Chapter Nine Hundred and Eighty Second Liquidation of Total Assets

Once Liu Hong left, Li Dong didn't even bother to read the documents.

After staring at the ceiling for a while, Li Dong straightened his body suddenly and said, "Bai Su!"

Bai Su hurried in and said, "Mr. Li, what are your orders?"

"Let Director Liu come over!"

There are many executives with the surname Liu in the distance, but generally Mr. Liu refers to Liu Hong, and Director Liu refers to the financial director Liu Hongmei.

Bai Su nodded immediately upon hearing this, turned around and went down to make a phone call, while Li Dong was thinking about his next plan.

With this retreat from the stock market, he has amassed tens of billions of cash in his hands, and this money must be well planned.

You can't just fill in holes wherever there are holes. If you really want to do this, tens of billions will not be spent.

After writing and drawing on paper for a while, Li Dong figured out how to maximize his benefits.

...

Not long after, Liu Hongmei entered the office.

Not only did people come, they also brought a thick folder with them.

As soon as Li Dong summoned her, she knew what Li Dong wanted to ask.

In the past six months, Li Dong has not been involved in financial matters, at most, after looking at the documents and reports, Liu Hongmei was a little surprised at Li Dong's calmness.

After all, the group is doing it now, one day at a time. Li Dongxiao hasn't asked these questions for half a year, and the time span is a bit long.

Seeing that she was prepared, Li Dong didn't go around the bush, and said straight to the point: "Give me a rough idea of ​​the current situation in Yuanfang, and give me an overview of the total assets, liabilities, net assets, and book funds."

Liu Hongmei nodded, opened the folder and said: "Then let me divide it briefly, Yuanfang can be divided into four main parts at present.

Supermarkets, logistics, real estate, and Yuanfang Technology are the four major blocks.

Let me first talk about the total assets of the major subsidiaries. After all, our liabilities are a bit chaotic. Some of them are supermarket liabilities in name, but actually use logistics and Yuanfang Technology. This is a bit confusing at present.

In the later stage, the financial side will further accelerate the accounting independence of major subsidiaries.

After all, the continued chaos is not conducive to the development of enterprises, and it is difficult for us to implement some reasonable tax avoidance measures.

And it will be a big trouble when it goes public in the future..."

Li Dong nodded and said: "I have no objection to this, you can go back and discuss it with Mr. Yuan."

"That's fine, I've made all the plans, just remember to sign when the time comes."

Liu Hongmei made a joke, and then resumed her stern expression: "Then let me talk about the supermarket, Yuanfang Supermarket, which currently has 10 branches.

Jiangbei, Southern Jiangsu, Jiangxi Province, Jiangsu and Zhejiang Province, Hubei Province, Shandong Province, Henan Province, Beijing-Tianjin, Shancheng, and Shanghai.

As of May, a total of 642 stores were in operation.

Among them, there are 19 first-tier stores, 68 second-tier stores, and 5 third-tier stores...

Among the more than 600 stores, only 68 of which belong to us, accounting for about 10%.

Other stores are leased, and the lease period is generally signed for about 10-15 years.

According to estimates, the total value of the fixed assets of the supermarket is about 23 billion.

Including several of our large distribution centers.

In terms of intangible assets, the value is as high as more than 4 billion.

Therefore, after a comprehensive calculation, it should not be a big problem for the current total assets of Yuanfang Supermarket to reach 27 billion. "

"27 billion..." Li Dong knocked on the table, but didn't say much about it, but asked, "Has our self-owned properties reached 10%?"

Liu Hongmei nodded.

Li Dong smiled and said: "Not bad, better than I imagined."

In the future, physical supermarkets will be hit. It can be said that the rising rent is also one of the culprits.

Labor and rent are the two biggest expenses.

The higher and higher rents lead to the supermarkets finally making money for the landlords, especially for those supermarkets with a low proportion of self-owned property rights.

In 2008, most supermarkets expanded their stores in the form of leasing. After all, to open a store is to buy a property, which is too expensive.

Yuanfang can now reach 10% of the proportion, which seems not much.

It's actually pretty high.

In fact, the average level in the industry today is generally only around 5%.

This is still for established supermarkets, and some small-scale emerging supermarkets have a lower proportion of free property rights.

Just like Yonghui, I am afraid it is less than 5%.

It will be a few years before the major retailers really increase the proportion of their own property stores. At that time, under the impact of e-commerce, the rent is getting higher and higher, and the retailers are overwhelmed. to expand.

In 2008, rents were not high, retail profits were large, and there was no impact from e-commerce. Few retail companies really cared about these things.

Of course, some companies with their own real estate development companies are exceptions, such as China Resources and Suning, which have an advantage over Bailian in this respect.

Li Dong is now gradually expanding the proportion of self-owned stores, but the cost is too high, and it is his best effort to account for 10%.

At present, Li Dong's direction is not in this direction. The correct way is to complete the national layout first, and then gradually privatize property rights.

