LRBG-财务及组织分析报告(PPT 40页)

C1.     Financial situation analysis
C1.1     Geberit Shanghai
Presently, GSHA is in serious corporate crisis
All liabilities are short term and are increasing 4-fold. By the end of July 2000,  liabilities are 75% of total assets
Company's liquidity situation is deteriorating. Current liabilities are increasing much faster than current assets, the cash injection from the parent company is used to cover the running expenses in stead of  building up assets
The company’s inventory increased by 91% , while current assets increased by 37%
Due to huge losses, the company is solely financed by inter-company loans, the liabilities increase much far faster than assets
The accumulated losses till September 2000 are 86% of share capital. Left alone the company will be insolvent by the end of this year
The company has been losing money since the foundation of JV, and the loss is continuously increasing in spite of the increase of sales
More than 70% of products sold in 2000 ( 1-9 ), including Geberit locally produced products, have a negative gross profit margin
The disproportional increase of operating expense results in the increase of operating loss in spite of the improvement of product mix
Among the cost of goods sold, cost of materials and labor are two major cost drivers
And among the sales cost, salaries and travelling are two major cost drivers. Meanwhile, promotion fees and staff training cost increase
Increase operating expenses results in increase of operating losses in spite of the improvement of sales
The company can not generate enough cash from business operations and it solely relies on the continuous cash injection from the parent company for survival
C1.2.     Geberit Daishan
GDAI’s sales have continuously improved, and cost are reducing; the inter-company sales increased much faster than to third party
GDAI’s operating losses are decreasing due to reduction of costs
As a result of cost control, operating losses are reducing in line with the improvement of sales
Short-term interest bearing debt increased nearly 4 fold, leading the short-term liabilities increase by 123%. This amounted to 68.5% of total assets by the end of July, 2000
As a result of the disproportional use of current assets and current liabilities, GDAI’s liquidity situation is deteriorating
Due to huge losses, the company is solely financed by inter-company loans.  Liabilities increase faster than assets.
C2.     Organization & processes
C2.1.      Organization structure
GDAI’s organisation structures and management team have been improved after the change of the ownership, providing the basis for further improvement
In GSHA, Geberit and Lida have not integrated well from the foundation of JV. This creates a lot of internal conflicts and management chaos
More importantly, in GSHA, the official organization structure is not implemented
General manager is directly in charge of sales and administration by being the department manager, leading to no middle management team. Most 3rd tier managers are newly appointed, which results in lacking continuity in management
C2.2.      Management structure
The high hierachy management design in GSHA leads to low efficiency, and slow decision making process
Personnel expenses in GSHA have been up to 73.5% of total sales in July 2000, as a result of the change of personnel structure
The general manager can not gain necessary and correct data from the company for decision-making
Performance evaluation and incentive system in GSHA is very weak, leading to low motivation and commitment
GSHA does not have the proper management system, therefore it is run inefficiently
C2.3.      Key process analysis
Currently, in GSHA the production-oriented process leads to unawareness of the market, as a result, there are no right products in the right market
CCS does not have enough market information which leads to long development time and limited number of new products
In GSHA, process control in production system is inadequate, leading to high production cost
In GSHA , process control in production system is inadequate,leading to high production cost (continued )
Inefficient focus and control, as well as lack of product know-how are the main problems for sales department in GSHA
In GSHA, the main problems in the process are unsuitable process structure, inefficient process control and the huge differences between document-based process and the real process

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