On June 4th, Foton Motor announced that it intends to transfer 30% equity of An Kai Foton Shuguang Axle Co., Ltd. (hereinafter referred to as "An Kai Axle") through Beijing Equity Exchange at a listing price of 36.4524 million yuan. After the completion of this transaction, the company no longer holds the equity of An Kai Axle.
It is reported that An Kai Axle is mainly engaged in research and development, manufacturing and sales of automobile axles and accessories. The performance loss in 20 19 was 7.5 million yuan. In the first quarter of 2020, its net profit was a loss of 7,009,200.
For this equity transfer, Foton Motor said, "This equity transfer will play a positive role in improving the company's future financial situation; At the same time, it will help the company to concentrate resources on its main business and further enhance its market position. "
"selling children" for survival
Selling assets, Futian is short of money again?
In recent years, "selling and selling" seems to be becoming a main theme of Foton Motor, and "selling Baowo" is the most concerned by the market.
The story of Futian and Baowo originated from a market "ambition".
20 14 Foton Motor, which has been focusing on commercial vehicles, spent 5 million euros to acquire Baowo in Germany in order to enter the passenger car field. At that time, Germany Baowo had gone bankrupt. Although it was once brilliant, its production and technology have stagnated. The industry has always believed that Foton Motor just bought back an "empty shell".
In fact, Baowo, who had high hopes, eventually became the "dead hole" of Futian. Lv Fei Automobile Financial Report shows that from 20 16 to 20 18, Baowo Automobile lost 484 million yuan, 985 million yuan and 2.545 billion yuan respectively. Especially in 20 18, Baowo's loss accounted for 70% of Foton, which directly led to Foton Motor's loss of 3.57 billion yuan that year.
2065438+February 2008, 65438+2008, Futian split its shares in Baowo, and finally turned losses into profits. According to the data, in 20 19, 67% of Baowo's shares were sold and packaged, and the investment income was 65.438+73.3 million yuan. The equity method confirmed the investment income was-967 million yuan, which increased the total profit by 766 million yuan.
Perhaps, after tasting the ease of "dumping baggage", Foton Motor began the pace of "selling".
On March 3rd1,Foton Motor plans to publicly list and transfer the assets and liabilities involved in the stamping business of Beijing Ou Man Heavy Automobile Factory (stamping factory) at a listing price of19.62 million yuan.
On April 20th, Foton Motor listed and sold the 5 1% equity of Hebei Rezha Heavy Construction Machinery Co., Ltd. at a listing price of not less than 247 million yuan. It is worth mentioning that at the end of 20 19, the net assets of Hebei Rezha were 671548,000 yuan. Only two months later, the net assets plummeted to 478510.08 million yuan.
On April 22, Foton Motor announced again that it intends to publicly list and transfer some assets of Huairou Heavy Machinery Factory.
According to Lv Fei Auto's estimation, the sale of the above equity and assets will bring Foton Motor more than 500 million yuan in revenue.
Through a series of "dumping burdens", Foton Motor, which was deeply mired in losses, also ushered in a turning point.
The data shows that in 20 19, Foton Motor's total revenue reached 46.966 billion yuan, a year-on-year increase of14.40%; The net profit attributable to shareholders of listed companies was 65.438+0.92 billion yuan, a year-on-year increase of 654.38+0.05.36%, turning losses into profits; In terms of sales volume, Foton Motor withstood the downward pressure of China automobile market in 20 19, and the annual sales volume reached 540,000 vehicles, up 5.45% year-on-year.
In fact, the day before the announcement of "selling children", Foton Motor handed over its excellent report card again. In May, the sales volume reached 66,054 vehicles, a year-on-year increase of 47.68%; The return is nearly 10 billion yuan, which is the best level in history. The cumulative sales of Foton Motor10-May exceeded 250,000 vehicles, up by 13% year-on-year.
Then, in the case of a good situation, what kind of signal does Fukuda's attack again reflect?
The dilemma still exists
Is it raining, or is it still noisy?
