Solve the dilemma of high two gold prices of central construction enterprises


In 2018, the current assets of six central construction enterprises totaled 3828 billion yuan and two funds totaled 2156.1 billion yuan.

Figure 2 income and two funds in 2018 (2) two funds accounted for a high proportion of current assets, affecting the turnover efficiency of current assets.

However, during the construction process, there are two funds formed by malicious arrears of project funds, malicious delays in settlement and disguised increase of audit determination, which belong to the unreasonable two funds of the enterprise.

The completion of a project requires the cooperation of multiple disciplines.

During the construction process, the owner allocates the project progress payment according to 70% – 80% of the progress agreed in the contract, and the raw materials and inventory commodities purchased during the project implementation do not form the inventory of the project entity.

▌2.

The construction period of EPC project is generally 2-3 years and the warranty period is 2 years.

The time span from the final completion acceptance of the project to the payment of all project funds is long, resulting in the occupation of long-term funds.

  Relevant indicators of central enterprises in 2016, the operating revenue was 23.4 trillion yuan, a year-on-year increase of 2.6%; The total profit was 1.23 trillion yuan, a year-on-year increase of 0.5%; Two gold 8.5 trillion yuan, an increase of 6.9%.

Moreover, the two funds accounted for more than 60% of the revenue in 2016 and 2017.

In particular, the proportion of two funds remains high, which seriously restricts the high-quality development of enterprises.

The two funds accounted for 58% of the revenue, 13 percentage points higher than the industry average (45%), and the two funds accounted for a high proportion of the revenue.

The impairment of the two funds accounted for 6% of the net assets, and the impairment of the two funds accounted for 6% of the net assets in 2016 and 2017, It affects the asset quality of the enterprise and becomes an unfavorable factor for the high-quality development of the enterprise.

The construction enterprise needs to pay a certain proportion of deposit for contracting the project.

Figure 3 current assets and two funds in 2018 (3) the occupation of two funds is an important reason for the large scale of interest bearing liabilities of six central construction enterprises.

Two funds of construction enterprises refer to accounts receivable and inventory (including contract assets), which mainly come from two business areas: engineering projects and real estate development projects.

In 2016 and 2017, the growth rate of revenue and profit was lower than that of the two gold mines for two consecutive years.

In 2017, the operating revenue was 26.4 trillion yuan, a year-on-year increase of 13.3%; The total profit was 1.4 trillion yuan, a year-on-year increase of 15.2%; Two gold 9.2 trillion yuan, an increase of 8.2%.

Third, the construction period is long.

The two funds of central construction enterprises were large in scale, increased rapidly and occupied a lot of funds.

▌1.

Among them, the operating income of central construction enterprises was 3.26 trillion yuan, a year-on-year increase of 5.6%; The total profit was 0.14 trillion yuan, a year-on-year increase of 8.4%; Two gold 2.1 trillion yuan, an increase of 14.1%.

When the two funds were difficult to reduce, enterprises needed debt financing, resulting in the rapid growth of interest bearing liabilities and affecting the development efficiency of enterprises (Figure 4).

In 2018, the operating revenue was 29.1 trillion yuan, a year-on-year increase of 10.1%; The total profit was 1.68 trillion yuan, a year-on-year increase of 16.7%; Two gold 9.9 trillion yuan, an increase of 6.7%.

Among them, the operating income of central construction enterprises was 3.55 trillion yuan, a year-on-year increase of 8.9%; The total profit was 0.15 trillion yuan, a year-on-year increase of 7.1%; Two gold 2.33 trillion yuan, an increase of 10.9%.

The real operating results of the enterprise are difficult to be well reflected   two  — Reasons for the high level of two funds in central construction enterprises in recent years ▌ 1   The construction industry has the characteristics of fierce market competition, complex technology, long construction period and high project cost.

Since 2018, the growth rate of revenue and profit was higher than that of the two gold mines, and the pressure drop of the two gold mines has achieved certain results (Figure 1).

