On April 22, Tianlong Optoelectronics (300029.SZ) surprisingly released the explanation of the performance report. It is estimated that the total revenue of 2013 will be 221 million yuan and the net profit loss will be 130 million yuan, both of which are significantly lower than its February 28th. Daily performance data disclosed by the company.
Previously, the market expects the company to turn around. The specific reasons for this amendment include: the provision for bad debts of customers such as Chaori Sun, which has financial difficulties, and the provision for bad debts of 55.81 million yuan, the provision for impairment of fixed assets of 15.09 million yuan, and the reduction of income of some customers by 1.15 million. 100 million yuan, the corresponding cost is reduced by about 50 million yuan. The 2013 annual report data officially released on April 25 was also consistent with the revised value, which caused Tianlong Optoelectronics to become the first GEM company to be treated for the second consecutive year with losses and being given a delisting risk warning.
Just over a month ago, the company also optimistically stated in the performance report: In 2013, the photovoltaic and sapphire industries recovered, the company strategy grasped the market orders, and the equipment revenue increased. This year, the company increased its efforts to process inventory and passed Various ways to solve the accounts receivable, dispose of part of the idle assets, and realize the net profit attributable to the shareholders of the listed company to turn losses into profits.
In a month, the company's performance suddenly changed its face. What is wrong with this?
Equity pledge solution needs to be reduced
In 2013, the media widely reported that Tianya Optoelectronics' controlling shareholder Noah Technology and Feng Jinsheng jointly pledged 13.85% of the company's equity to Shandong International Trust Co., Ltd. in October 2011 and February 2012 respectively. The contract stipulated the pledge of shares. The stop loss line of the price. It is estimated that the stop loss price is 11.2 yuan and 7.66 yuan per share respectively.
As PV products continued to fall in price in 2012, Tianlong Optoelectronics' sales decreased sharply and its performance was declining. The company's share price has fallen all the way to the end of 2012. It is far below the stop price of the pledged equity. Noah Technology and Feng Jinsheng are facing the return of trust financing debt. Great pressure. Since almost all of their holdings have been pledged, it is difficult to find additional funds to pay for financing debt. Under this circumstance, the controlling shareholder of Tianlong Optoelectronics has a strong motivation to manipulate the company's performance to raise the stock price and help it smoothly reduce its holdings to raise funds to return the trust debt.
Due to the continued sluggish industry fundamentals, Tianlong Optoelectronics expects to lose between RMB 115 million and RMB 130 million for the full year in the third quarter of 2012. Since the 2012 loss was a foregone conclusion, the controlling shareholder finally chose to make a big loss in the fourth quarter of 2012, while whitewashing the first quarter of 2013. On the one hand, increasing the losses in the fourth quarter of the previous year can transfer some of the profits to 2013, reducing the probability of continuing losses throughout the year, thus avoiding the loss of two consecutive years and being treated with delisting risk warnings; on the other hand, whitewashing The first quarter of 2013 can increase the market's expectation of performance reversal and increase the share price to facilitate the implementation of the controlling shareholder's share reduction plan.
Tianlong Optoelectronics lost 426 million yuan in the fourth quarter of 2012, resulting in a loss of 511 million yuan for the whole year. The loss was much larger than the expected value disclosed in the third quarter. Obviously, in the fourth quarter, only 5 million yuan of operating income was reported, but the operating cost of 41.5 million yuan and the management cost of 88 million yuan were confirmed. There may be performance manipulation of underreporting revenue and multi-cost.
In addition, the company's asset impairment loss was only 16.1 million yuan in the first three quarters, but it increased to 341 million yuan in the annual report, including 188 million yuan of bad debt provision, 26.18 million yuan of fixed assets impairment provision, 47.48 million yuan. The provision for inventory depreciation, the acquisition of the goodwill formed by the three subsidiaries and the goodwill of RMB 53.37 million, and the provision for impairment of the proprietary technology were 25.71 million yuan. Explain that most of the asset impairment losses are accrued in the fourth quarter. The company's main financial proportion at the end of the year was severely deformed. Its gross profit margin in the fourth quarter was -722.7% and its net profit margin was -8444.4%.
