Ziffent Paper Cloud Tracing: reducing chemical plant latent loss original appearance

21st Century Economic Report Li Qingyu Jinan reported that Shandong Kailash Special Paper Co., Ltd. (hereinafter referred to as "Ziffent paper") had a smooth meeting in August.　　Later, more obscure plots surfaced.　　August 20, Ziffent paper in written form to answer the reporter's previous questions.　　Zhou Shuling The Ziffent paper owned by the Qingdao run, the domestic PE market has recovered from the 2008 financial crisis, but Zhou Shuling's share price is still about 5-6 times earnings.　　Not only that, Ziffent paper played down the role of chemical plants in the Kailash system. Zhou Shuling stock price "high" and "low" April 18, 2008 Ziffent paper increase capital expansion shares, of which Qingdao run Health Investment Guarantee Development Co., Ltd. to 20 million yuan held Ziffent paper 3.17% Equity, in April 2009, Kailash Company to all shareholders 10 shares to increase 7.5 shares.　　2009, August 8, Qingdao run-sheng will hold the Kailash company 3.17% stake in a total of 3.5 million shares to 5.714 yuan per share, a total of 20 million yuan price, transfer to Zhou Shuling. Ziffent paper said: "2008 when the introduction of strategic investors, the price is 10 yuan per share, 2007 Ziffent paper to achieve a net profit of 3,561.990,000 Yuan, According to the total share capital of 63 million shares after the increase of capital shares, the earnings of 5700 yuan per share, 17.54 times times the P/E ratio to finance, Ziffent paper is difficult to achieve the financing target of 130 million yuan. Ziffent paper after the calculation that the end of 2008 is expected to achieve a net profit of not less than 63 million yuan grasp relatively large, on this basis, after hard negotiations, the final investment price to achieve at the end of 2008, the net profit is not less than 63 million yuan for the basis of agreed.　　"From this, to Ziffent paper in the dispute with PE winners, PE are more like to take 2008 years Total Equity and 2007 net profit division between earnings multiples, but Kailash at that time to argue that looks more reasonable, finally adopted 2008 estimated net profit of 63 million yuan."　　But when the introduction of Zhou Shuling Ziffent paper was unexpectedly compromised. "Zhou Shuling and Qingdao run in May 2009 negotiated equity transfer, as a result of the financial crisis continues to the end of 2008 Ziffent paper has been achieved on the basis of net profit, to determine the transfer price, both parties are fair and reasonable." According to the 110.25 million shares of total equity after the increase of capital accumulation fund, Ziffent paper realized net profit at the end of 2008 to deduct the earnings per share after the Non-recurrent profit is 0.461 yuan, Zhou Shuling Ziffent paper shares of 12.39 times times earnings. "Ziffent paper thinks that the financial crisis in the second half of 2008, when the PE market investment price-earnings ratio fell to 5-6 times, Qingdao run health although a year to transfer equity, but the basis of the transfer price and Qingdao run the shares of the basis of the same price, and prices are still far higher than the market at that time P　　There is no problem of low price transfer of ownership in Qingdao, which accords with the market principle. This was very different from the 2008 negotiations, when Ziffent paperThe demand is based on the estimated net profit of 2008, and when the transfer of equity in 2009 is Zhou Shuling, it is not based on the estimated net profit of 2009, but on the basis of the 2008-year net profit after the Non-recurrent profit and loss.　　Financial statements show that 2007 Ziffent paper earnings per share of 0.712 Yuan, 2008 to 1.031 Yuan, 2009 for 1.077 Yuan. The introduction of strategic investors in the April 08, the financial crisis in China has not yet emerged, as a subdivision of the industry champion, 10 times times P/E is not high, and to the introduction of Zhou Shuling is September 09, not only the national "4 trillion" stimulus has been shown, Kailash the first half of the earnings have been summarized, whether the　　According to 2009 profit, 5-6 times market surplus is obviously not "much higher than the PE investment at that time P/E."　　The privatization of collective enterprises in the Kailash series of disputes, there is a view that Ziffent paper technology input, "20 million of research and development funds from the chemical plant input," and the chemical plant "pay" after the Qi Feng Group, and through the evaluation of the chemical plant "underestimated" and then privatized. Ziffent paper Restructuring, restructuring process is complex. 2004, to shell company Zibo Europe and China company as the parent company, through the acquisition and other means will Bochenghau, Europe wood paper factory and has been in this year restructuring of the Kailash chemical plant, the formation of Shandong Kailash Light Group, after the renamed Qi Feng Group Co., Ltd.,　　December 29, 2007 restructuring set up Shandong Kailash Special Paper Co., Ltd. Kailash denied that the special paper technology "20 million research and development funds from the chemical plant input." "The development cycle is three years, with an average of $ more than 6 million per annum," Kailash said. Two paper factory during this period although the loss, but still in continuous operation, the operating process of cash flow also constitute a major source of research and development costs.　　