On February 27th, Binjiang Group released the 20 18 performance report. From the operating income data alone, its performance in the past year has improved compared with that of the previous year, achieving an operating income of 210.5 million yuan, a year-on-year increase of 52.83%, and an operating profit of 41530,000 yuan, a year-on-year increase of 465,438+.

However, due to the impairment of assets, the net profit attributable to the owners of the parent company of Binjiang Group was 1.22 1 billion yuan, down by 28.62% compared with the same period of last year, and the basic earnings per share decreased from 0.55 yuan to 0.39 yuan, down by 29.09% year-on-year.

Shenzhen's old reform "stepping on thunder"

The loss of Shenzhen's old reform project is one of the main reasons for its sharp decline in net profit. On the same day that the performance report was released, Binjiang Group issued an announcement on the separate provision for asset impairment. Because the urban renewal project of Anfeng Industrial Zone in Longhua District of Shenzhen failed to advance, Binjiang Group has withdrawn from the project, and Anyuan Holdings, the partner, should have repaid the financing amount of 654.38+065.438+600 million yuan, and there is a risk that it cannot be fully recovered.

Therefore, Binjiang Group made a separate provision for asset impairment for this receivable, amounting to 723 million yuan. This recovery will reduce its net profit attributable to shareholders of listed companies in 20 18 by about 543 million yuan, and correspondingly reduce the owner's equity attributable to shareholders of listed companies in 20 18 by about 543 million yuan.

The old district reconstruction project of Anfeng Industrial Zone is located in the foothills of Yang Tai, Longhua District, Shenzhen, west of Bulong Road and north of planned Longguan expressway, covering an area of about 654.38+10,000 square meters. On August 20 16, Binjiang Group and Anyuan Holdings reached a cooperation intention and decided to jointly develop the project. To this end, the two parties invested in the establishment of a project development company named "Shenzhen Bin 'an" with a registered capital of 20 million yuan, with 70% of the shares held by Binjiang Group and 30% by Anyuan Holdings.

In June of the same year 165438+ 10, Binjiang Group, Anyuan Holdings, Shenzhen Binnan Company and Shenzhen Xinrun Xianke Co., Ltd. signed the Framework Agreement on Project Investment Cooperation in Anfeng Industrial Zone, Longhua District, Shenzhen. According to this agreement, Anyuan Holdings and Shenzhen Xinrun Xianke Co., Ltd. will take the lead in the development of the whole project, and they will handle the land use right certificate of the project, the transformation and development procedures of the project, the main body of the project development and the development arrangements.

Binjiang Group, which can't give full play to its own advantages, has become a "blood transfusion" in the old reform project in Shenzhen. Just as many parties signed the cooperation framework agreement, Binjiang Group acquired the trust beneficiary right under Everbright Trust-Anyuan Group Single Fund Trust for 860 million yuan, and provided Anyuan Holdings with another 300 million yuan of financial support.

However, contrary to expectations, shortly after a series of preparatory actions were completed, Shenzhen's old reform policy was adjusted, and it was clearly stipulated that commercial R&D apartments were strictly prohibited. According to the planning requirements of the government, the old renovation project jointly developed by Binjiang Group and Anyuan Holdings has 30% business apartment indicators.

Under the restriction of policy, the project ran aground indefinitely. However, the debt will not be offset with the stagnation of the project. In March last year, the "Everbright Trust-Anyuan Group Single Fund Trust" expired, and Binjiang Group issued an announcement, demanding Anyuan Holdings to fulfill its repurchase obligations and immediately pay the repurchase money, and at the same time demanding to recover the 300 million yuan trust loan issued to Anyuan Holdings through Sichuan Trust Co., Ltd.

Due to debt default, Shenzhen Old Reform Project received an inquiry letter from Shenzhen Stock Exchange, requesting Binjiang Group to make supplementary explanations on the financial status and debt situation of Anyuan Holdings. In the subsequent reply, Binjiang Group expressed confidence in Anyuan Holdings, saying that this debt default had little impact on its financial situation, and there was no need to accrue asset impairment losses for the corresponding creditor's rights.

What Binjiang Group didn't expect was that the actual situation was even worse than expected. On April 20th last year, Binjiang Group took Anyuan Holdings to court, claiming that it failed to provide a convincing repayment plan and demanded compensation for the principal of financing, unpaid financing/loan interest and litigation costs as of March 20 18, totaling 65.438+0307 billion yuan.

In the end, after mediation by Zhejiang Higher People's Court, the two parties reached a mediation, which ended with Binjiang Group withdrawing 724 million yuan for bad debts.

High debt sprint still missed "100 billion"

The "stepping on thunder" of Shenzhen's old reform project is not the only reason why Binjiang Group's net profit fell sharply last year. As mentioned in the announcement, in addition to the above-mentioned project losses, the increase in annual interest-bearing liabilities has brought about a substantial increase in financial expenses, which also has a certain impact on its net profit performance.

The third quarter financial report released by Binjiang Group shows that as of September 30, 20 18, the company's total liabilities were 67,005,438+0 million yuan, with a debt ratio of 79.5%, up 6.76% compared with the same period of 20 17; At the same time, the interest-bearing debt was 250. 19 billion yuan, and the net debt ratio increased from -4% at the end of last year to 65.438+0/kloc-0.8%.

Behind the sharp rise in liabilities is the active expansion of Binjiang Group. Among the housing enterprises in Zhejiang, the development of Binjiang Group is not rash. In the past many years, it has been rooted in Zhejiang with Hangzhou as the center. Until 20 16, binjiang group began to show its ambition to the outside world, and successively participated in the two land king projects of the new Hangzhou Olympic Sports Center and Nanxing.

During the two years from 20 17 to 20 18, Qi Jinxing, chairman of Binjiang Group, repeatedly expressed his concern about "scale". According to the specific plan, Binjiang Group will expand its scale at the speed of 20 18, 20 19 and 2020.

Therefore, on 20 17 and 20 18, Binjiang Group actively took land. According to statistics, in 20 17, it acquired 20 cases of land, and in 20 18, this number increased to 26 cases, with a value of about 230 billion yuan, of which 20 cases were acquired in the first half of the year and 6 cities were newly laid out.

The sudden acceleration quickly alarmed the cash flow of Binjiang Group. According to the semi-annual report, the net cash flow generated by its operating activities was-114.2 million yuan from 2065438 to the first half of 2008, ranking the last among A-share listed real estate enterprises, with a year-on-year decrease of 386.5%.

Under such circumstances, Binjiang Group, which originally planned to achieve the goal of "crossing 100 billion times and laying out 100 billion times" in 20 18, stepped on the brakes. Last June 165438+ 10, Binjiang Group decided to postpone the opening of the new 13 project with opening conditions to the first quarter of 20 19, and at the same time lowered the annual sales target to 85 billion yuan.

The promised "1000 billion" finally fell through. The paper shows that in 20 18, Binjiang Group achieved sales of 86.95 billion yuan. In other words, Binjiang Group achieved less than 87% of its sales target last year.

In this regard, Qi Jinxing pointed out that safety is more important than scale. At the same time, Binjiang Group said that it will enter the 100 billion housing enterprise club in 20 19, and strive to maintain the top 30 housing enterprises. At present, among the top 200 sales of China real estate enterprises in 20 18 released by Ke Rui, Binjiang Group ranks 37th.