The company's financial data for the first quarter of 2013 was very beautiful. The operating income in the first quarter was as high as 114 million yuan, a record high in recent years. The gross profit margin was 23.7%, and the loss was only 10.6 million yuan, which was much better than before. After the first quarterly report of the year was announced on April 25, 2013, Noah Technology used the market expectation to smoothly reduce the holding of 12 million shares of Tianlong Optoelectronics at a price of 7.51 yuan and 7.72 yuan per share.
Comparing the operating cash flow indicators of these two quarters, the results are quite different. In the fourth quarter of 2012, the company received cash of RMB 78.5 million in sales of goods and services, which was much higher than the 24.8 million yuan in the first quarter of 2013. The net operating cash flow in the two quarters was very close, with more than 4,900 outflows. Ten thousand yuan.
These analyses initially indicate that there may be problems with the financial data of Tianlong Optoelectronics for the two quarters.
Manipulating performance to avoid losses
Since there was still a loss after the finishing of the first quarter of 2013, in order to avoid special treatment for the risk of delisting, the company will try to increase the income and reduce the expenses in the remaining quarters to avoid losses. Tianlong Optoelectronics did exactly that. It issued an announcement on November 5 of that year. It is estimated that the company's 2013 net profit will be 5 million yuan to 10 million yuan.
However, the recent revision of the performance report by Tianlong Optoelectronics gives us an idea of ​​how well the company has performed its performance in the first three quarters. Tianlong Optoelectronics added RMB 24.43 million and RMB 33.38 million to the accounts receivable of Shanghai Chaori Sun and Jiangxi Xu Leidi respectively; it added RMB 15.09 million to the fixed assets of some production line equipment assets. Preparation; also reduced some of the previous customer income of 115 million yuan and the corresponding operating costs of 50 million yuan. This shows that Tianlong Optoelectronics has reduced the non-cash asset impairment charges in the first three quarters of 2013, and also calculated operating income and profits.
Then, is the operating income of the 115 million yuan that was offset as disclosed in the company's performance report revision, is it because the proportion of customer payment is too low? According to the 2013 annual report data of Tianlong Optoelectronics and the data of each quarterly report, the performance of the company's fourth quarter report can be calculated. The company only reported operating income of 14.7 million yuan in the quarter. Although the confirmed operating costs were normal, the provision for bad debts and provision for impairment of fixed assets was 70.8 million yuan, and its quarterly loss amounted to 95.5 million. Yuan, the corresponding net operating cash flow is -91.5 million yuan. If we do not consider the revenue reduction of 115 million yuan and the corresponding cost reduction of 50 million yuan, the company's revenue in the fourth quarter of 2013 should be about 130 million yuan, and the corresponding cost should be 63.7 million yuan, so the gross profit margin will be Up to 50% or more, does not meet the recent actual situation of the industry. In addition, we can hardly imagine which of the 150 million normal income of the company in the past two years can correspond to the operating cost of 50 million yuan, knowing that this corresponds to a gross profit margin of 56.5%. This shows from the side that the customer income of this reduction may be the previous false sales.
In addition, the company's annual non-operating income was 27.5 million yuan, while the accumulated amount in the first three quarters was 34.4 million yuan, which was reduced by four-quarter non-operating income - 6.9 million yuan. The abnormal amount also indicates that there is doubt in the non-operating income recognized in the previous period.
The non-operating income of Tianlong Optoelectronics in the first three quarters of 2013 was mainly government subsidies included in the current profit and loss. The amount was more than 700% higher than the amount of 4.3 million yuan in the same period of 2012, and the company's performance on November 5th. The notice said that it will receive 40 million yuan to 50 million yuan in land transfer income and government subsidy income. This has to be doubtful why the company received so many government grants in 2013.
The final disclosure of the annual report shows that in the fourth quarter of the year, Tianlong Optoelectronics not only did not receive a large amount of government subsidies, but may also offset some of the previously confirmed subsidies. In terms of quarterly, the non-operating income in the first three quarters was mainly 21.1 million yuan in the second quarter and 10 million yuan in the third quarter, indicating that there is considerable moisture in these two amounts.
