Financial Performance - Revenue for the year ended December 31, 2023, was RMB 2,387.5 million, a decrease of approximately 10.2% compared to RMB 2,659.9 million in 2022[3]. - Total contract sales decreased by 42.7% to RMB 940.7 million, down from RMB 1,641.4 million in 2022[3]. - The net loss for the year was RMB 935.0 million, compared to a net loss of RMB 995.3 million in 2022[3]. - Operating loss for the year was RMB 482.6 million, an improvement from an operating loss of RMB 621.6 million in 2022[5]. - Basic loss per share for the year was RMB 0.575, compared to RMB 0.586 in 2022[6]. - Total comprehensive loss for the year was RMB 927.8 million, slightly improved from RMB 997.2 million in 2022[6]. - The group reported a pre-tax loss of RMB 859,939 thousand in 2023, slightly improved from a loss of RMB 918,282 thousand in 2022[29]. - The company reported a loss attributable to equity shareholders of RMB 935.0 million due to gross losses from property sales and revaluation losses on investment properties[121]. Assets and Liabilities - As of December 31, 2023, total investment properties amounted to RMB 4,181.9 million, slightly up from RMB 4,119.3 million in 2022[3]. - Total current liabilities amounted to RMB 3,160,064,000, which includes bank loans of RMB 699,265,000 and preferred notes of RMB 3,304,806,000[13]. - Non-current assets totaled RMB 5,584,905,000, compared to RMB 5,377,697,000 in the previous year, reflecting an increase of 3.86%[8]. - The company's total equity decreased to RMB 966,817,000 from RMB 1,926,453,000, a decline of 49.8% year-over-year[9]. - The company’s total assets less current liabilities were RMB 7,780,107,000, down from RMB 9,022,872,000[9]. - The company’s deferred tax liabilities decreased to RMB 826,816,000 from RMB 959,289,000, a reduction of 13.8%[9]. - The company has a total outstanding bank loan default amounting to RMB 585,942,000, which has triggered cross-defaults on loans totaling approximately RMB 2,319,412,000[15]. - The company failed to pay cumulative interest of USD 80,232,000 (approximately RMB 558,784,000) on its senior notes as of December 31, 2023, compared to USD 34,139,000 (approximately RMB 237,763,000) in the previous year[16]. Cash Flow and Financing - Cash and bank deposits totaled approximately RMB 586.3 million as of December 31, 2023, down from RMB 857.4 million in 2022[3]. - The outstanding bank and other borrowings as of December 31, 2023, were approximately RMB 4,330.5 million, down from RMB 5,158.0 million in 2022[123]. - The net asset liability ratio increased to approximately 387.3% as of December 31, 2023, compared to 233.2% in 2022[123]. - The debt-to-asset ratio rose to approximately 86.0% as of December 31, 2023, compared to 69.0% in the previous year[123]. - The average borrowing cost for the group decreased to approximately 8.87% in 2023 from 10.27% in 2022[124]. Property Development and Sales - Property development revenue decreased to RMB 2,134,213 thousand in 2023 from RMB 2,410,505 thousand in 2022, representing a decline of 11.5%[28]. - The group achieved property sales revenue of approximately RMB 2,134.2 million, with a total building area of 208,660 square meters sold and delivered[90]. - The average selling price of the sold properties reached approximately RMB 10,228.2 per square meter[90]. - The total unrecognized contract sales amount as of December 31, 2023, was RMB 521.7 million, expected to be recognized upon completion and delivery of related projects in 2024[90]. - The group completed and delivered three projects in 2023, with a total saleable gross floor area of approximately 328,000 square meters, of which 188,641 square meters were sold and delivered by December 31, 2023[82]. Market Conditions and Future Outlook - The real estate market faced significant challenges in 2023, with a notable decline in contract sales and cash recovery rates due to ongoing economic recovery issues and debt default risks[79]. - The central government implemented various policies to support the real estate sector, but the short-term effects on market recovery were limited[77]. - The group plans to restructure its issued senior notes to improve financial conditions and sustainability, aiming to restore normal operations[79]. - The group anticipates continued challenges in the real estate sector due to a sluggish housing market and tightening liquidity, despite government support measures[103]. Operational Measures and Management - The company is in communication with major senior noteholders to propose a restructuring plan for the senior notes[20]. - Management is negotiating with banks to continue existing bank financing and seeking additional funding sources[20]. - The company aims to recover from the volatility in the Chinese real estate market by accelerating the sales of properties and investment properties[20]. - The company has taken measures to mitigate cash flow pressure and improve its financial situation, including stricter cost control measures[20]. - The group is taking measures to improve liquidity and financial condition amid significant uncertainties regarding its ability to continue as a going concern[74]. Employee and Governance - The total number of employees increased to approximately 581 as of December 31, 2023, from 563 in 2022[129]. - The audit committee consists of three independent non-executive directors, ensuring effective oversight of the company's financial reporting and risk management[134]. - The company has established a remuneration committee to oversee the compensation policies and structures for directors and senior management[137].
金轮天地控股(01232) - 2023 - 年度业绩