Central Enterprise St Company to the "most dangerous Time"

The central enterprises that fell into the "St camp" are facing the toughest test. In early August, the "central enterprises in charge of operating performance assessment results", 44 of enterprises to obtain a Class A rating. By contrast, half of the central enterprises remained at a loss as of the third quarter of this year. In this case, the St Central Enterprises set off a vigorous shell-holding movement. Some sell assets, some cut costs, some restructure ... The pattern of the shell-preserving way, in the last moment to let these central enterprises to reverse the fate of the need to observe. Set off the "shell movement" to avoid the risk of suspending the listing in the end of the three quarter of 2013, the central enterprises (the actual control of the State Council of State-owned Assets Supervision and Management Committee of the Enterprise) St Company Shell War also entered a critical juncture. According to the same flush IFind statistics show that as of September 16, 2013, a total of 20 central enterprises listed companies head "ST" or "*st" hats, if these companies in this year still loss, will face a moratorium on the risk of delisting. In this case, each central Enterprise St company each show its ability, set off the shell-keeping movement. "China Business daily" reporter statistics the above company shell tactics found, central Enterprise St company mainly through self-regulation, reorganization and sale of assets to avoid the risk of suspending the listing. "If you can't turn a loss this year, the company faces a risk of suspending its boss." In the absence of significant improvement in the entire industry, the company through internal operations management adjustment to achieve the goal of the year. "The sale of existing assets to restructure into high-quality assets in this year's Enterprise St Shell battle, some companies through their own adjustment to achieve losses, these measures from the first half of this year has been implemented, including the typical representative of *st Chai (000617.SZ) and *st Angang (000898.SZ)." In 1996, landed SSE *st is the core business of the middle-high-power internal combustion engine research and development manufacturing and sales, currently has a wide range of applications, suitable for the use of multiple fuel land, marine machines, Gas machine Three series of products cluster. *st Chai, who lost two consecutive years in 2011 and 2012, will face a temporary risk of a moratorium if it loses again this year. It achieved a net profit of 15.278 million yuan in the first half of 2013, and realized the net profit of the shareholders of listed companies deducted from the non recurrent profit and loss of 6.1775 million yuan. *st in the 2013.5 Annual report, said the first half of the company in accordance with the "one-year loss, two years to overcome, three years on the healthy development track" Development goals, reduce this and increase efficiency, and strive to achieve this year's goal of loss, the first half to achieve net profit of 15.278 million yuan, for the "If you can't turn a loss this year, the company faces a risk of suspending its boss." In the absence of significant improvement in the entire industry, the company through internal operations management adjustment to achieve the goal of the year. "*st Liu Minghui to reporters, the first half of the year the company's main reasons for the loss of three, the first is to increase the operating income of more than billion; the second is to reduce procurement costs, the company's procurement costs fell 4%; again isThe price of the product is appropriately raised. Liu Minghui further pointed out that the four quarter of this year, the company's product sales have some uncertainty, if the four-quarter company's product sales can maintain the existing level, the company this year to achieve a loss of the problem is small. *st Angang, which is also losing money for two consecutive years, has sharply reversed its performance in the first half of this year by slashing costs. 2011 and 2012, the company loss amount is 2.146 billion yuan, 4.157 billion yuan respectively. In the first half of 2013, the domestic economic growth slowed, the steel industry continued to slump, supply and demand contradictions intensified, steel enterprises are facing unprecedented pressure. In this case, the company in the first half of this year is attributable to the listed company shareholders of the net profit of 702 million yuan, the performance significantly improved. In talking about the first half of the company's losses, *st Angang said that the main reason is that the company further strengthen the market, control the pace of procurement, reduce procurement costs, optimization of coal blending, ore distribution structure, reduce material costs, the implementation of process target cost management, to reduce process costs, detailed logistics management, energy management, capital management, etc. Cost-related costs further reduced, the first half of the company's operating costs than a year earlier reduced 5.902 billion yuan. Among them, the company in the first