La Natsu Bell Is Crazy About "Collecting Money". He Is Crazy About Opening A Shop, And He Loves Buying Overseas Deficit Companies.

La Natsu Bell (603157.SH), the head of the first A+H textile and apparel unit, appeared cliff breaking in 2018. In April 10th evening, the announcement received the post office audit enquiry letter of the Shanghai stock exchange for the company's 2018 annual report, which involved more than 20 questions and required further disclosure.

It is remarkable that when La Natsu Bell went public in September 2017, he opened shop crazily, was short of money, refinancing, and opened shop. As of December 31, 2018, the number of stores was as high as 9269. This simple and crude mode had allowed La Natsu Bell to expand rapidly in a short time.

The consequent criticism is that this reckless mode has finally played its own way, and the net profit after 2018 is -2.45 billion yuan.

The domestic market is uncertain, and the capital chain is overstretched. But La Natsu Bell still wants to buy huge sums of money to buy a continuous loss of overseas Naf Naf SAS. What kind of medicine is sold in La Natsu Bell gourd?

Buying overseas loss companies

According to the financial report, La Natsu Bell realized business income (gross law) in 2018, 10 billion 176 million yuan, down 2.58% compared to the same period last year. Net profit -1.60 billion yuan, a decrease of 132% compared with the same period last year; net profit after deducting the net profit was -2.45 billion yuan, down 164.43% compared with the same period last year; the operating cash flow was 158 million yuan, down 7 compared to the same period.

Women's wear brands La Chapelle and Puella business income decreased by 11.94% and 13.35% respectively, compared with the same period last year, and the sales revenue of women's wear brand Candie's and children's wear and men's wear brand sales increased. Shang Wufa made up for the decline of La Chapelle and Puella; meanwhile, it was affected by the slowdown in the consumption of the shops and the decline of the stores in the second half of the year. The sales of the company's Direct stores were lower than expected in the second half of 2018. The three and fourth quarter income decreased by 12.90% and 3.74% respectively. In addition, the department store's receipts continued to decline. In 2018, the revenue of the department store counters was 4 billion 893 million yuan, a decrease of 369 million yuan compared with that of the previous year, and the decline was 7.02%. The proportion of total income from 50.38% to 50.38% was reduced. Finally, the company accelerated the terminal adjustment process in the second half of the year, and closed down the loss and inefficient stores. For declining revenues, the company explained that the main

The reporter noted that La Natsu Bell's three expenditure in 2018 rose sharply, of which the sales cost (under the new income criterion) was 6 billion 32 million yuan, an increase of 230 million yuan compared with the same period last year, the growth rate was 4%, and the management cost was 504 million yuan, an increase of 115 million yuan compared with the same period last year, an increase of 29.5%. The financial cost was 52 million yuan, an increase of 36 million yuan, an increase of 216.4%.

In addition, La Natsu Bell receives a substantial government subsidy every year. In 2018, the government subsidy to the current profits and losses was as high as 126 million yuan, and in 2016 and 2017, it was 80 million yuan and 129 million yuan respectively.

This means that if there is no government subsidy, La Natsu Bell's business will be even more difficult.

Obviously, La Natsu Bell was still struggling.

In April 10, 2018, La Natsu Bell announced that it would invest 20 million 800 thousand euros to acquire the 40% stake in French Naf Naf SAS, and in June 29, 2018 (France time) completed the 40% equity settlement.

In November 26, 2018, La Natsu Bell announced that it would continue to acquire a 60% stake in Naf Naf SAS. After the completion of the acquisition, Naf Naf SAS will become a wholly owned subsidiary of La Natsu Bell.

By the end of 2018, the remaining equity settlement had not yet been completed.

Does Naf Naf SAS have strong profitability?

La Natsu Bell was so coveted.

The announcement shows that Naf Naf SAS was founded in France in 1973 and is mainly engaged in women's wear products and accessories sales.

As of September 30, 2018, Naf Naf SAS had 488 retail outlets in many countries, including 218 in France and 270 in other overseas regions.

The overwhelming retail outlets, Naf Naf SAS, actually lost 6 million 500 thousand euros in 2017, with net assets of -1001.7 million euros and a loss of 3 million 422 thousand euros in the first half of 2018.

Liu Xiaofeng, general manager of economic analyst and Tian dog nest, told the "China Times" reporter that as the only A+H brand listed apparel company in the textile and garment industry, La Natsu Bell's revenue declined last year, and for the first time there was a loss. It has to be said that the company has been in a bottleneck stage of development.

The reasons behind it are related to La Natsu Bell's own factors besides the external factors which are weak in industry growth.

It also said that La Natsu Bell nearly 10000 stores, annual sales of only 10 billion yuan, single store monthly sales of only about 90 thousand yuan, it is obvious that single store sales efficiency is low, many stores are at break even point.

Once sales revenue falls, store losses will expand.

