V View of Financial Report | Worse still! Evergrande Auto is required to return 1.9 billion yuan of incentive subsidies
Source: Zhongxin Jingwei 2024-05-27 11:55:15
China Singapore Jingwei, May 23 - Evergrande Automobile recently announced that it was required to return 1.9 billion yuan of reward subsidies.
On the night of the 22nd, Evergrande Auto said that its subsidiary Evergrande New Energy Auto Investment Holding Group Co., Ltd. and other subsidiaries of the company (collectively referred to as "relevant subsidiaries") had recently received letters from relevant local administrative departments, Relevant subsidiaries have signed a series of investment cooperation agreements (collectively referred to as "relevant agreements") with relevant local administrative departments since April 29, 2019.
Letter requirements, because the company If it fails to perform its contractual obligations in accordance with the relevant provisions of the relevant agreement, the relevant local administrative department plans to require the relevant subsidiary company to terminate the relevant agreement in accordance with laws and regulations; At the same time, the total amount of various awards and subsidies that have been issued is about 1.9 billion yuan to the relevant local administrative departments, and the relevant subsidiaries shall be jointly and severally liable to each other. At present, relevant subsidiaries plan to send letters to relevant local administrative departments for coordination 。
Evergrande Automobile mentioned that the above letter requirements If it is finally implemented, it will have a significant adverse impact on the financial status and operations of the Company or relevant subsidiaries 。 The Company will timely perform the disclosure responsibility in accordance with the provisions of the Listing Rules, and require relevant subsidiaries to actively communicate and properly handle in accordance with the guidance of the letter.
From 10:56 on May 17, Evergrande Auto suspended trading. Evergrande Auto said that the trading of its shares would continue until further notice.
By the end of the suspension, Evergrande Auto's share price had soared by 70%, with a total market value of HK $4.1 billion.
On March 27, Evergrande Auto released its 2023 annual financial report, which showed that by the end of 2023, Evergrande Auto had total assets of 34.851 billion yuan and total liabilities of 72.543 billion yuan, including borrowings of 26.484 billion yuan, trade and other payables of 43.012 billion yuan and other liabilities of 3.047 billion yuan.
From the above data, the compensation of 1.9 billion yuan is undoubtedly worse for Evergrande Motors.
In April this year, Evergrande Auto announced that the strategic investment of Newton Group had failed. From the outside world's perspective, the capital of Newton Group is "life-saving money" for Evergrande Auto, which has lost money for many years in a row. According to the plan, all the battle investment funds of Newton Group will be used for Evergrande Automobile Tianjin Plant to ensure the normal production of Hengchi 5 and the continuous mass production of Hengchi 6 and Hengchi 7.
In 2023, Evergrande Auto's total revenue will be 1.34 billion yuan, with about 1.136 billion yuan coming from property sales. As of December 31, 2023, Evergrande Auto has produced 1700 Hengchi 5 cars and delivered more than 1389 cars in total. In addition, as of December 31, 2023, Evergrande Auto's cash and cash equivalents were 129 million yuan. (Zhongxin Jingwei APP)