Cash flow puzzle
What's more interesting is that in the 2013 cash flow statement, Tianlong Optoelectronics received 63.6 million yuan of cash for the sale of goods and services in the whole year, compared with a total of 95.7 million yuan in the first three quarters, which can calculate the amount in the fourth quarter. It is -31 million yuan. According to the company, the confirmed revenue of some customers of 115 million yuan was due to the lower proportion of payment, which means that the accounts receivable should be offset, and should not affect the cash flow the company has received. The negative cash received from the sale of goods and services means that a large amount of cash inflows was offset in the fourth quarter, suggesting that the minimum amount of income previously offset is the false sales income with cash inflows, not all accounts receivable. .
Take a closer look at the cash flow breakdown generated by Tianlong Optoelectronics' business activities in the fourth quarter of 2013. In 2013, the company received other cash related to operating activities of 54.6 million yuan, while the amount in the first three quarters was 72 million yuan, and the amount in the fourth quarter was estimated to be -17.4 million yuan. Tianlong Optoelectronics' main subject is to recover the current payment, the advance payment and the non-operating income. This shows that the amount of these two subjects in the first three quarters may be inflated, which also confirms the previous doubts about the fraud of non-operating income. In addition, the company's cash for the purchase of goods and labor services for the whole year was 71.9 million yuan. The accumulated value of this indicator in the first three quarters has reached 117.5 million yuan, which means that the purchase of goods and labor received in the fourth quarter. For the amount of -45.50 million yuan, it is close to the operating cost reduction of 50 million yuan mentioned in the performance update correction, indicating that the operating cost confirmed before the false increase of income is the actual cash outflow.
The operating cash inflow of Tianlong Optoelectronics in the fourth quarter of 2013 totaled -49.5 million yuan, which was slightly lower than the cash paid by the company for the purchase of goods and labor services -45.50 million yuan. According to the typical case in the past, the fraud company often transfers a large amount of funds through the related parties, and the company confirms the higher income accordingly; at the same time, the company transfers the money and confirms it as the operating cost. Such false cash flow moves can significantly increase the company's profitability. From the situation that Tianlong Optoelectronics reduced the operating cash flow in the first three quarters in the fourth quarter of 2013, the company may have carried out a false cash flow of 50 million yuan at least, and confirmed the government subsidies of about 17.4 million yuan. Non-operating income, the remaining more than 30 million yuan will be recorded as cash received in the sales income of 115 million yuan; and when the funds of about 50 million yuan are transferred out, they will be used as the company's purchasing funds and will be confirmed in the statement. For operating costs.
Industry speculation can be verified to some extent from the reaction of two auditors of Tianlong Optoelectronics. The company's quarterly report and semi-annual report were unaudited. On March 7th, only one week after the disclosure of the performance report, Tianlong Optoelectronics announced that it would cancel the appointment of Lixin Certified Public Accountants. This shows that at the time of the 2013 annual report audit, the company has realized the problems of the company's previous disclosure of results, and is not willing to cooperate with its fraudulent behavior, and finally choose to leave on its own. The newly-accepted Zhongxinghua Certified Public Accountants also did not want to take advantage of the 700,000 yuan audit fee for the Tianlong Optoelectronics fire, and chose to clean up the mines buried in the company in the annual report. This can better explain why Tianlong Optoelectronics failed to repay the 2013 annual report, which turned a profit, but instead announced a large-scale performance correction, and finally reported a huge loss.
The difference between the hook and the relationship is large
Finally, in the fourth quarter of 2012, 2013 and the first quarter of the corresponding year, whether the change of Tianlong Optoelectronics' balance sheet and the income statement and cash flow data are in line with the hook relationship. If it does not, then the difference can confirm the previous judgment of the company's fraud.
In general, the income from cash main business received from sales of goods and services (1+17%) + increase in advance receipts - increase in accounts receivable / bills - provision for bad debts in the current period; purchase of goods, acceptance of services Cash paid (main business cost + inventory increase) × (1+17%) + prepayment increase - accounts payable / bill increase + current inventory depreciation reserve.
Let us first look at whether the performance of the end of 2012 and the beginning of 2013 can be verified in the relationship.
