Loan Portfolio and Borrowers - As of December 31, 2022, the loan portfolio of Brilliance China Automotive Holdings Limited amounted to RMB 2,469,000,000, with RMB 2,308,000,000 provided by Brilliance Dongya Automotive Finance itself[2] - The total number of borrowers in the loan portfolio was 32,000 as of December 31, 2022, including 22,094 individuals and 9,906 enterprises[3] - The largest single borrower accounted for approximately 0.28% of the outstanding receivables, demonstrating a diversified risk profile[3] NEV Financing Focus - The NEV-related business accounted for 93.1% of new business in 2022 and 84.1% of the loan balance by the end of 2022, establishing Brilliance Dongya as a leading NEV financing provider[2] - The company has shifted its focus from traditional ICE vehicle financing to NEV financing since 2021, responding to the growing demand in the market[2] Credit Quality and Risk Management - The overdue loan amount represented only 0.11% of the loan portfolio as of December 31, 2022, indicating strong credit quality[4] - The company has established a debt-to-income ratio monitoring mechanism to assess high debt-to-income ratio customers, ensuring prudent credit approval[6] - The company’s non-performing loan ratio is a critical indicator of asset quality, with an increase potentially affecting external financing capabilities and related costs[6] - The company’s credit risk assessment considers overdue situations, customer demographics, historical default records, and collateral values[7] Loan Repayment and Deferrals - During the year, 401 requests for loan repayment deferrals were approved, with approximately 80% of those customers subsequently repaying their loans[4] - The company has implemented comprehensive internal control procedures to monitor loan statuses and determine recovery actions[6] Financial Performance and Receivables - Total accounts receivable amounted to RMB 2,468,633,000 in 2022, down from RMB 3,514,556,000 in 2021, representing a decrease of approximately 29.8%[9] - The expected credit loss allowance was RMB 44,682,000 in 2022, compared to RMB 63,436,000 in 2021, indicating a reduction of about 29.5%[9] - Net accounts receivable after deducting expected credit loss was RMB 2,423,951,000 in 2022, down from RMB 3,451,120,000 in 2021, a decrease of approximately 29.8%[9] - The total recoverable accounts receivable due within one year was RMB 1,134,146,000 in 2022, down from RMB 1,973,296,000 in 2021, a decrease of approximately 42.6%[9] - Long-term accounts receivable stood at RMB 1,314,172,000 in 2022, compared to RMB 1,517,536,000 in 2021, reflecting a decline of about 13.4%[9] Overdue Receivables - As of December 31, 2022, the total overdue receivables amounted to RMB 79,964,000, a 6.9% increase from RMB 74,995,000 in 2021[11] - Overdue receivables aged 1 to 60 days were RMB 65,932,000, up from RMB 61,107,000, while those aged 61 to 90 days increased significantly to RMB 6,490,000 from RMB 3,155,000[11] - The total overdue receivables aged over 120 days decreased to RMB 3,398,000 from RMB 5,072,000 in 2021, indicating improved collection efforts[11] Impairment Losses - The company recognized a total impairment loss of RMB 23,393,000 for the year ended December 31, 2022, primarily due to the negative impact of the COVID-19 pandemic in China[14] - The expected credit loss allowance for Level 3 receivables was 100%, consistent with the previous year[12] - The company reported a significant increase in the expected credit loss allowance for Level 2 receivables, remaining at 60%[12] Governance Structure - The board of directors includes four executive directors and four independent non-executive directors, ensuring a diverse governance structure[15]
BRILLIANCE CHI(01114) - 2023 - 年度业绩