On February 26, the listed company Tus Environmental Science And Technology Development Co.Ltd(000826) issued the announcement of delaying the reply to the inquiry letter of Shenzhen stock exchange for the 18th time. The company had received the attention letter issued by Shenzhen Stock Exchange twice on October 22, 2021 and February 7, 2022, but so far the company has failed to explain the relevant issues. What's the matter?
the exchange has not replied to the inquiry for a long time
Tus Environmental Science And Technology Development Co.Ltd(000826) questioned "financial bath"
The listed company Tus Environmental Science And Technology Development Co.Ltd(000826) is mainly engaged in environmental sanitation services and solid waste treatment. The reporter visited the registered address and office address of Tus Environmental Science And Technology Development Co.Ltd(000826) at No. 77, luluo Road, Xiling District, Yichang City, Hubei Province.
There is no sign related to Tus Environmental Science And Technology Development Co.Ltd(000826) outside this address. The park is shaded with several factories and office buildings and a sedimentation tank. Nearby residents told reporters that this is a water supply company.
According to the official website of tus holdings, on December 27, 2019, Tus Environmental Science And Technology Development Co.Ltd(000826) Yichang headquarters building project was officially started, with a total construction area of nearly 40000 square meters and a total investment of more than 500 million yuan. In January 2021, the official website of Yichang municipal government also published an interview article from the Three Gorges daily, introducing that the foundation pit of Tus Environmental Science And Technology Development Co.Ltd(000826) headquarters project has been excavated to a depth of 5.5m and is expected to be completed by 2023. However, the reporter found that this is not the case.
On Yanjiang Avenue in Yichang City, Hubei Province, the construction site next to the reporter is Tus Environmental Science And Technology Development Co.Ltd(000826) Yichang headquarters building project. It can be seen that the periphery is covered by a wall almost five meters high, and the two entrances and exits of the construction site are closed. More than two years have passed since the commencement of construction, but there is no sign of construction on the site.
From the aerial pictures, there is only one excavator working on the project site, weeds have grown around, there is no progress in foundation pit excavation, and the project construction is almost at a standstill. The reporter noted that Tus Environmental Science And Technology Development Co.Ltd(000826) recently received a letter of concern because of a huge loss performance forecast.
Tus Environmental Science And Technology Development Co.Ltd(000826) it is estimated that the net profit loss of in 2021 will reach 3.8 billion yuan to 4.8 billion yuan . Such a high performance loss quickly attracted attention, but in the face of inquiries from the exchange, the company's reply was delayed again and again.
Wang Xin, a lawyer of a law firm: in this case, there may be two consequences. On the one hand, the exchange may warn Tus Environmental Science And Technology Development Co.Ltd(000826) of delisting risks; On the other hand, the CSRC or its dispatched offices may file a case for investigation on Tus Environmental Science And Technology Development Co.Ltd(000826) .
In fact, this is not the first time that Tus Environmental Science And Technology Development Co.Ltd(000826) received the inquiry letter. In July, 2021, Tus Environmental Science And Technology Development Co.Ltd(000826) abruptly accrued 2.2 billion yuan of asset impairment loss, but the authenticity of relevant items was questioned . The exchange asked the company to explain whether there was a "performance bath", but it did not wait for the company's positive response.
Xu Rong, partner of a law firm in Shanghai: after asking for more than 5 months, it is actually unreasonable not to reply for such a long time. Then, we can speculate whether it has deliberately concealed or made other false statements.
there is something wrong with large amount accrual
Tus Environmental Science And Technology Development Co.Ltd(000826) multiple projects in doubt
Tus Environmental Science And Technology Development Co.Ltd(000826) did not reply to the inquiry of the exchange, and the construction of the headquarters building was not carried out as scheduled. What was the matter with the large amount of provision previously questioned by the company? The carrying amount of many construction projects under construction is often hundreds of millions of yuan. What is the current progress of these projects?
Tus Environmental Science And Technology Development Co.Ltd(000826) said in the announcement that in September 2015, the company signed the franchise agreement of Tianmen domestic waste power generation project with Tianmen Urban Management Bureau and established the project company, while in 2020, Tianmen City cancelled the franchise qualification of the company .
According to the company's announcement in 2021, the net value of Tianmen project reached 160 million yuan, and 18.09 million yuan is expected to be recovered after impairment. Judging from the contents of relevant environmental impact reports, the project site is located in Baimao Lake cotton seed farm in Tianmen City.
Baimao Lake farm in Tianmen City is located in the southwest of Tianmen City, about 56 kilometers away from the city. Looking at the range of two or three kilometers through aerial photography, it is found that in addition to the village, all you can see are fish ponds, farmland and a distant wooden board factory. In addition, there is no construction in progress related to incineration workshop and concrete pouring.
