Home >

Central Enterprises Sell Assets Due To Losses

2013/9/21 22:03:00 26

??? 日本語 Fran?ais English 中文

Central Enterprises Losses Asset Management

with the end of the three quarter of 2013, central enterprises (the actual control of the state-owned assets supervision and Administration Commission of the State Council) ST company Shell war also entered a critical moment.

statistics show that as of September 16, 2013, there were 20 "ST" or "*ST" hats on the top of the listed companies of the central enterprises. If these companies still lose money in the current year, they will face the risk of suspending the delisting.

Under these circumstances, ST companies of various central enterprises have demonstrated their abilities and launched a shell keeping campaign.

"China business newspaper" reporter statistics, the above company shell protection tactics found that the central enterprises ST company mainly through self adjustment, reorganization and sale of assets to avoid the risk of suspension of listing.

adjustment .

in this year's central enterprises ST shell guarantee battle, some companies have realized their losses through self adjustment. These measures have been implemented since the first half of this year, with typical representatives of *ST and *ST Anshan Iron and steel company.

The core business of P *ST, which was launched in 1996 at Shenzhen Stock Exchange, is the development, manufacture and sale of medium and large power internal combustion engines. Currently, there are three series of product clusters that can be applied in many fields and are suitable for multi fuel land, marine and gas engines.

*ST, P, which has lost two consecutive years in 2011 and 2012, will face a risk of a moratorium if it loses again this year.

It achieved a net profit of 15 million 278 thousand yuan in the first half of 2013, and realized a net profit of 6 million 177 thousand and 500 yuan after deducting non recurring gains and losses attributable to shareholders of listed companies.

*ST Ji Chai said in its 2013 semi annual report that in the first half of the year, according to the development goal of "one year to turn losses, two years to overcome difficulties, and three years to embark on a healthy development track", we should lay equal stress on reducing the cost and increasing efficiency, and strive to achieve the goal of turning losses this year. We achieved a net profit of 15 million 278 thousand yuan in the first half of this year, laying the foundation for the turnaround of the year.

"if we can't turn a deficit this year, the company will face the risk of suspending the boss.

In the case of no obvious improvement in the whole industry, the company achieves the goal of losing profits throughout the year through the adjustment of internal operation and management.

*ST Liu Minghuai told reporters that the main reasons for the company's losses in the first half of this year were three. First, business revenue increased by more than one billion; secondly, the purchase cost was reduced, and the purchasing cost of the company decreased by 4% compared with the same period last year.

Liu Minghuai further pointed out that the sales volume of the company's products in the fourth quarter of this year is still uncertain. If the sales volume of the four quarter of the company can be maintained at present level, it will not be a big problem for the company to turn around this year.

*ST Anshan Iron and Steel Co., which also suffered losses for two consecutive years, achieved a substantial reversal in performance in the first half of this year by reducing costs substantially.

In 2011 and 2012, the company's losses were 2 billion 146 million yuan and 4 billion 157 million yuan respectively.

in the first half of 2013, the domestic economic growth slowed down, the steel industry (market area) industry continued to slump, the contradiction between supply and demand was increasing, and steel enterprises were facing unprecedented pressure.

In this case, the company achieved a net profit of 702 million yuan attributable to shareholders of Listed Companies in the first half of this year, and its performance improved significantly.

in the first half of the year, the reasons for the loss of the company in the first half of the year, *ST Anshan Iron and Steel Co., indicated that the main reason is that the company further strengthens the market judgement, controls the purchasing rhythm, reduces the purchase cost, optimizes the blending of coal and ore blending structure, reduces the material cost, implements the process target cost management, reduces the process cost vigorously, and refines the logistics management, energy management and fund management, so as to further reduce the related cost. In the first half of this year, the company's operating cost is reduced by 5 billion 902 million yuan compared with the same period last year.

in the first half of the year, the company reduced the purchasing cost of coal by 2 billion 200 million yuan over the same period last year, and purchased spot imported mines in a timely manner, especially when the index price was low in June, and the price was reduced by 9.27% compared with the same period last year.

In addition, we strengthened capital management and successfully issued 4 billion yuan in the medium-term notes. The first half of this year reduced the total financial cost by 149 million yuan.

