Haier 2010 Annual Report Download - page 36

Annual Report 2010 二零一零年年報
HAIER ELECTRONICS GROUP CO., LTD 海爾電器集團有限公司
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FINANCIAL REVIEW 財務回顧
Working capital
Trade and bills receivables turnover days
Following the Group’s adoption of the JIT business model, the trade and
bills receivable turnover days of the washing machine and water heater
businesses decreased from 87 days at the end of 2009 to 79 days at
the end of 2010. Among the total trade and bills receivable, the bills
receivable accounts for 71.1% (31 December 2009: 70.3%).
Most of the customers of the integrated channel services business in
the 3rd and 4th tier markets were small-scale retailers who usually
settled in cash. Furthermore, the Group’s business model emphasises the
reduction of customers’ working capital requirement and the increase
in their capital turnover rates. As a result, the relevant trade and bills
receivables turnover days in 2010 was just 1 day, which is remarkably
competitive in the industry.
Inventory turnover days
Under the Group’s JIT policy, the Group has implemented a series of
measures including rolling order forecasts, made-to-order and procured-
to-order productions which reduces inventory level. The Group’s inventory
turnover days for washing machines and water heaters decreased from
18 days at the end of 2009 to 11 days at the end of 2010, representing
a significant improvement in the performance of asset turnover ratio.
In 2010, inventory turnover days of the Group’s integrated distribution
services business was 12 days, attributable mainly to time of
transportation and order collection. As the Group’s inventory turnover
days is competitive in the industry, it has greatly improved the cash flow
arising from the operating activities of the Group’s integrated channel
services business.
營運資金
應收賬款和應收票據周轉天數
通過推進即需即供商業模式，本集團洗衣機及熱水
器業務的應收賬款和應收票據周轉數由二零零九
年年末之87下降至二零一零年年末之79。 其
中，應收票據金額佔應收賬款和應收票據總額的比
例為71.1%（二零零九年十二月三十一日：70.3%）
本集團三、四級市場渠道綜合服務業務之分銷業務
的客戶為型客戶，收款方式主要為現款現貨，目
的體現集團進銷商業模式，加客戶的資金周
轉效率。故二零一零年其應收賬款周轉數只有1
，具行業競爭力。
存貨周轉天數
本集團在「庫存最優化目標下的即需即供」策略下，
實施了滾動定單預測、按單生產、按單採購等一系
列改僫施從而降低庫存。洗衣機及熱水器業務的
庫存周轉數由二零零九年年末之18下降至二零
一零年年末之11，提升了資產周轉效率。
本集團二零一零年渠道綜合服務業務的庫存周轉
數為12，主要是運輸、配中轉的時間所致，庫
存周轉數在同行業內處於先水平，有效提升了
渠道綜合服務業務的經營活動現金流轉。