the stock abbreviation of Tahoe Group Co.Ltd(000732) ( Tahoe Group Co.Ltd(000732) . SZ) will be changed to “St Taihe”.
Tahoe Group Co.Ltd(000732) said in an announcement disclosed on April 29 that the trading of Tahoe Group Co.Ltd(000732) shares will be suspended for one day from the opening of the market on May 5 and resumed from the opening of the market on May 6. At that time, the company’s shares will be subject to other risk warnings, and the stock abbreviation will be changed from ” Tahoe Group Co.Ltd(000732) ” to “St Taihe”; The stock code remains unchanged.
Judging from the reasons why Tahoe Group Co.Ltd(000732) was subject to risk warning, it was mainly due to the negative opinion issued in the internal control audit report of the last year, the lower of the net profit before and after deducting non recurring profit and loss in the last three fiscal years was negative, and the audit report of the last year showed that there was uncertainty in the company’s sustainable operation ability.
At present, in addition to facing liquidity crisis and debt default, Huang Qisen, the actual controller of the company, is still assisting the relevant authorities in the investigation. The specific reason is unknown.
net profit loss of 4.013 billion yuan, real estate gross profit margin of only 5.65%
Tahoe Group Co.Ltd(000732) 2021 annual report data show that the revenue in 2021 was 4.911 billion yuan, an increase of 35.87% year-on-year; The net profit attributable to shareholders of listed companies was -4.013 billion yuan, with a year-on-year increase of 19.73%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was -4.324 billion yuan, an increase of 2.94% year-on-year; The net cash flow from operating activities was 529 million yuan, a year-on-year increase of 117.94%; The total assets were 219.1 billion yuan, a year-on-year increase of 1.06%; The net assets attributable to shareholders of listed companies were about 10.059 billion yuan, a year-on-year decrease of 31.33%.
In terms of business segments, the gross profit margin of the real estate industry was only 5.65%, a year-on-year decrease of 6.58%; The gross profit margin of the service industry was 12.5%, with a year-on-year increase of 4.14%.
In addition, real estate development business is still the main source of Tahoe Group Co.Ltd(000732) revenue, accounting for 75.12% of operating revenue; Services, retail and other businesses account for a relatively small proportion. Over the same period, the gross profit margin of real estate business was 2.79%, down 9.44 percentage points year-on-year, mainly due to the higher land acquisition cost of real estate projects carried forward in the current period and the significant decline in profit level. In addition, during the reporting period, due to 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 the concentration of debt to payment, the company’s short-term liquidity was difficult, resulting in the extension of the project construction cycle and delayed delivery.
Tahoe Group Co.Ltd(000732) said that at present, the company is fully promoting debt restructuring and actively solving the debt problem. Meanwhile, Taihe investment, the controlling shareholder of the company, is still actively promoting the introduction of strategic investors, which will help to optimize the equity structure of the company.
Throughout 2021, Tahoe Group Co.Ltd(000732) no new land reserve.
By the end of 2021, Tahoe Group Co.Ltd(000732) land reserve has a total area of 129078 million square meters, a total construction area of 323991 million square meters, and the remaining exploitable construction area of 9.2387 million square meters.
monetary capital is only 1.9 billion yuan, and the overdue debt is 35.433 billion yuan
In terms of debt, the monetary capital of Tahoe Group Co.Ltd(000732) 2021 was about 1.908 billion yuan, accounts receivable 527 million yuan, inventory 157.2 billion yuan, short-term loan 5.09 billion yuan, contract liability 50.62 billion yuan and long-term loan 56.896 billion yuan.
As for the limitation of assets, 949 million yuan of monetary funds are limited due to margin, judicial freezing, performance bond and other reasons, and some assets are limited due to loan mortgage. The total value of these assets is about 157.6 billion yuan.
Regarding the prospect of the company’s future development, Tahoe Group Co.Ltd(000732) said that the company would continue to focus on the real estate business, focus on sales, promote payment collection, strengthen cash flow control, raise funds through various channels and actively solve the debt problem. The company will actively promote the introduction of strategic investors, optimize the ownership structure, improve corporate governance and improve corporate liquidity.
In promoting debt restructuring, Tahoe Group Co.Ltd(000732) said it would continue to fully promote debt restructuring and actively solve the debt problem. The company will continue to employ creditors and professional institutions to fully communicate and coordinate the demands of the company’s creditors, so as to form a comprehensive solution to the company’s debts. At the same time, further promote matters related to the introduction of strategic investors. In addition, the company will actively revitalize its assets, focus on sales and promote payment collection, and improve the company’s debt structure.
But Tahoe Group Co.Ltd(000732) also talked about the risk of debt default faced by the company.
As of April 30, the company had not cashed corporate bonds and medium-term notes on time, the amount of overdue loans was 35.219 billion yuan, and the unpaid interest was 15.009 billion yuan. As of April 28, 2022, the amount of overdue loans of the company was 35.433 billion yuan.
Zhongxinghua certified public accountants mentioned in the audit report that the interest cost of book financing loans in Tahoe Group Co.Ltd(000732) 2021 was 9.134 billion yuan, including 7.269 billion yuan of capitalization and 1.865 billion yuan of expense. “We intend to recalculate according to the litigation judgment results and the original loan agreement, and consider the construction situation to apportion between capitalization and expense. Since Tahoe Group Co.Ltd(000732) does not provide the construction progress data of all projects under construction, we cannot obtain sufficient and appropriate audit evidence to judge the accuracy of capitalization amount and expense amount.”
In addition, Tahoe Group Co.Ltd(000732) the interest cost of financing loan in 2020 is 9.913 billion yuan, including 8.388 billion yuan capitalized and 1.525 billion yuan expensed, Tahoe Group Co.Ltd(000732) some projects are suspended due to difficulties in capital turnover, Tahoe Group Co.Ltd(000732) the construction data in 2020 have not been provided to prove that the accounting firm is still unable to obtain sufficient and appropriate audit evidence to judge the accuracy of interest capitalization and expensed amount at the beginning of the period.
Tahoe Group Co.Ltd(000732) said that the company has a large scale of interest bearing liabilities, a high asset liability ratio and short-term liquidity risk.
By the end of 2021, Tahoe Group Co.Ltd(000732) asset liability ratio was 93.25%, with a year-on-year increase of 2.5%; The quick ratio was 7.67, a year-on-year decrease of 25.17%.
