In order to get rid of the performance of the mud, in early June, Tianlong Optoelectronics stopped restructuring, but on June 26, the company issued an announcement that the restructuring was terminated due to immature conditions.
At the same time, the reporter found that in 2012, Tianlong Optoelectronics substantially recovered the accounts receivable in the case of a significant decrease in operating income and tighter cash flow, but the company may have problems in the processing of related accounts.
Major restructuring "short life"
Rapid expansion dragged down listed companies
Tianlong Optoelectronics Co., Ltd. specializes in the production and sales of monocrystalline silicon crystal growth furnaces, single crystal silicon cutting machine tools, single crystal silicon square spheronization machines, polycrystalline silicon ingot furnaces, single crystal silicon seed crystal furnaces, steel ball equipment, etc., 2009 In December, it landed on the Shenzhen Stock Exchange. The controlling shareholder was Changzhou Noah Technology Co., Ltd. (hereinafter referred to as Noah Technology), holding 57.192 million shares, accounting for 28.6%.
On June 26, Tianlong Optoelectronics released the announcement on the termination of the planning of major asset restructuring and the resumption of stocks of the company. The counterparty of the planned asset restructuring was Dalian Liancheng CNC Machine Co., Ltd. (hereinafter referred to as Dalian Liancheng). The planned restructuring plan is to acquire 100% of the shares of Dalian Liancheng for the existing shareholders of Dalian Liancheng. In view of the fact that some relevant conditions are not yet mature and fail to meet the standards for completing major restructuring within the time specified in the regulations, the Company has decided to terminate the planning of major restructuring matters.
The restructuring of Tianlong Optoelectronics began in early June, and the company's stock was reorganized and suspended on June 3.
The reorganization planning time is less than one month, and the relevant conditions are immature. This is also the main reason. However, it can be seen that Tianlong Optoelectronics has insufficient preparations for the reorganization and restructuring. However, according to the company’s performance over the past year, shareholders have been so eager to plan this. The "short-lived reorganization" can also be understood.
In the first quarter of 2013, Tianlong Optoelectronics had a net loss of RMB 16,063,300. After deducting the impact of non-recurring gains and losses, Tianlong Optoelectronics had a net loss of RMB 49,918,400.
In 2012, Tianlong Optoelectronics achieved operating income of 176 million yuan, a year-on-year decrease of 79.09%, and a net loss of 561 million yuan, a year-on-year decrease of 646.59%.
Affected by the bleak performance, in 2012, Tianlong Optoelectronics assets shrank sharply. At the end of 2012, Tianlong Optoelectronics' assets balance was 1.319 billion yuan, down 488 million yuan from the beginning of the year, a drop of 28%. Among them, the balance of current assets was 853 million yuan, compared with the beginning of the year. The decline was 362 million yuan, a drop of 29.79%.
As we all know, the performance of Tianlong Optoelectronics in 2012 has been related to the overall situation of the photovoltaic industry. In this unfavorable external environment, the rapid expansion of production capacity before the listed company has become the company's 2012 loss of 561 million yuan.
Tianlong Optoelectronics was listed at the end of 2009. The total amount of funds raised was 870,924,900 yuan, and the funds raised by the company were 563,810,600 yuan. The funds raised are: 1200 sets of single crystal silicon production long furnace, 150 sets of polycrystalline silicon ingot furnace, joint venture company to implement annual production of 1,200 sets of monocrystalline silicon production long furnace, annual output of 500,000 KM resin diamond wire, etc. In 2012, the above four fundraising projects totaled a loss of RMB 162.7793 million. Tianlong Optoelectronics super-raised funds investment projects are: construction of polysilicon experimental demonstration plant, acquisition of part of the equity of Shanghai Jiemus Electronic Materials Co., Ltd., establishment of joint venture company to develop and produce LED MOCVD equipment, acquisition of part of the equity of Jintan Light Source Quartz Co., Ltd. Four projects including capital increase, the total of the above four super-raised projects in 2012 contributed a total loss of RMB 231,872,200 to Tianlong Optoelectronics. In 2012, the above-mentioned investment and super-raised investment projects of Tianlong Optoelectronics brought the company's revenue to -39,665,500 yuan, accounting for 70.77% of the company's 2012 loss.
Through the above data, it can be clearly seen that the excessive expansion has a negative impact on listed companies.
In 2012, Tianlong Optoelectronics substantially recovered accounts receivable in the case of a significant decrease in operating income and tighter cash flow, but the company may have problems in the processing of related accounts.
Operating should be 146 million yuan in shortfalls?
