Stock Code: 600094, 900940 stock abbreviation: Greattown Holdings Ltd(600094) , Greattown Holdings Ltd(600094) B No.: 2022-010 Greattown Holdings Ltd(600094)
Announcement of 2021 annual performance forecast
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.
Important content tips:
1. 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 decrease by 348171800 yuan to 278171800 yuan, a year-on-year decrease of 62.07% – 77.69%.
2. After deducting non recurring profit and loss, it is estimated that the net profit attributable to shareholders of Listed Companies in 2021 will decrease by 453518400 yuan to 523518400 yuan compared with the same period of last year, a year-on-year decrease of 106.64% – 123.10%.
1、 Performance forecast of the current period
(I) performance forecast period
From January 1, 2021 to December 31, 2021.
(II) performance forecast
1. 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 decrease by 348171800 yuan to 278171800 yuan compared with the same period of the previous year, a year-on-year decrease of 62.07% – 77.69%.
2. Compared with the same period of last year, the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses will decrease by 453518400 yuan to 523518400 yuan, a year-on-year decrease of 106.64% – 123.10%.
2、 Performance in the same period of last year
(I) net profit attributable to shareholders of the listed company: 448171800 yuan. Net profit attributable to shareholders of listed companies after deducting non recurring profits and losses: 425268400 yuan.
(II) earnings per share: 0.1811 yuan.
3、 Main reasons for performance reduction in the current period
1. The real estate industry is characterized by the mismatch between the sales cycle and the revenue carry forward recognition cycle. The income of new carry forward projects in this year is lower than that in the previous year, which is mainly due to the company’s proactive operation measures of prudent investment, de inventory, debt reduction and deleveraging since 2017, based on the prediction of the overall trend of the industry in the future, Although it ensured that the company’s financial structure could be improved in advance, it led to the phased reduction of new investment projects after the second half of 2017, which affected the decrease of income from new carry forward projects in the current period.
2. The profit of new carry over projects in this year is lower than that in the previous year, which is due to the high cost of land acquisition and low gross profit of new carry over projects in this period; At the same time, due to the rapid development of new high gross profit projects including Shanghai in 2019, the company needs to invest more management investment and early sales promotion than last year. Therefore, the revenue carry forward of this year is reduced, but the management expenses and marketing expenses are increased.
3. The increase in the provision for inventory impairment in this year compared with that in the previous year resulted in the decrease of net profit in this period, which was due to the restriction of government departments on the record management of real estate sales price. The sales record price of some new projects obtained in this period was lower than expected, while these projects were new investment projects of the company in 2017, and the land auction price was higher, resulting in the sales record price lower than the book value; At the same time, affected by the real estate regulation and the tightening of the credit environment, the cooling of the new housing market and the downward pressure on prices are obvious. In order to speed up the sales of old projects to revitalize assets and realize cash return, the company has taken positive sales and management measures according to the market environment of different regions, but some inventories still show signs of impairment. Therefore, in strict accordance with the relevant provisions of the accounting standards, the company conducted a comprehensive inventory and asset impairment test on the assets of the company and its subsidiaries that may have signs of impairment. The preliminary test results show that the net realizable value of some products in some regions is lower than the book value, so it is necessary to withdraw inventory falling price reserves, In 2021, the company expects to make a total of 270-300 million yuan of provision for impairment of various assets.
4. The company transferred its holding subsidiary, and the change of consolidation scope resulted in the decrease of year-on-year income and profit compared with the change of the previous year. When the holding subsidiary is transferred, the future development income is cashed in advance, but the transfer investment income generated is non recurring profit and loss, which leads to a significant increase in non recurring profit and loss this year, but the net profit deducting non recurring profit and loss attributable to the shareholders of the listed company decreases significantly.
4、 Risk tips
This annual performance forecast is based on the professional judgment of the company’s finance and communicated with the annual audit accountant. The company believes that there are no uncertain factors that may affect the accuracy of the performance forecast.
5、 Other explanatory matters
The above forecast data are the preliminary financial accounting of the company. The specific and accurate financial data are subject to the audited annual report of 2021 officially disclosed by the company. Please pay attention to the investment risks.
It is hereby announced.
Greattown Holdings Ltd(600094) daily report of the board of directors on January 29, 2022
(I) statement of the board of directors on the performance forecast of the current period
(II) statement of the chairman of the board, the person in charge of the audit committee, the general manager, the person in charge of Finance and the Secretary of the board of directors on the performance forecast of the current period
