Although the demand for international air logistics remains strong, the performance of East Air Logistics to maintain the growth trend, but Deppon shares recently frequently plan to choose the opportunity to sell the shares held by East Air Logistics.
On the evening of September 14, Deppon announced that the company intends to authorize its general manager to reduce its holdings of not more than 40,482,700 shares of East Air Logistics A shares through centralized competitive bidding and bulk trading, accounting for no more than 2.55% of the total share capital of East Air Logistics.
Previously, on July 5, 2022, Debonair considered and passed the "Proposal on the Company's intention to sell part of its equity interests in participating companies", agreeing to authorize the general manager of the company to reduce the holding of not more than 30,957,300 shares of A shares of DongHang Logistics through centralized competitive bidding and bulk trading, accounting for not more than 1.95% of the total share capital of DongHang Logistics.
Debonair announced in the evening of 14th that as of the date of disclosure of the announcement, the number of shares and the proportion of the total share capital of East Air Logistics held by the company through centralized bidding and bulk trading is within the authorization of the board of directors. If, during the period of this reduction, there are still share changes such as share buyback, share delivery and capitalization of capital reserve, the number of shares to be reduced will be adjusted accordingly, but the reduction ratio will remain unchanged.
In view of the cumulative agreement on two occasions to authorize the general manager of the Company to reduce the shareholding of not more than 71.44 million shares through centralized competitive bidding or block trading, accounting for not more than 4.5% of the total share capital of Eastern Airline Logistics, the proposal has yet to be submitted to the second extraordinary general meeting of the Company in 2022 for consideration and approval.
As of June 30, 2022, the total share capital of Dongfang Logistics was 1,588 million shares, and Deppon held 71.44 million of its shares, accounting for 4.5% of the total share capital of Dongfang Logistics. In other words, if the above two cumulative agreements to authorize the general manager of the company to reduce its shareholding are all completed, Deppon will liquidate all the equity shares held by DongHang Logistics.
The overall performance of Dongfang Logistics has been positive in recent years.
In the first half of 2022, the company achieved operating revenue of 11.607 billion yuan, up 14.62% year-on-year, and net profit of 2.123 billion yuan, up 39.58% year-on-year.
For the performance growth, Eastern Airlines Logistics said it was mainly due to the transformation and upgrading of the manufacturing industry and the reorganization of the global supply chain, international air logistics demand remained strong, while the tight supply-side factor resources of air logistics continued to be affected by the global epidemic and international geopolitical conflicts, air freight prices continued to fluctuate at high levels, and the company's air speed transport segment and integrated logistics solutions segment achieved a significant gross profit The company achieved a significant increase in gross profit in the air express segment and the integrated logistics solutions segment.
At the same time, due to the improved profitability in the first half of the year and the leasing of all-cargo aircraft under finance leases, the total assets of China Eastern Airlines Logistics reached RMB 21.252 billion at the end of June 2022, up 17.83% from the end of the previous year, and the net assets attributable to shareholders of the listed company were RMB 12.205 billion, up 9.34% from the end of the previous year. The company's gearing ratio was 37.62%, up 3.3 percentage points from the end of the previous year, and the company's financial position remained sound.
For this time to choose the opportunity to sell the stock assets of Eastern Airlines Logistics, Debonair believes that it is conducive to optimizing the company's asset structure, revitalizing the company's stock assets, and improving the liquidity and efficiency of the company's assets.
Debonair said that the company will reduce its holdings of EastJet Logistics stock assets according to actual development needs. The company presents its equity assets in China Eastern Airlines Logistics as "other equity instruments investments", which are measured at fair value and the changes are recorded in other comprehensive income. Due to the volatility of the stock market, the Company is unable to accurately estimate the impact of the reduction of its equity assets in China Eastern Airlines Logistics on its net assets.
