The stock abbreviation of Tahoe Group (000732.SZ) will be changed to "ST Tahoe".

  In an announcement disclosed by Tahoe Group on April 29, Tahoe Group's shares will be suspended for one day from the market opening on May 5, and will resume trading on May 6, when the company's shares will be subject to other risk warnings. , the stock abbreviation was changed from "Tahoe Group" to "ST Tahoe"; the stock code remained unchanged.

  Judging from the reasons why Tahoe Group was issued a risk warning, it was mainly because the internal control audit report of the last year was issued with a negative opinion. The net profit before and after deducting non-recurring gains and losses was the lower of the audited net profit of the company in the last three fiscal years. Negative value, and the audit report of the last year shows that there is uncertainty in the company's ability to continue as a going concern.

  In addition to facing a liquidity crisis and debt default, the company's actual controller, Huang Qisen, is still assisting relevant authorities in the investigation. The specific reasons are unknown.

The net profit loss was 4.013 billion yuan, and the gross profit margin of real estate was only 5.65%

  Tahoe Group's 2021 annual report data shows that the revenue in 2021 will be 4.911 billion yuan, a year-on-year increase of 35.87%; the net profit attributable to shareholders of listed companies is -4.013 billion yuan, a year-on-year increase of 19.73%; Net profit from recurring gains and losses was -4.324 billion yuan, up 2.94% year-on-year; net cash flow from operating activities was 529 million yuan, up 117.94% year-on-year; total assets were 219.1 billion yuan, up 1.06% year-on-year; attributable to listed companies The net assets of shareholders were approximately 10.059 billion yuan, a year-on-year decrease of 31.33%.

  From the perspective of various business sectors, the gross profit margin of the real estate industry was only 5.65%, a year-on-year decrease of 6.58%; the gross profit margin of the service industry was 12.5%, a year-on-year increase of 4.14%.

  In addition, the real estate development business is still the main source of Tahoe Group's income, accounting for 75.12% of its operating income; services, retail and other businesses account for a smaller proportion.

During the same period, the gross profit margin of the real estate business was 2.79%, a year-on-year decrease of 9.44 percentage points, mainly due to the high cost of land acquisition for the real estate projects carried over from the current period, and the profit level dropped significantly.

In addition, during the reporting period, affected by factors such as the continuous real estate control policy and the tightening of the financing environment, the company's real estate project launch pace slowed down, and it faced great pressure to eliminate. This makes the short-term liquidity of the company difficult, resulting in prolonged project construction period and delayed delivery.

  Tahoe Group said that at present, the company is making every effort to promote debt restructuring and actively solve debt problems.

At the same time, Tahoe Investment, the controlling shareholder of the company, is still actively promoting the introduction of strategic investors, which will help optimize the company's equity structure.

  In the whole year of 2021, Tahoe Group has no new land reserves.

  As of the end of 2021, the land reserve of Tahoe Group covers an area of ​​12,907,800 square meters, with a total construction area of ​​32,399,100 square meters, and the remaining developable building area is 9,238,700 square meters.

The monetary funds are only 1.9 billion yuan, and the overdue debt is 35.433 billion yuan

  In terms of debt, Tahoe Group's monetary funds in 2021 will be about 1.908 billion yuan, accounts receivable of 527 million yuan, inventories of 157.2 billion yuan, short-term loans of 5.09 billion yuan, contract liabilities of 50.62 billion yuan, and long-term loans of 56.896 billion yuan.

  As for asset restrictions, 949 million yuan of monetary funds are restricted due to security deposits, judicial freezes, performance bonds, etc., and some assets are restricted due to loan mortgages. The total value of these assets is about 157.6 billion yuan.

  Regarding the outlook for the company's future development, Tahoe Group said that the company will continue to focus on the real estate business, focus on sales to promote payment, strengthen cash flow control, raise funds through various channels, and actively solve debt problems.

The company will actively promote the introduction of strategic investors, optimize the shareholding structure, improve corporate governance, and improve the company's liquidity.

  In terms of promoting debt restructuring, Tahoe Group stated that it will continue to make every effort to promote debt restructuring and actively solve debt problems.

The company will continue to work with the professional organization hired to organize and coordinate the communication of opinions and demands of creditors, and form a comprehensive debt restructuring solution based on the opinions of all parties, so as to ensure the interests of creditors and all parties of the company to the greatest extent.

At the same time, further promote the introduction of strategic investors related matters.

In addition, the company will actively revitalize its assets, pay attention to sales and promote payment, and improve the company's liability structure.

  But Tahoe Group also talked about the risk of defaulting on the company's debt.

  As of April 30, the company has failed to pay corporate bonds and medium-term notes on time. The amount of loans that have expired but not repaid is 35.219 billion yuan, and the unpaid interest is 15.009 billion yuan.

As of April 28, 2022, the company's due and unrepaid loans amounted to 35.433 billion yuan.

  Zhongxinghua Certified Public Accountants mentioned in the audit report that Tahoe Group’s book financing loan interest expenses in 2021 were 9.134 billion yuan, of which the capitalized amount was 7.269 billion yuan and the expensed amount was 1.865 billion yuan.

"We plan to recalculate based on the litigation judgment and the original loan agreement, and take into account the construction situation to apportion between capitalization and expense. Since Tahoe Group has not provided construction progress information for all projects under construction, we are unable to obtain sufficient and appropriate information. The audit evidence judges the accuracy of the capitalized and expensed amounts.”

  In addition, Tahoe Group's financing loan interest expenses in 2020 were 9.913 billion yuan, of which the capitalized amount was 8.388 billion yuan, and the expensed amount was 1.525 billion yuan. Tahoe Group suspended some projects due to capital turnover difficulties, and Tahoe Group has not yet Provide the construction data for 2020 to prove that the accounting firm is still unable to obtain sufficient and appropriate audit evidence to judge the accuracy of the amount of interest capitalized and expensed at the beginning of the period.

  Tahoe Group said that the company has a large scale of interest-bearing liabilities, and the asset-liability ratio remains at a high level, and there is a short-term liquidity risk.

  As of the end of 2021, Tahoe Group's asset-liability ratio was 93.25%, a year-on-year increase of 2.5%; its quick ratio was 7.67, a year-on-year decrease of 25.17%.

  The Paper reporter Li Xiaoqing