half of the year to reduce coal procurement costs of 2.2 billion yuan, timely procurement of spot import mine, especially in June when the index price low when the implementation of a large number of procurement, the price fell 9.27%. In addition, the strengthening of capital management, the successful issuance of medium-term bills 4 billion yuan, the first half of the total reduction of financial costs 149 million yuan. The reorganization of meager profit can not guarantee the company this year to make a loss, in this case, the company to complete the reorganization this year is its ability to protect the success of the shell is an important measure. With *st and *st Anshan iron and steel through internal self-regulation to achieve the shell-holding means of different is that some central enterprise St companies choose to continue to stay in a a-share market through restructuring of the target, of which the *st of Tungsten (000657.SZ) and *st Yellow Sea (600579.SH) is more typical. As a result of 3 consecutive years of losses from 2007 to 2009, *st Tungsten in the stock market suspended on April 9, 2010. In September 2012, the *st shareholders ' meeting passed the reorganization plan. According to the program, the company intends to the major shareholder in Hunan Nonferrous non-public offering shares, purchase its holdings of Zhuzhou cemented Carbide Company (hereinafter referred to as "hard Company") 100% Equity, Zigong cemented Carbide Company (hereinafter referred to as "from the Hard Company") 80% Equity, and supporting fund-raising. However, the programme was not approved by the SFC in December 2012. Just as investors were disappointed, *st in the actual control of Tungsten Minmetals Group made a clear commitment, "in the next 3 years through mergers and acquisitions, such as the formation of tungsten tungsten mining, tungsten smelting, tungsten powder, cemented carbide and deep processing of the complete tungsten industry chain, will be in the tungsten Minmetals Minmetals group tungsten and cemented carbide strong enterprises. "Such a commitment gives a lifeline to a company that is on the verge of a retreat and, after approval by the exchange, *st of tungsten shares resumed trading this February. This April, *st tungstenThe bulletin said, will be combined with the SFC and the merger and Reorganization Committee's audit opinion, continue to promote the "on Hunan Nonferrous Metals Co., Ltd. issued shares to purchase assets and raise supporting funds program." The company will carry out the evaluation of the proposed injection of assets, and in conjunction with the relevant intermediary agencies to the major asset reorganization application materials to supplement, revise and improve, the revised application materials to the CSRC for review. A brokerage analyst said that while the company was able to return to the market this year, In 2012, however, the company still lost 51.1445 million yuan in net profit, if this year continues to lose money, the company will again face the risk of suspending the listing, although the company in the first half of this year to achieve a profit of 3.1182 million yuan, but the company's main business has not improved, such a meager profit does not guarantee the company this year can turn around, in this case, the company completed The important measure of the success of the shell. To the delight of *st investors, the company's revised restructuring plan was approved by the SFC on September 6 this year. According to the reorganization plan shows that after the completion of the transaction, the firm, since the hard company to become a listed company holding subsidiaries, the future profitability of listed companies will be improved: According to the Shing review of listed companies in 2013 to prepare earnings forecast report, The net profit of the listed company which belonged to the shareholder of the parent company in 2013 will reach 252 million yuan, and the net profit of the shareholder of 2014 will reach 258 million yuan. "The company's restructuring plan has been approved and there should be no problem in completing the restructuring this year," he said. "*st in tungsten Dong Li Junli told reporters that after the reorganization, the firm, since the hard company will be incorporated into the company's consolidated statement, so the company in 2013 to achieve a profit problem is not big." In addition to the *st tungsten, the *st Yellow Sea is also in the process of restructuring to achieve the shell plan. *ST Yellow Sea main business for tire manufacturing, the main products are all steel radial tire, half steel radial tire. In the first half of this year, the company net profit loss amount is 64.9329 million yuan, belongs to the listed company shareholder net worth is 402 million yuan. Due to the main business year after year loss, performance continued to decline, 2010 and 2011 audited net profit is negative, the company's stock since May 2, 2012 has been implemented risk warning. Although the *st Yellow Sea in December 2012 received 370 million yuan government subsidies, 2012 to achieve losses. However, as at December 31, 2012, the company's audited net assets