Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 47,440,141, a decrease from RMB 107,834,741 in 2021, representing a decline of approximately 56%[2] - Gross profit for 2022 was RMB 6,619,729, down from RMB 20,797,446 in 2021, indicating a decrease of about 68%[2] - The company reported a loss before tax of RMB 12,932,360 for 2022, compared to a profit of RMB 18,227,603 in 2021, marking a significant turnaround[2] - The net loss for the year was RMB 13,559,978, compared to a profit of RMB 12,327,177 in the previous year[2] - The company reported a net loss attributable to shareholders of approximately RMB 13,049,088,000 for the year ended December 31, 2022[7] - The group recorded confirmed revenue of approximately RMB 47,440,100,000 in 2022, a decrease of 56.0% year-on-year[65] - Property sales and related services revenue decreased by 60.4% to approximately RMB 40,620,500,000 in 2022[66] - The group's gross profit for 2022 was approximately RMB 6,619,700,000, down 68.2% from RMB 20,797,400,000 in 2021[67] - The group incurred a net foreign exchange loss of RMB 1,970,200,000 in 2022, compared to a net gain of RMB 790,700,000 in 2021[69] Assets and Liabilities - Non-current assets increased to RMB 78,512,967 in 2022 from RMB 81,222,556 in 2021, reflecting a slight decrease of about 3%[4] - Current liabilities decreased to RMB 258,658,122 in 2022 from RMB 223,739,669 in 2021, showing an increase of approximately 16%[5] - The total equity attributable to shareholders was RMB 29,414,366 in 2022, down from RMB 41,990,154 in 2021, indicating a decline of about 30%[5] - The company’s cash and cash equivalents decreased significantly to RMB 20,108,115 in 2022 from RMB 46,462,460 in 2021, a reduction of approximately 57%[4] - As of December 31, 2022, the group's principal debt measured at amortized cost amounted to RMB 1,401,331,000, while the derivative instruments, including convertible options, were valued at RMB 267,247,000[15] - The total liabilities as of December 31, 2022, included significant overdue amounts, which may impact future liquidity and operational strategies[16][17] - The total outstanding borrowings as of December 31, 2022, were approximately RMB 108,449,700,000, compared to RMB 114,112,000,000 in 2021[84] - The net debt-to-equity ratio was approximately 102.0% as of December 31, 2022, compared to 62.8% as of December 31, 2021[90] Cash Flow and Financing - The company is actively negotiating with multiple financial institutions to restructure and extend existing bank loans to improve liquidity[8] - A business strategy plan has been developed focusing on accelerating property sales and cash collection[8] - The company has implemented strict cost-cutting measures, including reducing non-core and non-essential business expenses[8] - The company is seeking opportunities to sell non-core assets to enhance its cash position[8] - The company has engaged a financial advisor to assist in restructuring its financing arrangements[8] - The company completed a cash offer for the repurchase of USD 265,117,000 of its 5.5% senior notes due in 2022, with a total payment of approximately USD 272,094,732.12[93] - The company repaid a total principal amount of $239,983,000 along with accrued interest for the January 2017 notes by January 23, 2022[94] Market and Sales Performance - The company reported a total contract sales amount of approximately RMB 124 billion for the year 2022[47] - The average selling price for contract sales in 2022 was approximately RMB 14,778 per square meter[47] - The total contract sales area for the company in 2022 was approximately 8,393,200 square meters[47] - The company delivered around 90,000 new homes in 2022 despite challenging market conditions[63] - The total area delivered in 2022 was 2,970,794 square meters, compared to 6,850,115 square meters in 2021[55] - The average confirmed selling price across all cities in 2022 was RMB 13,172 per square meter[55] - The company plans to expand its market presence and enhance product offerings in response to the growing demand in various cities[54] Future Outlook and Strategy - The company plans to focus on market expansion and new product development to improve future performance[1] - The company plans to focus on "ensuring delivery and quality" as a primary objective in 2023[64] - The company anticipates that macroeconomic recovery will be a key factor influencing the real estate market in 2023[63] - The company aims to improve its financial situation and support reasonable financing needs in 2023[64] Compliance and Governance - The audit committee reviewed the annual performance for the year ending December 31, 2022, and confirmed compliance with applicable accounting standards and regulations[100] - The board of directors consists of eight members, responsible for overall management and supervision of the company's operations[101] - The company’s ordinary shares, warrants, and derivatives were suspended from trading on March 31, 2023, at 9:00 AM[104] - The company has applied to resume trading of its ordinary shares, warrants, and derivatives on September 27, 2023, at 9:00 AM[104]
旭辉控股集团(00884) - 2023 - 年度业绩