In the fourth quarter of 2012, the company's accounts receivable balance decreased by 181 million yuan from the previous quarter, after deducting the impact of the company's high bad debts in the fourth quarter, the amount was only 8 million yuan. The operating income for the quarter was only 5 million yuan, and the company's bills receivable at the end of the fourth quarter decreased by 13.74 million yuan, and the advance receipts only increased by 2.63 million yuan, far from explaining why the cash received for the sale of goods and services was as high as 78.5 million yuan. Such a big difference indicates that the company may report about RMB 48 million in revenue in the fourth quarter of 2012.
In the first quarter of 2013, the company received 24.8 million yuan in cash for selling goods and providing services. After the impact of the increase in the quarterly advance receipts of 22.51 million yuan, there was very little left. Tianlong Optoelectronics confirmed the operating income of nearly 114 million yuan in the quarter, and the amount of VAT output tax was as high as 133 million yuan. The increase in quarterly accounts receivable and bills was less than 60 million yuan, and the provision for bad debts was small, which made the difference of about 65 million yuan difficult to explain, suggesting that the company not only inflated the business income concealed in the fourth quarter of 2012. In the first quarter of 2013, some revenue may also be inflated. Compared with the difference in cash collected between selling goods and providing services, the cash paid for selling goods and providing labor services in the two quarters is much normal, especially in the fourth quarter of 2012, the amount and forecast are very close.
The reporter found that the biggest difference was in the fourth quarter of 2013. Due to the reduction of operating income of 115 million yuan, Tianlong Optoelectronics only confirmed the operating income of 14.7 million yuan in the fourth quarter of 2013, and the corresponding amount of value-added tax was 17.2 million yuan; the company's advance receipts increased in the quarter. 9.21 million yuan; the company's accounts receivable / bills decreased by 163 million yuan, after deducting the impact of the fourth quarter replenishment of 55.81 million yuan bad debt provisions, the actual reduction of 107 million yuan. According to the relationship, the cash received by the company in the current season for selling goods and providing services should be about 133 million yuan, but the actual data released by the company is -31.10 million yuan, and the difference of 165 million yuan is difficult to explain. Interestingly, the difference in the amount of cash for selling goods and providing labor services is also very large, and the reported amount is lower than the predicted amount of 162 million yuan.
One possibility is that Tianlong Optoelectronics actually reduced its operating income in the fourth quarter of 2013 by more than 115 million yuan. The company was forced to inflatibly increase its quarterly revenue so that it can report positive operating income in the fourth quarter, but at this time. The motive for inflating revenue is not to inflate profits, so operating costs have risen accordingly. Another possibility is that the actual revenue of 115 million yuan is not the revenue recognized in 2013.
The reporter tried to confirm which contract was mentioned in the explanation of the correction of the Tianlong Optoelectronics Performance Express, which was derived from the reduction of the operating revenue of 115 million yuan, but the company did not explicitly mention it in the 2013 annual report and audit report.
A similar method can be used to calculate the cash forecast of Tianlong Optoelectronics in the first quarter of 2014 for sales of goods and services, which is about 93 million yuan, but the actual amount disclosed is only 55.6 million yuan, and the difference is more than 37 million yuan. . In the first quarter, the amount of cash for selling goods and providing labor services is much smaller, only about -16 million yuan. This suggests that the company is still inflating revenues during the quarter, which may be driven by a reduction in the negative impact of the annual report results, and hopes to sell the shares at a good price.
Ruyi wishful abacus
In November 2013, after the performance of Tianlong Optoelectronics announced the loss-making, the market responded positively. Noah Technology also took the opportunity to reduce its holding of 3 million shares of Tianlong Optoelectronics Co., Ltd. (600,184) at a price of 9.65 yuan and 9.85 yuan per share. Up to now, four batches of cash reductions totaled about 120 million yuan.
Judging from the previous analysis, Tianlong Optoelectronics is likely to implement a large number of performance manipulations and even fraud in the past two years. Although the company made some corrections to the previous problems in the 2013 annual report, it does not exempt its legal responsibility to manipulate the company's performance and mislead investors.