Due to the difficulty of pressure drop, the turnover efficiency of current assets was affected and the development speed of the enterprise was restricted (Figure 3).

From 2016 to 2017, the proportion of the two funds in current assets was 58%.

Among them, the operating income of central construction enterprises was 3.91 trillion yuan, a year-on-year increase of 7.8%; The total profit was 0.17 trillion yuan, a year-on-year increase of 12.6%; Two gold 2.48 trillion yuan, an increase of 6.4%.

Figure 120income, profit and two funds from 2016 to 2018 ▌ 2   This paper selects six large construction enterprises such as CSCEC, China railway construction, China Railway, China Communications Construction, China Power Construction and MCC as the analysis object, analyzes and benchmarkes the occupation of the two funds from a multi-dimensional perspective, fundamentally reveals the negative impact of the two funds on the development of central construction enterprises, and provides a basis for strengthening the control of the two funds of central construction enterprises in the future, Provide strong data support to improve the quality of development.

Second, the technology is complex.

In 2016 and 2017, the two funds and interest bearing liabilities were in an increasing trend.

Anchor Nut For Tie Rod

In 2018, the average asset liability ratio disclosed by the six central construction enterprises was 77.0%, 2 percentage points higher than the average value of the whole construction industry (75%), and the asset liability ratio was above 78% in 2016-2017.

Construction enterprises need to design reasonable scale, constantly reduce unreasonable scale, optimize asset structure and promote high-quality development of enterprises   one  — In recent years, there are some prominent problems in the development of central construction enterprises, such as large scale of two funds, slow asset turnover rate and high asset liability ratio.

The construction market belongs to Party A’s market, and there are some problems such as the owner’s price reduction, advance construction and low payment proportion.

At the same time, there are a large number of design changes, unqualified construction quality and other problems in the construction process, which makes the quality acceptance difficult and the acceptance settlement difficult.

The net assets of the six central construction enterprises in 2018 were 943.3 billion yuan, and the total impairment of the two funds was 80.2 billion yuan.

(5) The occupation of two funds erodes the operating results of enterprises, and the asset liability ratio of construction enterprises is generally high.

First, the market competition is fierce.

The two funds occupy a large amount and the turnover efficiency is low, which affects the cash flow of the enterprise and generates a large number of financial expenses.

The two funds for real estate account for about 20% of the total two funds for construction enterprises, mainly from the purchase of land, project construction, and inventory formed by completed but not sold.

In 2018, the two funds totaled 2156.1 billion yuan, an increase of 6%; Interest bearing liabilities totaled 1496.4 billion yuan, an increase of 15%, 11 percentage points higher than that of the two funds.

(1) In 2018, the operating revenue of six central construction enterprises totaled 3741.4 billion yuan and the two funds totaled 2156.1 billion yuan.

The two funds for engineering projects account for about 70% of the total two funds of construction enterprises.

These are reasonable inventories.

The two funds remained high and the pressure drop was difficult, It affects the quality of enterprise development (Figure 2).

  The system of national policies and regulations and industrial supervision policies is imperfect, which lacks effective protection for the interests of construction enterprises, especially for some local government projects and private enterprise projects..

It can be seen from the main indicators of central enterprises in recent three years: except 2016, the revenue and profit increased by double digits for two consecutive years in 2017 and 2018, with a rapid increase, but the growth rate of the two funds was basically controlled within 8%.

On the one hand, this inventory will eventually form products and be sold to the market, which can bring reasonable income and profits to the enterprise; On the other hand, due to the difficulty of de industrialization of real estate development projects in some areas, the proportion of inventory is relatively high, forming unreasonable inventory.

Two funds accounted for 56% of current assets, 3.7 percentage points higher than the industry average (52.3%), and two funds accounted for a high proportion of current assets.

Figure 4 the situation of the two funds and interest bearing liabilities in 2018 (4) the provision for large impairment of the two funds affected the asset quality of the enterprise.

At this stage, the average progress payment of the project is only 70%, and a large amount of funds are occupied during the construction process.

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