Financial Performance - The total revenue for 2021 decreased to RMB 76.4 billion, down from RMB 85.9 billion in 2020, reflecting a decline of approximately 11.5%[12]. - The gross profit for 2021 was RMB 4.96 billion, significantly lower than RMB 20.39 billion in 2020, indicating a sharp decline in profitability[12]. - The company recorded a net loss of RMB 8.74 billion in 2021, compared to a profit of RMB 9.15 billion in 2020[13]. - The group reported a total loss of RMB 8,738,521 for the year, with property development segment losses amounting to RMB 7,982,215 and hotel operations losses of RMB 855,136[25]. - The group's total revenue from external customers was RMB 76,400,881, reflecting a decline from RMB 85,891,778 in the previous year[27]. - The company recorded a net loss of RMB 8.739 billion for the year ended December 31, 2021, compared to a net profit of approximately RMB 9.146 billion for the year ended December 31, 2020[66]. Debt and Liquidity - The total borrowings of the company decreased to RMB 132.7 billion as of December 31, 2021, representing a reduction of 33% from RMB 197.1 billion at the end of 2019[3]. - The net debt ratio improved to 123% in 2021, down from 199% in 2019, indicating a significant reduction in financial leverage[3]. - Major shareholders committed to providing approximately HKD 8 billion in interest-free financial support to help meet liquidity needs and repay maturing debts[5]. - The company executed a major asset sale, selling a 30% stake in the Guangzhou R&F International Airport Logistics Park for RMB 7.3 billion, contributing to increased liquidity[4]. - The company plans to continue exploring the sale of non-core assets in the next twelve months to maximize liquidity[4]. - The company plans to continue its strategy of selling non-core assets to support liquidity needs, with expectations of more asset sales in 2022 as market conditions stabilize[10]. Asset Management - The total capital expenditure for new land acquisition was only RMB 3 billion in 2021, an 80% decrease compared to 2020, reflecting a conservative approach to land purchases[6]. - The company has a substantial land reserve of 49.97 million square meters, projected to generate RMB 713.1 billion in saleable resources over the coming years[6]. - The company expects to generate RMB 220 billion in saleable resources from over 200 presale projects in 2022[9]. - By the end of 2021, the total land reserve amounted to approximately 64,719,000 square meters, with a total saleable area of about 49,967,000 square meters across 94 cities and regions[52]. - The investment property portfolio totaled approximately 3,857,300 square meters, with operational properties covering about 1,879,300 square meters[54]. Operational Challenges - The company faced unprecedented challenges in 2021 due to the ongoing COVID-19 pandemic and macroeconomic policies, impacting overall financial performance[2]. - The overall operating environment in 2021 was severely affected by credit defaults among private and public enterprises, leading to increased caution from banks and investors[2]. - The strategy for 2021 focused on seeking alternative funding sources and accelerating asset sales to mitigate financial risks[2]. Revenue Breakdown - In 2021, the total contracted sales amounted to RMB 120.2 billion, with a total sales area of 9.41 million square meters[7]. - The total agreement sales for the year 2021 amounted to approximately RMB 120.2 billion, with a sales area of about 9,414,600 square meters, and an average selling price of approximately RMB 12,800 per square meter[47]. - The total revenue for the property development segment was RMB 69,166,739, while the total revenue for the property investment segment was RMB 1,240,571, and hotel operations generated RMB 77,367,028 in total revenue[25]. - The group's revenue from property development decreased by 12% to RMB 69.105 billion, with 8,307,000 square meters delivered, down 9% from the previous year[58]. Financial Ratios and Costs - The financing costs increased to RMB 3.91 billion in 2021, compared to RMB 2.41 billion in 2020, reflecting higher financial burdens[12]. - Interest expenses totaled RMB 13.11 billion in 2021, down from RMB 14.43 billion in 2020, representing a decrease of approximately 9.2%[33]. - The total income tax expense decreased significantly from RMB 6.77 billion in 2020 to RMB 2.81 billion in 2021, a decline of about 58.5%[34]. - The debt-to-equity ratio was 123.3% as of December 31, 2021, compared to 130.2% as of December 31, 2020[67]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its provisions during the fiscal year ending December 31, 2021[75]. - The Audit Committee has reviewed the company's unaudited annual performance for the year ending December 31, 2021[76]. - The company emphasizes high transparency and accountability to enhance shareholder interests through good corporate governance practices[75].
富力地产(02777) - 2021 Q4 - 年度财报