Chain sprocket takeover expansion be double-edged sword

Almost a year, domestic construction machinery industry upsurge of m&a, foreign TeLeiKeSi, doosan group frequently moves, hundreds of millions of dollars mergers appear ceaselessly, The domestic market, and also in accelerating pace of foreign-capital m&a, caterpillar, acquired the mountain machinery, Volvo purchase shandong break, magni, holding dongyue industry ", Domestic enterprises - vanda heavy families were HuangGong new acquisition chain sprocket, shaanxi, China, Italy, liugong dhi cifa takeover inspires amway, hill pushed acquisition of shares by hubei chutian... The rapid expansion of industrial growth, the enterprise survival under increasing pressure, new pressure on how to become.
In the first half of this year, engineering machinery plate company average net cash flow management activities for - 0.16 yuan, eliminate seasonal factors, machinery plate of cash flow management situation gradually declines, The company has gradually improve asset-liability ratio of the trend, the whole business environment appears adverse change.
In this context, since this year, including vanda heavy, push, and liugong companies and launched large-scale merger and acquisition, this is hard cash flow in this cake. The crux of the problem lies in the enterprise, rapid expansion in cash flow demand, credit tightening up under the pressure of the normal operation of the company.
Product characteristics of funds
With concrete pump truck for heavy section vanda bibcock. chain sprocket in the first half of this year's earnings per share - cash flow and cash flow 0.17 yuan more nervous. Notable is, during the first half of the account receivable vanda 26.29 billion yuan, advance payment of 11.75 billion yuan, and 137.48% 56.50% year-on-year growth. Advance payment, reported increased faster because companies pay endowment money and buy new HuangGong etc.
The direct consequence of account receivable is increased risk of increased defaults rose. This is to increase market share for the enterprise itself reduce payment terms related to such factors, it is possible to industry management environment deterioration. According to the current concrete equipment industry has taken part in the enterprise products new MDX, reduce the sales contract payment methods such as maintaining sales revenue growth, this explains from flank a concrete equipment industry in the second half of the year external environment worsening may still exist.
In addition, due to mechanical engineering products, price is higher, the chain sprocket growth and engineering machinery industry sales revenue growth obviously positive correlation exists between the current credit growth, but the slow directly suppresses the engineering machinery industry growth.
Still with concrete machinery, for example, the mode of payment for the present, 20% of 60% full payment installment payment, 20%, which causes the purchasing power of the downstream customer credit dependence on high. Start macro-control, credit issued strict in control. In 2008, 1-5 months, year-on-year growth of domestic loan balances for 16.22%, slow to 16.56% 2007 full-year growth level. Researchers have expected, annual sales income of construction machinery industry year-on-year increase in about 25%, 5 percentage points lower than last year.