On April 9, Deloitte Group Co., Ltd. (Deloitte Group) announced the backdoor listing and restructuring plan of ST Beisheng, which was approved by the shareholders' meeting of ST Beisheng on April 26. This means that after the failure of 20 1 1 IPO, Deloitte Group is finally ready to knock on the door of the capital market for the second time. If approved by the CSRC, the A-share market will usher in the first private water transport listed company.
However, the profitability far higher than the market, the complicated equity relationship and the business structure different from those of the same trade have made this largest private shipping enterprise in China coastal area, which was established 10 years ago, widely questioned by people in the industry and investors in the capital market.
Recently, Ren Mali, Chairman of Deloitte Group, accepted an exclusive interview with our reporter on these issues.
The way to make profits against the trend
In the past two years, due to the global economic weakness, the shipping market has fallen into a downturn, which has greatly affected China's ocean-going, coastal and Yangtze dry bulk transportation business. The China coastal bulk cargo freight index released by Shanghai Shipping Exchange dropped from 1.400 at the beginning of the year, 20 1 to1.75 on June 7th.
Ningbo Shipping and Zhongchang Shipping 20 12, which are similar to Deloitte's business, both suffered losses. If the non-recurring gains and losses are deducted, Ningbo Shipping loses 654.38+39 million yuan and Zhongchang Shipping loses 88.65 million yuan.
According to public information, in 20 1 1 and 20 12 years, the net profit of Deloitte Group reached 267 million yuan and 654.38+83 million yuan respectively. This is obviously higher than the profit level of peers, which has become the focus of questioning by all parties.
In this regard, Ren Mali said that the reason why Deloitte Group can make profits against the trend is mainly due to diversified route design, refined management and the development of river-sea combined transport business for ship transportation on route 3 and route 4. These measures have greatly improved the operational efficiency of enterprises.
Regarding the river-sea combined transport business of the No.34 ship, Ren Mali said: "The demand for river-sea combined transport business is actually quite large, and 40% of the goods transported along the coast of China will eventually enter the Yangtze River. However, large state-owned enterprises such as COSCO Bulk and China Shipping Bulk generally do not involve this business because they feel that the profits are thin. Usually their ships will unload when they arrive at the Yangtze River estuary or Zhangjiagang Port, and we will continue to load the goods on ships with 2000~3000 tons, and then transport them to shippers such as WISCO. At present, Deloitte Group ranks at least in the top three in terms of ship transportation on the Yangtze River No.34 Road, and its income is also good, accounting for more than 30% of the total income. "
"In the river-sea combined transport, we also have a profit point, that is, the water barge platform. Affected by waterway conditions, coastal ships need to change berths and change to smaller ships when entering the Yangtze River. Generally, for the sake of safety, state-owned enterprises unload goods from big ships to docks and then load them on small boats, which takes a long time and costs a lot. We load the goods directly from the big ship to the small boat by floating crane through the water barge platform. At present, many state-owned enterprises, such as Changhang Group, also entrust our floating barge platform to change berths for cost reasons. Through the barge platform business, we can make a net profit of 4 yuan per ton. " Ren Mary added.
In addition to the river-sea combined transport business, Deloitte Group has also made great efforts in route design and cost control. Ren Mali said: "The freight rate is not high now, and a voyage with no load will definitely lose money. Therefore, we must try our best to ensure that the ship is not empty when returning. For example, the iron ore in Ningbo Port and Lianyungang is transported along the river, so the cement clinker in Wuhu Port and Tongling Port can be transported to Ningbo Port and Lianyungang on the way back. When the goods are transported from Tianjin Port to Fujian, the sand from Fujian can be transported to Tianjin Port on the return trip, which can basically offset the fuel cost on the return trip.
"In terms of cost control, we adopt refined management and require the crew to calculate the direction of water flow and tide, which can save a lot of money on fuel consumption, tugboats and bank charges." Mary Ren said, "We also have a heavy oil assessment award for the unit to encourage fuel saving."
In addition, according to Ren Mali, Deloitte Group has a good cooperative relationship with docks and maritime bureaus all over the country. Based on better ship management, all ships of Deloitte Group are exempt from maritime inspection, can sail quickly, get priority berthing rights, and have fewer queues. Each ship can save about 4 hours of unloading time, and a voyage is 8 hours. After having a good relationship with the wharf, the phenomenon of goods losing tons of Deloitte Group rarely appears. "If 65438+100000 tons of coal is piled on the dock, there will be losses every day. It may be only 9,500 tons when transported, and then the dock workers sprinkle water on the coal, and it is still 65,438+100000 tons after weighing. But when you deliver the goods, the water has evaporated, and you will lose tons. Our goods will basically not have this phenomenon. "
Ren Mali said: "The shipping industry is a capital-intensive heavy asset industry. The annual operating cost of a ship is very high. Without refined management and cost control, money will soon flow away. "
In addition to various measures, Deloitte Group can also enjoy the preferential tax refund (tax refund) given by local governments, and the annual tax refund amount is about 40-50 million yuan.
