Financial Performance - For the year ended December 31, 2022, revenue decreased to HK$10,064.5 million, down 21.9% from HK$12,885.6 million in 2021[18]. - The company reported a loss for the year of HK$1,360.2 million, compared to a profit of HK$631.8 million in 2021[18]. - Basic loss per share for 2022 was HK(40.71) cents, a significant decline from earnings of HK$2.67 cents per share in 2021[18]. - Core profit attributable to equity holders of the company was HK$106.7 million, down from HK$356.4 million in 2021[18]. - The net loss for the year was HK$1.36 billion, compared to a net profit of HK$0.632 billion in 2021[76]. - Loss attributable to equity holders of the Company amounted to HK$1,362 million, a significant decline from a profit of HK$89 million in 2021[74]. - The gross profit margin for the real estate development business decreased by 6.6 percentage points to 11.9% in 2022, compared to 18.5% in 2021, attributed to a higher proportion of lower-margin projects being recognized[112]. - The overall gross profit margin decreased from 18.5% to 10.5%, attributed to lower gross profit projects in real estate development and losses in professional construction[167]. Assets and Liabilities - Total assets as of December 31, 2022, were HK$67,387.0 million, a decrease from HK$77,173.2 million in 2021[18]. - The company's total equity fell to HK$16,812,098 in 2022, down from HK$23,117,911 in 2021, representing a decrease of 27.4%[25]. - Total borrowings of the Group increased to HK$24,309 million as of 31 December 2022, up from HK$21,017 million in 2021, primarily due to loans from non-controlling shareholders and corporate loans[192]. - The debt-to-asset ratio rose to 75.1% in 2022 from 70.0% in 2021, an increase of 5.1 percentage points, mainly due to the repayment of HK$2.448 billion in perpetual capital instruments and increased borrowings[193]. - The net debt-to-equity ratio surged to 94.5% in 2022, compared to 38.9% in 2021[193]. - The Group's cash and bank deposits, excluding restricted amounts, decreased to HK$7,701 million in 2022 from HK$10,956 million in 2021[199]. Market Conditions - The overall property sales volume in China decreased by 26.7% year-on-year to RMB 13.3 trillion, marking a six-year low[79]. - New home sales in 100 major cities declined by nearly 40% year-on-year, the lowest level since 2015[79]. - The real estate market is expected to face continued downward pressure in 2023 due to reduced land transaction volumes and capital constraints on companies[97]. Strategic Focus - The company is focusing on expanding its real estate development business across key regions including the Pan Bohai Rim and the Pearl River Delta[5]. - Future strategies include enhancing property investment and specialized construction services to improve overall performance[5]. - The Group plans to focus on high-quality development and cash flow management while transforming into an urban operator[98]. - The Group's property management business is set to expand, enhancing operational capabilities in commercial properties[98]. Project Developments - The land bank includes 7,819,000 square meters of total land, with the Pan Bohai Rim region accounting for 33.4% of the total[29]. - The company has a 51% interest in the Fortune Garden project in Beijing, which has a construction floor area of approximately 414,000 square meters[30]. - The Beijing Chao Yang One project is expected to complete construction in Q2 2024, with a site area of approximately 49,000 square meters[31]. - The Group's interest in the Chengdu Xindu Lanyue Xian Huayuan project is 51%, with an expected construction completion date in Q3 2024[59]. - The Hallstatt See project has a site area of approximately 918,000 square meters and a construction floor area of approximately 1,549,000 square meters, with a 100% interest held by the Group[61]. Awards and Recognition - The company received multiple awards in 2022, including the Quality Water Supply Scheme for Buildings (Gold) and the Honorable Managed Property Award[24]. - The "Aesthetics Experience Centre" of the Guangzhou River Skyline project won the Platinum Cultural Award at the 2022 TITAN Property Awards, reflecting the company's high-quality principles and cultural integration[141]. - The Group received 32 national and international design awards for 15 projects in 2022, enhancing its market reputation[145]. Financial Management - The Group successfully raised a four-year HK$3.5 billion offshore club loan and a three-year RMB 800 million onshore corporate bond, ensuring financial stability[93]. - The Group maintained a stable cash flow and optimized its assets-liabilities structure, remaining in the "green" status of the "three red lines" despite industry challenges[95]. - The Group's selling and marketing expenses decreased by 15.6% to HK$395 million, primarily due to a decline in revenue from real estate development and contracted sales[165]. - Administrative and other expenses fell by 16.3% to HK$582 million, mainly due to stringent control over administrative costs[166].
五矿地产(00230) - 2022 - 年度财报