The world's largest machine tool plant lost 1.4 bi

2022-08-02
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Another white horse shares exploded. The world's largest machine tool plant lost 1.4 billion yuan in half a year and could not afford to pay back 4.41 million loans

(original title: another white horse shares exploded. The world's largest machine tool plant lost 1.4 billion yuan in half a year and could not afford to pay back 4.41 million loans)

the loan for 4.41 million yuan, edited by AI financial services, Ze Xiang, Lu Ming

. On the evening of August 18, Shenyang Machine Tool Co., Ltd., the former largest machine tool manufacturer in China, announced that the company would restructure again, and the stock would be covered with stars and hats. Shenyang Machine Tool said in the announcement that the company owed 4.41 million yuan to Meiting cable, which has not been paid after collection. Therefore, Shenyang intermediate people's court ruled to accept the creditor Meiting cable's reorganization application to the company, and appointed the liquidation group of Shenyang Machine Tool Co., Ltd. as the manager of Shenyang machine tool. At the same time, because the court ruled to accept the bankruptcy reorganization, the trading of Shenyang Machine Tool stock will be suspended for one day on August 19, and the delisting risk warning treatment will be implemented from August 20, which is changed to "*st Shenyang machine tool". According to the semi annual performance forecast released by Shenyang machine tool in the middle of July, the company suffered a loss of 1.1 billion yuan -1.45 billion yuan, which was obviously lack of solvency. Only in July, Shenyang machine tool had four overdue debts and was deeply in the mire of funds

10 Displacement resolution: 0.01mm. The measured net asset of this series of gas springs is -501million yuan. Rome wasn't built in a day. This prosecution by the supplier is only a microcosm of the recent difficult survival of Shenyang machine tool. Shenzhen Stock Exchange has long been aware of the financial difficulties of Shenyang machine tool. After Shenyang machine tool released its 2018 financial report, the Shenzhen Stock Exchange issued an inquiry letter on the evening of May 30, asking it to explain the current debt level and relevant debt repayment arrangements. In the reply to Shenzhen Stock Exchange, Shenyang Machine Tool confessed that in recent years, the company's financial debt is serious, the asset liability ratio remains at a high level, and the annual interest expense consumes a large amount of working capital of the company. In 2018, the company's financial expenses reached 860million yuan, accounting for 17% of the operating revenue. The huge interest expense makes the company's working capital very tight. According to the 2018 financial report of Shenyang Machine Tool Co., Ltd., the company's monetary capital balance was RMB 3.509 billion, of which RMB 3.47 billion was limited, the ending balance of interest bearing liabilities was RMB 12.346 billion, and the ending asset liability ratio was 99.26%. At the end of 2018, the net asset of Shenyang machine tool was only 67million yuan, and the net asset in the first quarter of 2019 was -501million yuan, which will promote the investment in new equipment. In its reply to the Shenzhen Stock Exchange, Shenyang Machine Tool promised that in recent years, the company's matured debts had been repaid on schedule, and there was no record of breach of contract. The listed company has fully communicated with the bank, which can ensure the stability of the existing loan line, there is no risk of loan withdrawal and credit compression in the future, and can effectively ensure the timely repayment of matured debts

however, less than a month has passed since this commitment, and the overdue debts of Shenyang Machine Tool Co., Ltd. broke out. On the evening of July 25, Shenyang Machine Tool issued a debt overdue announcement, saying that due to the market downturn in the machine tool industry, the market demand of the company and its subsidiaries Yinfeng casting and Younis equipment fell sharply, the company's capital situation was tight, and the production investment was insufficient, resulting in the overdue of some of the company's debts. According to the announcement, the debt contracts involved in default involved four loans with a total amount of 850million yuan, and the overdue amount was 100million yuan. Shenyang Machine Tool said that at present, the company is fully raising debt repayment funds. If it cannot be properly resolved, the company may face litigation, arbitration, freezing of bank accounts, sealing up of assets and other matters due to overdue debts. The company is actively negotiating with relevant parties for proper solutions, making every effort to raise debt repayment funds, and striving to reduce the impact of overdue debts on the company. The sales volume once ranked first in the world. In 1993, Shenyang No. 1 machine tool factory, Zoje friendship factory, Shenyang No. 3 machine tool factory and Liaoning precision instrument factory jointly initiated the establishment of Shenyang machine tool. Among them, the history of Shenyang No. 1 machine tool plant can be traced back to the "first five year plan" after the founding of new China. It is one of the 156 key national projects and the first of the "Eighteen Arhats" in China's machine tool industry. In 1996, Shenyang Machine Tool Co., Ltd., which had been established for three years, landed in Shenzhen Stock Exchange and realized A-share listing. In 2004, Shenyang Machine Tool Co., Ltd. merged with Germany's heath company, reorganized Yunnan machine tool, and controlled Kunming Machine tool. It has three industrial clusters of Shenyang, Kunming and Germany's axelsleben, and has become a multinational enterprise. By 2011, the sales revenue of Shenyang machine tools had reached 9.611 billion yuan, the net profit attributable to shareholders of listed companies was 104million yuan, and the net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 52.388 million yuan. This year, according to the statistics of sales revenue, in 2011, Shenyang Machine Tool Group ranked first in the world machine tool industry for the first time, but this is also the last time that Shenyang machine tool achieved non net profit deduction. Since then, in the past 10 years, the prosperity of downstream industries such as automobile and consumer electronics has declined, which has had a great impact on the machine tool market. The business situation of Shenyang machine tool has deteriorated, and it was on the verge of delisting

2012, the net profit of Shenyang Machine Tool attributable to the shareholders of the listed company after deducting non recurring profit and loss decreased by 133.66%, with a loss of 17.634 million yuan. The net cash flow from operating activities also decreased by 801.02% year-on-year, with a decrease of 1.275 billion yuan. Thereafter, in 2013 and 2014, the net profits of Shenyang Machine Tool attributable to the shareholders of the listed company were 19.0916 million yuan and 25.5786 million yuan respectively, and the net profits deducted were all in a loss state. Since then, Shenyang machine tool has experienced continuous losses in 2015, 2016 and the first half of 2017, and finally became *st Shenyang machine tool. In the 2017 financial report, Shenyang Machine Tool pessimistically pointed out that if the asset structure and business structure are not optimized and adjusted in time, the company will face the pressure of being suspended from listing due to losses for three consecutive years. However, the fate of Shenyang Machine Tool Co., Ltd. should not be denied. At the end of 2017, we saw two big gift packages sent by our family and creditors at the scene. In 2017, Shenyang Machine Tool Group, the controlling shareholder of Shenyang machine tool, was listed as a pilot for comprehensive reform of state-owned enterprises by the State Council. Subsequently, eight ministries and commissions jointly issued the comprehensive reform plan of Shenyang machine tool plant. Shenyang Machine Tool Group and China Construction Bank signed a market-oriented debt to equity swap project of nearly 10 billion yuan. Subsequently, on December 14, 2017, Shenyang Machine Tool announced that its subsidiaries and subsidiaries had signed exemption agreements with 361 suppliers. The supplier agrees to waive the debt in a certain proportion. Shenyang machine tool will repay 134million yuan less at one time, accounting for one quarter of the total arrears of suppliers. Affected by this, Shenyang Machine Tool sprinted to achieve the 2017 financial target, turning losses into profits, and the net profit attributable to the shareholders of the listed company reached 118million yuan. From march1,2018, the delisting risk warning for stock trading was cancelled

source of this article: AI finance and Economics

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