Financial Performance - For the year ended December 31, 2023, the group's sales revenue was RMB 647 million, a significant decrease from RMB 17,444 million in the same period last year[2]. - The gross profit margin increased to 26.89%, up 16.46 percentage points from 10.43% in the previous year[2]. - Loss attributable to owners of the parent company was RMB 10,057 million, a reduction of 49.60% compared to RMB 19,956 million last year[2]. - Basic loss per share was RMB 22.3 cents, down from RMB 58.6 cents in the previous year[2]. - The company reported a total comprehensive loss of RMB 10,921 million for the year, compared to RMB 18,130 million in the previous year[5]. - The group reported a pre-tax loss of RMB 10,057,243 thousand for 2023, compared to a loss of RMB 19,955,982 thousand in 2022, indicating a significant improvement[33]. - The company recorded other income and gains of RMB 600 million, a decrease of 48.67% from RMB 1,169 million in the previous year[49]. - The group reported a net loss attributable to equity holders of RMB 10,057 million, a 49.60% reduction from RMB 19,956 million in the previous year, with basic loss per share improving to RMB 0.223 from RMB 0.586[56]. Cash Flow and Liquidity - The net cash flow from operating activities for the year was RMB 1,113 million, an increase from RMB 821 million in the previous year[2]. - As of December 31, 2023, the group's cash and cash equivalents amounted to RMB 660 million, while current liabilities totaled RMB 38.3 billion, including RMB 24.3 billion in interest-bearing bank and other borrowings[10]. - The group is actively negotiating with banks to restructure loans, including extending repayment dates and converting unsecured loans into equity through a government-led debt-to-equity swap[11]. - The group aims to alleviate liquidity pressure through successful negotiations with creditors and the sale of properties to enhance cash resources[17]. - The group is facing significant uncertainty regarding its ability to continue as a going concern due to various financial pressures[72]. - Plans to alleviate liquidity pressure include obtaining shareholder approval for equity issuance and negotiating debt restructuring[73]. Assets and Liabilities - Non-current assets totaled RMB 24,472 million, down from RMB 31,184 million in 2022[6]. - Current liabilities amounted to RMB 38,259 million, compared to RMB 40,594 million in the previous year[7]. - The total assets less current liabilities resulted in a net (liability) asset of RMB (8,281 million), compared to RMB 1,990 million in the previous year[7]. - The group reported a total of RMB 24,266,291,000 in borrowings as of 2023, down from RMB 25,894,974,000 in 2022, indicating a decrease of approximately 6.3%[39]. - The total bank borrowings due within one year decreased to RMB 15,925,091,000 in 2023 from RMB 20,854,410,000 in 2022, a reduction of about 23.5%[39]. - The group has RMB 38.3 billion in current liabilities, with RMB 24.3 billion being interest-bearing bank and other borrowings[71]. Operational Changes and Strategies - The company operates retail stores and online sales networks for electrical appliances and consumer electronics in China[8]. - The company plans to focus on home appliance retail and enhance its presence in short video and live streaming sectors to attract younger consumers[46]. - The group is in discussions to sell several investment properties and properties under construction to improve liquidity[15]. - The group has reached agreements with some suppliers to convert overdue payables into equity to restore existing credit limits[12]. - The company is actively managing debt issues, including debt-to-equity swaps, to keep debt problems within controllable limits[46]. Employee and Operational Metrics - As of December 31, 2023, the group employed 2,196 staff, a decrease from 12,431 in 2022[65]. - The company's operating expenses were RMB 3,151 million, compared to RMB 7,640 million in the same period last year[45]. - Total marketing expenses decreased by 64.56% to RMB 1,675 million from RMB 4,726 million year-on-year, primarily due to reductions in rent, salaries, advertising, and delivery costs[50]. - Management expenses fell by 49.33% to RMB 1,476 million compared to RMB 2,913 million in the previous year, with salary expenses dropping from RMB 1,371 million to RMB 258 million[51]. Impairment and Financial Adjustments - The net value of goodwill at the end of 2023 was RMB 62,208 thousand, a decrease from RMB 903,364 thousand in 2022, indicating impairment losses[34]. - The group reported a significant increase in the impairment loss of goodwill amounting to RMB 841,156 thousand in 2023, compared to RMB 9,214,521 thousand in 2022[34]. - Financial asset impairment losses increased to RMB 820 million from RMB 574 million, with significant losses related to trade receivables and subsidiaries entering liquidation[53]. - Right-of-use asset impairment losses were recorded at RMB 1,542 million, down from RMB 3,959 million, reflecting pressures in the real estate leasing market[54]. Shareholder and Dividend Information - The group did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[31]. - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2023, to meet the group's funding needs[76]. - The actual dividend payout ratio for any fiscal year will be determined at the discretion of the board, considering factors such as operational funding needs and investment opportunities[76].
国美零售(00493) - 2023 - 年度业绩