(15-11-2015, 11:16 PM)portuser Wrote: [ -> ] (15-11-2015, 12:35 PM)CY09 Wrote: [ -> ]I do agree the 400m jump in "other receivables" seem fishy.
................
Given that Anhui's construction was completed and production commenced in oct 14. There should be no extra receivables for anhui development....................
Hubei factory is the one that started commercial production in Oct 14.
Construction of Anhui factory started after the incorporation of Grandness (Anhui) in September 14 (see company announcement dated 26 Sep 2014), and expected to be completed by 2016 (see announcement dated 22 Oct 2013) for an investment cost of RMB 600m.
BlueDogMeow has expressed concern about the Hubei factory now running at half of its capacity.
It is normal for factory to gradually ramp up production, to iron out bottlenecks in the interim.
In its initial years, Garden Fresh could not afford to have its own factories, and had to outsource its entire juice productions to several factories in coastal provinces .
Its first factory (70,000 tonnes) was built later in western province of Sichuan, followed by the second factory (240,000 tonnes) in Hebei, Central China.
Anhui, where the third factory is being constructed, is contiguous to Jiangsu, a coastal province.
These three factories are located in different parts of China to optimise transportation costs.
Right now, only one-third of juice output comes from the two own factories. Capacity utilisation should be good as the own factories are progressively taking over the loads from the outsourced factories.
http://research.osk188.com/attachments/7...ab42af.pdf
ah...didnt hubei started operations late 2013?
come. lets add to the wall of questions!
discussion points
1) receivables. other receivables = prepayment? what new world accounting is this?
2) margins. competitive pressure likely if profitability is so great.
3) insolvency.
Despite having some of the most valuable assets in the world, BTU trades at a market cap south of 250m. It is trading at ~1% if its high. why? It has an upcoming bond payment in 2018 that it might not be able to pay. SinoG - $150m. Debt repayment has been due for a couple months and is compounding at a rapid pace. frame of reference: Q2 debt level was 778m RMB. This quarter? 954m. 176m in 1 quarter. How about operating income? ~$250m. Then I tell you...it seems operating income is going to go down going forward. And interest expense is going to go up. Then I ask you...how much do you think the equity is worth? Any reasonable corporate fin guy will get the right answer. As with before, it rhymes with hero.
BlueDogMeow
You are wondering why the Hubei beverage factory started commercial production only in October 2014, instead of end-2013 as given in page 10 of OSK/DMG report (dated 25 April 13):
"The Group’s second beverage production line at Hubei, funded by the second tranche of CBS in October 2012, is expected to commence production in 4Q13. It will have an annual production capacity of 100k tonnes. By end-2013, GF will have an internal annual production capacity of 170k tonnes."
OSK/DMG's expectation turned out to be slightly optimistic.
Completion followed by trial run happened slightly later, in the second quarter of 2014, as announced on 13 Aug 2014:
"The Group has completed installation and trial run at the new juice production facilities in Hubei Province, PRC (“Hubei Plant”) in 2Q2014 and expected to commence mass production at the Hubei Plant during the second half of 2014. The Hubei Plant is...................expected to have a maximum production capacity of approximately 240,000 tons of juice per annum. The Hubei Plant is expected to benefit the Group through the gradual reduction in outsourcing costs and also enable the Group to better manage its production volume."
On 23 Oct 2014, the company announced securing the relevant permits and approval in September 2014, and commencement of commercial production in October:
"..........The Group is pleased to announce that in September 2014, all the relevant permits and approvals have been secured and the Hubei Plant has officially commenced production in October 2014."
(15-11-2015, 09:49 PM)desmondxyz Wrote: [ -> ] (15-11-2015, 07:31 PM)cyclone Wrote: [ -> ]Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus ut eleifend ligula. Aliquam et faucibus lorem, malesuada pulvinar velit. Etiam ornare varius ipsum, at ultricies diam feugiat a. Cras dictum faucibus risus, nec fringilla neque fringilla et. Integer id neque pretium, aliquam mauris at, tempor nulla. Integer egestas euismod enim. Mauris scelerisque porta faucibus. Ut vestibulum non nisl eget tempor. Cras ultricies ac leo vitae dapibus. Maecenas sit amet nisi quis orci venenatis suscipit. Sed a lorem vel ex faucibus placerat id in tortor. Curabitur laoreet lacus vitae dignissim tincidunt.
Is this French?
No, that's Latin. I just wanted to quickly close the thread which posts degenerated, that had been deleted, without providing meaningful explanation.
To close the thread, the forum software rejects empty post so the quickest way is a filler text called lorem ipsum.
https://en.wikipedia.org/wiki/Lorem_ipsum
I just realise now I forgot to check the close option. Must be blurred at that time.
(16-11-2015, 08:32 AM)cyclone Wrote: [ -> ] (15-11-2015, 09:49 PM)desmondxyz Wrote: [ -> ] (15-11-2015, 07:31 PM)cyclone Wrote: [ -> ]Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus ut eleifend ligula. Aliquam et faucibus lorem, malesuada pulvinar velit. Etiam ornare varius ipsum, at ultricies diam feugiat a. Cras dictum faucibus risus, nec fringilla neque fringilla et. Integer id neque pretium, aliquam mauris at, tempor nulla. Integer egestas euismod enim. Mauris scelerisque porta faucibus. Ut vestibulum non nisl eget tempor. Cras ultricies ac leo vitae dapibus. Maecenas sit amet nisi quis orci venenatis suscipit. Sed a lorem vel ex faucibus placerat id in tortor. Curabitur laoreet lacus vitae dignissim tincidunt.
Is this French?
No, that's Latin. I just wanted to quickly close the thread which posts degenerated, that had been deleted, without providing meaningful explanation.
To close the thread, the forum software rejects empty post so the quickest way is a filler text called lorem ipsum. https://en.wikipedia.org/wiki/Lorem_ipsum
I just realise now I forgot to check the close option. Must be blurred at that time.
Thanks for the explanation. I thought u commented in French to support French ppl who suffered on last Friday.....
Good afternoon BlueDogMeow san and everyone.
You not scared kena sue by them sir? Please think before you write and post. Is better be safe than sorry sir.
Since you not vested...why keep on speculating?
just busybody.
<not vested><not a call to buy or sell>
@leeta. Hi, read some pages back you are writing to the IR. Have they replied regarding the CB discussions? Thanks