0 1
Shaanxi SASAC made its own voice.
On February 2nd, 65438, the State-owned Assets Supervision and Administration Commission of Shaanxi Province issued the Notice of the State-owned Assets Supervision and Administration Commission of Shaanxi Province on Further Strengthening the Supervision of Corporate Bond Financing to Prevent and Control Debt Risks. This is after Shaanxi and Guizhou, SASAC Province once again expressed its position on preventing debt risks.
The notice mentioned that it is necessary to resolutely implement the main responsibility of corporate bond financing, improve the debt risk prevention and control system, establish a good financial ecology and credit environment for enterprises, safeguard the good image of enterprises and Shaanxi Province in the financial and capital markets, and keep the bottom line of no major risks, "resolutely prevent the occurrence of bond default events".
Notice screenshot
Recently, AAA-level corporate defaults have occurred frequently in the bond market, which has caused great social impact and impacted investor confidence.
In particular, Yongmei's debt default triggered a major earthquake in the market, causing panic in the market. Since then, Shanxi Province has taken the lead in coming forward and said that it will ensure that the bonds due will not default.
165438+ 10 14, Shanxi state-owned assets operation company issued a letter to the creditors of Shanxi provincial enterprises, which mentioned that it would continue to strengthen the debt risk prevention and control of provincial state-owned enterprises, mobilize provincial state-owned enterprises to form a joint force and form a strong fund pool. Under the strong coordination of Shanxi state-owned operating company, Shanxi state-owned enterprises have sufficient strength to ensure that bonds due will not default.
Subsequently, the Financial Stability and Development Committee of the State Council held the 43rd meeting of the Finance Committee to study and standardize the development of the bond market and maintain its stability.
The meeting proposed to adhere to the "zero tolerance" attitude and maintain market fairness and order. It is necessary to severely punish all kinds of illegal acts such as fraudulent issuance, false information disclosure, malicious transfer of assets, misappropriation of issuance funds, and severely punish all kinds of "evasion of debts" to protect the legitimate rights and interests of investors.
Since then, secondary market bonds have rebounded and investor confidence has been restored.
Recently, Tan Jiong, member of the Party Group and Vice Governor of Guizhou Provincial People's Government, also said in public that Guizhou will continue to improve the risk prevention and control mechanism coordinated by the government, finance and enterprises, severely punish all kinds of "debt evasion", resolutely protect the legitimate rights and interests of investors, and effectively build a good financial ecology and credit environment.
According to industry analysts, many provinces have voiced their voices and released positive signals in order to boost confidence in the bond market. It is expected that the default of credit bonds of state-owned enterprises will be alleviated in the later period.
Below, "Looking at the market with small debts" will analyze the debt situation of Shaanxi Coal Chemical Group Co., Ltd. (hereinafter referred to as "Shaanxi Coal Group"), the largest and only provincial coal enterprise in Shaanxi Province, and get a glimpse of the debt risk of enterprises directly under SASAC in Shaanxi.
02
390 billion debt topped the list.
Official website introduced that Shaanxi Coal Group is a state-owned super-large energy and chemical enterprise, a backbone enterprise of energy and chemical industry in Shaanxi Province, and the main body of the development and construction of large coal bases in the province. It owns the listed company Shaanxi Coal Industry (60 1225. Shh).
Since the establishment of 16, Shaanxi Coal Group has formed two main businesses, namely, "coal mining and coal chemical industry" and an industrial pattern of "coal-fired power generation, iron and steel smelting, machinery manufacturing, construction, railway investment, science and technology, finance and modern services" with multiple complementary and coordinated development.
Shaanxi Coal Group official website
From the perspective of ownership structure, Shaanxi Provincial State-owned Assets Supervision and Administration Commission holds 0/00% equity of Shaanxi Coal Group, and is the controlling shareholder and actual controller of the company.
Ownership structure diagram
In recent years, due to the high prosperity of coal and steel industries, Shaanxi Coal Group's operating income has increased year by year, maintaining strong profitability and cash capacity.
However, since the outbreak of the epidemic this year, the operating rate of the downstream coal industry has been insufficient. Under the situation of the downward price of the coal market, the gross profit margin of the coal business of Shaanxi Coal Group has dropped sharply, which has a certain adverse impact on profitability.
In addition, chemical products have overcapacity and the price fluctuates greatly. However, Shaanxi Coal Group has a large investment and expenditure in the chemical industry, and the newly put into production projects face market and technical risks, which brings certain operating pressure.
In the first three quarters of this year, Shaanxi Coal Group achieved operating income of 240,654.38+92 million yuan, an increase of 8.86% year-on-year; The net profit of returning to the mother was 4,654,388+0.9 million yuan, a sharp decrease of 44.35% year-on-year.
total profit
As of the latest reporting period, Shaanxi Coal Group has total assets of 5778 1 billion yuan, total liabilities of 397.645 billion yuan, net assets of180.236 billion yuan and asset-liability ratio of 688. 1%.
From the perspective of the parent company, the total debt of the parent company of Shaanxi Coal Group has increased year by year in recent years, reaching 17608+0 billion yuan at the end of June this year, with a heavy debt burden.
It is worth noting that although the financial leverage of Shaanxi Coal Group has declined slowly in recent years, it is still higher than the industry average, and its owners' equity includes some perpetual debt instruments. If it is converted into debt, its leverage level will be further pushed up.
Financial leverage level
According to the analysis of debt structure in "Small Debt Looking at the Market", Shaanxi Coal Group mainly has non-current liabilities, accounting for 52% of the total liabilities.
By the end of the third quarter of this year, Shaanxi Coal Group's non-current liabilities were 207.686 billion yuan, mainly long-term loans and bonds payable, and the total long-term interest-bearing liabilities were18471600 million yuan.
