On the evening of May 3rd, Whirlpool issued an announcement stating that the company received notice of the investigation by the Securities Commission. Due to the 2015 annual report disclosed by the company and the 2016 annual report suspected of false records, the CSRC decided to investigate the company.
In terms of market performance, Whirlpool had a strong performance in the first two trading days of May. The day before yesterday, the company's stock price closed at a daily limit of 5.9 yuan per share. It also soared 8.47% yesterday.
Evaporated more than 500 million net assets overnight
Regarding Whirlpool, your impression may be: The world's largest white goods manufacturer, this surveyed company is the subsidiary of US home appliance giant Whirlpool in China.
Whirlpool was formerly Hefei Sanyo. In 2014, the strategic cooperation with Whirlpool Group became 'whirlpool China' and became an important part of the white-water giant Whirlpool Group in China. The company owns Whirlpool, Sanyo, Timothy, and Rongshida four major brands, covering refrigerators. 4. Washing machines and other white goods, and kitchen appliances, living appliances and other product lines.
At present, the company's major shareholders are: Whirlpool Corporation (51%), Hefei City State-owned Assets Holdings Co., Ltd. (23.34%), Social Public Shares (25.66%), Registered Capital of 766.44 million yuan.
On October 15th last year, Whirlpool issued an announcement that the company had major accounting errors from 2015 to 2016. In 2015, due to mistakes, the net profit attributable to the shareholders of the parent company was calculated at RMB 100 million and RMB 80,901,900 respectively. , The correction of accounting errors will also cumulatively reduce the company's 2015, 2016 total assets of 182 million yuan, 317 million yuan.
Close to 200 million net profits, more than 500 million net assets, instantly disappeared. Whirlpool gives the explanation: 'computer system failure', 'employee violations', 'management oversights'.
It is worth noting that during the time period from Whirlpool's publication from the beginning of 2015 to the 2016 annual report, the CFO has undergone several changes. Before and after this, four individuals took the position.
All positions involved in the high school and lower levels, all exchange transfusions
After calculating the number of net profits, the company's major personnel changes have begun to erupt after the exposure of net assets, and even created the largest case of personnel changes in A-share listed companies since 2017. Chairman, President, Vice President of Sales resigned, fiscal tax The person in charge of accounting, the person in charge of e-commerce, the person in charge of logistics, the person in charge of the chain business, all classes, and even the sales of finance, electricity supplier commissioners and other grassroots positions have been affected.
In November 2017, the company’s vice president in charge of sales resigned. The then president of the company resigned as president in September 2017.
On December 13, the high-level and low-level substitutions. At that time, he was responsible for the sales finance, he was the head of the e-commerce business, he was the head of fiscal and taxation accounting, he was the head of the chain business, he was the head of logistics, the manager of the sales finance washing machine, The e-Commerce Commissioner was responsible for management dereliction of duty and responsibility for major accounting errors and major losses. The company asked him to consider resigning actively. If he does not voluntarily resign, the company will rescind his labor contract according to law. At present, the above-mentioned personnel have completed the resignation procedures.
On December 14, the chairman of Whirlpool (China) resigned - 'The company's chairman, Mr. Jin Youhua, proposed to resign on December 29, 2017, and resigned from the company's director, chairman and director of the company's sixth strategy committee. Members' posts. '
In Puerto Rico in recent years, there seems to have been a lot of administrative penalties. According to the eye inspection, Whirlpool received nine administrative penalties. For example, on April 5, 2016, the Jiaozuo City Bureau of Quality and Technical Supervision identified Whirlpool's use of energy efficiency labels. Conduct false publicity and impose administrative penalties on it. On July 25, 2016, the Hefei Municipal Price Bureau imposed an administrative penalty on Whirlpool’s sales price fraud. In addition, Whirlpool has at least six locations since November 7, 2016 The subject is executed by the court.
Once the home appliance giant is now doing nothing better than Haier
But what many people don't know is that Whirlpool was once the world's first brand of white electricity. Its history is brilliant:
In 1911, it invented the world's first electric twist-type washing machine, and humans have since bid farewell to the era of hand laundry;
In 1949, it invented the world's first refrigerator door;
In 1969, customized the world's first space kitchen for the 'Apollo 11' moon landing program;
In 2001, the annual sales of 10.5 billion US dollars dominated the global white goods.
However, Whirlpool China or the Whirlpool Group in the US seems to be declining. In the Chinese market, Whirlpool has performed extremely well. Due to its small market share, it has even been mistaken by some consumers as the brand of Chinese second-tier second-tier washer companies.
In terms of market share, Sanyo automatic washing machines accounted for 6.8% of market share in 2011, which has dropped to 4.9% in 2016. Rongshida's products also dropped from third place to fourth place. Whirlpool is not on the list. The proportion of research and development expenses has also been declining, far below the level of peer-listed companies.
Performance was not satisfactory. On April 28th, the annual report of Whirlpool (China) and the quarterly report of 2018 showed that the company’s revenue for the previous year was 6.364 billion yuan, a year-on-year decrease of 6.05%; after deducting non-recurring gains and losses, the net The profit was a huge loss of 488 million yuan. In the first quarter of this year, the business performance was still declining, with revenue of 1.695 billion yuan and net profit decreased by 33.94% year-on-year.
For the reasons for the loss in 2017, Whirlpool responded that: In terms of income, the sales price of products declined, and the upgrade of high-end products did not reach expectations. In terms of costs, due to rising raw material prices, labor costs and other factors, channel costs were excessively invested.
Quality problems, after-sales service, are also the reason why Whirlpool has been criticized. At this year's 2018TMT industry '3·15' quality report conference, some companies that discovered unqualified projects were exposed. Whirlpool is on the list.
Compared with domestic home appliance brands, the overall poor after-sales service of foreign brands is a common phenomenon. On the one hand, the foreign brands have a higher attitude, but their localization operation capability is poor; on the other hand, there are fewer after-sales service outlets for localization of foreign brands.
Let's look at the Whirlpool Group in the United States. Whirlpool Group's latest financial report shows that the company earned 94 million US dollars in the first fiscal quarter of fiscal year 2018, a year-on-year decrease of 38.56%; operating income was 4.91 billion US dollars (approximately 31 billion yuan), an increase of 2.61% over the same period last year.
The United States and the Group, Gree Electric Appliances and Qingdao Haier's total operating income for the first quarter of 2018 were 70.3 billion yuan, 40 billion yuan, 42.6 billion yuan.
According to the data of the retail sales volume of major domestic appliance brands released by authoritative market research agency Euromonitor International, the top three rankings in 2017 were: Haier China, South Korea LG and South Korea’s Samsung. Once at the top of the list, Whirlpool has dropped to fourth The name of the position, in 2016 appliance brand retail sales accounted for 4.7% of the global market share.
Today, Whirlpool even its compressor company Embraco Group has sold the discounted price to the Japanese company Nederko. Embraco compressor has been considered as an important part of Whirlpool's upstream and downstream appliance industry chain. But this year Whirlpool Suddenly choosing to sell this quality asset indicates that this old American home appliance company is now being squeezed out of the market by its peers from China and South Korea.