Performance commitment shows potential?
In the restructuring plan of Deloitte Group's backdoor listing of ST Beisheng, it is promised that once the backdoor listing is successful, the net profit of Deloitte Group in 20 13, 20 14, 20 15 will be no less than 247 million yuan, 277 million yuan and 306 million yuan respectively.
However, at a time when the environmental recovery of the shipping market is still far away, it is difficult for people to doubt Deloitte's "ahead of schedule" performance commitment.
In this regard, Ren Mali said that last year, China's ports above designated size achieved a cargo throughput of 9.74 billion tons. Although Deloitte Group ranks in the top four in China coastal transportation capacity, its market share is only over 0.6%, and there is still much room for further development. "First of all, the receiving ability is better than that of peers. Last year, the volume of goods collected was 50.36 million tons. If the profit per ton of 8 yuan is calculated, the gross profit will be 400 million yuan. This is just a guarantee. If the cost is well controlled, the profit will be more. After listing, with the improvement of the enterprise's market development and cargo collection ability, the cargo volume can still maintain the annual growth rate of 10%. "
Ren Mali also revealed that after the listing, Deloitte Group will also inject the warehousing business along the Yangtze River with an annual operating income of about 654.38 billion yuan into listed companies. "The warehousing business has a high profit, which can reach about 50%, mainly distributed in the Minjiang River area. If it is injected into a listed company, it will be of great help to increase performance. "
"At present, we are moving the successful river-sea combined transport mode in the Yangtze River Basin to the Xijiang River Basin in the Pearl River. Because Shenhua Group established Guangdong Electric Coal Storage and Transportation Center in Zhuhai Port, we followed up and established a good cooperative relationship with it. Now, we are developing the river-sea combined transport business from Zhuhai Gaolan Port to Guangxi Guigang Port, with a capacity of 40 ships, all of which are leased by local enterprises. Therefore, the profit level is not as good as that of the Yangtze River Basin, which is about one ton of 2 yuan. However, with the increase of customers in the future and the allocation of its own transportation capacity, the growth space of the Pearl River and Xijiang River-sea combined transport business is very huge. " Ren Mary said.
Ren Mali also said that due to the high cost of social financing, the financial cost of Deloitte Group remains high. After the backdoor listing, through the operation of the capital market, the financial cost of Deloitte Group can be quickly reduced. "The most conservative estimate is that the financial cost can be reduced by 30 million to 40 million yuan. After the money is saved, it will be used for the business needs of the enterprise, such as buying a boat and enhancing business capabilities. "
It is understood that Deloitte Group is developing cooperation with Sichuan under the State-owned Assets Supervision and Administration Commission of Sichuan Province, with a view to establishing inland river shipping and logistics centers in the upper reaches of the Yangtze River in Yibin and Neijiang in the future. Relevant research reports have been submitted to relevant departments in Sichuan Province.
Deloitte Group also cooperated with the logistics and transportation enterprises in Hefeng Town, Lishui County, Jiangsu Province, and subcontracted some goods contracted by Deloitte Group to the logistics and transportation enterprises in Fengzhen Town, which were responsible for allocating the resources of downstream shipowners (including inland river shipowners) and improving the "inland river-Yangtze river-coastal" ladder transportation mode.
The future will turn to big logistics.
Ren Mali said that in the future, Deloitte Group hopes to build a semi-open large logistics platform through joint logistics enterprises and small and medium-sized shipping enterprises, and open up upstream and downstream industrial chains such as cargo collection, transportation, order taking, deposit receipt and warehousing.
"If this platform can be built, we can achieve unified scheduling. As long as there is the right boat and the right goods, everyone can pick them up nearby, saving time and cost. And the biggest advantage is that shipowners in the platform can change ship types with each other. For example, a ship pulling coke requires a large cabin capacity, but our ship can't meet the requirements, so we need other shipowners to pull and collect goods. With enhanced capabilities, shipowners can minimize the idleness of ships. " Ren Mali said, "Private small and medium-sized shipowners and logistics enterprises can form a unified platform, which can also form a scale effect. For example, in terms of ship refueling and repair costs, they can get more bargaining space and better accounting period, in which the repair costs can be reduced by 30% compared with before; When you collect goods, you can also enhance your ability to collect goods and bargaining power. "
Ren Mali said that the logistics platform has begun to take shape, led by Deloitte Group, with nearly 80 ships, exceeding 1 10,000 dwt. Partners are ship owners and logistics enterprises in Tianjin, Dalian, Ningbo, Wuhu, Hainan and Fujian. "In this form, we have proposed a new capacity model to the Ministry of Transport, that is, collaborative capacity besides self-owned capacity and leased capacity. At present, this capacity model has been recognized by the Ministry of Transport. "
In addition to explaining the focus of market doubts, Mary Ren also explained to our reporter some future market operations of Deloitte Group.
