165438+1October 13 in the evening, Tianqi lithium industry (002466. SZ, a leading enterprise in lithium resources, took the initiative to explode. The M&A loan of the company18.84 million US dollars (about RMB124.44 million yuan) will be 165438 in 2020.
As a former big white horse stock, Tianqi Lithium Industry is now in a debt default dilemma, starting with the company's overseas acquisition of more than 4 billion US dollars.
The largest overseas merger and acquisition of Sichuan private enterprises
Tianqi Lithium Industry is a leading enterprise of lithium resources in China, mainly engaged in the exploitation and sales of lithium resources and the manufacture of lithium salt products. From 2065438 to May 2008, Tianqi Lithium Company won 23.77% equity of Chilean lithium mining giant SQM Company with US$ 4.066 billion (at that time, about RMB 25.9 billion), and together with the original 2. 1% equity, it held 25.86% equity of SQM Company, becoming the second largest shareholder of SQM Company.
This is also the largest overseas M&A case of private enterprises in Sichuan so far, which is called "snake swallowing elephant" acquisition. Tianqi Lithium's self-raised fund is only 726 million US dollars, and the rest is provided by a syndicate led by CITIC Bank, which has caused Tianqi Lithium to bear great financial pressure.
At the same time, Tianqi Lithium's huge acquisition of SQM equity can be described as "buying the peak". Affected by the relationship between supply and demand, the era of profiteering soon ended and the lithium industry market went down. Take the battery-grade lithium carbonate market as an example. Three years ago, the market price was as high as170,000 yuan/ton, but on June 3, 1 165438, the Red Star Capital Bureau looked up the quotations of major platforms and found that the price of battery-grade lithium carbonate was around 45,000 yuan/ton, just like a roller coaster.
The share price of SQM, which is listed on the US stock market, has also been on a roller coaster. When Tianqi Lithium Industry 20 18 acquired the equity of SQM, the share price was about $65, which was a certain premium to its share price. However, after 20 19, it kept falling to more than 20 dollars per share, and Tianqi lithium industry had to make an impairment of 5.279 billion yuan at 20 19. At the same time, Tianqi Lithium's highly leveraged acquisition of SQM equity led to a substantial increase in financial expenses, and the total interest expenses generated by M&A loans in 20 19 years amounted to 165 billion yuan.
SQM share price trend (monthly line), Tianqi lithium industry stands guard at a high position.
Affected by the acquisition of SQM shares, Tianqi Lithium suffered a huge loss of 5.983 billion yuan in 20 19, exceeding the total net profit of the company in the previous three years. In the first three quarters of this year, the company continued to lose165.438+003 billion yuan, and it is expected that it will still lose 136 billion yuan to 2.27 billion yuan for the whole year. If the net profit is negative for two consecutive years, after the company discloses the 2020 annual report, it may be subject to delisting risk warning.
Two overseas gambles, the former succeeded, and the latter became the "taker"
Before the acquisition of SQM in Chile, Tianqi Lithium had a very successful overseas merger and acquisition. 20 14 used capital leverage to complete the acquisition of Australia's Tellson Company at a cost of more than 5 billion yuan. Tellison owns the world's highest grade spodumene mine, and it is this acquisition that makes Tianqi Lithium Industry control the right to speak on the supply of domestic lithium resources and become the industry standard setter of battery-grade lithium carbonate.
At the same time, the relevant state departments have given Tianqi Lithium a green light, considering the dangerous situation that China Lithium Industry may face. In just two months, all the approval procedures required for overseas acquisition have been completed. In the end, Tianqi Lithium successfully completed the acquisition of Tellison with the assistance of CIC, which made Tianqi Lithium firmly occupy the first position in the domestic lithium industry.
Two years later, Tianqi lithium, which tasted the sweetness from overseas mergers and acquisitions, took aim at SQM in Chile. Lithium resources usually exist in two forms in nature: lithium ore and salt lake. Among the lithium mines in the world, the one with the highest grade is Tellison mine in Australia. Most of the best lithium resources in salt lakes are concentrated in South America, especially Akatama Salt Lake in Chile under SQM, which has always been the lithium salt lake with the highest lithium concentration, the largest reserves and the most mature mining conditions in the world.
For the lithium industry giants, the lithium resources on the earth are relatively limited. If we can master high-quality core resources, we can win competitiveness in the future development. After the successful acquisition of Tellison, Tianqi Lithium also hopes to replicate this success and further become the largest and best quality lithium resource and lithium salt supplier in the world.
But unfortunately, Tianqi Lithium Industry did not step on the right time node, or was too hasty-almost at the time when the global lithium salt price peaked, it made a decision to acquire the equity of Chilean SQM Company, and unfortunately became a high-level "receiver" in the strong cycle industry. This led the company to spend more money, and without money, it borrowed a lot from banks. As a result, the debt is high, and the interest alone is amazing, reaching more than 654.38+0 billion yuan every year.
