1 65438+1On October 24th, Yankuang Group issued the fifth medium-term notes in 2020, with the basic issue amount of1billion yuan and the upper limit of 2 billion yuan.
165438+1On October 20th, Yankuang Group disclosed the prospectus of the above-mentioned notes in Shanghai Clearing House. The paper credit rating report issued by United Credit Rating Co., Ltd. shows that the long-term credit rating of Yankuang Group is AAA, and the credit rating of the fifth medium-term paper in 2020 is AAA, and the rating outlook is stable.
The above rating report shows that Yankuang Group has a large debt scale and a heavy debt burden.
As of165438+1October 10, the balance of direct debt financing of Yankuang Group was 84186 million yuan, or 2.754 billion US dollars, accounting for about 102299 million yuan. By the end of 20 19, the indirect debt balance of yankuang group was 109925 million yuan.
The important ways of enterprise financing are equity financing and debt financing. Debt financing can be further subdivided into direct debt financing and indirect debt financing.
At the same time, the owner's equity of Yankuang Group contains a large amount of perpetual debt, and if the redemption right is exercised, it will increase the debt repayment pressure of Yankuang Group. If there are adverse changes in production and operation in the future, the company will face the risk of excessive debt burden.
Perpetual bonds, also known as indefinite bonds, refer to bonds registered and issued by the issuer in the inter-bank bond market with "no fixed term and the issuer has the right to redeem".
According to the rating report, as of the end of June this year, the total liabilities of Yankuang Group were 2,286,543.8+63 million yuan, an increase of 4.75% compared with the end of last year, mainly due to the growth of short-term loans and bonds payable.
Among them, current liabilities account for 565,438+0.76%, and non-current liabilities account for 48.24%; The book value of perpetual bonds is 23.889 billion yuan, accounting for 66.03% of the equity attributable to the parent company.
In the past three years, the asset-liability ratio of Yankuang Group has declined, but it is still at a high level. At the end of 20 17-20 19, the asset-liability ratio of yankuang group was 73.59%, 70.53% and 68.38% respectively.
This is mainly because Yankuang Group has started a number of acquisitions in recent years. It has successively acquired many mines and mining rights in China, Inner Mongolia, Guizhou, Xinjiang, Shaanxi, Shanxi and other places, and acquired many coal mines and potash resources exploration rights in Australia and Canada abroad.
Yankuang Group still has the problem of low net profit of returning to the mother.
Compared with China Coal Energy Co., Ltd. (hereinafter referred to as China Coal Energy) and Datong Coal Mine Group Co., Ltd. (hereinafter referred to as Datong Coal Mine), Yankuang Group's asset scale and debt burden are at a medium level, and its operating income scale is high, but its profitability is weak.
From 20 17 to 20 18, yankuang group lost18.93 million yuan and17.07 million yuan respectively; Turning losses into profits in 20 19 years, the net profit attributable to the mother18.99 million yuan.
In 20 19, Yankuang Group achieved an operating profit margin of 1 1.68%, and the operating profit margins of China Coal Energy and Datong Coal Mine were 24.92% and 15.09% respectively.
From 20 17 to 20 19, the average compound annual growth rate of Yankuang Group's total operating income was 2 1.82%, but the growth rate of operating cost was higher than that of operating income, which led to the fluctuation of operating profit rate.
Coal business is the core business of Yanzhou Group. In 20 19, due to the decrease in the average selling price of coal, the proportion of coal trading business with low gross profit margin increased, and the comprehensive gross profit margin of Yankuang Group decreased by 2.94 percentage points year-on-year to 12.82%.
According to the prospectus of the fifth medium-term notes in 2020, Yankuang Group also faces risks such as coal price fluctuation and resolving excess capacity.
Yanzhou Mining Group, formerly known as 1976, was established in Yanzhou Mining Bureau. 1In March 1996, Yanzhou Mining Bureau was restructured into a wholly state-owned company, and 1999 officially changed its name to Yankuang Group.
Official website shows that Yankuang Group is the only super-large coal enterprise in China that has a listing platform at home and abroad. As of June this year, Yankuang Group * * * has 37 pairs of main mines, with the approved raw coal production capacity of 228 million tons/year, and owns and controls the geological reserves of coal resources of 407,565,438+million tons, with the remaining recoverable reserves of 491800 million tons, accounting for 80% of the company's remaining recoverable reserves.
The third quarter financial statements show that Yankuang Group achieved revenue of 239.6438+0 billion yuan from June to September this year, up 65.438+08.5438+05.438+0% year-on-year; The net profit returned to the mother was 65.438+0.457 billion yuan, a year-on-year increase of 235.38%.
At present, Yankuang Group and Shandong Energy Group Co., Ltd. are implementing strategic restructuring.
In July this year 12, Yanzhou Coal Industry (600 188. SH) The announcement said that it received a notice from the controlling shareholder Yankuang Group that Yankuang Group and Shandong Energy Group were planning a strategic restructuring.
Yankuang Group and Shandong Energy Group are both enterprises actually controlled by Shandong SASAC.
On August 14, shareholders of Yankuang Group, Shandong State-owned Assets Supervision and Administration Commission, Shandong Guo Hui Investment Co., Ltd. and Shandong Social Security Fund Council approved the merger. After the reorganization, Yankuang Group will become the only coal group enterprise under the State-owned Assets Supervision and Administration Commission of Shandong Province, and its advantages in resources and scale will be greatly improved.
(This article was updated at 10: 22 on the morning of October 25th1/kloc-0. )