Jordan Sports: inventory or capital chain rupture
Friday, Jordan Sports Co., Ltd. (hereinafter referred to as "Jordan Sports") will be accepted on board the Commission issuance examination committee. But look at Michael Jordan sports reporters in the prospectus, they found this by the U.S. basketball star "Jordan" in the name of the hair of the sporting goods manufacturers in the inventory, account and other issues there is a big loophole, it is highly likely to cause fatal chain of company funds.
Inventory into the Achilles heel of future performance
Since 2008, well-known brand Adidas, Li Ning have been trapped in a "stock the door." Just beyond the Li Ning, the industry's "big brother" of the Anta, it was only up to 925 million
Operating income of $ under the cover of the past six months in 2011 before making the $ 100 million increase in inventory did not cause too much public suspicion.
The other hand, Jordan sports, in the company's revenue growth, while excess inventory could not escape the question. Inventory during the first half of 2011 the company 510 million yuan, the data in the end of 2010 was 3.8 million, an increase in inventories of about $ 130 million first-half operating profit of 130 million 925 million compared to the gorgeous Anta data, it is clear inventory The problem is very severe.
Excess inventory is bound to the company's production and management pressure. On the one hand, the company through the discount deal with inventory, sales will inevitably decline; other hand, the dealers lack of funds, the company has not been able to develop a new market, and sell the new season became a stock, funds are not recovered, naturally no money to go into the next season of new products.
Adidas in full on the clean channel inventory spent two years, Li Ning plans to invest 300 million yuan this year for the recovery of stocks. The Jordan sports in the face of high inventory, it is also faced with tight cash flow. Company has 540 million deposit, but bank loans to 200 million. In other words, the cash flow through the digestive inventory on hand, in terms of Jordan is a very troublesome problem. Inventory resulting from the vicious cycle of capital flows seems to have become the industry norm, Jordan stock outstanding issues will undoubtedly become the bane of future growth.
Account extended wear down the financial chain
Account of problems and issues closely related to the inventory, the company did not recover the purchase price accounting for the liquidity ratio from 5.57% in 2008 to the first half of 2011 increased to 33.29%, and accounts receivable over 90 days than in 2010 increased significantly.
According to data disclosed in the first half of Jordan sports 1.71 billion revenue, trade and other receivables of about 628 million, and the end of 2010 to 4.4 yuan in new 188 million, where the data is alarming 600 million in trade revenue paragraph, within 90 days of aging in the percentage of increase in 2010 compared to 170 million, 90 days to 180 days increased by more than 3 times.
As we all know, the financial statements only as a reference, with the actual operation often differ. Jordan sports account of the elongated, nothing more than the increase in accounts receivable for two reasons. The interpretation made by the company for the expansion of the market for business support for dealers, by extending the credit period, increase credit lines, etc., to relieve the pressure on dealers, with a view to open the market to seize more market share, this should be part of the company hidden part of investment. Have to pay attention to it, however, another common problem is the problem of capital outflows. Dealers can not timely reimbursement, resulting in payment arrears have been accumulated, and the company is unable to cut off these channels, but to keep blood transfusion, this situation is very easily lead to bad, bad production.
From this, the company behind the triumph actually planted a time bomb, that is money very taut chain, inventory, accounts receivable, bank deposits, there are more or less the problem, and funding strand breaks is often a chain reaction. Since 2010, many brands of stocks are increasing, the formation of an additive effect, such as Adidas in order to digest inventory, low discount sales to occupy the space of many local brands, leading local brand in the market to keep the second, the main third-line market while extending their reach to the market or even four-lane township, but its consumption is limited, orders shot at the positive result is a substantial backlog.
Brand "Excuse me," Jordan
Jordan sports Nike air max pas cher,a brand can be described as eye-catching, although the company's graphical logo is a basketball player dribbling layup shape, but the company has come forward claiming this "Jordan" is with the U.S. basketball superstar Michael Jordan • does not have any relationship, " Jordan "is a common name, and basketball star has no necessary connection, but the company engaged in the sporting goods industry, even inhuman Jordan now claims not raised any objection, but to bring Jordan, who do not know? It is difficult to say no "mooch" superstar effect is suspect.
