Snow wave environmental financial data bizarre bombing receivables and inventory abnormal high

Since the IPO opened again, the market's frenzied speculation on new shares to the 28 companies have not listed the company is worried. Wuxi Snow Wave Environmental Technology Co., Ltd. ("Snow-wave environment") in the bitter wait 20 months after the market to usher in the final hurdle-to make up the 2013 annual report, before the poor cash flow performance and abnormal high inventory and accounts receivable has improved to become the focus of attention. As a result of haze and the country's strong support for the environmental protection industry, the flue gas purification and ash treatment system equipment research and development, production, system integration, sales and service for the main business of the snow wave environment has attracted the attention of investors, unlisted has been put on the "green concept stocks" gorgeous aura. According to the previously disclosed prospectus, the snow wave environment is proposed to issue 20 million shares, landing the gem Market, the sponsor for the Pacific Securities. Snow wave environment Since the start of the IPO has been a lot of poor, first in 2012, the manager of the short "stop Audit", and then although stumbling in June 2012 through the issuing commission, but its bizarre financial data are investors and financial people's many "shelling", was accused by inflated income to whitewash financial data, To achieve the listing purposes. The 2009-2011-year operating income of the snow wave environment was 225 million, 291 million and 367 million, which grew 18.22%, 29.16% and 25.88% respectively, and the net profit was 20.06 million, 33.01 million and 50.82 million respectively, and the annual compound growth rate reached 59.14%. In the same period three years, the environmental protection industry revenue growth rate of 8.6%, 3.04% and 10.31%, only from the level of revenue and net profit, snow wave environment can be called industry leaders. However, unusually cash-flow changes have made the beautiful financial data questionable. Data show that the snow wave environment 2009-2011 operating activities of net cash flow of 58.5331 million yuan,-13.9844 million yuan, 10.9522 million Yuan, 2010 and 2011 Cash flow total of 3.0322 million yuan, and the same period of total 83.8422 million yuan net profit difference is huge. With both revenue and net profits soaring, the cash-flow slump does not seem to be normal. Snow wave environment to this explanation says: 2009, the company's operating activities generated cash flow of 58.5331 million yuan, mainly due to the impact of the receivables; in 2010 and 2011, the net flow of cash generated by the company's operating activities was 13.9844 million yuan and 10.9522 million yuan, mainly because of the increase in the amount of orders, the increase in production investment scale, There is a time difference between the confirmation of operating income and the withdrawal of payment. However, such explanations have not been approved by the financial community. An accountant said snow wave environment signed in 2009-2011, the order amount of 434 million yuan, 415 million yuan and 546 million yuan, in such a large order, the profit level and cash flow should be very considerable, but the snow wave environmental profits soared, cash flow is a sharp decline, does not conform to the normal logic. In addition, the quality of snow wave environmental profit growth is not high. From the book, The Snow Wave environmentIn recent years, the surplus accumulation is rich, three year net profit total exceeds 100 million, but in fact, the profit behind is the huge product equipment stock and the excessive account receivable. From the inventory, the Snow Wave Environment 2009-2011 Inventory of 39.61 million yuan, 65.39 million yuan, 96.79 million yuan, inventory accounted for the total amount of assets in the same period of 14.09%, 18.63% and 20.15%, inventory rising speed far exceed the operating income and order growth rate. The stock of Shengyun shares, which is similar to its business, remains at 13% per cent of the total assets, far below the snow-wave environment. From the accounts receivable, the snow wave environment 2009-2011 respectively 65.5263 million yuan, 70.954 million yuan and 101.0694 million yuan, should receive the bill 6.859 million yuan, 9.871 million yuan, 41.657 million yuan, Only 2011 Accounts receivable and notes receivable amounted to 142.7264 million yuan, a 76.6% increase, far exceeding the same period operating income growth. The finance personage said to this, the snow wave environment's high growth mystery may have the direct relation with the account receivable. According to this person, the snow wave environment is likely to reach some kind of agreement with customers to advance sales, actually did not receive customer payment, but the snow wave environment in advance to confirm the sales revenue and profit situation, depicting the "high growth" prospects to meet the gem listing requirements. The successful listing of the snow wave environment needs to make up the latest annual report data. According to the Securities and Futures Commission, the IPO Enterprise Declaration information table shows that the 28 companies that have passed the issuing Commission but have not yet listed will be required to pay the annual report, before they can get the issuance approval. And the latest data, the snow wave technology can continue to high profit myth, cash flow status has improved, China Network finance will continue to pay attention.