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OTH: PRC: Hebei Energy Efficiency Improvement and Emission

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OTH: PRC: Hebei Energy Efficiency Improvement and Emission Hebei Energy Efficiency Improvement and Emission Reduction Project (RRP PRC 44012) FINANCIAL PERFORMANCE AND FINANCIAL MANAGEMENT ASSESSMENT OF SUBPROJECT COMPANIES 1. The first batch of subprojects under the Hebei Energy Efficiency Improvement and Emission Reduction Project involves nine subproject companies, which are midstream energy- intensive entities that are comparatively medium to large businesses in Hebei Province. This includes seven private enterprises, one state-owned enterprise, and one public foreign company listed in Hong Kong with controlling shares of the state. The companies have adequate shareholders’ equity and rights, which can support more debt–financing from commercial banks. The Hebei provincial government provides strong support to companies investing in projects that promote energy conservation and reduce emissions. Recognizing the project’s direct contribution to resource conservation and protection of local environment, the local governments will provide counterguarantees to the Hebei provincial government on the companies’ respective share in the loan from the Asian Development Bank (ADB). A. Financial Performance of Subproject Sponsors 2. Tangshan Jianlong Enterprise Co. Ltd. (Tangshan Jianlong) is a joint venture company between Tangshan Jianlong Enterprises Co., Ltd. (75% equity share) and Jianzhou Holdings Co., Ltd. (25% equity share), a Hong-kong based company. The majority shareholder is in turn a subsidiary of Beijing Jianlong Heavy Industry Group Co., Ltd. (Jianlong Group), a private-owned group which operates resources, steel, shipping and electromechanical businesses. It was established in 2002, with a registered capital of $24 million and has it main facilities in Zunhua, Tangshan city. Tangshan Jianlong’s main products include rolled strips, cold rolled strips, and high grade welded pipes. The company’s products are widely used in cars, roads, containers, and home appliances and are sold to hundreds of clients around the People’s Republic of China (PRC). Its major clients include: Tianjin CIMC Containers Co., Ltd., China Railways, China Minmetals Corp., Sinosteel Tianjin Co., Tianjin Fengming Sheet Steel Co., and Zhejiang Mingcheng Co., which are well known PRC companies in their respective fields. 3. Tangshan Jianlong employs about 4,000 workers and has a total asset of CNY2.5 billion 1 with debt–asset ratio of 63.6% in 2010. The company maintains a hefty cash balance, which is used to secure its credit lines with commercial banks. It has no accounts receivables and major sales transactions are covered by advances from customers or secured by bank notes. Long-term debts are not the main funding source for capital investment, instead, short- term loans and bank credit lines are availed to take advantage of lower interest cost. These short-term loans are renewed on maturity, which make the debt–service ratio indicator meaningless. 2 4. While the company experienced robust profitability in 2007 with net profit margin of 7.7% and high returns on asset and equity, the global economic crisis in 2008 and 2009 affected the company’s profitability with only modest returns registered through 2010. The low net profit margin was mainly on account of the softening of the demand for iron and steel products coupled by the increase in coal price, a main raw material input in the production of coke used in the iron and steel operations. In 2010, its total annual sales revenue was CNY5.6 billion, but net profit was only CNY46.1 million (net profit margin of 0.8%). From late 2010, the company reported improvement in profitability triggered by increased demand for iron and steel resulting 1 $1 = CNY 6.5. 2 The practice of borrowing short-term, rather than long- term is common among the subproject companies, therefore, the debt–service ratio as an indicator of the companies’ debt–servicing capacity will not apply. 2 from PRC’s economic recovery. At the same time, Tangshan Jianlong also paid a lot of attention to cost control and benchmarking to sector leading firm. These complementary factors should redound to improved bottom line. 5. Hebei Fengmei Coking Co. Ltd. (Hebei Fengmei) is a state-owned enterprise, founded in 2007 with a registered capital of CNY1,065 million invested by Jizhong Energy Fengfeng Group Co., Ltd. (83.8% equity share), Handan Iron and Steel Group Co., Ltd. (9.4% equity share), and Beijing Jin Xinrun International Investment Co., Ltd. (6.8% equity share). Its main facilities are located at the Fengfeng coalmine district of Handan city and produce coke used by iron and steel companies as its main product. Hebei Fengmei employs 1,500 employees and has a total asset of CNY3.4 billion, with total liabilities–asset ratio of 67.8% in 2010. Ongoing construction of the company’s phase 2 facilities saw its assets grow four fold in 2010 from its 2007 level when phase 1 facilities were initially placed in operation. The full commercial operation of phase 1 in 2008 increased revenues by 6.5 times and further to 8 times in 2010. Its sales revenue in 2010 was CNY1.9 billion, with after tax profit of CNY40.3 million. Profitability remains modest in 2009–2010 after the initial losses sustained in 2007–2008. The company has very low receivable level equivalent to less than 1 month’s sales throughout 2007–2010. 