Financial Performance - The property contract sales for the year ended December 31, 2023, decreased by 65.9% to RMB 9,403 million[2]. - Revenue for the year ended December 31, 2023, decreased by 71.3% to RMB 5,339.4 million[2]. - The loss attributable to owners of the company for the year ended December 31, 2023, was RMB 1,555.9 million, a decrease of 67.3% compared to RMB 4,762.8 million in 2022[2]. - The total loss for the year ended December 31, 2023, was RMB 1,869.8 million, down 67.7% from RMB 5,796.1 million in 2022[2]. - Basic loss per share for the year ended December 31, 2023, was RMB 43.81, compared to RMB 134.10 in 2022[2]. - The total comprehensive loss for the year ended December 31, 2023, was RMB 2,022.8 million, compared to RMB 6,783.4 million in 2022[5]. - For the year ended December 31, 2023, the group reported a net loss attributable to owners of approximately RMB 1,555,932,000, compared to a net loss of RMB 4,762,787,000 in 2022[10]. - The company reported a net loss of RMB 1,869,823 thousand for the year ended December 31, 2023, compared to a loss of RMB 5,796,096 thousand in the previous year[42]. Assets and Liabilities - Total assets less current liabilities as of December 31, 2023, were RMB 4,881.6 million, down from RMB 8,030.9 million in 2022[7]. - As of December 31, 2023, the total bank and other borrowings amounted to approximately RMB 15,588,767,000, a decrease from RMB 16,232,502,000 in 2022[10]. - The group had overdue preferred notes amounting to RMB 5,254,137,000 as of December 31, 2023, compared to RMB 72,154,000 in 2022[71]. - The total liabilities for the Pan-Hai Strait Economic Zone were RMB (10,351,431) thousand, indicating a substantial financial obligation in that region[40]. - The company reported a total tax expense of RMB 644,739,000 in 2023, compared to RMB 345,937,000 in 2022, indicating an increase in tax liabilities[51]. Cash Flow and Liquidity - Cash and cash equivalents, along with restricted cash, amounted to RMB 2,597.5 million as of December 31, 2023, down from RMB 5,603.3 million in 2022[2]. - The group had cash and cash equivalents of approximately RMB 792,264,000 as of December 31, 2023, down from RMB 1,896,475,000 in 2022[10]. - The current assets net value was approximately RMB 272.0 million, down from RMB 2,735.9 million as of December 31, 2022, with a current ratio of 1.01 times[119]. - The company plans to negotiate with existing lenders to defer repayments of overdue borrowings and seek new financing opportunities to alleviate liquidity pressure[11]. - Measures have been taken to improve liquidity and financial conditions, including restructuring and refinancing existing bank and other borrowings[137]. Revenue Streams - For the year ended December 31, 2023, the group reported revenue from property sales of RMB 4,867.16 million, a decrease of 73.3% compared to RMB 18,213.56 million in 2022[25]. - Revenue from property management and community enhancement services increased to RMB 358.14 million, up 15.8% from RMB 309.22 million in the previous year[25]. - The group’s health services revenue increased to RMB 12.87 million from RMB 2.37 million in the previous year, reflecting a significant growth[25]. - Revenue from customer contracts for the year 2023 was RMB 5,313,673 thousand, a decrease of 71.5% compared to RMB 18,607,468 thousand in 2022[26]. - The company continues to focus on property management and community value-added services as part of its strategy[95]. Operational Efficiency - The company maintained a focus on risk control and operational efficiency amid a challenging economic environment[78]. - The company adjusted its project sales strategies in response to policy changes to ensure financial stability and timely delivery[78]. - The company is committed to fulfilling its responsibilities by prioritizing the delivery of properties[128]. - The company is undergoing a review of its internal control systems to maintain high standards of corporate governance[131]. Future Outlook - The company plans to maintain operational stability and improve efficiency while focusing on project sales and cash collection in 2024[128]. - The company anticipates a gradual recovery in market confidence and sales due to supportive policies expected to be implemented in 2024[128]. - Successful execution of plans to accelerate the sale of developed properties and improve cash inflows from operations is critical[138]. Corporate Governance - The company has appointed a new auditor, Yongtuo Fuxin, effective from June 30, 2023[129]. - The ability to continue as a going concern is subject to significant uncertainties, including successful restructuring and refinancing of existing borrowings[12]. - The company faces significant uncertainty regarding its ability to continue as a going concern, which may impact its asset realization and liability settlement capabilities[137].
力高集团(01622) - 2023 - 年度业绩