Many people familiar with the matter said that they had heard about the construction of a waste incineration station here a few years ago, but at the beginning, someone came to see the address and leveled the site. However, due to the opposition of nearby residents, related projects did not start to be built at all, let alone the possibility that the book value could reach hundreds of millions of Yuan .
villagers near baimaohu farm, Tianmen City, Hubei Province : that's a waste power plant. It was a few years ago. It marked the location, but it didn't start in the end.
villagers near baimaohu farm, Tianmen City, Hubei Province: we made it ourselves and didn't let them drag things in. It wasn't built. It was just a proposal. It is estimated that more than one million yuan has been lost here and more than two million yuan has been lost there. Add up to more than four million yuan, less than five million yuan.
In addition to the Tianmen project, Tus Environmental Science And Technology Development Co.Ltd(000826) also accrued for 11 other projects at the same time. The reporter noted that among these projects, the scale of net book value is the largest, the project with the highest amount of impairment is located in Xiangtan, Hunan. At present, 450 million yuan of asset impairment loss has been accrued, and the recoverable amount is still more than 300 million yuan .
In the Jiuhua Economic Development Zone in Xiangtan City, Hunan Province, according to the location information shown in the public data, this wasteland is the Hunan Xiangtan solid waste comprehensive disposal center project mentioned by the listed company Tus Environmental Science And Technology Development Co.Ltd(000826) in the announcement.
Judging from the situation of the site, there are weeds with a height of one person. At present, there are still four or five uncompleted residential buildings on the site, of which the highest one is about seven or eight floors high. Some industrial related equipment can be seen upstairs. Generally speaking, the exposed steel frame structure here has been seriously corroded at present .
The wasteland is surrounded by the factories of sound group and Thornton new energy company, both of which are affiliated enterprises of Tus Environmental Science And Technology Development Co.Ltd(000826) . Xiangtan citizens familiar with the situation and employees of nearby factories told reporters that at first, the waste incineration station started without permission, but it stopped working within a few months.
employees of Jiuhua Economic Development Zone, Xiangtan City, Hunan Province: this piece of land belongs to Thornton, and this piece is sold. There is also Thornton's, which wants to build a waste incineration power plant, but it was not built later.
taxi driver in Xiangtan City, Hunan Province: several years, at least five or six years. It was not built at all, but had to be approved. After the neighborhood committee and Lbx Pharmacy Chain Joint Stock Company(603883) knew about it, they would not allow it to be built.
less cash, higher assets and liabilities
breakdown Tus Environmental Science And Technology Development Co.Ltd(000826) three doubtful points of financial report
From the reporter's investigation, it can be seen that some of the projects under construction of Tus Environmental Science And Technology Development Co.Ltd(000826) are seriously inflated. Is there no loophole in the company's financial statements before this accrual? How to "hide" tens of billions of projects under construction? Is it suspected of accounting fraud? The reporter sorted out various financial data since Tus Environmental Science And Technology Development Co.Ltd(000826) listing.
From the financial report data, the net profit of Tus Environmental Science And Technology Development Co.Ltd(000826) lacks the support of cash flow Tus Environmental Science And Technology Development Co.Ltd(000826) was listed in 1998 and restructured in 2003. Since then, the compound growth rate of the company's operating revenue has been about 24%. If we add up all the after tax net profits realized by the company since 2003, total amount exceeds 5.8 billion yuan, but the net cash inflow from operating activities in the same period is - 97 million yuan , and the performance growth reflects a false prosperity.
Cheung Kong Business School Accounting Professor Xue Yunkui: there are profits on the book and no cash in the pocket. No cash support profits, that is, a bubble in profits is not normal. Because under normal circumstances, a healthy company's cash inflow from operating activities should be greater than its net profit.
Without the support of cash flow, where should the profits on the statements be reflected Tus Environmental Science And Technology Development Co.Ltd(000826) 2020 financial report data show that the asset balance of company is 42.4 billion yuan, including 12.7 billion yuan of projects under construction, accounting for nearly 30% . Insiders pointed out that all expenses incurred by the company in business activities should have been included in operating expenses to offset profits, but if they were included in projects under construction, As for is likely to become a reservoir for regulating profits .
Wang Weiqing, tax partner of a law firm in Shanghai: it seems that the years of production and audit are also different. At the same time, it has been accrued for a period of time. Is there any reason for artificial adjustment.
If the project is completed, the more losses will be covered up by Professor Xue Yunjian in the future.
Compared with the peak in 2015, the share price of Tus Environmental Science And Technology Development Co.Ltd(000826) has fallen by more than 85%. At present, the company is busy promoting the share exchange and merger with City Development Environment Co.Ltd(000885) and the share price showed signs of recovery in February. Nevertheless, there are still many hidden dangers in the future development of the company. According to the third quarterly report of 2021, the company still has 5.4 billion yuan of short-term loans and 5.6 billion yuan of long-term loans on its book, while Book monetary capital is less than 1.2 billion yuan .
Wang Weiqing, tax partner of a law firm in Shanghai: probably more than 60% of listed companies engaged in environmental protection are profitable, but it has lost money again, and the loss figure is not small. So in this case, it may also have to consider the problem of self-help, because if it continues to lose money, it may have to wear a hat.
Cheung Kong Business School Accounting Professor Xue Yunkui: this kind of company has fundamental problems. There is no way to solve and overcome them through capital operation. At most, it will delay the explosion of the company.
