China-Union Electric accounts receivable surged 89 million operating income almost no growth

China Union Electric (market, inquiry) (002323. SZ) 2013 1-June accounts receivable surged 89 million yuan, accounting for more than 60% of the current operating income; the company accounts receivable surged mainly because of the merger of the newly-purchased subsidiaries this year accounts receivable, but the company's operating income in the current period almost no growth. In the first half of 2013, the accounts receivable amounted to 328 million yuan, increased by 89 million yuan from the end of last year, accounting for the company's current operating income of 60.96%. The report shows that the main reason for the completion of the March huaxing Transformer acquisition, huaxing Transformers incorporated into the company's consolidated statement. "Securities Market weekly" reporter inquires about the company notice that the company used its own funds in March this year to acquire 118 million Yuan Jiangsu Huaxing Transformer Co., Ltd. 100% of the equity. The audit report shows that in the end of 2012 huaxing transformer accounts receivable reached 88.8 million yuan. Historical data show that in the first half of 2012, the increase in accounts receivable is only 27 million yuan, the company this year, the new 89 million of the accounts receivable is mainly from huaxing transformers. Reporters in connection with the call in the electric, as of the press has been no answer. It is noteworthy that in the first half of 2013, the Sino-Union electric Business income of 146 million yuan, compared with the same period last year only increased 6 million yuan, the year-on-year rise of 4.2%. China-Union Electric combined with huaxing transformer business income slightly increased, and accounts receivable increased, indicating that huaxing transformer in the first half of this year, almost no revenue, or in the first half of this year, in addition to the company's operating income outside the big drop. The audit report shows that huaxing Transformer's operating income at the end of 2012 was 134 million yuan. Earnings showed that the company's first half of the year net profit of 23 million yuan, almost no growth. Cash flow statement shows that the company 2013 1-the end of June operating activities generated by the net cash flow of 8 million yuan, the net profit quality is obviously not high.