近期白酒企業半年報已經出爐,大部分企業的應收賬款也大幅增加。按照企業的解釋,“賒銷”成為重要原因。有業內人士分析認為,白酒企業轉向先拿貨后付款的模式拓展市場意圖明顯,但背后卻存在資金鏈壓力等諸多風險。
記者梳理8家白酒公司半年報發現,6家公司年末應收賬款均較年初大幅增加。應收賬款往往是隨著企業的銷售行為而形成的一種債權。因此,應收賬款的確認與收入的確認密切相關。
對于應收賬款的增加,多家酒企表示主要是由于期內賒銷增加。簡而言之,就是“先貨后款”的交易模式。按照慣例,酒業的交易主要是“先款后貨”,即經銷商先交錢,酒企會根據經銷商完成任務的情況給予后者一定的優惠。
“市場正處于低迷期。在五糧液等大牌紛紛轉向中檔酒的情況下,一些酒企壓力越來越大,不得不改變以往的方式,將大量中低端產品賒銷給經銷商,目的是鞏固市場,提升銷售積極性?!卑拙菩袠I分析師蔡說。這其實是一款冒險游戲。在銷售不暢的情況下,回款困難,導致酒企應收賬款劇增。
中投顧問食品行業研究員簡愛華也表示:“白酒黃金期,經銷商紛紛囤貨。但禁酒令和限制‘三公’消費來得突然而猛烈,經銷商元氣大傷,資金周轉困難。二線酒企壓力嚴重,需要通過各種方式維持經銷商體系,維持市場?!?/p>
在行業低迷的情況下,酒企利潤表現下滑,較高的應收賬款會直接影響企業的現金流入,為財務危機埋下了隱患。
"The increase of accounts receivable takes up the capital flow of enterprises, and liquor enterprises need funds for purchasing raw materials to maintain production and marketing. If the accounts receivable of enterprises continue to increase and the capital flow is insufficient, it will undoubtedly affect the development plan of the company." Jane Aihua said. Not only that, accounts receivable may turn into bad debts, which will affect the final performance of enterprises.
"Because the liquor industry has not improved significantly so far, and the pressure on liquor companies to reduce prices is relatively high, it does not rule out the possibility that some dealers are unable to operate." Jane Aihua explained.
Wine companies with high accounts receivable will face a greater test in the next period of time. (beijing business today)