Is There Any Chance That The Performance Of Rich Birds Will Continue To Fall?

First half of 2017

From profit to loss, net profit fell by 107.7% compared with the same period last year. The deteriorating financial situation in the same period not only led to internal differences among the companies, but also because of the huge debts of its important shareholders, its legal successors refused to inherit their assets.

According to the world clothing and shoe net, in December 1st, fortune bird released the latest financial report after 15 months suspension.

The report shows that in the first half of 2017, fortune birds achieved 412 million yuan in business revenue, down 48.09% compared to the same period last year. Net profit attributable to shareholders of listed companies was 10 million 887 thousand and 300 yuan, down 107.70% from the same period in 2016, representing a net profit of 141 million yuan.

In fact, thanks to the downturn in industry and internal management differences, the performance of rich birds has long been a red light.

Performance continued to decline, downgraded

Statistics show that in 2014, the income of fortune birds was 2 billion 323 million yuan, an increase of 1.25% over the same period, and net profit attributable to 451 million yuan, an increase of only 1.69% over the same period last year.

Before that, the revenue and net profit of rich birds increased by two digits. In 2011 -2013, the net profit of rich birds increased by 113.79%, 27.47% and 37.13% respectively.

Like many fashion brands, after the early stage of rapid development, the performance of rich birds began to decline from 2015.

In 2015, the net profit of rich birds was 392 million yuan, a decrease of 13.09% compared with the same period last year, and net profit in 2016 decreased by 59.16%.

The open report shows that the debt ratio of the rich bird in recent years has also been increasing year by year.

In 2014 -2016, the assets and liabilities of rich birds were 29.56%, 45.18% and 56.78% respectively.

During the above period, the financial costs of the birds were 23 million 901 thousand yuan, 63 million 18 thousand yuan and 73 million 592 thousand and 600 yuan respectively, increasing 207.9% in three years.

Moreover, in November 27, 2017, orient Kim issued a tracking rating result, which reduced the Limited by Share Ltd's main credit rating from AA- to A, maintaining a negative rating outlook and downgrading its corporate bond credit rating to A in 2014.

Orient Kim Cheng pointed out that the receiving line

Impact and industry competition intensified, in 2016, the number of retail outlets of the rich birds declined significantly, and the sales and average prices of main products continued to decline compared with last year. During the tracking period, the scale of interest bearing debts increased rapidly and the pressure of debt repayment increased. In addition, the company had unaccounted for security matters in 2014 and 2015, and received a warning letter from the Securities Regulatory Commission.

In fact, this is the second time this year, orient Jincheng has continuously lowered its main body and debt rating.

What's more, Lin Guoqiang, one of the founders of the bird of fortune, has secured a $290 million debt dispute because of the financial loan contract of the fortune bird group. After the death of his family in June, his son voluntarily abandoned his inheritance to his father's property in order to avoid debt.

According to the announcement of the rich birds, as the founder, Lin Guoqiang holds 22.5% of the fortune bird, and has been a senior manager of the company since its establishment.

The first ten largest shareholders of a listed company, even because of 290 million debt, their children voluntarily abandon their property inheritance.

History of fortune birds

The rich bird was founded in 1991. It mainly made leather shoes for men and women. It was the third largest brand of business casual shoes manufacturer and the six largest brand shoe product manufacturer in the country.

The predecessor of the wealthy bird was founded in 1984 as a tourist souvenir factory in Shishi. Under the tide of reform and opening up, Lin brothers, Lin and lion brothers joined together to start their own business with 40 thousand yuan.

Sandals and slippers.

In the initial stage of family business, raising funds together helps enterprises grow up quickly, but after the development of enterprises, conflicts of interests will gradually emerge.

5 years later, due to the incomplete operation and management system of Shishi tourist souvenir factory, and the unclear division of labor, the 19 cousins who initially participated in the construction continued to quit.

In 1989, the four remaining shareholders of Shishi tourist souvenir factory, Lin Ping, Lin and lion, Lin Ronghe and Lin Guoqiang, reorganized the board of directors and registered the "riches and birds" trademark, and the company began to turn to the production of leather shoes business.

In 1991, the Shishi tourist souvenir factory was renamed the Shishi tourist souvenir factory and was renamed Shishi Fulin shoes industry.

In 1992, the fortune bird group was founded, under the jurisdiction of eight wholly-owned subsidiary companies, such as Fulin shoes, rich birds and shoes, rich birds clothing and so on.

In December 2013, birds of fortune were listed on the main board of Hongkong.

Despite the downturn in the footwear industry, Fu Fu bird has repeatedly sought innovation and pformation, but its performance has not improved, but has continued to deteriorate.

Personnel changes and internal differences

In June of this year, the rich birds announced that they received the resignation letter jointly issued by Chen Minhua and Xiao Ning Ning in June 14th. The two resigned from June 14th as independent non-executive director of fortune bird.

Since June 14th, Long Xiaoning has no longer been a member of the board of directors, nomination committee and Strategy Committee of the rich and precious birds, as well as members of the special committee of the board of directors. Chen Huamin is no longer a member of the audit committee and the special committee, as well as the chairman of the Remuneration Committee.

Among the reasons for the 6 resignations announced by Long Xiaoning and Chen Huamin, there were differences between the company and the company regarding the disclosure of financial and announcements, including the fact that the birds did not reply to the Hongkong Stock Exchange on factual data; the reasons for the delayed publication of the financial statements and resumption were disagreed with the company's financial information and its mid term performance in 2016.

The survey found that Chen Huamin and long Xiao Ning were originally called by the shareholders to call for the removal of the board of directors.

In November 22, 2016, the birds issued a notice that the board received a written request from Chen Xianqin, Wu Guangyan, Cai Lianyue, Huang Yinhe and Hong Yuhui to request the board of directors to convene the shareholders' meeting and submit a motion for shareholders' consideration and approval at the meeting, including the proposal to dismiss Chen Huamin and long Xiao Ning as an independent non-executive director. It is recommended to remove KPMG CPA as a company auditor and to appoint Kaixin Sindh accounting firm as a company auditor.

According to the insiders, several shareholders of the rich birds asked the board of directors to convene the shareholders' meeting of the company to make full appointment and removal of the company's personnel, reflecting the differences within the company.

In addition, in March this year, the bird announced that Chen Weisheng had resigned from the company's chief financial officer.

More interesting reports, please pay attention to the world clothing shoes and hats net.