Since March 3, 2014, the shares of Tianlong Optoelectronics have been suspended since then. The company announced that its controlling shareholder Noah Technology and Feng Jinsheng are negotiating with the third party about the equity transfer, and it is very likely that they will use the wishful thinking of “Golden Shellâ€.
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Previously, the market expects the company to turn around. The specific reasons for this amendment include: the provision for bad debts of customers such as Chaori Sun, which has financial difficulties, and the provision for bad debts of 55.81 million yuan, the provision for impairment of fixed assets of 15.09 million yuan, and the reduction of income of some customers by 1.15 million. 100 million yuan, the corresponding cost is reduced by about 50 million yuan. The 2013 annual report data officially released on April 25 was also consistent with the revised value, which caused Tianlong Optoelectronics to become the first GEM company to be treated for the second consecutive year with losses and being given a delisting risk warning.
Just over a month ago, the company also optimistically stated in the performance report: In 2013, the photovoltaic and sapphire industries recovered, the company strategy grasped the market orders, and the equipment revenue increased. This year, the company increased its efforts to process inventory and passed Various ways to solve the accounts receivable, dispose of part of the idle assets, and realize the net profit attributable to the shareholders of the listed company to turn losses into profits.
In a month, the company's performance suddenly changed its face. What is wrong with this?
Equity pledge solution needs to be reduced
In 2013, the media widely reported that Tianya Optoelectronics' controlling shareholder Noah Technology and Feng Jinsheng jointly pledged 13.85% of the company's equity to Shandong International Trust Co., Ltd. in October 2011 and February 2012 respectively. The contract stipulated the pledge of shares. The stop loss line of the price. It is estimated that the stop loss price is 11.2 yuan and 7.66 yuan per share respectively.
As PV products continued to fall in price in 2012, Tianlong Optoelectronics' sales decreased sharply and its performance was declining. The company's share price has fallen all the way to the end of 2012. It is far below the stop price of the pledged equity. Noah Technology and Feng Jinsheng are facing the return of trust financing debt. Great pressure. Since almost all of their holdings have been pledged, it is difficult to find additional funds to pay for financing debt. Under this circumstance, the controlling shareholder of Tianlong Optoelectronics has a strong motivation to manipulate the company's performance to raise the stock price and help it smoothly reduce its holdings to raise funds to return the trust debt.
Due to the continued sluggish industry fundamentals, Tianlong Optoelectronics expects to lose between RMB 115 million and RMB 130 million for the full year in the third quarter of 2012. Since the 2012 loss was a foregone conclusion, the controlling shareholder finally chose to make a big loss in the fourth quarter of 2012, while whitewashing the first quarter of 2013. On the one hand, increasing the losses in the fourth quarter of the previous year can transfer some of the profits to 2013, reducing the probability of continuing losses throughout the year, thus avoiding the loss of two consecutive years and being treated with delisting risk warnings; on the other hand, whitewashing The first quarter of 2013 can increase the market's expectation of performance reversal and increase the share price to facilitate the implementation of the controlling shareholder's share reduction plan.
Tianlong Optoelectronics lost 426 million yuan in the fourth quarter of 2012, resulting in a loss of 511 million yuan for the whole year. The loss was much larger than the expected value disclosed in the third quarter. Obviously, in the fourth quarter, only 5 million yuan of operating income was reported, but the operating cost of 41.5 million yuan and the management cost of 88 million yuan were confirmed. There may be performance manipulation of underreporting revenue and multi-cost.
In addition, the company's asset impairment loss was only 16.1 million yuan in the first three quarters, but it increased to 341 million yuan in the annual report, including 188 million yuan of bad debt provision, 26.18 million yuan of fixed assets impairment provision, 47.48 million yuan. The provision for inventory depreciation, the acquisition of the goodwill formed by the three subsidiaries and the goodwill of RMB 53.37 million, and the provision for impairment of the proprietary technology were 25.71 million yuan. Explain that most of the asset impairment losses are accrued in the fourth quarter. The company's main financial proportion at the end of the year was severely deformed. Its gross profit margin in the fourth quarter was -722.7% and its net profit margin was -8444.4%.