Anyway, he is not in a hurry, Yuan Fang has just woken up, and the signed contracts are usually after 2020.

Unlike other supermarkets, it has been established for a long time, and the contracts of a large number of stores will expire in the next three to five years. The wave of store closures in the future is also related to the expiration of lease contracts.

Landlords are raking in the rent, and the rent of some stores has more than doubled. The company has no choice but to close the store.

After thinking for a while in a mess, Li Dong said: "Continue."

After hearing the words, Liu Hongmei continued to flip through the documents, and said, "Just now it is about the supermarket, and the second is logistics.

Logistics companies are mainly divided into four major blocks, first, storage centers in various places.

Second, the express distribution point.

Third, Yuanfang Logistics Park, which has not yet been completed.

Fourth, Sichuan Airlines shares.

In terms of storage centers, there are currently 6 storage centers that have been put into use, and a total of 4 storage centers are still under construction.

For express delivery points, last year’s plan of thousands of stores has been completed, and 200 new delivery points have been added this year, reaching a total of about 1,200, covering almost the entire China.

As for Yuanfang Logistics Park, the final phase of construction has already begun, and it is expected to be officially put into operation early next year.

Today we invest a lot in logistics. Since the beginning of the year, most of the profits of supermarkets and shopping malls have been invested in logistics.

In terms of investment alone, we have invested no less than 10 billion in logistics. Now the value of logistics companies may not be less than 12 billion. "

Li Dong has nothing to do with the logistics company, which eats money.

In fact, it didn’t cost much to lay out express delivery points. The main ones were the storage center and Yuanfang logistics park. These two pieces alone cost him six or seven billion yuan.

Coupled with the shares of Sichuan Airlines, the real money is spent on these things.

And this is just the beginning. According to Qin Hai's plan, all storage centers will be built in first- and second-tier cities, and there will be no tens of billions.

The reason why the assets only reached 12 billion is related to the sharp drop in land prices this year, otherwise it should be more than that.

Li Dong thought for a while and said, "So, with logistics and supermarkets, the total assets can reach 39 billion?"

"It's almost the same, but it's just our internal estimate. If we want to be sure, we need to invite a professional evaluation agency to conduct a large-scale liquidation evaluation."

"It's not necessary, I just need to know something about it. You continue to talk."

Liu Hongmei nodded, turned over the logistics page, and continued: "Next is Dongyu Real Estate.

Dongyu Real Estate has made big moves recently. Mr. Wu has successively acquired 6 pieces of land in various places. In addition to using the land in the western urban area, the Pingchuan government has replaced 4 pieces of land.

We now have a total of 23 pieces of undeveloped land with a construction area of ​​up to 5 million square meters.

Among them, the land in the CBD of Beijing has the highest value, exceeding 3 billion.

The other 22 pieces of land, according to the current market price, have a total price of more than 22 billion.

In addition to these undeveloped land, several commercial buildings such as Yuanfang Building, Greenland Building, and Yuanfang Plaza are also managed by Dongyu Real Estate.

There are also Yuanfang Property Company and Yuanfang Security Company, which are also under the jurisdiction of Dongyu Real Estate.

In terms of total assets, Dongyu Real Estate even surpasses supermarkets, and the total value will not be less than 30 billion, but..."

Liu Hongmei glanced at Li Dong as she spoke, coughed lightly and said, "However, almost no money was paid for the land that was acquired in the later period. They just signed a simple agreement. If you want to calculate it, the debt is not low."

Of course Li Dong knew this, he still let Wu Shengnan do it.

Pay a deposit first, and pay the rest of the money after a few months, so the land that was won later, except for a few pieces of land replaced by the Pingchuan government, actually belonged to the distant place in name.

Nodding his head, Li Dong said: "I know this well, don't worry about these things for now, the debt will be calculated together later."

"Okay, then I will continue to talk about Yuanfang Technology.

Yuanfang Technology is the easiest. After all, we have raised funds before, and all major institutions have given quotations. This should be the most accurate figure.

According to the previous quotation, the highest quotation reached about 4.5 billion US dollars.

In the later period, we merged Wanjia.com, and achieved considerable success in games, as well as businesses such as video, pea pods, and Wankato. Together, they can reach a total of about 5 billion U.S. dollars.

According to the current exchange rate, let's give a rough figure first, 35 billion yuan. "

"270, 120, 300, 350..."

Li Dong muttered a few words, then his eyes moved slightly and said: "Based on this calculation, our total assets exceed 100 billion?"

He has been clamoring that he wants to be a hundred billion group in the distance.

A long time ago, some people in the outside world said that Yuanfang had entered the 100 billion army, but in fact they had always overestimated Yuanfang.

Until now, Dongyu Real Estate has won a few pieces of land with no money, and Yuanfang can break through the scale of 100 billion.

As for debts, Liu Hongmei didn't say anything, but Li Dong also knew that there would be no shortage.

