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Bau Duc agricultural company lost nearly 650 billion dong

Turnover reached $ 3,700 billion in VND, while sales and liquidation expenses led to HNG losses of $ 646 billion.

Hoang Anh Gia Lai International Agricultural Limited Company (share code: HNG), headed by Doan Nguyen Duc (Bau Duc), announced the fourth quarter of 2018 consolidated financial statements with a loss scenario. revenue.

In the fourth quarter of 2018, the company's net revenue reached more than 890.6 billion, an increase of 38% over the corresponding period of the previous year, while gross margin was very modest, reaching only 200 billion US dollars. In the last three months of 2018, sales of rubber latex increased 4 times compared to the same period last year, reaching more than 221 billion US dollars, but this segment was still ineffective as capital costs reached more than 231 billion US dollars. Cost to eat with profit. The only bright point this quarter is a 40% cut in financial spending.

Accumulated in 2018, HNG's net revenue amounted to more than $ 3,685 billion, an increase of 11% over the previous year, and negative earnings. The company has to bear the cost of liquidating the oil palm investment to divert its goal to the garden, as well as the rapid increase in the cost of the goods sold, which reduced business results. Profit after tax was over DKK 646 billion throughout the year, well below the net profit target of DKK 150 billion proposed by the Board of Directors in 2018.

Bananas Generate High Revenue Hoang Anh Gia Lai. Photo: HAGL

Bananas Generate High Revenue Hoang Anh Gia Lai. Photo: HAGL

As at 31 December 2018, the company's total assets were over 30 700 billion US dollars. Although the business performance is bleak, HNG's financial index has improved significantly and the liabilities are falling sharply compared to the beginning of the year. Long-term debt is 9,551 billion VND. Short-term debt, above VND5,940 billion, came from convertible bonds and short-term loans from individuals and businesses.

2018 was a major milestone for HNG and Hoang Anh Gia Lai Group (HAGL) as a whole when Truong Hai Automobile Company (Thaco) decided to invest tens of trillion dongs in Bau Duc companies. Since the end of the first quarter of the second quarter of 2018, Taco Ba Duong, President of Thaco, granted HNG money to develop more fruit-growing areas and pay debts of VND 1.577 billion.

In the third quarter of 2018, Thaco signed a strategic cooperation agreement with HAGL to invest in two companies – HAGL and HAGL in Myanmar Agricultural Company. The HAGL Agricultural Company, through the HNG convertible bond trading agreement, is not fully divided into existing shareholders (to offset the above debt) and the share purchase transaction.

Following the acquisition of debt securities for debt relief, Thaco and Thaco shareholders hold 35% of HNG, with total investments in excess of 3500 billion US dollars. At the same time, Dai Quang Minh also invested 51% in the ownership and will continue to raise 65% of HAGL Myanmar with investment capital of £ 4 billion.

Thaco undertook to arrange loans for approximately USD 14 000 billion in VND and to mobilize investment capital to care for existing fruit plantations and to expand and continue to invest in the second phase of the project. Myanmar. The total amount of Thaco's investment in Hoang Anh Gia Lai has about 22,000 billion VNDs, which is about $ 1 billion.

Ha Thanh

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