Financial Performance - The property contract sales for the year ended December 31, 2022, decreased by 41.4% to RMB 27,548 million[3]. - Revenue for the year ended December 31, 2022, decreased by 8.6% to RMB 18,636 million[3]. - The loss attributable to owners for the year ended December 31, 2022, was RMB 4,762.8 million, compared to a profit of RMB 884.0 million in 2021[3]. - The total loss for the year ended December 31, 2022, was RMB 5,796.1 million, compared to a profit of RMB 2,514.5 million in 2021[3]. - The basic loss per share for the year ended December 31, 2022, was RMB 134.10, compared to earnings of RMB 24.89 per share in 2021[3]. - The total comprehensive loss for the year ended December 31, 2022, was RMB 6,783.4 million, compared to a total comprehensive income of RMB 2,881.9 million in 2021[5]. - The company reported a net loss attributable to owners of approximately RMB 4,762,787,000 for the year ended December 31, 2022, compared to a net profit of RMB 883,963,000 in 2021[13]. - The company reported a total operating loss of RMB 5,453,715 thousand, with the largest losses occurring in the Central and Western Economic Zone at RMB 2,124,187 thousand[35]. - The company recorded a net loss before tax of approximately RMB 5,450.2 million for the year ended December 31, 2022, compared to a profit before tax of approximately RMB 3,856.9 million for the year ended December 31, 2021[138]. Assets and Liabilities - The total assets less current liabilities as of December 31, 2022, were RMB 8,030.97 million, down from RMB 28,014.74 million in 2021[8]. - The total assets of the company amounted to RMB 59,984,173 thousand, while total liabilities were RMB 54,249,148 thousand, indicating a substantial leverage position[37]. - The company's borrowings were approximately RMB 16,232.5 million as of December 31, 2022, a decrease from RMB 19,443.8 million as of December 31, 2021[146]. - The net debt-to-equity ratio increased significantly to 185% as of December 31, 2022, compared to 53% in the previous year[149]. - The current assets net value was approximately RMB 2,735.9 million, down from RMB 21,911.7 million as of December 31, 2021[150]. - The company has overdue bank borrowings totaling approximately RMB 289,000,000, which must be repaid immediately upon request from lenders[77]. - The company has a total of approximately RMB 6,861,218,000 in senior notes classified as current liabilities due to cross-default provisions[73]. Cash Flow and Liquidity - Cash and cash equivalents, along with restricted cash, amounted to RMB 5,603.3 million as of December 31, 2022, down from RMB 10,857.0 million in 2021[3]. - Cash and cash equivalents were approximately RMB 1,896,475,000 as of December 31, 2022, significantly decreased from RMB 7,534,181,000 in 2021[13]. - The company had cash and cash equivalents of approximately RMB 1,855,925,000 as of December 31, 2022, indicating a significant liquidity challenge given the upcoming debt obligations[188]. - The company is implementing measures to improve liquidity and financial conditions, including restructuring existing borrowings and obtaining new funding sources[190]. - The effectiveness of the company's going concern basis is contingent upon the successful execution of its financial plans and the cooperation of lenders[191]. Dividends and Shareholder Returns - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2022[3]. - The company did not recommend any final dividends for the years ended December 31, 2022, and 2021[50]. - The board of directors did not recommend a final dividend for the year ending December 31, 2022[169]. Operational Challenges and Strategies - The company faced a default on approximately RMB 361,154,000 of bank and other borrowings due to overdue principal and/or interest payments, leading to a cross-default on RMB 12,303,340,000[14]. - The company is actively negotiating with lenders to defer repayments of overdue borrowings and is seeking new financing opportunities to alleviate liquidity pressure[16]. - The company plans to expedite the pre-sale and sale of its properties and improve cash collection from contract sales[16]. - The company has implemented measures to improve capital efficiency and ensure stable operations amid a challenging market environment[84]. - The macroeconomic environment remains complex, but positive policies are expected to aid China's economic recovery from COVID-19[165]. - Various government policies have been implemented to lower down payments and interest rates, aiming to promote a healthy development cycle in the real estate sector[167]. - The company plans to focus on risk management and long-term development while ensuring stable operations and timely property delivery[167]. Revenue and Sales Performance - The total revenue from property sales for the year ended December 31, 2022, was RMB 18,213.6 million, a decrease of 8.97% compared to RMB 20,011.7 million in 2021[31]. - Revenue from property management and community value-added services increased to RMB 309.2 million in 2022 from RMB 236.8 million in 2021, representing a growth of 30.5%[31]. - The company reported hotel revenue of RMB 39.7 million for 2022, up from RMB 34.7 million in 2021, indicating an increase of 14.4%[31]. - Rental income rose to RMB 29.0 million in 2022, compared to RMB 21.3 million in 2021, reflecting a growth of 36.5%[31]. - The average selling price of delivered properties dropped from RMB 8,221 per square meter to RMB 7,204 per square meter[123]. - Revenue from the Pan-Hai-Xia West Economic Zone decreased by 33.6% to RMB 7,485.8 million, primarily due to a reduction in delivered building area[125]. - Revenue from the Central and Western regions decreased by 18.4% to RMB 5,176.1 million, attributed to a decrease in delivered building area[125]. - Revenue from the Bohai Economic Zone increased by 115.5% to RMB 4,175.6 million, driven by an increase in delivered building area[125]. - Revenue from the Greater Bay Area surged by 194.0% to RMB 1,360.9 million, mainly due to increased delivered building area[125]. Impairment and Losses - The company recognized an increase in property inventory impairment provision of RMB 2,336.4 million due to adverse macroeconomic conditions[126]. - The impairment losses on financial assets totaled RMB 571,113 thousand, significantly higher than the previous year's RMB 7,448 thousand[45]. - The company experienced a significant increase in impairment losses on financial assets and contract assets, rising from approximately RMB 7.5 million in the previous year to approximately RMB 571.0 million for the year ended December 31, 2022[143]. - The company reported a gross loss of RMB 2,307.0 million for the year ended December 31, 2022, compared to a gross profit of RMB 4,762.8 million for the year ended December 31, 2021, resulting in a gross loss margin of 12.4%[127]. - Other losses amounted to RMB 589.5 million for the year ended December 31, 2022, a significant decline from other income of RMB 685.3 million in the previous year, primarily due to losses from the sale of subsidiaries totaling approximately RMB 631.5 million[128]. Corporate Governance and Compliance - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with applicable standards[175]. - The company is undergoing a review of its internal control systems in light of recent events and will publish the results once completed[172]. - The company has appointed a new auditor, Yongtuo Fuxin CPA, to replace PwC, effective June 30, 2023[183]. Employee and Operational Metrics - Employee costs totaled RMB 715,606,000 in 2022, down 17% from RMB 862,131,000 in 2021[47]. - The company employed a total of 3,635 employees as of December 31, 2022, a slight increase from 3,620 employees in 2021[158]. - The company delivered approximately 28,400 new properties during the fiscal year ending December 31, 2022[86]. - The company has 113 real estate development and investment projects at various stages of development, with a total construction area of 15,920,640.2 square meters as of December 31, 2022[88].
力高集团(01622) - 2023 - 年度业绩