Seeing Li Dong answering the question, Liu Hongmei smiled and said, "Yes, Mr. Li, our total assets have now exceeded 100 billion, reaching 104 billion. But..."

Li Dong coughed dryly and said: "But the debt has increased a lot, right, it doesn't matter, I am mentally prepared.

After all, I have borrowed some money from the bank this year, and the land has not been paid, so the debt is certain to increase. "

Liu Hongmei smiled and said, "That's true. At the end of 2007, when the group was liquidated, our total liabilities reached 22 billion.

In the past six months, we have repaid part of it, about 2 billion.

In other words, the previous liabilities are only 20 billion.

However, during this period of time, our funds were relatively tight, and we borrowed another 1 billion from the bank. In addition, for the land, our new liabilities reached more than 9 billion.

Calculated, our total debt is close to 30 billion. "

Liu Hongmei said with a sudden smile: "But one thing is good, it seems that the debt is more than last year, but in fact the debt ratio has dropped.

After all, our industry has increased a lot. Based on the scale of 100 billion, the debt ratio is only 30%, which is relatively low compared with other companies. "

The debt ratio of the real estate industry has always been the highest, and some even exceed the total assets.

The retail industry is not too low, generally maintained at around 50%.

On a comprehensive basis, Yuanfang's debt ratio is only 30%, which is not the lowest among large groups, but it is definitely one of the few.

There are very few domestic enterprises with a scale of hundreds of millions that do not owe money.

At least Li Dong didn't know much about it. The one he remembered most was probably Laoganma's family, a rare thing among the great people, who seemed to have no debts.

With a debt ratio of 30%, that is to say, in terms of net assets, Yuanfang Group has reached about 70 billion.

Compared with last year, in half a year, it has increased by about 30 billion.

The value-added of the Internet industry has exceeded 15 billion. In addition, the profits of various industries this year, such as shopping malls, supermarkets, PP, and logistics, have also exceeded 5 billion in half a year.

As for the remaining 10 billion yuan, Li Dong sold stocks and injected 700 million yuan in capital, and the replacement of the land in the western urban area and the kick-off of Pengfei real estate would increase the valuation by more than a billion yuan.

The other 8 billion belong to intangible assets and fixed asset appreciation.

As Yuanfang grows bigger and bigger, fame is actually money.

Brands, patents, and even distant human resources can all be counted as assets. This kind of increase may seem like a lot, but it is actually within the controllable range.

However, all of this must be based on the fact that Yuanfang can continue to maintain its current reputation. Otherwise, the value of these industries will be greatly reduced if Yuanfang goes bankrupt.

If Yuanfang really goes bankrupt one day, the current estimated 100 billion assets may be re-evaluated, and the decline may reach half.

It is the norm in the business world to step up and step down.

But no matter what, Yuanfang has developed well this year. Everyone is in danger of the financial crisis, and many companies are in a state of semi-bankruptcy.

At this time, Yuanfang can buck the trend and rise sharply, and if it spreads, it may scare a group of people.

After Liu Hongmei reported this, she finally said: "The other thing is the book liquidity, we only have 1 billion yuan left on the book, and 300 million is Weibo's money, which cannot be moved for the time being.

700 million is money from shopping coupons, so I'm afraid it's not easy to move.

In addition, next month, we will have a batch of loans due, amounting to more than 500 million yuan, and part of the loan needs to be repaid, a total of about 1 billion yuan.

Even if the money from shopping coupons is used, all the money in the account cannot be spent.

According to my idea, the expansion of logistics will be stopped next month, and all the profits of the supermarket will be allocated to the group headquarters as a backup. What does Mr. Li think? "

As a group of 100 billion yuan, it is embarrassing to have no money on the books, even if the debt ratio is not high.

Li Dong thought for a while and said: "You don't need to worry about this for now, I will hold a board meeting to resolve it later.

Don't touch the money from the shopping coupons and Weibo for the time being. I'm afraid Mr. Yuan will have to come to me to settle the score if I really want to spend it all. "

Liu Hongmei smiled wryly, as long as you know.

As for how Li Dong solved this problem, Liu Hongmei didn't bother to ask.

If you can't do it, just take a loan. Although it is very difficult to get a loan at present, you can take a loan in the name of a distant place.

This is also the reason why Yuan Chengdao and Liu Hongmei didn't complain to Li Dong much this year.

If it was left in the past, these two people would have already crossed the threshold.

After hearing these things, Li Dong already had a plan in mind, and he also had a plan for where the money on hand should be spent next.

After sending Liu Hongmei away, Li Dong's expression changed, and he murmured: "The Hundred Billion Group... came so fast."

Although only the total assets have reached this range, in the business world, they are all based on total assets. I have never heard of anyone using net assets to calculate the company's value.

No matter how much the debt is, at least the current Yuanfang can justifiably say that it has entered the 100 billion army.

Even Li Dong was in a trance at this moment, it felt like a dream.

Four years, only four years!

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