The total appraisal value of the assets to be sold is 241 million yuan, but the expected net profit is only 58 million yuan. Shenzhen Guangju Energy Co.Ltd(000096) why are you anxious to sell the real estate?
Recently, Shenzhen Guangju Energy Co.Ltd(000096) ( Shenzhen Guangju Energy Co.Ltd(000096) . SZ) announced that the company plans to place its wholly-owned subsidiary Shenzhen Guangju real estate in 13 sets of tongshengge and 9 sets of tongdage, Qianhai east bank garden, Nanshan District, Shenzhen, with a total of 22 sets of real estate (with a total area of 255296 square meters), which is listed on the Shenzhen United Property Exchange.
Earlier on March 11, the 2021 performance express disclosed by Shenzhen Guangju Energy Co.Ltd(000096) showed that the operating revenue in 2021 was 1.619 billion yuan, a year-on-year increase of 31.81%, and the net profit attributable to shareholders of listed companies was 677044 million yuan, a year-on-year decrease of 47.94%. It can be seen that although its revenue has increased, Shenzhen Guangju Energy Co.Ltd(000096) in 2021, there was a situation of increasing revenue without increasing profit, and the net profit was almost halved.
the net profit from selling the house is only 58 million yuan
On March 24, Shenzhen Guangju Energy Co.Ltd(000096) announced that in order to optimize asset allocation and revitalize the company’s stock assets, Shenzhen Guangju Energy Co.Ltd(000096) plans to place its wholly-owned subsidiary Guangju real estate in 13 sets of tongshengge and 9 sets of tongdage, Qianhai east bank garden, Nanshan District, Shenzhen, with a total of 22 sets of real estate (with a total area of 255296 square meters), which are listed and sold in Shenzhen United equity exchange as a single set of real estate.
It is reported that 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. and was completed in 2018. At present, including the 22 properties to be sold this time, the company has 162 properties (159 houses and 3 shops) rented by Guangju real estate.
According to the real estate appraisal report, the total construction area of the proposed 22 houses is 255296 square meters, and the total appraisal value is 241 million yuan, while the total original book value is only 13.305 million yuan, the overall appreciation rate is 1710%, and the appreciation amount is as high as 227 million yuan.
Referring to the reasons for the appreciation of real estate, Shenzhen Guangju Energy Co.Ltd(000096) said that the real estate project was developed and constructed by the company 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. In recent years, the house price in Shenzhen has increased greatly, so the assessed value has increased significantly compared with the book value of the real estate.
It is worth noting that for the purpose of selling assets and its impact on the company, 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) 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.
The announcement also said that if the first listing is not completed within the specified time limit, the company will change the transfer conditions, reduce the listing price, re publish the property right transfer information on the Shenzhen Stock Exchange and continue to solicit the transferee in accordance with the measures for the supervision and administration of state owned assets transactions of enterprises (Order No. 32 of the Ministry of Finance) and other laws and regulations, The total reduction range of the listing price of each set of real estate shall not exceed 10% of its assessed price (including this amount).
From this point of view, although the value of these 22 properties increased by 17 times, they only realized a net profit of about 58 million yuan at most. In addition, despite the large increase in house prices in Shenzhen in recent years, the real estate policy has been tightened since last year.
In this regard, Deng Haozhi, a real estate economist, said in an interview with the Huaxia times: “in fact, this is not a good time to sell real estate, but a good time to buy a house. Although the current real estate market regulation policy has changed from tight to loose, it is still at a low level in the market. House prices have been falling for more than half a year, and have been declining since the middle of last year.”
net profit nearly halved
According to public information, Shenzhen Guangju Energy Co.Ltd(000096) is a comprehensive energy state-controlled listed company integrating oil, liquid chemical storage and transportation, dangerous chemical storage and transportation and trade, LPG operation, power investment and real estate operation. The company originated from Shekou petrochemical company founded in January 1989 and was listed on Shenzhen Stock Exchange in July 2000.
According to the 2021 performance express released by Shenzhen Guangju Energy Co.Ltd(000096) on March 11, Shenzhen Guangju Energy Co.Ltd(000096) achieved a revenue of 1.619 billion yuan in 2021, with a year-on-year increase of 31.81%, the net profit attributable to shareholders of listed companies was 677044 million yuan, with a year-on-year decrease of 47.94%, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses decreased by 73.48%; The basic earnings per share was 0.13 yuan, a year-on-year decrease of 48%.
It can be seen that although its revenue has increased, Shenzhen Guangju Energy Co.Ltd(000096) in 2021, there was a situation of increasing revenue without increasing profit, and the net profit was almost halved.
As for the reasons for the year-on-year decline of the company’s profit and earnings per share, Shenzhen Guangju Energy Co.Ltd(000096) indicates that it is the performance forecast loss of the company’s participating enterprise Shenzhen Nanshan Power Co.Ltd(000037) in this period. According to its performance forecast, it is expected that the loss in 2021 will be about 436 million yuan, and the company’s investment profit and loss will be about 61.52 million yuan lower than that in the same period of last 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 order to ensure performance, it is not uncommon for A-share listed companies to sell real estate and other assets. It is reported that Shenzhen Guangju Energy Co.Ltd(000096) and its subsidiaries have been trying to make up for the business decline in recent years by selling real estate, foreign investment, transformation of warehousing and leasing business, etc.
As for the progress of the sale of 22 properties, Shenzhen Guangju Energy Co.Ltd(000096) in the announcement on March 24, said that the transaction was conducted in the form of public listing transfer, and the counterparty has not been determined, so it does not constitute a related party transaction for the time being.
On March 29, the reporter of Huaxia times contacted the Secretary Office of Shenzhen Guangju Energy Co.Ltd(000096) board of directors as an investor to ask the other party about the current progress and transaction of real estate sales. The other party said that there was no major progress that should be disclosed but not disclosed since the sixth meeting of the eighth board of directors on March 25. The company will promote this matter in an orderly manner and fulfill the obligation of information disclosure in a timely manner in accordance with the requirements of laws and regulations.
For the behavior of listed companies selling houses, Shen Meng, executive director of Xiangsong capital, told the Huaxia times that selling houses by listed companies is an important means of cash out and shell preservation before, so that the company can improve its performance by selling real estate. However, this way of turning losses by non operating means is becoming more and more difficult in a shares, especially after the introduction of the new delisting regulations, turning losses on the sale of real estate can no longer be regarded as shell preservation.
