Bucephalus：五大疑点指向联想集团业绩欺诈

近日，联想集团（00992.HK）交出了19-20财政年度三季报未经审核的财务报告。报告期内，联想集团营收141亿美元，同比持平；净利润2.58亿美元，同比增长11%。

尽管营收并未增长，但联想称业绩破纪录。这份报表不仅引来了多家机构媒体对其财务数据的质疑，而且引发了国际财务机构Bucephalus Research对联想财务欺诈的指控。

联想明确否认影片对公司财务报表的指控，并强调财务报表编制全面遵守一切适用的会计规定”，至于举证何处与事实不符则并未谈及。

Bucephalus Research在油管上发布的视频相信绝大多数记者并未看过，对于里面提到的质疑点，也未有明确概念。今日我们整理了视频原文，还原Bucephalus Research的五大质疑。

疑点一：第三季度联想应收账款增加23亿美元，收入几乎没有增长。

风险：联想在获得创纪录利润的同时，应收账款急剧增加。在经营业绩很好的时候，客户都无法付款，那一旦中国市场消费趋缓，局面是否更加艰难？

疑点二：应收账款上升，该公司的坏账准备却在下降。是否在坏账准备上采取谨慎态度？

担心：联想没有诚实交待坏账的数量，实际上相当于减少了坏账，掩盖了财务风险。

疑点三：为什么应付款项大幅上升？是不是联想集团推迟了向客户的付款。

风险：联想公司的运营债务在稳步地提高，因此在付账方面变得越来越慢。联想可能可能流失供应商。

疑点四：在过去的一年，40-45%的季度销售都在季度的最后一个月发生。公司的销售业绩是否都是靠冲业绩冲来的？

风险：渠道销售为了业绩达标，或者发票被错误地再次开出以抵偿未付款，通过拆东墙补西墙的方法让财务情况看起来一直非常健康。

疑点五：联想用保理的方式来减少应收账款的余额，提高现金水平。

风险：联想没有披露资产负债表方面的事实，这样他们就可以随意编造净债务数额，隐瞒真实情况。

视频英文参考

Lenovo, the HK listed computer maker. Recently announced its 3rd quarter results. They talked about record high quarterly revenue and pretax profit. We were intrigued, skeptical of their accounting for a while, and thought it was worth checking to see what, if anything changed.

A few things are quite clear. Most their growth looks to have been acquisition driven comes from Asia, outside China, whereas in China their home market revenue continues to drop.

The data center business is losing less money, but that's possibly because it's shrinking.

Finally, nearly all revenue is still a point of sale rather than overtime. I it's not subscription basis. There is limited evidence that the business is being transformed.

Our first take is that the results look dull but not disastrous. This changed when we started looking into detail. What we discovered reminded us that the Lenovo group and it's starting to look like they could be fraud and Lenovo may be in for a very tough year.

But before we go on, I must remind you that on the HK AFC regulations, we can't make stock recommendations to the public. But none of our followers should be taken as investment advice.

But the recent results of Lenovo gave an unbeaten presentation of the past, but expressed concern about their next quarter. Because of disruptions in China. We think that glosses over some very important issues to help illustrate these and see what might be motivating management. We're going to use our standard governance, accounting and performance framework governance.

Lenovo is controlled and managed by the HK listed Legend holdings. This is important because Legend is a highly leveraged holding company that's borrowing against its stake in Lenovo. It's hard to see this in legends accounts because it fully-funding Lenovo’s business despite only having a twenty nine percent stake. This makes Legend appear to be a self-funding barbell company, but without the dividend from Lenovo, we think it would be unable to pay its interest costs and would have to restructure.

We assume that this is why Lenovo has continued to pay dividends since financial year 2015.Despite being consistently cash flow negative; normally you'd expect the independent directors to protect the needs of the company and prevent such a cash trading strategy.

This is the company prevent such a cash trading strategy.

Moreover, the board has plenty of registered independents, many of whom have served with well known companies. The problem is they've been on the board a long time, but we're not convinced that any will really Challenge the Legend.

Appointees accounting receivables are growing very fast. In q 3, there are 2.3 billion versus last year, and that's with virtually no revenue growth. This seems a little odd. Why is there no vote struggling to get paid at a time of record profits? And if they're selling to customers, that can't be in the good times. How badly will things go if China consumption slows.

Is receivable broken doesn't show up in headline cash flow simply because it is being offset by rising payment. Lenovo is delaying payment to his own suppliers. Bad times. Suppliers will usually choose to service our customers or going bust. These are signs of stress, but not necessarily fraud. However, the change in voice pattern is of grave concern.

For years. Orders of flowed fairly evenly throughout the quarter, which is exactly what you'd expect from non seasonal product. But recently this has changed over the last year, 40 to 45% of the court of sales in the last month. This makes sense unless customers are being persuaded to make extra purchases. Later in the quarter. This could be channel stuffing to the sales targets or worrying me. Invoices could be being reissued to cover non payment. It would be a great concern. Green is interesting because the new invoice has to keep growing to cover both the previous non payment and the appearance of new cells.

Because they reveal a fact about which allows manufacturers to school the real situation. We know that year on year to more than double giving some indication of stress about shit is under to get some idea. It's been quite clear that their operating liabilities is steadily rising and over is getting slower and slower paying his bills. We also non transferable and note that these are also rising in Lenovo seems to be desperate and preserve cash on the balance sheet to talk about record revenue. But it misses the point as much as a group. This is Lenovo real home market. And revenue has fallen nearly every year since 2015,Even though the economy has surged, we're not even sure that the manager the growth story, because the money owed to suppliers has fallen sharply in the last two quarters.

In the last two quarters, capital by trading with itself as a subcontractor. But this balance has been in a downward trend since 2017, and as we mentioned earlier, is falling very sharply in the last two quarters, exactly the opposite of what we would expect. If management truly believe all you are going to rise. Of course, if revenue is being faked, falling sub contractor orders would make perfect sense. All of this is somewhat at odds with their talk of growth profits and financial health. If you want to dig into some of the issues, we come in, please visit the new page on our website using the links below. There you can see some of the questions we think investors should ask and download. Some of the recent findings where we've highlighted some of the key areas. Alternatively, to keep up to date with our reviews, please subscribe to our channel or send us an EMAIL before you go. Please remember none of this should be taken as investment advice. We saw star fox from the company documents, but the interpretation and conclusions are just our opinion be provided. Videos for education. Purpose is to expose what we perceive to be creative accounting. They are subjective and it should not be used as a basis for an investment. Thank you for your time.