Only half a year after the listing, after the sharp decline in performance growth, Liard (300296.SZ) raised investment projects, the company plans to invest 80 million yuan to raise funds to solve the financial difficulties.
Liard is mainly engaged in the research and development, design, production, sales and service of LED products. The announcement of the company on the use of changed funds was released on the evening of September 11, according to the market changes and "LED applications" of the current industry. The objective adjustment of the industrial park construction project needs to be changed. The company plans to change the “LED Application Industrial Park Construction Projectâ€. After the change, the project investment will be changed from 281 million yuan to 122 million yuan, and the remaining raised funds will be 159 million yuan.
Liard said that the important reason for the above-mentioned project adjustment is that when the company formulated the "LED Application Industrial Park Construction" fund-raising investment project plan in 2010, the country's macroeconomic situation is better, and the competition in the LED application market has not reached the current level. The degree of fierce competition, since the second half of 2011, the industry competition has significantly increased, so the company plans to adopt a more cautious strategy in the investment of the project. However, in the prospectus released in March this year, the company still uses the data of two years ago to demonstrate that "the LED industry is accelerating development, the market space is huge, and it is very urgent to expand production capacity."
Liard also said that in order to improve the efficiency of the use of raised funds and reduce the cost of the company's funds, it is proposed to use the 80 million yuan of the remaining raised funds after the above project changes to permanently replenish the working capital. According to the company's explanation, with the expansion of business scale and the growth of sales scale, the company's demand for working capital increased. At the end of June 2012, its accounts receivable increased by 100.62% compared with the beginning of the year. The operating cash inflow was compared with the same period of last year. The reduction of 44.87%, the lack of funds has brought certain impact to the implementation of the company's development strategy.
Liad’s semi-annual report this year shows that the company’s operating income in the first half of this year was 253 million yuan, up 12.62% year-on-year. In the next three years, it is in the prospectus to “strive to achieve the growth rate of the company’s operating income of more than 30% per year. "The gap is very far; its accounts receivable increased by 147.09% to 237 million yuan, accounting for the proportion of operating income increased from 42.66% to 93.67%; net cash flow from operating activities also changed from 5.852 million yuan in the same period last year to -1.24 100 million yuan. As of the first half of this year, Liad’s monetary fund was 278 million yuan, of which more than 170 million yuan will be used for fundraising projects, and the company’s short-term loans and accounts payable amounted to 127 million yuan.
Liard’s asset-liability ratio in the first half of the year, which is known as “poor fundsâ€, was only 21.87%. Why did the company not solve the working capital problem through bank loans? The company said that if the loan will bring a large amount of financial burden to the company, and by permanently replenishing the working capital of 80 million yuan in the raised funds, it is estimated that the company will reduce interest expenses by about 5.28 million yuan per year, which is about The company's net profit last year was 10%.
Liard is mainly engaged in the research and development, design, production, sales and service of LED products. The announcement of the company on the use of changed funds was released on the evening of September 11, according to the market changes and "LED applications" of the current industry. The objective adjustment of the industrial park construction project needs to be changed. The company plans to change the “LED Application Industrial Park Construction Projectâ€. After the change, the project investment will be changed from 281 million yuan to 122 million yuan, and the remaining raised funds will be 159 million yuan.
Liard said that the important reason for the above-mentioned project adjustment is that when the company formulated the "LED Application Industrial Park Construction" fund-raising investment project plan in 2010, the country's macroeconomic situation is better, and the competition in the LED application market has not reached the current level. The degree of fierce competition, since the second half of 2011, the industry competition has significantly increased, so the company plans to adopt a more cautious strategy in the investment of the project. However, in the prospectus released in March this year, the company still uses the data of two years ago to demonstrate that "the LED industry is accelerating development, the market space is huge, and it is very urgent to expand production capacity."
Liard also said that in order to improve the efficiency of the use of raised funds and reduce the cost of the company's funds, it is proposed to use the 80 million yuan of the remaining raised funds after the above project changes to permanently replenish the working capital. According to the company's explanation, with the expansion of business scale and the growth of sales scale, the company's demand for working capital increased. At the end of June 2012, its accounts receivable increased by 100.62% compared with the beginning of the year. The operating cash inflow was compared with the same period of last year. The reduction of 44.87%, the lack of funds has brought certain impact to the implementation of the company's development strategy.
Liad’s semi-annual report this year shows that the company’s operating income in the first half of this year was 253 million yuan, up 12.62% year-on-year. In the next three years, it is in the prospectus to “strive to achieve the growth rate of the company’s operating income of more than 30% per year. "The gap is very far; its accounts receivable increased by 147.09% to 237 million yuan, accounting for the proportion of operating income increased from 42.66% to 93.67%; net cash flow from operating activities also changed from 5.852 million yuan in the same period last year to -1.24 100 million yuan. As of the first half of this year, Liad’s monetary fund was 278 million yuan, of which more than 170 million yuan will be used for fundraising projects, and the company’s short-term loans and accounts payable amounted to 127 million yuan.
Liard’s asset-liability ratio in the first half of the year, which is known as “poor fundsâ€, was only 21.87%. Why did the company not solve the working capital problem through bank loans? The company said that if the loan will bring a large amount of financial burden to the company, and by permanently replenishing the working capital of 80 million yuan in the raised funds, it is estimated that the company will reduce interest expenses by about 5.28 million yuan per year, which is about The company's net profit last year was 10%.
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