Operational Restructuring - The company is taking measures to ensure continued operations, including restructuring efforts in Hong Kong and Qingdao, and plans to sell the Yanglin project to improve cash flow[3] - The company has held eight meetings with institutional creditors since April 2019 to discuss its financial and operational status and debt restructuring plans[6] - The company appointed a financial advisor on December 5, 2019, to assist in evaluating its financial situation and developing a debt restructuring plan for its US dollar bonds[6] - The company is actively preparing for hearings related to liquidation petitions filed by certain bondholders, with the timeline for the debt restructuring plan dependent on negotiations with creditors[9] - The company has received support from some creditors regarding its current difficulties and is working towards a consensual restructuring[6] Bankruptcy and Legal Proceedings - The company’s subsidiary, Carnival (Qingdao) Real Estate Co., Ltd., was placed under bankruptcy reorganization by the court on August 27, 2020[8] - The management team is responsible for preparing the restructuring plan to be submitted to the court, maintaining significant involvement in the process[26] - The management's remuneration will be paid based on a percentage of the liquidated asset value as determined by the court[32] Financial Performance and Credit Losses - The independent valuation of financial guarantees has been conducted to assess impairment losses, ensuring compliance with Hong Kong Financial Reporting Standards[11] - As of December 31, 2020, the total outstanding balance of the company's guarantee contracts was RMB 1,000,000,000, with a fair value of RMB 390,000,000[13] - The default probability for all borrowers listed is 100%, with varying default loss rates, the highest being 75.9% for Beijing Angzhan Technology Development Co., Ltd.[13][15] - The expected credit loss for other receivables as of December 31, 2020, was RMB 1,517,013,898, representing a loss rate of 59.8%[21] - The expected credit loss for the company's other receivables increased from RMB 177,259,295 (14.8%) in 2019 to RMB 215,374,039 (17.5%) in 2020[21] Revenue and Operational Metrics - The average room rate for the hotel segment increased from RMB 400 in 2019 to RMB 424 in 2022, while occupancy rates improved from 45% in 2019 to 78% in 2022[18] - The total revenue from the theme park segment was RMB 572 million in 2020, with a projected revenue of RMB 39 million in 2022[20] - The company anticipates the exhibition center to start operations in 2023, with a total revenue of RMB 151 million expected in 2020[20] - The discount rate applied for cash flow valuation in the hotel segment was 8.75% for both 2021 and 2022[18] Management and Control - The company retains control over Carnival Corporation despite the initiation of bankruptcy restructuring, as it holds 64% of the common equity, thus bearing the risks and rewards associated with Carnival's performance[30] - The management team of Carnival Corporation continues to fulfill its operational responsibilities during the bankruptcy restructuring process, ensuring the preparation of financial statements[26] - The financial statements for the year ending December 31, 2020, will include Carnival's performance and financial condition as of the date of the annual results announcement[33] - The management's ability to influence Carnival's returns remains intact, as there have been no changes in shareholding or board membership since the start of the bankruptcy restructuring[29] - The assets and legal rights of Carnival have remained with the company since the start of the bankruptcy restructuring, allowing it to continue operations under existing business plans[32] - The company has not lost control over Carnival due to the bankruptcy restructuring, allowing for continued consolidation in financial reporting[33] - The assessment of control is based on the ability to influence significant activities that affect returns, which remains unchanged during the restructuring[30]
嘉年华国际(00996) - 2021 Q4 - 年度财报