Faced with this situation, La Natsu Bell did not make any improvement or adjustment, mainly adjusting the channels under the line. Last year, the number of new shops opened and shut down accounted for 25% of the total number of stores at the end of last year, which would undoubtedly lead to an increase in amortization and amortization, making the company's first business loss.

"Money" is not infatuated.

La Natsu Bell has been obsessed with financing in the capital market.

Public information shows that La Natsu Bell was in line for sprint IPO in 2012, during which he went through eighth IPO gates, and ended in May 2013 at the end of the term.

After the setback of the A share market, La Natsu Bell turned to the Hong Kong stock market. In November 2013, he submitted the IPO application to the HKEx and listed on the HKEx in October 2014.

However, IPO of the HKEx did not solve La Natsu Bell's urgent need, that is, the initial public offering of funds was cold.

According to the results of the prospectus issued by La Natsu Bell Hong Kong stock, 11 million 555 thousand and 600 shares were sold in the public offering portion, equivalent to 95% of the total number of public offering, but not fully subscribed. The offer price per share was HK $13.98, the lowest limit for the range of HK $13.98 (HK $-18.2).

After deducting the listing fees, the net amount of the proceeds raised is only HK $1 billion 606 million, which is lower than the original planned financing amount (HK $1 billion 700 million -22.1 HK $).

The Hong Kong Stock Exchange subscribed less than expected. La Natsu Bell has been on the Hong Kong stock market for about a year to facilitate the re submission of A share prospectus in October 2015.

After a long wait, La Natsu Bell once again broke through the A shares IPO in 2017, raising funds and raising investment projects in the same way as in 2015 prospectus. In September 25, 2017, La Natsu Bell finally finished listing the dream, eventually raised 461 million yuan, and the net raised amount was 405 million yuan.

Announcements show that as of December 31, 2018, La Natsu Bell Hong Kong stock fund-raising amount of only 107 thousand and 400 yuan, A shares also only 2 million 470 thousand and 900 yuan.

La Natsu Bell spent money on the way to raise money.

In September 22, 2018, La Natsu Bell announced that it would raise 1 billion 530 million yuan for the issue of convertible bonds.

However, after the scale was reduced to 1 billion 170 million, the fund-raising continued to fail, but it quickly announced in January 16th this year that it would issue a medium-term note or ultra short term financing certificate not exceeding RMB 400 million yuan.

Such a rapid pace of continuous fund-raising can not help but worry about its financial situation.

It is worth noting that La Natsu Bell issued convertible bonds to raise funds for expansion projects in retail networks, store upgrading projects, intelligent store construction projects and logistics center construction projects. The total investment in the retail network expansion project was reduced from 661 million yuan to 406 million yuan, and the proposed fund-raising fund was reduced from 520 million yuan to 330 million yuan.

At IPO, La Natsu Bell invested 321 million yuan in the construction of retail network expansion projects.

Is it wrong to make the layout fast?

Listing and financing, crazy shop, lack of money, re financing, and then open shop, this simple and crude mode has allowed the company to expand rapidly.

By the end of 2018, there were 9269 stores in La Natsu Bell's banner, a decrease of 1.89%, of which the number of main women's La Chapelle stores rose and fell, opened 189 and closed 198 in 2018; Puella stores closed up in 2018, up to 338, and only 129 new.

These two brands are the old brands of La Natsu Bell's family. They have survived in the market for nearly 20 years. Now they are encountering Waterloo. They can not help but sigh. Which part of La Natsu Bell is in a state?

In fact, La Natsu Bell's fast fashion brand Ulifestyle, launched in 2015, is gradually withdrawing from the market.

According to the financial report, in 2018, Ulifestyle brought 365 million yuan of revenue to the company, down 30.17% compared with the same period last year, and the gross profit margin was 53.19%, a decrease of 7.92% compared to the same period last year.

By the end of 2018, there were only 105 stores in Ulifestyle, and 6 new businesses were closed and 53 companies closed.

Does this indirectly admit that its fast fashion layout is wrong?

"We are very passive, more civilians than civilians, UNIQLO; Europe and America have HM; more fashionable, ZARA; on the overall advantage of fast selling, UR, our family's quick sales will exit the market, and the shop name will also be changed to La Chapelle."

A Ulifestyle store employee in Shenzhen revealed to the "China Times" reporter.

Regarding earnings, the employee said that at least the US (Ulifestyle) store was losing money, and other stores in Shenzhen were also selling generally.

During the period, "passive" is frequently mentioned by the employee. The price per unit of clothing will rise with the increase of fabric cost at first, but because of competition, the unit price will come down, and it will be very passive.

"As far as I know, in addition to the decline in our turnover, HM is also the case.

But UNIQLO is on the rise, not only because its product price is popular, but its marketing mode is even more admired. The two-dimensional code next to the fitting mirror can be directly ordered, and all the children can buy clothes in UNIQLO.

But Ulifestyle can't do it, and considering that fast fashion goods, factories and people need to invest a lot, it's actually very passive. "

The staff said frankly.