Jordan has always been low-key sports brand, Li Ning, Anta following listed in Hong Kong after the first team sports as A-share stocks of Jordan sports has chosen the mainland market. Although company executives claimed that the company only focused on the domestic market, but so too afraid to face the low-key attitude that even the leading foreign brand competition between brands of the "conservative" way of business, prospects are worrisome, but also makes it difficult not to suspect that the brand with the Air Jordan ways. Jordan marked the sports market for the brand founded our way to encourage? We are also looking forward to Kobe Bryant, Allen Iverson have been appearing? We still remember Erke frequently implied in the next screen characters to Federer? Such "irrational" infringement but also for how long, "Jordan air max pas cher , "The name can not tell how much authenticity to confuse consumers, we can only wait and see.
Absolute control of dividends "double-edged sword."
Turning now to the shareholders structure, formerly known as Jordan sports establishment in 1984, Jinjiang City Plant Chendai stream daily, are collectively owned enterprises, from small and old age, Ding Guoxiong father and son set up injection of 136,000 yuan, affiliated village. After the previous change and the share reform, the current top six shareholders are Fujian one hundred group (Dingguo Xiong, Ding also rule a couple hundred percent holding) 64.73%, dinga aromatic 16.18%, Ding Canhui 8.09%, Ni Zhen 6%, Hsieh Chang-Zhi 3% , Ding Shijie 2%. Ding-fang is also one of dinga governance brother, Ding Shijie's nephew for the Dingguo Xiong, Ding family, which is currently 82.91% stake, absolute control of the Jordan sports, even if the IPO, the short term is difficult to change this structure.
We see the prospectus for a description of ruthless power of the cash dividend prominent stress can be described as the official tried to curry favor with the new policy. But turn a thought, but about 20% of public shares, dividends are still falling into the hands of large shareholders, and dividend rate of increase also increases the market valuation of stock, double-edged sword, misappropriating company really be considered a "good account."
In addition, IPO pricing and distribution of the number is still unknown, but raise investment project's total investment and the use of funds raised to see, Jordan sports expectations of 10 billion yuan. If approved the issuance of 112.5 million shares in accordance with the calculation, the issue price per share to more than $ 10, which sports brand in the current context of declining stock prices, a general profitability, growth only in the sporting goods industry average companies can how far, the majority air max 360 of investors need to try to figure out on their own, without saying.
http://yanghuaiyu.livejournal.com/
Friday, Jordan Sports Co., Ltd. (hereinafter referred to as "Jordan Sports") will be accepted on board the Commission issuance examination committee. But look at Michael Jordan sports reporters in the prospectus, they found this by the U.S. basketball star "Jordan" in the name of the hair of the sporting goods manufacturers in the inventory, account and other issues there is a big loophole, it is highly likely to cause fatal chain of company funds.
Inventory into the Achilles heel of future performance
Since 2008, well-known brand Adidas, Li Ning have been trapped in a "stock the door." Just beyond the Li Ning, the industry's "big brother" of the Anta, it was only up to 925 million
Operating income of $ under the cover of the past six months in 2011 before making the $ 100 million increase in inventory did not cause too much public suspicion.
The other hand, Jordan sports, in the company's revenue growth, while excess inventory could not escape the question. Inventory during the first half of 2011 the company 510 million yuan, the data in the end of 2010 was 3.8 million, an increase in inventories of about $ 130 million first-half operating profit of 130 million 925 million compared to the gorgeous Anta data, it is clear inventory The problem is very severe.
Excess inventory is bound to the company's production and management pressure. On the one hand, the company through the discount deal with inventory, sales will inevitably decline; other hand, the dealers lack of funds, the company has not been able to develop a new market, and sell the new season became a stock, funds are not recovered, naturally no money to go into the next season of new products.
Adidas in full on the clean channel inventory spent two years, Li Ning plans to invest 300 million yuan this year for the recovery of stocks. The Jordan sports in the face of high inventory, it is also faced with tight cash flow. Company has 540 million deposit, but bank loans to 200 million. In other words, the cash flow through the digestive inventory on hand, in terms of Jordan is a very troublesome problem. Inventory resulting from the vicious cycle of capital flows seems to have become the industry norm, Jordan stock outstanding issues will undoubtedly become the bane of future growth.
Account extended wear down the financial chain
Account of problems and issues closely related to the inventory, the company did not recover the purchase price accounting for the liquidity ratio from 5.57% in 2008 to the first half of 2011 increased to 33.29%, and accounts receivable over 90 days than in 2010 increased significantly.