The company's financial data for the first quarter of 2013 was very beautiful. The operating income in the first quarter was as high as 114 million yuan, a record high in recent years. The gross profit margin was 23.7%, and the loss was only 10.6 million yuan, which was much better than before. After the first quarterly report of the year was announced on April 25, 2013, Noah Technology used the market expectation to smoothly reduce the holding of 12 million shares of Tianlong Optoelectronics at a price of 7.51 yuan and 7.72 yuan per share.
Comparing the operating cash flow indicators of these two quarters, the results are quite different. In the fourth quarter of 2012, the company received cash of RMB 78.5 million in sales of goods and services, which was much higher than the 24.8 million yuan in the first quarter of 2013. The net operating cash flow in the two quarters was very close, with more than 4,900 outflows. Ten thousand yuan.
These analyses initially indicate that there may be problems with the financial data of Tianlong Optoelectronics for the two quarters.
Manipulating performance to avoid losses
Since there was still a loss after the finishing of the first quarter of 2013, in order to avoid special treatment for the risk of delisting, the company will try to increase the income and reduce the expenses in the remaining quarters to avoid losses. Tianlong Optoelectronics did exactly that. It issued an announcement on November 5 of that year. It is estimated that the company's 2013 net profit will be 5 million yuan to 10 million yuan.
However, the recent revision of the performance report by Tianlong Optoelectronics gives us an idea of ​​how well the company has performed its performance in the first three quarters. Tianlong Optoelectronics added RMB 24.43 million and RMB 33.38 million to the accounts receivable of Shanghai Chaori Sun and Jiangxi Xu Leidi respectively; it added RMB 15.09 million to the fixed assets of some production line equipment assets. Preparation; also reduced some of the previous customer income of 115 million yuan and the corresponding operating costs of 50 million yuan. This shows that Tianlong Optoelectronics has reduced the non-cash asset impairment charges in the first three quarters of 2013, and also calculated operating income and profits.
Then, is the operating income of the 115 million yuan that was offset as disclosed in the company's performance report revision, is it because the proportion of customer payment is too low? According to the 2013 annual report data of Tianlong Optoelectronics and the data of each quarterly report, the performance of the company's fourth quarter report can be calculated. The company only reported operating income of 14.7 million yuan in the quarter. Although the confirmed operating costs were normal, the provision for bad debts and provision for impairment of fixed assets was 70.8 million yuan, and its quarterly loss amounted to 95.5 million. Yuan, the corresponding net operating cash flow is -91.5 million yuan. If we do not consider the revenue reduction of 115 million yuan and the corresponding cost reduction of 50 million yuan, the company's revenue in the fourth quarter of 2013 should be about 130 million yuan, and the corresponding cost should be 63.7 million yuan, so the gross profit margin will be Up to 50% or more, does not meet the recent actual situation of the industry. In addition, we can hardly imagine which of the 150 million normal income of the company in the past two years can correspond to the operating cost of 50 million yuan, knowing that this corresponds to a gross profit margin of 56.5%. This shows from the side that the customer income of this reduction may be the previous false sales.
In addition, the company's annual non-operating income was 27.5 million yuan, while the accumulated amount in the first three quarters was 34.4 million yuan, which was reduced by four-quarter non-operating income - 6.9 million yuan. The abnormal amount also indicates that there is doubt in the non-operating income recognized in the previous period.
The non-operating income of Tianlong Optoelectronics in the first three quarters of 2013 was mainly government subsidies included in the current profit and loss. The amount was more than 700% higher than the amount of 4.3 million yuan in the same period of 2012, and the company's performance on November 5th. The notice said that it will receive 40 million yuan to 50 million yuan in land transfer income and government subsidy income. This has to be doubtful why the company received so many government grants in 2013.
The final disclosure of the annual report shows that in the fourth quarter of the year, Tianlong Optoelectronics not only did not receive a large amount of government subsidies, but may also offset some of the previously confirmed subsidies. In terms of quarterly, the non-operating income in the first three quarters was mainly 21.1 million yuan in the second quarter and 10 million yuan in the third quarter, indicating that there is considerable moisture in these two amounts.
