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Focus: the loss side expands the coal industry in the second half of the year

focus: the loss side expands the coal industry in the second half of the year

China Construction Machinery Information

in the first half of this year, the structural surplus of China's coal market was prominent, the prices continued to decline, the industrial economic benefits fell sharply, and the loss side of enterprises further expanded. By the end of May, coal enterprises had 95million tons of inventory, the highest level in history. The economic operation of the coal industry is facing severe challenges

in view of some prominent problems and contradictions existing in the current coal economic operation, the China Coal Industry Association organized five research groups in May to conduct field research on the coal economic operation and enterprise development status in 17 provinces and 36 large coal enterprises. Among them, 20 enterprises suffered losses and 9 were on the edge of profit and loss balance

at the Symposium on coal economic operation analysis held on June 25, jiangzhimin, vice president of China Coal Industry Association, said that in the coming period, the contradiction between the slowing market demand and the release of coal production capacity will become more and more prominent, the downward pressure on coal prices will continue to increase, and the increase and decrease at both ends of supply and demand will worsen the operation situation of the coal industry in the cold winter

the debt ratio exceeded 80%

in the first five months of this year, China's coal output fell by 1.8% year-on-year, the sales volume fell by 2.2% year-on-year, the net import of coal was 132 million tons, and the inventory of the whole society remained above 300 million tons for 30 months. The industrial benefits have decreased significantly. In the first four months, the main business income of Coal Enterprises above designated size was 962.59 billion yuan, a year-on-year decrease of 6%, and the enterprise profit decreased by 42% year-on-year, a decrease of 67% compared with the same period in 2012

jiangzhimin said that under the situation of declining coal prices and substantially reduced profits, the problem of heavy burden on enterprises has become more prominent. On the one hand, restricted by the mining conditions of China's coal resources, the fixed expenses such as coal mine safety investment, employee compensation, collapse compensation expenditure and environmental governance account for a large and rising proportion in the coal cost, and some coal mines have exceeded 70%

in the past two years, coal enterprises have responded to market changes, continued to carry out cost reduction and efficiency increase and achieved great results. However, from the current situation, the space for further cost reduction is very limited, and the space for incremental cost reduction is getting smaller and smaller. With the continuous decline of coal prices, the losses of enterprises have increased, and the losses of the industry have continued to expand. In the first four months, the loss of loss making coal enterprises above designated size was 24.74 billion yuan, a year-on-year increase of 45.5%, an increase of 5.79 percentage points over the previous month. Heilong hopes to provide a certain amount of help for the overall loss of Coal Enterprises above Designated Size in nine provinces and regions, including Jiang, Anhui, Hebei, Jilin and Qinghai

on the other hand, the problem of heavy burden on coal enterprises has not been solved. After the issuance of the opinions of the general office of the State Council on promoting the smooth operation of the coal industry, the relevant departments of the State Council and local governments have done a lot of work. Some provinces and regions have issued a series of policies and measures to reduce the burden on enterprises. However, at present, the effects of these policies have not been fully demonstrated, and the problem of heavy burden on enterprises has not been fundamentally solved

at the same time, the contradiction between the shortage of enterprise funds and the safety production of coal mines and the stability of mining areas is becoming more and more prominent. In the first half of this year, the difficulty of coal sales increased, and the accounts receivable of enterprises increased significantly. At the end of April, the accounts receivable of Coal Enterprises above designated size were 353.24 billion yuan, a year-on-year increase of 13.4%, an increase of 150billion yuan over the same period in 2011, and the cash flow of enterprises decreased significantly. The economic benefits of coal enterprises have decreased, the financing difficulties have increased, and the financial expenses have increased significantly. In the first four months, the financial expenses of Coal Enterprises above designated size increased by 4billion yuan year-on-year, an increase of 16.2%

in the past few years, coal enterprises' investment in coal and non coal industries has increased significantly. The project income is poor, and most of them are short-term loans and long-term investments. Not only the borrowing cycle is short, but also the interest rate is high. In addition, the income of coal mines has decreased in recent two years, the owner's equity has been continuously reduced, and the enterprise's asset liability ratio has increased significantly. By the end of April, the asset liability ratio of large coal enterprises had exceeded 70%, and that of some enterprises had exceeded 80%

