In accelerating the industrial area during the process of transition, China Steel Group are cooperative enterprises occupy a large amount of money. The iron and steel industry from the four quarter of last year has been the whole mess; coupled with poor management, group mobility problems also have greater risk.
China Steel Group will have the " impulsive" expansion to pay the price.
The insider recently to" daily of the first finance and economics" is disclosed, the SASAC has been basically finalized will be in trouble in the group merged into the group, but this plan still need finally to the sanction of the state council.
A former group high-level told the newspaper, China Steel Group's asset structure and Minmetals is relatively similar, if you must group merged with other central enterprises, the best to offer is Minmetals Group, it can also to some extent reduced competition in the industry, such as metal trade and resources investment and development.
Impulse expansion.
For the China Steel Group will be incorporated into the Minmetals Group news, reporter to verify when two companies publicity department, the two companies have indicated that they had not heard of.
However, the insider, the group will be incorporated into the Minmetals matters, the SASAC has carried out preliminary work, the "central enterprises integration between, first is the personnel arrangement, the second is on the integration of business."
Hundreds of billions of dollars of assets group if the group annex, is not on the steel management over the past few years crazy Expansion Strategies for making a mockery.
From the beginning of 2007, China Steel Group to enter during the period of rapid expansion, accelerating the industrial area transformation. At the same time, Minmetals also accelerates the industrial area transformation. But from the present results, Minmetals transition effect is obviously better than steel group.
In this regard, China Steel Group before tall canal says, China Steel Group over the past few years expanded too fast, one-sided pursuit of scale, eventually heart-breaking.
Due to lack of experience in the field of industrial transformation, China Steel Group is in the process of cooperative enterprises occupy a large amount of money. Since 2007, through collecting advance loans and generation of pad works, etc., private cooperative enterprises in Shanxi Joyou iron and Steel Company Limited ( hereinafter referred to as" Joyou" ) and the aspect of Handan iron and Steel Group Company Limited ( hereinafter referred to as the" vertical and horizontal steel" ) continue to occupy China Steel group funds, and take up the amount of larger scale, so that the operation is affected greatly.
In January 31st this year, the integrity of the international credit rating limited liability company ( hereinafter referred to as the" good faith" ) in the group of steel and steel company credit rating in say, two companies occupy the highest steel funds reached 12000000000 yuan.
Coupled with the poor operation and industry issues, China Steel Group over the past few years the debt pressure rising. From 2008 to2011September, asset is indebted rate is respectively 89.99%,90.65%,91.14%,91.29%. As of9 at the end of 2011, China Steel Group with total assets of 126856000000 yuan, total liabilities 115789000000yuan, asset-liability ratio of 91.29%.
In the data display, in 2011 1~ September steel group to achieve operating income135123000000 yuan, net profit is 65000000 yuan only, operating cash flow is negative190000000 yuan. Steel company debt pressure is also very big. As of9 at the end of 2011, China Steel shares a total debt of 95394000000yuan, the total debt of 67961000000 yuan. Ratio of liabilities to assets and total capitalization rate is respectively 93.51% and91.12%.
More serious is, the larger the liquidity risk of steel. Because of the company 's inventory, accounts receivable and prepaid accounts receivable amount is generally larger. The business of trading price trend mainly depends on the state of produce and sale of iron and steel industry. Once the main trade products prices continued to decline or maintain low, will be the company's turnover situation caused certain negative effect, thus bring liquidity risk.
In order to reverse the situation of steel of mismanagement, last year, national endowment appoint change group president, then, China Steel shares the overall strategic ideas of rapid expansion into structural adjustment and improve profitability, and set up a special group to solve the problem of funds tied up.
In the said, by reducing the scale of cooperation, change Shanxi Joyou and aspect of Handan 's strategic positioning to become the general relations of cooperation and other means, the two enterprises occupy the capital scale already from the peak of nearly $12000000000to the current 9000000000yuan.
Do not recombine to reverse predicament.
In that group, to the steel company in 20102000000000 yuan bonds provide a powerful guarantee, but its profit ability is very difficult to provide a powerful guarantee, because" mud Buddha falling, risk one's head".
In this regard, China Steel Group, an in-house personage tells our newspaper, currently the company has profit, the overall situation has improved.
China Steel Group has been associated with private enterprises Shanxi Li Heng iron and Steel Company Limited ( hereinafter referred to as " Li Heng Steel" ) on the Shanxi Joyou reached the trusteeship agreement, production more than a year of Shanxi Joyou November 5, 2011 production complex. Shanxi Joyou owed companies through vertical constant steel by instalments paid. At the same time, steel demand aspect of Handan and other private enterprises to provide land, production facilities and other assets mortgage, and the logistics and cash flow control, which reduces capital reserves recovery risk played a certain positive role.
Nevertheless, if difficult to achieve profitability, the two companies simply do not have the funds to pay, while its solvency depends mainly on the iron and steel industry. In fact, the iron and steel industry from the four quarter of last year has been the whole mess. The first quarter of this year, the domestic steel production is composed of main deficit turns into entire trade deficit. Iron and steel industry in the first quarter, sales revenue of 863888000000yuan circumstance, appeared a year earlier losses of 1034000000 yuan, profit 25800000000 yuan.
According to association of Chinese iron and steel industry forecast, the iron and steel industry dilemma may also maintain 3 ~4 years. In this trend, Shanxi Joyou and longitudinal steel debt-paying ability will be weakened greatly.
On the other hand, the iron and steel enterprises not to earn money, trade enterprises is not to earn money. As the group in the year group points out on working conference, iron and steel industry due to steel prices down, the profit space already fell to its lowest level in history, the iron and steel enterprises deficit range expands, operating pressure have squeezed the profit space of trade.
Relatively speaking, Minmetals operating ability. Is also a trade name, but the group has grown into the industry 's most profitable companies, its resource area expansion is more successful, especially during the financial crisis in Australian mining assets acquired OZ is considered to be a very successful merger and acquisition.
Last year, Minmetals Group, implementation profit total amounts to 12765000000 yuan, year-on-year growth of98.47%; to achieve annual sales income of 355200000000 yuan, an increase of 39.71%, asset indebted rate remained at 73.83%.
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