129833943184375000_356Wo Fung pastoral IPO: blank examination paper heroes stake produced exaggerated papers
Pre-IPO prospectus disclosure May 17 Declaration draft Liaoning Wo Fung pastoral company limited of trapped Vortex due to blank examination paper hero Zhang Tiesheng stake, but that's not the key things to note in the capital market. This special researcher recently at Wo Fung pastoral prospectus read see his hyperbole raised investment projects when financial estimate full of doubt. Industry sources remind regulators concerned in relation to publicRaise investment projects on the Division, which is the basis for companies offering, it is also part of scams most likely to be ignored. Heilongjiang project profitability to exaggerate the 1 time it is Wo Fung pastoral prospectus disclosure, 2009, 2010, 2011 feed revenues followed by $ 4,203,722,000 and $ 4,664,225,000, and $,The total profits of the company for three years followed by $ 272.342 million, and $ 356.521 million, $.
Can be calculated accordingly hefeng livestock feed business in 2009, 2010, 2011 sale margins followed by 6.48%, and 6.44%. Total profit of the above data is suppose Wo Fung pastoralFrom the feed business. Non-feed business actually create margins in 2011 is 18.14% per cent of total gross profit of the company, accurate non-feed business profits without disclosure.
Therefore
TERA CD-key, rich harvest in recent three years the true sales of livestock feed business profit margins should be less than the above three. Wo Fung pastoral this raise funds to feed six projects and a Center for research and development projects. ShenYang expansion project has 80,000 tons of extruded material product in the company's internal sales, its economic benefits could not be parsed.
Now select from the remaining five projects intended to raise funds up to an analysis of the two projects. Heilongjiang produce 240,000 tons of feed items with a total investment of $ 290 million, intended to be used to raise funds of $ 171 million, intends to raise funds 40.2%. ProspectusDisclosure after the completion of the project with an annual output of 67,000 tons pig feed, poultry feed, 146,000 tons of ruminant feed 27,000 tons. Wo Fung pastoral project is expected a normal year operating income of $ 661.05 million, profit totaled $.
Thus calculates its sales to 12.81%. This project of sales than the company's highest sales in the recent three-year 6.48% almost three times.
Obviously, rich harvest and animal husbandry have exaggerated suspicion about the profitability of the project. From the perspective of gross margin analysis, will further validate the above judgment. Wo Fung pastoral 2011 pig feed, poultry feed, ruminant material of gross margins, 13.65%, 10.71%, respectively. Sales profitability of the project is significantly over the poultry feedGross profit margin of feed, ruminant material
Diablo 3 gold, pig feed only the highest gross profit margin and low 0.84%. In fact, when the project after normal operation, will certainly give rise to considerable management costs, selling costs. In nearly three years, Wo Fung pastoral management fee revenues accounted for an average of 2.04% per cent, as low as 1.93%; the average ratio of sales costs operating income 3.06%, As low as 2.84%. Even taking the lowest proportion, two cost 4.77% per cent of revenue.
Suppose Wo Fung pastoral substantial increase in viability, poultry feed, ruminant material gross margin also increased to 13.65%, after taking into account administrative costs, marketing costs, the project company's sales could not have reached 12.81%. 100,000 tonsFeed Wo Fung pastoral project profitability literally twice times the fundraising project to another highlight of the annual output of 100,000 tons of feed. Project total investment of $ 90 million, $ 55 million intended to raise funds (12.93% wish to raise funds). After the completion of the project with an annual output of 63,000 tons pig feed, poultry feed, ruminant materials 2000 tons 33,000 tons. Hefeng-animal husbandryProject operations are expected after the normal annual income is $ 325.5 million, total profit $. Sales for this project are up to amazing 14.58%, Wo Fung pastoral 2009 sales equivalent to 2.25 times times
Diablo 3 power leveling, Wo Fung pastoral dominant than pig feed higher gross profit margin 0.93%. Considering administration costs, salesFee calculation project gross margins as high as 19.57%. Within the industry to produce higher gross margin of premix consisting mainly of North farm 2011 margin is only 18.58%.
The project's profitability clearly overvalued suspects. In recent years, the gross profit margin of China feed industry has been gradually decreasing. Liaoning Wo Fung pastoral company limitedRaising investment and projects the financial credibility of estimating how much? 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