Securities code: Landocean Energy Services Co.Ltd(300157) securities abbreviation: Landocean Energy Services Co.Ltd(300157) Announcement No.: 2022074 Landocean Energy Services Co.Ltd(300157)
Announcement on uncovered losses reaching one third of the total paid in share capital
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.
Landocean Energy Services Co.Ltd(300157) (hereinafter referred to as ” Landocean Energy Services Co.Ltd(300157) ” or “the company”) held the 8th meeting of the 5th board of directors and the 6th meeting of the 5th board of supervisors on April 27, 2022, deliberated and adopted the proposal on making up losses up to one third of the total paid in share capital. The details are hereby announced as follows:
1、 Overview of the situation
As of December 31, 2021, the amount of the company’s outstanding losses was -3.055 billion yuan, and the paid in share capital was 712 million yuan. The amount of the company’s outstanding losses exceeded one third of the total paid in share capital. According to the relevant provisions of the company law and the articles of association, the matter shall be submitted to the general meeting of shareholders for deliberation.
2、 Reasons for loss
1. Combined with the actual operating conditions of the company and the impact of macro environment and other factors, according to the accounting standards for Business Enterprises No. 8 asset impairment, accounting supervision risk tips No. 8 – goodwill impairment and other relevant provisions, and in accordance with the principle of prudence, various impairment reserves such as goodwill, oil and gas assets, long-term equity investment, fixed assets, accounts receivable and notes receivable are accrued this year.
2. Affected by the repeated covid-19 epidemic, different degrees of epidemic prevention and control measures have been implemented in various parts of China, the logistics and personnel flow of enterprises are limited, and the daily operation of the company has been hindered to varying degrees; At the same time, the decrease of export orders led to the decrease of gross profit in some business segments.
3. Due to the existence of debt disputes and other reasons, it has an adverse impact on the company’s production and operation activities, resulting in the decline of the company’s operating revenue and loss of operating performance.
3、 Countermeasures
1. Further improve the construction of internal control system and improve the ability of risk prevention. The company will further standardize the operation, improve and perfect the company’s internal control system, strengthen the management of subsidiaries, further improve the efficiency of operation and management and prevent business risks; Optimize the resource coordination efficiency of the group headquarters and subsidiaries through the digital system, build an intelligent digital platform, and improve the overall management level of the company.
2. Optimize the energy service business and improve the asset operation efficiency of the company. By building a stable development situation and seizing the development opportunities of the energy industry, the company will realize a new breakthrough in business scale as soon as possible in the business field with deep industrial advantages. Effectively adjust inefficient businesses and production capacity, and effectively allocate enterprise resources among the company’s business segments, so as to improve the efficiency of the company’s asset operation.
3. Accelerate the development of energy technology business and improve the overall profitability of the company. The company will make greater efforts to promote the technology and R & D advantages of its subsidiary xinsaipu and xinjinhua, realize technology driven products, lead the market with products, further expand the market scale and market share, and drive the improvement of the overall profitability of the company.
4. Independent innovation and the introduction of new technologies will enable the company to develop in the future. Focus on energy technology and related fields, explore and introduce new technologies, products and services for the company, and continuously inject new profit growth points into the company in combination with the company’s independent innovation ability.
4、 Documents for future reference
1. Resolutions of the 8th meeting of Landocean Energy Services Co.Ltd(300157) the 5th board of directors;
2. Resolution of the 6th meeting of Landocean Energy Services Co.Ltd(300157) the 5th board of supervisors.
None of the directors of the company raised any objection to this announcement and its contents.
It is hereby announced.
Landocean Energy Services Co.Ltd(300157) board of directors April 29, 2022
