Recently, Evergrande’s capital chain problems have continued to ferment. The overdue payment of commercial bills has also caused many suppliers to fall into the dilemma of cash flow rupture, which has also caused the performance of some listed companies to suffer setbacks. In the past two months, Evergrande has been actively selling assets in an attempt to use cash to ease financial pressure.
On November 1, Diou Home Furnishing stated on the Shenzhen Stock Exchange Interactive Platform that the 39.5 million overdue notes receivable from Evergrande will be settled, and the relevant registration procedures are currently being processed. It is reported that this is not the first supplier to agree to Evergrande’s “use of housing to pay debts”. Since the commercial bills have expired, Evergrande has proposed a "house to pay off debt" plan to its suppliers. So far, many home building materials companies have agreed to reach a house settlement solution.
Diou Home
Achieved a 39.5 million yuan housing purchase plan with Evergrande, and the buyback plan stimulated the stock price to rise by the limit
The information disclosed by Diou Home Furnishing shows that the company has previous business dealings with Evergrande Group and its member companies, and Evergrande Group purchased ceramic tile products from it. As of September 30, 2021, the balance of accounts receivable between the company and Evergrande Group and its member companies was 74 million yuan, and the balance of notes receivable was about 40 million yuan. The balance of overdue bills receivable is about 41 million yuan, of which 39.5 million yuan has reached a housing settlement solution with Evergrande Group and is currently undergoing relevant registration procedures.
Previously, the third quarterly report released by Diou Home Furnishing showed that as of September 30, the company’s total accounts receivable were approximately 3.479 billion yuan, other receivables were 403 million yuan, and notes receivable were approximately 428 million yuan. They increased by 15.05%, 85.71% and 21.59% respectively year-on-year at the end of 2020.
On the evening of November 1, Diou Home Furnishing announced that it plans to use its own funds to repurchase the company's shares through the secondary market for the implementation of employee stock ownership plans or equity incentive plans. The total repurchase funds will not be less than 100 million yuan and not exceed 200 million yuan, and the share repurchase price shall not exceed 20.68 yuan/share. Shortly after the A-share market opened on the 2nd, the stock price of Diou Home Furnishings shot up to the daily limit. Diou Home Furnishing stated that the buyback plan directly stimulated the stock price to rise by the limit, and the housing purchase solution also eliminated the concerns of shareholders to a certain extent.
Dongpeng Holdings
Achieved a 144 million yuan housing purchase plan with Evergrande, which affected fermentation performance and suffered a setback
The third quarter financial report of Dongpeng Holdings released on October 29 showed that its operating income in the first three quarters was 5.738 billion yuan, a year-on-year increase of 20.33%; the net profit attributable to shareholders of listed companies was 390 million yuan, a year-on-year decrease of 25.23% ; Non-net profit after deduction was 292 million yuan, a year-on-year decrease of 36.27%. The report shows that the revenue growth and profit decline of Dongpeng Holdings in the first three quarters were mainly due to the overdue payment of Evergrande commercial bills. The company re-estimated the impairment of receivables and increased the credit impairment by 182 million yuan. In addition, due to the increase in prices of bulk raw materials such as raw materials, energy and packaging materials, the overall cost of products has increased.
Disclosed information shows that as of September 30, 2021, the balance of accounts receivable between Dongpeng Holdings and Evergrande Group and its member companies was 302 million yuan, the balance of notes receivable was 333 million yuan, and the balance of other receivables was 333 million yuan. The balance of collections was 157 million yuan, of which the balance of overdue accounts receivable was 284 million yuan. Among them, 144 million yuan of overdue commercial acceptance bills (which have been converted into accounts receivable according to accounting standards) have reached a preliminary solution with Evergrande Group.
In addition, Dongpeng Holdings also disclosed in the report that it will continue to actively negotiate and communicate with Evergrande Group, and under the guidance and coordination of relevant local governments, vigorously promote related debt recovery solutions focusing on asset offset debts. At the same time, we do not rule out protecting the legitimate rights and interests of the company and investors through property preservation, legal proceedings and other means.
