Financial Performance - For the year ended December 31, 2023, total revenue was RMB 15,807.106 million, with property development contributing RMB 14,047.330 million, property investment RMB 930.999 million, and hotel operations RMB 828.777 million[72]. - The adjusted pre-tax loss for the group was RMB 17,627.048 million, with a total annual loss of RMB 18,979.296 million[72]. - Total comprehensive loss for 2023 was RMB 19,518,463 thousand, compared to RMB 13,611,020 thousand in 2022, marking an increase of approximately 43.5%[178]. - The gross loss for 2023 was RMB 2,639,231 thousand, worsening from RMB 2,095,785 thousand in 2022[176]. - The company experienced a net loss from joint ventures of RMB 4,811,431 thousand in 2023, compared to RMB 3,973,126 thousand in 2022[176]. - The basic and diluted loss per share for 2023 was RMB (548) cents, compared to RMB (289) cents in 2022, indicating a deterioration in per-share performance[176]. - The annual loss for 2023 was RMB 18,979,296 thousand, compared to a loss of RMB 9,842,261 thousand in 2022, indicating an increase in losses of approximately 92.5%[178]. - Other income and gains for 2023 amounted to RMB 677,280 thousand, up from RMB 617,271 thousand in 2022, showing a growth of about 9.7%[176]. Assets and Liabilities - Total assets amounted to RMB 167,465.395 million, with segment assets for property development at RMB 114,606.698 million, property investment at RMB 24,738.943 million, and hotel operations at RMB 11,436.823 million[72]. - Total liabilities were RMB 149,394.704 million, with segment liabilities for property development at RMB 118,102.538 million, property investment at RMB 43.848 million, and hotel operations at RMB 46.977 million[72]. - The company's total equity decreased significantly to RMB 18,070,691 thousand in 2023 from RMB 40,199,295 thousand in 2022, a decline of around 55.0%[196]. - Current assets decreased to RMB 87,227,752 thousand in 2023 from RMB 108,753,695 thousand in 2022, representing a decrease of about 19.7%[192]. - The total amount of completed properties held for sale increased to RMB 18,724,363 thousand in 2023 from RMB 15,696,914 thousand in 2022, an increase of approximately 19.3%[192]. - The company's interest-bearing bank and other borrowings rose significantly to RMB 41,087,060 thousand in 2023 from RMB 22,245,015 thousand in 2022, an increase of about 84.8%[192]. - As of December 31, 2023, the group's current liabilities amounted to approximately RMB 27,447,870,000, with bank and other borrowings due within one year totaling approximately RMB 41,087,060,000[149]. Investment Properties - The company's investment properties had a carrying value of approximately RMB 24,650,440,000 as of December 31, 2023, down from RMB 28,618,674,000 in 2022[15]. - The carrying value of properties under construction and completed properties held for sale was approximately RMB 49,805,396,000 and RMB 18,724,363,000, respectively, as of December 31, 2023, compared to RMB 62,607,658,000 and RMB 15,696,914,000 in 2022[16]. - The fair value adjustments for investment properties resulted in a transfer of approximately RMB 1,327,747,000 to properties held for sale due to changes in use during the year[8]. Revenue Recognition - The company recognized revenue from property sales based on the completion of performance obligations, with significant judgment required in estimating the percentage of completion[14]. - The recognition of property sales revenue is contingent upon the group's ability to enforce its rights to recover payments based on the terms of the sales contracts and applicable legal interpretations[161]. - The audit procedures included sampling sales contracts to assess the group's collection rights and verifying supporting documents to confirm the recognized property sales revenue[161]. - The group must make significant judgments regarding the recoverability of cumulative payments for completed performance obligations[161]. - The accuracy of estimated total contract costs and the costs incurred up to the reporting date must be determined, requiring significant judgment and estimation[161]. Tax Liabilities and Provisions - Deferred tax liabilities related to investment properties were evaluated based on the assumption of holding properties for rental income rather than for sale[9]. - The carrying amount of deferred tax assets related to confirmed tax losses as of December 31, 2023, is approximately RMB 483,684,000, down from RMB 907,498,000 in 2022, while unconfirmed tax losses amount to approximately RMB 9,666,845,000, an increase from RMB 7,323,713,000 in 2022[22]. - The land appreciation tax liability will be determined by tax authorities after the completion of property development projects, which may affect the tax expenses and related provisions recognized[21]. Management and Governance - The company assessed its ability to continue as a going concern, with management confident in its operational viability despite potential business risks[5]. - The group has taken multiple measures to ensure its ability to continue as a going concern despite significant uncertainties[149]. - The board of directors confirms that the financial statements for the year ending December 31, 2023, fairly reflect the group's performance and affairs[117]. - The independent auditor's report confirmed that the financial statements present a true and fair view of the group's financial performance and cash flows[148]. - The group’s financial reporting process is overseen by the audit committee, which assists the board in fulfilling its responsibilities[166]. Share Capital and Incentive Plans - The maximum number of shares that may be issued upon the exercise of options under the share option scheme is 314,932,505 shares, representing 9.98% of the total shares issued at the date of adoption of the scheme[29]. - A total of 8,583,000 shares were granted under the share incentive plan from the adoption date until December 31, 2023[44]. - The company has a share incentive plan effective for 10 years from the adoption date[44]. - The company must not grant additional incentive shares if the total exceeds 5% of the issued shares as of the adoption date[44]. Audit and Compliance - The independent auditor has issued an unqualified opinion regarding the continuous connected transactions, confirming compliance with the company's pricing policy and relevant agreements[128]. - Ernst & Young resigned as the company's auditor effective December 27, 2023, and Baker Tilly has been appointed as the new auditor[136]. - The independent auditor must communicate significant audit findings, including any material weaknesses identified in internal controls, to the audit committee[169].
合景泰富集团(01813) - 2023 - 年度财报