FAW Xiali, who lost money and lost money, needed funds to maintain its operations, and it was difficult to regroup after divesting its liabilities. The “rebirth†signal released at the company level at this time, the value of geometry?
The once-popular FAW Xiali, now only able to sell assets from rescue, until it is caught in the situation of selling unsaleable.
At the end of November, FAW Xiali resold FAW Toyota. In the face of the Shenzhen Stock Exchange's inquiries, FAW Xiali replied on December 10 that after the company received funds, the ability to continue operations will be improved, and the future will accelerate the transition to new energy vehicles.
FAW Xiali disclosed on the same day that the number of cars sold in November was 737, down 65% year-on-year.
In the first three quarters of this year, FAW Xiali lost 1.003 billion yuan, and today the loss is still expanding. After selling FAW Toyota, FAW Xiali can temporarily leave the crisis, but it also means that the company has no main business.
FAW Xiali broken arm self-help
Although there is still 15% of FAW Toyota's equity in the hand, FAW Xiali has sold this high-quality asset. On the evening of November 27, FAW Xiali announced that it planned to make a price of about 2.923 billion to transfer its 15% stake in Tianjin FAW Toyota to FAW, the controlling shareholder of the company.
If this equity transfer is completed, FAW Xiali will no longer hold the equity of FAW Toyota, and the shareholding of FAW shares on FAW Toyota will increase to 50%. At the same time, FAW Xiali’s annual report will turn into a profit again.
FAW Xiali responded to the Shenzhen Stock Exchange on December 10, saying that by transferring the equity of FAW Toyota, the company expects to increase investment income by 1.87 billion yuan to 1.92 billion yuan, which can obtain large-scale working capital, improve the company's cash flow situation, and help listed companies improve their sustainability. Management capacity. For the sale of assets, it may reduce the identifiable investment income in the future and dilute the company's earnings per share. The listed company denies: "The company's financial statements do not include FAW Toyota, the company's long-term equity investment in FAW Toyota The equity method is accounted for."
This time, the sale of FAW Toyota shares, although the short-term completion of the profit target, but in the long run, FAW Xiali lost a profitable shareholding company, the future of its own performance to achieve profitability is almost impossible. According to the October production and sales report, the Xiali series has been officially discontinued in the three cars of FAW Xiali. The sales volume of the Wei series is only about 960 this year, which is close to production. The sales of the Chunpai series is 18,900, which is still a drop in the bucket. In the first 11 months of this year, FAW Xiali's total sales volume was only 17,811 units, down 23% year-on-year; November sales year-on-year decline was as high as 65%.
However, the company's reply to the Shenzhen Stock Exchange, it seems that confidence in the future. On December 10, FAW Xiali said that the company's main business in the future is still the manufacture and sale of automobile products, which will not lead to the company's main assets being cash or no specific business. In the future, the company will accelerate the field of traditional fuel vehicles to new The transformation of the energy vehicle sector will increase investment in new energy, smart interconnection, safety, energy conservation and environmental protection.
Previously, some insiders believed that FAW Xiali had a high probability of being sold as a shell resource. In this regard, the listed company did not respond positively, but in the question of how to solve the problem of horizontal competition, it declared that “in November 2017, FAW shares transferred part of the shares of the company through the method of publicly collecting the transferee, and the result was not collected. The transferee of the qualifications, FAW shares decided to terminate this public collection."
After selling FAW Toyota, how will FAW Xiali improve its operational capabilities? What is the specific strategy for accelerating the transformation of the new energy vehicle sector? FAW Group has been major shareholder then set out the company's assets if the overall arrangement of the overall market? On December 11, the reporter went to the interview with the letter of Ivan Xiali’s secret secretary Meng Junkui and the securities affairs representative Zhang Shuangfa and was rejected.
Major shareholders repeatedly shot
In fact, since 2012, the company’s deducted net profit has been negative. As of 2013 and 2014, the losses have further expanded, even exceeding the billions. To this end, FAW Xiali has been ST. In this context, relying on selling assets to survive, it has become the commonplace of FAW Xiali. According to statistics, since 2015, FAW Xiali has sold more than RMB 8 billion in total, and the takeover party is mainly the parent company FAW.
In 2015, FAW Xiali paid a total of 2.9 billion yuan to sell a number of assets including internal combustion engine manufacturing branch and product R&D center to FAW. In 2016, FAW Xiali transferred 15% of Tianjin Toyota to FAW at a price of 2.56 billion yuan. shares, assets of 1.777 billion yuan to obtain the transfer of income; November 2017, FAW Xiali to sell its daily powertrain manufacturing and other related assets and liabilities, at a price of 2.53 million yuan transfer of shares to the FAW.
The generous blood transfusion of the parent company did not improve the performance of FAW Xiali. From 2015 to 2016, the company achieved profitability by relying on the proceeds from the sale of shares, but the loss in 2017 was still huge, and the loss in the year exceeded 1.64 billion yuan. If calculated in accordance with the net profit after deducting non-recurring gains and losses, from 2014 to 2017, FAW Xiali four losses were 1.737 billion yuan, 1.182 billion yuan, 1.677 billion yuan and 1.666 billion yuan. In other words, compared with a few years ago, FAW Xiali actual situation has not significantly improved. Instead, because the sale of assets of listed companies entered a vicious circle.
This year's situation is even worse than before. In the first three quarters, FAW Xiali achieved a revenue of 942 million yuan and a net profit loss of 1.003 billion yuan. The net assets were negative for the first time. The total assets of FAW Xiali were 4.566 billion yuan, the total liabilities were 5.481 billion yuan, and the net assets were -9.15 million yuan.
So the company once again offered the "selling assets to protect the shell". At the end of September this year, FAW Xiali transferred its wholly-owned subsidiary Huali Automobile 1 yuan to Nanjing Zhixing. The latter also had to bear Huali Automobile's 800 million yuan debt and employee compensation of 54.62 million yuan; at the end of November, it resold 15% of FAW Toyota.
Why did the former national car have fallen into such awkward situation in recent days? The listed company responded to the Shenzhen Stock Exchange's enquiry letter on December 10, frankly, "The company's understanding of the domestic auto market and forward-looking research is not enough, and its product development, marketing capabilities and awareness, brand building ability is not strong, etc., leading to company products in recent years. The pace of upgrades and structural adjustments has not kept pace with the rapidly changing demand for upgrades in the automotive market."
At the same time, the company's share price has also declined as performance has declined. In October this year, it hit a bottom to 2.37 yuan / share, a new low in three years. As of the close of December 11, FAW Xiali closed at 3.34 yuan / share, this year has fallen more than 23.85%, the market value of 5.487 billion yuan, compared with the highest market value in 2015 shrunk by more than 70%.
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