A series of businesses continuously delay paying due bonds

Fuji Nutri Food Joint Stock Company is late in paying the principal and interest of bond code FNFCH2223001 with the interest payable of VND 133.5 billion and the principal payable of VND 998 billion. Thus, the total principal and interest that the company is late in paying is VND 1,131.5 billion.

According to the announcement, the planned payment date is August 12, 2024, however, Fuji Nutri Food said that the company has not arranged the source in time, so the expected payment date has been postponed to August 21, 2024. Up to now, the company has not announced information related to the payment of principal and interest of this bond code.

This is not the first time Fuji Nutri Food has delayed bond payments. In 2023, the company announced four delays in bond interest payments, with interest payments ranging from VND20 billion to over VND25 billion.

Previously, in August 2023, the above bond lot was extended by Fuji Nutri Food for another year, with the initial 12-month term adjusted to 24 months.

According to data from the Hanoi Stock Exchange (HNX), Fuji Nutri Food only issued 2 lots of bonds FNFCH2223001 and FNFCH2124001 with a total value of VND 1,720 billion. Both matured on August 12, 2024 and March 18, 2024. However, the company could not pay on time and continuously announced late payments of principal and interest for both of these bond codes.

Fuji Nutri Food has been continuously late in paying its bond debt amid poor business performance. In 2023, the company reported a profit of less than VND2 billion, while in 2022 it lost more than VND8 billion.

Regarding the financial situation, as of the end of 2023, Fuji Nutri Food's equity was VND 643 billion, an insignificant change compared to the previous year. Liabilities/equity were at 2.869 times, corresponding to liabilities of VND 1,845 billion, most of which was outstanding bonds, at VND 1,718 billion.

Similarly, for Duong Man Joint Stock Company, this enterprise only circulates a single batch of bonds coded DMBond2017 with a term of 7 years, maturing on November 20, 2024 with a total issuance value of VND 200 billion, an interest rate of 10.75%/year and interest paid every three months.

However, in the first half of 2024, Duong Man has not paid two bond interest installments with a total amount of more than 12.6 billion VND because the company has not arranged the payment source.

Previously, in 2023, Duong Man had 4 times of unpaid interest and 1 time of unpaid bond principal. The total interest to be paid was more than 25 billion VND and the principal was 100 billion VND.

In the first half of 2024, Duong Man lost more than 20 billion VND after tax, while in the same period last year the company lost nearly 51 billion VND. Accumulated from 2020 - 2023, the company recorded a loss of up to 228 billion VND.

Continuous losses also caused the company's equity to decrease by 27% to more than VND 53 billion. The debt/equity ratio increased from 15.18 to 21.08 times, equivalent to the total debt payable at the end of the second quarter of 2024 at VND 1,130 billion. Of which, the outstanding bond debt is VND 200 billion.

No Va Real Estate Investment Group Corporation ( Novaland - HoSE: NVL) has just announced the delay in paying VND38.2 billion in interest for 3 bond lots including: NVL2020-02-450 (VND24.7 billion), NVL2020-02-100 (VND5.5 billion) and NVL2020-02-150 (VND8.3 billion). The reason given is that the company is arranging funds for payment.

These bonds were issued in 2020, with a term of 4 years, and are expected to mature in 2024. Recently, Novaland has requested to extend 17 bonds issued in 2024, with a term of 4 years to 5 years. After the extension, the bond maturity will be changed from 2024 to 2025. However, only 8/17 bonds were accepted for extension and the 3 bonds mentioned above are not on this list.

Source: https://laodong.vn/kinh-doanh/loat-doanh-nghiep-lien-tuc-cham-tra-no-trai-phieu-den-han-1384160.ldo