13] - The company has engaged in negotiations with creditors to extend loan agreements, reflecting efforts to alleviate liquidity pressures[13] - The board has reviewed cash flow forecasts covering at least 12 months from December 31, 2022, and believes the restructuring plan will provide adequate funding for operations and financial obligations[20] Operational Challenges - The company faced significant uncertainties regarding its ability to continue as a going concern due to various factors, including ongoing litigation and arbitration cases[36] - The independent auditor was unable to express an opinion on the consolidated financial statements due to the inability to obtain sufficient appropriate audit evidence[35] - There were difficulties in obtaining sufficient information to audit the opening balances due to employee turnover, impacting the audit of the financial statements[38] - The company has taken several measures to improve its liquidity and financial position, but the effectiveness of these measures is uncertain[37] Corporate Governance - The company has adhered to all corporate governance codes as per the listing rules for the year ending December 31, 2021[73] - The audit committee, composed of all independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2021[73] - The board of directors confirms that all directors have complied with the standard code for securities transactions for the year ending December 31, 2021[72] Shareholder Actions - The board recommended not to declare a final dividend for the year ended December 31, 2021[69] - The company did not declare any dividends for the year ended December 31, 2021, with the final dividend for 2020 being RMB 0.152 per share, totaling approximately RMB 2,012 million[32] - Trading of the company's shares has been suspended since March 21, 2022, and will continue until further notice[74]
中国恒大(03333) - 2023 - 年度业绩