Ziffent paper alienated the relationship between the mill and the chemical plant and played down the role of the chemical plant in the Kailash system.　　"Latent loss" is a term used in the prospectus for Kailash chemical plant. According to Ziffent paper prospectus, Kailash Chemical plant was founded in December 1994 by the second mill.　　1998, the second paper mill shareholding system reform, the chemical plant stripped out, still retain the collective nature. November 29, 2004, Kailash Chemical plant reform and privatization. The new limited liability accounting firm in Shandong Province has evaluated the Kailash chemical plant and issued an asset assessment report on December 10, 2004.　　Assessment Price, September 30, 2004 as the base day, Kailash chemical plant net assets of 480200 Yuan.　　December 22, 2004, Linzi District Economic and Trade Bureau and Ziffent paper predecessor Kailash Light Group, Li Anzong signed the transfer of assets agreement, agreed to accept Kailash chemical plant assets as a whole transfer. Li Anzong is the eldest son of Li Co. More than a year later, Ziffent paper, the predecessor of Kailash Light Group will be 60% of the shares to the Li Anzong and his wife, both sides and on January 19, 2007A supplementary agreement is signed and the transfer is determined on the book value of December 31, 2006.　　Subsequently, the Li Anzong husband and wife in accordance with the audit report to pay the transfer of 9,500,495,.81 Yuan and the completion of the difference and interest of 1.5619 million yuan.　　At this point, Kailash chemical plant completely completed from the collective ownership to privatization turned. But the transfer price is somewhat odd.　　At the same time, since the signing of the transfer agreement, why did it sign the supplementary agreement? If the 2010 big letter accounting firm Review report, the transfer price should be 9,715,980 yuan, and the actual transfer price reached 11,062,395,.81 yuan. The amount of money reached more than 1.3464 million yuan.　　Since most of the transfers were paid in 2007, the interest is much higher. Li Anzong and his wife pay 1.3464 million yuan more, who is the beneficiary?　　There is a Shibu formula.　　Restore chemical Plant Original Kailash paper Chairman Li Co, 61 years old this year, was a Linzi District house in Zibo village captain, secretary, Zhu Tai Town predecessor Huaiyang Commune party committee deputy secretary, 1981 summer as the predecessor of Zibo second paper mill branch secretary and director. After more than 10 years of accumulation, the second paper mill in 1995 to invest 50 million yuan in the annual production of chemical raw materials maleic anhydride (referred to as maleic anhydride) 6000 tons production line, the production line by the Tianjin Chemical Design Institute, because the domestic design has reached international similar level in the industry quite well-known. Subsequently expanded to 5 production lines, production reached 32,000 tons.　　Kailash Chemical plant in the industry has also become a benchmark of enterprises, the channel quotes in Kailash Chemical factory factory Price is one of the vane. Before 2000, maleic anhydride was a tight chemical product, after 2000, due to China in maleic anhydride raw materials coking benzene production has an international competitive advantage, although the domestic began to saturated but internationally competitive, similar products than foreign 5%-10% lower, so the export volume increased, the Iraq War caused maleic anhydride "in short supply",　　The price advantage of coking benzene with coal as raw material has been highlighted because of the rapid rise of oil prices in the war. 2003, maleic anhydride imports 5,240 tons, exports to 4,310 tons, but by 2004, imports to 5,030 tons, exports to increase to 11420 tons, the first export is greater than imports. By 2007, exports had reached 88,170 tonnes. There are experts in the chemical industry estimates, before 2000, raw material benzene cost of 3000-4000 yuan per ton, maleic anhydride ex-factory price of 7000-8000 yuan per ton.　　Even at 2000 yuan per ton of income, Kailash chemical plant annual income is at least tens of millions of.　　This may be the reason for the Kailash chemical plant to sign the supplemental agreement after transferring the original investment price, that is to say, after the agreement is signed, there are different opinions, resulting in the original agreement cannot be executed. China Chemical network analyst Zhang Ming, after 2006, due to rapid expansion of production capacity, maleic anhydride manufacturing Enterprises Competition white-hot, maleic anhydride sales are no longer as tight as before, now enterprises more Indina, but shouldWill not lose money. For example, he said: "August 20, Shandong Hongxin maleic anhydride factory price per ton of 9300-9400 yuan, the current Shandong region coking benzene price per ton 6500 yuan, general 1.13 tons of coking benzene production 1 tons of maleic anhydride, loss and no loss at a glance." The so-called losses, the actual business is the management costs, which outsiders do not know. ”