The largest paper-making enterprise in Hunan is in

Hunan's largest paper-making enterprise is in trouble. It wants to reduce subsidies and cause retired employees to protect their rights. After the introduction of the reorganization of central enterprises, Hunan taigreenpaper Group Co., Ltd. (hereinafter referred to as taigreenpaper group), the major shareholder of Yueyang forest paper, did not turn the tide. On June 20, the troubled tegreen paper group wanted to sell assets and reduce subsidies for retired employees to ease the financial pressure, which attracted retired employees to besiege the factory door on a large scale

retired employees blocked their doors to discuss the matter.

this matter has not been solved yet. There will be news tomorrow. Because of the need to reduce the subsidies for retired employees, these employees blocked the door of the company in a few days. The company is in a meeting today and will not reply until tomorrow. Zhang Yu (a pseudonym), an employee of taigelin Paper Group, told in

taigreenpaper group is the controlling shareholder of Yueyang forest paper. At present, it is the largest paper-making enterprise in Hunan Province. Previously, Wang Xiang, the former chairman of taigreenpaper group, was hit by double regulation and financial crisis, and was deeply in financial crisis

in September, 2010, the China Paper Corporation affiliated to China Chengtong Group, a state-owned enterprise, invested 2.5 billion yuan to restructure taigreen Paper Group and become its controlling shareholder

Hunan taigelin Paper Group Co., Ltd. was formerly known as Yueyang Paper Mill (also known as the predecessor of Yueyang forest paper). After that, through continuous mergers and acquisitions, it initiated the establishment of Yueyang forest paper and promoted its listing. Its subsidiaries include Yueyang forest paper, Hunan Yuanjiang Paper Co., Ltd. and Hongjiang Paper Co., Ltd

Zhang Yu told that the above-mentioned employees who blocked the door of taigelin paper group were mainly old employees of Yueyang forest paper before the restructuring. According to his introduction, since June 20, hundreds of retired employees of Yueyang forest paper have asked the company for information about related retirement subsidies

after the reorganization of taigreen Paper Group and China Paper Corporation in Beijing, taigreen paper group still suffered losses. The managers sent by China paper industry now want to sell some state-owned assets and cancel the welfare of retired workers. They want to use the money to fill its loopholes. Zhang Yucheng said that the managers of taigreen paper group, facing the current situation of losses, want to sell relevant assets, revitalize funds, reduce the welfare of retired employees and reduce relevant expenses, This has triggered the dissatisfaction of retired employees and attracted retired employees to take action to safeguard their rights

according to Zhang Yu, taigreenpaper group has begun to sell some assets. There are about 2800 retired employees mentioned above. Taigreenpaper group wants to cancel the water and electricity subsidies, medical subsidies and regular oil and rice materials issued by retired employees, which are about 3000 yuan per person per year

according to rough calculation, if the above subsidies are cut, the expenditure of TIGER Paper Group will be reduced by about 8million yuan per year

it seems that there is no matter about the rights protection of retired employees, and the specific situation is not very clear. For the above situation, a staff member of the administrative building office of the headquarters of the tiger paper group told the daily economy, which later said that our company seems to have been reconciled, which is not a special matter

it's hard to say whether this matter has anything to do with Yueyang forest paper. Yueyang forest paper is the parent of taigreenpaper group and now it's a subsidiary, Zhang Yu said, "Although new material enterprises in Shandong Province have achieved a certain result, now these retired workers' subsidies are mainly issued by taigreenpaper group. They are old workers of Yueyang forest paper group before the restructuring, and there are also a small number of retired employees after the restructuring.

as far as I know, this is the matter of the controlling shareholders. Retired employees are social workers, not employees of our company. These employees are looking for trouble from major shareholders, as if it is a difference in retirement policies. Please ask the specific situation Major shareholders, things have basically no impact on us. Yueyang forest paper Securities Department staff said to

it is understood that Wang Xiang, the former chairman of taigreenpaper group, who left office at the end of 2007, was found to have financial fraud, false profits and other problems in the leaving audit one year later. In February 2009, Wang Xiang was double regulated and sentenced, and then there was the reorganization of China paper corporation

before, in order to become bigger and stronger, Wang Xiang basically relied on bank financing loans. Zhang Yucheng said that the enterprise was burdened with a lot of interest. In addition, under the bad situation of the industry, the Thai Green Paper Group can no longer get rid of the difficulties by relying solely on bank credit. Its successor has no way to continue to make up for the loopholes. To take back the funds, he can only sell assets and reduce the wages of workers, followed by reducing the subsidies for retired employees

the industry situation is still grim

as taigreenpaper group is not a listed company, it is impossible to check its financial situation. However, through its core subsidiary Yueyang forest paper's business situation may be seen

in the past two years, due to the recession of the paper industry, the price of paper products has shown a downward trend, and Yueyang forest paper is also in trouble

since the second half of 2012, due to the continuous downturn of the macro market and the reform of the printing industry, the downstream paper demand has been weak, and the new capacity has been fully released. The paper industry has encountered an unprecedented severe situation, including structural overcapacity, vicious competition, downward price exploration, and declining profits

according to wind data, in 2012, the paper industry achieved a main business income of 688.806 billion yuan, an increase of 6.87% year-on-year; The total profit was 34.286 billion yuan, with a year-on-year increase of 3.61%. The growth of profit was only about half of the income growth, and the profit margin of the industry decreased significantly

among them, the comprehensive gross profit margin of Yueyang forest paper, mainly in the paper industry, decreased from 20.95% in 2010 to 18.91% in 2011, and further decreased to 15.06% in 2012. Affected by the above factors, the profitability of Yueyang forest paper showed a downward trend. From 2010 to 2012, the total profits were 313 million yuan, 162 million yuan and -259 million yuan respectively, and the net profit loss in 2012 was 220 million yuan

the first quarterly report disclosed by Yueyang forest paper shows that affected by the continued downturn in the industry boom, the company has continued the operating losses of some leading and backbone enterprises in the industry. From January to March 2013, the company achieved an operating income of 1.454 billion yuan and a net profit loss of 98 million yuan

however, at the same time, similar to the interest burden of the bank affected by the Thai Green Paper Group, the financial expenses of Yueyang forest paper also increased significantly year by year. From 2010 to 2012, the total expenses accounted for 16.79%, 17.38% and 19.47% of the operating revenue respectively. The proportion of financial expenses in the period expenses has increased year by year, accounting for 39.66%, 43.14% and 47.86% of the period expenses in the past three years respectively. Yueyang Lin paper said that it was mainly due to the increased debt burden and interest expenditure after the acquisition of Juntai pulp paper

by the end of March 2013, the company's total consolidated assets were 17.03 billion yuan, and its total liabilities were 11.8 billion yuan, with an asset liability ratio of 69%

in order to alleviate the financial pressure, on June 24, Yueyang forest paper announced that it would issue 850million yuan of corporate bonds to be listed, which would be mainly used to repay some bank loans and supplement the company's working capital

however, for the above 850million yuan corporate bonds, on May 27, the United credit rating company gave a negative rating outlook. Liuhongtao, an analyst at United credit rating company, believes that the low prosperity of the paper industry and fierce market competition in recent years have had an adverse impact on the company's operations, and the company's profitability has declined in recent years. In addition, the company has a large debt scale and a heavy debt burden, and the large-scale depreciation expenses every year also have a certain adverse impact on the company's profits

this article comes from the semi-automatic impact testing machine network. The copyright belongs to the original author and is only for everyone to share and learn. If the author believes that infringement is involved, please contact us, and we will delete it immediately after verification