As of the end of 2012, Tianlong Optoelectronics' accounts receivable balance was 260 million yuan, down 165 million yuan from the beginning of the year, a drop of 38.82%.
However, Tianlong Optoelectronics' annual cash flow statement for 2012 reported that in 2012, the company's operating receivables decreased by 22,679,300 yuan.
“Increase or decrease in operating receivables†is equal to “increasing and decreasing accounts receivable + increase/decrease of notes receivable + increase and decrease of operating other receivables + increase or decrease of operating advance paymentsâ€.
At the beginning of 2012, the balances of Tianlong Optoelectronics accounts receivable and notes receivable were RMB 425,362,600 and RMB 43.829 million respectively. At the end of 2012, the balances of Tianlong Optoelectronics' accounts receivable and notes receivable were RMB 259,484,300 and RMB 11,851,100 respectively.
According to the above data calculation, in 2012, Tianlong Optoelectronics accounts receivable and notes receivable decreased by RMB 165,144,300 and RMB 31,197,900 respectively, totaling RMB 197,932,200.
At the end of 2012, the balance of prepaid accounts and other receivables of Tianlong Optoelectronics was 2,399.6 million yuan and 4.553 million yuan respectively. It is assumed that at the beginning of 2012, Tianlong Optoelectronics' operating prepayments and other operating receivables were zero. At the end of 2012, Tianlong Optoelectronics' non-operating prepayments and non-operating other receivables were zero. In 2012, Tianlong Optoelectronics' operating prepayments and other operating receivables increased by 28.549 million yuan, which is also the largest total added value of Tianlong Optoelectronics' 2012 operational prepayments and other operating receivables.
According to the above data calculation, in 2012, Tianlong Optoelectronics' business receivables project was reduced by at least 168,842,700 yuan, at least 146,614,400 yuan more than the amount of 2,267,730 yuan disclosed in the company's cash flow statement.
The supplementary information of the cash flow statement is part of the verification of the company's financial authenticity. The operational receivable data calculated through the balance sheet data is an important data to verify the relationship between the net profit of the listed company and the operating cash flow statement. Tianlong Optoelectronics Cash The business receivable data disclosed in the supplementary data of the flow meter and the data calculated through the company's balance sheet are at least 146,145,400 yuan, indicating that the company's balance sheet, cash flow statement, and profit statement are not flat, perhaps showing a certain The financial data of the statements is not true.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
At the same time, the reporter found that in 2012, Tianlong Optoelectronics substantially recovered the accounts receivable in the case of a significant decrease in operating income and tighter cash flow, but the company may have problems in the processing of related accounts.
Major restructuring "short life"
Rapid expansion dragged down listed companies
Tianlong Optoelectronics Co., Ltd. specializes in the production and sales of monocrystalline silicon crystal growth furnaces, single crystal silicon cutting machine tools, single crystal silicon square spheronization machines, polycrystalline silicon ingot furnaces, single crystal silicon seed crystal furnaces, steel ball equipment, etc., 2009 In December, it landed on the Shenzhen Stock Exchange. The controlling shareholder was Changzhou Noah Technology Co., Ltd. (hereinafter referred to as Noah Technology), holding 57.192 million shares, accounting for 28.6%.
On June 26, Tianlong Optoelectronics released the announcement on the termination of the planning of major asset restructuring and the resumption of stocks of the company. The counterparty of the planned asset restructuring was Dalian Liancheng CNC Machine Co., Ltd. (hereinafter referred to as Dalian Liancheng). The planned restructuring plan is to acquire 100% of the shares of Dalian Liancheng for the existing shareholders of Dalian Liancheng. In view of the fact that some relevant conditions are not yet mature and fail to meet the standards for completing major restructuring within the time specified in the regulations, the Company has decided to terminate the planning of major restructuring matters.
The restructuring of Tianlong Optoelectronics began in early June, and the company's stock was reorganized and suspended on June 3.
The reorganization planning time is less than one month, and the relevant conditions are immature. This is also the main reason. However, it can be seen that Tianlong Optoelectronics has insufficient preparations for the reorganization and restructuring. However, according to the company’s performance over the past year, shareholders have been so eager to plan this. The "short-lived reorganization" can also be understood.
In the first quarter of 2013, Tianlong Optoelectronics had a net loss of RMB 16,063,300. After deducting the impact of non-recurring gains and losses, Tianlong Optoelectronics had a net loss of RMB 49,918,400.
In 2012, Tianlong Optoelectronics achieved operating income of 176 million yuan, a year-on-year decrease of 79.09%, and a net loss of 561 million yuan, a year-on-year decrease of 646.59%.
