Zhu Qianxue is the director and chief financial officer of Sichuan Danfu Refrigeration Compressor Co., Ltd. (hereinafter referred to as "Danfu shares (17.09,0.16,0.95%)"). "The company issued a bank acceptance bill and paid for the goods by pledge of certificates of deposit, achieving the purpose of saving financial costs." Zhu said before school.
According to the data, the financial expenses incurred by Danfu in 2009 were 735,000 yuan, which was 87 16% lower than the 5,725,900 yuan in 2008.
The money in the account
The fundamental reason why Zhu chose to issue a bank acceptance bill to pay for the goods by pledge of certificates of deposit lies in Yu Danfu's own strength.
Danfu Co., Ltd. has been focusing on the production and sales of refrigeration compressors and environmental test equipment. The sales model adopts direct sales mode, directly supplying refrigerators, water dispensers and dehumidifiers. In the field of small refrigeration refrigerator compressors with refrigeration capacity less than 100w, Danfu shares currently have a market share of 25%; In the field of refrigeration compressors for high-grade water dispensers, Danfu shares currently have a market share of over 50%, ranking first in the same industry in China.
It is precisely because of its high position in the industry that Danfu shares have abundant monetary funds. At the end of 2009, the monetary fund of Danfu shares was 654.38+0.58065 million yuan, an increase of 85.8% over 2008. Looking at the money in the bank account, Zhu thought of opening a bank acceptance bill and using the deposit certificate as a pledge to pay for the goods.
The pledge of certificates of deposit is the act of depositors pledging certificates of deposit (local and foreign currency) to banks as a guarantee for loans or other matters. In the past, the pledge rate of time deposit certificates was generally controlled by banks according to 90%, but now it is relaxed, as long as the amount of time deposit certificates can cover the loan principal and interest. This method has low risk, so branches or sub-branches of domestic banks have approval authority and generally do not need to report to the Credit Review Committee of the Head Office for deliberation.
The financial expenses of Danfu in 2009 decreased by 87. 16% year-on-year. There are three reasons for this. "First, because the company's short-term borrowing is reduced, the interest paid is reduced; Second, due to the loose monetary policy implemented by the state, the discount rate of acceptance bills has dropped sharply, from the previous monthly discount rate of 5‰ to the current monthly discount rate of about 1.92 ‰, thus reducing the discount interest expenditure; Third, the company issued acceptance bills through pledged certificates of deposit, and the pledged monetary funds generated some interest income. " Zhu Qianxue explained.
Solve the problem of rising debt
However, the pledge of certificates of deposit also makes the liabilities of Danfu shares show an upward trend.
According to the data, from 2007 to 2009, Danfu's current liabilities were12110,000 yuan,127810.8 million yuan and 20041220,000 yuan, respectively, which increased. Total liabilities are also on the rise. On June 365438+February 3, 20081,the total liabilities increased by 2,206,400 yuan compared with the end of 2007, with an increase rate of 1.59%. On June 365438+February 3, 20091,the total liabilities increased by 7 156544 compared with the end of 2008.
In this regard, Zhu Qianxue explained: "There are two main reasons. First, the continuous expansion of the company's scale and the rapid growth of sales revenue have brought about an increase in related liabilities; Second, by changing the settlement method, the company issued a bank acceptance bill with the deposit certificate pledge, which also increased the company's liabilities. "
However, Zhu is obviously not worried about the solvency of Danfu shares. "In the last three years, the company's asset-liability ratio was 48.78%, 465, 438+0.22% and 46.35% respectively, and the asset-liability structure was reasonable." Zhu said before school.
"The company's cash flow is in good condition, there is no difficulty in paying funds, and its production and operation are in a healthy development state." Zhu said, "The change of the net cash flow generated by the company's operating activities is consistent with the change of the company's sales revenue, and the economic benefits generated by the transaction can flow into the enterprise. The company's operating cash flow has been stable and positive in the past three years, which matches the income of its main business, indicating that the company has strong ability to obtain cash. "
In addition, "judging from the company's current ratio and quick ratio, the assets that the company can realize quickly are obviously greater than the company's current liabilities, and the company's liability risk is small." Zhu Qianxue analyzed.
The data shows that the current ratio and quick ratio of Danfu shares are higher than the average level of listed companies in the same industry, indicating that its solvency is good. The interest guarantee multiple of Danfu shares is relatively high, which is 58. 13 times, 34.08 times and 343.39 times respectively in the last three years. The net cash flow generated by operating activities in the last three years is 65,796,200 yuan, 76,259,800 yuan and1304,238 yuan respectively. "The continuous and stable operating cash inflow provides solid financial support for the company's development and debt repayment, and guarantees the company's short-term debt repayment ability." Zhu said before school. I hope it helps you. Good luck.