129773214340781250_57Famous capital are famous masters of BYD (002594) old tricks again, but this time, BYD's superb capital operation tactics in the IPO on the financial package. A decline of more than 40% of the annual report, when BYD IPO financial whitewash practices exposed in front of investors: in the case of basic stock size did not change, the companyImpairment of assets increased more than 20 times overnight, only one will eat it nearly 460 million Yuan profitDi 48.827 billion yuan revenues last year, up modest increase 0.78%; enabling 1.385 billion yuan in net profit of listed company of belonging, per cent plunge in 45.13% if after deducting non-recurring profit and loss, company net profit of only $ 629 million, up is a contraction of 69.62%. Modest increase in the revenue from core businessesXia, BYD and why is net profit shrank more than 45%, after deduction of nonrecurring profit shrink near 70%? In the reporting year, BYD will slump attributed the performance car market growth to fall sharply and business customers in its market share decline. This really true? From the report data is not difficult to see, in fact, BYD's mainBusiness is not a significant change during the reporting period. Company annual reports
tera power leveling, according to two of the company's main business mobile phone parts and Assembly and automotive manufacturing to take its share of the total revenue of 90%, however, both during the reporting period and still remain in business income growth, but also the product gross profit margin only fell slightly, mobile business's gross margin remained at 13.54%, just drop 0.42%; car business gross margin reached 21.68% or just drop 2.06%. "Company main business operation is not dramatic deterioration of the environment, and can be said to be very good, explained by effects of this business shrank significantly, is obviously untenable. ”A private person who declined to be named said in Beijing. So, what reasons for a company annual reports profit plunge? This paper through the company financial data in the report is not difficult to see that the company's performance has shrunk, mostly because of its pre-IPO to finance the excessive packaging. Company annual reports show that caused the sharp decline in performance reasonThere are two: one is the sharp increase in its assets impairment losses recognized; the second is a line of government subsidies and tax breaks shrank sharply. According to the company tax return last year and the amount of government subsidies reduced more than $ 450 million compared with the previous reporting period, this is after discounting the nonrecurring profit shrank by almost 70% the main reason. However, the BYD more exciting IPO financial packaging techniques yet to come. Annual report shows, BYD, 2011 make up to $ 485 million of asset impairments preparation, and previous reporting periods, that is, a year before the listing of the company, BYD has made only a mere 20.7 million worth of assets for impairment. However, journalists noted, although the two recognized asset impairment losses during the reporting period more than a difference of more than 20Times, but in fact, BYD scale inventories and accounts receivable has not been a significant change. It is understood that, at the end of 2011
tera power leveling, BYD stock size was 6.596 billion yuan, and a report on the final is $ 6.538 billion; in addition, the company's accounts receivable and notes there is no noticeable change. "In the key financial data and large changes in the operating environment of the industry has notCase, the BYD loss of assets before and after making a difference more than 20 times, this is obviously very good, obvious signs of manipulation. "These analyses have pointed out that
diablo 3 gold," according to this year's 2010 year of preparation of standard financial statements, BYD asset impairment losses and the Government only support two, reducing the profits of more than $ 900 million. If the performanceSprints return to the a-share market, company listing prospects I'm afraid of difficult material ".
Others:
No comments:
Post a Comment