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Since Tianlong Optoelectronics has suffered a huge loss of RMB 510 million in 2012, if it continues to lose money in 2013, Tianlong Optoelectronics will become the first GEM company to lose money for two consecutive years, and will be treated with delisting risk warnings, but will not be crowned. Take the *ST tag.
The reporter noted that in March this year, Tianlong Optoelectronics had just replaced the audit institution. For the reason for choosing to make provision for bad debts, the company’s certificate generation Shen Jie only said, “Look at the accountant’s explanationâ€.
Risk warning special treatment
The revised performance report shows that Tianlong Optoelectronics' operating income in 2013 was 221 million yuan, operating profit loss was 174 million yuan, and net profit was 130 million yuan. It is worth noting that the company's performance report disclosed on February 28 showed that the above three accounting data were 337 million yuan, -400.41 million yuan and 6.0885 million yuan respectively. The data difference before and after the correction is huge.
Tianlong Optoelectronics has lost money in 2012. It was still in a loss during the third quarter of 2013, with a loss of 28.129 million yuan. However, the performance report on February 28 this year showed that the company's 2013 annual results suddenly turned losses. The reason for the loss was: the photovoltaic and sapphire industries recovered in 2013, the company's strategy grasped market orders, and equipment revenue increased; 2013 company Intensify efforts to process inventory, and resolve accounts receivable through various channels, and disposed of some idle assets.
As of April 22, Tianlong Optoelectronics suddenly announced that it would turn from profit to loss. For this great change, Tianlong Optoelectronics also gave a set of rhetoric: affected by factors such as major operating and financial difficulties of some important customers, the initial review by accounting firms After that, the company's accounts receivable bad debt provision, fixed assets impairment provision, part of product revenue, and cost have been adjusted significantly.
In addition, Tianlong Optoelectronics reminded that due to the company's 2012 loss, if the 2013 annual loss, according to the relevant provisions of the Shenzhen Stock Exchange, the company's stock will face special treatment of delisting risk warning.
Deep into the *ST super-day debt crisis
It is not difficult to find out the three reasons that Tianlong Optoelectronics gave the result that the performance turned from profit to loss. The business income was greatly reduced. The company's announcement shows that due to the lower proportion of payment for some customers, the revenue of this part of the customer is reduced by 115 million yuan, and the corresponding cost is reduced by 49.99 million yuan. Based on this calculation, this will result in a decrease in the company's operating profit of 65 million yuan.
In addition, the company's important customer *ST Chaori (002506) experienced major operational and financial difficulties, the company's account receivable balance of 112 million yuan was separately tested for impairment, according to the individual identification method of the customer's accounts receivable Supplementary provision for bad debts was 22.43 million yuan; other important customers such as Jiangxi Xuleidi High-Tech Co., Ltd., due to financial difficulties, the payment was not timely, and the accounts receivable for these customers were supplemented by bad debts according to the individual identification method. Ten thousand yuan.
Due to the continued downturn in the photovoltaic industry, some production line equipment assets may show signs of impairment. The company conducted an impairment test on the assets as required and found that the recoverable amount was lower than its book value. Therefore, the book value of the assets was reduced to the recoverable amount, and the corresponding provision for impairment of fixed assets was 15.09 million yuan.
In fact, on November 1, last year, Tianlong Optoelectronics had already assessed the *ST super-day payment, but the company believes that part of the receivables can be repaid through cooperative operation.
In order to understand the specific circumstances of the provision for bad debts and the progress of cooperation with *ST Chaori, the reporter called Tianlong Optoelectronics as an investor, and Shen Jie said that “the company is losing two years now because it is a GEM and therefore does not wear it. The cap, the company and the Super Sun have a cooperation before, and are still in the process of implementation. The reason for the accrual may depend on the explanation of the accountant, but after the accrual, the company and the Sun will continue to cooperate."
On March 7 this year, Tianlong Optoelectronics announced that due to the need to plan major events, the company plans to re-appoint Zhongxinghua Certified Public Accountants as the 2013 audit institution. On March 23, the company's general meeting of shareholders passed the proposal to re-appoint the audit institution. In other words, Tianlong Optoelectronics's performance report changed its face and occurred one month after the change of the audit institution.
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Tianlong Optoelectronics (300029) issued a revised bulletin announcement, which revised its 2013 results from a profit of 6.0852 million yuan to a loss of 130 million yuan. Reasons for losses include bad debt provision, provision for impairment of fixed assets, and substantial adjustment in the cost of income for some products.