Fengfeng Group increases coal payment recovery

Fengfeng Group continued to strengthen the management and control, increased the recovery of coal payment, and made every effort to prevent and control the capital risk. The recovery rate of the current monthly payment from January to November was kept at 100%. The group has changed the settlement method for all market customers, implemented the prepayment settlement, strictly implemented measures in the implementation process, and resolutely put an end to the non-state-owned enterprises' implementation of the non prepayment policy and the occurrence of arrears. In terms of sales policy and coal shipment, the company favors the users of advance payment and improves the enthusiasm of users for advance payment. Formulate corresponding sales policies for large state-owned steel mills and power plants to encourage settlement of advance payment. For users of rolling settlement, increase the frequency of payment, adopt red line early warning control mechanism, strictly control the credit limit, stop coal delivery for those exceeding the credit limit, effectively prevent the continuous increase of payment in transit and form payment risk.

At the same time, the group decomposes and implements the user and the payment amount to the person, timely grasps its operation and payment information, and actively negotiates and communicates with the major account holders, striving for timely invoicing and recording after the coal is sent, so as to ensure the timely recovery of payment. We will strengthen scheduling and strict assessment, speed up the delivery of bills, and speed up the recovery of payments. We will continue to strengthen the Trinity business management and control mode of "sales, transportation and finance", establish the bill audit system for key links such as payment settlement and sales business voucher processing, make the bill management more strict and in place, and make the connection between sales and financial business more smooth, so as to effectively prevent economic losses caused by sales business risks and work errors. Regularly carry out reconciliation letters with Jizhong stock and customers to ensure the consistency between accounts and facts and the limitation of action. At the same time of strictly grasping the current payment recovery, the group makes every effort to clear and collect the arrears, signs a repayment agreement for the users who stop business arrears, and maintains the legal litigation prescription; for the users who are unable to collect the arrears normally, the group takes legal means to increase the strength of clearing and collecting. We have carefully investigated and found out the arrears left over in the past, and taken corresponding measures according to the different situations of the arrears.