C. BORROWER SECTION |
C4 : Financial Analysis
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Fujian Gongyuan Foods Co., Ltd (FujianGong) |
Prepared: 18:14, 6/5/2012 |
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Balance Sheet-Trend |
Amounts Printed in: Thousands |
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Industry Classification: MSCI Code: 30202030 |
BEAIFT (5.1.2.4) |
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Statement Date |
3/31/2012 |
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12/31/2011 |
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12/31/2010 |
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12/31/2009 |
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Periods |
3 |
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12 |
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12 |
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12 |
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Audit Opinion(Stmt Source) |
Co.Prep'd |
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Unqualif'd |
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Unqualif'd |
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Unqualif'd |
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Accountant |
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Quanzhou Fengze |
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Quanzhou Fengze |
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Fujian Mincai |
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Analyst |
Zhang Xiang Yu |
Trend |
Zhang Xiang Yu |
Trend |
Zhang Xiang Yu |
Trend |
Zhang Xiang Yu |
Trend |
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Statement Type |
FY-To-Date |
% |
Annual |
% |
Annual |
% |
Annual |
% |
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Accounting Standard |
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Chg |
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Chg |
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Chg |
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Chg |
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Source Currency: CNY Chinese Yuan Renminbis Target Currency: CNY Chinese Yuan Renminbis |
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Exchange Rate |
1.00000 |
|
1.00000 |
|
1.00000 |
|
1.00000 |
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FIXED & NON-CURRENT ASSETS |
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Land |
36,560 |
|
36,560 |
|
- |
|
- |
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Buildings |
48,950 |
|
48,950 |
|
- |
|
- |
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Plant & Equipment |
202,115 |
|
202,115 |
13.1 |
178,659 |
320.1 |
42,523 |
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Furniture & Fixtures |
38 |
|
38 |
(85.4) |
261 |
|
- |
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|
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Vehicles & Transport Equipment |
6,761 |
|
6,761 |
(30.9) |
9,790 |
61.4 |
6,067 |
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Construction in Progress |
270,506 |
59.0 |
170,157 |
339.9 |
38,685 |
28.5 |
30,099 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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Gross Fixed Assets |
564,930 |
21.6 |
464,581 |
104.3 |
227,395 |
189.0 |
78,689 |
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Accum Depreciation |
29,185 |
6.3 |
27,465 |
66.6 |
16,488 |
75.2 |
9,413 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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Net Fixed Assets |
535,745 |
22.6 |
437,116 |
107.3 |
210,907 |
204.4 |
69,276 |
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|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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TOTAL FIXED & NON-CURRENT ASSETS |
535,745 |
22.6 |
437,116 |
107.3 |
210,907 |
204.4 |
69,276 |
