Tahoe Group Co.Ltd(000732) ( Tahoe Group Co.Ltd(000732) ) in the whirlpool deep in blew the “performance thunder” again
On April 22, Tahoe Group Co.Ltd(000732) ( Tahoe Group Co.Ltd(000732) ) revised the performance forecast for 2021, with an estimated loss of 3.5 billion yuan – 4.6 billion yuan. Looking back to the end of January this year, the company also expected a profit of 101 million yuan to 132 million yuan.
With only one week left before the official disclosure date of the annual report, Tahoe Group Co.Ltd(000732) however, the company suddenly significantly revised the performance. The company explained that: the assets with signs of impairment as of December 31, 2021 were reassessed, the impairment losses of relevant assets were additionally accrued, and the corresponding estimated liabilities were accrued according to the latest litigation progress after the disclosure of the performance notice.
For Tahoe Group Co.Ltd(000732) the “change of face”, the most sad is the more than 50000 shareholders. As of the closing on April 22, Tahoe Group Co.Ltd(000732) share price fell to 2.49 yuan / share, with the latest total market value of 6.2 billion yuan. Some netizens commented on huge losses, “almost lost all the market value!”
What happened in just three months from performance pre profit to sudden pre loss?
originally made a profit of more than 100 million, but now it has a huge loss of 3.5 billion – 4.6 billion
Tahoe Group Co.Ltd(000732) is mainly engaged in the development and operation of residential real estate and commercial real estate. Its medium and high-end residential products include well-known Taihe courtyard department, grand courtyard department, garden department, residence department, government department and Bay Department, while commercial real estate products include Taihe square, Taihe lane, etc.
The third quarterly report disclosed last year described the difficulties encountered by the company as follows:
During the reporting period, affected by the continuous real estate regulation policies and the tightening of the financing environment, the company’s real estate project promotion rhythm slowed down and faced great de capitalization pressure. At the same time, due to the large scale of the company’s own debt and other problems, the company’s short-term liquidity was difficult, resulting in the extension of the project construction cycle and delayed delivery. As of September 30, 2021, the amount of overdue loans of the company was 49.065 billion yuan, and the unpaid interest was 12.693 billion yuan; As of the disclosure date of this report, the amount of overdue loans of the company was 49.688 billion yuan.
At present, the company is making every effort to promote debt restructuring and actively solve the debt problem; At the same time, the company takes “resumption of work and production and rebuilding confidence” as the first priority, actively revitalizes assets, focuses on sales, promotes payment collection, improves the company’s debt structure, strives to safeguard the interests of shareholders and owners, enhance market confidence and realize the sustainable and healthy development of the company.
In the third quarterly report, the company achieved a net profit of 905265 million yuan, a year-on-year increase of 123.14%.
Let’s take another look at the performance forecast for 2021 released on January 28 this year. It is expected to realize a net profit of 101132 million yuan and a net profit of 372483 million yuan after deduction. Even though it encountered various difficulties last year, Tahoe Group Co.Ltd(000732) in the notice at that time, it still handed over a performance answer sheet to turn losses into profits.
Unexpectedly, Tahoe Group Co.Ltd(000732) ‘s performance forecast amendment announcement “came later than ever”. At this time, it is only one week away from the expected disclosure date of the annual report on April 30. The revised performance forecast is a loss of 3.5 billion yuan to 4.6 billion yuan, and a loss of 3.6 billion yuan to 4.8 billion yuan after deducting Non Profits – the performance forecast is “greatly changed”, and the scale of the loss goes straight after 2020.
Tahoe Group Co.Ltd(000732) will have a net profit of minus 402 million yuan in 2019 and minus 4.456 billion yuan in 2020. It is estimated that the net profit in 2021 will remain negative. According to the provisions of the Listing Rules of Shenzhen Stock Exchange, Tahoe Group Co.Ltd(000732) may be warned of other risks by Shenzhen stock exchange.
chairman was taken away last month to assist in the investigation
Tahoe Group Co.Ltd(000732) gives four explanations for this “performance mine”:
1. In combination with the current market situation of the real estate industry and the relevant impact of the continuous epidemic, the company reassessed the assets with signs of impairment as of December 31, 2021, and the company made supplementary provision for the impairment loss of relevant assets.
2. The company reassessed the financing cost according to the latest progress of debt restructuring, and the amount of financial expenses is higher than the performance forecast.
