An import-export company deep in debt is holding nearly 250 billion dong of EIB shares

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General Company 1 has had a plunge since 2016 with accumulated losses so far exceeded 380 billion dong, debt debt amounting to nearly 940 billion dong and negative equity of 173 billion dong.

According to the consolidated financial statements of the fourth quarter of 2020, Vietnam General Import and Export Joint Stock Company I (Ticker: TH1) owns a large amount of EIB shares of Vietnam Export Import Commercial Joint Stock Bank (Eximbank) with the reasonable nearly 248 billion by the end of 2020.

Data from previous financial reports show that this investment has been held by TH1 for at least 12 years.

Một công ty xuất nhập khẩu chìm trong nợ nần đang nắm 6 triệu cổ phiếu EIB - Ảnh 1.

Investment details of EIB stock. (Source: TH1’s consolidated financial statements).

According to the semi-annual reviewed financial report of 2020, TH1 had to mortgage 6 million EIB shares with all interest and income from here to secure the debt repayment obligation to Viet A Bank in August 2018. However, confirmation of debt on 27/7 of VietABank showed that TH1’s principal balance at the bank is 0 dong.

Closing the session on January 22, the market price of EIB shares stopped at 20,500 VND / share, up more than 15% compared to the price from the beginning of 2020. Notably, EIB shares recorded sharp fluctuations in a week. most recently with a 17% increase in the week on large volume.

Một công ty xuất nhập khẩu chìm trong nợ nần đang nắm 6 triệu cổ phiếu EIB - Ảnh 2.

On the stock market in the past year, EIB shares were not out of the general trend of growth, up nearly 20% since the beginning of December 2020. (Source: Trading View).

Regarding TH1 company, in the period of 2018 – 2015, the company continuously made a profit and obtained a revenue of more than 1,000 billion VND per year, peaking in 2012 more than 2,000 billion VND. However, TH1 slipped in the following years with an average loss in 2016 – 2018 of more than 130 billion dong.

By the end of 2020, the company’s accumulated loss has exceeded 380 billion dong, and in 2020 alone, the company has a loss of 44 billion dong.

In addition to the hundred billion-billion loss, TH1 was still in debt when the liabilities to the end of last year were more than 939 billion dong, up by 27 billion dong and 26 percent higher than the total available capital (negative equity of 173 billion dong). .

In which, the majority of total liabilities are borrowed debts, nearly 568 billion dong, mostly short-term loans. This loan has decreased by 19 billion dong compared to the beginning of the year. In addition, the company has recorded more than VND 337 billion in bad debt with a recoverable value of about VND 300 billion.

Một công ty xuất nhập khẩu chìm trong nợ nần đang nắm gần 250 tỷ đồng cổ phiếu EIB - Ảnh 3.

Source: TH1’s semi-annual financial statements of 2020

Source: vietnambiz.vn – Translated by fintel.vn