Operating capital double squeeze Feile sound "pressure mountain"
Shanghai Feile sound Co., Ltd. (hereinafter referred to as "Feile sound") known as "the first share of new China" is facing pressure from both operating and capital levels. A few days ago, Feile audio announced that the company's litigation amount was as high as 380million yuan, and the impact on later profits could not be judged
at the same time, Beijing Shen'an United Co., Ltd. (hereinafter referred to as "Shen'an united"), the second largest shareholder of Feile sound, is also constantly selling its shares. From March 8 to April 9, Shen'an United has reduced its holdings of Feile audio three times in a month. In addition, in response to the default disposal requirements of Huaxin Securities Co., Ltd. (acting directional asset management plan) (hereinafter referred to as "Huaxin securities (acting directional asset management plan)"), Shen'an Union will be dynamically reduced by 2% of the total share capital of Feile sound within 180 days from April 27 to October 23, 2019
what's more worrying is that Philharmonic may face delisting risk in 2019. According to the announcement of Feile sound, the net assets of the Company attributable to the shareholders of the listed company at the end of 2018 are expected to be about 400million yuan (Unaudited). In addition, the previous mergers and acquisitions of Beijing Shen'an Investment Group Co., Ltd. (hereinafter referred to as "Shen'an group") and xiwannian group (hereinafter referred to as "xiwannian") have generated a total goodwill of 1.52 billion yuan and a litigation amount of hundreds of millions of yuan. The audited net assets may be negative
in this regard, the relevant person in charge of Feile sound Securities Department said in an interview that Shen'an group is mainly responsible for engineering projects, with good early-stage sales and high profits. At present, it is under pressure in operation, which has a great impact on the overall financial statements of the company. Now the relevant businesses are in the process of contraction and adjustment, "Shen'an group's corporate capital and payment collection are not enough to support large-scale expansion. In order to ensure the recovery of Shen'an investment from the current poor situation, it will choose the business with faster payment collection in the future."
assets may face the risk of delisting negatively
on April 5, the announcement of Feile sound showed that up to now, the company's cumulative amount involved in the case amounted to 380million yuan, of which the total amount of domestic litigation cases was 340million yuan, a total of 42 pending litigation cases, 10 cases of the company as the plaintiff and 32 cases of the company as the defendant
"most of the above-mentioned lawsuits involve accounts payable and accounts receivable related to engineering projects, which have basically been reflected in the accounts. However, some litigation cases have not been heard in court or have not been executed, so it is impossible to judge the impact on the company's current profits or future profits, and the subsequent account processing can be followed up only after the court's judgment." The head of Feile sound Securities Department said to
in addition to the tangled litigation, the high reputation also makes Feile sound distressed. Feile audio admitted that due to the sharp year-on-year decline in the revenue of Shen'an group in 2018, there was a large loss in net profit. After the company conducted an impairment test on goodwill, the goodwill formed by Feile audio's acquisition of Shen'an investment was 1.04 billion yuan, which is expected to be fully impaired
also because the sales performance did not meet the management's expectations, the operating performance of Xiwan in 2018 also decreased significantly compared with the previous year, lower than the business plan expectations for 2018 at the time of M & A. Feile sound said that after the company's impairment test of goodwill, the goodwill formed by the merger of xiwannian group is expected to be fully impaired by 480million yuan
in addition, some engineering projects previously undertaken by Feile sound have been suspended for a long time, have not been accepted, have not been reviewed, etc., and there is great uncertainty in the recovery of funds, and the inventory and accounts receivable involved also need a large amount of impairment. It is reported that the impairment provision in 2018 is expected to increase by about 720million yuan compared with the same period last year
one test after another, which brings great challenges to the performance of Feile sound. According to the performance forecast disclosed by Feile sound recently, the company expects to achieve a net profit of -3.326 billion yuan attributable to shareholders of Listed Companies in 2018, and a net profit of -3.316 billion yuan attributable to shareholders of listed companies after deducting non recurring profits and losses. It is expected that the gross profit will be reduced by about 620million yuan compared with the same period of last year. The mechanical properties of metals vary with the loading mode, stress state, temperature and contact medium
due to the impact of litigation, goodwill impairment, inventory impairment, etc., the net assets attributable to the shareholders of the listed company at the end of 2018 of Feile sound are expected to be about RMB 400million (Unaudited). Feile sound said that it did not rule out the possibility of negative net assets attributable to the shareholders of the listed company
major shareholders transfused 1.5 billion yuan in five months
as China's first joint-stock listed company starting with sound, Feile sound was once presented to the chairman of the New York Stock Exchange in the form of a national gift. However, at present, the revenue of sound business accounts for less than 1%. In 2002, it acquired Shanghai Yaming Bulb Factory Co., Ltd. (now Shanghai Yaming Lighting Co., Ltd., hereinafter referred to as "breaking through the key field of haiyaming") to upgrade the lighting industry to its main business
in order to increase its main business, it completed the acquisition of 100% equity of Beijing Shen'an Investment Group Co., Ltd. (hereinafter referred to as "Shen'an group") and 80% equity of xiwannian group from 2014 to 2016. Now, the main lighting industry of Shen'an group is also relatively weak in the case of the sharp decline of Xiwan's annual revenue
the head of Feile sound Securities Department said that now the relevant businesses of Shen'an group are in the process of contraction and adjustment, and at the same time, it will also increase the scope of business undertaking to Shanghai Yaming. "The corporate capital and payment collection of Shen'an group are not enough to support large-scale expansion. In order to ensure the recovery of Shen'an investment from the current poor situation, we will choose the business with faster payment collection in the future."
on the other hand, the head of the securities department mentioned that in order to ensure its operation, Feile audio received a large amount of financial assistance from Shanghai Yidian (Group) Co., Ltd. (hereinafter referred to as "Yidian group"), the parent company of Shanghai Yidian Electronics (Group) Co., Ltd., the largest shareholder. "Our capital is indeed very tight. We can also see from the performance forecast that under such a loss situation, the system must be preheated for more than 20 minutes, the cash flow adequacy of the company itself is certainly not enough, and the bank will certainly tighten money. Therefore, some of us accept the financial assistance given by the instrument and Electronics Group, which is equivalent to a loan."
according to the previous announcements of Feile sound, as of the end of the third quarter of 2018, the net cash flow from its operating activities was -224 million yuan. Then, from November 17, 2018 to April 5, 2019, in the past five months, the instrument and Electronics Group has provided six financial assistance totaling 1.572 billion yuan to Feile sound, including 150million yuan, 150million yuan, 150million yuan, 136 million yuan, 200million yuan and 786 million yuan, and extended the first four financial subsidies
interestingly, when the major shareholders were busy giving financial assistance, the second shareholder of Feile audio began to reduce its shares continuously. According to public information, on March 6, March 28 and April 9, Shen'an jointly issued the announcement of the Tariff Commission of the State Council on imposing tariffs on imported goods originating in the United States of about US $16billion (announcement  No. 7 of the Tariff Commission) and reduced its holdings of 3million shares respectively
on April 5, Feile audio also disclosed that due to the suspected breach of contract, Huaxin securities (on behalf of the directional asset management plan) will forcibly reduce the Shenan jointly Pledged Shares through centralized bidding in the secondary market within 180 days from April 27 to October 23, 2019, and the number of shares disposed of will not exceed 1977.84 million Feile audio shares, that is, not more than 2% of the total share capital of Feile audio. According to the closing price of 5.00 yuan/share on April 11, the passive reduction amount will be close to 100million yuan
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