In less than two months, a performance forecast with the highest doubling has shrunk significantly, making Beijing Wkw Automotive Parts Co.Ltd(002662) tens of thousands of minority shareholders take a performance "roller coaster".
At the end of January this year, Beijing Wkw Automotive Parts Co.Ltd(002662) released the performance forecast for 2021. At that time, the announcement showed that the expected net profit was 200 million yuan to 230 million yuan, with an expected increase of 77.73% to 104.39%. However, in the performance correction announcement disclosed on March 17, it is expected that the annual attributable net profit in 2021 will be 95 million yuan to 105 million yuan, a decrease of 6.69% to 15.58% over the previous year.
For the change of performance, Shenzhen Stock Exchange issued a concern letter on March 21, expressing great concern about the significant revision of the company's expected net profit due to Beijing Wkw Automotive Parts Co.Ltd(002662) supplementary provision for credit impairmentP align = "center" source: company announcement
sudden credit impairment
Beijing Wkw Automotive Parts Co.Ltd(002662) the change in performance is mainly due to the supplementary provision for credit impairment.
According to the announcement on withdrawing provision for asset impairment in 2021 disclosed on March 17, the company plans to withdraw 190 million yuan of bad debt provision for other receivables, mainly 168 million yuan of bad debt provision for equity transfer receivables from Beijing Zhiyun.
In the above announcement, the company said that the company followed up the payment and performance ability of Beijing Zhiyun, comprehensively considered the assets held by Beijing Zhiyun, and conducted an impairment test on the other receivables for prudence. After preliminary communication with the annual audit accountant, it is proposed to withdraw 168 million yuan of bad debt reserves. After the provision for impairment is made, the ending balance of equity transfer receivable from Beijing Zhiyun is 0 yuan.
Up to now, the company's equity payment of 560 million yuan from Beijing Zhiyun has been overdue, and the transfer price has not been received, so the impairment provision is made in full. After this withdrawal, it also has a great impact on the company's net profitP align = "center" source: company announcement
Some market participants believe that according to normal logic, the management of the company will know the overdue probability of equity payment in advance. In other words, the impact of various asset impairment reserves to be accrued by the company on the performance should have been disclosed in the performance forecast of the annual report.
In this regard, the Shenzhen stock exchange requires the company to explain the amount and judgment basis of bad debt provision for other receivables of Beijing Zhiyun expected at the time of disclosure of the first performance forecast. At the same time, explain what happened when the performance forecast was revised, resulting in significant changes in the provision for impairment of other receivables of Beijing Zhiyun.
It is worth mentioning that in the performance correction announcement, the company said that it had pre communicated with the accounting firm on matters related to the performance forecast, and there were no major differences between the two sides in the performance forecast. In view of this situation, the Shenzhen stock exchange requires the company to explain whether it communicates with the accounting firm on matters leading to significant differences before and after the performance forecast; If any, the specific contents shall be explained.
"face change" or early warning
The provision for impairment of hundreds of millions of Yuan originated from an equity transfer in 2018.
In April 2018, due to the need of strategic development and adjustment of the new energy industry, the company sold all the equity of Ningbo Jingwei and Zhengdao Jingwei, the affiliated companies held by Beijing Zhiyun, with a total transfer price of 560 million yuan.
According to the share transfer agreement, the company transferred its 27% equity of Ningbo Jingwei battery to Beijing Zhiyun according to the original contribution of 540 million yuan (i.e. 540 million yuan already contributed by the company); Transfer 50% of the equity of Zhengdao Jingwei holding, the parent company of the clean energy vehicle project, to Beijing Zhiyun according to the original capital contribution of 20 million yuan (i.e. the company has contributed 20 million yuan); Transfer the 18% partnership share of Ningbo Zhengwei held by the company to Shanghai Hongwu with 0 yuan (i.e. 0 yuan has been invested). After the transfer, the company will no longer participate in Ningbo Jingwei battery project and Ningbo Fenghua clean energy vehicle project.
In fact, Beijing Wkw Automotive Parts Co.Ltd(002662) has been accrued for two consecutive years for the 560 million yuan equity transfer receivable from Beijing Zhiyun. According to the previous announcement, by the end of 2020, the company had accrued 392 million yuan of impairment provision for other receivables, and the book balance was 168 million yuan. By the end of 2021, the bad debt provision of 168 million yuan had also been fully withdrawn.
