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Business analysis of information 商业信息分析
3.2.1 Vanke’s financial management strategy万科的财务管理策略
We can see from the above analysis that all the arguments of Vanke’ financial strategy are focused on the following accounts including inventory, Accounts prepaid (mainly for lands) and advance receipts. Now we will carry out a deeper discussion on these accounts.
我们可以从上面的分析看到，万科的所有的财务战略，主要集中在以下账户，包括库存，应收预付（主要是土地）及预收款项。现在，我们将对这些帐户进行更深入的讨论。
We at least noted the following aspects through studying Vanke’s advance receipts:
Just as said previously, advance receipts grows gradually year by year and it takes a very large proportion in Vanke’s liability. See the following forms: http://www.ukassignment.org/cwgllw/
Table 9- The comparison table of Vanke’s advance receipts万科的预收比较表
Is Vanke’s statement ‘advance receipts do not actually constitute pressure on debt repayment ability? Instead, they will be recognized as the Company’s revenue upon booking of projects (China Vanke Co., Ltd.，2011) really true?
The notes of Vanke’s accounting statements indicate that its advance receipts are mainly from the pre-sale payment (Vanke,2011)which is not confirmed as income because it has not met the confirmation requirement.
According to the “Accounting standards for business enterprise” applied in China’s mainland in 2010, it can be inferred that there are two reasons for the unconfirmation of Vanke’s pre-sale receipts. One is that the main risk of commodity has not been completely transferred. The other is that the cost which has been incurred or will be incurred can not be measured reliably. The root cause is that the capital has not been fully invested because the projects is still under the construction even if the commodity houses has met the pre-sale requirements and start to be sold according to the pre-sale system of China’s mainland.
From the above analysis, we can conclude that Vanke’s advance receipts still have the duty to pay debts. The duty is Vanke should finish building the commodity houses as promised in the contract in time and submit the houses for use as required, which needs to be invested with capital. This conclusion is different from Vanke’s previous statement.这次的结论和万科以前的结论是不一样的。
Of course, the risk is not high if all the advance receipts of Vanke is kept for the construction of this project (this project here refers to the pre-sold houses as well as means that the capital from pre-sale is only used for the pre-sold commodity houses), but it is impossible to do like that. If Vanke really does like that, it can only show that Vanke’s capital utilization efficiency is low. As a result, the capitals from pre-sale definitely should be used in other projects (If the capital from the first phase sale is used in the second phase construction, it also can be regarded as being used in other projects.). The key is whether the appropriated amount is proper. So did Vanke have appropriated the pre-sale capital? If it did, whether was the amount proper?关键在于是否拨款是正确的。那么，万科挪用预售资金？如果这样做，是否是一个适当的量呢？
When checking Vanke’s balance sheet, we found a question calling for our much attention. Vanke’s inventory and advance payment take up the majority of its total assets. So if we want to judge whether Vanke has appropriated its pre-sale income capital and whether the amount is proper if it does, we only need to understand how much the advance payment and the inventory can not be offset by its advance receipts. When confirming the advance payment as income, the inventory needs to be offset as cost. Therefore, we made the following analysis form:当确认这些为收入的预付款，库存需要可以抵消的成本。因此，我们做了以下分析表：
Table 10 Comparison form of Vanke’s advance payment, inventory and accounts The above form indicates that the advance receipts’ proportion in inventory and advance payment gradually grew from year 2008 to 2010, but it was still only 49% in 2010. Its absolute balance grew gradually.
The above balance is the capital more than that of advance receipts used for lands and real estate construction. When the houses are pre-sold, they can be better liquidated under the good real estate situation from 2008 to 2010. So the big balance is basically used to buy lands that have not been developed and to invest in the real estate projects that have not met the pre-sale requirements. It can be reasonably supposed that the pre-sale capital Vanke has appropriated for purchasing lands is far beyond its anti-risk capability.
Besides, we can also analyze Vanke’s inventory structure on Dec 31st,2010 as the following form(unit: RMB million):The above form indicates that the developed products was only 4% of the inventory, while the under construction products and products to be developed were 96% of the total inventory, among which the products to be developed took up 37%. The ratio will reduce a lot if the real estate market was severely hit and the realization capability will become poor. All these will bring huge risk to Vanke.
如果房地产市场受到严重打击，公司实力会减弱，而且资金比例会减少很多。所有这些都将给万科带来巨大的风险。 |
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