Financial Performance - In 2021, the Group achieved a record contract sales amount of RMB78.45 billion, representing an increase of approximately 4% year-on-year[17]. - Profit attributable to shareholders was RMB4.01 billion, a decrease of 8% compared to the previous year[17]. - The Group's gross margin for 2021 was 20%, down from 42% in the same period last year[17]. - The Group's revenue for the year ended 31 December 2021 decreased to RMB14,184.8 million from RMB16,884.3 million for the year ended 31 December 2020, a decline of approximately 16.0%[28]. - Profit before tax for the year ended December 31, 2021, was RMB 5,723,457,000, down 21.2% from RMB 7,266,147,000 in 2020[61]. - The Group's profit for the year was RMB 4,328,934,000, a decrease of 10.5% compared to RMB 4,834,849,000 in 2020[61]. - Basic earnings per share decreased by 9% to RMB0.2425 for the year ended 31 December 2021, compared to RMB0.2679 in the previous year[32]. Cash Flow and Collection - The cash collection rate for contract sales exceeded 90%, providing a stable cash flow foundation for the Group[17]. - Cash collection rate for contract sales exceeded 90%, providing stable cash flow amidst challenging market conditions[18]. - The Group's cash and bank balances rose by 23% to RMB8.772 billion as of December 31, 2021, from RMB7.152 billion in 2020[43]. Assets and Liabilities - Total assets increased to RMB 77.08 billion, up from RMB 64.41 billion in 2020[25]. - Total liabilities rose to RMB 52,489,027,000 as of December 31, 2021, compared to RMB 43,308,088,000 in 2020, an increase of 21.4%[61]. - The gearing ratio rose to 93% in 2021, compared to 87% in 2020[25]. - The net debt increased by RMB2.29 billion to RMB13.328 billion as of December 31, 2021, resulting in a net debt ratio of 54%, up from 52% in 2020[46]. Land Bank and Development Projects - Total land reserves amounted to 23.27 million sqm, with 82% located in first-tier and second-tier cities[19]. - The management emphasizes the importance of a sizable and quality land bank for success in the competitive property market in the PRC[62]. - The Group's land bank distribution includes 206 thousand square meters in Vision Shenzhen Business Park Phase 3 and 400 thousand square meters in Guangzhou Huadu North Railway Station TOD Project[64]. - The Group acquired 40 land projects in China with a total planned GFA of approximately 7.686 million square meters, at a total consideration of approximately RMB23,088 million, averaging RMB6,300 per square meter[69][70]. Revenue Segments - Revenue from the property development segment decreased to RMB13,019.7 million, representing 92% of total revenue, down from RMB15,764.2 million, which was 93% of total revenue in 2020[33]. - The property investment and management segment's revenue increased to RMB868.6 million, representing 6% of total revenue, up from RMB795.0 million, which was 5% of total revenue in 2020[35]. - The segment results for property investment and management reported a profit of RMB2,210.7 million for the year ended 31 December 2021, a significant increase from RMB51.3 million in 2020[35]. Corporate Governance - The Company emphasizes high standards of corporate governance to optimize shareholder returns and enhance performance[94]. - The Company has maintained compliance with the Corporate Governance Code throughout FY2021, with some deviations due to the COVID-19 pandemic[95]. - The Board of Directors consists of four executive directors, two non-executive directors, and three independent non-executive directors as of the report date[100]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance by all directors throughout the year[99]. Risk Management and Internal Control - The Company has a strong focus on risk management and internal control as part of its corporate governance practices[94]. - The Audit Committee monitors internal and external audit functions and makes recommendations to ensure effective operations[129]. - The internal audit function operates independently of the Group's business operations, ensuring unbiased assessments of risk management[170]. - The Group aims to continuously improve its risk management and internal control systems to promote sustainable development[175]. Environmental, Social, and Governance (ESG) - The Company emphasizes the importance of ESG issues related to property development and management businesses in Mainland China[192]. - The reporting period for the Environmental, Social and Governance (ESG) Report covers from January 1, 2021, to December 31, 2021[192]. - The projects included in the ESG Report represent more than 75% of the Group's revenue in FY2021[196]. - The Group aims to report ESG performance objectively, utilizing quantitative methods for data presentation whenever possible[198].
金地商置(00535) - 2021 - 年度财报