According to data disclosed in the first half of Jordan sports 1.71 billion revenue, trade and other receivables of about 628 million, and the end of 2010 to 4.4 yuan in new 188 million, where the data is alarming 600 million in trade revenue paragraph, within 90 days of aging in the percentage of increase in 2010 compared to 170 million, 90 days to 180 days increased by more than 3 times.
As we all know, the financial statements only as a reference, with the actual operation often differ. Jordan sports account of the elongated, nothing more than the increase in accounts receivable for two reasons. The interpretation made by the company for the expansion of the market for business support for dealers, by extending the credit period, increase credit lines, etc., to relieve the pressure on dealers, with a view to open the market to seize more market share, this should be part of the company hidden part of investment. Have to pay attention to it, however, another common problem is the problem of capital outflows. Dealers can not timely reimbursement, resulting in payment arrears have been accumulated, and the company is unable to cut off these channels, but to keep blood transfusion, this situation is very easily lead to bad, bad production.
From this, the company behind the triumph actually planted a time bomb, that is money very taut chain, inventory, accounts receivable, bank deposits, there are more or less the problem, and funding strand breaks is often a chain reaction. Since 2010, many brands of stocks are increasing, the formation of an additive effect, such as Adidas in order to digest inventory, low discount sales to occupy the space of many local brands, leading local brand in the market to keep the second, the main third-line market while extending their reach to the market or even four-lane township, but its consumption is limited, orders shot at the positive result is a substantial backlog.
Brand "Excuse me," Jordan
Jordan sports Nike air max pas cher,a brand can be described as eye-catching, although the company's graphical logo is a basketball player dribbling layup shape, but the company has come forward claiming this "Jordan" is with the U.S. basketball superstar Michael Jordan • does not have any relationship, " Jordan "is a common name, and basketball star has no necessary connection, but the company engaged in the sporting goods industry, even inhuman Jordan now claims not raised any objection, but to bring Jordan, who do not know? It is difficult to say no "mooch" superstar effect is suspect.
Jordan has always been low-key sports brand, Li Ning, Anta following listed in Hong Kong after the first team sports as A-share stocks of Jordan sports has chosen the mainland market. Although company executives claimed that the company only focused on the domestic market, but so too afraid to face the low-key attitude that even the leading foreign brand competition between brands of the "conservative" way of business, prospects are worrisome, but also makes it difficult not to suspect that the brand with the Air Jordan ways. Jordan marked the sports market for the brand founded our way to encourage? We are also looking forward to Kobe Bryant, Allen Iverson have been appearing? We still remember Erke frequently implied in the next screen characters to Federer? Such "irrational" infringement but also for how long, "Jordan air max pas cher , "The name can not tell how much authenticity to confuse consumers, we can only wait and see.
Absolute control of dividends "double-edged sword."
Turning now to the shareholders structure, formerly known as Jordan sports establishment in 1984, Jinjiang City Plant Chendai stream daily, are collectively owned enterprises, from small and old age, Ding Guoxiong father and son set up injection of 136,000 yuan, affiliated village. After the previous change and the share reform, the current top six shareholders are Fujian one hundred group (Dingguo Xiong, Ding also rule a couple hundred percent holding) 64.73%, dinga aromatic 16.18%, Ding Canhui 8.09%, Ni Zhen 6%, Hsieh Chang-Zhi 3% , Ding Shijie 2%. Ding-fang is also one of dinga governance brother, Ding Shijie's nephew for the Dingguo Xiong, Ding family, which is currently 82.91% stake, absolute control of the Jordan sports, even if the IPO, the short term is difficult to change this structure.
We see the prospectus for a description of ruthless power of the cash dividend prominent stress can be described as the official tried to curry favor with the new policy. But turn a thought, but about 20% of public shares, dividends are still falling into the hands of large shareholders, and dividend rate of increase also increases the market valuation of stock, double-edged sword, misappropriating company really be considered a "good account."
In addition, IPO pricing and distribution of the number is still unknown, but raise investment project's total investment and the use of funds raised to see, Jordan sports expectations of 10 billion yuan. If approved the issuance of 112.5 million shares in accordance with the calculation, the issue price per share to more than $ 10, which sports brand in the current context of declining stock prices, a general profitability, growth only in the sporting goods industry average companies can how far, the majority air max 360 of investors need to try to figure out on their own, without saying.
http://yanghuaiyu.livejournal.com/
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