{page_break}

recombination /p >

> *ST and Chai Chai and *ST Anshan Iron and Steel Co., Ltd. through the internal a href= "http://www.91se91.com/news/index_s.asp" > self adjustment < /a > means of shell protection is different. Some central enterprises ST companies choose to achieve the goal of continuing to stay in the A stock market through restructuring, of which * ST tungsten and *ST the Yellow Sea are more typical.

due to 3 consecutive years of loss from 2007 to 2009, *ST tungsten was suspended from stock market in April 9, 2010.

In September 2012, the *ST tungsten general meeting adopted a reorganization plan.

According to the plan, the company intends to make a large share of the Hunan colored non-public offering shares to buy 100% stake in Zhuzhou cemented carbide company (hereinafter referred to as "strain hard company") and 80% stake in Zigong cemented carbide company (hereinafter referred to as "self hardening company"), and support the fund-raising.

However, the scheme was not approved by the SFC in December 2012.

when the investors were disappointed, the *ST tungsten group, the actual controller of the tungsten group, made a clear commitment. "In the next 3 years, through the merger and reorganization, China Tungsten high-tech will form a complete tungsten industry chain that integrates tungsten mines, tungsten smelting, tungsten powder, cemented carbide and deep processing, and will make tungsten high and new become a strong enterprise of tungsten and cemented carbide in the Minmetals Group."

Such a commitment to a company on the verge of delisting, a straw, after the approval of the exchange, *ST tungsten stock in February of this year to resume trading.

in April this year, *ST tungsten announced that it would continue to push forward the plan to purchase assets and raise matching funds to issue shares to Hunan nonferrous metals Limited by Share Ltd in conjunction with the audit opinions of the SFC and the merger and reorganization Commission.

The company will carry out the additional review and evaluation of the assets to be injected, and will supplement, amend and perfect the application materials for this major asset reorganization with the relevant intermediary agencies, and submit the revised application materials to the CSRC for examination.

a brokerage analyst pointed out that although the company was able to resume listing this year, its net profit in 2012 still lost 51 million 144 thousand and 500 yuan. If the company continues to lose money this year, the company will again face the risk of a suspension of listing. Although the company achieved a slight profit of 3 million 118 thousand and 200 yuan in the first half of this year, such a slight profit can not guarantee that the company can turn round the deficit this year.

let *ST tungsten investors be happy that the company's revised plan was approved by the SFC in September 6th this year.

according to the reorganization plan, after the completion of the paction, the company's hard company and self hardening company will become the controlling subsidiary of the listed company. The future profitability of the listed company will be improved: according to the earnings forecast report of the listed companies in 2013, the net profit of the listed companies belonging to the shareholders of the listed companies in 2013 will reach 252 million yuan, and the net profit of the shareholders belonging to the parent company in 2014 will reach 258 million yuan.

"the reorganization plan of the company has been approved. There should be no problem in completing the reorganization of the company this year."

Li Junli, a spokesman for *ST, told reporters that after the completion of the reorganization, the plant hard company and the self hardening company will be incorporated into the consolidated statements of the company, so the company's profit in 2013 is not big.

except for tungsten in *ST, *ST the Yellow Sea is also implementing the shell protection plan through restructuring.

*ST the main business of the Yellow Sea is tyre manufacturing, the main products are all steel radial tire and half steel radial tire.

In the first half of this year, the net profit loss of the company was 64 million 932 thousand and 900 yuan, and the net assets attributable to the shareholders of the listed company amounted to -4.02 billion yuan.

because the main business suffered losses in successive years and its performance continued to decline, the net profit of audit in 2010 and 2011 was negative, and the company's stock was warned of delisting risk since May 2, 2012.

although *ST the Yellow Sea received 370 million yuan of government subsidy in December 2012, it realized losses in 2012.

However, as at December 31, 2012, the audited net assets of the company were still negative.

Therefore, even if losses were made in 2012, the company was still warned of delisting risks.

If the net assets audited by the company continue to be negative at the end of 2013, it will be suspended from listing. If 2014 a href= "http://www.91se91.com/pioneer/" > net assets /a < still can not be corrected, it will be terminated.

{page_break}

in this case, the company launched the asset reorganization.

