Financial Performance - The group's revenue for the year was approximately RMB 154.23 billion, representing an increase of about 59.4% compared to the previous year[2]. - The group reported a gross loss of approximately RMB 2.50 billion, an increase of about 204.9% from the previous year[2]. - The loss attributable to the company's owners was approximately RMB 7.97 billion, a decrease of about 71.2% compared to the previous year[2]. - The group reported a net loss of approximately RMB 10.41 billion for the year ending December 31, 2023[11]. - Total revenue for the year ending December 31, 2023, reached RMB 156,471,930 thousand, a decrease of RMB 2,241,038 thousand compared to the previous year[21]. - The company reported a net loss of RMB 10,411,490 thousand for the year 2023, compared to a net loss of RMB 29,891,979 thousand in 2022, indicating an improvement[23]. - The company reported a net loss attributable to shareholders of RMB 7,968,963 thousand for 2023, a significant improvement from a loss of RMB 27,669,007 thousand in 2022, representing a reduction of approximately 71%[46]. Assets and Liabilities - As of December 31, 2023, the group's total assets amounted to approximately RMB 977.85 billion, down from RMB 1,090.17 billion in the previous year[6]. - The total liabilities as of December 31, 2023, were RMB 805,477,031 thousand, a decrease from RMB 919,015,386 thousand in the previous year[23]. - The total borrowings of the group as of December 31, 2023, were approximately RMB 277.83 billion, a decrease of about RMB 20.59 billion from the end of the previous year[2]. - The company's total liabilities decreased from RMB 287,802,218 thousand in 2022 to RMB 270,427,211 thousand in 2023, a reduction of 6.1%[35]. - The group's cash balance decreased from approximately RMB 37.54 billion as of December 31, 2022, to approximately RMB 24.62 billion as of December 31, 2023, with unrestricted cash decreasing from approximately RMB 11.60 billion to approximately RMB 7.06 billion[67]. Cash Flow and Financing - As of December 31, 2023, the group's cash balance was approximately RMB 24.62 billion, with a total cash balance including joint ventures and associates of approximately RMB 62.02 billion[2]. - The group is actively seeking new financing through various channels, including asset management companies and financial institutions[12]. - The group successfully completed a debt restructuring plan with approximately 98.3% of creditors approving the plan, effective from November 20, 2023[12]. - The company successfully restructured approximately USD 10.2 billion in existing offshore debt, resulting in a gain of RMB 31,511,766 thousand recognized in the consolidated income statement[36]. - The group faces potential early repayment demands on borrowings totaling approximately RMB 43.55 billion due to various factors, including ongoing litigation[51]. Operational Highlights - The group's property sales revenue was RMB 140.47 billion, accounting for 91.1% of total revenue, which represents a 69.6% increase from RMB 82.84 billion in the previous year[55]. - The total area delivered during the year was 8.10 million square meters, an increase of 57.9% compared to 4.61 million square meters in the previous year[55]. - The group aims to deliver over 200,000 housing units in 2024, following the completion of approximately 310,000 units in 101 cities in 2023[76]. - The property management segment, Sunac Services, achieved revenue of approximately RMB 7.01 billion in 2023, with a core net profit of approximately RMB 793 million, representing a year-on-year growth of about 3%[77]. - The cultural tourism segment generated revenue of approximately RMB 5.91 billion, a year-on-year increase of about 29.9%, with management profit increasing by RMB 1.57 billion compared to a loss of RMB 710 million last year[78]. Market Conditions and Future Outlook - The group faces significant uncertainty regarding its ability to continue as a going concern due to the prolonged downturn in the real estate market[12]. - The overall sales performance in the Chinese real estate market has been disappointing, with financing conditions not improving significantly[52]. - The group expects the central government to adopt more proactive monetary and fiscal policies in 2024 to stabilize macroeconomic development, which may support the recovery of the real estate market[79]. - The group is focused on stabilizing operations and addressing debt risks while preparing for a healthy development trajectory in the future[79]. Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions for the fiscal year ending December 31, 2023[99]. - The audit committee, consisting of four independent non-executive directors, has reviewed the financial reporting procedures and internal controls for the fiscal year ending December 31, 2023[101]. - The company's financial statements for the year ending December 31, 2023, have been confirmed to be consistent with the audited consolidated financial statements[102].
融创中国(01918) - 2023 - 年度业绩