After turning losses into profits, why did Foton Motor "sell" again?

On June 4th, Foton Motor announced that it intends to transfer 3% equity of An Kai Futian Shuguang Axle Co., Ltd. (hereinafter referred to as "An Kai Axle") through the Beijing Equity Exchange, with a listing price of 36,452,4 yuan. After the completion of this transaction, the company no longer holds the equity of An Kai Axle.

It is reported that An Kai Axle is mainly engaged in the development, manufacture and sales of automobile axles and accessories. In 219, its performance lost 7.5 million yuan. In the first quarter of 22, its net profit was a loss of 7,9,2.

regarding this equity transfer, Foton Motor said, "This equity transfer will play a positive role in improving the company's financial situation in the future; At the same time, it will help the company focus on resources to invest in its main business and further enhance its market position. "

"selling children" to survive

Selling assets, Futian is short of money again?

In recent years, "selling and selling" seems to be becoming a main theme of Foton Motor, and the most concerned by the market is "selling Baowo".

The story of Fukuda and Baowo stems from a market "ambition".

In p>214, Foton Motor, which has been focusing on the commercial vehicle field, spent 5 million euros to acquire Baowo in Germany in order to enter the passenger car field. At that time, Baowo in Germany was bankrupt. Although it was once brilliant, its production and technology had stagnated. The industry always thought that Foton Motor only bought back an "empty shell".

In fact, Baowo, who had high hopes, eventually became the "dead hole" of Fukuda. According to the financial report of Feilv Automobile, from 216 to 218, Baowo Automobile lost 484 million yuan, 985 million yuan and 2.545 billion yuan respectively. Especially in 218, Baowo's loss accounted for 7% of Foton, which directly led to Foton Motor's loss of 3.57 billion yuan in that year.

In December p>218, Futian spun off its shares in Baowo, and finally turned losses into profits. The data shows that in 219, 67% of Baowo's equity sale and package transaction realized an investment income of 1.733 billion yuan, and the equity method confirmed an investment income of-967 million yuan, and * * * increased the total profit by 766 million yuan.

Perhaps, after tasting the ease of "dumping the baggage", Foton Motor started the "selling and selling" step.

on March 31st, Foton Motor intends to publicly transfer the assets and liabilities involved in the stamping business of Beijing Ou Man Heavy Automobile Factory (stamping factory) at a listing price of 196.2 million yuan.

on April 2th, Foton Motor listed and sold 51% equity of Hebei Reza Heavy Construction Machinery Co., Ltd. at a listing price of not less than 247 million yuan. It is worth mentioning that at the end of 219, the net assets of Hebei Reza were 671.548 million yuan, and only two months later, the net assets plummeted to 478.5188 million yuan.

on April 22nd, Foton Motor announced again that it intends to publicly list and transfer some assets of Huairou Heavy Machinery Factory.

According to the estimation of Feilv Automobile, the sale of the above equity and assets will bring Foton Motor more than 5 million yuan in revenue.

Foton Motor, which was mired in losses, also ushered in a turnaround through a series of "dumping burdens".

Data show that in 219, Foton Motor's total revenue reached 46.966 billion yuan, up 14.4% year-on-year; The net profit attributable to shareholders of listed companies was 192 million yuan, a year-on-year increase of 15.36%, turning losses into profits; In terms of sales volume, Foton Motor has withstood the downward pressure of China automobile market in 219, with the annual sales volume reaching 54, vehicles, up 5.45% year-on-year.

in fact, the day before the announcement of "selling children", Foton Motor once again handed over its excellent report card. In May, the sales volume reached 66,54 units, a year-on-year increase of 47.68%; The return was nearly 1 billion yuan, which tied the best level in history. The cumulative sales volume of Foton Motor from January to May exceeded 25, vehicles, a year-on-year increase of 13%.

So, in a good situation, what kind of signal does Fukuda reflect when he strikes again?

The dilemma still exists

Is it a rainy day or is the dilemma still there?

