There Are Three Big Questions To Be Solved About The Prepayment Of The House.

Since its listing in August 2007, the amount of financing has exceeded 1 billion 700 million yuan, which is two times the total assets of 778 million yuan after listing in 2007.

However, the purpose of every bird financing is to build a marketing network.

At present, there are still a large number of prepaid houses purchased on the account of the wedding birds, which have not been exchanged for fixed assets or investment income. The radical accounting method makes the net assets yield of the company lag behind the peers, and the gold content of the report is also greatly reduced.

One question: where is the prepaid house purchase?

At the beginning of 2007, the fixed assets of wedding birds were 27 million 450 thousand yuan.

After the end of 2007, its fixed assets increased rapidly to 137 million yuan, accounting for 17.6% of total assets.

By the end of 2012, the company's fixed assets amounted to 943 million yuan, and its share of total assets had risen to 24%.

However, when assets are becoming more and more heavy, whether the stores purchased by the company in the two or three tier cities are all used to open stores to improve the terminal marketing network.

The total amount of prepaid payments in 2009 was 78 million 860 thousand yuan, up 62% over the same period last year.

In those days, the first five of the advance payments were due to the unpaid settlement of the prepaid houses, which amounted to 40 million 790 thousand yuan.

In 2010, the company's advance payment increased by 518.6% to 488 million yuan, and the main purpose was to purchase shops. The amount of the first five purchases was increased to 219 million yuan, and the age of accounts was extended. The accounts receivable for more than one year was 9 million 880 thousand yuan, accounting for 2.03% of the total, compared with 0.75% in 2009 and zero in two years.

Starting from 2010, the accounts receivable age of companies began to exceed two years ago.

In 2011, the news birds continued to shop, and the advance payments increased to 601 million yuan, and the proportion of advance payments over one year increased to 26.5%.

The company's prepayment for more than one year and a large amount of money is mainly prepaid by Leshan silver based Real Estate Development Company Limited (40 million yuan (hereinafter referred to as "silver based real estate"), Xinyang Wan Jia Light Industrial Co., Ltd. (hereinafter referred to as "Wan Jia Deng light company"), 34 million 45 thousand yuan, and Ji Nanrui Feng Investment Limited (hereinafter referred to as "Ruifeng investment") 26 million 10 thousand yuan.

At the end of the mid 2012, the birds also increased their advance payments to 700 million yuan due to the purchase of real estate. The prepayment of more than one year and the amount of money in advance was higher than that of the above 3 companies. They were mainly Shaanxi Huayuan Real Estate Development Co., Ltd. (hereinafter referred to as Huayuan Real Estate) 51 million 160 thousand yuan, and Hefei Swan Lake Wanda Plaza Investment Co., Ltd. 32 million 695 thousand yuan.

It is worth noting that in late June 2012, the Shaanxi housing and urban rural development office issued a notice to cancel the qualification certificates of 361 real estate development enterprises, which will be cleared out of the real estate development market, including Huayuan Real estate.

In addition, through investigation, our correspondent learned that the "Wan Jia lights city square" project developed by Wan Jia Deng light company has been opened since 2010, and the 123 phase has been completed and delivered. The owners have been renovated and opened one after another.

In the middle of 2010, the main business of the "Jia Rui wealth Plaza" project in the silver based real estate development has been completed and delivered. The children's palace and commercial housing in the three phase of the project have been completed and delivered in 2011. The final Chinese medicine hospital and the replacement residential building have been completed and accepted at the end of August 2012.

According to the "Hong Shang Fang" project sales office staff of Ruifeng investment and development, the real estate has been delivered in 7-8 months in 2012.

But in October 12th, the news bird Dongming wrote back to reporters, "prepayment is more than 1 years and is normal. The delivery time of this part of the property is not yet reached."

According to the sales offices of "Wan Jia lights city square" project, the average housing price of the project is 4700 yuan / square meter, the shop price is 20 thousand yuan / square meter, and the down payment ratio is 50%.

According to the prepayment of 34 million 45 thousand yuan, the shop can buy at least 3400 square meters of shops.

According to the real estate network, the "Jia Rui wealth Plaza" sale price starts at 4700 yuan / square meter, and the price of shops should be similar to those in Xinyang.

According to the prepayment of 40 million yuan, the shop can also buy at least 3400 square meters of shops.

Then, in the three tier cities such as Xinyang and Leshan, the above area can open at least 3 stores.

Do you need 3 good bird shops in the same location?

Insiders told reporters that the company is likely to sublet the shop or use it.

For the above questions, as of press time, the reporter has not yet received reply to the birds.

In 2012, the newspaper reported that the fixed assets of the wedding bird were 943 million yuan at the end of June 2012, but the housing and buildings with more than 513 million yuan had not yet obtained the property rights certificate.

