Triple Share acquisition Sanlu dilemma heavy losses burden

In February 2009, the perpetrator of the melamine-tainted milk scandal was forced to go bankrupt. The month, ambitious in the dairy market "happy enclosure" ternary shares High-profile debut, targeted additional financing only 1 billion yuan for the acquisition of Sanlu bankruptcy assets, the market is regarded as "from local brands into a national brand," the Last Chance, That is three-yuan shares with Sanlu in Hebei Local painstakingly formed milk source and marketing network to achieve leapfrog development.　　At that time, the securities market also gave a warm response to ternary shares, the company's share price on the day of the resumption of the trading report.　　After 1.5, let's look at what this "snake-swallow-elephant" takeover has brought to the triple stake in the market's return to calm, but found that the expected "milk Source and marketing network" did not play a corresponding role, but the three-yuan shares have always survived the "Sanlu" under the shadow of bankruptcy. I. The burden of the huge losses of three yuan shares in the semi-annual report, in the realization of the operating income of 1.288 billion yuan, an increase of 13.57% of the conditions, net profit is a huge loss of 51.6 million yuan, which receives Sanlu bankruptcy assets of the Hebei Sanyuan a loss of 66.3 million, that is, if ternary company did not buy Sanlu "　　Quality assets ", at least in the first half of this year can profit 14.7 million yuan. Second, the marketing network "chicken Ribs" in the disclosure of the "Hebei Sanyuan Food Co., Ltd. is still in the integration period, product marketing and market promotion of greater investment", this point from the company's profit and loss statement can also be glimpse: the first half to achieve revenue 1.288 billion yuan, the acquisition of Sanlu operating costs 1.073 billion The cumulative cost of sales is 242 million yuan. Sales costs are usually proportional to income, also means that even if the cost of fixed costs, the rate of change is already up to 102.1%, the business itself is a loss, such a larger business scale, can only incur greater losses, so what is the significance?　　After taking over Sanlu's "marketing Network", the change cost rate in the 2008 Annual report was only 94.13%, well below the level in the first half of 2010, what is the value of "Marketing Network"? Third, the cost of the six months to explain the company's major losses caused by the main raw materials and energy prices lead to rising costs, the company's first half of the gross profit margin of 16.7%, and the same period last year, the gross margin of 26.54%, down 9.84%.　　And the company belongs to the dairy manufacturing Enterprises Yili shares (600887, shares bar) semi-annual report, dairy products gross margin of up to 31.76%, a slight decrease of 3.69%. Gross margin reflects the proportion of operating costs and operating income, for dairy producers, the main cost is raw liquid milk. According to the truth, Master Sanlu raw milk supply channel of ternary shares, should have a lower cost advantage, but the fact is that the profitability of ternary shares not only with the same industry level difference is very large, is compared with the same period last year also appeared in the same industry more substantialDecline, then "milk source advantage" and how to explain it? Four or three dollars of financial worries under the pressure of cost, operating loss and long-term asset acquisition, the net cash outflow from ternary shares operation and investment activities is as high as 295 million yuan, and it is necessary to rely on 192 million yuan loan to maintain the normal operation of the company, which mainly includes short-term loans within one year,　　The flow rate is only 1.1, the conservative speed ratio (excluding inventory and prepaid) is only 0.7, monetary fund balance and short-term borrowing amount is basically equivalent, has reached the limit of short-term borrowing capacity, the company's asset liquidity is low to poor. It can be seen that ternary shares in order to achieve the "national brand" of industrial expansion, but with huge losses as the price, in the enterprise executives successfully take over Sanlu "mess" and build the "Halo", shareholders have to bear the real losses.　　This makes people doubt, such loss is the only way to integrate resources, or the original acquisition itself is a mistake? If the enterprise bigger and stronger can only choose its one, we should choose Which? I think, "big" beneficiaries are enterprise managers, so as to improve their personal value, and "do Strong" is aimed at shareholders ' interests, enterprises suffered huge losses as a prerequisite for the expansion of the scale, from the point of view of capital is really "impossible", in addition to meet the enterprise management personnel inflated personal ambitions, I'm afraid it's hard to find another explanation.