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Operating cash flow and net income gapAlso noteworthy is that dealers under the system, in 2011, the noble bird's net operating cash flow and net differences between the profits   air max 1 sale  f 133 million Yuan, up to 32.57% per cent of the net profits. In fact, in 2009, the proportion as high as 77.93%, 2010 30.69%, but 2011 has also rebounded. Elegant bird,  air max 90 womens   both major causes of variance is in a stage of rapid growth of the company, giving dealers a certain amount of credits to support their expanding marketing networks, receivables arising from the variance.

Company said that with the increasingly strict receivables management system and market network gradually improved, will further accelerate the speed of receivables and net   air max 95 sale  operating cash flow approach the net profit level. But, in fact, the noble bird's accounts receivable turnover and gross margin, below the level in the industry.Disclosure filing version, 2009-2011 (January-June), while accounts receivable turnover fr  air max lunar uk   om 4.1 per cent to 5.31, but compared to the industry average 9.83, 8.51 and 7.45 times, a marked difference, even lower than that of Michael Jordan sports, disclosure filing version, Jordan sport's accounts receivable turnover ratio is 12.16, 8.08 and 7.04.

In order to improve accounts receivable turnover, fittest measures against the dealers, making the elegant birds dependent on the customer's risk. Elegant bird dealers currently only 32 teams, resulting in 2011 to top five customer sales had total sales of 5  air max humara sale   1.47%, which the largest customer accounted for more than 22.4%. Elegant bird admitted that top five customer-controlled distributors not to renew after expiration of the contract, the sales performance will be adversely affected. (China-shoes excursions, the most authoritative professional shoes industry information centre)