Most Of The Clothing Industry Is Waiting For Death.

32 listed companies in the three quarter of this year clothing In the enterprise, there are 20 enterprises with hundreds of millions of accounts receivable. Among them, the China Group (601718) ranked first in 1 billion 691 million of the accounts receivable.

Most of them are waiting for death.

Due to the fashion and seasonal changes of clothing products, it is objectively required that garment enterprises mostly adopt credit sale. The large amount of accounts receivable generated on account sale is only the book number before it is recovered.

As explained in accounting, accounts receivable refer to the accounts payable by the enterprise for the sale of goods, materials, labor services, etc., which should be charged to the purchasing unit, and the commercial acceptance bill which is unable to receive payment due to the incidental expenses and the maturity of the account. Accounts receivable is a creditor's right that occurs with the sales behavior of an enterprise.

Therefore, the confirmation of accounts receivable is closely related to the confirmation of revenue. Accounts receivable are usually recognized while confirming revenue. The account will be accounted for according to the detailed account set up by different units that purchase or receive services.

The first few weeks of financial weekly conducted a thorough investigation and Study on the sales gross profit, inventory and accounts receivable of garment enterprises. We will study the accounts receivable indicators of garment enterprises in this period.

　 Industry accounts receivable increased by 52% over the same period

Accounts receivable, like inventory, play a decisive role in current assets. Timely recovery of accounts receivable can not only enhance the company's short-term debt paying ability, but also reflect the efficiency of the company's management of accounts receivable. Therefore, as one of the important financial indicators of listed companies, accounts receivable can directly reflect the operational efficiency of enterprises.

Under the big consumption sector, traditional manufacturing oriented clothing Spin The accounts receivable of the industry has also been greatly improved this year. Many garment and textile listed companies have increased significantly in terms of accounts receivable and deposits, approaching the "warning line".

According to the statistics of journalists, as of the three quarter of 2012, there were 20 enterprises in 32 listed garment enterprises, which accounted for billions of accounts receivable. Among them, China International Group ranked first in 1 billion 691 million of the accounts receivable.

At present, the accounts receivable of 32 listed garment enterprises increased by 52%, while the accounts receivable of Shanghai and Shenzhen two increased by 20% compared to the same period last year. The clothing industry is still higher than the average level.

Accounts receivable year-on-year increase in the top five companies are nine Shepherd (601566), 100 round pants industry (002640), China group, Ransha shares (600137) and Hinur (002485), or 347.90%, 232.06%, 178.89%, 133.33% and 126.31% respectively. YOUNGOR (600177), China clothing (000902) and Kim Feida became the three companies with the lowest receivables.

However, only the absolute amount of accounts receivable can not simply explain the ability of clothing enterprises to manage accounts receivable. For the apparel industry, enterprises have more business income and accounts receivable, and accounts receivable turnover rate is relatively high. Because a well run enterprise, its sales revenue will keep up with accounts receivable year-on-year or higher than the growth rate of accounts receivable. On the contrary, the growth of the main business revenue of the deteriorating business will be greatly slowed down. Even if the negative growth occurs, it will have to use credit sales and other measures to expand sales.

Under normal circumstances, the higher the turnover rate of accounts receivable is, the better the accounts receivable rate is, the shorter the average receivables period, the less bad debt losses, the quicker asset flow and the stronger solvency. Correspondingly, the shorter the days of receivables turnover, the better.

According to the statistics of reporters, as of the three quarter, the top five companies with the highest turnover rate of accounts receivable were Pathfinder, YOUNGOR, INTERCHINA group, leading shares (600630) and Wordsworth (002494), reaching 33.95, 22.58, 16.87, 12.71 and 11.91 times respectively, while the three companies with the worst turnover rate were reported birds, and their accounts receivable turnover rate was only 2.01 times.

　 Brand strategy of wedding bird

Account receivable turnover rate

Combined with the three quarter of listed companies, we can see that sales strategy and scale change have the most obvious impact on the company.

Among them, the accounts receivable turnover rate of the bottom bird is influenced by brand strategy deeply.

The announcement shows that the gross profit margin of the first three quarters of the company was 63.07%, up 5.26 percentage points from the same period last year, a slight decrease compared with the 6.51 percentage point increase in the Chinese newspaper. The company's spring and summer dress price in 2012 was close to 15 percentage points, and the autumn winter dress price in 2012 was close to 10 percentage points.

However, accounts receivable increased by 37.57% to 986 million compared with the beginning of the year, and accounts payable increased by 111.4% to 387 million over the beginning of the year.

