“水泥一哥”海螺水泥陷分红款纠纷 牵出控股子公司盈亏迷局

2020-06-06 09:44:35

一场围绕控股子公司分红款的纠纷,让“水泥一哥”安徽海螺水泥股份有限公司(以下简称“海螺水泥”)陷入进退维谷的境地。

一场围绕控股子公司分红款的纠纷,让“水泥一哥”安徽海螺水泥股份有限公司(以下简称“海螺水泥”)陷入进退维谷的境地。

近日,广西凌云通鸿水泥有限公司(以下简称“广西凌云通鸿”)与上海通鸿实业有限公司(以下简称“上海通鸿实业”)分红款纠纷案二审在广西高院开庭。广西凌云通鸿是海螺水泥控股子公司,海螺水泥、上海通鸿实业分别持有其80%和20%股权。此前的2019年4月19日,上海通鸿实业将广西凌云通鸿诉至广西百色中院,要求后者分配属于公司的2136.38万元账上利润。经百色中院一审判决,广西凌云通鸿被判向上海通鸿实业分配2012年4月至2018年12月的利润1922.74万元。广西凌云通鸿则以“公司截至2018年12月31日账面未分配利润为-2069.71万元,故无分红款”为由拒绝分红。

不过,上海通鸿实业方面认为,根据海螺水泥公开披露的年报等信息和广西凌云通鸿向当地税务机关报送的财务报表均证实广西凌云通鸿有可分配的利润。经百色中院审理认定,根据海螺水泥公开披露的2012年度至2018年度报告,广西凌云通鸿少数股东权益余额为3323.44万元,进一步证明了截至2018年末广西凌云通鸿对于股东上海通鸿实业存在未分配利润的事实。分红款纠纷在让广西凌云通鸿陷入盈亏迷局的同时,也让海螺水泥遭到了信披是否规范的质疑。

对于相关问题,海螺水泥6月4日在发给《中国经营报》记者的书面回复中表示,公司及下属子公司广西凌云通鸿与上海通鸿实业诉讼案件仍在审理过程中,公司作为A+H股上市公司受两地法律管辖,为避免影响投资者判断,不便就案件具体情况接受采访。

争夺分红款

广西凌云通鸿原本为广西壮族自治区政府招商引资的重点项目之一,原始股东为上海通鸿实业和自然人黄惠萍,分别占股90%和10%。

2012年4月9日,双方与海螺水泥在安徽省芜湖市签署《股权转让协议》,广西凌云通鸿由此正式成为海螺水泥广西区域下属子公司之一。记者获得的《股权转让协议》显示,上海通鸿实业与黄惠萍分别将其持有的70%和10%股份转让给了海螺水泥,股权转让价款暂定为9260.88万元。股权转让完成后,海螺水泥与上海通鸿实业分别持有广西凌云通鸿80%和20%股权。上海通鸿实业与广西凌云通鸿间的“嫌隙”在2018年即已埋下。根据协议约定,自协议生效起的第五年末,上海通鸿实业所持有的股权须退出新的项目公司,并将其持有的20%股权一次性全部转让给海螺水泥。

据此,上海通鸿实业于2018年初起依约向广西凌云通鸿和海螺水泥多次提出退出请求,先后于当年6月8日和2019年3月5日等多次致函广西凌云通鸿要求尽快退出公司所持有的20%股权,并按协议约定分配公司利润。2019年3月17日,广西凌云通鸿给出的回应让上海通鸿实业大跌眼镜。广西凌云通鸿方面出具的众华会计师事务所审计报告结果显示,公司截至2018年7月亏损4505.41万元,截至2018年12月31日账面未分配利润为-2069.71万元,故无分红款。

同时,根据该审计报告,广西凌云通鸿截至2018年7月尚欠海螺水泥3.35亿元,利息数额1.22亿元。分红无望的上海通鸿实业一纸诉状将广西凌云通鸿送上了被告席。2019年7月31日,百色中院做出一审判决,广西凌云通鸿应于判决生效10日内向上海通鸿实业按照20%的比例分配2012年4月至2018年12月期间的利润1922.74万元。百色中院审理认为,广西凌云通鸿有可分配的利润,上海通鸿实业作为公司股东,提出分配未分配的利润依法有据。百色中院表示,法院向凌云税务机关调取的广西凌云通鸿纳税申报时报送的2012年至2018年12月31日止的财务报表和《资产负债表》,可以证明公司从2012年4月至2018年12月31日止存在未分配利润1.07亿元。

