As of the signing date of the prospectus, the balance of direct debt financing of Hengli Group and its subsidiaries was 654.38+04.5 billion yuan, of which the balance of short-term financing bonds was 2.5 billion yuan and the balance of exchangeable corporate bonds was 654.38+02 billion yuan.
In the prospectus, Hengli Group mentioned a series of risks such as the rapid growth of total liabilities. At the end of 20 18-2020 and 20021the total liabilities of Hengli Group reached1kloc-0/531400 million yuan,1586.34 million yuan and164 million yuan respectively. Hengli Group said that the company has been in a period of rapid business development in recent years, and its total liabilities have increased rapidly. If the business environment changes significantly in the future and the debt level cannot be kept within a reasonable range, it will have a certain impact on the company's solvency.
In addition, Hengli Group also pointed out the risk of mismatch between liabilities and asset term structure. At the end of 20 18-2020 and 200212020, the current liabilities of Hengli Group were 62.284 billion yuan, 99.072 billion yuan, 65.438+002432 billion yuan and 65.438+006752 billion yuan respectively, accounting for 54065438+ of the total liabilities. The current assets of Hengli Group are 47.794 billion yuan, 64.444 billion yuan, 60.265 billion yuan and 67.4/kloc-0.00 billion yuan respectively, accounting for 36.5438+0.08%, 30.45%, 24.86% and 26.90% of the total assets respectively. The ratio of current liabilities to total liabilities is higher than that of current assets to total assets, so there is a risk of mismatch between liabilities and asset term structure.
In terms of performance, from 2018 to March 2020 and 20021March, the operating income of Hengli Group was 93.243 billion yuan,1378.39 billion yuan,1780.3 billion yuan and 6/kloc respectively. The net profit was 3.987 billion yuan,114.57 million yuan,155.97 million yuan and 42.1800 million yuan respectively.
The prospectus also shows that in addition to oil refining, petrochemical and other businesses, Hengli Group is also involved in real estate, hotel services and financial services. It is reported that the real estate business of Hengli Group is mainly carried out through Suzhou Hengli Real Estate Co., Ltd., a wholly-owned subsidiary, mainly concentrated in Wujiang Taihu New City. At present, the financing methods of the company's real estate development projects are mainly debt financing such as bank loans. Hengli Group said that the company is gradually withdrawing from the real estate sector, the existing plots have been basically developed and sold, and there are no plans to add new plots in the future.
However, in the first batch of centralized land supply in Suzhou this year, Hengli Group won four plots including Yundong and Shengze in Wujiang; At the beginning of the year, Sanya Zhengyang New Materials Co., Ltd., a wholly-owned subsidiary of Sanya, won the YGHA06-03-16/17/18 plot in Sanya Phoenix Coast for 475 million yuan.