Financial Performance - The group's revenue for the year ended December 31, 2023, was approximately RMB 15.844 billion, representing a growth of about 62.4% compared to the previous year[24]. - The loss attributable to the company's owners for the year was approximately RMB 6.488 billion[24]. - The group reported a gross profit of RMB 2.472 billion, up from RMB 1.727 billion in the previous year[25]. - The company reported a net loss of RMB 6,432,595,000 for the year ended December 31, 2023[32]. - The company faced a net loss of RMB 6.488 billion in 2023, compared to a loss of RMB 6.071 billion in 2022[86]. - The company recognized a net foreign exchange loss of RMB (618,707,000), a significant improvement from RMB (2,603,380,000) in the previous year[58]. - The company reported a significant increase in the cost of sold properties, which rose to RMB 11.52 billion in 2023 from RMB 6.69 billion in 2022[85]. - Gross profit increased by 43.1% from approximately RMB 1.727 billion in 2022 to approximately RMB 2.472 billion in 2023, with a slight decline in gross margin from 17.7% in 2022 to 15.6% in 2023 due to increased land and construction costs[140]. Assets and Liabilities - As of December 31, 2023, the group had interest-bearing liabilities totaling approximately RMB 37.421 billion, with a default on certain debts[14]. - Current liabilities amounted to RMB 66,412,141,000, a decrease from RMB 84,616,685,000 in 2022[28]. - The company's total assets decreased from RMB 95,030,738,000 in 2022 to RMB 77,720,094,000 in 2023[28]. - Non-current assets decreased from RMB 23,892,497,000 in 2022 to RMB 17,996,225,000 in 2023[27]. - The net asset value of the company was reported as negative RMB 2,024,612,000 as of December 31, 2023[28]. - The company’s net current liabilities were RMB 6,688,272,000 as of December 31, 2023[69]. - The company has not repaid approximately RMB 33,917,812,000 of certain interest-bearing liabilities by the scheduled repayment date[70]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was RMB 15,932,501,000, with property development contributing RMB 13,246,488,000[57]. - Revenue from property development for 2023 was approximately RMB 13.246 billion, a 79.9% increase from RMB 7.362 billion in 2022, attributed to an increase in completed property area delivered during the year[110]. - The property management services generated revenue of RMB 2,074,354,000, while value-added services contributed RMB 82,870,000[52]. - Hotel operations revenue amounted to RMB 145,262,000, with hotel accommodation services generating RMB 117,774,000[52]. - Revenue from property agency services was RMB 9,564,000 for the year ended December 31, 2023[52]. - The company reported a total of RMB 9,561,219,000 in revenue from various services, including property management and engineering services[39]. Expenses and Costs - Sales and distribution expenses, as well as administrative expenses, amounted to approximately RMB 810 million, a decrease of about 28.9% compared to the previous year[24]. - Financing costs for the year were RMB 2.873 billion, an increase from RMB 2.241 billion in the previous year[25]. - The company's financing costs for 2023 were approximately RMB 2.873 billion, an increase of 28.2% from RMB 2.241 billion in 2022, mainly due to a decrease in capitalized interest from ongoing projects[116]. - The company's income tax expense for 2023 was approximately RMB 1.331 billion, a significant increase of 199.1% from RMB 445 million in 2022, primarily due to the impact of gross profit during the period[117]. - Total employee costs for 2023 were RMB 796.425 million, a significant decrease from RMB 1.578 billion in 2022[85]. - Selling and distribution expenses decreased by 56.6% to approximately RMB 95 million in 2023 from approximately RMB 219 million in 2022, primarily due to reduced advertising costs for pre-sale properties[142]. Project and Land Reserves - As of December 31, 2023, the group's land reserve for projects under construction and pending construction was approximately 7,745,244 square meters[24]. - The company has 16 ongoing projects with a total construction area of 1,823,336 square meters[106]. - The company has 14 projects in the planning stage, totaling 5,921,908 square meters of construction area[107]. - The total land reserve for ongoing and planned projects, excluding sold projects, is approximately 7,745,244 square meters[108]. Strategic Initiatives - The board has implemented measures to accelerate the pre-sale and sale of properties to alleviate liquidity pressure[15]. - The company is actively seeking new financing sources and accelerating asset sales to meet upcoming financial obligations[34]. - The company plans to continue seeking opportunities to sell equity in several project development companies to generate additional cash flow[34]. - The company is focusing on improving liquidity and financial conditions through various measures, including potential debt restructuring and accelerating property sales[95]. - The company is actively working on a debt restructuring plan to address liquidity pressures and improve credit status, with a restructuring support agreement signed on January 13, 2023[170]. Management and Governance - The company appointed Cheng Jianli as the executive director and chairman of the board, effective September 25, 2023, following the resignation of Pan Jun as executive director and CEO[174]. - The annual results for the year ending December 31, 2023, were reviewed by an audit committee consisting of three independent non-executive directors[179]. - The company has not recommended the payment of a final dividend for the year[24].
花样年控股(01777) - 2023 - 年度业绩