Financial Performance - The group's revenue was approximately RMB 96.75 billion, a decrease of about 51.2% compared to the previous year[3]. - The group reported a gross loss of approximately RMB 820 million, which is a reduction of about RMB 970 million or 54.2% from the previous year[3]. - The loss attributable to the company's owners was approximately RMB 27.67 billion, a decrease of about RMB 10.59 billion or 27.7% year-on-year[3]. - The core net loss was approximately RMB 13.86 billion, a reduction of about RMB 11.44 billion or 45.2% compared to the previous year[3]. - The company's net loss for the year ended December 31, 2022, was approximately RMB 29.89 billion, with a net current liability of about RMB 96.07 billion[13]. - The company reported a net loss of RMB 29,891,979 thousand for the year, compared to a loss of RMB 41,999,958 thousand in the previous year[27]. - The company reported a net profit from joint ventures of RMB 2,768,521 thousand, a significant increase from RMB 701,489 thousand in the previous year, marking an increase of approximately 294.5%[30]. - The company recorded a net loss of RMB 11.8 billion in other expenses and losses in 2022, down from RMB 26.4 billion in 2021, a reduction of approximately 55.3%[42]. Debt and Liabilities - The total liabilities of the company amounted to RMB 1,003.76 billion, a decrease from RMB 1,051.88 billion in the previous period, indicating a reduction of approximately 4.56%[10]. - The total borrowings of the group were approximately RMB 298.42 billion, a decrease of about RMB 23.29 billion from the previous year[3]. - The company's total borrowings were approximately RMB 253.48 billion for current borrowings and RMB 44.94 billion for non-current borrowings[13]. - The company has successfully restructured RMB 14.12 billion in principal and interest for bonds, extending the repayment period by 3 to 4 years[14]. - The company has achieved loan extensions totaling approximately RMB 18.17 billion with domestic lenders as of the financial report approval date[14]. - The company's debt-to-capital ratio increased to approximately 75.2% as of December 31, 2022, up from about 67.0% on December 31, 2021[69]. - The company provided guarantees for mortgage loans amounting to approximately RMB 102.09 billion as of December 31, 2022, down from RMB 156.72 billion on December 31, 2021[73]. Cash Flow and Liquidity - As of December 31, 2022, the group's cash balance was approximately RMB 37.54 billion, with a total cash balance including joint ventures and associates of approximately RMB 100.26 billion[3]. - The net cash inflow from operating activities was approximately RMB 20.74 billion for the year ended December 31, 2022[67]. - The group's cash balance, including restricted cash, decreased from approximately RMB 69.20 billion as of December 31, 2021, to approximately RMB 37.54 billion as of December 31, 2022[67]. - The company is actively seeking new financing through various channels, including asset management companies and project collaborations, to alleviate liquidity pressure[14]. Operational Highlights - The total contracted sales amount for the group, including joint ventures and associates, was approximately RMB 169.33 billion[3]. - The total area delivered during the year was 809.6 million square meters, down approximately 49.9% from 1,615.1 million square meters in the previous year[54]. - The group delivered over 180,000 housing units across 84 cities in 2022, with plans to continue leveraging policy opportunities to support property project development and delivery[76]. - The property management segment, under Sunac Services Holdings Limited, showed significant improvement in accounts receivable, cash flow, and profit in the second half of 2022, with a stable increase in business management scale[76]. Restructuring and Future Plans - The company has made significant progress in restructuring its offshore debt and expects its shares to resume trading in April 2023, subject to approval from the stock exchange[4]. - The company entered into a restructuring support agreement with creditors on March 28, 2023, aimed at providing a sustainable capital structure and financial flexibility[16]. - The company is actively pursuing an offshore debt restructuring plan to alleviate liquidity pressure and enhance credit status, with a restructuring support agreement established on March 28, 2023[85]. - The group believes that the real estate sales market will gradually improve in the second half of 2023, supported by ongoing government policies and improving economic conditions[77]. - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward[38]. Market and Asset Management - The company’s revenue primarily comes from the Chinese market, with over 90% of its non-current assets located in China[23]. - The company has established partnerships with asset management companies, successfully securing over RMB 20 billion in funding for quality projects, including those in Shanghai and Wuhan[75]. - The company maintains that the overall quality of its assets is good, with most project-level financing supported by ample underlying assets[75]. Employee and Governance - The company has 44,959 employees as of December 31, 2022, down from 72,147 employees a year earlier, indicating a reduction of approximately 37.5%[86]. - The audit committee consists of four independent non-executive directors, ensuring compliance with financial reporting and internal control standards[89]. - The company has complied with all applicable provisions of the corporate governance code for the year ended December 31, 2022[88].
融创中国(01918) - 2022 - 年度业绩