Cash flow puzzle
What's more interesting is that in the 2013 cash flow statement, Tianlong Optoelectronics received 63.6 million yuan of cash for the sale of goods and services in the whole year, compared with a total of 95.7 million yuan in the first three quarters, which can calculate the amount in the fourth quarter. It is -31 million yuan. According to the company, the confirmed revenue of some customers of 115 million yuan was due to the lower proportion of payment, which means that the accounts receivable should be offset, and should not affect the cash flow the company has received. The negative cash received from the sale of goods and services means that a large amount of cash inflows was offset in the fourth quarter, suggesting that the minimum amount of income previously offset is the false sales income with cash inflows, not all accounts receivable. .
Take a closer look at the cash flow breakdown generated by Tianlong Optoelectronics' business activities in the fourth quarter of 2013. In 2013, the company received other cash related to operating activities of 54.6 million yuan, while the amount in the first three quarters was 72 million yuan, and the amount in the fourth quarter was estimated to be -17.4 million yuan. Tianlong Optoelectronics' main subject is to recover the current payment, the advance payment and the non-operating income. This shows that the amount of these two subjects in the first three quarters may be inflated, which also confirms the previous doubts about the fraud of non-operating income. In addition, the company's cash for the purchase of goods and labor services for the whole year was 71.9 million yuan. The accumulated value of this indicator in the first three quarters has reached 117.5 million yuan, which means that the purchase of goods and labor received in the fourth quarter. For the amount of -45.50 million yuan, it is close to the operating cost reduction of 50 million yuan mentioned in the performance update correction, indicating that the operating cost confirmed before the false increase of income is the actual cash outflow.
The operating cash inflow of Tianlong Optoelectronics in the fourth quarter of 2013 totaled -49.5 million yuan, which was slightly lower than the cash paid by the company for the purchase of goods and labor services -45.50 million yuan. According to the typical case in the past, the fraud company often transfers a large amount of funds through the related parties, and the company confirms the higher income accordingly; at the same time, the company transfers the money and confirms it as the operating cost. Such false cash flow moves can significantly increase the company's profitability. From the situation that Tianlong Optoelectronics reduced the operating cash flow in the first three quarters in the fourth quarter of 2013, the company may have carried out a false cash flow of 50 million yuan at least, and confirmed the government subsidies of about 17.4 million yuan. Non-operating income, the remaining more than 30 million yuan will be recorded as cash received in the sales income of 115 million yuan; and when the funds of about 50 million yuan are transferred out, they will be used as the company's purchasing funds and will be confirmed in the statement. For operating costs.
Industry speculation can be verified to some extent from the reaction of two auditors of Tianlong Optoelectronics. The company's quarterly report and semi-annual report were unaudited. On March 7th, only one week after the disclosure of the performance report, Tianlong Optoelectronics announced that it would cancel the appointment of Lixin Certified Public Accountants. This shows that at the time of the 2013 annual report audit, the company has realized the problems of the company's previous disclosure of results, and is not willing to cooperate with its fraudulent behavior, and finally choose to leave on its own. The newly-accepted Zhongxinghua Certified Public Accountants also did not want to take advantage of the 700,000 yuan audit fee for the Tianlong Optoelectronics fire, and chose to clean up the mines buried in the company in the annual report. This can better explain why Tianlong Optoelectronics failed to repay the 2013 annual report, which turned a profit, but instead announced a large-scale performance correction, and finally reported a huge loss.
The difference between the hook and the relationship is large
Finally, in the fourth quarter of 2012, 2013 and the first quarter of the corresponding year, whether the change of Tianlong Optoelectronics' balance sheet and the income statement and cash flow data are in line with the hook relationship. If it does not, then the difference can confirm the previous judgment of the company's fraud.
In general, the income from cash main business received from sales of goods and services (1+17%) + increase in advance receipts - increase in accounts receivable / bills - provision for bad debts in the current period; purchase of goods, acceptance of services Cash paid (main business cost + inventory increase) × (1+17%) + prepayment increase - accounts payable / bill increase + current inventory depreciation reserve.
Let us first look at whether the performance of the end of 2012 and the beginning of 2013 can be verified in the relationship.
