Receivables and Credit Losses - As of December 31, 2022, the total receivables from related parties amounted to RMB 944,755,000, with an expected credit loss of RMB 458,555,000[11]. - The expected credit loss for receivables from related parties includes RMB 200,565,000 related to other receivables, which were confirmed as non-recoverable[4]. - The company has adopted a default rate of 63.56% and a recovery rate of 22.30% for calculating expected credit losses[6]. - The total expected credit loss is calculated using the formula: expected credit loss = exposure at default x default probability x loss given default[6]. - The company has recognized a provision for expected credit losses of RMB 27,375,000 for loans granted to a related party[11]. - Trade receivables amounted to RMB 234,523,000, with an expected credit loss of RMB 117,931,000[11]. - Contract assets were reported at RMB 59,171,000, with an expected credit loss of RMB 29,755,000[11]. - The expected credit loss for trade receivables is RMB 117,931,000, based on a default rate of 63.56% and a recovery rate of 64.72%[24]. - The expected credit loss for contract assets is RMB 29,755,000, with a default rate of 63.56% and a recovery rate of 64.72%[24]. Recovery Strategies - The company continues to actively pursue various measures to recover receivables to protect its assets and shareholder interests[20]. - The company has entered into compensation agreements with related parties to recover receivables through sales of certain properties[18]. - The company is actively seeking enforcement of arbitration awards and transferring non-cash assets as part of its recovery strategy[29]. - The group entered a compensation agreement with Henan Xinyuan on October 31, 2023, involving the sale proceeds of 611 parking spaces valued at RMB 60.73 million, which will offset approximately RMB 5.24 million in receivables and RMB 0.83 million in other balances owed by Xinyuan[36]. - In March 2024, the group agreed to retain cash sales proceeds from 2,181 parking spaces valued at RMB 1.976 million, to settle outstanding cooperation deposits owed by Xinyuan[39]. Cash Collections and Financial Position - Total cash collections amounted to RMB 798,384,000, with cash received of RMB 69,307,000 and non-cash offset of RMB 729,077,000[21]. - Trade receivables stood at RMB 40,387,000, with cash collections of RMB 7,782,000 and an offset amount of RMB 32,605,000[21]. - Contract assets from exclusive sales agreements for parking spaces totaled RMB 60,956,000, with no cash received and an offset of RMB 197,600,000[21]. - As of December 31, 2023, the company has receivables related to collateral amounting to RMB 398,847,000, with an impairment provision of RMB 201,355,000[33]. Inventory and Asset Management - As of December 31, 2023, 546 of the parking spaces are confirmed as inventory, while the remaining 65 will be recognized as inventory upon completion of related property construction, expected in 2024[37]. - The legal beneficial ownership of the parking spaces was transferred to the group on October 31, 2023, but their value will not be recognized in the financial statements until the properties are completed and available for sale, anticipated by the end of 2024[41]. - The construction costs for the parking spaces will be fully borne by Xinyuan[41]. - The operating rights for the clubhouse were transferred in January 2024, which will be reflected in the group's mid-year financial performance for 2024[41]. Valuation and Ownership - The company has established a legal beneficial ownership of 100% of Beijing Xinyuan as of November 2023, but the valuation does not reflect its true value due to pending significant commercial contracts[33]. - The company has confirmed that as of December 31, 2022, there were no specific arrangements to resolve the receivables from Xinyuan[4].
鑫苑服务(01895) - 2023 - 年度业绩