"The proportion of fixed assets that does not receive property certificates is more than half, which is very risky for the company.

commonly

The proportion of fixed assets that the enterprise does not acquire property certificate is about 10%, and there will not be more than half of the proportion.

One person

Insiders said.

By the end of the three quarter of 2012, the investment real estate of the wedding bird was 368 million yuan. The company said that its investment real estate mainly used to rent a business to set up a good bird shop, and the rent was similar or slightly lower than that of the same commercial circle.

But the reporter called the news bird business department to understand that franchisees need clothing management experience and have shops, and the area is more than 150 square meters.

Two Q: inventory turnover and repayment days are significantly higher than those of the same industry?

A clothing industry analyst told this reporter, "the expansion of the marketing network has brought a large increase in accounts receivable, and the problem of return and inventory turnover has also brought some risks to the company."

Wind information showed that the number of days of inventory turnover in 2011 was 413 days and 402 days in the end of 2012 and the end of the three quarter respectively. The data of these 275 points were 210 days, 239 days and 268 days respectively. The turnover speed of seven wolves was faster, 100 days, 126 days and 132 days respectively.

The accounts receivable refund rate of the wedding birds is also lower than that of the other two companies.

At the end of 2011, the end of the 2012 and the end of the three quarter, the accounts receivable turnover days of the birds were 87 days, 124 days and 134 days respectively. The nine wolves were 16 days, 23 days and 27 days, and the seven wolves were 41 days, 41 days and 66 days.

Up to the end of the three quarter of 2012, the accounts receivable of the seven wolves also reached 882 million yuan, an increase of 553 million yuan over the middle of 2012, but its accounts receivable turnover rate was twice as fast as that of the wedding birds. At the same time, the proportion of accounts receivable in total assets was 16%, which was lower than that of the wedding birds.

Whether it is the cash flow rate of inventories or the cash flow of accounts receivable, the birds are slower than the seven wolves and nine herding kings in the same industry. These two indicators quantify the liquidity of the company's capital and inventory, and are the embodiment of the company's sales and operation management capabilities.

In terms of gross profit margin, the wedding bird is better than the seven wolves, but it is far less than the old one.

Three question: is income recognition excesses?

A large scale purchase of a good bird has not brought about an effective upgrade.

But the company's aggressive income policy has brought short-term results.

Net profit attributable to parent company owners in the first three quarters of 2012 was 341 million yuan, an increase of 37% over the same period last year, and operating income was 1 billion 710 million yuan, up 29% over the same period last year.

At the same time, the company's accounts receivable increased significantly, from 549 million yuan at the end of the 2012 to 986 million yuan, an increase of 79.6%.

Compared with the seven wolves in the same industry and the king of nine herd, the way of revenue confirmation is now more radical, and the company's revenue recognition policy has a greater impact on the company's performance.

Before 2011, the way of confirming the income of the birds was more traditional, that is, the company had pferred the main risks and rewards to the purchasers. The company did not retain the right to continue to be connected with the ownership and did not effectively control the goods sold; the amount of the income could be reliably measured; the relevant economic interests might flow into the enterprise; and when the related or incurred costs could be reliably measured, the sales revenue of the commodity was recognized.

Seven wolves are still using this method to confirm revenue.

However, in the semi annual report of 2012, the birds joined the following clauses in the criteria of revenue recognition: the company signed a contract with the franchisee, contracted the normal delivery to the franchisee, and allowed a certain proportion of the goods to return after meeting the agreed return conditions.

In accordance with the accounting standards, the company confirms the cost of income rotation according to the delivery amount of the franchisee, and at the end of the reporting period, the sales return with sales return conditions which have not yet been completed, and the accounting treatment for the expected return is combined with the historical experience and the terms of the franchise contract.

The above clause indicates that when a company signs a contract with the franchisee, the delivery is confirmed, and then the revenue and cost are deducted according to the expected value.

By the end of 2012, the company achieved 916 million yuan of revenue and accounts receivable of 549 million yuan, but the expected return was only 28 million 670 thousand yuan, accounting for only 5.22% of the accounts receivable.

The company's performance is greatly affected by the company's return strength and estimated liabilities. For example, the single quarter revenue in the two quarter of 2012 was negative because of the company's increased returns and projected liabilities.

In contrast, the "nine herding king" in the franchisee's revenue recognition is more clear. For buyout franchisees, the company stipulates that the revenue is recognized in the actual delivery and the right to receive the cash, and the corresponding carry over cost; for the agent franchisee, the company stipulates that the sales revenue should be confirmed according to the consignment list provided by the agent's franchisee, and the corresponding sales cost should be carried out according to the agreement signed by the franchisee based on the agreement signed with the agent franchisee.

Compared with the net assets yield of the seven wolves and the nine shepherd kings, the ROE of the wedding birds is also far lower than the first two: in 2011, the average return on assets of the three above were 23.09%, 21.19% and 18.35% respectively.