Foton Motor was founded in 1996 and made its fortune in agricultural vehicles in Shandong. After many large-scale expansions, it achieved the gorgeous turn you saw and became the number one commercial vehicle sales in China. Therefore, Fukuda won the favor of Daimler and achieved a joint venture with it in the field of heavy trucks. For a long time, Futian has been a very conspicuous part of BAIC Group.
In 20 10, Foton Motor, which tasted the sweetness of expansion, launched the "2020 Strategy". According to the plan 10, the annual sales volume of automobiles will exceed 4 million, the sales revenue will exceed 400 billion yuan, and the profit will exceed 20 billion yuan, ranking among the top ten automobile enterprises in the world.
In a blink of an eye, can Futian's banner be realized?
The data shows that in 20 19, Foton Motor achieved an operating income of 46.966 billion yuan and a net profit of 65.438+92 million yuan, which was far from the target. It seems an unattainable dream that the net profit exceeds 20 billion.
"In addition to the adjustment of external factors in the automobile market in recent years, the main reason for Foton Motor's current operating conditions is that its own expansion is too radical."
According to public information, under the "2020 Strategy", Foton Motor launched a new round of expansion. 20 1 1 Foton Motor India Manufacturing Co., Ltd. was established with a capital contribution of 620 million yuan. In the following five years, Futian's "footprint" was spread all over Russia, Brazil, Mexico, India, Thailand and so on. Mature regional markets such as the European Union, North America and Japan are also developing simultaneously.
In addition, Foton will expand its automobile business to more fields than trucks. At present, it has more than 65,438+00 business brands such as Ou Man, Ouhui and Ruiwo, covering trucks, buses, passenger cars, core components, engines and other products. It can be said that it is a business trip and also involved in financial business such as financing guarantee.
After the large-scale expansion, the asset scale of Foton Motor also expanded rapidly. At the end of 20 17, the company's total assets reached 6241900 million yuan, and at the end of 20 10, it was 2464 10/000 million yuan, an increase of 37.778 billion yuan in seven years, with an increase rate of 65.438+053.5438+0%. This is equivalent to recreating 1.5 Foton Motor.
However, the blind expansion made Futian "eat a big loss" that was not prepared. Foton Motor's net profit has been declining in recent years, especially from 20 14 to 20 19. The company deducted the non-net profit for six years, with a cumulative loss of 8.232 billion yuan. The throne of the number one commercial vehicle sales, in between, has long been replaced.
"Focus on commercial vehicles" has become the lifeline of Foton Motor.
Passenger cars do subtraction and commercial vehicles do addition. From May 2065438 to May 2008, Foton Motor formulated the "Three-year Action Plan" and put forward a package of actions to accelerate the reform and adjustment of non-main business and loss-making business and improve asset utilization efficiency and profitability. According to the previous plan, from 20 18 to 2020, Foton Motor will occupy a leading position in the fields of heavy trucks, light trucks and passenger cars through series integration.
This year is the last year of the three-year action plan. Since the beginning of the year, Foton Motor has started the rhythm of "selling".
But blindly selling assets also has hidden dangers. Futian said that Changsheng Xingye, which took over Baowo's equity, failed to pay off the equity transfer payment as agreed, and the remaining price 148 1 billion yuan was delayed to be paid before 65438+February 3 1 this year.
From this point of view, for Fukuda, Baowo's "burden" has not been completely thrown out.
To make matters worse, Fukuda also provided Baowo with large loans and guarantees. According to the financial report, as of 20 19, Foton Motor also has a guarantee of about 8 10/00000 yuan for Baowo Automobile. Once Baowo Automobile is in debt crisis, it will also be a heavy blow to Futian.
Nowadays, Foton Motor, which has "opened a small gap", wants to return to the peak of commercial vehicles. In addition to selling, it is fundamental to improve its own strength. After all, the commercial vehicle market has changed from the stage of incremental market competition to the stage of stock market competition, and the era of "lying down to win" has long passed.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.