上海通鸿实业代理律师付晓东在接受记者采访时表示,公司主张分红款是依据广西凌云通鸿每年提交的财务报表,上边都有利润记载情况,分配利润也是公司作为股东应有的权利。盈亏悬疑记者梳理发现,上海通鸿实业和广西凌云通鸿围绕分红款争议的焦点在于,广西凌云通鸿是否有可分配的利润,上海通鸿实业要求分配利润的条件是否已成熟。与广西凌云通鸿主张的公司大幅亏损不同,百色中院根据海螺水泥公开披露的2012年度至2018年度报告认为,截至2018年末,广西凌云通鸿少数股东权益余额为3323.44万元,可以进一步证明,广西凌云通鸿对于股东上海通鸿实业存在未分配利润的事实。

以海螺水泥披露的2017~2019年年报数据为例,广西凌云通鸿当年归属于少数股东的损益分别为641.85万元、1554.58万元和-1639.62万元,年末少数股东权益余额分别为1768.86万元、3323.44万元和1683.82万元。不过,一笔逾亿元的借款利息突如其来,打破了这一平衡。广西凌云通鸿方面表示,公司向海螺水泥所借的大额资金利息没有支付,截至2018年12月31日,公司仍欠付海螺水泥借款2.54亿元、利息1.31亿元。这也意味着,巨额的利息支出将吞噬掉广西凌云通鸿微薄的利润。就在案件审理期间,广西凌云通鸿于2019年5月29日向海螺水泥支付了1.31亿元汇款,用于支付借款利息。而百色中院经审理确认,广西凌云通鸿与海螺水泥并不存在大额借款的事实。

“公司在向上海通鸿实业提交的2012年至2018年的年度利润表、资产负债表以及海螺水泥同期向社会披露的年报均没有体现借款或出借的记载。”白色中院表示,广西凌云通鸿的行为“违反了诚实信用和公平原则,也违反了公司法规定的商业道德、诚实守信、接受政府和社会公众监督的原则,损害公司小股东上海通鸿实业的利益。”付晓东也告诉记者,从2012年4月9日签订股权转让协议到公司于2019年3月17日起诉,在这段时间里,广西凌云通鸿主张的海螺水泥借款和利息并没有体现在会计账本上,双方往来资金及利息确认书是虚构的,海螺水泥存在滥用股东权、与广西凌云通鸿串通故意隐瞒转移利润的事实。上海通鸿实业与广西凌云通鸿间的分红款纠纷尚未画上休止符,海螺水泥又以“借款合同纠纷”为由将控股子公司广西凌云通鸿告上了法庭。

2019年12月12日,该案在安徽省芜湖市镜湖区人民法院开庭审理。让人不解的是,既然广西凌云通鸿已于2019年5月29日向海螺水泥支付了1.31亿元借款利息,海螺水泥为何还要在收到利息款后起诉旗下控股子公司呢?“海螺水泥的目的可能是以法院判决的公信力做背书,把双方的债权、债务关系确定下来,继而帮助广西凌云通鸿在上诉案件中胜诉。”付晓东分析认为。围绕分红款引发的纠纷在让广西凌云通鸿陷入盈亏迷局的同时,也让海螺水泥遭到了信披是否规范的质疑。即如果广西凌云通鸿主张公司在经营期间亏损并最终胜诉,则意味着海螺水泥在此前的年报披露中或存在涉嫌财务数据造假行为。

上海创远律师事务所律师许峰分析指出,从目前信息来看,海螺水泥在子公司广西凌云通鸿或上市公司层面存在调节利润的嫌疑,如果海螺水泥的信息披露是真实的,那么在子公司层面应该保持一致,需要海螺水泥给出充分的解释。

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2023-10-13 16:31:57

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2023-09-20 13:15:38

徐贵生表示,当前水泥行业的现状并不乐观,水泥价格跌势难止。尽管市场在不断萎缩,但稳预期、稳增长仍是下阶段经济发展的重中之重,引导房地产行业实现“软着陆”是当前各方的共识,在各路政策的加持下,水泥需求将会得到一定程度的恢复。

2023-09-19 17:30:26

水泥价格跌至5年最低水平; 1.海螺说是底线!山水说是生存关键!各大企业目标确定! 2. 总投资约1.5亿!红狮集团签约一飞灰资源综合利用项目! 3. 中国能建:副董事长、总经理辞任! 4. 高速大桥偷工减料?中铁五局深夜发声了!反转再反转!

2023-09-08 13:32:22

Recently, due to the persistent cost pressure in the south, the price of concrete has risen slightly with the raw materials, but the growth of market demand is limited, and the overall quotation is still stable. From October 31 to November 6, the national concrete price index closed at 112.47 points, up 0.31% annually and down 10.11% year-on-year.