Revenue and Sales Performance - The total revenue for 2023 was RMB 36.2 billion, primarily from property sales, which amounted to RMB 27.8 billion, including 3 million square meters sold at an average price of RMB 9,270 per square meter, an increase compared to 2022[6]. - For the fiscal year ending December 31, 2023, the company reported revenue of RMB 36.24 billion, an increase from RMB 35.19 billion in 2022, while the cost of sales rose to RMB 34.32 billion from RMB 31.37 billion[13]. - Total contracted sales for 2023 were approximately RMB 19.95 billion, covering an area of about 1,344,800 square meters, with the top ten provinces contributing approximately RMB 16.11 billion, accounting for about 81% of total sales[60]. - The average selling price for properties was approximately RMB 9,270 per square meter, an increase from RMB 8,900 per square meter in the previous year[68]. - The company's sales cost increased by 9% to RMB 34.32 billion, primarily due to impairment provisions of approximately RMB 3.718 billion for properties under development and completed properties[69]. Financial Performance and Losses - The company incurred a net loss of RMB 19.95 billion for the fiscal year 2023, compared to a loss of RMB 15.78 billion in 2022, with a basic and diluted loss per share of RMB 5.3738[14]. - The company reported a loss attributable to owners of RMB 20.16 billion for the year ended December 31, 2023[23]. - The group reported an annual loss of RMB 19,947,238, with the largest losses in property development (RMB 16,948,019) and hotel operations (RMB 904,227)[33]. - The company recorded a net loss of RMB 19.947 billion for the year ended December 31, 2023, compared to a net loss of RMB 15.779 billion for the previous year, primarily due to a continued downturn in the Chinese real estate market[75]. - Basic and diluted loss per share was RMB (5.3738) in 2023, compared to RMB (4.1938) in 2022, indicating a worsening of approximately 28.2%[49]. Asset and Liability Management - Total assets decreased from RMB 368.92 billion in 2022 to RMB 334.87 billion in 2023, a decline of approximately 9.23%[15]. - Total liabilities decreased from RMB 301.98 billion in 2022 to RMB 288.48 billion in 2023, a decline of about 4.47%[16][17]. - The company reported a loss attributable to owners of RMB 20.164 billion for the year ending December 31, 2023, with total bank borrowings and other debts amounting to RMB 137.529 billion, of which RMB 56.795 billion is due within the next twelve months[59]. - The asset-liability ratio increased to 262.0% as of December 31, 2023, compared to 170.8% in the previous year, indicating a significant rise in leverage[76]. - The group’s segment liabilities totaled RMB 127,471,876, with property development liabilities at RMB 122,281,634[33]. Cash Flow and Financial Strategy - The company is focusing on cash flow management to avoid financial distress, prioritizing debt repayment and interest obligations amid a challenging operating environment[3]. - The company aims to restore cash flow cycles by focusing on pre-sales to regain the confidence of lending banks and investors, as the current market environment has led to a significant reduction in pre-sales[10]. - The company plans to expedite the pre-sale and sale of properties to improve cash flow and meet financial obligations[23]. - The company is actively exploring pre-sales of completed properties to generate cash flow, as market sentiment remains low and buyer confidence is cautious[4]. - The company has been engaged in asset sales both domestically and internationally, successfully generating additional cash flow and reducing debt in previous years[11]. Market and Economic Conditions - The overall economic environment remains cautious, with GDP growth in China at 5.2% for the year, surpassing the target of around 5%[2]. - The overall outlook for 2024 is cautious, with ongoing economic uncertainties and unpredictable pre-sale periods, but the company remains optimistic based on past experiences[8]. - The company anticipates further recovery in hotel performance in 2024, driven by increased domestic tourism and business travel[5]. - There is significant uncertainty regarding the group's ability to achieve its plans due to fluctuations in the mainland property market and the uncertainty of continued support from banks and lenders[24]. Operational Adjustments and Cost Management - The company has implemented significant adjustments to control administrative costs and avoid unnecessary capital expenditures[23]. - The company continues to seek opportunities to monetize hotel assets under feasible commercial terms, reflecting a proactive approach to asset management[5]. - The company has successfully resolved disputes and sought amicable solutions for outstanding liabilities, demonstrating a commitment to managing financial obligations[3]. - The company faced significant uncertainty regarding its ability to continue as a going concern due to defaults on bank loans totaling RMB 37.98 billion[59]. Tax and Accounting Matters - The total tax expense for the year was RMB 5.832 billion, up from RMB 5.916 billion in 2022, primarily due to the write-off of deferred tax assets related to prior year tax losses[74]. - The independent auditor's report expressed a qualified opinion regarding the recognition of deferred tax assets due to insufficient evidence provided by management[56]. - The group has adopted new accounting standards effective January 1, 2023, which do not significantly impact its financial position or performance[27]. Hotel Operations - Hotel revenue grew by 54% year-on-year, benefiting from increased leisure and travel activities, with occupancy rates for luxury and ultra-luxury hotels at approximately 64% and average room rates at RMB 773 per night[5]. - The company has 90 operational hotels with a total building area of 3,984,860 square meters and a total of 27,716 rooms managed by various well-known hotel management groups[67]. - The company is actively negotiating the sale of the One Nine Elms asset in London, estimated to have a total market development value of £1.3 billion, which could reduce related liabilities by over £600 million if successful[11].
富力地产(02777) - 2023 - 年度业绩