Financial Performance - For the year ended December 31, 2023, Zhenro Properties Group Limited recorded a contract sales amount of RMB 15,385.3 million, a decrease of 54.0% compared to the same period in 2022[1] - The group's revenue for the year was RMB 38,774.9 million, up from RMB 25,895.5 million in 2022, representing a year-on-year increase of 49.6%[1] - The loss attributable to equity holders of the parent company for the year was RMB 8,467.9 million, a decrease from RMB 12,877.0 million in the previous year, indicating an improvement of 34.0%[1] - The group reported a net loss of RMB 9,485.6 million for the year, which is an improvement from a net loss of RMB 14,617.2 million in 2022[2] - The gross profit for the year was RMB 2,178.7 million, compared to RMB 1,749.3 million in 2022, reflecting a gross profit margin improvement[2] - The total revenue was RMB 36,084,013,000, compared to RMB 22,646,250,000 for the previous year, representing a year-on-year increase of approximately 59.5%[56] - The total other income for the year was RMB 57,119,000, down from RMB 131,870,000 in the previous year[60] - The company reported a significant decrease in other receivables, with total other receivables at RMB 22,465.1 million in 2023, down from RMB 26,333.0 million in 2022[118] - The company's revenue for the year ended December 31, 2023, was RMB 38,774.9 million, with a loss of RMB 9,485.6 million, and a loss attributable to equity holders of the parent of RMB 8,467.9 million[124] Debt Management and Financing - The group is actively negotiating with existing lenders for the extension of repayment terms on certain borrowings to stabilize operations and manage liquidity[18] - The group is seeking opportunities to divest equity in several project development companies to generate additional cash flow[22] - The group has engaged with multiple financial institutions to secure new loans at reasonable costs to ensure the delivery of property projects[20] - Current liabilities exceeded current assets by RMB 4,813,176,000 as of December 31, 2023[38] - Total interest-bearing bank and other borrowings, preferred shares, corporate bonds, perpetual capital securities, and asset-backed securities amounted to RMB 61,863,490,000, with RMB 54,603,520,000 due within the next twelve months[38] - The company has defaulted on certain preferred shares totaling RMB 12,763,266,000 in principal and RMB 1,824,355,000 in interest, leading to a total default event of RMB 13,377,932,000[38] - The company failed to repay RMB 1,187,772,000 in corporate bonds that matured in November 2022[38] - The group has achieved significant progress in its overall debt management plan, with over 79% of existing offshore debt holders participating in the restructuring support agreement[39] - The group plans to hold a hearing for the proposed restructuring plan on May 2, 2024, in the High Court of Hong Kong[39] - The group is focused on negotiating with existing lenders to renew or extend repayment of interest-bearing bank loans and other borrowings[44] - The group is actively seeking alternative financing and borrowing to meet existing financial obligations and fund future operations and capital expenditures[41] - The group implemented liquidity management and cost-saving measures, including seeking financing extensions and asset disposals[200] Asset Management - As of December 31, 2023, the total land bank held by the group was 12.98 million square meters, down from 19.15 million square meters as of December 31, 2022[1] - Non-current assets totaled RMB 18,602,851,000, down from RMB 20,954,039,000 in the previous year[31] - Total current assets decreased to RMB 134,584,778,000 from RMB 173,512,253,000 year-over-year[31] - The company’s net assets were reported at RMB 6,151,529,000, a decline from RMB 17,479,657,000[33] - The total amount of completed properties held for sale increased by 200.9% from RMB 9,904.2 million in 2022 to RMB 29,801.2 million in 2023, mainly due to an increase in the area of completed properties[149] - The group held 11 investment properties with a total construction area of 684,476 square meters as of December 31, 2023[136] - The group’s ongoing property development amounted to RMB 64,430.2 million as of December 31, 2023, a decrease of 43.2% from RMB 113,364.4 million at the end of 2022[134] Operational Challenges - The company faced significant external challenges, including weak housing demand and operational pressures, leading to a generally negative growth in the real estate market in 2023[124] - The group faced challenges in property pre-sales and financing in 2023, impacting its ability to secure funds for maturing debts[200] - The group is actively working on a comprehensive restructuring plan for its offshore debt management, with over 79% of existing offshore debt holders participating in the restructuring support agreement[126] Revenue and Sales Performance - Customer contract revenue for 2023 was RMB 38,697,406, an increase of 49.8% from RMB 25,805,465 in 2022[73] - The recognized revenue from property sales for 2023 was RMB 38,648.3 million, an increase of 50.3% from RMB 25,707.6 million in 2022[130] - The average selling price of recognized property sales in 2023 was RMB 15,433 per square meter, up 26.7% from RMB 12,183 per square meter in 2022[130] - The average contract selling price for 2023 was RMB 14,986 per square meter, compared to RMB 15,718 per square meter in 2022[130] - The total contract sales area was approximately 1.0 million square meters, down 51.8% compared to 2022[130] - The company delivered over 43,600 new homes in 2023, focusing on stabilizing production and operations to restore market confidence[111] Cost Management - The cost of goods sold for 2023 was RMB 36,582,585,000, an increase from RMB 24,114,013,000 in 2022, reflecting a rise of about 52%[99] - Administrative expenses decreased by 29.1% to RMB 655.9 million in 2023 from RMB 924.8 million in 2022, attributed to streamlining corporate structure and enhanced cost control[187] - Sales and distribution expenses decreased by 5.5% from RMB 976.2 million in 2022 to RMB 923.0 million in 2023, attributed to enhanced control over these expenses and a reduction in overall sales and marketing activities[142] - The group has implemented measures to accelerate the collection of receivables and effectively control costs and expenses[42] Tax and Other Financial Metrics - The total tax payable for 2023 was RMB 4,472,318, a decrease of 5% from RMB 4,708,084 in 2022[85] - The income tax expense for 2023 totaled RMB 481,280,000, significantly lower than RMB 1,775,714,000 in 2022[101] - The company's income tax expense dropped by 72.9% to RMB 481.3 million in 2023 from RMB 1,775.7 million in 2022, mainly due to a reduction in corporate income tax[192] - The impairment loss on financial assets for 2023 was RMB 1,426,423,000, compared to RMB 1,838,180,000 in 2022, indicating a decrease of about 22%[99] - The fair value loss on investment properties was RMB 644.4 million in 2023, compared to RMB 410.6 million in 2022, reflecting a decline in leasing demand due to adverse macroeconomic conditions[188] Dividend and Shareholder Returns - The group did not declare a final dividend for the year ending December 31, 2023, consistent with 2022[85] - The company did not recommend a final dividend for the year ended December 31, 2023, reflecting its focus on financial recovery[124]
正荣地产(06158) - 2023 - 年度业绩