Securities code: Guangdong Enpack Packaging Co.Ltd(002846) securities abbreviation: Guangdong Enpack Packaging Co.Ltd(002846) Announcement No.: 2022032 bond Code: 128079 bond abbreviation: Yinglian convertible bond
Guangdong Enpack Packaging Co.Ltd(002846)
Announcement on carrying out forward foreign exchange settlement and sales business
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Guangdong Enpack Packaging Co.Ltd(002846) (hereinafter referred to as "the company") held the 20th meeting of the third board of directors and the 19th meeting of the third board of supervisors on April 23, 2022. The proposal on carrying out long-term foreign exchange settlement and sales business was reviewed and approved respectively. According to the needs of business development, the company and its subsidiaries plan to carry out long-term foreign exchange settlement and sales business this year.
According to the relevant provisions of the Listing Rules of Shenzhen Stock Exchange and the articles of association, the matters to be deliberated this time need to be submitted to the general meeting of shareholders of the company for deliberation.
1、 Purpose of carrying out forward foreign exchange settlement and sales business
In order to implement the company's development strategy and reasonably distribute domestic and foreign markets, the company actively carries out and maintains overseas business development. With the continuous expansion of the company's overseas business scale, the volume of foreign exchange settlement business has gradually increased. Therefore, when the exchange rate fluctuates greatly, the exchange gains and losses will have a certain impact on the company's operating performance. In order to reduce the impact of exchange rate on the company's operating performance and reduce some exchange gains and losses, the company and its subsidiaries plan to carry out forward foreign exchange settlement and sales business in 2022.
2、 Types and amount of forward foreign exchange settlement and sales business
The company and its subsidiaries intend to carry out forward foreign exchange settlement and sales business with commercial banks, which is limited to the settlement currency used in the company's import and export business, including but not limited to US dollars. The total amount is expected to be no more than US $50 million, which is valid within 12 months from the date of deliberation and approval by the general meeting of shareholders.
The company's own funds shall be used for the long-term foreign exchange settlement and sales business, and the raised funds shall not be used for the long-term foreign exchange settlement and sales business directly or indirectly. At the same time, within the above limit, the management of the company is authorized to handle specific business, sign relevant agreements and other documents.
3、 Risks of forward foreign exchange settlement and sales
The forward settlement and sales of Foreign Exchange carried out by the company and its subsidiaries follow the principle of locking exchange rate risk and do not engage in speculative and arbitrage transactions. However, there are still some risks in the forward settlement and sales of foreign exchange. Please pay attention to the investment risks. The specific risks are as follows:
1. Exchange rate fluctuation risk: when the exchange rate changes greatly, if the forward exchange rate agreed in the forward settlement and sales contract is lower than the real-time exchange rate, exchange losses will be caused.
2. Internal control risk: forward foreign exchange settlement and sales transactions are highly professional, which may cause risks due to imperfect internal control system.
3. Customer default risk: the customer's accounts receivable are overdue, the investment transaction is delayed or in default, resulting in the payment cannot be recovered within the payment collection period, and the investment object cannot be delivered on schedule, which will cause the delay of forward foreign exchange settlement and lead to the loss of the company.
4. Collection forecast risk: the company's sales department forecasts the collection according to customer orders and expected orders. In the actual implementation process, customers may adjust their orders, resulting in inaccurate payment collection prediction of the company, resulting in the risk of delayed delivery of forward foreign exchange settlement.
4、 Risk control measures taken by the company
1. The company has formulated the management system for long-term settlement and sales of foreign exchange, which clearly stipulates the internal audit process, decision-making procedures, information isolation measures, internal risk reporting system, risk handling procedures, information disclosure, etc. According to the system, the company has established strict authorization and approval authority, clarified the responsibilities of various management institutions, and formed a set of relatively perfect derivatives management mechanism.
2. In order to prevent a long gap between the time of forward settlement and sale of foreign exchange and the actual collection and payment, the company attaches great importance to the performance of the contract and tracks the implementation of the contract to avoid a long gap between the time of collection and payment and the time of delivery. 3. Strictly control the capital scale of forward foreign exchange settlement and sales transactions. The foreign currency amount of the company for forward foreign exchange settlement and sales shall not exceed US $50 million, so there is no major risk.
5、 Feasibility analysis of carrying out forward foreign exchange settlement and sales business
The forward foreign exchange settlement and sales business of the company and its subsidiaries is carried out around the company's main business. It is not a forward foreign exchange transaction solely for the purpose of profit, but based on specific business operations, by means of locking the exchange rate, for the purpose of avoiding and preventing the risk of exchange rate fluctuation, and for the purpose of protecting normal operating profits; The company has formulated the management system of long-term foreign exchange settlement and sales, and is equipped with professionals in relevant decision-making, business operation, risk control and so on. The targeted risk control measures taken by the company are effective and feasible. It is necessary and feasible for the company and its subsidiaries to carry out forward foreign exchange settlement and sales business, which can effectively reduce the risk of exchange rate fluctuation.
6、 Opinions of independent directors
The forward foreign exchange settlement and sales business carried out by the company and its subsidiaries is a forward foreign exchange transaction based on normal production and operation, with the purpose of reducing the impact of exchange rate fluctuations on the company's operating profits, rather than speculation and profit. This matter complies with the requirements of relevant laws and regulations, normative documents, articles of association and relevant systems. The review procedure is legal and effective, and there is no situation that damages the interests of the company and all shareholders, especially small and medium-sized shareholders. Therefore, the company and its subsidiaries are agreed to carry out forward foreign exchange settlement and sales business.
8、 Documents for future reference
1. Guangdong Enpack Packaging Co.Ltd(002846) the resolution of the 20th meeting of the third board of directors
2. Guangdong Enpack Packaging Co.Ltd(002846) independent directors' independent opinions on matters related to the 20th meeting of the third board of directors
3. Guangdong Enpack Packaging Co.Ltd(002846) the feasibility analysis report on carrying out forward foreign exchange settlement and sales business is hereby announced.
Guangdong Enpack Packaging Co.Ltd(002846) board of directors
April 25, 2002