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CURRENT ASSETS |
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Inventory - Raw Materials |
100,588 |
3.7 |
97,028 |
69.8 |
57,139 |
126.4 |
25,240 |
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Inventory - Finished Goods |
51,639 |
(2.1) |
52,740 |
41.4 |
37,304 |
719.3 |
4,553 |
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Due from Related Parties(CP) |
- |
|
- |
|
- |
(100.0) |
10,000 |
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|
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Trade Receivables(Gross) |
306,426 |
18.4 |
258,822 |
170.0 |
95,849 |
145.7 |
39,008 |
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Other Receivables(CP) |
- |
|
- |
(100.0) |
38,525 |
335.5 |
8,846 |
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Prepayments(CP) |
126,000 |
(33.7) |
190,000 |
440.4 |
35,158 |
3,096.2 |
1,100 |
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Restricted/ Pledged Cash (CP) |
49,500 |
(23.7) |
64,900 |
79.3 |
36,200 |
|
- |
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Cash in Hand and at Banks (non-pledged) |
168,885 |
322.8 |
39,949 |
129.8 |
17,384 |
424.6 |
3,314 |
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Other Current Assets |
2,523 |
19.8 |
2,106 |
(53.4) |
4,522 |
|
- |
|
|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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TOTAL CURRENT ASSETS |
805,561 |
14.2 |
705,545 |
119.1 |
322,081 |
249.9 |
92,061 |
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TOTAL ASSETS |
1,341,306 |
17.4 |
1,142,661 |
114.4 |
532,988 |
230.4 |
161,337 |
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|
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|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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EQUITY & RESERVES |
|
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Common Share Capital |
120,800 |
|
120,800 |
364.6 |
26,000 |
|
26,000 |
|
|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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Permanent Equity |
120,800 |
|
120,800 |
364.6 |
26,000 |
|
26,000 |
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Other Reserves |
130,000 |
|
130,000 |
3,150.0 |
4,000 |
|
4,000 |
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Retained Profits |
573,671 |
35.5 |
423,340 |
93.7 |
218,579 |
93.1 |
113,191 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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Equity & Reserves |
703,671 |
27.2 |
553,340 |
148.6 |
222,579 |
89.9 |
117,191 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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TOTAL EQUITY & RESERVES |
824,471 |
22.3 |
674,140 |
171.2 |
248,579 |
73.6 |
143,191 |
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NON-CURRENT LIABILITIES |
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LTD Bank |
144,000 |
|
- |
|
- |
|
- |
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|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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TOTAL NON-CURRENT LIABILITIES |
144,000 |
|
- |
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- |
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- |
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CURRENT LIABILITIES |
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ST Bank Loans Payable |
255,000 |
(21.5) |
325,000 |
31.0 |
248,000 |
8,166.7 |
3,000 |
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Notes Payable(CP) |
105,000 |
(13.9) |
122,000 |
408.3 |
24,000 |
500.0 |
4,000 |
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Current Tax Payable |
3,356 |
(33.7) |
5,063 |
140.6 |
2,104 |
243.8 |
612 |
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Trade Payables(CP) |
5,621 |
(50.0) |
11,251 |
93.4 |
5,818 |
(33.8) |
8,785 |