Data show that the rate of accounts receivable reimbursement is low in the industry. At the end of 2011, at the end of the 2012 and the three quarter of 2012, the number of accounts receivable turnover days of the birds was 87.08 days, 124.4 days and 134.18 days respectively. 601566.SH was 15.68 days, 22.52 days and 26.9 days. The seven wolves were 40.71 days, 40.66 days and 65.79 days.

As for the low receivable receivables of the wedding birds, many analysts believe that this is mainly due to the increase in the new brand and the addition of Phoenix products to the loan (128 million), which has increased by 41.7% compared with the beginning of the year. The interest payable has increased by 648% to 38 million 390 thousand, mainly due to the company's interest payments on corporate bonds payable in November 2012. The three quarterly report shows that accounts receivable increased from 549 million yuan to 986 million yuan, up 79.6%.

However, according to the three quarterly report, the accounts receivable increased from 549 million yuan to 986 million yuan, up 79.6%, accounting for 6 of the total revenue. {page_break}

The market has generally questioned the gold content of the performance of the birds, which is suspected to be a convoy of stock issuance and a backlog of agents to join the channel to improve the company's book performance.

In addition, "preferential credit treatment for franchisees with good credit" has also become the customary caliber for garment enterprises to explain accounts receivable in the three quarter, including seven big wolves, 100 round pants and so on.

In the announcement, the hundred circle trousers industry explained that accounts receivable increased significantly because of the increase in credit lines for quality franchisees. The company increased credit lines to quality franchisees under the condition of poor overall terminal consumption this year, operating net cash flow of -1.44 billion yuan, down 162 million 160 thousand yuan from last year's 18 million 230 thousand yuan.

Among them, affected by the debts of franchisees, accounts receivable increased by 103 million yuan compared with the beginning of the year, increasing by 123.71%; prepayment increased by 150 million yuan from the beginning of the year, increasing by 390.49%; and the impairment loss of assets increased by 1055% over the same period last year. In terms of inventory, the company's final inventory amounted to 92 million 170 thousand yuan, an increase of 18.2% over the beginning of the year.

In the three quarter of 2012, the seven wolves showed that accounts receivable increased sharply, and the growth rate in single quarter was higher than that in the single quarter.

At the end of the three quarter of 2012, the seven wolves receivable accounts for 882 million yuan, a net increase of 550 million yuan compared with the end of 2012, but the single quarter income in the three quarter was 10.27 yuan, only 487 million yuan higher than that in the two quarter. That is to say, the three quarter single quarter revenue growth all comes from accounts receivable growth.

In this regard, the seven wolves explained that due to the downward trend of the macroeconomic situation, the pressure of merchants' funds was greater. The company increased the support of the channel and increased the credit limit of agents, which was used for the big commodities in the autumn and winter. Therefore, the accounts receivable increased more at the end of the reporting period.

Seven wolves inventory 736 million yuan at the end of the three quarter, compared with the same period last year increased by only 4.39%, inventory accounts for 30% of the revenue. However, the inventory turnover rate dropped 0.2 times to 2.05 times, and the receivables turnover rate dropped 1.3 times to 4.1 times.

There is a big deviation between the inventory and the actual sales volume of the company, which is difficult to estimate the inventory of the big franchisees. Therefore, from the perspective of turnover rate, the operation pressure of the company is still relatively large.

Besides, nine herd kings and American States Clothes & Accessories (002269) also indicated that increased support for franchisees led to an increase in accounts receivable.

In this regard, a garment industry analyst told reporters that under normal circumstances, the company's capital adequacy is sufficient to give the franchisee greater support, investors need to combine the company's financial position to judge the increase of accounts receivable to make a careful judgment.

In view of the increasing accounts receivable, listed companies generally raise the amount of bad debts.

Affected by the economic slowdown, the performance of clothing companies has also been greatly affected, and even the difficulty of returning money has been encountered.

Statistics show that Semir clothing (002563) accounts for 774 million yuan in early 2012, accounts receivable, the provision for 38 million 730 thousand yuan bad debts. Since then, half a year ago, Semir apparel has made 20 million 900 thousand yuan bad debt preparation for 418 million yuan accounts receivable. Some analysts believe that Semir clothing for accounts receivable to adopt the aging analysis method for the calculation of accounts receivable within 1 years 5%, 1 to 2 years accounts receivable 20%, 2 to 3 years to prepare 50% bad debts preparation.

At the same time, search special (002503) also adopts the aging analysis method to account receivable bad debts, accounts for 5% accounts receivable within 1 years, 10% to 1 years to 2 years, 2 to 3 years 20%; 3 years to 4 years to mention 4; from the year of the year of the year to the year of the year, more than 10 years. According to this method, he searched 7 million 790 thousand yuan for the 155 million yuan accounts receivable at the beginning of the year, and 129 million yuan for the semi annual report. Accounts receivable The provision for bad debts is 6 million 460 thousand yuan.