Financial Performance - Annual contract sales amounted to RMB 9.416 billion, representing a year-on-year decrease of 34.4%[4] - Annual revenue was RMB 13,110.5 million, reflecting a year-on-year decline of 37.6%[4] - Annual loss reached RMB 16,870.9 million, an increase of 288.3% compared to the previous year[4] - Core net loss attributable to shareholders was RMB 15,969.4 million, marking a year-on-year increase of 246.9%[4] - Basic and diluted loss per share was RMB (7.90), compared to RMB (2.14) in the previous year[5] - The group recorded a loss attributable to the company's owners of RMB 16,610,307,000 as of December 31, 2024[17] - The group reported a significant reduction in trade payables from RMB 8,201,955 thousand in 2023 to RMB 5,541,517 thousand in 2024, a decrease of about 32.4%[7] - The company reported a pre-tax loss of RMB 17,170.7 million, up from RMB 3,877.7 million in the previous year[5] - The group reported a net receivable trade amount of RMB 798,409,000 for 2024, down from RMB 847,016,000 in 2023, with a provision for impairment of RMB 8,545,000[46] - The group’s pre-tax loss for 2024 was RMB 4,506,669,000, compared to a loss of RMB 16,610,307,000 in 2023, indicating a significant improvement[44] Asset and Liability Management - Total non-current assets decreased from RMB 27,136,261 thousand in 2023 to RMB 19,305,728 thousand in 2024, a decline of approximately 29.0%[7] - Current assets decreased from RMB 93,970,919 thousand in 2023 to RMB 69,239,242 thousand in 2024, a decline of about 26.5%[8] - Total liabilities decreased from RMB 86,543,133 thousand in 2023 to RMB 77,241,333 thousand in 2024, a reduction of approximately 10.7%[8] - Non-current liabilities decreased from RMB 23,906,339 thousand in 2023 to RMB 19,171,128 thousand in 2024, a decrease of around 19.8%[8] - The company's net debt position improved from RMB 10,657,708 thousand in 2023 to RMB (7,867,491) thousand in 2024, indicating a shift to a net cash position[8] - Total assets less current liabilities decreased from RMB 34,564,047 thousand in 2023 to RMB 11,303,637 thousand in 2024, a decline of approximately 67.3%[8] - The company's equity attributable to owners decreased from RMB (16,587,057) thousand in 2023 to RMB 167,656 thousand in 2024, indicating a significant recovery[8] Cost Management and Operational Efficiency - The company effectively managed costs and controlled expenditure during the year[4] - Financing costs increased to RMB 2,153.7 million from RMB 1,248.3 million year-on-year[5] - The group anticipates continued support for housing demand through government policies, with potential for further reductions in public housing loan and mortgage rates[77] - The group plans to actively manage debt, optimize debt structure, and dispose of non-core assets to maintain stable operational cash flow[78] - Selling and marketing expenses decreased from RMB 268.5 million in 2023 to RMB 192.0 million in 2024, a reduction of RMB 76.5 million, or 28.5%[87] - Administrative expenses decreased from RMB 808.1 million in 2023 to RMB 603.2 million in 2024, a reduction of RMB 204.9 million, or 25.4%[88] Debt Restructuring and Financial Stability - The group has made significant progress on its offshore debt management plan, with over 85.33% of existing offshore debt holders participating in the restructuring support agreement (RSA) as of January 20, 2025[18] - The group is actively negotiating extensions or renewals of certain borrowings with financial institutions[18] - The total amount of bank and other borrowings and accrued interest was RMB 48,046,911,000, with RMB 33,336,362,000 due within the next twelve months[17] - The group has defaulted on borrowings totaling RMB 24,250,680,000 in principal and RMB 3,349,558,000 in interest[17] - The company has suspended the repayment of certain offshore debts to ensure fair treatment of creditors and maintain a sustainable capital structure[105] - The company is in constructive discussions with existing senior noteholders to reach a consensus on restructuring its offshore debts[106] - The company has scheduled a hearing on its restructuring plan for April 11, 2025, to seek court approval for the plan[107] Market and Project Development - The company has been focusing on property development and urban renewal projects in China, which are key areas for future growth[10] - The company is focusing on expanding its residential and commercial projects across multiple regions, including Guangzhou and Foshan[65] - The company has 132 major projects at different stages as of December 31, 2024, with 121 located in key cities of Guangdong Province[59] - The company is actively expanding its market presence with multiple residential and commercial projects across various regions[69][70] - The company achieved contract sales of approximately RMB 94.16 billion in 2024, with a total construction area of about 792,000 square meters[59] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[118] - The company has adopted corporate governance principles as per the listing rules, ensuring compliance with applicable guidelines[119] - The audit committee, consisting of three independent non-executive directors, has reviewed the group's consolidated annual performance for the year ending December 31, 2024[122] - The company's annual general meeting is scheduled for May 26, 2025[125] - The preliminary performance figures for the year ending December 31, 2024, have been verified by the independent auditor, Ernst & Young[124]
时代中国控股(01233) - 2024 - 年度业绩