The receivables of equity transfer can be solved directly through legal means. The company's "silent bearing" treatment obviously makes many investors dissatisfied. Near the end of last year, more than one investor asked whether the company could recover the equity transfer money at the end of the year. At that time, the company said that "it will collect the equity transfer money and safeguard the shareholders' rights and interests in accordance with the contract."
But at least from the current trend, the equity transfer is still difficult. Some investors asked the company whether the equity transaction was fully considered, and even questioned the company's internal and external collusion. In response, the company responded: "the sale of equity was approved by the company's competent decision-making body, and the company performed its information disclosure obligations in strict accordance with relevant standards, and there was no so-called collusion."
In response to this situation, the Shenzhen Stock Exchange asked the company to explain the reasons for Beijing Zhiyun's long-term non performance of the agreement, as well as the measures the company has taken and plans to take to recover its creditor's rights.
"cross border" new energy
Statistics show that Beijing Wkw Automotive Parts Co.Ltd(002662) was established in 2002. It is a Sino German joint venture manufacturer and service provider of interior and exterior trim systems for passenger cars. It mainly provides interior and exterior trim systems for medium and high-end passenger cars and provides supporting R & D and related services. The company is currently in a state of no controlling shareholder and no actual controller.
Since 2015, Beijing Wkw Automotive Parts Co.Ltd(002662) who has worked in the field of auto parts has successively disclosed that it plans to make efforts in the new energy industry chain through equity participation, fixed value-added acquisition, joint venture investment and construction projects and many other ways. However, through the 2020 annual report, it is not difficult to find that the overall performance of the participating subsidiaries in the new energy field represented by Shenzhen Wuzhoulong, Jiangsu Kawei and Changchun new energy is not optimistic, of which Jiangsu Kawei lost 67 million yuan in 2020.
In fact, after the announcement of entering the new energy field, subject to high expenses and other expenses, Beijing Wkw Automotive Parts Co.Ltd(002662) performance is obviously under pressure. From 2017 to 2019, the net profit deducted by the company was 306 million yuan, - 525 million yuan and - 2.106 billion yuan respectively.
In 2018, Beijing Wkw Automotive Parts Co.Ltd(002662) began to frequently sell the equity of subsidiaries or joint-stock companies, including the above-mentioned transfer of 27% equity of Ningbo Jingwei battery to Beijing Zhiyun and 50% equity of Zhengdao Jingwei holding.
In July 2019, Beijing Wkw Automotive Parts Co.Ltd(002662) once publicly stated that because the short-term profitability probability of the new energy vehicle industry is relatively low, and the construction period takes 2 to 3 years, there are only large construction and development expenses during the construction period, the performance of the main business of parts is difficult to support, and the continuous losses during the construction period may lead to the potential delisting risk of the company.
The company will stop the promotion of relevant new energy projects.
However, two years later, Beijing Wkw Automotive Parts Co.Ltd(002662) last October issued an announcement on the investment and construction of lithium battery project, which was laid out in the field of power battery.
At that time, the company announced that it plans to invest in the construction of 10gwh lithium battery project, and the lithium battery products will be applied to the power system and energy storage system of new energy vehicles. This investment is a phase I project with an annual production capacity of 2gwh and a construction period of 12 months. The project investment is 800 million yuan, and the source of funds is self raised by the enterprise. Just after the project was released, the Shenzhen Stock Exchange inquired about the capital source of the investment and construction plan and the pressure on the company's short-term debt repayment.
At the shareholder level, several important shareholders pledged a high proportion of equity. As of January 5 this year, Zhonghuan investment, the largest shareholder of the company, has pledged 406 million shares, with a pledge ratio of 89%. On November 18 last year, the pledge ratio of central investment was as high as 100%. In addition, as of December 15 last year, the pledge proportion of Ningbo Fulda (now renamed Huilian investment), the third largest shareholder of the company, was 100%, and the pledge proportion of Gong bin, the person acting in concert, was close to 70%.
In addition, the company's important joint venture shareholders frequently reduced their holdings. Shortly after the disclosure of the company's 2021 performance forecast, the second largest shareholder, weikawei, Germany, once again disclosed in early February this year that it plans to reduce its holdings of no more than 30 million shares through centralized bidding trading and no more than 60 million shares through block trading.
The announcement shows that weikawei, Germany, has reduced its holdings for many times in recent years.
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