These 4 Measures Indicate That CITIC Offshore Helicopter (SZSE:000099) Is Using Debt Safely
These 4 Measures Indicate That CITIC Offshore Helicopter (SZSE:000099) Is Using Debt Safely
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, CITIC Offshore Helicopter Co., Ltd. (SZSE:000099) does carry debt. But is this debt a concern to shareholders?
傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。重要的是,中信海上直升機有限公司(深圳證券交易所:000099)確實有債務。但是這筆債務是股東關心的問題嗎?
What Risk Does Debt Bring?
債務會帶來什麼風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。
How Much Debt Does CITIC Offshore Helicopter Carry?
中信海上直升機揹負了多少債務?
You can click the graphic below for the historical numbers, but it shows that CITIC Offshore Helicopter had CN¥159.9m of debt in March 2024, down from CN¥472.6m, one year before. However, its balance sheet shows it holds CN¥1.53b in cash, so it actually has CN¥1.37b net cash.
你可以點擊下圖查看歷史數字,但它顯示中信海上直升機在2024年3月的債務爲1.599億元人民幣,低於一年前的4.726億元人民幣。但是,其資產負債表顯示其持有15.3億元人民幣的現金,因此實際上擁有13.7億元人民幣的淨現金。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240522/0-ac5c63cda9ab13544d5e06b963cbebad-0-7a02cb721baee1fcbd63db0ef1a8954d.png/big)
How Healthy Is CITIC Offshore Helicopter's Balance Sheet?
中信海上直升機的資產負債表有多健康?
We can see from the most recent balance sheet that CITIC Offshore Helicopter had liabilities of CN¥537.9m falling due within a year, and liabilities of CN¥591.5m due beyond that. Offsetting these obligations, it had cash of CN¥1.53b as well as receivables valued at CN¥798.6m due within 12 months. So it actually has CN¥1.20b more liquid assets than total liabilities.
我們可以從最新的資產負債表中看出,中信海上直升機的負債爲5.379億元人民幣,一年後到期的負債爲5.915億元人民幣。除這些債務外,它有15.3億元人民幣的現金以及價值7.986億元人民幣的應收賬款將在12個月內到期。所以它實際上有1.20億元人民幣 更多 流動資產超過總負債。
This surplus suggests that CITIC Offshore Helicopter has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that CITIC Offshore Helicopter has more cash than debt is arguably a good indication that it can manage its debt safely.
這種盈餘表明中信海上直升機公司的資產負債表比較保守,可以毫不費力地消除債務。簡而言之,中信海上直升機擁有的現金多於債務,這一事實可以說是一個很好的跡象,表明它可以安全地管理債務。
On top of that, CITIC Offshore Helicopter grew its EBIT by 42% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if CITIC Offshore Helicopter can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
最重要的是,中信海上直升機在過去十二個月中將其息稅前利潤增長了42%,這種增長將使其更容易處理債務。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務的未來盈利能力將決定中信海上直升機能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While CITIC Offshore Helicopter has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, CITIC Offshore Helicopter generated free cash flow amounting to a very robust 94% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。儘管中信海上直升機資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,中信海上直升機產生的自由現金流相當於其息稅前利潤的94%,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
Summing Up
總結
While we empathize with investors who find debt concerning, you should keep in mind that CITIC Offshore Helicopter has net cash of CN¥1.37b, as well as more liquid assets than liabilities. The cherry on top was that in converted 94% of that EBIT to free cash flow, bringing in CN¥496m. So is CITIC Offshore Helicopter's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with CITIC Offshore Helicopter .
雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,中信海上直升機的淨現金爲13.7億元人民幣,流動資產比負債還多。最重要的是,它將息稅前利潤的94%轉換爲自由現金流,帶來了4.96億元人民幣的收入。那麼中信海上直升機的債務是一種風險嗎?在我們看來,情況並非如此。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。爲此,你應該注意我們在中信海上直升機上發現的1個警告標誌。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。