In the fourth quarter of 2012, the company's accounts receivable balance decreased by 181 million yuan from the previous quarter, after deducting the impact of the company's high bad debts in the fourth quarter, the amount was only 8 million yuan. The operating income for the quarter was only 5 million yuan, and the company's bills receivable at the end of the fourth quarter decreased by 13.74 million yuan, and the advance receipts only increased by 2.63 million yuan, far from explaining why the cash received for the sale of goods and services was as high as 78.5 million yuan. Such a big difference indicates that the company may report about RMB 48 million in revenue in the fourth quarter of 2012.
In the first quarter of 2013, the company received 24.8 million yuan in cash for selling goods and providing services. After the impact of the increase in the quarterly advance receipts of 22.51 million yuan, there was very little left. Tianlong Optoelectronics confirmed the operating income of nearly 114 million yuan in the quarter, and the amount of VAT output tax was as high as 133 million yuan. The increase in quarterly accounts receivable and bills was less than 60 million yuan, and the provision for bad debts was small, which made the difference of about 65 million yuan difficult to explain, suggesting that the company not only inflated the business income concealed in the fourth quarter of 2012. In the first quarter of 2013, some revenue may also be inflated. Compared with the difference in cash collected between selling goods and providing services, the cash paid for selling goods and providing labor services in the two quarters is much normal, especially in the fourth quarter of 2012, the amount and forecast are very close.
The reporter found that the biggest difference was in the fourth quarter of 2013. Due to the reduction of operating income of 115 million yuan, Tianlong Optoelectronics only confirmed the operating income of 14.7 million yuan in the fourth quarter of 2013, and the corresponding amount of value-added tax was 17.2 million yuan; the company's advance receipts increased in the quarter. 9.21 million yuan; the company's accounts receivable / bills decreased by 163 million yuan, after deducting the impact of the fourth quarter replenishment of 55.81 million yuan bad debt provisions, the actual reduction of 107 million yuan. According to the relationship, the cash received by the company in the current season for selling goods and providing services should be about 133 million yuan, but the actual data released by the company is -31.10 million yuan, and the difference of 165 million yuan is difficult to explain. Interestingly, the difference in the amount of cash for selling goods and providing labor services is also very large, and the reported amount is lower than the predicted amount of 162 million yuan.
One possibility is that Tianlong Optoelectronics actually reduced its operating income in the fourth quarter of 2013 by more than 115 million yuan. The company was forced to inflatibly increase its quarterly revenue so that it can report positive operating income in the fourth quarter, but at this time. The motive for inflating revenue is not to inflate profits, so operating costs have risen accordingly. Another possibility is that the actual revenue of 115 million yuan is not the revenue recognized in 2013.
The reporter tried to confirm which contract was mentioned in the explanation of the correction of the Tianlong Optoelectronics Performance Express, which was derived from the reduction of the operating revenue of 115 million yuan, but the company did not explicitly mention it in the 2013 annual report and audit report.
A similar method can be used to calculate the cash forecast of Tianlong Optoelectronics in the first quarter of 2014 for sales of goods and services, which is about 93 million yuan, but the actual amount disclosed is only 55.6 million yuan, and the difference is more than 37 million yuan. . In the first quarter, the amount of cash for selling goods and providing labor services is much smaller, only about -16 million yuan. This suggests that the company is still inflating revenues during the quarter, which may be driven by a reduction in the negative impact of the annual report results, and hopes to sell the shares at a good price.
Ruyi wishful abacus
In November 2013, after the performance of Tianlong Optoelectronics announced the loss-making, the market responded positively. Noah Technology also took the opportunity to reduce its holding of 3 million shares of Tianlong Optoelectronics Co., Ltd. (600,184) at a price of 9.65 yuan and 9.85 yuan per share. Up to now, four batches of cash reductions totaled about 120 million yuan.
Judging from the previous analysis, Tianlong Optoelectronics is likely to implement a large number of performance manipulations and even fraud in the past two years. Although the company made some corrections to the previous problems in the 2013 annual report, it does not exempt its legal responsibility to manipulate the company's performance and mislead investors.
Since March 3, 2014, the shares of Tianlong Optoelectronics have been suspended since then. The company announced that its controlling shareholder Noah Technology and Feng Jinsheng are negotiating with the third party about the equity transfer, and it is very likely that they will use the wishful thinking of “Golden Shellâ€.
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