[Source: "New Industry" October issue reporter / Wu Juping]
On September 4, NVC Lighting (02222.HK) announced that the company's board of directors set up a temporary operation committee, Wu Changjiang's name appeared on the list of the temporary committee, Wu Changjiang is also the person in charge of the temporary operation committee. This is the first time that Wu Changjiang has appeared on the NVC Lighting Management Team list since his departure on May 16.
The members of the temporary operation committee are Mu Yu, Wang Minghua, Tan Ying and Schneider's representatives Zhu Hai and Zhang Kaipeng. Yan Yan is still the chairman of the NVC Lighting Board.
Obviously, this is the result of mutual compromise between Wu Changjiang and Yan Yan on behalf of the board of directors after a tug of war in recent months.
Despite this, the future development of NVC Lighting is still full of uncertainty.
Because Wu Changjiang can no longer be like the former, the chairman and CEO can be shoulder-to-shoulder, the final outcome may be that Wu Changjiang can only serve as one of the chairman and CEO, Yan Yan and Schneider employers' representatives In another position, it formed a balance between Wu Changjiang’s management.
In addition, Wu Changjiang's return to this return is entirely due to NVC lighting distributors and suppliers. Wu Changjiang will inevitably protect his interests in the future, but this will injure the interests of Schneider and the future dispute between the two sides will be inevitable.
The contradiction is clearly dramatic. Although Wu Changjiang successfully returned, the NRW financial report released before the return of Wu Changjiang basically publicized the contradictions between the two sides. This also shows that the compromise between the two sides is only on the surface.
On August 29, NVC Lighting's first-half financial report showed that NVC Lighting's revenue in the first half of the year was 256 million US dollars, down 4.1% year-on-year, and net profit was 9.3 million US dollars, a sharp drop of 77%. Among them, China's sales revenue decreased by 14.7%, and international sales revenue increased by 30.1%.
NVC Lighting Board attributed the decline in performance to the departure of Wu Changjiang in May.
Interestingly, NVC Lighting's management expenses for the first half of the year was 33.454 million yuan, a substantial increase of 92% year-on-year. NVC Lighting said in its financial report that the substantial increase in management expenses was the provision for bad debts of some of the company's receivables and prepayments, amounting to US$9.884 million; among those with Wu Changjiang, the amount of accounts receivable and advance payment provisioned was 785.4. Ten thousand U.S. dollars.
In other words, the net profit of NVC Lighting has dropped sharply, mainly due to the increase in management expenses, and nearly half of the increase in management expenses, because NVC Lighting will fully consider the receivables and advance payments of Wu Changjiang’s related parties. Bad debts, and the company believes that this part of the money is very likely to be unable to receive a penny.
If NVC Lighting does not make provision for this part of bad debts, then NVC lighting's after-tax profit for the first half of the year should be about $6 million, down about 60% from the same period last year.
A professional who was audited pointed out that this basically indicates that the NVC lighting board's attitude toward Wu Changjiang and the receivables of people associated with Wu Changjiang cannot be recovered. At the same time, this financial report is also a kind of information released by the management: the performance in the first half of the year was not good, mainly caused by Wu Changjiang's toss.
This will undoubtedly open up the contradictions between the two sides.
Unfinished
For more information, please click: http://
On September 4, NVC Lighting (02222.HK) announced that the company's board of directors set up a temporary operation committee, Wu Changjiang's name appeared on the list of the temporary committee, Wu Changjiang is also the person in charge of the temporary operation committee. This is the first time that Wu Changjiang has appeared on the NVC Lighting Management Team list since his departure on May 16.
The members of the temporary operation committee are Mu Yu, Wang Minghua, Tan Ying and Schneider's representatives Zhu Hai and Zhang Kaipeng. Yan Yan is still the chairman of the NVC Lighting Board.
Obviously, this is the result of mutual compromise between Wu Changjiang and Yan Yan on behalf of the board of directors after a tug of war in recent months.
Despite this, the future development of NVC Lighting is still full of uncertainty.
Because Wu Changjiang can no longer be like the former, the chairman and CEO can be shoulder-to-shoulder, the final outcome may be that Wu Changjiang can only serve as one of the chairman and CEO, Yan Yan and Schneider employers' representatives In another position, it formed a balance between Wu Changjiang’s management.
In addition, Wu Changjiang's return to this return is entirely due to NVC lighting distributors and suppliers. Wu Changjiang will inevitably protect his interests in the future, but this will injure the interests of Schneider and the future dispute between the two sides will be inevitable.
The contradiction is clearly dramatic. Although Wu Changjiang successfully returned, the NRW financial report released before the return of Wu Changjiang basically publicized the contradictions between the two sides. This also shows that the compromise between the two sides is only on the surface.
On August 29, NVC Lighting's first-half financial report showed that NVC Lighting's revenue in the first half of the year was 256 million US dollars, down 4.1% year-on-year, and net profit was 9.3 million US dollars, a sharp drop of 77%. Among them, China's sales revenue decreased by 14.7%, and international sales revenue increased by 30.1%.
NVC Lighting Board attributed the decline in performance to the departure of Wu Changjiang in May.
Interestingly, NVC Lighting's management expenses for the first half of the year was 33.454 million yuan, a substantial increase of 92% year-on-year. NVC Lighting said in its financial report that the substantial increase in management expenses was the provision for bad debts of some of the company's receivables and prepayments, amounting to US$9.884 million; among those with Wu Changjiang, the amount of accounts receivable and advance payment provisioned was 785.4. Ten thousand U.S. dollars.
In other words, the net profit of NVC Lighting has dropped sharply, mainly due to the increase in management expenses, and nearly half of the increase in management expenses, because NVC Lighting will fully consider the receivables and advance payments of Wu Changjiang’s related parties. Bad debts, and the company believes that this part of the money is very likely to be unable to receive a penny.
If NVC Lighting does not make provision for this part of bad debts, then NVC lighting's after-tax profit for the first half of the year should be about $6 million, down about 60% from the same period last year.
A professional who was audited pointed out that this basically indicates that the NVC lighting board's attitude toward Wu Changjiang and the receivables of people associated with Wu Changjiang cannot be recovered. At the same time, this financial report is also a kind of information released by the management: the performance in the first half of the year was not good, mainly caused by Wu Changjiang's toss.
This will undoubtedly open up the contradictions between the two sides.
Unfinished
For more information, please click: http://
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