In June this year, the company released the abstract (Draft) of the report on the sale of major assets and the issue of shares to buy assets and related pactions. The company intends to sell all its assets and liabilities to the CCR group or its designated third party, and to issue shares to the Academy of chemical industry to purchase 100% of the shares held by Tianhua hospital limited.

Data show that Tianhua hospital limited in March 31, 2013, the net assets of 539 million yuan.

According to the forecast, the net profit of Tianhua Hospital Limited belonging to the parent company in 2013 was 60 million 545 thousand and 300 yuan.

a private person told reporters that although *ST the Yellow Sea was relying on government subsidies to turn around the deficit in 2012, the net assets of the company were negative. In the first half of this year, the company's net assets were still in a big insolvency dilemma. In this case, restructuring may be the only way for the company to realize its protection.

selling assets /p >

in addition to self adjustment and restructuring means, the most important means of ST protection is to sell off its assets. These companies include *ST north magnetic and *ST rainbow, while *ST ocean is the most typical representative.

the impact of the overall downturn of shipping and ocean pportation resulted in a loss of 990 million yuan in the first half of this year, which amounted to 10 billion 449 million yuan and 9 billion 559 million yuan in 2011 and 2012 respectively. The loss of *ST ocean was huge.

if the company can not turn a profit in 2013, then the company will have to face the embarrassment of suspension of listing. In this case, the company began to sell its assets in large quantities in order to achieve the purpose of shell protection.

May 20, 2013, *ST far Yoko COSCO Pacific Limited (hereinafter referred to as "COSCO Pacific") sold Long Honour Investments Limited (hereinafter referred to as "Long Honour", the controlling shareholder of COSCO Group, through the actual control of Long Honour. by COSCO Hongkong group) to sell all the issued shares and related shareholders' loans of COSCO Container Industrial Co., Ltd. (hereinafter referred to as COSCO Container Industry), with a paction price of 7 billion 540 million yuan.

this paction is expected to bring about 2 billion 907 million yuan of unaudited pre tax earnings for COSCO Pacific.

As *ST COSCO currently has about 43.2% stake in COSCO Pacific, according to the calculation, the paction will bring about 1 billion 255 million yuan net profit to the parent company.

in August of this year, *ST ocean also sold two assets, namely, the 81% equity interest of Qingdao ocean Asset Management Co., Ltd. (hereinafter referred to as "Qingdao asset management") and the 81% equity interest of Shanghai Tianhong Li Asset Management Co., Ltd. (hereinafter referred to as "Tianhong Li"), to the subsidiary company of the large east COSCO Group.

according to the relevant assets assessment report, assuming that the consideration of Qingdao a href= "http://www.91se91.com/news/index_p.asp" > asset management /a > paction and Tianhong trading is RMB 2 billion 57 million yuan and RMB 1 billion 675 million yuan (the actual price is judged by the SASAC's record), the *ST ocean board expects that the paction will contribute about 3 billion 670 million yuan to the company in 2013.

The company's board of Directors believes that this paction is expected to improve our company's performance in 2013, replenish our working capital and reduce the risk of the company's stock being suspended from listing.

"this year's company's goal is to turn around the losses. In addition to adjusting the main business of the company, the sale of assets is the main means for the company to protect its shell."

*ST COSCO insider told reporters that this is the main direction of the company's work this year.

{page_break}

the central enterprises that also sell their assets by shell are *ST north magnetic.

In the 2013 year's non public issuance plan (to acquire 100% stake in the northern mining Electromechanical Technology Co., Ltd.) which was purchased by the mining and metallurgy general hospital, which has not yet been approved by the SFC, in August 22, 2013, it intends to pfer the office building to the Beijing mining and Metallurgy Research Institute of the affiliated enterprise, with a pfer price of 29 million 274 thousand and 900 yuan.

a broker from Beijing told our correspondent that although the net profit of *ST north magnetic attributable to shareholders of listed companies was 3 million 229 thousand yuan in the first half of this year, the figure was too small. At present, the company's non public issuance plan has not yet been approved by the SFC. In this case, the possibility of the company's completion within this year is relatively small, so it is reasonable to sell its assets to ensure that the company will make profits this year.