Hang Xanh Auto Service (HAX) closes the right to pay 5% cash dividend
Hang Xanh Auto Service Joint Stock Company (Code HAX) has just announced the closing date for 2022 dividend payment in cash and shares. In which, HAX will pay cash dividend at a rate of 5%, corresponding to each shareholder owning 01 share will receive 500 VND in dividend.
In addition, the company will also pay stock dividends at a rate of 25%. Correspondingly, for every 04 shares owned, shareholders will receive 01 new share.
Currently, there are 71.9 million HAX shares in circulation on the market, so Hang Xanh Auto Service will have to pay about 36 billion VND in dividends, issuing an additional 18 million shares to pay dividends to shareholders. The capital for issuance is taken from undistributed after-tax profits in the company's audited 2022 financial statements.
Q1 revenue dropped 92%, business profit was only over 243 million despite revenue of thousands of billions of dong
According to Hang Xanh Auto's Q1 2023 financial statements, this unit only brought in revenue of VND 993 billion, down about 40% compared to the same period last year. Cost of goods sold still accounts for a high proportion, causing gross profit to only reach VND 77 billion.
Notable in that period was financial expenses, with the majority of interest expenses increasing sharply from over VND1 billion to nearly VND18 billion, showing that debt is putting great pressure on Hang Xanh Auto's revenue.
Revenue of thousands of billions but Hang Xanh Auto Service (HAX) only made a profit of 243 million VND in the first quarter of 2023 (Photo TL)
In addition, both sales costs and business management costs increased to 37 billion and 22 billion VND. In terms of the main business results, Hang Xanh Auto Service only made a profit of more than 243 million VND despite revenue reaching nearly 1 trillion VND.
The company's after-tax profit was only about 4 billion VND, down 92% compared to the same period last year.
Equity increased sharply by 26% due to the conversion of bond debt into shares, the rights of other shareholders were affected
At the end of the first quarter of 2023, Hang Xanh Auto Service's total assets were recorded at VND 2,140 billion, down 17% compared to the beginning of the year. It is worth noting that the size of liabilities decreased from VND 1,610 billion to VND 988 billion, largely due to a decrease in short-term loans and financial leases, showing that the company's asset size and financial leverage have somewhat declined.
In addition, equity increased sharply from VND 969 billion to VND 1,152 billion, mainly from the increase in equity capital, up 26%, from VND 569 billion to VND 719 billion.
This increased capital contribution corresponds to the fact that Hang Xanh Auto Service converted the bond debt of 3 bondholders including Mr. Tran Do Thinh (276,000 bonds), Mr. Nguyen Duy Quoc (264,000 bonds) and Ms. Vu Ngoc Diep Linh (1.26 million bonds) into shares.
The conversion was carried out by HAX at a ratio of 12:100, meaning that each 12 bonds will be converted into 100 shares. After conversion, the bond debt of the above 3 bondholders will be converted into 2.3 million, 2.2 million and 10.5 million shares, respectively. The company's charter capital increased by 150 billion VND.
It can be seen that the number of HAX shares on the market after converting this bond debt has increased by 15 million shares. Thus, the total number of outstanding shares has been diluted and the rights of existing shareholders will be affected more or less.
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