On June 30, R&F Real Estate announced that due to the change of auditor and other reasons, the publication of the 2021 audited annual results is expected to be delayed to June 30, 2022 or before, and delayed to July 15, 2022. Send the 2021 annual report on or before August 15, 2022, and submit the company's annual financial statements to its shareholders on or before August 15, 2022.
stated in the announcement that according to the latest situation, the review process for the audited annual performance in 2021 has not been completed, mainly due to the following reasons: some places in mainland China have implemented travel restrictions, isolation measures and zone closure arrangements to combat the new crown epidemic, resulting in There were delays in sending and receiving certain external confirmation letters from third parties; the company's new auditor, BDO, needed extra time to complete the first audit procedures under the epidemic; and the Group needed extra time to provide the outstanding information and confirmations on related matters. and/or documents to enable BDO to complete its required audit procedures.
In view of the above reasons, R&F Properties does not expect to be able to publish the 2021 audited annual results, send the 2021 annual report and submit the company's annual financial statements to its shareholders at its annual general meeting according to the timetable set out in the company's previous announcement.
R&F Real Estate stated that it will continue to cooperate with BDO to complete the review work as soon as possible. After BDO completes the audit, the company currently expects to publish an announcement containing the audited annual results for 2021 on or before August 5, 2022, and to send the 2021 annual report as soon as practicable. The estimated time of
is: the audit committee meeting and the board of directors meeting will approve and announce the 2021 audited annual results on or before August 5, 2022; and send the 2021 annual report on or before August 19, 2022.
R&F Properties has been teetering on the edge of debt default many times since last year. At the beginning of 2022, R&F Real Estate proposed a tender offer for a total of US$725 million in senior unsecured notes due on January 13, 2022 due to its inability to repay its upcoming debt. After approval, R&F Real Estate used the funds to repurchase the above notes. The funding is approximately US$116 million, and the remaining approximately US$609 million is extended to be repaid on July 13, 2022. Following the completion of the
exchange offer, Fitch raised the long-term foreign currency issuer default rating of R&F Properties and its subsidiary R&F Hong Kong from "restricted default" to "CC" on January 24, and the senior unsecured rating was also upgraded from "C" "Upgraded to "CC" and the recovery rate rating is "RR4".
Fitch believes that although R&F Real Estate's capital structure has improved after the exchange offer, a large amount of short-term debt will mature in 2022, and R&F Real Estate's access to funds may still be limited, so the company will continue to face Liquidity challenges.
In addition to the above-mentioned debts completed in the tender offer exchange, R&F Real Estate also faces a lot of maturing bonds this year. S&P statistics show that this includes RMB 9.5 billion of onshore bonds maturing and putable throughout the year, as well as US$648 million of offshore maturing bonds that need to be repaid in the second half of 2022.
Image source: R&F Real Estate
Source: Beijing Daily Client | Reporter Yuan Lu
Process Editor: U022
