Financial Performance - Guangzhou R&F Properties reported a revenue of RMB 35,192,599, a decrease of 54% compared to RMB 76,230,335 in the previous year[22]. - The company achieved a gross profit of RMB 3,826,936, a significant improvement from a gross loss of RMB 2,167,205 in the previous year, marking a 277% change[22]. - The company reported a net loss attributable to shareholders of RMB 15,736,650, a slight improvement of 4% from RMB 16,469,189 in the previous year[22]. - The company recorded a net loss in 2022 due to a challenging operating environment and decreased sales recognition[31]. - The company reported a significant increase in contract assets from RMB 1,229,970 thousand in 2021 to RMB 2,035,644 thousand in 2022, an increase of about 65.5%[147]. - The total revenue for the year ended December 31, 2022, was RMB 35,192,599, a decrease of 53.8% compared to RMB 76,230,335 in 2021[150]. - The annual loss for 2022 was RMB 15,779,273, slightly improved from a loss of RMB 16,353,282 in 2021[152]. - The company reported a net loss attributable to owners of the company of RMB 15,736,650 for 2022, compared to RMB 16,469,189 in 2021[154]. Assets and Liabilities - The total assets of the company decreased by 7% to RMB 368,920,936 from RMB 398,542,334 year-on-year[22]. - The total liabilities also decreased by 4% to RMB 301,979,915 from RMB 315,683,693[22]. - Cash reserves fell by 42% to RMB 12,301,227 from RMB 21,103,818[22]. - The net asset value per share decreased to RMB 14.5 from RMB 18.7[23]. - The net debt to equity ratio increased to 170.8% from 130.0%[23]. - Total debt decreased from RMB 197.1 billion in 2019 to RMB 126.7 billion by the end of 2022, marking the lowest debt level in the past ten fiscal periods[28]. - The total borrowings amounted to RMB 126.66 billion, with a debt-to-equity ratio of 170.8% as of December 31, 2022, compared to 130.0% in the previous year[59]. - As of December 31, 2022, the total bank borrowings and other debts amounted to RMB 135.11 billion, with RMB 51.334 billion due within the next twelve months[98]. Cash Flow and Financing - The cash flow from operating activities showed a significant decline, with a net cash outflow of RMB 12.564 billion compared to a net inflow of RMB 132.351 billion in the previous year[57]. - The net financing cost increased by 134% to RMB 9.727 billion due to reduced capitalization of development costs and foreign exchange losses of RMB 3.894 billion[54]. - The company plans to mitigate liquidity pressure and improve financial conditions through various measures, including discussions with lenders and accelerating property sales[98]. - The company successfully restructured USD 4.944 billion (approximately RMB 33,103,000,000) of its priority notes, extending their maturity to 2025, 2027, and 2028[161]. - The company plans to accelerate the pre-sale and sale of developed and under-development properties, responding to relaxed pre-sale regulations that have increased buyer interest and stimulated demand[162]. Market and Sales Performance - Contract sales totaled RMB 38.43 billion in 2022, with an average selling price of RMB 13,480 per square meter for 2.85 million square meters[31]. - The top ten provinces contributed approximately RMB 28.11 billion, accounting for about 73% of total contracted sales, with Guangdong, Beijing, and Tianjin being the highest contributors[37]. - The group expects a stable start in 2023, with improved pre-sales and significant recovery in transaction volume following the Chinese New Year[32]. - The company anticipates a positive outlook for residential property demand as the market stabilizes and government policies support economic recovery[29]. Corporate Governance - The board consists of nine members, including four executive directors, ensuring a diverse composition in terms of gender, industry experience, professional knowledge, and educational background[64]. - The audit committee convened four times during the year, with no disagreements regarding the reappointment of external auditors[67]. - The remuneration committee reviewed the company's remuneration policy and approved amendments according to new listing rules, holding one meeting during the year[69]. - The board consists of three independent non-executive directors, ensuring that at least one-third of the board members are independent[65]. - The company has established a comprehensive internal control and risk management system to safeguard assets and shareholder interests, with no significant errors or fraud detected during the year[83]. Risk Management and Future Outlook - The group faces significant uncertainties regarding its ability to continue as a going concern due to its financial position and ongoing litigation[138]. - The board believes that the company will have sufficient operating funds to meet financial obligations due within the next eighteen months, despite uncertainties in the mainland property market[163]. - The company is committed to continuous improvement in risk control and business management standards in response to policy changes[93]. - The management expects to generate sufficient taxable profits in the future to offset unused tax losses and deductible temporary differences[96]. Employee and Management Information - The total employee cost for the fiscal year ending December 31, 2022, was approximately RMB 2.212 billion, with the company employing around 27,162 formal employees, down from 35,207 the previous year[63]. - The company has a strong management team with various members holding significant positions in related organizations[120][121]. - CFO Zhu Ling has been with the company since 1995 and has held various financial management roles, becoming CFO in October 2005[126]. Tax and Deferred Tax Assets - The group reported a deferred tax asset of RMB 2.247 billion as of December 31, 2022, due to unused tax losses and deductible temporary differences[136]. - The independent auditor's report indicates a reservation of opinion regarding the appropriateness of the deferred tax asset and corresponding deferred tax credit[135]. - The management has developed plans to utilize the unused tax losses and deductible temporary differences, expecting to generate sufficient taxable profits in the future[136].
富力地产(02777) - 2022 - 年度财报