On the evening of April 24, Nanning Sugar Industry Co.Ltd(000911) ( Nanning Sugar Industry Co.Ltd(000911) ) announced that it planned to replace assets with agricultural investment group and LvHua company, which is expected to constitute a major asset restructuring.
Nanning Sugar Industry Co.Ltd(000911) said that after preliminary planning, the assets to be placed in the company are 100% equity of Boxuan company, and the assets to be placed are 100% equity of Xiangshan sugar company. The way to make up the difference in replacement value shall be separately determined by all parties through negotiation, but it does not involve the issuance of shares by the company. The specific scope of assets and liabilities involved in this asset replacement needs to be further negotiated and determined by both parties.
It is disclosed that the counterparty of this transaction is Nanning Sugar Industry Co.Ltd(000911) controlling shareholder agricultural investment group and its related party LvHua company, and the actual controller is Guangxi Zhuang Autonomous Region SASAC. Therefore, this transaction constitutes a related party transaction. According to preliminary research and calculation, this transaction is expected to constitute a major asset restructuring. After the completion of this transaction, Nanning Sugar Industry Co.Ltd(000911) controlling shareholder and actual controller have not changed.
In addition, the transaction price has not been determined, and the specific replacement price will be determined based on the evaluation value of the assets to be placed and the assets to be placed filed by the state-owned assets supervision and administration department or other authorized units.
Statistics show that the business scope of Boxuan company is the production, sales, research and development of white granulated sugar, bagasse, sugarcane molasses and other by-products and related products. Agricultural investment group holds 30% equity of Boxuan company and LvHua company holds 70% equity of Boxuan company.
On January 28 this year, Nanning Sugar Industry Co.Ltd(000911) issued a performance forecast, which showed a loss of 38 million yuan to 68 million yuan in 2021, from profit to loss. The company explained that the main reason for the change in performance was that the selling price of sugar, the main product during the reporting period, decreased year-on-year, resulting in a decline in the gross profit of sugar business. During the reporting period, the sugar production rate and output of sugar decreased compared with the previous year, resulting in a year-on-year increase in the cost per ton of sugar and a year-on-year decrease in the gross profit margin of sugar. In addition, during the 2021 / 2022 pressing season, the sugar yield and sugar yield decreased significantly compared with the same period of the previous year. At the same time, the prices of various auxiliary materials increased significantly, and the sugar production cost of the company increased rapidly compared with the same period of the previous pressing season. In addition, the gross profit of sugarcane planting has decreased.
On the interactive platform, Nanning Sugar Industry Co.Ltd(000911) replied to investors and further explained the reasons for the loss Nanning Sugar Industry Co.Ltd(000911) said that last year, the company began to implement the new lease accounting standards. The circulation of leased land significantly increased the book use right assets and lease liabilities, and also increased the interest of lease liabilities, resulting in an increase in financial expenses. In addition, the company’s orders and prices of epidemic prevention materials decreased year-on-year, resulting in a year-on-year decline in the gross profit of epidemic prevention materials. Among them, the orders of melt blown cloth decreased significantly, the price decreased significantly, and there was a large loss.
