Financial Performance - The contract sales amount for the year ended December 31, 2021, was approximately RMB 27,011.1 million, an increase of 5.9% compared to the previous year[4] - Revenue for the year ended December 31, 2021, was RMB 13,551.6 million, up 6.0% year-on-year, with a gross profit of RMB 2,440.0 million and a gross margin of 18.0%[4] - The net profit recorded for the year was RMB 393.8 million, a significant decline of 69.1% compared to the previous year[4] - Total comprehensive income for the year was RMB 478.6 million, compared to RMB 1,237.0 million in the previous year[7] - Basic earnings per share dropped to RMB 0.08 in 2021 from RMB 0.68 in 2020, a decline of approximately 88.2%[37] - The group reported a total segment profit of RMB 1,040,258 thousand, a decrease from RMB 2,339,006 thousand in the previous year[23][24] - Financial income for the year was RMB 590,338 thousand, while financing costs amounted to RMB (859,158) thousand[23] - Other income for the year was RMB 20,574 thousand, a significant decrease from RMB 223,121 thousand in 2020[26] - The share of losses from joint ventures and associates amounted to RMB 155.4 million in 2021, compared to a profit of RMB 170.6 million in 2020, mainly due to decreased demand for commercial real estate rentals[95] Assets and Liabilities - Total assets as of December 31, 2021, amounted to RMB 63,249.7 million, a decrease of 7.4% from December 31, 2020[4] - The net debt-to-capital ratio was approximately 94% as of December 31, 2021, an increase of 25 percentage points from the previous year[4] - The group’s total assets as of December 31, 2021, were RMB 139,119,181 thousand, with total liabilities of RMB 127,888,093 thousand[23] - The total amount of receivables from joint ventures and associates decreased significantly from RMB 3,124,230,000 in 2020 to RMB 1,861,356,000 in 2021, a drop of about 40%[40] - Trade payables increased from RMB 3,994,211,000 in 2020 to RMB 4,569,378,000 in 2021, reflecting an increase of approximately 14%[47] - The total liabilities for trade and other payables decreased from RMB 18,905,889,000 in 2020 to RMB 14,298,815,000 in 2021, a reduction of about 24%[47] Cash Flow and Financing - The total cash and cash equivalents were RMB 10,991.0 million as of December 31, 2021[4] - The company faced a default event leading to the immediate repayment of borrowings totaling RMB 1,438,800,000, including overdue priority notes of RMB 93,000,000[16] - The company has developed plans to alleviate liquidity pressure and improve cash flow, including adjusting sales activities and enhancing communication with banks for timely project financing[18] - The company will continue to actively seek refinancing options, including the exchange of existing priority notes or other borrowings[18] - Total outstanding borrowings increased from RMB 21,444.8 million on December 31, 2020, to RMB 21,598.0 million on December 31, 2021[100] - Short-term borrowings accounted for 49.5% of total borrowings in 2021, compared to 42.6% in 2020[103] Business Operations - The company has segmented its operations into three business divisions for resource allocation and performance assessment[21] - Property development platform revenue reached RMB 12,695,876 thousand, contributing the majority to total revenue[23] - Property management service revenue increased significantly to RMB 723,098 thousand from RMB 526,368 thousand, marking a growth of 37%[22] - The company plans to continue expanding its property management and renovation services to enhance revenue streams[22] - The company plans to actively pursue mergers and acquisitions to enhance its urban service capabilities and acquire quality state-owned resources[77] Land and Projects - The land bank held by the company was approximately 4,989,013 square meters as of December 31, 2021[4] - The company acquired seven projects in key cities, increasing land reserves by approximately 1,205,020 square meters, with a total investment of about RMB 5,294 million[55] - The Jiangsu region accounted for 32.3% of the total land area, with Suzhou alone contributing 16.0%[69] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per the listing rules[121] - The board of directors did not recommend the distribution of a final dividend for the year ended December 31, 2021[4] - The company has no significant off-balance sheet liabilities or arrangements as of December 31, 2021[108] Employee Information - The company employed 3,160 full-time employees as of December 31, 2021, an increase from 3,017 employees in 2020[79] - Employee costs for the year ended December 31, 2021, amounted to RMB 495.1 million, up from RMB 486.3 million in 2020, with share-based compensation expenses recognized at RMB 0.6 million[80]
景瑞控股(01862) - 2021 Q4 - 年度财报