Anto Its Packaging And Listing Marks

The performance of the first annual report after the listing changed greatly, obviously due to the "soaring" of management fees and sales expenses.

Anoit 30 released 2010

This is ananits's first annual report since it was launched in April 21, 2010.

It is worth noting that, according to the annual report, after the listing of anoit, compared with the IPO's previous 3 consecutive years of substantial growth, it is almost two companies.

It is reported that according to the prospectus, Anor's performance in the first 3 years has achieved a continuous high speed growth. In the 2007-2009 years, the net profit of the company in 3 years is 33 million 520 thousand yuan, 37 million 900 thousand yuan and 46 million 310 thousand yuan respectively.

It is not difficult to see from the annual report that the performance of the 2010 results brought the performance of the gem company, which was originally expected to be a high growth, back to 2007.

Before the listing, the performance increased significantly. Why did the first annual report shrink significantly after the listing?

What secrets are hidden behind them?

Anoit explained that in 2010, the entire textile and dyeing industry had undergone severe tests. The price of raw materials rose sharply, the exchange rate of RMB changed, and the implementation of the local government's power restriction policy reduced the overall business situation of the company compared with 2009.

But clearly, Anor's explanation for the sharp decline in performance is untenable.

Analysts believe that, according to the three reasons listed above, the analysis of RMB exchange rate changes and local government power restriction, generally speaking, if these two points are the main reasons for the decline in performance, then the income of anso should be substantially reduced. In fact, the business revenue of the company has only declined slightly by 4.26%, far less than the decline of the company's net profit of over 40%.

In this case, the only explanation for the reason for the big change of his performance is that only one raw material has gone up.

But is this really the case?

"If the price of raw materials increases, the direct impact should be the sharp drop in gross margin of the company's products. However, according to the disclosure of the annual report, the gross profit margin of anoits has not dropped too much."

The analysts pointed out.

According to the annual report, anno's main business is engaged in the research and development of clothing dyestuffs, of which the proportion of disperse dyes and reactive dyestuff products occupy 90% of the company's revenue, while the gross profit margin of these two products is 34.77% and 42.80% respectively, and the gross profit rate has decreased by 4.69% and 4.09% respectively compared with the previous reporting period.

So where is the reason for the sharp decline in company performance?

It is easy to see from the profit statement that the sales and management expenses of Anor last year rose sharply, and the management cost rose by nearly 60%. This increase alone has eroded more than 11 million yuan profit, and its sales cost has soared by about 50%. This part has also eroded the profit of 5 million 100 thousand yuan.

If these two additional expenses are excluded, the net profit of the company will not drop much, which will be roughly the same as the decrease of the operating income. The cost of the net profit of the about 16000000 companies will be reduced.

"From the annual report data, the real reason for the decline of its performance is not telling the truth, it is more like malicious reasons to prevaricate.

And from the early stage of the listing, Anor is likely to be suspected of whitewashing its performance and packaging.

The analysts said.

In addition, a certified public accountant who asked not to be named in Beijing told reporters that management fees and sales expenses were numerous, and there were great "operating spaces" in the sales expenses of some gray sales models, which provided convenience for IPO enterprises to whitewash their performance.

Enterprises can take some actual grey payments out of account, resulting in a lower cost of the company's books than the actual situation, which is equivalent to a disguised increase in company profits.

"We do not exclude the fact that at the beginning of its initial listing, Anor has adopted this technique to gloss over its achievements in order to get a good book profit, and it has been exposed since its listing."

The accountant said.