Foton Motor, founded in 1996, made its fortune in agricultural vehicles in Shandong. After many large-scale expansions, it achieved a gorgeous turn and became the first commercial vehicle sales in China. Therefore, Fukuda won the favor of Daimler and achieved a joint venture with it in the field of heavy trucks. For a long time, Futian has been a very conspicuous sector under BAIC Group.

In p>21, Foton Motor, which tasted the sweetness of expansion, launched the "22 Strategy". It is planned that in 1 years, the annual sales volume of automobiles will exceed 4 million, the sales revenue will exceed 4 billion yuan, and the profit will be more than 2 billion yuan, making it one of the top ten global automobile enterprises.

it's the closing season. can Fukuda's flag be realized?

The data shows that in 219, Foton Motor achieved an operating income of 46.966 billion yuan and a net profit of 192 million yuan, which are far from the target. The net profit exceeding 2 billion yuan seems to be an unreachable dream.

"In addition to the external factors of the adjustment of the automobile market in recent years, the main reason for the current operating situation of Foton Motor is that its own expansion is too radical."

according to public information, under the "22 strategy", Foton Motor has launched a new round of big expansion. In 211, Foton Motor India Manufacturing Co., Ltd. was established with a capital of 62 million yuan. In the following five years, Futian's "footprint" of building factories spread all over Russia, Brazil, Mexico, India, Thailand, etc., and mature regional markets such as the European Union, North America and Japan were also being developed simultaneously.

In addition, Foton has expanded its automobile business to more fields outside trucks. At present, it has more than 1 business brands such as Ou Man, Ouhui and Ruiwo, covering trucks, buses, passenger cars, core components, engines and other products. It can be said that it is both commercial and passenger, and it is also involved in financial services such as financing guarantee.

after the massive expansion, the asset scale of Foton Motor also expanded rapidly. At the end of 217, the company's total assets reached 62.419 billion yuan, compared with 24.641 billion yuan at the end of 21, an increase of 37.778 billion yuan in seven years, with an increase of 153.31%. This is equivalent to rebuilding 1.5 Foton cars.

However, the blind expansion made Fukuda "suffer a big loss" when he was not ready. In recent years, Foton Motor's net profit has been declining, especially from 214 to 219, the company deducted non-net profit for six consecutive years, with a cumulative loss of 8.232 billion yuan. And the throne of the first commercial vehicle sales, in between, has long been replaced.

"Focus on commercial vehicles" has become a lifeline for Foton Motor.

"subtraction for passenger cars, addition for commercial vehicles". In May 218, Foton Motor formulated a "three-year action plan", proposing a package of actions to accelerate the reform and adjustment of non-main and loss-making businesses and improve asset utilization efficiency and profitability. According to the previous plan, from 218 to 22, Foton Motor will achieve the leading position in the fields of heavy trucks, light trucks and passenger cars through series integration.

This year is the last year of the three-year action plan. Since the beginning of the year, Foton Motor has started the rhythm of "selling and selling".

but selling assets blindly also has hidden dangers. According to Futian, Changsheng Xingye, who took over Baowo's equity, failed to pay off the equity transfer payment according to the agreement, and the remaining price of 1.481 billion yuan was delayed until December 31 this year.

In this way, for Fukuda, the "burden" of Baowo has not been completely thrown out.

To make matters worse, Fukuda also provided Baowo with large loans and guarantees. According to the financial report, as of 219, Foton Motor also had a guarantee of about 81 million yuan for Baowo Automobile. Once Baowo Automobile was in debt crisis, it was also a heavy blow to Foton.

Nowadays, Foton Motor, which has "deserted", wants to return to the peak of commercial vehicles. Besides selling and selling, it is fundamental to improve its own strength. After all, the commercial vehicle market has changed from the stage of incremental market competition to the stage of stock market competition, and the era of "lying and winning" has long passed.

This article comes from the author of Chejia, car home, and does not represent car home's standpoint.