Credit rating announcement
Union [2022] No. 965
About joint credit rating Co., Ltd
China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) notice of 2021 annual performance forecast
Entrusted by China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) (hereinafter referred to as “the company”), Lianhe credit evaluation Co., Ltd. (hereinafter referred to as “Lianhe credit”) has rated the long-term credit and related debts of the company’s main body. The long-term credit rating of the company’s main body is AA, the credit rating of “geotechnical convertible bonds” is AA, and the rating prospect is stable.
On January 29, 2022, the company issued the performance forecast of China Zhonghua Geotechnical Engineering Group Co.Ltd(002542) 2021 (hereinafter referred to as the “forecast”). According to the forecast, affected by the epidemic situation, macro-economy and market competition, the construction delay and cost rise of engineering projects have led to the decline of the company’s revenue and project gross profit margin, resulting in the decline of profits; By the end of 2021, the company had a total of 379 million yuan of notes receivable, accounts receivable and contract assets from individual customers. Through the analysis and evaluation of the recoverability of accounts receivable and contract assets, it was considered that there were obvious signs of impairment, and the provision for impairment was withdrawn, resulting in the decline of the company’s profit; Affected by the general environment, the performance of the subsidiaries acquired by the company in the early stage declined, and the provision for goodwill impairment in the current period is expected to be 120 million yuan to 160 million yuan. Based on the above factors, the company’s performance is expected to suffer a loss in 2021, the net profit loss attributable to the shareholders of the listed company is expected to be 210 million yuan to 290 million yuan, and the net profit loss after deducting non recurring profits and losses is expected to be 220 million yuan to 300 million yuan. The above performance forecast has not been pre audited by an accounting firm.
In view of the above matters, Lianhe credit will maintain communication with the company and pay attention to the possible impact of the company’s performance loss on the credit level of the company’s main body and relevant existing bonds.
It is hereby announced
United credit rating Co., Ltd. February 9, 2022
