On February 18, Macrolink Culturaltainment Development Co.Ltd(000620) (hereinafter referred to as ” Macrolink Culturaltainment Development Co.Ltd(000620) “) issued a reply announcement on the letter of concern to Shenzhen Stock Exchange, replying to the reasons for large losses in 2021, the company’s solvency and whether there is liquidity risk.
large losses last year due to low gross profit margin
It is reported that in the letter of concern of Shenzhen Stock Exchange, it requires Macrolink Culturaltainment Development Co.Ltd(000620) to explain the main reasons for large losses in 2021 and the rationality of concentrating losses in the fourth quarter in combination with the composition of main business income, gross profit margin of main business and signs of impairment of related assets in the first three quarters and the fourth quarter of 2021.
In response, Macrolink Culturaltainment Development Co.Ltd(000620) replied that the main reason for the company’s large losses in 2021 and the losses mainly in the fourth quarter was that the company’s gross profit margin in the reporting period was low, and the overall gross profit margin was expected to be 20.55%, down 4.16% from 24.71% in the previous year; The gross profit margin of commercial housing sales is expected to be 28.70%, down 9.7% from 38.40% last year. Secondly, the amount of impairment provision to be withdrawn in 2021 is 800 million-1 billion yuan.
Macrolink Culturaltainment Development Co.Ltd(000620) said that the company lost 1.788 billion yuan in the first three quarters of 2021, of which Bank Of Changsha Co.Ltd(601577) some shares were judicially disposed, resulting in an investment loss of 620 million yuan; The company expects a loss of 2.94 billion yuan to 3.72 billion yuan in the whole year and 1.152 billion yuan to 1.932 billion yuan in the fourth quarter.
last year, the collection of real estate sales was about 6.5 billion yuan
At the same time, the attention letter mentioned that Macrolink Culturaltainment Development Co.Ltd(000620) needs to explain the company’s interest bearing debt balance, short-term maturity and overdue debt, analyze the company’s short-term and long-term solvency, as well as the specific situation and main reasons for the year-on-year increase of financial expenses in 2021, and explain whether the company has liquidity risk, etc.
In response, Macrolink Culturaltainment Development Co.Ltd(000620) replied that the company is mainly engaged in real estate development, cultural tourism hotels and other comprehensive businesses. In 2021, the company’s operating revenue is expected to be 8.5 billion yuan, of which real estate development revenue accounts for 78% and cultural tourism hotels and other comprehensive business revenue accounts for 15%; In terms of real estate sales, the company’s annual payment collection target in 2021 is 7 billion yuan, and the actual payment collection is about 6.5 billion yuan, with an achievement rate of 93%.
From the perspective of funds and liabilities, by the end of 2021, Macrolink Culturaltainment Development Co.Ltd(000620) monetary fund balance is expected to be 2.345 billion yuan, including 1.271 billion yuan of restricted funds and 518 million yuan of funds deposited abroad; The balance of interest bearing debt is expected to be 19.111 billion yuan, including 6.903 billion yuan of short-term loans and debts due within one year, and 3.045 billion yuan of overdue debts. By the end of 2021, the asset liability ratio of Macrolink Culturaltainment Development Co.Ltd(000620) is expected to be 89.4%, the asset liability ratio after deducting advance receipts is 76.15%, and the quick ratio is 17.6%.
It is worth mentioning that in terms of real estate business, by the end of 2021, Macrolink Culturaltainment Development Co.Ltd(000620) inventory has a sellable value of about 20 billion yuan, and the expected sellable value of large assets such as hotels and businesses to be transferred to foreign countries is more than 10 billion yuan; The company will implement the sales policies of “one house, one price” and “one project, one policy”, take measures to promote the sales of commercial houses and improve the profitability, and effectively improve the payment collection ability and profitability of projects on sale by accelerating the entry of products into the market, delivering products in advance and raising the commission standard.