remained negative. Therefore, even if 2012 years of loss, the company is still implemented risk warning. If the company's audited net assets at the end of 2013 continue to be negative, will be suspended listing, if the 2014 net assets are still not positive, will be terminated. In this case, the company initiated the reorganization of assets. This June, the company announces the summary of the report on the sale and issuance of shares in major assets and related transactions (draft), the company intends to sell all its assets and liabilities to the China Motor Corporation or its designated third party, and to issue shares to the Academy of Chemical Sciences to purchase its holdings of Tian Hua Yuan Co., Ltd. 100% of the equity. According to the data, March 31, 2013, the net assets of Tian Hua Yuan Co., Ltd. are 539 million yuan. According to the forecast, in 2013, the net profit of Tian Hua Yuan, which belonged to the owner of the parent company, was 60.5453 million yuan. A private-equity person told reporters that although the *st Yellow Sea in 2012 to rely on government subsidies to turn around, but the company's net assets negative, the first half of this year the company's net assets are still in the plight of substantial insolvency, in this case, restructuring may be the only way to achieve the company's shell. Selling assets "This year the company's goal is to change, in addition to adjusting the main business, the sale of assets is the company's primary means of shell." "In addition to self-regulation, restructuring means, the most used by the Central Enterprise St Shell is to sell its assets, such companies include *st North Magnetic (600980.SH), *st Rainbow (600707.SH), and *st Ocean (601919.SH) is the most typical representative." Affected by the overall downturn in the air transport, in 2011 and 2012, the losses were as high as 10.449 billion yuan, 9.559 billion yuan *st ocean, in the first half of this year again a huge loss of 990 million yuan. If the company can not turn around in 2013, then the company will have to face the embarrassment of suspending the listing, in which case, the company began to sell its assets in order to achieve the purpose of protecting the shell. May 20, 2013, *st Cosco Pacific Limited (hereinafter referred to as "Cosco Pacific") to longhonourinvestmentslimited (hereinafter referred to as "Longhonour", Cosco Group, the company's controlling shareholder, has actually controlled longhonour through Cosco Hong Kong group. ) The sale of COSCO Container Industry Co., Ltd. (hereinafter referred to as "Cosco container Industry") has been issued shares and related shareholder loans, the transaction price of 7.54 billion yuan. The deal is expected to bring about 2.907 billion yuan in the Cosco Pacific without audit pre-tax earnings. As the *st Ocean currently holds about 43.2% per cent of the COSCO Pacific, it calculates that the deal will bring the company a net profit of about 1.255 billion yuan to the parent company. In August this year, *st also sold two assets, respectively, Qingdao Ocean Assets Management Co., Ltd. (hereinafter referred to as "Qingdao Asset Management") 81% Equity and Shanghai Tianhong Asset Management Co., Ltd. (hereinafter referred to as "Tianhong") 81% equity to the large shareholder COSCO Group subsidiary. According to the relevant asset assessment report, the paper assumes that Qingdao Asset Management transaction and Tianhong Trading are RMB 2.057 billion and RMB 1.675 billion yuan respectively (the actual price is subject to the evaluation result of SASAC's record), and *st Ocean Board expects This transaction will be in 2013 for the company's contribution to profit of about 3.67 billion yuan. The Board of directors believes that this transaction is expected to improve the company's earnings performance in 2013, to supplement the company's operating capital, reduce the company's shares were suspended trading in the windRisk。 "This year, the company's goal is to change, in addition to adjusting the company's main business, the sale of assets is the company's primary means of shell-keeping." "This is the main direction of the company's work this year," said a *st insider. Also by selling assets to protect the shell of the central enterprises and *st North Magnetic. In 2013, the company's private additional plans (to the Mining and Metallurgy General Institute to acquire its own business reorganization of the North Mine Electrical and mechanical Technology Limited liability company 100%) has not been approved by the SFC, on August 22, 2013, to the affiliated enterprises of Beijing Mining and Metallurgy Research Institute transfer office Building, The transfer price is 29.2749 million yuan. A broker in Beijing said to this reporter, although the first half of this year * St North Magnetic Attribution to the listed company shareholders net profit of 3.229 million yuan, but this data appears too small, the company's Non-public offering plans have not yet been approved by the SFC, in this case the company completed within this year is less likely, so its sale of its assets to ensure that the company to achieve profitability this year, it is also understandable.