January and March this year, Guodong Construction (600,321), respectively, the company announced the sale of part of the website operating assets, the sale of these assets Guodong Construction once again remind people that ends in early may sound late but the memory of straw based panels project . Although the straw projects peter out, but has never Guodong Construction has long been of any relevant provision for impairment of fixed assets, those finishes for the technological transformation projects under construction are idle for a long time and wait for the actual sale of the equipment, or will become financial statements Guodong Construction The time bomb.
Never idle assets impairment
Hang out Guodong Construction Web assets, including a fixed gas flow forming machine, a planing machine, and ring worth about 7.539 million yuan of balers and other equipment. The information shows that the fixed air paving machine and ring Flakers Guodong Construction from 2002 to raise funds to invest in change after the acquisition of Guangyuan, Sichuan Guodong Construction of new material limited liability company, the company has an annual output of 50,000 was cubic meters of particle board production line and other assets; strapping machines and other assets from Guodong Construction IPO in 2001 when the Panel raised the tender stalks.
It is understood that these devices were discontinued in 2008 and 2005, informed sources have confirmed to reporters, "hanging in the online assets of those devices have been discontinued for a long time indeed." It should be noted that, although the equipment has long been discontinued, but Guodong Construction's financial statements reflect this does not have any. Press survey found that since 2005, Guodong Construction has never been a provision for any impairment of fixed assets.
For Guang Yuan Guodong assets, Zeng Li Guodong Construction Deputy General Manager, said: "There is no provision for impairment of the main reasons is that Guangyuan plant be relocated, the land in the city center, the appreciation potential is relatively large. Therefore, we believe that through the development of land, can make up impaired assets, so there is no provision for the time being. "
Guodong Construction annual report in 2009, this explanation is that particle board production line Guangyuan Guodong temporarily idle, the company expects its net realizable value is greater than the carrying amount, it is not impaired. However, realization of this idea hope the sale of equipment may be difficult to achieve, since the device hanging on the line Guangyuan after the sale, the buyer has not yet six months to sell. Sichuan Forestry Institute expert who requested anonymity told reporters: "These devices are difficult to sell a single, old equipment would not be worth such a small plant might be able to use available, manufacturers can not buy."
Impairment of idle equipment hidden technological transformation
As expected in the liquidity situation, Guodong Construction methods to avoid impairment of assets is the use of "technical innovation" strategy. Since 2008, Guang Yuan Guodong old factory has been in a shutdown state, Guodong Construction is proposed in the District in Guangyuan City, the factory moved to remote areas of industrial concentration of technical innovation. In the year in the annual financial statements, Guodong Construction equipment will be transferred to plant and machinery damaged in the construction project, not only do not need to provision for impairment, and even depreciation can also dispense, which, through technical innovation that Guodong Construction A head, in fact, cover the company's idle equipment impairment losses.
Guodong Construction under the provision for impairment of fixed assets method, the Company shall end when the inspection of fixed assets one by one, and if the market continued to fall, or technological obsolescence, damage, causes long-term idle so low its recoverable amount at book value, according to the individual fixed asset below its book value the recoverable amount of the difference between the extraction of impairment of fixed assets.
Guodong Guodong Construction Guangyuan trying to move idle equipment realized that not all idle devices are available through technical innovation to be re-used. Some analysts said that Guodong Construction provision for impairment of fixed assets, the method of "long-term idle" and the description of the reality of difficult to sell idle assets, are not proof of impairment Guodong Construction practices in violation of accounting standards The principle of prudence.
A large number of idle equipment or into the financial bomb
Guodong body in Guangyuan things, perhaps just Guodong Construction trick. Guodong Construction IPO in 2001 when the heavily involved in recycling Straw raised the tender. Public information, and straw was a total of eight raised directly related to investment projects with a total investment of 5.4 billion. The sale of balers and other equipment belonging to raise investment in fixed assets investment projects.
Since 2005, recycling costs are too high for other reasons, straw, straw Guodong Construction-related businesses have gradually given up, and raise investment projects such as straw production line technological transformation has carried out 2 times, converting to wood as raw materials in high-density fiberboard. In the process of technological transformation, and the case of Guangyuan Guo Dong, the listed company had never been possible disposal of old equipment without any provision for impairment of fixed assets.
Information, Guodong Construction This time the sale of part of the packaging machine and other idle assets belonging "straw purchase, packaging, storage and transportation" projects, raise funds invested 49.66 million yuan, accounting for the original IPO to raise funds projects related to the amount of straw is about 10% . The aforementioned source told reporters: "I know there are many devices need to deal with, and some entire production line need to be addressed."
The analysts believe that the building be sold Guodong large number of idle equipment, a larger amount, in the case of poor liquidity, Guodong Construction has not accrued any impairment losses and to cover up by technical innovation, it is possible In the future, cause serious financial problems.
