Xugong unable to meet demand for heavy trucks transferred 60% equity XCMG car
Yesterday evening, Xugong (000,425, stock it) announced 60% stake in the company will be held in Nanjing Xugong Automobile Manufacturing Co., Ltd. (hereinafter referred to as XCMG car) transferred to the company's largest shareholder XCMG Construction Machinery Co., Ltd. (hereinafter referred to XCMG Limited ), the transaction price of 121.8022 million yuan.
After the completion of the transaction, XCMG XCMG car no longer holds shares. It is understood that the car XCMG two consecutive losses in 2008 and 2009, XCMG XCMG reason to sell the car options, it is because the car can not be short-term losses and XCMG companies unable to meet the huge demand for investment XCMG car in terms of heavy trucks due.
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XCMG whether the transfer premium car exiting the heavy truck industry?
January 17, 2010, XCMG XCMG machinery and limited in Xuzhou City signed the "Equity Transfer Agreement", the company will be held 60% stake in XCMG XCMG car transfer to the limited trading price of 121.8022 million yuan.
XCMG Xuzhou Construction Machinery Co., is the controlling shareholder, holds 58.47% stake in the company, is the controlling shareholder of the Company, and therefore this transaction constitutes a connected transaction.
According to announcements, XCMG car chief operating motor vehicles (excluding nine or less passenger) production; a class of vehicle maintenance (medium-sized trucks). 2008 full-year loss 12,833,100 yuan, 45,178,300 yuan loss for the first three quarters of 2009.
As of September 30, 2009, total assets of XCMG automobile 290 million yuan and net assets of 59,786,400 yuan, while Xugong to 120 million yuan price transfers XCMG car 60% stake, a premium of up to 200%.
Company explained that this assessment of the value of the selected results of the assessment using the income method to assess the value of the covered business license XCMG automobile production qualification, the follow-up customer resources of value of intangible assets, goodwill, human resources, etc. Therefore, the assessed value over the book value increased significantly.
XCMG XCMG reason to completely exit the car, the company explained that the car is not due XCMG losses and are unable to meet the huge demand for investment XCMG car in terms of heavy trucks in the short term, due to two factors.
Investors have issued a doubt, due to inability to meet XCMG automobile financing needs in terms of heavy trucks would abandon the company, does that mean Xugong will exit the heavy truck industry?
Twice within four months of the issuance still can not meet demand for heavy trucks?
Xugong said the heavy truck industry as the company's new entry is a large investment, high risk, effective in the short term the industry is not obvious, the larger short-term operating risks. XCMG automobile loss 16 million yuan in 2008 budget, the actual loss 20.56 million yuan; 2009 losses of 47.6 million yuan annual budget, estimated loss of about 70 million yuan. Due to less investment, XCMG car can not reverse the situation in the short-term losses.
Affected by the financial crisis, in 2009 from January to August, China's total sales of 385,000 heavy trucks, although representing a decrease of 12.3%, but the growth of apparent recovery, better long-term prospects. In this context, XCMG XCMG abandon the car because: unable to meet financing needs.
It is understood, July 5, 2008, XCMG XCMG announced a private placement of shares to buy Xugong have related operating assets, including construction machinery companies, including Xuzhou Heavy. After one year, 21 August 2009, XCMG (000,425, stock it) directed issue of shares to buy assets of the Group declared complete.
However, as the size of the asset growth, the company's asset-liability ratio also increased. Three quarterly show, currently Xugong assets and liabilities was 75.64%, higher than the industry debt ratio levels.
Less than four months after the completion of the issuance, ie December 29, 2009, Xugong recurrent funding announcement, the second additional financing does not exceed 50 billion yuan.
The XCMG XCMG car in the transfer bulletin said, the choice of equity financing of equity investment projects, investment projects for heavy-duty vehicles fully demonstrated that the competitiveness of the car XCMG existing manufacturing conditions, product technology not yet reached the level of R & D capabilities and requirements of financing the project, and therefore not included in the development of heavy truck project equity investment projects. To achieve long-term development of heavy truck XCMG automotive products within 3-5 years need to invest 20-30 billion.
In order to consolidate and improve the company's main business of construction machinery products, competitive advantage (310,368, fund it), companies need to invest nearly two years about 80 million, is currently unable to meet the huge demand for investment XCMG car in terms of heavy trucks.
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