In fact, the serious losses of Tianqi Lithium Industry in recent two years are directly related to the heavy financial burden. Two big overseas acquisitions are highly leveraged "gambling", which brings heavy pressure to the company. The financial report shows that the company's financial expenses will reach 2.028 billion yuan in 2020; In the first three quarters of this year, the financial expenses were still as high as 654.38+28.6 million yuan. Tianqi Lithium also admitted that the company's leverage reduction and debt reduction work failed to meet expectations, and this year's global COVID-19 epidemic has further increased the liquidity pressure.
20 14 Tai Sen's overseas acquisition, Tianqi lithium industry is right. 20 18 SQM in Chile was acquired overseas, but unexpectedly became a "take-over man", which made Tianqi lithium industry bear heavy debts. Today's predicament is caused by the high price acquisition of SQM. If time can go back, I wonder if Tianqi Lithium will dare to gamble? Will Jiang Weiping regret his original decision?
Jiang Weiping, chairman of Tianqi Lithium Industry, once said at the performance briefing that high-quality lithium mines and salt lakes in the world are scarce and trading opportunities are limited. At that time, it was also because of the anti-monopoly review requirements that SQM shares needed to be divested, which created a rare trading opportunity.
We are still actively introducing strategic investors.
At present, Tianqi lithium industry faces huge debt default risk. According to the announcement of Tianqi Lithium Industry, according to the agreement signed between the company and the M&A loan syndicate led by CITIC Bank, the M&A loan of 65.438+0.884 billion US dollars will expire at the end of this year 10, accounting for 654.38+0.79.35% of the latest audited net assets of the company.
Although Tianqi Lithium has formally submitted an application to the syndicate to adjust the term structure of the loan, it is still under examination and approval, and there is the possibility that the loan will not be successfully extended when it expires, and the company will not be able to repay it in full and on time, which may lead to default.
In addition, Tianqi Lithium suspended the payment of interest on some M&A loans due in 2020. Up to now, the accumulated unpaid interest of M&A syndicated loan is about 4,765.438 million yuan. If the company encounters difficulties in repaying the debt principal and interest in the future, its business, operating performance, capital status, financial status and daily production and operation may be greatly adversely affected.
Some projects under construction, such as "Tianqi Lithium Industry Suining Anju District Project with an annual output of 20,000 tons of lithium carbonate" and "Phase II Project with an annual output of 24,000 tons of battery-grade lithium hydroxide monohydrate", may also face the risk that the previous investment cannot be fully recovered due to the temporary inability to continue investment.
As of June 5438+065438+1October 10, Tianqi group, the controlling shareholder of the company, has pledged 354,983,500 shares due in the next year, accounting for 75.82% of its shares and 24.03% of the company's total share capital, and the corresponding financing and guarantee balance is 36,543.85.
The balance of financing guarantee includes two parts: first, Tianqi Group pledged financing balance of 2.235 billion yuan, which was lent to Tianqi Lithium Industry and its subsidiaries of 609 million yuan; 2. The financing pledge amount of Tianqi Lithium Industry and its subsidiaries is about 959 million yuan, and the actual loan balance of Tianqi Lithium Industry and its subsidiaries is 300 million yuan.
If the company's performance continues to decline, triggering the above risks may lead to a decline in the company's share price; At that time, the pledgee of Tianqi Group may demand to repay the pledged financing or cover the position.
Tianqi Lithium said that up to now, the company's cash flow level has not been substantially improved, and the situation of tight liquidity has not been substantially improved. Because there is not much time left, Tianqi lithium industry urgently needs to introduce powerful strategic investors.
165438+ 10/4, Li Bo, Senior Vice President and Director of Tianqi Lithium Industry, told Red Star Capital Bureau: "The company and its controlling shareholders are still actively introducing strategic investors, but they have not signed a legally binding strategic investor introduction agreement." Regarding the speculations of strategic investors, Li Bo said that the announcement disclosed by the company shall prevail.
Wang Guanqiao, an analyst at Western Securities, said that part of Tianqi Lithium's loan for the acquisition of SQM will expire at the end of 1 1, and the company has a heavy debt burden and liquidity risk. However, Tianqi Lithium has controlled the advantages of core resources, laid out the salt lakes and spodumene mines with the largest reserves and the lowest cost in the world, and locked in the long-term competitive advantage of resources in the future global competition. As a leading enterprise in domestic lithium industry, the debt problem is still expected to be solved reasonably.
The latest issue of "Forbes China Rich List 2020" shows that the Jiang Weiping family of Tianqi Lithium Industry, once famous on the list, has fallen off the list. Prior to this, Jiang Weiping's family once ranked 235th on the list with a net worth of1165438+700 million yuan.
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