In terms of surviving bonds, there are currently 40 surviving bonds of Shaanxi Coal Group, with the surviving scale of11200 million yuan, of which 195 million yuan will expire within one year, and most bonds will expire in 2024.
In terms of credit rating, at present, the credit rating of the main body and related debts of Shaanxi Coal Group is AAA, and the rating outlook is "stable".
Maturity distribution of surviving bonds
In terms of liabilities, Shaanxi Coal Group still has current liabilities189.959 billion yuan, mainly notes payable and accounts payable, and short-term debts due within one year are 86.939 billion yuan.
However, compared with short-term liabilities, Shaanxi Coal Group's capital chain is relatively tight, with only 49.9 billion yuan in monetary funds on the books, which cannot cover short-term liabilities at all. The ratio of cash to short-term debt is 0.57, and the short-term risk of debt is greater.
Judging from the short-term solvency index, the current assets of Shaanxi Coal Group can't cover the current liabilities all the year round, and the current ratio and quick ratio are 665,438+0.765,438+0% and 54.02% respectively, and the short-term solvency continues to deteriorate.
However, Shaanxi Coal Group has good financial flexibility. By the end of June this year, its total bank credit was 396,654.38+53 million yuan, and its unused credit line was1.6654.38+90.2 million yuan.
Bank credit status
On the whole, the rigid debt scale of Shaanxi Coal Group is as high as 287.074 billion yuan, mainly long-term interest-bearing liabilities, with interest-bearing liabilities accounting for 72% and interest-bearing liabilities accounting for a relatively high proportion.
In recent years, with the growth of debt scale, the financial expenses of Shaanxi Coal Group have increased year by year, and the scale has remained above10 billion since 20 17 years. In addition, its management expenses also show an increasing trend. Generally speaking, expenses have seriously eroded the profits during the period, and its cost control ability needs to be strengthened.
In addition, the undistributed profit of Shaanxi Coal Group continues to be negative, and the loss is expanding year by year, which has a negative impact on the company's capital strength.
From the perspective of financing channels, Shaanxi Coal Group has diversified channels. In addition to issuing bonds and borrowing, it also raises funds through leasing, accounts receivable, private placement, equity and equity pledge.
However, since the beginning of this year, the external financing of Shaanxi Coal Group has shown unfavorable signals, and cash flow from financing has turned from a net inflow to a net outflow, with a net outflow of 1, 31.60 billion yuan in the first three quarters.
cash flow from financing
In order to alleviate the debt pressure, under the coordination of the provincial government, Shaanxi Coal Group signed a debt-to-equity swap agreement with financial institutions totaling 84.5 billion yuan. By the end of June this year, it had reached 565,438+04.42 million yuan, and its capital strength was greatly improved.
At the end of 20 16, Shaanxi Coal Group and Shaanxi Financial Assets Management Co., Ltd. signed the Framework Agreement on Debt-to-equity swap of 40 billion yuan; The following year, led by Shaanxi provincial government, China Construction Bank signed a debt-to-equity swap agreement with the company and three other large state-owned enterprises, totaling 50 billion yuan.
At present, Shaanxi Coal Group has hundreds of billions of bonds, and it still needs to speed up the landing of debt-to-equity swap funds, realize the consolidation of capital expenditure accounts in the early stage, and resolve debt risks through measures such as operating blood supplement.
Generally speaking, with the increase of projects under construction in recent years, the total debt of Shaanxi Coal Group has increased year by year, with a large scale; Its cash on hand is tight, which is not enough to cover short-term debt, and the short-term solvency index continues to deteriorate, and the short-term risk of debt is greater.
03
Reform of coal enterprises
In June 2006, with the approval of Shaanxi Provincial People's Government, Shaanxi Coal Industry Group, Shaanxi Weihe Coal Chemical Industry Group, Shaanxi Huashan Chemical Industry Group and Shaanxi Jiao Shan Chemical Industry Group were merged to form Shaanxi Coal Industry Group.
20 12 with the serious overcapacity of coal, the price of coal has fallen precipitously, and the "golden decade" of the coal market has come to an end.
After enjoying the bonus brought by the coal "golden decade", Shaanxi Coal Group has tasted the hardships and bitterness of industry economic downturn and enterprise transformation and upgrading. Faced with the dilemma of the coal industry, Shaanxi Coal Group began the reform process known as "the broken wrist of a strong man".
According to media reports, before the introduction of the national capacity reduction policy, Shaanxi Coal Group took the lead in closing eight pairs of mines with exhausted resources, poor safety and environmental protection indicators and weak competitiveness. Since the implementation of the national supply-side structural reform policy, in 20 16 years, a total of 18 mines that were originally planned to be closed for three years were closed, and the output capacity of 1.8 1.5 million tons was withdrawn, accounting for 62% of the province.
Official website Pictures of Shaanxi Coal Group
While eliminating backward production capacity, Shaanxi Coal Group also used the capacity replacement policy of "linking deposit and withdrawal" to improve the replacement index within the enterprise and implement the capacity replacement of closed mines in six cities in the province.
Official website shows that in 2020, Shaanxi Coal Group plans to realize sales revenue of 340 billion yuan, profit of 654.38+068 billion yuan and investment of 30.6 billion yuan. Strive to support 500 billion yuan of sales revenue and 500 billion yuan of A-share market value with 654.38 million industrial workers and 600 billion yuan of total assets by the end of the 14th Five-Year Plan, and realize 50 billion yuan of profits.
However, under the influence of many factors, such as the sharp decline of coal consumption growth rate and the continuous increase of imports since 20 19, the overall price of coal in China has declined, and Shaanxi Coal Group, which has a heavy debt burden, will face no small challenge if it wants to achieve its goal.