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Accruals (CP) |
- |
|
- |
|
- |
(100.0) |
1,749 |
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Other Current Liabilities |
3,858 |
(25.9) |
5,207 |
16.0 |
4,487 |
|
- |
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|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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TOTAL CURRENT LIABILITIES |
372,835 |
(20.4) |
468,521 |
64.7 |
284,409 |
1,467.3 |
18,146 |
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TOTAL LIABILITIES |
516,835 |
10.3 |
468,521 |
64.7 |
284,409 |
1,467.3 |
18,146 |
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TOTAL EQUITY & RESERVES & LIABILITIES |
1,341,306 |
17.4 |
1,142,661 |
114.4 |
532,988 |
230.4 |
161,337 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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Remark：根据2011年审计报告显示，【申请人】拥有RMB3,656万的无形资产。据客户介绍，此系厂房的土地使用权。
|
Fujian Gongyuan Foods Co., Ltd (FujianGong) |
Prepared: 14:36, 6/6/2012 |
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|
Income Statement-Trend |
Amounts Printed in: Thousands |
|||||||||
|
Industry Classification: MSCI Code: 30202030 |
BEAIFT (5.1.2.4) |
|||||||||
|
Statement Date |
3/31/2012 |
|
12/31/2011 |
|
12/31/2010 |
|
12/31/2009 |
|
|
|
|
Periods |
3 |
|
12 |
|
12 |
|
12 |
|
|
|
|
Audit Opinion(Stmt Source) |
Co.Prep'd |
|
Unqualif'd |
|
Unqualif'd |
|
Unqualif'd |
|
|
|
|
Accountant |
|
|
Quanzhou Fengze |
|
Quanzhou Fengze |
|
Fujian Mincai |
|
|
|
|
Analyst |
Zhang Xiang Yu |
Trend |
Zhang Xiang Yu |
Trend |
Zhang Xiang Yu |
Trend |
Zhang Xiang Yu |
Trend |
|
|
|
Statement Type |
FY-To-Date |
% |
Annual |
% |
Annual |
% |
Annual |
% |
|
|
|
Accounting Standard |
|
Chg |
|
Chg |
|
Chg |
|
Chg |
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Source Currency: CNY Chinese Yuan Renminbis Target Currency: CNY Chinese Yuan Renminbis |
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Exchange Rate |
1.00000 |
|
1.00000 |
|
1.00000 |
|
1.00000 |
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Sales(Revenues) |
697,152 |
52.9 |
1,823,352 |
131.9 |
786,119 |
101.3 |
390,503 |
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Cost of Sales |
460,821 |
36.9 |
1,346,820 |
143.1 |
554,069 |
93.9 |
285,706 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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TOTAL COST OF SALES(EXCL DEP & IMP(COS)) |
460,821 |
36.9 |
1,346,820 |
143.1 |
554,069 |
93.9 |
285,706 |
|
|
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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GROSS PROFIT |
236,331 |
98.4 |
476,532 |
105.4 |
232,050 |
121.4 |
104,797 |
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Selling & Marketing Expenses |
46,192 |
(9.5) |
204,091 |
161.5 |
78,042 |
98.2 |
39,369 |
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General & Admin Expenses |
29,694 |
301.3 |
29,597 |
38.8 |
21,326 |
327.1 |
4,993 |
|
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|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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OPER EXP(EXCL DEPREC & AMORT) |
75,886 |
29.9 |
233,688 |
135.2 |
99,368 |
124.0 |
44,362 |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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EBITDA |
160,445 |
164.3 |
242,844 |
83.0 |
132,682 |
119.5 |
60,435 |
|
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Deprec & Impairment(COS) |
- |
|
- |
(100.0) |
6,226 |
|
- |
|
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Depreciation (Oper Exp) |
1,720 |
648.6 |
919 |
8.2 |
849 |
(59.6) |
2,100 |
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|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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NET OPERATING PROFIT(EBIT) |
158,725 |
162.4 |
241,925 |
92.6 |
125,607 |
115.3 |
58,335 |
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Interest Expense |
