In addition, FAW Li Xia's net profit attributable to shareholders of listed companies last year was-15.6 1 yuan, down 23.57% year-on-year, and its net assets attributable to shareholders of listed companies were-13.9 billion yuan.
Yesterday evening, FAW Li Xia announced that the audited net assets at the end of 20 19 were negative, and the company's stock trading will be warned by Shenzhen Stock Exchange from April 10. The stock abbreviation was changed from FAW Li Xia to *ST Li Xia. The company will suspend trading on April 9 and resume trading on April 10.
On April 9th, Song Qinghui, a famous economist, told the test drive report that the former "national car" had fallen to the point of delisting for many reasons, the most important of which was the ignorance of the domestic automobile market, and the poor brand building, product innovation ability and marketing ability, which led to the failure of FAW Li Xia automobile market to keep up with the market demand of consumption upgrading.
On the same day, the Test Drive Report called Meng Junkui, the director of FAW Li Xia, to inquire about the company's development and delisting risks. He told the "Test Drive Report" that the annual report on related issues is very detailed and subject to the annual report.
The loss exceeds1400 million yuan? Worrying cash flow
FAW Li Xia, known as the "National God Car", can't escape losses. In addition to the net profit loss of more than 654.38+04 billion yuan, its "non-net profit deduction" has been losing money for three consecutive years.
According to the data in its annual report, the net profit of FAW Li Xia attributable to shareholders of listed companies after deducting non-recurring gains and losses is 20166,600 yuan, 20126,300 yuan and-139,000 yuan in 20 19 years.
The annual report also shows that the company's total assets last year were 654.38+94.7 million yuan, a decrease of 56.88% compared with the previous year's 456.5438+50 million yuan; The net assets attributable to shareholders of listed companies were-65.438+0.387 billion yuan, a decrease of 65.438+0.585.65% compared with the previous year's 93.34 million yuan.
In addition, the basic earnings per share of FAW Li Xia last year was -0.928 1 yuan, and the weighted average return on equity was -228.86%, down-4,066.24% and -278.05438+0% respectively.
At the same time, its cash flow situation is very tight, and it is still unable to get rid of losses. The annual report shows that the net cash flow generated by the company's operating activities last year was-703 million yuan, compared with-1306 million yuan in the previous year, with a year-on-year increase of 46.20%. The annual report explained that the main reason is that the company's main business has been in a state of cash flow loss, 20 19? In the second half of 2008, with the gradual stagnation of vehicle business, the cash flow loss gradually decreased.
Although the loss has narrowed, it is still difficult to solve the "lack of money" dilemma of FAW Li Xia. According to the annual report, the total current assets of FAW Li Xia last year was 805 million yuan, of which monetary funds were only 654.38+65 million yuan, and other current assets were 578 million yuan. At the same time, its current liabilities reached 2.43 billion yuan, including short-term loans110 million yuan and other payables of 637 million yuan.
FAW Li Xia also said in its annual report that at present, the automobile industry has entered a major transition period, and the total market volume has begun to show a negative growth trend, and the sales of traditional fuel vehicles have declined. At the same time, the challenge of technological upgrading represented by new energy and "internet plus" is increasing day by day, and the product structure, competitive format and market participants of the automobile industry are undergoing tremendous changes, entering a new stage of transformation and development. Under the above-mentioned industry background, the company's products are affected by many factors, product sales continue to be sluggish, and the overall performance continues to decline.
Negative net assets? Implement delisting risk warning
Last year, the domestic automobile market as a whole showed fatigue. Almost all the financial reports disclosed by major car companies show a downward trend, and FAW Li Xia is just the tip of the iceberg.
Selling cars without making money seems to be the main theme of FAW Li Xia. The annual report shows that its main business income last year was 394 million yuan, but its operating cost was 6,654,380,400 yuan, far exceeding its operating income.
At the same time, in the main business, the cost of car sales far exceeds the income. The annual report shows that the operating income of automobile sales in this period is 260 million yuan, but the operating cost is as high as 479 million yuan.
Affected by many factors, such as sluggish business and high cost, FAW Li Xia's asset-liability ratio also rose sharply last year. According to the annual report, the company's asset-liability ratio at 20 19 12 3 1 is? 169.8 1%, and this figure was 97.34% in the previous year's 65438+February 3 1.
In addition, due to negative net assets last year, FAW Li Xia was also warned of delisting risk by Shenzhen Stock Exchange.
In the announcement last night, FAW Li Xia said that the company's stock will be suspended for one day today and will be suspended from? 2020? Year? 4? Month? 10? Resumption of trading on the opening day; The abbreviation of the company's stock was changed from "FAW Li Xia" to "*ST? Li Xia "; After the implementation of delisting risk warning, the daily increase and decrease of stock trading is limited to 5%.
On April 9, Song Qinghui told the Test Drive Report that the risk of delisting means that the only shell resources will be lost for FAW Li Xia, leaving a worthless shell. "At present, the capital market seems to have no hope for FAW Li Xia, and delisting may be a foregone conclusion."
Regarding how to eliminate the delisting risk, FAW Li Xia mentioned in the announcement that at present, the board of directors of the company is actively taking measures. These include carrying out staff promotion activities, exploring diversified disposal methods of idle assets, revitalizing idle assets, increasing income and reducing expenses, and implementing multi-angle, multi-level and multi-category cost improvement projects to reduce costs and increase efficiency; Reduce all kinds of energy consumption, control all kinds of costs and expenses, make good use of all kinds of preferential policies and reduce losses.
At the same time, the announcement also mentioned that in order to completely solve the problem of the company's overall performance decline at present, FAW and the company's controlling shareholder, Wu Tie, reached a preliminary intention on matters such as the free transfer of the controlling rights of listed companies, the placement of existing assets of listed companies and the issuance of shares to purchase assets. The 24th meeting of the 7th Board of Directors of the Company reviewed and approved the major asset restructuring plan. This reorganization is conducive to improving the company's financial situation, strengthening business diversification, filling business lines, enhancing the overall anti-risk ability and sustainable operation ability of listed companies, and achieving sustained and stable development.
According to the announcement, if the reorganization can be successfully completed, the company's business will be transformed into material supply services and productive services mainly for the railway rail transit industry. The main business covers all links and material units of railway construction, operation and maintenance, and provides integrated comprehensive services such as material supply, production coordination, quality supervision, transportation organization, bidding agency, operation and maintenance for the railway industry and related markets around the fields of oil products, lines, equipment, industry and railway construction engineering services.
Today, FAW Li Xia, who is in charge of Wu Tie and holding hands with Bojun Automobile, stands at a new starting point. How to regain the glory of the past will still face a difficult test.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.