Financial Performance - The company's revenue for 2023 was approximately RMB 15,807.1 million, an increase of 17.5% compared to RMB 13,452.6 million in 2022[30]. - The equity method revenue for 2023 was approximately RMB 26,604.6 million, up 18.4% from RMB 22,462.0 million in 2022[31]. - The company reported a net loss attributable to shareholders of RMB 18,732,972,000 for 2023, compared to a loss of RMB 9,240,619,000 in 2022, indicating a significant increase in losses[42]. - The company reported a net loss of approximately RMB 18,979,296,000 for the year ended December 31, 2023, compared to a net loss of RMB 9,842,261,000 in 2022, representing an increase in losses of 92.7%[146]. - The total annual loss for 2023 was RMB (18,979.3) million[15]. - The gross loss increased to RMB 2,639,231,000 in 2023 from RMB 2,095,785,000 in 2022, reflecting a rise of 25.9%[155]. - Other comprehensive losses for the year totaled RMB 19,518,463,000, compared to RMB 13,611,020,000 in 2022, reflecting an increase of 43.5%[157]. Revenue Breakdown - The segment revenue from property development was RMB 14,047.3 million, with a segment loss of RMB (12,405.3) million[15]. - The segment revenue from hotel operations was RMB 828.8 million, with a segment profit of RMB 251.1 million[15]. - Total revenue from property sales reached RMB 11,908,012,000, while hotel operations generated RMB 600,233,000, leading to a total revenue of RMB 12,508,245,000 for the year[36]. - Property development revenue increased by 18.8% to RMB 24,450.1 million in 2023, driven by an increase in delivered gross floor area from 1,348,216 square meters in 2022 to 1,531,453 square meters in 2023[44]. - Hotel operation revenue rose by 38.1% to RMB 828.8 million in 2023, primarily due to improved hotel occupancy rates[46]. - Total revenue for the year was RMB 15,807,106,000, a decrease from RMB 13,452,639,000 in 2022, indicating a decline of approximately 17.6%[155]. Costs and Expenses - The cost of sales increased by 18.6% to RMB 18,446.3 million in 2023, attributed to the rise in delivered gross floor area and construction costs per square meter[50]. - The cost of property sales for the year 2023 was RMB 18,001,771,000, compared to RMB 15,092,298,000 in 2022, reflecting an increase of approximately 12.7%[195]. - The total employee benefits expenses for the year 2023 amounted to RMB 684,990,000, down from RMB 1,009,941,000 in 2022, indicating a reduction of about 32.1%[195]. - Other operating expenses increased to approximately RMB 2,537.9 million in 2023 from approximately RMB 1,084.1 million in 2022, primarily due to property development impairment losses[67]. - The impairment loss on completed properties held for sale recognized during the year was RMB 2,537,864,000, significantly higher than the RMB 1,084,132,000 recorded in 2022[195]. Financing and Debt Management - The company has engaged financial and legal advisors to explore comprehensive solutions for its current offshore debt situation[7]. - The company is actively negotiating with financial institutions regarding the renewal and extension of existing domestic bank loans to improve liquidity[6]. - Financing costs surged to RMB 2,852.8 million in 2023 from RMB 128.9 million in 2022, linked to general corporate loans and certain preferred notes[55]. - The debt-to-equity ratio increased significantly to 396.3% as of December 31, 2023, compared to 161.8% in the previous year, indicating a substantial rise in leverage[61]. - The company has not repaid multiple USD-denominated senior notes and bank borrowings, resulting in a total default amount of approximately RMB 32,829,439,000[138]. - The company successfully restructured domestic bonds amounting to RMB 6,734,468,000, extending their maturity beyond 2027[164]. Corporate Governance and Management - The company is committed to maintaining effective corporate governance practices to enhance accountability and transparency[117]. - The company has adopted the corporate governance code as per the listing rules and confirmed compliance for the year ended December 31, 2023[134]. - The company is currently seeking suitable candidates to fill the vacancies of independent non-executive directors and audit committee members following the resignation of Mr. Li Jia Shi on March 1, 2024[120]. - Ernst & Young resigned as the company's auditor on December 27, 2023, and Baker Tilly has been appointed as the new auditor[123]. - The audit committee consists of two independent non-executive directors who review and monitor the group's financial reporting procedures and risk management[121]. Future Outlook and Strategy - The outlook for 2024 indicates potential support from central real estate policies aimed at stabilizing the market, although new home sales may still face adjustment pressures[84]. - The company plans to expedite the pre-sale and sale of properties to improve cash flow and is in discussions to sell various non-core assets[165]. - The company has implemented plans and measures to alleviate liquidity pressure and improve financial conditions, including participation in local government financing initiatives[181]. - The group is currently addressing debt restructuring with creditors to ensure sustainable operations, with progress being made on overseas debt restructuring[83]. - The company continues to focus on debt management and stable operations amid ongoing challenges in the real estate market[105]. Project and Asset Management - The group has major projects located in cities including Guangzhou, Suzhou, Chengdu, Beijing, and Shanghai, among others[85]. - The group reported a total presale amount of RMB 25.243 billion with a presale area of 1.3792 million square meters, achieving an average presale price of RMB 18,288 per square meter[105]. - The group has a total of 163 projects under its management, with a land reserve of approximately 12.93 million square meters in equity building area and a total building area of about 17.43 million square meters, maintaining an equity ratio of 74%[106]. - In 2023, the group delivered nearly 20,000 units, responding to the policy call for "ensuring delivery" and "stabilizing livelihoods" in the real estate sector[106].
合景泰富集团(01813) - 2023 - 年度业绩