Mona Lisa
The commercial invoice is overdue for 14.13 million yuan, and negotiations are ongoing to find a solution
Monalisa's third quarter 2021 financial report released on October 16 showed that it had previous business dealings with Evergrande Group and its member companies, and Evergrande Group purchased ceramic tiles and other products from it. Recently, due to Evergrande Group's capital turnover difficulties, commercial acceptance bills have become overdue and unpaid. As of September 30, 2021, Mona Lisa and Evergrande Group still have a balance of accounts receivable and notes receivable of 17.7528 million yuan, including 16.6563 million yuan of commercial acceptance bills receivable and 14.1303 million yuan of overdue acceptance bills. Yuan.
Mona Lisa said that it is negotiating with Evergrande Group to seek corresponding solutions, and does not rule out protecting the legitimate rights and interests of the company and investors through property preservation, legal proceedings and other means.
Sofia, Jiangshan Oppein, 3Korses...
Construction contractors and home building materials suppliers were owed money and used various payment plans to pay off their debts
In addition to ceramic companies, the Evergrande incident also impacted many large construction contractors and home building materials companies upstream and downstream, such as Golden Mantis, Gujia Home Furnishing, Robam Electric, Sophia, China National Inspection and Quarantine Group, Jiangshan Oppein, and Piano , Grandland Group, etc. Data show that as of the end of 2020, Evergrande's debt to suppliers reached as high as 500 billion yuan. Since 2021, after problems occurred in Evergrande's capital chain, investors, construction parties, and downstream suppliers related to Evergrande have been trapped in the quagmire of "debt collection", and some suppliers have even suffered losses and suspended trading.
On September 13, Evergrande released a payment plan to investors, including cash installment payment, physical asset payment, and payment to offset the final payment of the house purchase. Investors can choose one of the three options for payment. , or combine any two or three plans for redemption.
Sofia: The third quarter financial report of 2021 shows that Sofia’s subsidiaries used the commercial acceptance bills held by Shenzhen Evergrande Materials Equipment Co., Ltd. and Evergrande Group member companies for a total of 352 million yuan to purchase the equivalent value of Evergrande Group and its members. The assets of the enterprise; with the commercial acceptance bills of 160 million yuan held by Guangzhou Evergrande Materials Equipment Co., Ltd. and Shenzhen Evergrande Materials Equipment Co., Ltd., the company Henan Evergrande Sophia Home Furnishing Co., Ltd. is transferred to the company held by Henan Evergrande Home Furnishing Industrial Park Co., Ltd. 40% equity of the company.
Jiangshan Oppein: The 2021 third quarter financial report shows that as of the date of the board of directors meeting of this report, the balance of commercial acceptance bills receivable by Jiangshan Oppein from Evergrande Real Estate Group Co., Ltd. is 682 million yuan, of which the commercial acceptance bills that have expired have not been paid. The amount of the acceptance bill was 318 million yuan. On June 30, the company agreed to transfer the 40% equity interest in Henan Hengda Oppai Door Industry Co., Ltd. held by Henan Hengda Home Furnishing Industrial Park Co., Ltd. for an amount of RMB 72.5035 million.
3TREES: The 2021 third quarter financial report shows that as of September 30, 2021, 3TREES has an account receivable balance of 150 million yuan and a note receivable balance of 355 million yuan to China Evergrande and its subsidiaries. It holds China Evergrande The overdue amount of bills issued by Daiji's subsidiaries and unpaid bills totaled 108 million yuan. Information shows that 3TREES holds China EvergrandeAmong the commercial acceptance bills issued by Evergrande and its subsidiaries, the amount paid by Evergrande was 235 million yuan, of which 220 million yuan was used to pay off the debt with real estate.
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In addition, large "debts" from construction contractors such as Golden Mantis, Grandland Group, and Nantong No. 3 Construction have been paid off through asset compensation and other plans. For example, Gold Mantis reached an asset compensation solution with Evergrande Group and its member companies for 1.798 billion yuan of commercial acceptance bills receivable. Among them, 591 million yuan of assets have been disposed of by the supplier in the form of offset against the supplier's payables. Currently, All relevant procedures are being processed.
The Evergrande thunderstorm incident has affected a large number of upstream and downstream suppliers. From the perspective of the industry chain, the real estate industry is the "big brother", and many downstream industries such as home furnishing, building materials, and construction construction are "prosperity and loss." damage". At present, not only Evergrande, but also the cash flow of most real estate companies is extremely tight. Centralized project procurement is an emerging channel in the ceramic industry, especially an important channel for leading ceramic companies. How should ceramic companies and dealers cope with this situation in the future? What about a "double-edged sword"?
(Author: Liu Sitao)
