Source: Shenzhen Stock Exchange, ChinaScope Financial (Data)
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The
2011 annual report of XCMG Construction Machinery Co., Ltd. released on April
11 shows that the company made CNY 32.97 billion in revenues last year, up
28.03% year-on-year. Net profit was CNY 3.37 billion, up 15.12% year on year.
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With
accounts receivable time increasing, liquidity is a concern among engineering
machinery companies. According to XCMG’s annual report, its accounts receivable
was CNY 9.77 billion at the end of 2011, up 148.36%. The figure at the same
time was for Sany Heavy Industry Co., Ltd CNY 11.3 billion, up 97.3% year-on-year
and for Zoomlion Heavy Industry CNY 11.65 billion, up 67.81% year-on-year.
The growth in inventory days and accounts receivable days led to a longer
cash conversion cycle.
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