世茂集团(00813) - 2023 - 年度业绩

Financial Performance - The group recorded a loss attributable to equity holders of approximately RMB 27.1 billion for the year ended December 31, 2021[4]. - The group's revenue for the year ended December 31, 2021, was RMB 107.8 billion, a decrease from RMB 135.4 billion in 2020, representing a decline of approximately 20.4%[11]. - The group incurred a net loss of RMB 28.4 billion for the year ended December 31, 2021, compared to a profit of RMB 19.5 billion in 2020[11]. - The group reported a total comprehensive loss of RMB 28.91 billion for the year, compared to a total comprehensive income of RMB 19.07 billion in the previous year[31]. - The basic and diluted loss per share attributable to equity holders of the company was RMB 762.7 for the year ended December 31, 2021, compared to a profit of RMB 361.5 in the previous year[31]. - The company recorded a net loss attributable to shareholders of RMB 27.1 billion in 2021, compared to a profit of RMB 12.6 billion in 2020, resulting in a basic loss per share of RMB 762.7[79]. - The company's gross profit was approximately RMB 2.618 billion, a decrease of about 93.4% from the previous year, resulting in a gross margin of 2.4%[67]. - The loss attributable to shareholders from core operations was RMB 23.251 billion, a decline of approximately 289.3% compared to a profit of RMB 12.283 billion in 2020[67]. Assets and Liabilities - As of December 31, 2021, the total borrowings of the group amounted to approximately RMB 231.8 billion, with RMB 107.8 billion due within the next 12 months[4]. - Total assets increased to RMB 628.1 billion, up from RMB 589.8 billion, representing a growth of approximately 6.5%[14]. - Total liabilities increased to RMB 514.1 billion, compared to RMB 437.3 billion, marking a significant increase of around 17.6%[16]. - Total equity decreased to RMB 114.0 billion from RMB 152.5 billion, a decline of approximately 25.3%[16]. - The company's financial asset impairment provisions increased by 802.9% to RMB 4.360 billion in 2021, reflecting adverse macroeconomic conditions[63]. - The net debt ratio increased significantly to approximately 156.0% as of December 31, 2021, compared to 51.8% on December 31, 2020[115]. - The cash-to-short-term debt ratio dropped to 0.21 as of December 31, 2021, down from 1.16 on December 31, 2020[116]. - The group’s total liabilities included corporate borrowings of RMB 71.05 billion and other liabilities totaling RMB 1.49 billion[147]. Revenue Sources - For the year ended December 31, 2021, the company's total revenue reached RMB 107.8 billion, with property sales revenue accounting for RMB 94.49 billion, representing 87.7% of total revenue[38]. - Revenue from hotel operations, commercial operations, property management, and other businesses was RMB 13.309 billion, an increase of 44.3% year-on-year[67]. - Property sales revenue was RMB 94.49 billion in 2021, down from RMB 126.13 billion in 2020, indicating a decrease of about 25.1%[105]. - The group's hotel operating income increased to RMB 2.12 billion in 2021 from RMB 1.45 billion in 2020, reflecting a growth of approximately 46.3%[105]. - Property sales accounted for 87.7% of total revenue in 2021, while hotel operations, commercial operations, and property management contributed 12.3%[79]. Operational Changes and Strategies - The group has committed but unallocated capital and property development expenditures amounting to RMB 40.9 billion as of December 31, 2021[8]. - The group is actively pursuing restructuring of its offshore debt, including approximately USD 6.8 billion in principal amount of senior notes[7]. - The group plans to seek opportunities to divest its equity interests in certain project development companies to generate additional cash flow[7]. - The group has a business strategy focused on accelerating property sales and is confident in its ability to meet financial obligations within the next twelve months[30]. - The company plans to continue promoting sales to recover cash flow, rationally dispose of assets, and actively adjust operational strategies to ensure normal production and operation[78]. - The group emphasized a shift in industry logic from "scale" to "quality," aiming for long-term success through improved products and services[142]. Employee and Operational Metrics - The group employed a total of 53,926 employees as of December 31, 2021, with a total salary expense of approximately RMB 6.4 billion for the year[9]. - The total area of properties sold during the year was 6.401 million square meters, with an average selling price of RMB 14,762 per square meter[38]. - As of December 31, 2021, the company managed 830 projects covering 107 cities, with a managed construction area of 240.5 million square meters and a contracted construction area of 308.0 million square meters, representing year-on-year growth of 64.6% and 53.2% respectively[74]. Market Environment and Challenges - The overall market environment has changed since the second half of 2021, leading to increased sales pressure and a decline in the overall profitability of the industry[53]. - The company anticipates the opening of the Lanzhou Zhongshan Linmao Hotel in the summer of 2022, marking the first hotel under the revamped "Maoyu" brand[52]. - The company reported a fair value loss of approximately RMB 602 million in 2021, compared to a fair value gain of RMB 398 million in 2020, mainly due to a downturn in the economy and property market[88]. Financing and Debt Management - The company is actively seeking alternative financing to support its existing financial obligations and future operational and capital expenditures[21]. - The company has successfully negotiated extensions for long-term bonds and medium-term notes totaling RMB 59 billion and RMB 116 billion originally due in 2022 and 2023, respectively[21]. - The group secured a dual-currency syndicated loan facility of USD 657.5 million and HKD 5.1285 billion in April 2021, with a rate of Libor/Hibor + 2.5%[100]. - The group’s domestic subsidiaries increased borrowings backed by project assets and/or equity pledges by approximately RMB 61.78 billion by year-end[101]. Dividends and Shareholder Returns - The company did not recommend a final dividend for the year ended December 31, 2021, compared to a final dividend of HKD 0.90 and a special dividend of HKD 0.20 in 2020[67]. - The interim dividend declared for the six months ended June 30, 2021, is HKD 0.70 per share, totaling approximately RMB 2,060.75 million, with cash payments of RMB 664.78 million and scrip dividends of RMB 1,395.97 million[161].