5,131 |
(13.5) |
23,733 |
203.1 |
7,829 |
187.9 |
2,719 |
|
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|
|
Other Debt Service Expenses |
- |
(100.0) |
168 |
700.0 |
21 |
(99.4) |
3,258 |
|
|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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NET INTEREST INCOME(EXPENSE) |
(5,131) |
14.1 |
(23,901) |
(204.5) |
(7,850) |
(31.3) |
(5,977) |
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¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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PROFIT(LOSS) BEFORE TAX |
153,594 |
181.8 |
218,024 |
85.1 |
117,757 |
124.9 |
52,358 |
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Current Income Taxes |
3,263 |
(1.6) |
13,263 |
7.2 |
12,368 |
74.6 |
7,084 |
|
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NET PROFIT(LOSS) AFTER TAX |
150,331 |
193.7 |
204,761 |
94.3 |
105,389 |
132.8 |
45,274 |
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NET PROFIT(LOSS) |
150,331 |
193.7 |
204,761 |
94.3 |
105,389 |
132.8 |
45,274 |
|
|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
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|
|
|
|
|
|
|
|
|
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Total Cost of Sales |
460,821 |
36.9 |
1,346,820 |
140.4 |
560,295 |
96.1 |
285,706 |
|
|
|
|
Gross Profit |
236,331 |
98.4 |
476,532 |
111.0 |
225,824 |
115.5 |
104,797 |
|
|
|
|
EBIT |
158,725 |
162.4 |
241,925 |
92.6 |
125,607 |
115.3 |
58,335 |
|
|
|
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EBIDA |
157,182 |
173.9 |
229,581 |
90.8 |
120,314 |
125.5 |
53,351 |
|
|
|
|
EBITDA |
160,445 |
164.3 |
242,844 |
83.0 |
132,682 |
119.5 |
60,435 |
|
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ADJ TO RETAINED PROFITS |
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Other Adj to Retained Profits |
- |
|
- |
100.0 |
(1) |
(200.0) |
1 |
|
|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
|
|
|
TOTAL ADJ RETAINED PROFIT(LOSS) |
- |
|
- |
100.0 |
(1) |
(200.0) |
1 |
|
|
|
|
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
¯ |
|
|
注：1、截至2011年12月31日，【申请人】的银行存款与2010年相比，有较大幅度的增长，主要是公司的资金回笼所致。
2、得益于【申请人】所引进的16条全自动的瑞士卷蛋糕生产线，产能大幅度的提升，截至2011年12月31日，【申请人】的主营业务收入、存货、净利润与2010年相比，均大幅增长。
3、随着【申请人】总资产的大幅增长，公司的总负债也成比例增长，主要体现在短期借款方面。截至2011年12月31日，公司的短期借款与2010年相比，有所增长，达到RMB3.25亿，主要是公司的业务拓展，向各家合作行所贷的流动资金贷款（包括我行的RMB4,500万）。
4、截至2011年，【申请人】的固定资产增长较大（与2010年相比增长107.3%），主要是【申请人】为了业务拓展的需要，扩建厂房所致。在建工程方面，主要是厂方的修建。
5、根据【申请人】2011年的审计报告显示，【申请人】2011年的销售额为RMB182,335.2万元，所得税为RMB1,326.3万元。据【申请人】介绍，【申请人】的销售终端大部分为个体户、小商行等规模较小的主体，【申请人】与他们的合作方式均是以现金交易为主，并未开具增值税发票，因此从税单上无法体现【申请人】的真正实力。且【申请人】也提供了销售终端客户明细。
6、根据2011年审计报告显示，公司的应付票据与2010年相比显著提高（增加RMB9,800万），主要是农行晋江永和支行增开RMB8,700万（2010年审计报告显示农行开票余额为零）。据客户介绍，农行看好公司发展，2011年与2010年相比，增加对公司的贷款RMB9,000万（2010年贷款RMB1.0亿）。由于受到规模限制，农行无法继续用贷款支持公司的业务发展，因此采用综合额度的方式（即增加开票额度），用于支持公司的业务发展。
7、根据2011年审计报告显示，公司的净利润与2010年相比，增加了近RMB1亿，主要是2011年，公司所新增的16条瑞士卷蛋糕生产线全部投产，加上原有的“五谷风”米果及糖果品牌的销售，2011年的总销售量达到RMB18.23亿，与2010年相比，涨幅达131.9%。
8、根据2011年审计报告显示，公司的预付账款与2010年相比，增幅达440.4%，达到RMB1.9亿。据公司介绍，主要是购买新生产基地的机器设备，用于2012年的生产。
|
Fujian Gongyuan Foods Co., Ltd (FujianGong) |
Prepared: 14:36, 6/6/2012 |
|||||
|
Ratios |
Amounts Printed in: Thousands |
|||||
|
Industry Classification: MSCI Code: 30202030 |
BEAIFT (5.1.2.4) |
|||||
|
Statement Date |
3/31/2012 |
12/31/2011 |
12/31/2010 |
12/31/2009 |
|
|
|
Periods |
3 |
12 |
12 |
12 |
|
|
|
Audit Opinion(Stmt Source) |
Co.Prep'd |
Unqualif'd |
Unqualif'd |
Unqualif'd |
|
|
|
Accountant |
|
Quanzhou Fengze |
Quanzhou Fengze |
Fujian Mincai |
|
|
|
Analyst |
Zhang Xiang Yu |
Zhang Xiang Yu |
Zhang Xiang Yu |
Zhang Xiang Yu |
|
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|
Statement Type |
FY-To-Date |
Annual |
Annual |
Annual |
|
|
|
Accounting Standard |
|
|
|
|
|
|
|
Reconcile To |
12/31/2011 |
12/31/2010 |
12/31/2009 |
NONE |
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|
|
