Jianghuai recently withdrew its proposed 2.8 billion increase in April last year for the expansion of autonomous passenger vehicles. "This year's main direction for the company's development is based on basic project investments, such as power systems. Its funding sources will mainly rely on its own funds, rather than bank loans or financing for listing," said Jianghuai Motors' chief executive Feng Liangsen. The 2.8 billion issuance plan has been withdrawn, and Jianghuai Automobile is faced with a situation of relying on its own funds to develop this year and even the next two years. It is facing challenges to achieve the goals of the “12th Five-Year Planâ€.
In April of last year, JAC plans to issue 150 million shares and plans to raise 2.8 billion yuan. According to the additional issuance plan at that time, 2.2 billion yuan will be used for the expansion of passenger car bases, and an additional 600 million yuan will be invested in an annual output of 200,000 high-performance gasoline engine projects.
Feng Liangsen said, "But at that time, the stock price was about 14 yuan. At present, our stock price above and below 6 yuan, and then 150 million shares are issued, and less than 1 billion yuan is raised, which is not worthwhile for JAC."
According to Jianghuai Auto's 2011 financial report, the company achieved a net profit of RMB 617 million, a decrease of 46.88% year-on-year. Although the overall sales volume increased by 5.4% year-on-year, the gross profit margin of the vehicle business has dropped by 2.4 percentage points. The self-owned brand market has been sluggish for a long time, which is why JAC failed to increase its number in a timely manner.
Of which, the output was 44500 vehicles, a year-on-year decrease of 20.71%; the sales volume was 47,000 vehicles, a year-on-year decrease of 22.75%, and the sales volume of MPVs and light trucks decreased by 40%, especially in the major profitable sectors. In the first quarter, the production and sales of Jianghuai Automobile both experienced a year-on-year drop.
According to Jianghuai insiders, the research and development of new car costs are too high, resulting in JAC has new cars in recent years, while the old models are old, it is difficult in the depressed market environment, stir up the beam, profitable models have also declined, and this increase The development of the plan is expected to be very different.
To this end, Jianghuai chairman An Jin said that in the face of the current market situation of the decline in self-owned brands, growth is not the main theme of this year's Jianghuai Automobile, and adjustment is the most important.
Therefore, Jianghuai does not need capital financing this year. It can already meet the development of enterprises through the rolling development of its own funds.
In the first quarter of this year, accounts receivable increased by 188.32% compared with the beginning of the year; accounts payable increased by 78.16% from the beginning of the year; net cash flow from operating activities decreased by 434 million yuan from the same period of last year; monetary funds decreased to 2.74 billion yuan.
Jianghuai faces more investment projects. The financial pressures of all parties have come together. Feng Liangsen introduced that Jianghuai’s main investment this year is the basic project.
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