Affected by the bleak performance, in 2012, Tianlong Optoelectronics assets shrank sharply. At the end of 2012, Tianlong Optoelectronics' assets balance was 1.319 billion yuan, down 488 million yuan from the beginning of the year, a drop of 28%. Among them, the balance of current assets was 853 million yuan, compared with the beginning of the year. The decline was 362 million yuan, a drop of 29.79%.
As we all know, the performance of Tianlong Optoelectronics in 2012 has been related to the overall situation of the photovoltaic industry. In this unfavorable external environment, the rapid expansion of production capacity before the listed company has become the company's 2012 loss of 561 million yuan.
Tianlong Optoelectronics was listed at the end of 2009. The total amount of funds raised was 870,924,900 yuan, and the funds raised by the company were 563,810,600 yuan. The funds raised are: 1200 sets of single crystal silicon production long furnace, 150 sets of polycrystalline silicon ingot furnace, joint venture company to implement annual production of 1,200 sets of monocrystalline silicon production long furnace, annual output of 500,000 KM resin diamond wire, etc. In 2012, the above four fundraising projects totaled a loss of RMB 162.7793 million. Tianlong Optoelectronics super-raised funds investment projects are: construction of polysilicon experimental demonstration plant, acquisition of part of the equity of Shanghai Jiemus Electronic Materials Co., Ltd., establishment of joint venture company to develop and produce LED MOCVD equipment, acquisition of part of the equity of Jintan Light Source Quartz Co., Ltd. Four projects including capital increase, the total of the above four super-raised projects in 2012 contributed a total loss of RMB 231,872,200 to Tianlong Optoelectronics. In 2012, the above-mentioned investment and super-raised investment projects of Tianlong Optoelectronics brought the company's revenue to -39,665,500 yuan, accounting for 70.77% of the company's 2012 loss.
Through the above data, it can be clearly seen that the excessive expansion has a negative impact on listed companies.
In 2012, Tianlong Optoelectronics substantially recovered accounts receivable in the case of a significant decrease in operating income and tighter cash flow, but the company may have problems in the processing of related accounts.
Operating should be 146 million yuan in shortfalls?
As of the end of 2012, Tianlong Optoelectronics' accounts receivable balance was 260 million yuan, down 165 million yuan from the beginning of the year, a drop of 38.82%.
However, Tianlong Optoelectronics' annual cash flow statement for 2012 reported that in 2012, the company's operating receivables decreased by 22,679,300 yuan.
“Increase or decrease in operating receivables†is equal to “increasing and decreasing accounts receivable + increase/decrease of notes receivable + increase and decrease of operating other receivables + increase or decrease of operating advance paymentsâ€.
At the beginning of 2012, the balances of Tianlong Optoelectronics accounts receivable and notes receivable were RMB 425,362,600 and RMB 43.829 million respectively. At the end of 2012, the balances of Tianlong Optoelectronics' accounts receivable and notes receivable were RMB 259,484,300 and RMB 11,851,100 respectively.
According to the above data calculation, in 2012, Tianlong Optoelectronics accounts receivable and notes receivable decreased by RMB 165,144,300 and RMB 31,197,900 respectively, totaling RMB 197,932,200.
At the end of 2012, the balance of prepaid accounts and other receivables of Tianlong Optoelectronics was 2,399.6 million yuan and 4.553 million yuan respectively. It is assumed that at the beginning of 2012, Tianlong Optoelectronics' operating prepayments and other operating receivables were zero. At the end of 2012, Tianlong Optoelectronics' non-operating prepayments and non-operating other receivables were zero. In 2012, Tianlong Optoelectronics' operating prepayments and other operating receivables increased by 28.549 million yuan, which is also the largest total added value of Tianlong Optoelectronics' 2012 operational prepayments and other operating receivables.
According to the above data calculation, in 2012, Tianlong Optoelectronics' business receivables project was reduced by at least 168,842,700 yuan, at least 146,614,400 yuan more than the amount of 2,267,730 yuan disclosed in the company's cash flow statement.
The supplementary information of the cash flow statement is part of the verification of the company's financial authenticity. The operational receivable data calculated through the balance sheet data is an important data to verify the relationship between the net profit of the listed company and the operating cash flow statement. Tianlong Optoelectronics Cash The business receivable data disclosed in the supplementary data of the flow meter and the data calculated through the company's balance sheet are at least 146,145,400 yuan, indicating that the company's balance sheet, cash flow statement, and profit statement are not flat, perhaps showing a certain The financial data of the statements is not true.
(This article is reproduced on the Internet. The texts and opinions expressed in this article have not been confirmed by this site, nor do they represent the position of Gaogong LED. Readers need to verify the relevant content by themselves.)
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