Reporter: Deloitte's current ship type is mainly 1 10,000 ~ 50,000 tons bulk carrier. Will there be any changes in the future ship positioning? Will you build a bigger boat?
Ren Mali: The bigger the tonnage, the better. In the future, the current bulk cargo ship type will be dominant, and differentiated competition will be formed with other shipping companies. In the future, the largest ship of the enterprise will be a 60,000-ton bulk carrier, because our main customer terminal can only berth this type of ship. Moreover, many of our ship types are specially designed for customer terminals, such as a 60,000-ton bulk carrier with a draft of only10.5m; This 36,800-ton ship is owned only by us in China. It is made of high-strength plate, with a light hull and a draft of only 10 meter, and is specially used for power plants along the Yangtze River. We have built six 36,800-ton ships, some of which have been delivered.
Reporter: You said that your company asked the ship not to be empty when returning, but the bulk carrier is not a liner. How to contact the consignor in advance to transport the returned goods?
Ren Mali: First of all, we have a good cooperative relationship with shippers, and many of them have signed annual transportation contracts, so that once our ship gets there, we can take the goods with a short stop. In addition, we have a good connection with our work, strong personnel execution, close attention to the progress of the dock and the ship, and the combination of ship speed and speed will make it quick to grab a berth.
Reporter: With the development of business, will Deloitte Group enter ocean routes in the future?
Ren Mali: For ocean routes, Deloitte Group will definitely enter in the future. Enterprises that want to do shipping for a long time, if they don't do ocean routes, are equal to missing a leg.
In fact, in 2004, we set up a team to pay attention to ocean routes. Since last year, we have gradually entered the ocean route, from acting as an agent to chartering. However, our team ability is not enough and the market environment is not very good, so there is no further plan at present. The main problem is that at present, we have no experience of direct docking with foreign companies. The Ministry of Transport originally hoped that we would cooperate with Zhoushan Port and dock with Vale, but after the illegal docking of the big ship in Vale, it was gone.
Deloitte may start with special commodities in the future, such as logs, nickel ore and other commodities with higher added value. But many foreign shipping companies, such as chemical ships, are already doing it, and the competition is too fierce. We are not going to do it. Bulk carriers seem to have low profits, but the supply of goods is still stable, and the volume of bulk commodities has been growing steadily. Just like a bank. The more deposits in the bank, the more money will be released, and only the interest margin will be earned, but if the amount is large, it will still be considerable. We have a lot of goods, so it is ok to contract to others. Even if we only earn 2 yuan per ton, our market share is high.
Reporter: Now that the ship price is low, does Deloitte Group have any plans to expand its production capacity at a low price?
Mary Ren: We have this plan, and we are already doing it. We have communicated with many banks and courts. If a ship is auctioned, please inform us. We mainly want to buy some small portable bulk carriers over 30,000 tons.
Reporter: Where did the funds for bargain-hunting come from?
Ren Mali: Our sources of funds are mainly shareholder support, such as Xinhu Group and Everbright Financial Holdings. Finally, bank loan support. When funds are needed, an extraordinary general meeting of shareholders will be held. As long as there are sufficient reasons, shareholders will generally give financial support. This financing method is fast and flexible.
Reporter: How many idle ships does Deloitte Group have now? I heard that your company often subcontracts goods to other shipping companies, preferring to leave your ships idle?
Ren Mali: We don't have many idle boats. Once it is idle, we will rent it directly to others. Those idle shipowners are mainly unable to meet the requirements of the main cargo because of the change of cargo types. In addition, we also rented our multi-purpose boat to Zhonggu Xinliang to carry empty boxes.
We outsource to other shipping companies, many of which are for cost reasons. For example, a port entrusts us with a batch of goods, but there is no ship nearby, so we let the nearby cooperative enterprises deliver them, which can save a lot of cost and time.
Reporter: It is not the best time to go public yet. What is the reason why Deloitte chose to go public at this time?
Ren Mali: From the perspective of social responsibility, enterprises can only go on for a long time if they formally enter the capital market. Only when the operation of this enterprise is open, fair and just can it develop healthily and orderly.
Shipping is a capital-intensive industry, and money is piled up. In order to open up the channels of capital market, banks alone are not enough, which is determined by the characteristics of the industry. Generally, the debt ratio of 70% of shipping companies is good, while ours is around 58%, which is low. After listing, our debt ratio will be lower, because the equity scale will become larger.
In addition, after listing, we can also give an explanation to the shareholders who have supported us before and give them an exit mechanism.