Tieling New Town: Rely on accounts receivable dress up performance by shareholders abandoned

"The Red Weekly" author "Liu Chen Tieling New Town (000809) or will become after Ordos," Ghost City ", recently media reports said Tieling Metro occupancy rate less than 40%. The company's 2013.5 Annual report shows that the company's first half to achieve revenue of 356 million yuan, an increase of 249.97% per cent, attributable to the listed company shareholders of the net profit of 100 million yuan, an increase of 298.1097%. However, on the day of the semi-annual report, the fourth largest shareholder of Sichuan Jardine Enterprise (Group) Co., Ltd. began to reduce the number of major transactions, two times less shares accounted for Tieling New Town total capital of 3.64%. Behind the big increase in performance, the big shareholder but every high reduction, what is intended? Reporter through the investigation found that Tieling New Town beautiful performance behind, corresponding to the surge of accounts receivable. Account receivable surge adjustment revenue Tieling New Town was established in April 2006, January 5, 2012, mainly responsible for the Tieling of Liaoning Province, a satellite city-Tieling New Town 22 square kilometers of land development and Tieling New Town infrastructure Construction, operation, the ultimate actual control of the Tieling Finance Bureau. As for the company's 2013-year report, the company explained that "land level development revenue in the reporting period was higher than a year earlier". Is that true? Because the Tieling New town is the 2012 shell listed company, so the public information is relatively small, the reporter can only compare 2012 with 2013.5 Annual report. According to the Tieling Metro 2013.5 Annual report, the company's first half of 2013 the balance of accounts receivable is 1,299,840,000 yuan, compared with the end of 2012 1,314,470,000 Yuan has decreased, but still far beyond the 2012 medium-term 514.5 million yuan. Then "Red Weekly" reporter by contrast Tieling New Town 2012.5 Annual Report and 2013.5 Annual report to provide accounts receivable five units, found that there are great problems. Tieling New Town 2012.5 Annual report shows that the current period of the company accounts receivable balance of 514.5 million yuan, the first five units in the top two are Tieling Land Reserve Center, Accounts receivable total of 511.95 million yuan, accounting for the same period of all accounts receivable 99.56% (see table 1). 506, 850,000 yuan accounts receivable age is within one year, the corresponding time period is from July 2011 to June 2012, 5.1 million yuan accounts receivable age in 1-2 years, and the corresponding accounts receivable period from July 2010 to June 2011. Compared to the Tieling Metro 2013.5 Annual report accounts receivable the top five units learned that the top 4 of the top five units of the company accounts receivable are the Tieling Land Reserve Center, the corresponding accounts receivable total is 1,340,250,000 yuan, in this first four units, the aged from 1 years to 3-4 years. Ming-eye investors can see the two statements in the flaw, according to the Tieling New Town 2013.5 Annual Report disclosed the list of accounts receivable can be seen, and 2012.5 years of age in 1-2 years of accounts receivable period corresponding to the time, is 2013.5 Annual report of accounts receivable aged 2-3 years. The amount of accounts receivable from the 2012.5 Annual report of 5.1 million yuan, turned into 2013.5 Annual report of 127.34 million yuan, increased by nearly 25 times times. In accordance with the letter of the company, 2-3 of the Accounts receivable account for the proportion of bad debts to 20%, only the amount of bad debts of the accounts receivable up to 25.47 million yuan. However, there must be more than one cockroach in the kitchen. In 2013, the disclosure of a 3-4-year old account receivable of 4.59 million yuan in the 2012.5 Annual report is no trace. According to the Tieling New Town 2012.5 Annual report inferred that this amount is 4.59 million yuan of accounts receivable, can be discharged into the company's accounts receivable in the top five units list, even far more than 2012.5 Annual report retribution accounts receivable ranked third Liaoning mobile Tieling branch of 2.05 million yuan. According to the letter of the company, 3-4 of the Accounts receivable account for the proportion of bad debts 40%, in the 2013-year report of the company on the accounts receivable of the amount of bad debt is up to 1.84 million yuan. Accounts receivable is the enterprise in the normal course of business because the sale of goods, products, providing services and other business, should be collected from the purchase unit, is accompanied by the enterprise sales behavior formed a creditor's rights. Therefore, the recognition of accounts receivable is closely related to the confirmation of income. The accounts receivable are usually recognized at the same time as the income is recognized, and the receivable balance should be reduced as the money proceeds. Even if there is no return, accounts receivable should also be at an equal level. However, in the Tieling New Town accounts Receivable account has appeared so "Oolong." Accounting professionals told reporters that Tieling New Town's original operating income is dependent on accounts receivable to adjust. Tieling New Town to "ghost town" Tieling Metro is located in the southwest of Tieling city center, 8 kilometers away from Tieling Old Town, South Shen North New zone, 30 kilometers away from Shenyang urban area. Tieling New Town is the only one engaged in the development of the land of Tieling New District, the unit, set the early planning, demolition, first-level land consolidation, investment and later operation of the whole. Recently, including CCTV, a number of media have questioned Tieling new city is very likely to become after the Ordos emerging "ghost town", the media to open the lamp rate and the rate of heating open up the index of the Tieling Metro carried out a sample survey. The survey results show that the occupancy rate of Tieling New town is less than 40%. According to the public information, Tieling New Town in the sale of real estate prices, about 3000~4000 yuan/square meters, compared to the old City 5000~6000 yuan/square meters have a certain price advantage, but the new city infrastructure construction and did not keep up with, transportation and other public facilities also exist problems, Originally planned for completion in late 2012, the opening of the railway in early 2013 to suspend construction in 2012, the opening plan was postponed to the end of 2013 years. "Red Weekly" reporter interviewed had to Tieling New Town survey of real estate developers, he told reporters, "For a new town, occupancy rate has been a relatively secretive problem, because the investigation of evidence is difficult, so it has been unable to count an accurate figure." But people in one areaThe number of mouths and prospects for development can be examined from another perspective, that is, the local business level. I was invited by my friends to Tieling New Town this June. At that time gave me the first impression is that the city housing construction is very beautiful, the new urban road construction is very good, but the local house is almost on sale or rent the situation, judging from this point, the current occupancy rate should not be high. "From the above media survey, three aspects of infrastructure construction and field research, the current Tieling New town in the occupancy rate and investment is indeed a certain drawbacks, if not able to adjust, but blindly rely on accounts receivable to decorate performance façade, then Tieling new city will undoubtedly become a" ghost town. "