The Kangmei Pharmaceutical Co.Ltd(600518) , Hainan Airlines Holding Co.Ltd(600221) , Hna Infrastructure Investment Group Co.Ltd(600515) with huge performance losses in 2020 will be reversed in 2021!
The performance forecast on the evening of January 27 shows that Kangmei Pharmaceutical Co.Ltd(600518) is expected to achieve a net profit of 5.625 billion yuan to 8.438 billion yuan in 2021, Hainan Airlines Holding Co.Ltd(600221) is expected to achieve a net profit of 4.5 billion yuan to 6.2 billion yuan, and Hna Infrastructure Investment Group Co.Ltd(600515) is expected to achieve a net profit of 400 million yuan to 600 million yuan.
These * ST companies can turn losses into profits, mainly due to corporate restructuring.
in 2020, the “loss king” turned losses due to restructuring
According to the performance forecast released on the evening of January 27, according to the preliminary calculation of the financial department, the net profit attributable to the shareholders of the listed company in 2021 is expected to turn losses into profits and realize the net profit attributable to the shareholders of the listed company from 4.5 billion yuan to 6.2 billion yuan compared with the same period of the previous year (legally disclosed data); It is estimated that the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses in 2021 will be – 8.8 billion yuan to – 1.05 billion yuan; It is estimated that the company’s annual operating income in 2021 will be 33.6 billion yuan to 34.3 billion yuan, and the operating income after deducting the business income irrelevant to the main business and the income without commercial substance will be 31.5 billion yuan to 32.1 billion yuan; At the end of 2021, the net assets attributable to the shareholders of the listed company are positive, which is expected to be 9.5 billion yuan to 11.2 billion yuan.
The company said in the announcement that one of the main reasons for turning losses into profits is the impact of reorganization. On February 10, 2021, Hainan Higher People’s court ruled to accept the reorganization application of creditors for the company and its ten subsidiaries. On December 31, 2021, the company and its subsidiaries received the civil ruling served by Hainan Higher People’s court, confirming that the reorganization plan of Hainan Airlines Holding Co.Ltd(600221) and its ten subsidiaries has been implemented. According to the declaration of creditor’s rights in bankruptcy reorganization, retention and repayment of creditor’s rights, reorganization arrangements of other subjects and the implementation of the reorganization plan, the company and ten subsidiaries confirmed that the amount of profits from relevant debt restructuring in this period was about 16 billion yuan to 17.6 billion yuan.
In addition, China’s aviation market is gradually recovering. According to preliminary statistics, the company’s operating profit in 2021 was about – 10.4 billion yuan to – 10.9 billion yuan, a decrease of about 9.3 billion yuan to 9.8 billion yuan compared with the same period last year.
In 2020, Hainan Airlines Holding Co.Ltd(600221) the net profit attributable to the shareholders of the listed company was -64.003 billion yuan, which was the company with the largest loss among the A-share listed companies in that year.
Kangmei Pharmaceutical Co.Ltd(600518) realized restructuring income of 17.5 billion yuan
Kangmei Pharmaceutical Co.Ltd(600518) the net profits attributable to shareholders of Listed Companies in 2019 and 2020 were -4.661 billion yuan and -27.736 billion yuan respectively. The loss in 2020 was second only to Hainan Airlines Holding Co.Ltd(600221) . In 2021, it also turned loss into profit through restructuring.
According to the performance forecast released on the evening of January 27, according to the preliminary calculation of the financial department, the company expects to realize the net profit attributable to the shareholders of the listed company in 2021, turn losses into profits compared with the same period of the previous year, and realize the net profit attributable to the shareholders of the listed company from 5.625 billion yuan to 8.438 billion yuan; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses is -8.64 billion yuan to -5.76 billion yuan; It is estimated that the main business income in 2021 will be 3.78 billion yuan to 4.914 billion yuan; It is estimated that in 2021, the operating income after deducting the business income irrelevant to the main business and the income without commercial substance will be RMB 3.690 billion to RMB 4.797 billion; It is estimated that the net assets at the end of 2021 will be 7.575 billion yuan to 11.363 billion yuan.
As for the main reason for the performance pre profit, Kangmei Pharmaceutical Co.Ltd(600518) said in the announcement that Jieyang intermediate people’s court made (2021) Yue 52 Po No. 1-4 civil ruling on December 29, 2021, which ruled that the implementation of the reorganization plan has been completed and the net income from relevant reorganization is about 17.5 billion yuan, resulting in a large year-on-year increase in the company’s performance and turning losses into profits. The announcement said that the provision for impairment of various assets will be withdrawn by 4.8 billion yuan, increasing the amount of civil litigation claims of investors by 1.459 billion yuan, and there is a risk of termination of listing.
Kangmei pharmaceutical announced the completion of the change of command on the evening of the 26th, and the board of directors of the company deliberated and elected Lai Zhijian as chairman. According to his resume, Lai Zhijian has worked in Guangzhou Pharmaceutical Group for a long time. He is now the deputy director of quality, the director of technology and quality department and the director of work safety development department of Guangzhou Pharmaceutical Group.
Since December 2018, Kangmei Pharmaceutical Co.Ltd(600518) has successively exposed major problems such as inflated monetary capital, inflated operating income, inflated operating profit and occupation of non operating funds by controlling shareholders. From January 1, 2016 to June 30, 2018, the company falsely increased monetary capital by more than 88.6 billion yuan.
Hna Infrastructure Investment Group Co.Ltd(600515) estimated deduction of non net profit
40 million yuan to 60 million yuan
As Hna Infrastructure Investment Group Co.Ltd(600515) also turns losses into profits due to restructuring, the company expects to realize a net profit of 400 million yuan to 600 million yuan attributable to the shareholders of the listed company in 2021; Operating income of 4 billion yuan to 5.5 billion yuan; The net assets attributable to shareholders of listed companies ranged from 18 billion yuan to 22 billion yuan, with a year-on-year increase of about 138% – 191% after restatement and adjustment in 2020.
Unlike Hainan Airlines Holding Co.Ltd(600221) and Kangmei Pharmaceutical Co.Ltd(600518) , the expected net profit of Hna Infrastructure Investment Group Co.Ltd(600515) has also been profitable. The company estimates that the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will be 40 million yuan to 60 million yuan in 2021.
Hna Infrastructure Investment Group Co.Ltd(600515) said that the main reason for the performance pre profit was the impact of main business and reorganization. In terms of main business, under the policy background of the construction of Hainan free trade port, the company’s airport, duty-free and other related businesses have recovered steadily. During the reporting period, the airports within the consolidation scope of the company completed 140200 flights, 18.788 million passengers and 257700 tons of cargo and mail banks, with year-on-year changes of 6.29%, 9.21% and 15.77% respectively.
At the same time, the tax-free business premises provided by the company achieved a significant year-on-year increase in rental income in 2021; Haimian Haikou Meilan Airport Duty Free Store Co., Ltd., which is invested by the company, is expected to generate large investment income due to the year-on-year growth of duty-free business income.
In terms of reorganization, on December 31, 2021, the company and 20 subsidiaries received the civil ruling served by Hainan high court, confirming that the reorganization plan has been implemented. According to the creditor’s rights declaration, creditor’s rights retention, creditor’s rights settlement and the implementation of the reorganization plan of the company’s bankruptcy reorganization, the creditor’s rights receivable from the company’s related parties are expected to be paid off according to the relevant reorganization plan, so the credit impairment provision of the receivables from the related parties is reversed. During the reorganization of the company, interest calculation was stopped, and the financial expenses decreased significantly by about 80% – 90% compared with 2020.
