Financial Performance - Total revenue for the company was RMB 21,277,141 thousand, with a net loss of RMB 12,911,990 thousand before tax[17] - The company reported a significant impairment loss of RMB 3,275,982 thousand on properties held for sale and development[21] - The net loss from financing costs was RMB 1,509,146 thousand, with financing income of RMB 286,165 thousand[17] - The company recorded a net loss of RMB 1,239,476 thousand from foreign exchange, compared to a gain of RMB 29,721 thousand in the previous year[21] - The expected credit loss provision amounted to RMB 4,701,719 thousand, significantly higher than RMB 1,011,958 thousand in the previous year[21] - The company recorded a loss of RMB 1,294,962 thousand from financial assets measured at fair value through profit or loss[21] - The loss attributable to equity holders of the company was approximately RMB 19,932.2 million, with a basic loss per share of RMB 2.841, compared to a loss of RMB 13,064.6 million and a basic loss per share of RMB 1.883 in 2022[44] - The gross profit for the year ended December 31, 2023, decreased by 49.9% to approximately RMB 1,698.5 million, with a gross profit margin of 6.5%[171] - The loss for the year ended December 31, 2023, increased by 51.4% to approximately RMB 19,701.6 million compared to the previous year[171] Debt and Financial Obligations - As of December 31, 2023, the total bank and other borrowings amounted to approximately RMB 105.64 billion, with a default on repayments of about RMB 68.48 billion[9] - The company has not reached any agreements regarding the restructuring of its debt as of the date of the financial statements' authorization for issuance[10] - The company is actively communicating with creditors to develop a comprehensive debt restructuring plan[86] - The group is actively communicating with bondholders to expedite a feasible debt extension plan, indicating ongoing efforts to manage its financial situation[182] - The net debt-to-equity ratio increased significantly to 2,064.1% as of December 31, 2023, up 1,681.3 percentage points from 382.8% as of December 31, 2022[120] - The asset-liability ratio (excluding contract liabilities) rose to 97.0% as of December 31, 2023, an increase of approximately 11.9 percentage points from 85.1% as of December 31, 2022[121] Revenue and Sales - The company's total contracted sales amounted to approximately RMB 17,836 million, a decrease of 4.9% from RMB 18,749 million in 2022[106] - The group's revenue for the year ended December 31, 2023, was approximately RMB 26,158.8 million, an increase of about 3.0% compared to 2022[44] - Revenue from property management services increased from approximately RMB 1,614.0 million in 2022 to approximately RMB 1,658.2 million in 2023, a growth of 2.7%[98] - Revenue from the health business rose by approximately RMB 105.3 million or 21.7% to approximately RMB 590.9 million in 2023, driven by increased demand[101] Assets and Liabilities - The total assets of the company amounted to RMB 264,343,854 thousand, while total liabilities were RMB 229,098,890 thousand[18] - The total land reserve of the company and its joint ventures is approximately 23.83 million square meters, with about 58% of this located in the Greater Bay Area[81] - The group's total liabilities (including perpetual capital securities) were approximately RMB 226,446.4 million as of December 31, 2023, down from RMB 230,448.9 million as of December 31, 2022[121] - The group's cash and bank deposits amounted to approximately RMB 3,401.1 million, a decrease of 41.2% from RMB 5,781.0 million as of December 31, 2022[117] Operational Highlights - The company delivered a total of 46,000 housing units across 61 projects in multiple cities, exceeding the total delivery volume for the entire year of 2022 by more than double[79] - The group has a total of 69 ongoing development projects with a combined construction area of approximately 9.29 million square meters as of December 31, 2023[65] - The company has committed to purchasing land use rights and property development activities amounting to RMB 12,348,756 thousand[43] - The company has also committed to acquiring subsidiaries for RMB 13,000,000 thousand, down from RMB 15,476,892 thousand in the previous year[43] Market Outlook - The GDP growth for China in 2023 is projected at 5.2%, despite facing challenges in certain sectors due to structural and cyclical issues[47] - The real estate market is expected to face pressure in 2024, but factors such as economic improvement and urban village renovation may lead to slight sales growth[87] - The government is expected to support urban village renovations, which will guide future urban construction and housing development[82] Corporate Governance - The board does not recommend the payment of a final dividend for the year ending December 31, 2023, consistent with 2022[74] - The board believes that the group will have sufficient working capital to meet its financial obligations after reaching an agreement with creditors regarding debt restructuring[182] - The board has considered cash flow forecasts for at least the next 12 months, supporting the appropriateness of preparing the financial statements on a going concern basis[182]
佳兆业集团(01638) - 2023 - 年度业绩