among them, the resource integration of some large coal enterprises in Shanxi, Henan and other provinces occupies a huge amount of funds, and the operational risk increases. For example, the seven major groups in Shanxi Province have paid a total of 120billion yuan in resource prices and coal mine technological transformation costs, and more than 100billion yuan will be added in the follow-up. The interaction of these factors makes the capital pressure of coal enterprises increasing. In addition, this year, some large coal enterprises have a large number of loans that need to be repaid when they are due, and some enterprises are in danger of breaking the capital chain

jiangzhimin stressed that the lack of funds of enterprises has begun to affect the normal safety production investment of coal mines. The emergence of these problems makes the pressure of coal mine safety production and mine stability increasing

implement the burden reduction policy

analyze the trend of the coal market in the second half of the year. In terms of macro economy, China's macro economy still maintains a basic trend of stability and improvement, the economic growth is stable, and some positive changes have taken place in the adjustment of economic structure

in July this year, the purchasing managers' index (PMI) of China's manufacturing industry was 51.7%, up 0.7% over the previous month, rising for five consecutive months, indicating that the manufacturing industry has continued the good momentum of steady growth; In May, the growth rate of industrial added value rose by 0.1% compared with that of the previous month, foreign trade exports continued to rise, and the growth rate of electricity consumption in the whole society was 5.3%. However, the foundation for steady and sound economic growth is not yet solid. Downward pressure and potential risks of economic growth still exist. Investment growth continues to fall. The ex factory prices of industrial producers have dropped year on year. The problems of rising enterprise costs, tight funds and insufficient orders are still prominent

from the perspective of supply and demand in the coal market, in terms of demand, the state governs the environment and controls the total coal consumption, so the coal demand will grow at a low speed. The optimization of energy structure will further reduce the demand for coal. The economic growth rate slowed down, and the output growth rate of main coal consuming products dropped significantly

from the perspective of supply, on the one hand, the coal production capacity is in a centralized release period. This year, a large number of new wells will be completed and put into operation, and most of them are large modern mines with large production capacity; At the same time, if the market supply and demand is slightly improved and the price is corrected, some small and medium-sized coal mines that are in the process of shutdown and semi shutdown will quickly resume production. On the other hand, affected by many factors, such as oversupply in the international coal market, low coal prices, and some power plants have established relatively stable purchasing channels for imported coal, China's total coal imports may continue to remain high. Jiang 1. When cleaning the dirt or dust on the surface of the instrument, Zhimin predicted that the annual net import of coal would still be about 300million tons

in view of the prominent contradictions and problems in the current coal economic operation, Jiang Zhimin suggested that the total amount control should be continuously strengthened. We should reform the performance appraisal mechanism of enterprises to prevent enterprises from blindly expanding their scale and increasing the pressure of excess market; We should implement the capacity announcement system and intensify the investigation and punishment of illegal construction and production activities; We should strengthen supervision over work safety and speed up the closure of coal mines that do not meet the conditions for work safety

we should promote the implementation of relevant policies. Including: strengthening the supervision and inspection on the centralized cleaning up and rectification of coal industry charges in key coal producing provinces; Study the reasonable tax burden level of the coal industry, and promote the reform of the coal value-added tax and other tax systems; Speed up the separation of the social functions of enterprises and properly solve the problems left over by bankrupt coal mines; Abolish unreasonable railway and port charges; Postpone the increase of railway freight; Increase financial support for coal enterprises, ensure the capital demand for normal production and operation of coal mines, and reduce the financing cost of enterprises

it is necessary to support the sustainable development of enterprises with the active efforts of governments and relevant enterprises. Including: improving the exit mechanism of coal mines, clarifying the basic conditions for the closure of bankrupt coal mines, and providing relevant policy support to state-owned coal mines that are on the verge of exhaustion of resources, serious disasters, high mining costs, lack of security, serious losses and hopeless to turn around their losses by referring to the original bankruptcy policies and measures of state-owned coal mines; Support the transformation and upgrading of coal enterprises, coordinate the integrated development of coal power and coal chemical industries, and support the construction of large-scale pithead power plants and large-scale coal chemical demonstration projects

from the perspective of enterprise self construction, the China Coal Industry Association suggests that enterprises in the whole industry should strengthen industry self-discipline, strengthen enterprise management, accelerate transformation and development, actively expand the scope of coal utilization while optimizing stock, increasing increment and realizing scale development, and promote the industrial integration development of upstream and downstream LEGO companies by investing 1billion DKK ($152.3 million) and adding more than 100 employees

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