FSL compensation has reached 151 million yuan Q3 results cast shadow

Foshan daily news FSL Securities Misrepresentation liability dispute new progress. FSL announced the day before yesterday, received a verdict of 698 cases, the plaintiff to compensate for the loss of investment balance, commissions, stamp duty, interest totaling 50 million 182 thousand and 400 yuan. FSL said that the loss of the proceedings involved in the announcement will have a significant impact on its third quarter profit.

Semi annual report shows previously disclosed, trapped in LED prices, asset impairment and litigation for compensation and other factors, FSL first half operating income and net profit both fell, and the new judgment is that its third quarter results overshadowed. However, the state is expected to bring the opportunity to bring FSL industrial integration.

The amount of compensation has reached 151 million yuan

According to the Foshan Daily reporter statistics, a total of 2749 people to Securities Misrepresentation liability dispute on the grounds of a civil lawsuit against FSL, the total amount of litigation is about RMB 385 million yuan. As of yesterday, there have been 2182 cases of sentencing, FSL a total loss of 151 million yuan compensation for investor losses, HK $2 million 268 thousand and 300, and bear the legal cost of RMB 2 million 548 thousand and 600 yuan. FSL announcement shows that as of August 25th this year, the company has paid compensation to 1162 plaintiffs.

These claims directly affect FSL's profits. From the end of last year to June this year, FSL is expected to exceed 75 million yuan of debt.

FSL's first half net profit fell sharply, the first is due to fierce competition in the market, LED product prices continued to fall. In addition, the idle equipment and construction projects in the provision for impairment of assets of a total of 39 million 880 thousand and 700 yuan, as well as the case for the provision of liabilities of $14 million 167 thousand and 700, but also affected the results.

At present, the total amount of compensation and litigation costs have not yet reached 79 million 441 thousand yuan. Currently, there are about 567 cases of the verdict did not come out, the final payment amount to be determined to be confirmed.

State owned into turn

State owned or brought a turning point for FSL.

FSL to disclose in September, said its original controlling shareholder of the German company intends to OSRAM FSL 13.47% stake held indirectly, all transferred to the Electronic Information Industry Group Co., Ltd. Guangdong.

Electronic group by Guangdong rising Assets Management Co., Ltd. holds a 100% stake in Guangdong SASAC holds a 100% stake in the latter. Earlier, rising assets have been through its other subsidiaries invested 370 million yuan, plans and two secondary market holdings of 33 million 235 thousand and 800 shares of FSL through information management, the total capital ratio was 2.613%.

Coincides with the SOE reform program introduced at the top of the weekend, the state owned FSL also attracted market attention. At present, the electronic group has been holding a number of LED lighting related industries, including the holding of a Buddha, Henan rising star power enterprises in high tech, Guangdong Guangsheng photoelectric, Shenzhen South and communication etc.. Electronics Group said that in view of the National Star optoelectronics and FSL to form a business competition accounted for less, the next 24 months will be through business integration, and gradually reduce or eliminate competition in the industry.

Through this operation, rising assets is expected to overall layout of LED lighting industry chain. Electronic group in the equity change report said, because the prospects for the future development of LED industry, in the hope that the acquisition of FSL shares as an opportunity to vigorously develop the LED lighting industry, integration of high-quality assets and use the platform of listed companies when conditions are ripe.

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