Hoang Anh Gia Lai Joint Stock Company
(stock code: HAG) has released unusual information regarding its principal and interest payments on bonds.
June 30 was the scheduled date for interest payment on the HAGLBOND16.26 bond code, with an amount due of over VND 139.6 billion. However, Hoang Anh Gia Lai has not yet received full payment from the debt of Hoang Anh Gia Lai Agriculture International Joint Stock Company (HAGL Agrico – stock code: HNG). A three-party repayment plan has been agreed upon, and the company is yet to liquidate some of its non-profitable assets. Consequently, the interest payment due has not been made.
The HAG bond batch was issued in late 2016 with a 10-year term, comprising 6,596 bonds with a par value of VND 1 billion each, equivalent to nearly VND 6,600 billion in proceeds. Currently, the outstanding volume stands at 5,876 bonds, equivalent to VND 5,900 billion.
Hoang Anh Gia Lai still owes nearly VND 5,900 billion in bonds issued in late 2016.
These are non-convertible bonds, without warrants, and are asset-backed. The interest rate at issuance was 9.7%/year, with a quarterly interest payment period, followed by a floating rate.
As of June 30, Hoang Anh Gia Lai had overdue interest payments totaling more than VND 3,349 billion. Cumulative overdue principal payments as of that date amounted to VND 1,015 billion. The company expects to make the remaining payments in the third quarter of this year.
On April 25, HAG repurchased the entire VND 300 billion batch of HAG2012.300 bonds issued on June 18, 2012, with a term of 4,851 days. Thus, Hoang Anh Gia Lai has fully repaid this bond batch ahead of schedule by more than a year.
In the first quarter, HAG recorded revenue of VND 1,242 billion, a decrease of nearly 27% compared to the same period last year. Revenue from pig sales decreased by more than 48%, to nearly VND 292 billion. Revenue from product sales reached nearly VND 45 billion, a drop of 87%. Only fruit sales revenue increased by almost 25% to VND 885 billion. After deducting cost of goods sold, Hoang Anh Gia Lai recognized a gross profit increase of over 10% to VND 498 billion.
As of March 31, Hoang Anh Gia Lai had accumulated losses of VND 1,452 billion. The company’s total financial borrowings stood at VND 7,816 billion. Total assets amounted to VND 21,170 billion, with fixed assets reaching VND 5,903 billion.
This year, Hoang Anh Gia Lai aims to achieve net revenue of VND 7,750 billion, with fruit sales contributing VND 5,540 billion, banana-eating pigs VND 1,550 billion, and products and goods VND 660 billion. If realized, this will be the highest revenue ever achieved by Hoang Anh Gia Lai.
