A surge in accounts receivable the cash flow deficit of the aircraft heavy machinery

AVIC Heavy Aircraft (600765) and the relevant parties in a large number of debt between the debts of the increasing amount of money, the final manifestation of the company's accounts receivable all the way higher, the balance is getting bigger. Data show that the 2006-year aviation heavy machine accounts receivable is only 21.46 million yuan, accounts receivable balance accounted for the proportion of operating income of 14.7%.　　After the completion of the first asset injection, the company's accounts receivable balance reached 381 million yuan, accounts receivable balance accounted for the proportion of operating income increased to 26.7%. Since then, with the continuous merger and expansion of the heavy aircraft, the balance of accounts receivable has become larger. From the data of the last three years, although the balance of the accounts receivable of the AVIC heavy machinery has been reduced in a very few quarters, but the overall view is basically in a straight up state.　　This year's quarterly bulletin shows that as of September 30 this year, the balance of the accounts receivable of China Airlines heavy aircraft amounted to 1.741 billion yuan, the proportion of operating income in the same period was 61.4%; The new accounts receivable reached nearly 900 million yuan, accounting for nearly 30% of the operating income in the same period.　　In particular, the increase in the balance of the aircraft accounts receivable is precisely the development of the best and most profitable forging business, these businesses are most of the military orders, arrears in the air heavy machine payment is also mainly in the Department of many related parties. The result of the rapid growth of accounts receivable is the continued deterioration of the cash flow of the AVIC heavy aircraft. Since 2008, the operating activities of China Airlines heavy machinery has generated a negative cash flow, 2.5 to the cumulative operating cash outflow of 431 million yuan.　　At the same time, this leads directly to the increasing of the capital of AVIC heavy machinery, the rising of the debt level and the increasing of the financial cost. From the book Point of View, the end of September this year, the aviation heavy aircraft owned by the balance of monetary funds as high as 1.622 billion yuan, there should be no capital pressure problems.　　But the money is about 800 million yuan to be unable to use the collection of funds, and China Airlines heavy aircraft to bear about 1 billion yuan short-term loans and 1 billion yuan short-term financing coupons will expire. Analysts said that it can be foreseen, if not speed up the collection of accounts receivable efforts to improve its turnover, AVIC heavy aircraft will face further increase in the pressure of borrowing funds. This will further increase the financial risk and financial costs of AVIC heavy aircraft, on the other hand, it will increase the risk of bad debts of AVIC heavy machinery.　　At the same time, it may also impact on the ongoing wind farm investment projects and waste generation projects in AVIC heavy aircraft. China Aviation Heavy Machinery Accounts receivable data in recent years September 2010 2009 2008 2007 2006 Annual operating income 28. 34 28. 6 18. 08 14. 27 1. 46 Account Receivable Balance 17. 41 7. 35 4. 83 3. 81 0. 21 net cash flow of operating activities-3. 17-1. 46-0. 17 0. 99 0. 2