3. The company has accrued corresponding estimated liabilities according to the latest litigation progress after the disclosure of performance forecast.
4. The estimated value-added of the company’s investment real estate is less than the appraisal result.
one wave is not flat, another wave rises. On March 16, Tahoe Group Co.Ltd(000732) disclosed a major announcement, saying that Huang Qisen, chairman and general manager of the company, was assisting relevant authorities in the investigation
On April 1, Shenzhen Stock Exchange issued a supervision letter to Tahoe Group Co.Ltd(000732) , Huang Qisen. According to the decision on Issuing warning letters to Tahoe Group Co.Ltd(000732) and Huang Qisen, on June 14, 2019, Huang Qisen, chairman of Tahoe Group Co.Ltd(000732) said at the media meeting that Tahoe Group Co.Ltd(000732) has a land reserve with a value of 600 billion yuan.
In August 2021, the official account of Tahoe Group Co.Ltd(000732) WeChat released that the Tahoe Group Co.Ltd(000732) had nearly 400 billion yuan of land value in a second tier city, and Tahoe Group Co.Ltd(000732) said in its media interview that it had 40 billion yuan worth of existing housing in Beijing, and Huang Qisen said that Tahoe Group Co.Ltd(000732) had about 300000000000 yuan in land reserve in the core tier one city. ” Tahoe Group Co.Ltd(000732) failed to provide the objective basis for making the above estimation, and the relevant value information released to the public was not released in the designated media in advance.”
After Huang Qisen assisted in the investigation, Tahoe Group Co.Ltd(000732) also started the emergency plan.
“At present, Mr. Ge Yong, CO president of the company, and Mr. Wang Jinggang, CO president of the company, normally preside over the production and operation of the company.” Tahoe Group Co.Ltd(000732) stressed in the announcement that the above matters will not affect the normal operation of the company. The company has a perfect organizational structure and standardized governance system, and all business activities are normal.
was also deeply involved in the rumor of “bankruptcy”, and the company refuted
At the media communication meeting held on March 16, Tahoe Group Co.Ltd(000732) said that Huang Qisen seldom participated in the daily operation of the company, mainly in the formulation of major strategies and major decisions of the company. “Since 2019, we have introduced the double joint president system. This is helpful for enterprises to deal with emergencies.”
then, Tahoe Group Co.Ltd(000732) released an open letter through the official wechat, saying that “at present, all business activities of the company are normal, and the company also understands that the chairman of the board can participate in enterprise operation decision-making in an appropriate way in the near future.
” open letter states:
“Over the past year, the company has reached a settlement with most financial institutions, and most projects in the country have resumed production. Since 2021, there are more than 20 (batches) in the country Project delivery. Against the background of the ups and downs of the industry since last year, the progress of Tahoe Group Co.Ltd(000732) resumption of work and production and active self rescue has not come easily, and has also been fully affirmed by many parties inside and outside the industry. Facts are the best explanation, and good is the best argument Tahoe Group Co.Ltd(000732) for more than a year, the practice of restarting the “mountain road” against the trend has proved that the current strategic guidance of the company is positive and effective, the management team of the company has strong combat effectiveness, and all employees of the company have cohesion and can stand the test. “
In March 2nd, the official WeChat official account of Tahoe Group Co.Ltd(000732) also issued a signature article by Huang Qi. “At present, we should be soberly aware that the golden age of real estate is over, and it is the top priority to ‘live’. For a long time to come, we should all be prepared to live a hard life.” Huang Qisen’s signed article mentioned that in terms of product positioning, Taihe will mainly do “high-end products” in the future; In terms of scale, 30 billion to 50 billion is enough.
It is also since March that articles and videos such as “real estate giant Tahoe Group Co.Ltd(000732) declared bankruptcy, leaving some” uncompleted residential buildings “and taken over by Vanke Group” and “Vanke took over Tahoe Group Co.Ltd(000732) ” have attracted attention. Tahoe Group Co.Ltd(000732) issued a “solemn statement” on March 10, saying that it is seriously inconsistent with the facts, and reserves the right to take further legal measures such as civil litigation and criminal reporting. The company said, “what our company encounters is only a liquidity problem, not an insolvency problem. At the same time, our company does not have high-risk problems such as off balance sheet liabilities and employee follow-up investment. We believe that the company will be able to get through the temporary difficult stage.”
