[PConline Culture] On December 14, the Whirlpool China announcement disclosed that Jin Youhua will resign from the position of chairman on December 29 and will no longer hold any position with the company. Wu Shengbo, president of the Asia Pacific region of Whirlpool, will take over.
This veteran US-funded company has been plagued by negative news in recent days. Market shrinkage, high-level changes, internal control and other issues frequently appear:
On September 18th, Jin Youhua applied to resign from his post as president of Whirlpool China, and after resigning as president, he will continue to serve as chairman of Whirlpool China.
In September, Ai Xiaoming took the post of president of Whirlpool China to replace Jin Youhua and became the legal representative of the enterprise originally assumed by the chairman.
On October 31st, Whirlpool (China) Co., Ltd. (hereinafter referred to as "whirlpool", 600983.SH), the operating entity of Whirlpool Group in the Chinese market, issued its third quarter report, and the company's operating income for the first three quarters was 4.902 billion yuan. Decreased by 3.57%, the net profit attributable to shareholders of listed companies was -56,609,400 yuan, a year-on-year decrease of 123.44%.
On December 12, Whirlpool China received a warning letter from the China Securities Regulatory Commission's Anhui Securities Regulatory Bureau. Whirlpool's internal control has major flaws. Upon verification, Whirlpool’s inventories have not yet been issued, which confirms sales revenue, lack of internal approval of some sales discounts, invoicing of sales discounts that occurred in a timely manner, and invoicing issues. Whirlpool’s related annual internal control self-assessment report also failed to point out the above internal Control defects.
On December 14, Whirlpool China announced that the company’s chairman, Mr. Jin Youhua, resigned on December 29, 2017 and resigned as the company’s director, chairman, and chairman of the company’s sixth committee’s strategy committee.
Whirlpool, a brand of Whirlpool Corporation, was founded in 1911 and is headquartered in Benton Harbor, Michigan. It is one of the world's largest manufacturers of large-scale household appliances. How did Whirlpool China, Whirlpool, Sanyo, Timor, and Rongshida, end up losing their lives?
Middle and high-level personnel are floating
According to the data, the Whirlpool Group is a long-established manufacturer of large household appliances from the United States and landed in China in 1994. In 2014, Whirlpool Group acquired a 51% stake in Hefei Rongshida Sanyo Electric Co., Ltd. and became the new controlling shareholder. Hefei Sanyo was therefore renamed Whirlpool.
Recently, Whirlpool (China) Co., Ltd. announced that the chairman of the company, Mr. Jin Youhua, resigned on December 29, 2017, and resigned from the company's directors, chairman, and chief committee member of the company's sixth strategy committee. . In fact, such changes in senior management are nothing new in Whirlpool China.
Just after Jin Youhua’s application to resign as the company’s president and airborne Ai Xiaoming, Whirlpool ushered in a number of personnel changes: On October 18, Whirlpool’s independent director Cao Ruohua resigned; on the evening of November 17, Zhang Rongzhong, Huang Qiuhong, vice president of the company Day submitting resignation.
Financial management confusion
Dramatic personnel changes may not be unrelated to its chaotic financial management. On the evening of July 26, Whirlpool (SH.600983) announced that after a recent self-inspection, the company found that there was an accounting in 2015 and 2016 mainly in sales discount provision. In an error, the company’s management initially estimated that the amount of such errors was approximately RMB 250-300 million.
With regard to such a huge accounting error this time, Whirlpool explained in the “Announcement on Correction of Prior-Accounting Errors†that there are mainly three factors:
(1) Insufficient, delayed and not fully accrued sales discount;
(2) Certain products have not been shipped and confirmed sales revenue, resulting in multiple notes of income, income over the period of recognition, revenue confirmation is not accurate;
(3) To keep track of the operating costs of the sold products;
Why is this obvious error happening in this big company? Whirlpool said that the reason is "employee violations", "management oversight", and "computer system failure." On the evening of July 31, Whirlpool announced that the company received the supervisory letter from the Shanghai Stock Exchange. According to the Shanghai Stock Exchange, this reflects the company's internal control has major defects and risks. On December 12, the Anhui Securities Regulatory Bureau announced the decision to adopt a warning letter to Whirlpool (China) Co., Ltd. The decision shows that Whirlpool's periodic reports are flawed and there are major flaws in internal controls.
Serious decline in performance
With Whirlpool (China), the four brands of Whirlpool, Sanyo, Timor, and Rongshida, its product line is very wide, ranging from washing machines, refrigerators and other common home appliances to kitchen appliances and living appliances. However, the broad product line failed to bring a splendid performance to Whirlpool (China). From January to September this year, Whirlpool (China) recorded a revenue of 4.9 billion yuan, a year-on-year decrease of 3.57%; a loss of 56.61 million yuan, a year-on-year decrease in net profit of 123.44%. .
Regarding the reasons for the declining performance, Whirlpool China explained that the company’s profit loss was primarily due to the sharp increase in operating costs caused by rising raw material prices, followed by the decline in sales prices of its products and the failure to meet the expectations of high-end product structure, resulting in an average price of the product. decline.
In addition to its performance, Whirlpool China's main products, such as refrigerators and washing machines, do not share the same market share. According to Ove Cloud Network data, Whirlpool's market share of high-capacity refrigerators and washing machines ranks only around 10.
Lack of quality control
In 2017, the Guangdong Administration for Industry and Commerce organized and conducted a random inspection of the quality of refrigerators in the circulation sector in Guangdong Province. The results of spot inspections determined that two refrigerators in Whirlpool were unqualified. According to the sampling results, the two problem products for Whirlpool refrigerators are: BCD-262WTGB and BCD-251WTGUW refrigerators. The failure of both products is due to the protection against touching live parts. This project failed to have safety hazards such as fire and electric shock. Whirlpool China responded that after inspection, it was discovered that this was a production process issue and that it had been rectified.
In fact, besides the problems with the quality inspection, Whirlpool has repeatedly experienced product quality problems worldwide. According to media reports, Whirlpool’s microwave ovens had a fire problem. In desperation, Whirlpool had an emergency recall of 15,200 units. Microwave ovens with potential safety issues.
As a globally-renowned brand of home appliances, Whirlpool’s products have a wide user base in the Chinese market, but frequent products, financial turmoil, and staff turnover have caused suspicions about the quality of their products and the company’s operations. At the beginning of the integration, the then chairman of the company, Jin Youhua, proposed to enter the goal of “the first camp of white electricity.†Now, it seems that Whirlpool China still has a considerable distance from the realization of this goal. Only standard company management and strict product quality are Control, gradually repairing the broken word of mouth, Whirlpool China is only possible to fight a reversal.
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