Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 15,807,106,000, a decrease from RMB 13,452,639,000 in 2022, representing a decline of approximately 17.5%[4] - The company reported a net loss of RMB 18,979,296,000 for 2023, compared to a net loss of RMB 9,842,261,000 in 2022, indicating an increase in losses of about 92.5%[4] - The gross loss for the year was RMB 2,639,231,000, worsening from a gross loss of RMB 2,095,785,000 in the previous year[4] - The company reported a pre-tax loss of RMB 18,732.972 million for 2023, compared to a loss of RMB 9,240.619 million in 2022[41] - The adjusted pre-tax loss for the group was RMB 17,627.05 million, with a total annual loss of RMB 18,979.30 million[69] - The group reported a net loss of approximately RMB 18,979.3 million in 2023, compared to RMB 9,842.3 million in 2022[89] Assets and Liabilities - Total assets decreased to RMB 52,789,773,000 in 2023 from RMB 96,620,071,000 in 2022, reflecting a significant reduction of approximately 45.5%[8] - The company's total liabilities increased to RMB 34,719,082,000 in 2023 from RMB 56,420,776,000 in 2022, marking an increase of about 38.5%[8] - As of December 31, 2023, the group's current liabilities amounted to approximately RMB 27,448 million, with bank and other borrowings due within one year totaling approximately RMB 41,087 million[141] - The debt ratio increased to 396.3% as of December 31, 2023, compared to 161.8% as of December 31, 2022[97] Cash Flow and Financing - The company incurred financing costs of RMB 2,852,833,000 in 2023, a substantial rise from RMB 128,850,000 in 2022[4] - The company’s cash and bank balances decreased to RMB 1,719,395,000 in 2023 from RMB 10,337,890,000 in 2022, a decline of approximately 83.4%[8] - The total amount of defaulted or cross-defaulted US dollar senior notes and bank borrowings, including principal and interest, was approximately RMB 32,829 million as of December 31, 2023[143] - The company has initiated discussions with financial institutions to extend and restructure existing domestic bank loans to improve liquidity[55] - The company successfully restructured domestic bonds with a principal amount of approximately RMB 6,734.5 million, extending their maturity to after 2027[56] Revenue Breakdown - Revenue from property development, property investment, and hotel operations for 2023 was approximately RMB 14,047.3 million, RMB 931.0 million, and RMB 828.8 million, respectively[22] - The total rental income for 2023 was RMB 930.999 million, slightly down from RMB 944.394 million in 2022[22] - Property development revenue increased by 18.0% from approximately RMB 11,908.0 million in 2022 to approximately RMB 14,047.3 million in 2023, driven by an increase in total delivered floor area from 806,218 square meters in 2022 to 924,958 square meters in 2023[45] - Hotel operations revenue increased by 38.1% from approximately RMB 600.2 million in 2022 to approximately RMB 828.8 million in 2023, primarily due to improved hotel occupancy rates[48] - Property investment revenue slightly decreased by 1.4% from approximately RMB 944.4 million in 2022 to approximately RMB 931.0 million in 2023[46] Cost and Expenses - The cost of property sales for 2023 was RMB 18,001.771 million, compared to RMB 15,092.298 million in 2022[32] - The cost of sales increased by 18.6% from approximately RMB 15,548.4 million in 2022 to approximately RMB 18,446.3 million in 2023, primarily due to the increase in the total delivered construction area and the cost per square meter[75] - The equity consolidated cost of sales increased by 15.9% from approximately RMB 26,331.7 million in 2022 to approximately RMB 30,521.5 million in 2023[76] - Selling and marketing expenses decreased by 20.6% from approximately RMB 1,407.0 million in 2022 to approximately RMB 1,116.7 million in 2023[80] - Administrative expenses decreased by 2.1% from approximately RMB 1,666.5 million in 2022 to approximately RMB 1,631.0 million in 2023[81] Taxation - The total tax expenses for the year 2023 amounted to RMB 1,352,248 thousand, compared to RMB 855,008 thousand in 2022, representing an increase of approximately 58.2%[147] - The current corporate income tax in China for 2023 was RMB (743,328) thousand, up from RMB (539,868) thousand in 2022, indicating a significant increase in tax liabilities[147] - The deferred tax expenses for 2023 were RMB (862,207) thousand, compared to RMB 737,174 thousand in 2022, reflecting a notable change in deferred tax positions[147] - The land value increment tax for 2023 was RMB 253,287 thousand, a decrease from RMB 657,702 thousand in 2022, showing a decline of approximately 61.5%[147] Strategic Focus and Future Outlook - The company is focusing on expanding its property development and hotel operations segments to drive future growth[19] - The group plans to assess the impact of newly issued and revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the financial statements[65] - The group is actively working on debt restructuring with creditors to ensure sustainable operations, with the overseas debt restructuring process progressing smoothly[107] - The outlook for 2024 suggests that new housing sales may face adjustment pressure, but potential economic recovery and improved purchasing intentions could lead to sales growth[109] - Future outlook includes continued investment in high-potential markets and strategic acquisitions to enhance overall portfolio value and market competitiveness[115] Employee and Governance - As of December 31, 2023, the group employed approximately 2,100 employees, a decrease from 3,600 employees as of December 31, 2022[124] - Employee benefits expenditure for the year ended December 31, 2023, was approximately RMB 685 million, excluding directors and CEO compensation[124] - The company is actively seeking suitable candidates to fill vacancies for independent non-executive directors and audit committee members following the resignation of Mr. Li Jia Shi[130] - The audit committee consists of two independent non-executive directors who review and monitor the group's financial reporting procedures and risk management[138] - The company has adopted a share option scheme and share award scheme to recognize and incentivize eligible participants for their contributions[124]
合景泰富集团(01813) - 2023 - 年度业绩