罗兰贝格-财务及组织分析报告
C1. Financial situation analysis
SHA-4309-03690-08-15c.PPT
-2-
C1.1 Geberit Shanghai
SHA-4309-03690-08-15c.PPT
-3-
Presently, GSHA is in serious
+91%
7,267
8,644
4,517
Raw materials Work in progress
Finished goods
Goods purchased for resale Other inventories
Trade accounts receivable Other accounts receivable
15c.PPT
+37%
14,007 7% 21 % 9% 13 % 2% 18 % 8%
26%
1999
15,720 4%
26 %
10 % 10 % 8%
18 %
8%
15 %
2000(1-7)
Due to huge losses, the
company is solely financed by
inter-company loans, the
11,507
7% 10% 11%
11% 60%% 11%
Cash & cash equivalents 44%
1998
1999
2000(1-7)
1998
SHA-4309-03690-08-
Source: Balance sheet, Geberit (Shanghai), RB&P analysis
increased by 91% , while
current assets increased by
Development of inventories
[RMB ‘000]
Current asset structure
37% (% of the current assets) [RMB ‘000]
corporate crisis
Back -up
Phases of corporate crisis
High
Liquidity crisis Geberit
Results crisis Strategic crisis
Bankruptcy crisis
Normative misfit
Weak
SHA-4309-03690-0815c.PPT
98
99
Current ratio
2.82
0.91
Quick ratio
1.71
0.43
SHA-4309-03690-08Source: Balance sheet Geberit (Shanghai), RB&P analysis
15c.PPT
2000(1-7) 0.62 0.25
The company’s inventory
Pathology of crisis symptoms
Low Strong
All liabilities are short term and
are increasing 4-fold. By the
end of July 2000, liabilities are
Development of liabilities (% of total assets)
4,517
14.9%
7,267
22.0%
8,644
25.6%
Account receivable
1,862
6.1%
3,663
11.1%
4,097
12.1%
Cash & cash equivalent
5,118
16.8%
2,979
9.0%
2,354
7.0%
Total assets
30,412
100.0%
company
is
used [RMB ‘000] +522%
to
cover
the
running exp+37e%nses in stead 25,350 of
building up assets 15,358 14,007
15,720
11,507
4,075
Current assets Current liabilities
(9,669)
(31.8%)
(10,177)
(30.8%)
(8,293)
(24.6%)
Total provisions & deferred revenues
0
0.0%
1,572
4.8%
563
1.7%
Total (liabilities)
deteriorating. Current liabilities
are increasing much faster
than current assets, the cash
injection from the parent
Development of liabilities & assets
33,090
100.0%
33,780
100.0%
Share capital
41,426
136.2%
41,426
125.2%
41,426
122.6%
Retained earnings
(5,420)
(17.8%)
(15,089)
(45.6%)
(25,266)
(74.8%)
Net income current year
liabilities increase much far Back
-up
Balance sheet Geberit (Shanghai)
1998~2000.7 [RMB ‘000]
Fixed assets
faster than assets 1998 18,318
60.2%
Байду номын сангаас
1999 18,996
57.4%
75% of total [RMB ‘000] assets
13.4%
46.4%
75%
+522%
25,352
15,358
4,075
1998
SHA-4309-03690-08Source: P&L Geberit (Shanghai), RB&P analysis
15c.PPT
1999
2000(1-7)
2000(1-7)
18,060
53.5%
Intangible assets
587
1.7%
87
0.32%
0
0.0%
Other prepaid expenses
10
0.0%
25
0.1%
234
0.7%
Advanced payments to suppliers
0
0.0%
73
0.2%
391
1.2%
Inventories