世茂集团(00813) - 2023 - 年度业绩

Financial Performance - The group's revenue for the year was approximately RMB 59.464 billion, representing a decrease of about 5.7% compared to the previous year[17]. - The group's gross profit was approximately RMB 5.848 billion, an increase of about 10.7% year-on-year, with a gross margin of 9.8%[17]. - The core business loss attributable to shareholders was approximately RMB 14.508 billion[17]. - The overall revenue for the group was approximately RMB 59.464 billion in 2023, a decrease of 5.7% from RMB 63.040 billion in 2022, primarily due to slower completion progress[39]. - The annual loss attributable to equity holders was RMB 21,030,181 thousand, compared to RMB 21,492,478 thousand in the previous year[81]. - The group reported a net loss of RMB 23,599,417 thousand for the year, compared to a loss of RMB 22,244,179 thousand in the previous year[112]. - The company reported a net loss attributable to equity holders of RMB 21,030,181 thousand for the year ended December 31, 2023, compared to a loss of RMB 21,492,478 thousand in 2022, showing a slight improvement[148]. Asset and Liability Management - As of December 31, 2023, the group holds investment properties with a book value of approximately RMB 13.4 billion and inventory valued at approximately RMB 10.6 billion[2]. - Total assets decreased to RMB 543,250,395 thousand from RMB 616,210,939 thousand in 2022, indicating a reduction of approximately 11.8%[84]. - Total liabilities decreased to RMB 491,999,365 thousand from RMB 536,705,854 thousand in 2022, reflecting a decrease of about 8.3%[87]. - The net debt ratio as of December 31, 2023, was approximately 473.2%, up from 302.2% as of December 31, 2022[70]. - The asset-liability ratio, excluding prepayments, was approximately 88.7% as of December 31, 2023, compared to 83.8% as of December 31, 2022[70]. - The group has ongoing litigation and arbitration cases that may impact its ability to continue as a going concern[94]. - The group has entered into agreements to sell 51% of a project company for RMB 3.91 billion, with conditions to be met before completion[126]. Investment and Financing Activities - The company repurchased 31,750,000 shares at an average price of RMB 1.58 per share during the year[9]. - The company increased its stake in Shanghai Shimao by acquiring 52,168,138 shares at an average price of RMB 1.16 per share[9]. - The group has ongoing litigation and arbitration cases that may impact its ability to continue as a going concern[94]. - The board has implemented plans to alleviate liquidity pressure, including restructuring approximately USD 6.8 billion of offshore debt and extending RMB 18.9 billion of long-term bonds[96]. - The group is actively seeking alternative financing and loans to meet its financial obligations and future operational and capital expenditures[96]. - The group reported a net financial asset impairment provision of RMB 2,031,610 thousand, compared to RMB 318,703 thousand in the previous year[80]. Operational Highlights - In 2023, the company's contract sales amounted to RMB 42.822 billion, with a total sales area of 2.947 million square meters[17]. - The property sales revenue for the year was RMB 46.986 billion, accounting for 79.0% of total revenue, with a recognized sales area of 3.641 million square meters[22]. - The average selling price for the year was RMB 14,532 per square meter[23]. - The hotel segment generated total revenue of RMB 2.295 billion in 2023, representing a year-on-year increase of 31.4%, with RevPAR increasing by 39.8%[34]. - The overall occupancy rate of commercial projects reached 91%, an increase of 1 percentage point year-on-year[29]. - The leasing market for office buildings continued to face challenges, with an overall occupancy rate of 77%, a decrease of about 1 percentage point year-on-year[29]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the listing rules for the year ended December 31, 2023[8]. - The company did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[12]. - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, without significant changes to its accounting policies or financial statement presentation[99]. Market Conditions and Challenges - The fair value loss of investment properties for the year ended December 31, 2023, is approximately RMB 1.1 billion, while the impairment loss for inventory is approximately RMB 300 million[2]. - The fair value of investment properties and inventory may not be free from material misstatement due to insufficient audit evidence[3]. - Fair value losses on investment properties totaled approximately RMB 5.878 billion in 2023, significantly higher than RMB 0.631 billion in 2022, due to a continued downturn in the commercial property market[53]. - Other net losses amounted to approximately RMB 3.849 billion in 2023, compared to net income of RMB 3.562 billion in 2022, largely due to losses from subsidiaries undergoing bankruptcy proceedings[54]. - The company faces significant uncertainties that may impact its ability to continue as a going concern[157].