On March 24, Shenzhen Guangju Energy Co.Ltd(000096) ( Shenzhen Guangju Energy Co.Ltd(000096) ) announced that Guangju real estate, a wholly-owned subsidiary, was planned to be located in 13 sets of tongshengge and 9 sets of tongdage in Qianhai east bank garden, Nanshan District, Shenzhen, with a total of 22 real estate units, which were listed and sold in Shenzhen United Property Exchange (hereinafter referred to as Shenzhen Stock Exchange).
According to the announcement, Qianhai East Bank Garden property is a property jointly developed by Nanshan petroleum, a wholly-owned subsidiary of Shenzhen Guangju Energy Co.Ltd(000096) and Shenzhen Qianhai Co., Ltd. After the completion of the property in 2018, 159 houses and 3 shops owned by the company were transferred to Nanshan petroleum, and then the newly established Guangju real estate of Nanshan petroleum inherited 162 properties under its name through survival and division. At present, the 162 properties (including 22 to be sold this time) are leased by Guangju real estate.
The total appraisal value of the property is RMB 13.352 billion, while the total appraisal value of the property is only RMB 17.352 billion, which shows that the total value-added rate of the original appraisal is only RMB 17.52 billion.
Shenzhen Guangju Energy Co.Ltd(000096) said that the listing transfer price was based on the guidance price of second-hand houses issued by Shenzhen municipal government and the asset evaluation price issued by professional evaluation institutions, and comprehensively considered the acquisition cost, relevant taxes, market price of similar comparable properties in the surrounding areas, listing expenses and other factors, and finally determined that the evaluation price was the base price for the first listing of each property.
In view of the reasons for the appreciation of real estate, Shenzhen Guangju Energy Co.Ltd(000096) said that Qianhai east bank garden project was developed and constructed in cooperation with Shenzhen Qianhai Co., Ltd. in 2013. The real estate belonging to the company’s equity is recognized as an investment real estate project according to the cost at the time of acquisition, and the cost model is used for subsequent measurement. However, the house price in Shenzhen has increased greatly in recent years, so the assessed value has increased significantly compared with the book value of the real estate.
Referring to the impact of the sale of assets, Shenzhen Guangju Energy Co.Ltd(000096) said that considering the current real estate policies and development trends, property maintenance costs and asset income, this transaction is conducive to optimizing the asset structure and will not affect the normal operation of the company, which is in line with the needs of the overall development of the company. According to the transaction price authorized by the board of directors, after preliminary calculation, if the sale is completed, after deducting the book value and various taxes, the net profit of the assets to be sold is expected to be about 58 million yuan.
Shenzhen Guangju Energy Co.Ltd(000096) is mainly engaged in the wholesale, retail and storage of refined oil, land and property leasing, chemical trade, power enterprises and other equity investments. The performance express shows that the company achieved an operating revenue of 1.62 billion yuan and a net profit of 67.7 million yuan in 2021, with year-on-year changes of 31.81% and – 47.94% respectively. In the same period, the company deducted non net profit of 31.3 million yuan, a year-on-year decrease of 73.48%.
Shenzhen Guangju Energy Co.Ltd(000096) said that during the reporting period, the profit of the subsidiary’s refined oil business was basically the same as that of the same period of the previous year. After the transformation of the subsidiary’s Guangju Yisheng business, it turned loss into profit, the rental income increased, and the profitability of the company’s main business improved last year; The securities investment income of subsidiaries also increased in the current period compared with the same period of last year.
As for the reasons for the decline of financial indicators such as profit and earnings per share compared with the same period of the previous year, Shenzhen Guangju Energy Co.Ltd(000096) said that the investment profit and loss calculated by the company decreased by about 61.52 million yuan compared with the same period of the previous year mainly due to the pre loss of Shenzhen Nanshan Power Co.Ltd(000037) year; The cash dividend of Shenzhen Mawan Power Co., Ltd., a company invested by the company, decreased by 37.88 million yuan compared with the same period of last year.
In fact, the cases of “returning blood” of listed companies selling houses are not uncommon, and most of them occur in the period of poor performance of listed companies. Last June, Minfeng Special Paper Co.Ltd(600235) sold 36 sets of idle residential housing assets in Jiaxing, Zhejiang Province through public auction at the base price of 17.846 million yuan; Earlier, Zhejiang Qianjiang Motorcycle Co.Ltd(000913) also sold several houses in Shanghai’s Pudong New Area through real estate agents.
