Edited by: Sun Zhicheng, Zhang Jinhe
On April 5th, Vanke had big news again!
On the same day, Vanke (SZ000002, share price 8.19 yuan, market value 97.71 billion yuan) responded to many hot topics such as the specific funding arrangements for overseas bonds maturing in May and June this year, government support, and temporary non-dividend distribution on the interactive platform.
The offshore debt due during the year was only $5.6 billion
Regarding the specific funding arrangements for offshore bonds maturing in May and June and the deployment of more than 30 billion yuan of domestic bonds maturing next year, Vanke responded: "The offshore bonds in 2024 only have debt maturing in the second quarter equivalent to RMB 5.6 billion, and the company has started the relevant replacement and repayment preparations in advance." For debts due in different months, the company will respond accordingly. ”
After the completion of the implementation of Shenzhen's state-owned assets support measures, it is expected to help release more than 10 billion liquidity
Some investors asked, Shenzhen Railway has proposed a plan to inject 10 billion yuan of liquidity into Vanke at the third quarter results meeting, how much has been injected, is there any specific plan for the rest, and does the Shenzhen Municipal Government have any other support plans?
"After the communication meeting, the SASAC of Shenzhen Municipality coordinated the docking of a number of state-owned enterprises with the company, and promoted the implementation of various specific support measures in a market-oriented and law-based manner, including: helping to dispose of relatively illiquid real estate and long-term equity investments, subscribing to the group's consumer infrastructure REITS, promoting cooperation in multiple projects through industrial synergy between Shenzhen state-owned enterprises and companies, and actively coordinating financial resources to support the company," said Vanke. At present, some of these projects have been completed, some have been paid, and some are in the process of being gradually implemented. In the future, after all the implementation is completed, it is expected to help the company release liquidity at a scale of more than 10 billion. ”
We will continue to insist on active sales
Regarding the decline in sales and cash flow balance in February, Vanke responded: "On the operating side, the company will continue to adhere to active sales, adhere to the goal of outperforming the general trend, and maintain a leading collection rate." On the expenditure side, as the peak of delivery passes, the pressure on the operating side is also declining this year, and the company will continue to maintain positive cash flow at the operating level for the whole year. ”
Regarding the cash available now, Vanke responded: "As of the end of 2023, the company holds 99.81 billion yuan of monetary funds. Details of monetary funds can be found in the Notes to the Financial Statements section of the Annual Report. ”
It is hoped that the uncertainty will be dealt with by temporarily withholding cash dividends
There are also investors who issued a document saying that it is recommended that the company should not arrange dividends this year, and it is not good for the company to choose dividends when the company is in difficulty.
Vanke responded: "At present, the industry is undergoing deep adjustment, and the company hopes to better cope with the uncertainty by temporarily withholding cash dividends, maintain the safety of operation in the special period, and provide a stronger guarantee for the company to survive the industry adjustment." ”
On March 28, Vanke released its 2023 annual performance report. According to the announcement, Vanke Group's operating income in 2023 will be 465.74 billion yuan, a year-on-year decrease of 7.6%, and the net profit attributable to shareholders of listed companies will be 12.16 billion yuan, a decrease of 10.53 billion yuan, or 46.4%, compared with 22.69 billion yuan in 2022.
In this context, 8 senior executives of Vanke Group voluntarily gave up their 2023 bonuses, and in addition, from the date of disclosure of the report, Yu Liang, Chairman of the Board of Directors, Zhu Jiusheng, President, and Chairman of the Board of Supervisors unfrozen and voluntarily received a monthly salary of 10,000 yuan before tax.
According to the Securities Times, at the previous results conference, Zhu Xu, secretary of the board of directors of Vanke, said that Vanke has paid dividends for 31 consecutive years, with a total dividend amount of 103 billion yuan and an average dividend rate of 33.3%, which is 2.8 times that of Vanke's equity financing over the years. Therefore, Vanke's decision not to pay dividends this year is very difficult.
Regarding the question of whether Vanke has the confidence to "survive", which is highly concerned by the outside world, Yu Liang said that Vanke's management team will resolutely not lie down and will definitely cross this stage threshold. The company will intensify efforts to revitalize the stock and change the real estate, and reduce the interest-paying debt by 100 billion yuan in the next two years to ensure the safety of the company. He believes that the company's capabilities in the development and operation of services over the past years will help Vanke become an excellent enterprise in the new development stage of the industry.
Yu Liang said frankly that in order to "survive", good business ability is only one aspect, and the company also needs to strengthen bottom-line thinking, do a good job of stress testing under extreme conditions, and make more adequate preparations. Although Vanke proposed to "survive" early on, it was not comprehensive enough. In the face of changes in the market, the robust standards of the past may not be able to fully guarantee the safety of the company, so it is necessary to strengthen the bottom-line thinking and make better preparations.
As of the close of A-shares on April 3, Vanke A's share price fell 3.65%.
Disclaimer: The content and data of the article are for reference only and do not constitute investment advice. Investors act accordingly at their own risk.
Editor|Sun Zhicheng, Zhang Jinhe, Du Hengfeng
Proofreading|Chen Keming
Cover picture source: Daily Economic News data map
The daily economic news is synthesized from public information and securities times
National Business Daily