Gaomi city debt

The investment and financing channels in weak markets have been tightened, and the rolling pressure on debt has increased.

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A legally indebted person

On July 13, gaomi city Urban Construction Investment Group announced that on June 10, 2023, gaomi city State-owned Assets Management Co., Ltd. and gaomi city Huarong Industrial Development Co., Ltd. (hereinafter referred to as "Huarong Industry") were included in the list of people who were executed for dishonesty according to the announcement of China Executive Information Open Network.

According to public information, Huarong Industrial has been listed as an executor of dishonesty three times in the same day, involving financial leasing contract disputes with Ping An International Financial Leasing Co., Ltd. and Ping An International Financial Leasing (Tianjin) Co., Ltd.

Information of the person whose trust has been violated.

In addition, the shares of listed companies previously held by Huarong Industrial were frozen and non-operating funds were occupied.

On April 20th this year, Vosges (002083. SZ) announced that its controlling shareholder Huarong Industrial holds 47 million shares of the company, accounting for 5. 16% of its total share capital, and Huarong Industrial holds 27.59%.

202 1, 1, vosges shares self-inspection found that Huarong Industrial, the controlling shareholder, and the companies controlled by it had a non-operating fund balance of 10998 million yuan through the issuance of wealth management products.

Finally, Huarong Industrial issued the Repayment Plan and Related Commitments of gaomi city Huarong Industrial Development Co., Ltd. on the Capital Occupation of Voghs Group Co., Ltd., and promised to return all the above funds before March 3 1, which has been implemented.

In addition, what's more serious is that since the second half of 20021,Huarong industrial has overdue bills, the company's capital turnover is tight, and the subsequent refinancing pressure is great.

According to the information of Shanghai Stock Exchange, as of June 30, 2023, the acceptance bill issued by Huarong Industrial in Gaomi Chaoyang Sub-branch of Weifang Bank Co., Ltd. was overdue by 565,438+0,559 700 yuan, with an overdue balance of 962,000 yuan; The acceptance bill issued by Weifang Branch of China CITIC Bank Co., Ltd. is 67.953 million yuan overdue, and the overdue balance is 2.241.48 million yuan.

It is still affected by the recent frequent changes in Huarong Industrial Bonds.

According to the statistics of 1030 10, Huarong Industry currently has three bonds with a scale of 185 billion yuan, all of which are private placement bond.

Among them, "20 Huarong 02" is facing resale in the near future, and the resale amount is 4150,000 yuan. Huarong Industrial intends to sell all of them back, and will pay the resale funds on July 18, 2023.

Maturity distribution of surviving bonds

In June, 20021,Dagong International downgraded Huarong Industrial's rating outlook to "negative" and maintained its main rating as AA.

02

Tight liquidity

Official website introduced that Huarong Industry is a large-scale comprehensive state-owned enterprise approved by the gaomi city Municipal People's Government, which integrates financing guarantee, capital operation, asset disposal, industrial investment, infrastructure construction, real estate development and financial and economic services.

It is worth noting that Huarong Industry is the largest state-owned municipal investment and financing enterprise in Gaomi.

Huarong industrial official website

From the perspective of ownership structure, Huarong Industrial's controlling shareholder is gaomi city State-owned Assets Operation Center, with a shareholding ratio of 65,438+000%. The actual controller of the Company is SASAC gaomi city.

Ownership structure diagram

In May, 2020, Vosges Holdings, the former controlling shareholder of Vosges Group, and Huarong Industrial signed the Small Debt Watch. The latter acquired Vosges shares10.275 billion yuan and became the new controlling shareholder.

After Huarong Industrial acquired Vosges shares, not only did the overall debt increase rapidly, but the performance of Vosges shares always failed to meet expectations. However, the original shareholders did not provide compensation, which led to the risk of impairment of goodwill.

In 20021year, Huarong's revenue increased substantially, but its net profit changed little. Realized an operating income of 8.096 billion yuan, a year-on-year increase of 90.65%; The net profit was 65.438+0.94 billion yuan, a year-on-year increase of 5.67%.

Net profit attributable to mother

Although the profitability is average, as the largest investment platform in Gaomi, Huarong Industrial can get the government subsidy income. From 2018 to 2020, subsidies of 1. 1 billion,10.70 billion and 410.70 billion were obtained respectively, which played a very good supplementary role in its operation.

Ye Rong government subsidy income

As of 202 1, Huarong Industrial has total assets of 64.799 billion yuan, total liabilities of 37.99 billion yuan and net assets of 26.808 billion yuan.

