Securities abbreviation: Shanghaichengdiconstructioncorporationltd(603887) securities code: 603887 Announcement No.: 2022-009 bond abbreviation: urban land convertible bond bond Code: 113596
Shanghaichengdiconstructioncorporationltd(603887)
Announcement of performance loss in 2021
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents.
Important content tips:
Shanghaichengdiconstructioncorporationltd(603887) (hereinafter referred to as “the company”) expects the net profit attributable to the shareholders of the listed company in 2021 to be – 450 million yuan to – 650 million yuan;
It is estimated that the net profit after deducting non recurring profit and loss attributable to the shareholders of the listed company in 2021 will be – 420 million yuan to – 620 million yuan.
1、 Performance forecast of the current period
(I) performance forecast period
From January 1, 2021 to December 31, 2021.
(II) performance forecast
1. According to the preliminary calculation of the financial department, the net profit attributable to the shareholders of the listed company in 2021 is expected to be a loss compared with the same period of the previous year (legally disclosed data). The net profit attributable to the shareholders of the listed company is expected to be – 45 million yuan to – 65 million yuan.
2. The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses is – 420 million yuan to – 620 million yuan.
(III) the performance forecast of this period is the preliminary calculation of the company and has not been audited by certified public accountants.
2、 Performance in the same period of last year
(I) net profit attributable to shareholders of the listed company: 392666100 yuan.
The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 367.5703 million yuan.
(II) earnings per share: [0.875 yuan / share]*
*: the earnings per share in 2020 has been adjusted according to the implementation results of the company’s equity distribution in 2020.
3、 Main reasons for performance loss in advance in the current period
(I) foundation and foundation engineering construction business
1. During the reporting period, affected by the liquidity risk of Evergrande group, the commercial bills of Evergrande group received by the company were in breach of contract, and some due project receivables were not recovered in time. Based on the principle of prudence, it is estimated that the provision for impairment of Evergrande group and its member enterprises is 53.7344 million yuan according to 70% of the total amount of project accounts receivable and commercial bills of 76.7634 million yuan;
2. During the reporting period, affected by Tahoe Group Co.Ltd(000732) liquidity risk, the total amount of project receivables of relevant projects was 33.2463 million yuan, which may be unrecoverable. The specific reasons are: due to the broken capital chain of Tahoe Group Co.Ltd(000732) subordinate project company, the project has been shut down for a long time, and the risk of uncompleted tail is high. As a professional subcontractor of the project, the company has won the judgment against its general contractor (Zhongcheng Construction Co., Ltd.) and has entered the stage of judicial execution, but considering that it may have no assets available for execution, For the above-mentioned project funds, the company expects to withdraw the impairment provision at the proportion of 100%. 3. During the reporting period, considering the overall downside risks of the industry, the company actively adjusted its business strategy and contracted the business scale of relevant real estate industries, resulting in a decrease in the number of orders undertaken by the company and a corresponding decrease in revenue during the reporting period.
(II) Internet data center related businesses
1. The performance of the subsidiary Xiangjiang Technology Co., Ltd. did not meet expectations during the reporting period, mainly due to:
(1) As the receivables of Huitian, Nanfaxin and other customer projects undertaken by it failed to be collected before December 31, 2021, it is estimated that the bad debt provision is about 70 million yuan according to the aging analysis method;
(2) The construction of Guangzhou Liangguang phase I, Shanghai Yunbai and digital Yangzhong projects undertaken by it was delayed due to Party A, and the revenue was not recognized within the reporting period, which had an impact on the profit of about 80 million yuan;
(3) The price of copper and sector increased, and the price increase of this part was about 55 million yuan.
2. Due to the national green energy planning policy and the improvement of the construction standard of the new green data center (e.g. the pue standard is adjusted from the original 1.4 to 1.3), the adjustment of the design and planning scheme and the administrative approval time are prolonged, resulting in the project construction progress of the company’s self built and self operated data center business project is less than expected, and the income has not been realized during the reporting period. At the same time, the early management expenses also affect the current profit to a certain extent.
(III) others
1. Considering the decline of the company’s performance in the first three quarters, the company started the goodwill impairment test for its subsidiaries at the end of the fourth quarter, and it is expected to withdraw the provision for goodwill impairment. Based on the current market operating environment and the preliminary calculation of the company, auditors and asset appraisal companies, the profit margin of the subsidiary Xiangjiang technology cannot return to the historical level in the short term. Therefore, it is proposed to make a provision for goodwill impairment of RMB 450 million ~ 650 million, which is expected to affect the company’s profit of RMB 45 million ~ 650 million during the reporting period, and correspondingly affect the company’s consolidated owner’s equity attributable to shareholders of listed companies of RMB 45 million ~ 650 million as of December 31, 2021;
2. As of the end of the reporting period, the company still had 1199479000 yuan of convertible corporate bonds, with a total interest of 61.8876 million yuan during the reporting period;
3. During the reporting period, the prices of main raw materials used in the company’s production and operation (such as steel, copper, cement, etc.) rose sharply, further reducing the business profit margin.
4、 Risk tips
(I) accrued goodwill impairment risk
At present, the original book value of the company’s goodwill is 1464311100 yuan. After the provision for impairment of goodwill is made this time, the book value of goodwill is about 814311100 yuan ~ 1014311100 yuan. This provision for impairment is included in the company’s consolidated profit and loss in 2021, affecting the company’s consolidated net profit attributable to shareholders of Listed Companies in 2021 of 450 million yuan ~ 650 million yuan, As of December 31, 2021, the company’s consolidated owner’s equity attributable to shareholders of listed companies will be affected accordingly, ranging from 45 million yuan to 65 million yuan.
The company’s proposed provision for goodwill impairment has not been confirmed by the asset appraisal institution and audited by the accounting firm. The final data shall be subject to the evaluation report and the data approved by the accounting firm.
5、 Other explanatory matters
The above forecast data are only preliminary accounting data. The specific and accurate financial data shall be subject to the 2021 annual report officially disclosed by the company. Please pay attention to the investment risk, make prudent judgment and make rational investment. It is hereby announced.
Shanghaichengdiconstructioncorporationltd(603887)
Board of directors January 26, 2022