|
|
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|
|
|
|
Source Currency: CNY Chinese Yuan Renminbis Target Currency: CNY Chinese Yuan Renminbis |
|
|||||
|
|
|
|||||
|
Exchange Rate |
1.00000 |
1.00000 |
1.00000 |
1.00000 |
|
|
|
|
|
|
|
|
|
|
|
LIQUIDITY |
|
|||||
|
Working Capital |
432,726 |
237,024 |
37,672 |
73,915 |
|
|
|
Current Ratio |
2.16 |
1.51 |
1.13 |
5.07 |
|
|
|
Quick Ratio |
1.27 |
0.64 |
0.40 |
2.33 |
|
|
|
Sales(Revenues) to Working Capital |
6.44 |
7.69 |
20.87 |
5.28 |
|
|
|
|
|
|
|
|
|
|
|
LEVERAGE |
|
|||||
|
Tangible Net Worth |
824,471 |
674,140 |
248,579 |
143,191 |
|
|
|
Due from JV's and Parternship (CP+LTP) |
- |
- |
- |
- |
|
|
|
Due from Associate /Subsidiaries (CP+LTP) |
- |
- |
- |
- |
|
|
|
Due from Related Parties (CP+LTP) |
- |
- |
- |
10,000 |
|
|
|
Due from S'holder / Director (CP+LTP) |
- |
- |
- |
- |
|
|
|
Due to JV's and Parternship (CP+LTP) |
- |
- |
- |
- |
|
|
|
Due to Associate /Subsidiaries (CP+LTP) |
- |
- |
- |
- |
|
|
|
Due to Related Parties (CP+LTP) |
- |
- |
- |
- |
|
|
|
Due to S'holder / Director (CP+LTP) |
- |
- |
- |
- |
|
|
|
Total Liabilities / Net Worth |
0.63 |
0.69 |
1.14 |
0.13 |
|
|
|
Total Liabilities / Tangible Net Worth |
0.63 |
0.69 |
1.14 |
0.13 |
|
|
|
Borrowed Funds / Total Liab |
0.98 |
0.95 |
0.96 |
0.39 |
|
|
|
Borrowed Funds / TNW |
0.61 |
0.66 |
1.09 |
0.05 |
|
|
|
Bank Borrowed / TNW |
0.48 |
0.48 |
1.00 |
0.02 |
|
|
|
Borrowed Funds / EBITDA |
0.79 |
1.84 |
2.05 |
0.12 |
|
|
|
Total Liabilities / Total Assets |
0.39 |
0.41 |
0.53 |
0.11 |
|
|
|
Off Balance Sheet Leverage |
0.63 |
0.69 |
1.14 |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
COVERAGE |
|
|||||
|
Interest Coverage |
30.93 |
10.12 |
16.00 |
9.76 |
|
|
|
Earnings Coverage |
1.69 |
0.52 |
0.47 |
4.66 |
|
|
|
Cash Flow Coverage |
1.70 |
(0.20) |
(0.21) |
|
|
|
|
UCA Cash Flow Coverage |
1.70 |
(0.20) |
(0.21) |
|
|
|
|
UCA Cash Flow Coverage(PY) |
1.39 |
(0.32) |
(3.92) |
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY |
|
|||||
|
Gross Profit Margin(%) |
33.9 |
26.1 |
28.7 |
26.8 |
|
|
|
Cash Gross Profit Margin(%) |
33.9 |
26.1 |
29.5 |
26.8 |
|
|
|
EBITDA Margin(%) |
23.0 |
13.3 |
16.9 |
15.5 |
|
|
|
Net Operating(EBIT) Margin(%) |
22.8 |
13.3 |
16.0 |
14.9 |
|
|
|
Profit Before Tax Margin(%) |
22.0 |
12.0 |
15.0 |
13.4 |
|
|
|
Net Profit Margin(%) |
21.6 |
11.2 |
13.4 |
11.6 |
|
|
|
Dividend Payout Rate(%) |
- |
- |
- |
- |
|
|
|
Effective Tax Rate(%) |
2.4 |
4.7 |
9.2 |
|
|
|
|
PBT / Total Assets(%) |
45.8 |
19.1 |
22.1 |
32.5 |
|
|
|
PBT / Tangible Net Worth(%) |
74.5 |
32.3 |
47.4 |
36.6 |
|
|
|
PBT / Total Equity & Reserves(%) |
74.5 |
32.3 |
47.4 |
36.6 |
|
|
|
Return on Assets(%) |
44.8 |
17.9 |
19.8 |
28.1 |
|
|
|
Return on Tangible Net Worth(%) |
72.9 |
30.4 |
42.4 |
31.6 |
|
|
|
Return on Total Equity & Reserves(%) |
72.9 |
30.4 |
42.4 |
31.6 |
|
|
|
|
|
|
|
|
|
|
|
ACTIVITY |
|
|||||
|
Net Trade Receivable Days |
40.1 |
51.8 |
44.5 |
36.5 |
|
|
|
Inventory Days |
30.1 |
40.6 |
61.5 |
38.1 |
|
|
|
Inventory Days(excl COS Deprec) |
30.1 |
40.6 |
62.2 |
38.1 |
|
|
|
Trade Payable Days (Short term A/P incl only) |
1.1 |
3.0 |
3.8 |
11.2 |
|
|
|
Trade Payable Days(excl COS Deprec) |
1.1 |
3.0 |
3.8 |
11.2 |
|
|
|
Sales(Revenues) to Total Assets |
2.08 |
1.60 |
1.47 |
2.42 |
|
|
|
Sales(Revenues) to Tangible Net Worth |
3.38 |
2.70 |
3.16 |
2.73 |
|
|
|
Sales(Revenues) to Net Fixed Assets |
5.21 |
4.17 |
3.73 |
5.64 |
|
|
|
|
|
|
|
|
|
|
|
GROWTH(%) |
|
|||||
|
Total Asset Growth |
17.4 |
114.4 |
230.4 |
|
|
|
|
Sales(Revenues) Growth |
52.9 |
131.9 |
101.3 |
|
|
|
|
EBITDA Growth |
164.3 |
83.0 |
119.5 |
|
|
|
|
Net Operating Profit(EBIT) Growth |
162.4 |
92.6 |
115.3 |
|
|
|
|
Net Profit Growth |
193.7 |
94.3 |
132.8 |
|
|
|
|
Sustainable Growth |
269.47 |
43.62 |
73.60 |
46.24 |
|
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|
¯ |
¯ |
¯ |
¯ |
¯ |
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