碧桂园(02007) - 2024 - 年度业绩

Financial Performance - For the year ended December 31, 2023, the group achieved a contract sales amount attributable to shareholders of approximately RMB 174.3 billion, with a contract sales area of about 21.7 million square meters[4]. - The total revenue for the year was approximately RMB 401 billion, representing a year-on-year decrease of about 6.8%[4]. - The group reported a pre-tax loss of approximately RMB 167.3 billion for the year[4]. - The company reported a total revenue of RMB 401,015 million for 2023, a decrease of 6.8% compared to RMB 430,371 million in 2022[15]. - The company incurred a net loss of RMB 200,962 million for the year, compared to a loss of RMB 2,962 million in 2022, indicating a substantial decline in financial performance[15][19]. - The basic and diluted loss per share attributable to shareholders was RMB (6.49) for 2023, compared to RMB (0.26) in the previous year[15]. - The company reported a significant increase in financial asset impairment losses, totaling RMB 37,243 million in 2023, compared to RMB 3,059 million in 2022[15]. - The total segment performance showed a loss of RMB 161,782 million for 2023, compared to a profit of RMB 10,059 million in 2022, indicating a significant decline in profitability[33][35]. - The company recorded a pre-tax loss of approximately RMB 167,253 million in 2023, compared to a pre-tax profit of RMB 5,361 million in 2022[69]. - The loss attributable to shareholders for 2023 was approximately RMB 178,400 million, significantly higher than RMB 6,052 million in 2022[69]. Revenue Breakdown - Revenue from property sales decreased to RMB 391.25 million in 2023 from RMB 417.30 million in 2022, a decline of approximately 6.3%[30]. - Revenue from technology construction services fell to RMB 5.39 million in 2023 from RMB 7.99 million in 2022, representing a decrease of about 32.5%[30]. - The revenue from external customers in the real estate development segment was RMB 391,251 million, while the technology construction segment generated RMB 5,391 million, and other segments contributed RMB 4,373 million, totaling RMB 401,015 million[33]. - Revenue from real estate development decreased by 6.2% to approximately RMB 391,251 million in 2023, primarily due to a reduction in property deliveries[62]. - Revenue from technology construction fell by 32.6% to approximately RMB 5,391 million in 2023, attributed to a decline in new business volume due to the downturn in the real estate market[63]. Cash and Debt Management - As of December 31, 2023, the group had total cash of approximately RMB 63.8 billion, with total borrowings reduced to approximately RMB 249.6 billion[4]. - The total debt of the company reached RMB 249,649 million, with RMB 192,373 million classified as current liabilities, highlighting liquidity challenges[19]. - The company faced defaults on RMB 141,982 million of its total debt as of December 31, 2023, raising concerns about its ability to continue as a going concern[20]. - The company’s cash and cash equivalents stood at RMB 7,130 million, with restricted cash amounting to RMB 56,686 million, indicating tight liquidity conditions[19]. - The company’s total liabilities decreased to RMB 19,359 million in 2023 from RMB 32,319 million in 2022, a decline of about 40.1%[45]. - The company reported a decrease in other payables related to pre-sale properties, down to RMB 58,656 million in 2023 from RMB 66,087 million in 2022, a decline of about 11.3%[42]. - The company’s interest payments on priority notes decreased to RMB 2,514 million in 2023 from RMB 3,914 million in 2022, a reduction of approximately 35.7%[43]. - The group is actively managing debt risks and engaging in discussions for debt restructuring and financing cost reduction[8]. - The proposed offshore debt restructuring involves approximately $9.4 billion in US dollar-denominated senior notes, HK$6.9 billion in convertible bonds, and around $1.9 billion and HK$24 billion in bank and other borrowings[22]. Operational Highlights - The group delivered over 600,000 housing units, with a total delivery area of approximately 71.62 million square meters across 249 cities[7]. - The group aims to maintain operational stability and has seen a 20.1% reduction in management expenses compared to the previous year[8]. - The company is committed to the "three guarantees" strategy: ensuring housing delivery, maintaining operations, and preserving credit[6]. - The group aims to actively adjust sales and pre-sale activities in response to market changes, focusing on core areas in the Chinese real estate market[22]. - The group plans to closely monitor the construction progress of real estate development projects to ensure timely completion and delivery of pre-sold properties[24]. - The group intends to revitalize underperforming assets, including hotels and office buildings, to generate more cash inflow[22]. - The group is facing significant liquidity pressure and is implementing various plans to alleviate this pressure and improve financial conditions[78]. - The group aims to enhance cash flow safety and actively manage stagnant assets while strictly controlling expenditure[82]. Corporate Governance and Compliance - The audit committee reviewed the annual performance and assisted the board in financial reporting procedures and risk management[91]. - The company adhered to good corporate governance principles throughout the year ended December 31, 2023, except for one instance of non-attendance at the annual general meeting[93]. - The company did not recommend or declare any dividends for the years ended December 31, 2023, and 2022[56]. - The company has not purchased, repurchased, sold, or redeemed any shares during the year ended December 31, 2023[107]. - The company’s shares were suspended from trading on April 2, 2024, until further notice[113]. Shareholder Information - The company issued 351 million shares at a price of HKD 0.77 per share on September 4, 2023, increasing the total issued shares to 27,988 million[50]. - As of December 31, 2023, a total of 165,746,992 shares were granted under the share incentive plan, net of exercised and lapsed awards[99]. - The total number of shares held under the share incentive plan by the trustee was 283,259,032 shares as of December 31, 2023[99]. - The total number of shares available for grant under the stock option plans as of January 1, 2023, is 2,048,830,798 shares[100]. - No stock options were granted under the plans during the year ended December 31, 2023[100].