6. Hebei Fengmei obtained long-term loans from a domestic bank to partially finance phase 2 construction. Part of the proceeds from this loan and the additional equity contributions received from its shareholders in 2010 are still maintained in the cash account of the company and will be used as the counterpart fund for the ADB-financed project. The company no longer plans to avail of additional local long-term financing for the project but to utilize existing company resources to finance the remaining investment requirement. Any shortfall will be supplemented by short-term borrowings. 7. Hebei Xinglong Grain Biochemical Co., Ltd. (Hebei Xinglong) is a private enterprise, located at Quzhou Industrial Park, Quzhou county in Handan city. Established in 2009 with registered capital of CNY66 million, its main business is grain and oil processing, covering various agriculture products. It operates three branches and six production lines, employs 586 employees, and has a total asset of CNY293.4 million in 2010, with relatively low liabilities– asset ratio of 16.8%. Its total revenue was CNY590.7 million in 2010 with net profit of CNY35.8 million. Its net profit margin is continually improving from 4.3% in 2007 to 6.1% in 2010; the net return on asset also improved from 11.2% in 2007 to 12.2% 2010. The current ratio is high at 10.9 times in 2010. The receivables are low, equivalent to less than 1 month’s sales during the entire 2007–2010 period. 8. Counterpart financing for the project will be provided from self-raised funds and unutilized cash balance from the CNY40 million long-term loan obtained from a local bank in 2010. 9. Hebei Yufeng Enterprises Group Co. Ltd. (Hebei Yufeng) is a private-owned company located at Xicheng Industrial Park, NingJin county, Xingtai city. Established in 2000, with a total registered capital of CNY120 million, its main businesses are starch, sugar and glucose production. It employs about 2,000 employees and has a total asset of CNY1.0 billion with total liabilities–asset ratio of 49.4% in 2010. Its total sales revenue in 2010 was CNY1.0 billion with CNY118.5 million after tax profit. Its major clients are biochemical producers (70% of whose products are for export), edible oil producers and starch dealers. It has expanded its business in both its upstream and downstream operations. It invested on two subsidiaries: NingJin county Jinyu Grain and Oil Co., Ltd. (100% controlled), an upstream company; and 3 Hebei Yuxing Bio-engineering Co., Ltd. (51% controlled), a downstream company. This strategy will provide the company’s business operation a certain degree of stability against market fluctuations, thus increasing its competitiveness. The receivables are low, equivalent to less than half-month’s sales, throughout 2007–2010 period. The company maintains high inventory levels to hedge against grain price increases and had constructed additional warehousing facilities in 2010 to accommodate higher inventory volumes. 10. Long-term debt is not substantial and short-term loans are availed from local banks and cooperative to finance both operating and capital investment requirements. For the proposed subproject, Hebei Yufeng will finance the counterpart funding requirement through self-raised funds. 11. Hebei Lianguan Carbon Electrode Co., Ltd. (Hebei Lianguan), located in Dazai Industrial Park, Jizhou county, Hengshui city, is a private-owned company restructured in 2006 from Jizhou Chang’An Carbon Electrode Co., Ltd., which was established in 1994. The company has a registered capital of CNY60 million and total assets of CNY335.0 million with total liabilities–asset ratio of 48.3% in 2010. Hebei Lianquan specializes in the manufacturing of carbon electrodes and employs 500 employees. In 2010, its annual sales revenues was CNY217.0 million, with net profit of CNY40.8 million equivalent to a high net profit margin of 18.8%. The number of months sales in receivables is reasonable at 1.9 months. 12. Hebei Lianguan has low long-term debts, with only short-term loans and bank lines availed to finance both operating and capital investment requirements. For the proposed subproject, the company will finance the counterpart funding requirement through self-raised funds. Should there be a need for additional funds, their existing local bank has expressed willingness to provide financing of CNY15 million to this project. 13. Julu County Changsheng Textile Co. Ltd. (Julu Changsheng) is a private-owned company, located in Julu county, Xingtai city. Established in 2006, it has a total asset of CNY154.1 million, with total liabilities–asset ratio of 36.7% in 2010.
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