If bills payable are added, Huarong Industrial's short-term interest-bearing liabilities total 6543.8+03646 billion yuan.

Compared with the scale of short-term debt, Huarong Industrial's liquidity is obviously tight. The monetary fund in its account is only 5010.90 billion yuan, down 27% from the end of 2020, and the ratio of cash to short-term debt is 0.48. There is a certain short-term debt repayment pressure.

In terms of reserve fund, as of the end of 20021,Huarong Industrial Bank had a total credit of 2 174 billion yuan.

Among them, the unused credit line is 3.524 billion yuan, which shows that its financial flexibility is also average.

bank credit

In addition, Huarong Industrial also has non-current liabilities14.93 billion yuan, mainly long-term loans, and its long-term interest-bearing liabilities total14.543 billion yuan.

On the whole, Huarong Industrial's rigid debt scale is 25.4465438 billion yuan, mainly long-term interest-bearing liabilities, with an interest-bearing debt ratio of 67%.

The scale of interest-bearing liabilities is high, and the annual financial expenses of Huarong Industry seriously erode its profit space. Coupled with high management costs, the company's ability to control fees needs to be improved.

From the perspective of financing channels, Huarong Industrial mainly relies on bank loans, and also raises funds by issuing bonds, leasing, accounts receivable, trust and equity pledge.

Up to now, Huarong Industrial has pledged 85 million shares of Vosges, accounting for 50% of its shares and 9.36% of the total share capital of Vosges. It can be seen that the company's equity pledge rate is high and there is limited room for funds to move.

In terms of liabilities, Huarong Industrial Bank's loans, bonds and non-standard accounts for 42%, 24% and 265,438+0% respectively, which shows that its non-standard scale is relatively large.

In addition, it is worth noting that in 20021,Huarong Industrial's net cash flow of financing turned into a net outflow, and the financing inflow could not keep up with the debt repayment outflow, indicating that its refinancing pressure was greater.

Net cash flow generated by financing

By the end of 20021,the balance of external guarantee of Huarong Industrial was 10097 billion yuan, accounting for 42.56% of its net assets, of which 80% was guaranteed to state-owned enterprises and institutions in gaomi city and 20% to private enterprises. The private enterprises that are guaranteed are mainly construction projects and large local chemical enterprises.

Among them, gaomi city Hongyu Jianye Co., Ltd. and Shandong Yin Ying Chemical Fiber Co., Ltd. were involved in financial loan contract disputes, and the historical execution amounts reached 6.5438+0.56 million yuan and 2.65438+0.2 million yuan, respectively, and Huarong Industrial was at greater risk of contingent liabilities.

Association guarantee graph

In terms of asset quality, Huarong Industrial's inventory and other receivables are huge, which are 3.31.1.70 billion yuan and 1.5624 billion yuan respectively, which not only occupies a lot of funds, but also has certain recovery risks.

By the end of 20021,Huarong Industrial had a goodwill of 544 million yuan, but the performance of Vosges was not as good as expected, and there was a certain risk of goodwill impairment.

Generally speaking, Huarong Industrial's profitability is average and its credit level is weak. The debt burden is heavy and the liquidity is obviously insufficient; The quality of assets is not good, and the pressure of refinancing is great.

03

Regional environment

In recent years, gaomi city's economy has continued to grow, with the further development of pillar industries such as textile and clothing, machinery and electronics, shoe-making and labor protection, food processing, chemical building materials, and strong regional economic strength.

In 20021year, gaomi city's GDP was 6145.5 billion yuan, ranking fifth among Weifang's counties (cities). It increased by 10.9% year-on-year, and the growth rate was 8.4 percentage points higher than that in 2020.

Financially, gaomi city's general public budget revenue and government fund revenue have achieved rapid growth, and local finance has a high degree of self-sufficiency and strong financial resources.

By the end of 20021,the balance of local government debt in gaomi city was 8.075 billion yuan, an increase of 1205438+0 billion yuan compared with the end of 2020.

At present, the debt balance of the city investment company is still at a high level. As an important carrier of implicit debt, the debt resolution of city investment company has a long way to go.

Under the requirements of steady growth and strict control of new implicit debt, the structural differentiation of credit risk of urban investment companies has intensified, the financing channels of urban investment companies with weak regions and weak qualifications have been tightened from the perspective of "red, orange, yellow and green", and the debt rolling pressure has increased.

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